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CURRENT AFFAIRS : BANKING & FINANCE

Securities and Exchange Board of India imposes ₹9 lakh penalty on Stockholding Services    

• The Securities and Exchange Board of India (SEBI) has imposed a ₹9 lakh penalty on Stockholding Services for violating regulatory norms.
• The violations were identified during Sebi's thematic inspection conducted between April 2022 and June 2023.

Key Highlights :

Violations Identified:

• KYC Verification Lapses: There were lapses in the Know Your Customer (KYC) verification process.
• Bank Account Mismatch: There was a mismatch in bank account details.
• Margin Requirement Issues: Inadequate systems were found to ensure margin requirements were proportional to the client's declared income proof.
• Additional Issues:Mapping of Unique Client Codes (UCCs): Multiple UCCs were mapped to a single common email ID or mobile number.
• Due Diligence Lapses: There were lapses in the due diligence of relationship data for over 1,100 UCCs.

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.

Reserve Bank of India Issues Draft Formats for Financial Statements of Co-operative Banks                

• The Reserve Bank of India (RBI) stated that in terms of Section 29, read with Section 56 of the Banking Regulation Act, 1949, co-operative banks are required to prepare a balance sheet and profit and loss account as on the last working day of the year in the Forms set out in the Third Schedule of the Banking Regulation Act, 1949.
• These forms were notified in 1981.
• Since then, there have been several developments in the financial market as well as accounting standards and practices.
• The Reserve Bank has, accordingly, undertaken a comprehensive review of the formats of the financial statements of the co-operative banks and has released draft formats of the revised Forms and their schedules together with instructions for the compilation of the balance sheet and profit and loss account.

About RBI :

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

High Demand for Funds from Banks in First VRR Auction of 2025 Due to Liquidity Deficit   

• The banking system is facing liquidity tightness despite the Reserve Bank of India (RBI) reducing the Cash Reserve Ratio (CRR) in two equal tranches of 25 basis points each last month.
• In the first Variable Rate Repo (VRR) auction of 2025, banks placed bids aggregating ₹92,670 crore for funds, against the notified ₹50,000 crore.
• The RBI accepted ₹50,007 crore at a weighted average rate (WAR) of 6.57%.

Key Highlights :

• RBI's Forex Market Intervention: The liquidity tightness is attributed to the RBI’s intervention in the foreign exchange market, specifically through dollar sales to curb volatility in the rupee.
• Dollar sales by the RBI lead to a reduction in rupee liquidity.
• Widening Liquidity Deficit: As of January 6, 2025, the system's liquidity deficit widened to ₹97,800 crore, indicating continued liquidity pressure despite previous efforts to ease it.
• Liquidity Condition Comparison: On December 27, 2024, banks borrowed ₹1,28,323 crore at a WAR of 6.51% in a VRR auction for 14-day money.
• In contrast, the first VRR auction of 2025 saw borrowing at a higher WAR of 6.57% for three-day money, reflecting tighter liquidity conditions.
• CRR Reduction: The RBI had reduced the CRR to 4% of banks' deposits (from 4.5%), releasing about ₹1.16 lakh crore into the system.
• However, the liquidity deficit persists despite this adjustment.

International Financial Services Centre Authority to Release New Regulations on KYC Registration Agency: Chairman Rajaraman  

• The International Financial Services Centre Authority (IFSCA) will soon issue regulations for KYC Registration Agencies (KRAs) in the International Financial Services Centre (IFSC).
• Consultation Paper: In December 2024, IFSCA published a consultation paper seeking public comments on the Draft IFSCA Regulations, 2024 (IFSC KRA Regulations), which lay out a framework for KRAs in the IFSC.
• Objective of IFSC KRA Regulation: The regulation aims to:
• Establish a centralised platform for streamlined KYC verification.
• Reduce duplication, enhance compliance, and promote interoperability with SEBI KRAs and international best practices.
• Eligibility Criteria for KRAs:The proposed regulations allow the following entities to register as KRAs:
  • Wholly-owned subsidiaries of recognized stock exchanges
  • Depositories
  • SEBI-registered KRAs (both domestic and international).
• The applicant must have a minimum net worth of $1 million (compared to SEBI's ₹25 crore requirement).
• Compliance and Staffing:KRAs must appoint a compliance officer (CO) and a principal officer (PO), both of whom must be based in the IFSC.
• The PO should have at least 5 years of experience in financial markets.
• Connection to KYC Registry:KRAs will be connected to a central KYC registry authorized by the government for collating and sharing KYC information in the financial sector, specifically the Central KYC Records Registry (CKYCRR).
• Exemption for Foreign Nationals:Foreign nationals transacting in the IFSC are exempt from the requirement to store KYC records in the CKYCRR.
• They are required to comply with the IFSCA’s KYC framework instead of the Prevention of Money Laundering (PML) Rules for domestic clients.
• SEBI KRA Regulations Comparison: The proposed IFSC KRA Regulations are similar to SEBI KRA regulations but are tailored for the GIFT City (IFSC).

About IFSCA :

• Formed : April 27, 2020
• Headquarters : GIFT City, Gujarat
• Chairman : K. Rajaraman

Securities and Exchange Board of India Launches Mutual Funds Lite Framework to Promote Passive Fund Schemes   

• Capital markets regulator Securities and Exchange Board of India (SEBI) announced the introduction of the Mutual Funds Lite (MF Lite) framework to ease the compliance process for companies launching passively managed mutual fund schemes.
• The framework is designed to encourage new flows, encourage innovation and promote investment diversification in the mutual fund sector.

Key Highlights :

• Applicability: The MF Lite framework applies to passive schemes, including:
• Index funds
• Exchange Traded Funds (ETFs)
• Funds of Funds (FOFs)
• Regulation Amendments: SEBI amended its Mutual Fund Regulation (1996) to incorporate MF Lite rules, which will take effect from March 16, 2025.
• Eligibility Criteria for Sponsors:Minimum of 20 years of collective experience for key personnel.
• Private equity funds can sponsor MF Lite companies under specific conditions.
• AUM Cap:An asset management cap of ₹5,000 crore or more will apply to passive schemes based on domestic equity indices, G-sec-based debt funds, gold and silver ETFs, and some foreign ETFs.
• Domestic G-Sec/T-bills/SDL-based target maturity debt passive funds will also fall under this cap.
• Role of AMFI: The Association of Mutual Funds in India (AMFI), in consultation with SEBI, will periodically publish a list of eligible domestic equity and debt indices for these schemes.
• Effective Date: The provisions of the MF Lite framework will come into effect on March 16, 2025.

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister Narendra Modi to launch projects worth Rs 2L crore in Andhra

• Prime Minister Narendra Modi is set to visit Andhra Pradesh, marking his first trip since the TDP-led NDA government took office in the state.
• His visit will emphasize sustainable growth and infrastructure development, particularly focusing on North Andhra Pradesh.

Major Project Announcements

1. NTPC Green Hydrogen Hub
   • Location: Pudimadaka, Atchutapuram mandal, Anakapalle district.
   • Investment: ₹1.85 lakh crore.
   • Capacity:
     • 20 GW renewable energy.
     • Production of 1,500 tonnes/day of green hydrogen and 7,500 tonnes of derivatives (green methanol, green urea, sustainable aviation fuel).
   • Objective: Aligns with India’s National Green Hydrogen Mission and 2030 target of 500 GW non-fossil energy capacity.
2. South Coast Railway Zone (SCoR) Headquarters
   • Location: Visakhapatnam.
   • Investment: ₹149 crore.
   • Significance: Addresses a key demand of the Andhra Pradesh Reorganisation Act, 2014, enhancing regional connectivity and economic growth.
3. Bulk Drug Park
   • Location: Nakkapalli, Anakapalle district.
   • Investment: ₹1,438.89 crore.
   • Significance:
     • Near Visakhapatnam-Chennai Industrial Corridor and Visakhapatnam-Kakinada Petrochemical and Investment Region.
     • Expected to create thousands of jobs and boost industrial activity.
4. Krishnapatnam Industrial Area (KRIS City)
   • Location: Tirupati district.
   • Investment: ₹10,500 crore.
   • Significance:
     • Part of the Chennai-Bengaluru Industrial Corridor.
     • Envisioned as a greenfield smart industrial city, expected to generate nearly 1 lakh direct and indirect jobs.
5. Road and Railway Projects
   • Value: ₹19,500 crore.
   • Focus: Improving connectivity and fostering industrial growth in Andhra Pradesh.

Union Minister Dr. Mansukh Mandaviya Launches Multilingual Functionality on e-Shram Portal

• Union Minister of Labour & Employment and Youth Affairs & Sports, Mansukh Mandaviya, launched the multilingual functionality of the e-Shram portal in New Delhi.
• This upgrade, part of the government’s vision to make e-Shram a ‘One-Stop-Solution’, will now support 22 Scheduled Languages, broadening its accessibility across India.

Key Highlights of the Event

1. Launch of Multilingual e-Shram Portal
   • The portal is now available in all 22 Scheduled Languages.
   • Previously, it was accessible only in English, Hindi, Kannada, and Marathi.
2. Significance of e-Shram Portal
   • Target Group: Unorganised workers across India.
   • Registration Growth: The portal records an average of 30,000 registrations per day by unorganised workers.
   • Government Schemes: The platform facilitates access to 12 central government schemes designed to benefit unorganised workers.
3. Government’s Vision
   • Dr. Mandaviya urged unorganised workers to register on the portal to avail welfare benefits.
   • The multilingual upgrade is a step toward expanding the outreach of social security schemes to a broader audience.

Future Plans for e-Shram Portal

• Integration with State Programs: Efforts are underway to integrate state government welfare schemes into the portal.
• Mediators for Outreach: To enhance outreach and engagement, the government will explore partnerships with Common Service Centres, Bank Correspondents, Post Offices, and MY Bharat Volunteers.
• Upcoming Features:
  • Launch of an e-Shram Mobile App.
  • Introduction of a Single Common Application Form for a seamless experience.
  • Integration with payment gateways to simplify access to benefits.

Contributions by MEITY and Bhashini Project

• The Bhashini project under MEITY was leveraged to enable the multilingual update, ensuring broader accessibility.

18th Pravasi Bharatiya Divas (PBD) Celebrations Kick Off in Bhubaneswar

• The 18th Pravasi Bharatiya Divas (PBD) commenced on january 8^th, in Bhubaneswar, Odisha, with around 6,000 non-resident Indians (NRIs)
• These attendees include business leaders, academicians, economists, and philosophers from 75 countries, marking a significant occasion for New Delhi to strengthen its relationship with the global Indian community.

Event Highlights

• Inauguration by PM Modi: Prime Minister Narendra Modi will officially inaugurate the event on January 9, with a series of activities focused on India's global engagement and the role of the diaspora in shaping the nation's future.
• Theme: The theme for the 2025 PBD Convention is "Diaspora's Contribution to a Viksit Bharat" (Developed India).
• Pravasi Bharatiya Express Launch: PM Modi will also launch the Pravasi Bharatiya Express, a special tourist train designed for the Indian diaspora, as part of the Pravasi Teertha Darshan Yojana. This initiative offers diaspora members the chance to visit India's spiritual and cultural destinations.

About Pravasi Bharatiya Divas

• Historical Significance: Celebrated on January 9 each year since 2003, PBD honors the contribution of the Overseas Indian community to India's development. The date was chosen to commemorate Mahatma Gandhi's return to India from South Africa in 1915, which marked the beginning of India's freedom struggle.
• Objectives:
  • Foster stronger connections between the Indian government and the diaspora.
  • Recognize the diaspora’s contributions in fields like economics, culture, and politics.
  • Provide a platform for dialogue on policy issues such as visa regulations, investment opportunities, and community welfare.

Format and History of the Convention

• The PBD Convention was revised in 2015 to be held biennially, with each edition being organized in partnership with a state government. This provides an opportunity for states to showcase their strengths and attract investment.
• Notable past conventions include:
  • 15th PBD Convention (2019): Held in Varanasi in partnership with Uttar Pradesh.
  • 16th PBD Convention (2021): Held virtually due to the COVID-19 pandemic.
  • 17th PBD Convention (2023): Hosted in Indore, Madhya Pradesh, with over 3,500 NRIs attending.

Vibrant Indian Community Abroad

• The Indian Diaspora stands at 35.4 million, including:
  • 19.5 million persons of Indian origin and
  • 15.8 million non-resident Indians.
• The USA has over 2 million persons of Indian origin, while the UAE has over 3.5 million non-resident Indians.

Youth Pravasi Bharatiya Divas

• The Youth Pravasi Bharatiya Divas was inaugurated by External Affairs Minister S Jaishankar, Youth Affairs and Sports Minister Mansukh Mandviya, and Chief Minister Mohan Charan Majhi to encourage youth engagement in shaping the future of the diaspora.

CURRENT AFFAIRS : INTERNATIONAL NEWS

United Nations Educational, Scientific and Cultural Organization Recognizes Sevdalinka as Intangible World Cultural Heritage     

• In December, 2024 United Nations Educational, Scientific and Cultural Organization (UNESCO) added Sevdalinka (also known as Sevdah) to its list of intangible world cultural heritage.
• Sevdalinka is a traditional folk music genre that dates back to the 16th-century Ottoman Empire.
• The music is often referred to as the "Balkan Blues" due to its focus on sad love songs.
• The inclusion of Sevdalinka in UNESCO's heritage list is seen as a victory for musicians and performers, helping to preserve the art form.
• Sevdalinka is often performed a capella or with traditional instruments, such as the lute, and has been passed down generationally through performances at family gatherings.

About UNESCO :

• Formation : 16 November 1945
• Headquarters : Paris, France
• Director General : Audrey Azoulay

CURRENT AFFAIRS: BUSINESS NEWS

Edelweiss Financial Services: NCD Public Issue Announcement

• Edelweiss Financial Services announced the public issue of Secured Redeemable Non-Convertible Debentures (NCDs) of the face value of Rs 1,000 each for an amount up to Rs 100 crore (Base Issue Size), with a green shoe option of up to Rs 100 crore, cumulatively aggregating up to Rs 200 crore (Issue Limit).

Issue Details

• Type: Secured Redeemable Non-Convertible Debentures (NCDs)
• Face Value per NCD: ₹1,000
• Base Issue Size: ₹100 crore
• Green Shoe Option: ₹100 crore
• Total Issue Size: ₹200 crore

NCD Series and Yields

• Total Series: 12
• Tenure Options:
  • 24 months
  • 36 months
  • 60 months
  • 120 months
• Interest Payment Options: Annual, Monthly, Cumulative
• Effective Annual Yield: 9.50% p.a. to 11.00% p.a.

Highlights

• Multiple series offer flexible investment tenures and payout options.
• Secured NCDs provide a balance of high yields (up to 11% p.a.) and security.
• Suitable for investors seeking fixed-income opportunities with varying cash flow needs.

What are NCDs?

• Non-Convertible Debentures (NCDs) are long-term debt instruments that companies issue to raise funds.
• They are fixed-income instruments with a fixed interest rate and maturity date.
• NCDs are not convertible into equity shares or stocks.

IIFCL to Raise $200 Million via ECB and Expand Borrowing Plans

• India Infrastructure Finance Company Ltd (IIFCL) will raise $200 million through External Commercial Borrowing (ECB) this month, confirmed Managing Director P. R. Jaishankar.
• Plans to raise ₹8,000 crore from borrowings, including overseas institutions, during Q4 of FY2024 (January-March quarter).
• Annual Target:
  • Total borrowing target for FY2024 is ₹29,000 crore.
  • 75% of the target has been raised in the first three quarters; the remaining 25% will be mobilized in Q4.

Blended Finance and Multilateral Funding

• Blended Finance Partnership:
  • $600 million secured with the Asian Development Bank (ADB) and Korean Exim Bank to broaden the investor base and reduce borrowing costs.
  • First tranche of $200 million expected this fiscal; the remainder likely in FY2025-26.
• Overseas Borrowing Strategy:
  • IIFCL in talks with ADB, World Bank, and Japan International Cooperation Agency (JICA) for long-term ECB fundraising.
  • Focus on 20-25 year tenors for cost-effective and sustainable financing.

Historical Funding Achievements

• Raised:
  • 50 billion yen from JICA.
  • $1,900 million from ADB.
  • $195 million from the World Bank.

Growth Outlook

• Current Performance:
  • Cumulative sanctions: ₹3 trillion.
  • Disbursed: Over ₹1.5 trillion.
  • Balance sheet size: Approximately ₹80,000 crore.
• Future Goals:
  • Balance sheet to reach ₹1 trillion by June 2025.
  • Expected to meet and potentially surpass the government’s three-year target of ₹1 trillion book size.

Microsoft Announces US $3 Billion Investment in India’s Cloud and AI Infrastructure

• Satya Nadella, Chairman and CEO of Microsoft, revealed the company’s plan to invest US $3 billion in India over the next two years.
• This investment will focus on cloud and AI infrastructure and skilling programs, aimed at advancing AI innovation and supporting India's goal of becoming a developed nation (Viksit Bharat) by 2047.

Key Highlights of the Announcement

1. Investment Focus Areas:
   • Cloud Infrastructure: The investment will expand Microsoft's datacenters in India.
   • AI Skills Training: Microsoft plans to train 10 million people in AI skills over the next five years, in line with its ADVANTA(I)GE India program.
2. AI Innovation in India:
   • Nadella emphasized India’s growing leadership in AI innovation, with the country unlocking new opportunities across various sectors.
   • Microsoft’s efforts will help make India AI-first, ensuring broader benefits across communities, organizations, and industries.
3. Microsoft’s Responsible AI Principles:
   • The company is committed to responsible AI, adhering to core principles like fairness, transparency, privacy, and accountability.
4. Expanding AI Ecosystem:
   • Microsoft will foster collaboration with Indian startups and digital natives to help transition AI research into practical business solutions.
   • Through partnerships like the AI MoU with SaaSBoomi, Microsoft aims to enhance the growth of India's AI and SaaS ecosystems, focusing on tier II cities.

Key Initiatives Announced

1. ADVANTA(I)GE India Program:
   • Microsoft has exceeded its target of training 2 million people in AI skills by 2025, having already trained 2.4 million people, with 65% women and 74% from tier II/III cities.
   • The new target is to train 10 million Indians by 2030.
2. AI Innovation Network:
   • Microsoft Research (MSR) in India will establish an AI Innovation Network to collaborate with digital natives and startups, with a focus on AI-powered solutions in fields like education, agriculture, and healthcare.
3. SaaSBoomi Partnership:
   • In partnership with SaaSBoomi, Microsoft aims to impact 5,000 startups and 10,000 entrepreneurs, upskill 150,000 employees, and create 200,000 jobs over five years.
4. Sustainability Efforts:
   • Microsoft’s new datacenters will operate with zero water consumption for cooling, using renewable energy and sustainable practices to support its goal of being carbon-negative by 2030.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Odisha Boosts Agricultural Exports Through Strategic MoUs at Krushi Odisha 2025

• The Directorate of Horticulture, Odisha, in partnership with Palladium Consulting India Pvt Ltd, signed 11 MoUs with private sector exporters during Krushi Odisha 2025.
• The agreements aim to enhance exports and value addition of Odisha's fresh fruits and vegetables, empowering farmers with better market access, fair pricing, and global opportunities.

1. Vision for Agricultural Transformation:
   • Nikhil Pavan Kalyan, IAS, Director of Horticulture, emphasized Odisha's goal to become a leader in agricultural exports.
   • The collaboration and MoUs signify efforts to improve value addition, ensure remunerative market access, and position Odisha's produce on the global stage.
2. Palladium’s Commitment:
   • Biswajit Behera, Associate Director at Palladium Consulting, highlighted the focus on creating sustainable value chains and fostering inclusive economic growth.
   • Palladium aims to unlock Odisha’s agricultural potential and strengthen its position in the global export ecosystem.
3. Krushi Odisha 2025:
   • The event witnessed participation from 10,000 stakeholders, including:
     • Farmers, women-led self-help groups (SHGs), and Farmer Producer Organizations (FPOs).
     • Exporters, students, and agri-entrepreneurs.
   • Key features included:
     • 13 technical sessions and farmer-scientist interactions.
     • Over 200 stalls showcasing advanced technologies and products.

4. Strategic Impact:
   • The initiative is expected to:
     • Boost export-driven growth for Odisha’s agriculture.
     • Empower local farmers with global recognition and market opportunities.
     • Highlight Odisha’s commitment to agricultural transformation and sustainable development.

MRPL Partners with ISPRL to Enhance Crude Oil Storage Capacity

• Mangalore Refinery and Petrochemicals Ltd (MRPL) has partnered with Indian Strategic Petroleum Reserves Ltd (ISPRL) to utilize ISPRL’s cavern storage infrastructure.
• This collaboration aims to strengthen MRPL's crude oil storage and energy security capabilities.
• Operational Advantages:
  • Cost Efficiency:
    • Avoids high capital costs associated with building and maintaining standalone storage facilities.
    • Enables MRPL to redirect resources toward operational and growth-critical investments.
  • Flexibility:
    • Allows storage of various crude grades based on MRPL’s needs, supporting procurement of economically viable and complex crude varieties.
  • Strategic Benefits:
    • Risk Mitigation: Helps MRPL manage volatility in global crude oil markets.
    • Proximity Advantage:
      • ISPRL caverns are close to MRPL’s refinery and coastal facilities, reducing transportation costs and transit times.
    • Energy Security: Guarantees uninterrupted crude oil supply, even during global disruptions.

Signing Ceremony

• The formal agreement was signed at MRPL’s Mangaluru office by:
  • B Sudharshan (Executive Director, Refinery, MRPL).
  • Atul Gupta (Deputy CEO, ISPRL).
• In the presence of:
  • Mundkur Shyamprasad Kamath (MD, MRPL).
  • LR Jain (CEO and MD, ISPRL).

CURRENT AFFAIRS: AWARDS AND HONOURS

Indian Films Competing at the 97th Academy Awards (Oscars 2025)

• The Academy of Motion Picture Arts and Sciences has announced 323 feature films eligible for the Oscars 2025.
• Seven Indian films have cut the 207 contenders for Best Picture, marking a significant moment for Indian cinema on the global stage.

Indian Films in Best Picture Consideration

1. Kanguva
   • Language: Tamil
   • Starring: Suriya, Bobby Deol, Disha Patani
   • Despite mixed box office reception, the film has gained recognition as a contender for Best Picture.
2. Aadujeevitham (The Goat Life)
   • Language: Malayalam
   • Directed by: Blessy
   • Plot: A survival drama inspired by Najeeb, a Malayali immigrant stranded in harsh Gulf conditions.
   • Starring: Prithviraj Sukumaran, Amala Paul
   • Based on the 2008 novel by Benyamin.
3. Putul
   • Language: Bengali
   • Directed by: Indira Dhar
   • Milestone: First Bengali film to be considered for Best Picture at the Oscars.
4. Santosh
   • Language: Hindi
   • Directed by: Sandhya Suri
   • Plot: A widow assumes her late husband's police constable role in rural North India.
   • Premiere: Debuted at Cannes Film Festival 2024, received critical acclaim.
   • India's theatrical release: January 10, 2025.
5. Swatantrya Veer Savarkar
   • Language: Hindi
   • Directed by: Randeep Hooda
   • Plot: Biographical portrayal of Vinayak Damodar Savarkar.
   • Critique: Mixed reception for its historical interpretation, but praised for strong performances.
6. All We Imagine as Light
   • Language: Malayalam-Hindi
   • Directed by: Payal Kapadia
   • Achievements: Grand Prix winner at Cannes 2024, topped Sight & Sound's Best Film of 2024 poll.
   • Themes: A deeply resonant narrative with critical acclaim.
7. Girls Will Be Girls
   • Language: Hindi-English
   • Directed by: Shuchi Talati
   • Plot: A coming-of-age story set in a boarding school exploring mother-daughter dynamics.
   • Debut: Marks Shuchi Talati's directorial debut.

About Oscars 2025

• Nomination Voting: January 8–12, 2025
• Nominee Announcement: January 17, 2025
• Ceremony Date: March 2, 2025, at the Dolby Theatre

Other Highlights for India at Oscars 2025

• Anuja (Indian short film): Shortlisted for Best Live Action Short, produced by Guneet Monga.
• Laapataa Ladies (India’s entry for Best International Feature): Did not make the final shortlist.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

State Bank of India names Baldev Prakash as Group Chief Risk Officer     

• Baldev Prakash has been appointed as the Deputy Managing Director and Group Chief Risk Officer at State Bank of India (SBI).
• This follows his successful three-year tenure as the Managing Director and CEO of Jammu and Kashmir Bank (up until December).
• In addition to Prakash's appointment, Shiva Om Dikshit has been assigned the role of Deputy Managing Director, Operations-Channel Management at SBI.
• These leadership changes aim to further strengthen SBI's top management team.

About Baldev Prakash:

• Prakash brings over 30 years of banking experience, having worked across various roles in both small and large SBI branches.
• His expertise spans national-level policy-making and strategizing in critical banking areas at SBI.
• He also has international exposure, including experience in the remittance business and treasury operations during his tenure in Muscat, Oman.

About SBI :

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

V Narayanan Appointed as New ISRO Chairman and Space Secretary, Takes Charge on January 14, 2025   

• V Narayanan has been appointed as the new Space Secretary and Chairman of the Indian Space Research Organisation (ISRO), effective from January 14, 2024.
• Narayanan succeeds S Somanath as Chairman of ISRO.
• Narayanan was previously the Director of the Liquid Propulsion Systems Centre (LPSC).
• The Appointments Committee of the Cabinet, Ministry of Personnel and Training, approved his appointment for a period of two years or until further orders.

About V Narayanan :

• Narayanan is a distinguished scientist with expertise in rocket and spacecraft propulsion, specializing in liquid, semi-cryogenic, and cryogenic propulsion stages and control systems for launch vehicles.
• Awards: Narayanan has received several prestigious awards, including:
• Silver Medal from IIT Kharagpur for first rank in M.Tech.
• Gold Medal from the Astronautical Society of India (ASI).
• ASI Award for Rocket and Related Technologies.
• Honorary Degree of Doctor of Science (Honoris Causa) from Sathyabama University.
• Contributions to ISRO:Joined ISRO in 1984 and served in various roles.
• Led the successful development of the C25 Cryogenic Stage for the GSLV Mk III vehicle.
• Played a key role in the development and operationalization of the Cryogenic Upper Stage (CUS) for GSLV Mk II.
• Directed the successful launch of the GSLV Mk III in its maiden attempt.
• Narayanan provided techno-managerial leadership at LPSC for the development of propulsion systems for both launch vehicles and satellites.
• Before joining ISRO, Narayanan worked at TI Diamond Chain Ltd, Madras Rubber Factory, BHEL Trichy, and BHEL Ranipet for one-and-a-half years.

CURRENT AFFAIRS : DEFENCE NEWS

India and the United States. to collaborate on producing interoperable sonobuoys for the Navy   

• India and the United States (US), announced a partnership to co-produce U.S. sonobuoys for Undersea Domain Awareness (UDA), a technology crucial for tracking submarines in deep seas and oceans.
• This partnership comes in response to the growing Chinese naval presence in the Indian Ocean Region.

Key Highlights :

• Co-production Details:Ultra Maritime (UM) and Bharat Dynamics Limited (BDL) will collaborate on producing sonobuoys for the Indian Navy, adhering to U.S. Navy standards.
• The production will be split across the U.S. and India, supporting the 'Make in India' initiative.
• Sonobuoys are designed for wide-area search with multi-static active solutions, optimized for the unique environment of the Indian Ocean.
• Strategic Partnership and Defence Cooperation:This announcement reflects a deepening U.S.-India defence collaboration under the S.-India Initiative on Critical and Emerging Technologies (ICET), launched in May 2022.
• NSA Jake Sullivan’s visit to India highlighted the progress in strengthening defence innovation and industrial cooperation between both countries.
• Interoperability:The sonobuoys co-produced in India will be interoperable between S., Indian, and allied P-8, MH-60R, and MQ-9B Sea Guardian aircraft.
• The interoperability of military systems is emphasized as a critical focus area in enhancing strategic partnerships, particularly within the Quad grouping (U.S., India, Australia, Japan).
• Military Platforms and Contracts:India has acquired several U.S. military platforms, including the P-8I maritime patrol aircraft, MH-60R helicopters, and MQ-9A drones.
• A significant $3.5 billion contract for 31 MQ-9B drones (15 Sea Guardians for the Indian Navy and 16 Sky Guardians for the Army and Air Force) was signed in October 2024.
• Undersea Domain Awareness (UDA):UDA has emerged as a crucial focus for India, the U.S., and the Quad countries, aiming to monitor and secure undersea domains.
• The Indian Navy has highlighted UDA as critical for naval operations, with Maritime Domain Awareness (MDA) being a precursor to UDA.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

ISRO's SpaDeX Satellites: First to Be Independently Built by Industry    

• The Space Docking Experiment (SpaDeX) marked the first industry-developed satellites for space docking, built under the guidance of Indian Space Research Organisation (ISRO) engineers.
• Satellites and Orbit Details:The two satellites, SDX01 (chaser) and SDX02 (target), each weighing 220 kg, were placed in a 476 km circular orbit using the Polar Satellite Launch Vehicle (PSLV-C60).
• Ananth Technologies Limited (ATL), a partner with ISRO for many years, integrated and tested the two spacecraft.
• Mission Objectives:The SpaDeX mission demonstrated India’s capability in on-orbit docking, a crucial technology for future manned and deep-space missions.
  • Key objectives included:
    • Autonomous rendezvous and docking
    • Controlling one spacecraft using the Attitude Control System of the other in a docked configuration
    • Formation flying and operating a remote robotic arm.
  • India’s Achievements in Space Docking:India became the fourth country to achieve space docking using its indigenously developed "Bharatiya Docking System".
  • NVS Satellite Launch and NavIC Development:
  • Upcoming Launch (NVS-02):ISRO is preparing for the launch of NVS-02 in January 2025 aboard the Geosynchronous Satellite Launch Vehicle (GSLV).
  • NVS-01 Launch:On May 29, 2023, the GSLV-F12 rocket successfully launched the NVS-01 satellite (weighing 2,232 kg) into Geosynchronous Transfer Orbit (GTO).
  • NVS Satellites and NavIC System:The NVS-01 satellite features an indigenous atomic clock, which is expected to enhance NavIC’s capabilities, providing broader service coverage with L1 band signals.
  • The NVS-02 mission aims to further strengthen the NavIC system, with advanced features for improved performance.

About ISRO :

• Established: 15 August 1969
• Headquarters: Bangalore, Karnataka, India

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Competition Commission of India approves acquisition of up to 68.9% stake in Roop Automotives Limited by CA Carob Investments   

• The Competition Commission of India (CCI) has approved a proposed combination involving interconnected steps resulting in the acquisition of up to 68.9% shareholding in Roop Automotives Limited (RAL) by CA Carob Investments (Investor).
• Key Steps in the Combination:The combination includes a securities swap between Highway Industries Limited (HIL) Shareholder and RAL.
• CA Carob Investments:The Investor is a Mauritius-based investment holding company, controlled by investment funds affiliated with The Carlyle Group Inc..
• Carlyle is a global alternative asset manager involved in corporate private equity, real assets, global credit, and investment solutions.
• Company Profiles:Roop Automotives Limited (RAL) is an Indian public limited company involved in manufacturing and selling auto components.
• Highway Industries Limited (HIL), also a public limited company, is similarly engaged in the auto-components manufacturing business.
• HIL Shareholder:The HIL Shareholder is a partnership firm under Indian laws, holding equity shares in Highway Industries Limited (HIL).
• Key Management:Mohit Oswal and Gaurav Jain are the Managing Directors and shareholders of Roop Automotives Limited (RAL).

About CCI :

• Formed : 14 October 2003
• Headquarters : New Delhi, India
• Chairman : Ravneet Kaur

Competition Commission of India clears Gentari Renewables India’s acquisition of 21 special purpose vehicles with renewable power plants and their holding companies    

• The Competition Commission of India (CCI) has approved the acquisition of 21 Special Purpose Vehicles (SPVs) that own renewable power generation plants, as well as the holding companies of certain SPVs, by Gentari Renewables India Private. Limited.
• Gentari Renewables India, a subsidiary of Petroliam Nasional Berhad, is the acquirer.
• It focuses on clean energy solutions with core pillars in Renewable Energy, Hydrogen, and Green Mobility.
• The target entities involved are engaged in the generation and sale of power through wind turbines and solar power plants.
• The SPVs own and operate renewable energy assets, specifically wind and solar power plants, contributing to India's renewable energy generation.

Competition Commission of India approves acquisition of Pegatron India shares by Tata Electronics and transfer of TEL Components' business to Pegatron India  

• The Competition Commission of India (CCI) approved the acquisition of a certain shareholding in Pegatron Technology India Private. Limited. (Pegatron India) by Tata Electronics Private. Limited. (TEPL) and the transfer of TEL Components Private. Limited. 's (TEL) business to Pegatron India.
• Details of the Proposed Combination:TEPL intends to acquire a majority shareholding in Pegatron India in two phases (tranches).
• TEL, a wholly-owned subsidiary of TEPL, will transfer its business undertaking to Pegatron India.

About TEPL :

• TEPL is a wholly-owned subsidiary of Tata Sons Pvt. Ltd.
• It specializes in manufacturing high-precision components for large customers, particularly smartphone enclosures.
• TEPL provides electronics manufacturing services (EMS) for smartphones through its subsidiary, Tata Electronics Systems Solutions.

About TEL :

• TEL is setting up a greenfield facility for providing EMS for smartphones.
• It is a wholly owned subsidiary of TEPL.

About Pegatron India:

• Pegatron India is a subsidiary of Pegatron Corporation, providing EMS for smartphones.
• It serves a global smartphone brand and exports products to North America, Asia, and Europe, in addition to the Indian market.

CURRENT AFFAIRS : OBITUARIES

Veteran sports journalist T.R. Ranganathan of The Hindu passed away    

• Senior sports journalist T.R. Ranganathan of The Hindu passed away at the age of 91.

About T.R. Ranganathan :

• Ranganathan served in the Sports section of The Hindu for over 32 years, retiring as Assistant Editor on September 1, 1995.
• He was fondly called "TRR" by colleagues and peers, leaving behind a significant legacy in sports journalism.
• He had joined The Hindu from The Mail as a sub-editor.
• He was a founding member of the Sports Journalists Federation of India (SJFI) and the Tamil Nadu Sports Journalists Association (TNSJA).
• He was known for mentoring several young journalists throughout his career.
• He was felicitated and honored by the Sports Journalists’ Federation of India and the Tamil Nadu Sports Journalists’ Association for his meritorious service to the profession.

Daily CA One- Liner: January 9^th

• Prime Minister Narendra Modi is set to visit Andhra Pradesh, marking his first trip since the TDP-led NDA government took office in the state
• Union Minister of Labour & Employment and Youth Affairs & Sports, Mansukh Mandaviya, launched the multilingual functionality of the e-Shram portal in New Delhi.
• The 18th Pravasi Bharatiya Divas (PBD) commenced in Bhubaneswar, Odisha, with around 6,000 non-resident Indians (NRIs)
• Edelweiss Financial Services announced the public issue of Secured Redeemable Non-Convertible Debentures (NCDs) of the face value of Rs 1,000 each for an amount up to Rs 100 crore (Base Issue Size), with a green shoe option of up to Rs 100 crore, cumulatively aggregating up to Rs 200 crore (Issue Limit).
• India Infrastructure Finance Company Ltd (IIFCL) will raise $200 million through External Commercial Borrowing (ECB) this month, confirmed Managing Director P. R. Jaishankar.
• Satya Nadella, Chairman and CEO of Microsoft, revealed the company’s plan to invest US $3 billion in India over the next two years.
• The Directorate of Horticulture, Odisha, in partnership with Palladium Consulting India Pvt Ltd, signed 11 MoUs with private sector exporters during Krushi Odisha 2025.
• Mangalore Refinery and Petrochemicals Ltd (MRPL) has partnered with Indian Strategic Petroleum Reserves Ltd (ISPRL) to utilize ISPRL’s cavern storage infrastructure.
• The Academy of Motion Picture Arts and Sciences has announced 323 feature films eligible for the Oscars 2025
• The Securities and Exchange Board of India (SEBI) has imposed a ₹9 lakh penalty on Stockholding Services for violating regulatory norms.
• The Reserve Bank of India (RBI) stated that in terms of Section 29, read with Section 56 of the Banking Regulation Act, 1949, co-operative banks are required to prepare a balance sheet and profit and loss account as on the last working day of the year in the Forms set out in the Third Schedule of the Banking Regulation Act, 1949.
• The banking system is facing liquidity tightness despite the Reserve Bank of India (RBI) reducing the Cash Reserve Ratio (CRR) in two equal tranches of 25 basis points each last month.
• The International Financial Services Centre Authority (IFSCA) will soon issue regulations for KYC Registration Agencies (KRAs) in the International Financial Services Centre (IFSC).
• Capital markets regulator Securities and Exchange Board of India (SEBI) announced the introduction of the Mutual Funds Lite (MF Lite) framework to ease the compliance process for companies launching passively managed mutual fund schemes.
• In December, 2024 United Nations Educational, Scientific and Cultural Organization (UNESCO) added Sevdalinka (also known as Sevdah) to its list of intangible world cultural heritage.
• Baldev Prakash has been appointed as the Deputy Managing Director and Group Chief Risk Officer at State Bank of India (SBI).
• V Narayanan has been appointed as the new Space Secretary and Chairman of the Indian Space Research Organisation (ISRO), effective from January 14, 2024.
• India and the United States (US), announced a partnership to co-produce U.S. sonobuoys for Undersea Domain Awareness (UDA), a technology crucial for tracking submarines in deep seas and oceans.
• The Space Docking Experiment (SpaDeX) marked the first industry-developed satellites for space docking, built under the guidance of Indian Space Research Organisation (ISRO) engineers.
• The Competition Commission of India (CCI) has approved a proposed combination involving interconnected steps resulting in the acquisition of up to 68.9% shareholding in Roop Automotives Limited (RAL) by CA Carob Investments (Investor).
• The Competition Commission of India (CCI) has approved the acquisition of 21 Special Purpose Vehicles (SPVs) that own renewable power generation plants, as well as the holding companies of certain SPVs, by Gentari Renewables India Private. Limited.
• The Competition Commission of India (CCI) approved the acquisition of a certain shareholding in Pegatron Technology India Private. Limited. (Pegatron India) by Tata Electronics Private. Limited. (TEPL) and the transfer of TEL Components Private. Limited. 's (TEL) business to Pegatron India.
• Senior sports journalist T.R. Ranganathan of The Hindu passed away at the age of 91.