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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Issues Master Direction on Non-Resident Investment in Debt Instruments, 2025   

• The Reserve Bank of India (RBI) issued the Master Direction on Non-resident Investment in Debt Instruments, 2025, to regulate foreign investments in Indian debt instruments.

Key Highlights :

• Regulatory Framework: The regulations are based on the Foreign Exchange Management Act (FEMA), 1999, and provide guidelines for investments by Foreign Portfolio Investors (FPIs), Non-Resident Indians (NRIs), and Overseas Citizens of India (OCIs).
• Consolidation of Guidelines: The Master Direction consolidates earlier guidelines issued through various circulars and applies to all non-resident debt instrument transactions.
• Investment Routes:General Route: For investments in government securities and corporate debt securities by FPIs subject to investment limits and macro-prudential controls.
• Voluntary Retention Route (VRR): For eligible investors with an investment limit of ₹2,50,000 crore or higher, allocated on a first-come, first-served basis or via auction.
• Fully Accessible Route (FAR): Allows investments in specified securities without any investment limit or macro-prudential controls.
• Sovereign Green Bonds: Investment in Sovereign Green Bonds issued by the Government of India is permitted under the specific scheme in the International Financial Services Centre (IFSC).
• Fully Accessible Route (FAR):Eligible securities include 5-year, 7-year, and 10-year Central Government securities, and other notified instruments.
• FPI investments in specified securities under FAR are not subject to the investment limits applicable to government securities under the General Route.
• General Route:Investment Limits:
  • Central Government securities: 6% of the outstanding stock.
  • State Government securities: 2% of the outstanding stock.
  • Corporate debt securities: 15% of the outstanding stock.
• Short-term Investment Limit: Investments by FPIs in Central and State Government securities with a residual maturity of up to one year are capped at 30% of total investment.
• Security-wise Limit: FPI investments in any specific Central Government security should not exceed 30% of its outstanding stock.
• Prohibited Investments: FPIs cannot invest in corporate debt securities with optionality clauses within one year, debt mutual funds with maturity or Macaulay duration of less than one year, or partly paid debt instruments.
• FPI Allocation: FPIs can be allotted a maximum of 50% of the total offered amount.
• Retention Period: Minimum retention period of three years from the date of allotment.
• Reinvestment of Coupons: FPIs can reinvest coupons in government securities without constraints, and such reinvestments will count towards the limits at the time of periodic re-setting.
• Reporting and Settlement: Clearing Corporation of India Limited. (CCIL) will monitor the utilization of investment limits for FPI investments in government securities and security-wise limits for Central Government securities.
• Sovereign Green Bonds: The regulations facilitate investments in Sovereign Green Bonds in the International Financial Services Centre (IFSC), based on the Scheme for Trading and Settlement.

Budget 2025: 100% foreign direct investment Cap and Composite License Expected in Insurance    

• The Insurance (Amendment) Bill aims to allow 100% foreign direct investment (FDI) in the insurance sector, following the Insurance Act's amendment in 2021, which raised the FDI limit from 49% to 74%.
• Objective of Amendments: The proposed amendments aim to improve accessibility, affordability, and expansion in the insurance sector, increase capital inflows, and raise insurance penetration levels in India.
• The Bill, which was initially scheduled for the Winter session, is now expected to be introduced during the Budget session of Parliament.
• Finance Minister Nirmala Sitharaman is likely to announce it in her Budget speech.
• The amendment includes a provision for insurers to offer both life and non-life insurance policies through a single entity under a composite licence, allowing for streamlined operations.
• The Bill proposes allowing insurance agents to sell products from multiple companies, increasing market flexibility and competition.

Key Highlights :

• Net Owned Funds Requirement: The amendment proposes reducing the net owned funds required for foreign re-insurers from ₹5,000 crore to ₹1,000 crore, making it easier for foreign players to operate in India.
• Capital Requirement for Micro Insurance: The proposal includes empowering the Insurance Regulatory and Development Authority (IRDA) to allow lower capital requirements (not less than ₹50 crore) for underserved or unserved market segments, which could benefit micro-insurance firms.
• Insurance Penetration: As of 2021, India's insurance penetration was 4.2%, below the global average of 7%.
• The life insurance segment dominates, holding 76% of the market share, while non-life insurance has 24%.
• Global Comparison: Globally, life insurance accounted for 43.7% of total premiums, and non-life insurance made up 56.3% in 2021, indicating potential growth opportunities for the non-life sector in India.

Business Correspondents Request Relaxation of Remittance Rules, Highlight KYC Misuse   

• Business correspondents (BCs) have requested the Reserve Bank of India (RBI) to relax restrictions on monthly and daily transfer limits, citing operational challenges and misuse of domestic remittance channels.

Key Highlights :

• Proposed Changes: BCs have asked the RBI to:
• Double the monthly transfer limit to ₹50,000.
• Reduce the two-factor authentication (2FA) requirement to once a month instead of every transaction.
• KYC and API Misuse: BCs have raised concerns about the misuse of APIs from payment gateways to process unregulated remittances, bypassing KYC, Tax Deduction at Source (TDS), and Goods and Services Tax (GST) rules.
• Instances of Misuse: BCs have flagged cases where remittances of ₹5 lakh were processed without necessary checks, allowing unauthorized transactions by non-registered entities.
• Impact on Business: Delays in addressing these concerns have caused BCs to lose business daily, with users potentially shifting to alternative channels due to strict regulations.
• Prepaid Payment Instruments (PPI): Prepaid payment instruments (PPI) are also being misused as they can transfer up to ₹50,000 without OTP, creating an unintended arbitrage situation.
• DMT Rules: The new domestic money transfer rules, effective from November 1, 2024, mandate detailed record-keeping for remitters and recipients to prevent misuse of banking channels.
• Target Users: Domestic money transfer services are primarily used by migrant laborers to send wages to their families, especially in areas with limited access to banking services.
• Tax and Regulatory Compliance: Both GST and TDS are applicable to the DMT services, aiming to ensure that remittance services comply with tax regulations.

Reserve Bank of India Likely to Restrict Interventions to Maintain Rupee's Export Competitiveness    

• The Reserve Bank of India (RBI) may change its approach to currency intervention, allowing the rupee to depreciate in line with its emerging market peers to maintain export competitiveness and avoid adverse impacts on domestic liquidity due to US dollar sales.
• Exporters are keeping their positions open, while importers are rushing to hedge their exposure, signaling expectations of further rupee depreciation.

Key Highlights :

• Expected Rupee Depreciation:The rupee is predicted to depreciate by up to 5% in the coming months, potentially reaching 88 against the US dollar, as US yields rise and expectations of a Federal Reserve interest rate cut diminish.
• RBI’s Foreign Exchange Reserves and Intervention:The RBI has spent $100 billion in currency interventions in spot and non-deliverable forward markets, reducing the rupee’s depreciation but tightening domestic liquidity as each dollar sale adds rupees to the RBI's reserves.
• Rupee Depreciation and Comparative Currencies:As of January 10, the rupee has depreciated 2.4% against the dollar since September, while other Asian currencies like the Malaysian ringgit, Philippine peso, Singapore dollar, and Japanese yen have depreciated by larger amounts.
• Speculative Activity:The interventionist policy has led to increased speculative activity in the currency markets, with traders and hedge funds expecting the RBI to intervene, often betting on both sides of the market.
• Impact of Rupee Depreciation on Inflation and Growth:A 5% depreciation of the rupee would only raise headline inflation by 35 basis points and affect growth by 25 basis points, according to RBI estimates.
• The current depreciation of 2.4% has a relatively minimal impact.

Reserve Bank of India's FAQs Make It Mandatory for Banks to Offer Fixed Interest Rate Products   

• The Reserve Bank of India (RBI) now mandates that banks must offer a fixed interest rate product in all equated installment-based personal loan categories.
• The circular applies to all equated installment-based personal loans, regardless of whether the interest rate is linked to an external benchmark or an internal benchmark.

Key Highlights :

• Loan Disclosure:At the time of loan sanction, the annualised rate of interest or annual percentage rate (APR) must be disclosed in the Key Fact Statement (KFS) and loan agreement.
• Communication with Borrowers:During the loan tenure, any increase in EMI/tenor due to changes in the external benchmark rate must be communicated to the borrower.
• Quarterly Statements:Banks must provide quarterly statements that disclose:
  • Principal and interest recovered
  • EMI amount
  • Number of EMIs remaining
  • Annualised rate of interest for the loan tenor
• Switching to Fixed Rate:Regulated entities (REs) must allow borrowers the option to switch to a fixed rate at the time of interest rate reset, in line with their board-approved policy.
• RBI’s August 2023 Direction:In August 2023, the RBI directed banks to offer individual borrowers the option to opt for either a fixed interest rate system or an extension of loan tenure to protect against negative amortisation due to rising interest rates.
• Negative Amortisation Risk:Negative amortisation occurs when the EMI is less than the interest obligation, causing the principal amount to persistently increase.
• This was a concern due to the RBI's 250 basis points increase in the repo rate since May 2022.
• Impact of Rising Interest Rates:The repo rate hike was aimed at curbing inflation following global crises like the Russia-Ukraine war, leading to increased interest rates, which adversely impacted borrowers with floating interest rate loans.

About RBI :

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

Bank of Baroda to Offer AI-Driven Support and Digital Payment Solutions for Maha Kumbh 2025   

• Bank of Baroda (BoB) has announced setting up AI-driven customer support, full-fledged branches with forex transaction facilities in Prayagraj to facilitate the visitors.
• As the convenor of the State Level Bankers' Committee (SLBC), Uttar Pradesh, BoB is leveraging Maha Kumbh to promote digital payments, offer AI-driven customer support, and provide robust banking infrastructure.
• BoB is establishing two full-fledged branches with forex transaction facilities.
• It is setting up onsite and mobile ATMs, along with coin vending machines, to cater to diverse banking needs.
• The Bank has developed a GenAI-powered Virtual Relationship Manager, Aditi, to answer banking-related queries and enhance customer service to the pilgrims visiting Mahakumbh.
• The Maha Kumbh is being celebrated after 12 years, and over 45 crore devotees are expected for the event.

About Bank of Baroda :

• Founded : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand

Suryoday Small Finance Bank Collaborates with Tata Digital to Offer Fixed Deposit Services    

• Suryoday Small Finance Bank (SSFB) announced its partnership with Tata Digital to extend its FD offerings.
• This collaboration will enable SSFB to leverage Tata Neu’s reach, providing retail customers with access to the deposit scheme.
• SSFB’s FD offering will be available on the Tata Neu platform, where customers can invest in fixed deposits at interest rates of up to 9.1% without the need for a savings account.
• Customers can start investing with as little as Rs. 1,000 and the onboarding process can be completed in a few minutes.

About Suryoday Small Finance Bank :

• Incorporated in 2008, Suryoday Small Finance Bank Ltd is a leading Small Finance Bank(SFB) in India.
• The company started offering SFB services in 2017.
• MD & CEO : Baskar Babu Ramachandran

Bank of Baroda Joins Forces with Truworth Wellness to Launch Enhanced Wellness Program for Employees and Their Families   

• Bank of Baroda (BoB) has partnered with Truworth Wellness to extend an enhanced wellness program for its 75,000+ employees and their families.
• The Employee Assistance Program (EAP) is focused on improving emotional, mental, and psychological well-being.
• It provides confidential counseling with experts to address issues like anxiety and stress.
• Employees and their families can access counseling through various modes: in-person, video calls, or a 24/7 helpline.
• A mobile app is also available, offering wellness assessments, mood trackers, and AI-based virtual therapy.
• Truworth Wellness, founded in 2011, specializes in providing corporate wellness solutions with a preventive approach.

CURRENT AFFAIRS: NATIONAL NEWS

Indian Railways to Boost Freight Movement Amid Coal Logistics Push

• Indian Railways is intensifying its efforts to enhance freight movement, focusing on coal logistics, the largest revenue contributor.
• Coal loading has recorded an 8–9% increase in volume and value terms, while other freight categories such as cement, raw materials, and imported coal have experienced a decline.

Key Highlights:

1. Coal Loading Growth:
   • Domestic Coal Loading: Reached 528 million tonnes (mt) by the first week of January 2025, up 41 mt year-on-year.
   • Revenue: Earnings from coal loading (excluding imported coal) were ₹59,100 crore, reflecting a growth of approximately ₹4,709 crore.
   • Imported Coal Loading: Dropped by 10%, with volumes at 74.38 mt and earnings falling by 18% to ₹7,210 crore.
2. Other Freight Categories:
   • Increases: Refined petroleum products and container freight saw growth in loading volumes.
   • Freight Earnings: Total freight earnings until December 2024 stood at ₹1,25,109 crore, marking a 3.5% year-on-year increase.

National Coal Logistics Plan:

The National Coal Logistics Plan aims to elevate India's annual coal production to 1.5 billion tonnes by FY30. The plan emphasizes rail-centric coal evacuation and includes the following strategies:

1. Railway Infrastructure Expansion:
   • 37 railway projects identified to address critical infrastructure gaps.
   • Procurement of 1 lakh additional wagons for coal transportation by FY30.
   • Projects like rail-over-rail construction in Cuttack and four-laning of Cuttack-Paradip railway line are in progress.
2. Coastal Coal Movement:
   • Target to increase coastal coal transport from 40 mtpa to 120 mtpa.
   • Ports such as Paradip, Dhamra, and Gangavaram are enhancing coal-handling capacities.
3. Cost and Environmental Benefits:
   • Potential savings of ₹21,000 crore per annum in logistics costs.
   • Reduction of 1,00,000 tonnes of CO₂ emissions annually.
   • Estimated 10% savings in average turnaround time for coal transport.

Inland Waterways for Coal Movement:

• National Waterways-5 (Brahmani and Mahanadi rivers) is being developed to facilitate coal transportation.
• A special purpose vehicle (SPV) involving the Inland Waterways Authority of India (IWAI), Odisha government, and Coal India Ltd will manage coal movement from Talcher coal fields to Paradip port.

India to Transition 1,000 Shipping Vessels to Renewable Energy in Five Years

• India has unveiled an ambitious plan to power its coastal and inland waterways shipping fleet with renewable energy, starting with 1,000 vessels over the next five years.
• The initiative, announced by Union Ports and Shipping Minister Sarbananda Sonowal at the 2nd Inland Waterways Development Council meet in Assam, aligns with the country's goal of achieving net zero carbon emissions by 2070.

Key Announcements and Initiatives:

1. Renewable Energy for Vessels:
   • The program targets the conversion of 1,000 cargo and passenger vessels to solar-fueled, battery-powered ships in phases.
   • Current renewable energy usage at major ports stands at less than 10%, with significant investments planned to boost eco-friendly practices.
2. Infrastructure Investment:
   • India plans to invest ₹50,000 crore in renewable energy infrastructure to enhance inland waterways and ports.
   • New projects worth ₹1,400 crore will be implemented across 21 states, strengthening the shipping network.
3. National Waterways Expansion:
   • India has 106 national inland waterways, including the Ganga (No. 1) and Brahmaputra (No. 2).
   • Cargo movement through rivers has surged from 18.1 million tonnes in 2014 to 133 million tonnes in 2024, bolstered by port upgrades and better connectivity.
4. Cargo Incentive Scheme:
   • The government has launched a cargo promotional scheme, offering up to 35% incentives for using river routes for freight, reducing road congestion and logistics costs.

Green Shipping Initiatives:

1. Hydrogen-Powered Ferries:
   • India launched its first hydrogen-powered ferry in February 2024, a 24-meter catamaran built by Cochin Shipyard Limited, capable of carrying 50 passengers.
2. Cutting CO2 Emissions:
   • The shipping industry contributes around 3% of global CO2 emissions.
   • India aims to align with the International Maritime Organization's target of halving greenhouse gas emissions from ships by 2050, using 2008 levels as the baseline.
3. Shipbuilding Facilities:
   • New shipbuilding facilities are being developed across multiple states, including Assam, to reduce dependency on foreign-built vessels.

Coal India Ltd Eyes Argentina for Lithium Brine Assets Amid Critical Minerals Push

• Coal India Ltd (CIL), the state-owned Maharatna company, is making strides in its strategic diversification into critical minerals, with a key focus on lithium brine assets in Argentina.
• Recognizing the significance of minerals like lithium (Li), nickel (Ni), and cobalt (Co) for clean energy technologies, the company has initiated exploration in Argentina, Australia, and Chile.

Key Developments:

1. Argentina as a Target for Lithium Assets
   • Expression of Interest (EoI): CIL has invited EoIs from experienced consultants to conduct technical due diligence on lithium brine assets in Argentina.
   • Scope of Work: The selected consultant will assess the financial, strategic, and geological viability of the assets, which are crucial for lithium-ion battery production.
   • Why Lithium Brine? Lithium brine contains dissolved lithium in a concentrated salt solution, an essential input for electric vehicles (EVs) and renewable energy technologies.
2. Global Focus on Critical Minerals
   • CIL's foray into critical minerals aligns with the global pivot towards clean energy technologies.
   • India's Strategy: The government has listed 30 critical minerals, including lithium, nickel, and rare earth elements, as vital for driving the country's green energy transition.
3. Collaboration with IREL (India) Limited
   • CIL and IREL have signed a non-binding Memorandum of Understanding (MoU) to jointly develop critical minerals such as mineral sands and rare earth elements (REE).
   • Objective: To acquire assets, source raw materials domestically and internationally, and establish mining, extraction, and refining capabilities.

PM Modi's Call to Action: Empowering Youth for a Developed Bharat by 2047

• At the Viksit Bharat Young Leaders Dialogue 2025, Prime Minister Narendra Modi inspired the nation's youth to take ownership of the vision for a "Viksit Bharat" (Developed India).
• Highlighting the role of Yuva Shakti (youth power), the PM expressed unwavering belief in their ability to shape India's future.

Key Highlights from PM Modi's Address:

1. Faith in the Youth:
   • The PM reiterated his belief in India’s younger generation to lead the country to the status of a developed nation.
   • Referring to Swami Vivekananda, he emphasized, “My faith lies in the new generation, and I believe they will find solutions to all problems.”
2. Setting Big Goals:
   • Modi underscored the need for ambitious targets and a goal-driven mindset.
   • Criticizing the “chalta hai” attitude, he said complacency hinders progress, comparing it to being “no better than dead corpses.”
3. Collective Ownership:
   • "The ownership of ‘Viksit Bharat’ is not just mine but yours too," he stated, calling for collective responsibility.
   • Every citizen must contribute to realizing this vision, making it a national movement rather than a government initiative alone.
4. Achievements and Progress:
   • India has already achieved significant milestones across various sectors, positioning itself ahead of time.
   • He emphasized that policy, decisions, and actions guided by the vision of ‘Viksit Bharat’ would ensure unstoppable progress.
5. A Personal Connection:
   • Recalling an anecdote with athletes, PM Modi shared how they referred to him as ‘Param Mitra’ (best friend) rather than the Prime Minister, reflecting his close connection with the youth and their aspirations.

A Vision for Viksit Bharat by 2047:

• Economic Growth: Sustaining a high-growth trajectory to build a $30 trillion economy.
• Social Development: Strengthening education, healthcare, and digital inclusion for all citizens.
• Global Leadership: Positioning India as a global powerhouse in technology, trade, and diplomacy.
• Youth Empowerment: Equipping the youth with skills and opportunities to drive innovation and entrepreneurship.
• Sustainability Goals: Leading in renewable energy and green technology to achieve net-zero emissions.

Bima Sugam: Insurance Industry's One-Stop Digital Platform Launch Delayed

• The much-anticipated Bima Sugam, a transformative project spearheaded by the Insurance Regulatory and Development Authority of India (IRDAI) to create a one-stop digital platform for insurance, is now expected to launch mid-year 2025, rather than the earlier target of April 2025.

Project Overview:

• Purpose:
  Bima Sugam is envisioned as an Amazon-like platform for:
  • Buying and selling insurance policies.
  • Servicing existing policies, including renewals and claims.
  • Offering a seamless, unified experience for customers, agents, and insurers.
• Features:
  • Integration of insurers, agents, brokers, and other stakeholders.
  • Centralized policy repository for easy access and management.
  • Simplified claim processes and transparent pricing structures.
• Expected Benefits:
  • Greater transparency and efficiency in the insurance ecosystem.
  • Enhanced customer experience with a digital-first approach.
  • Increased insurance penetration across India.

Development Timeline and Delays:

• 2022: IRDAI initially proposed the concept of Bima Sugam.
• 2024 Announcement: IRDAI Chairman Debasish Panda declared the platform's first phase would launch in April 2025.
• Current Update: The first phase is now projected for a mid-2025 rollout, as per a source close to the project.

Reason for Delay:
While specific details remain unclear, the delays could stem from technological challenges, coordination among stakeholders, and the platform's complex architecture to accommodate diverse insurance products and services.

Government's Potential Savings on Unimplemented Schemes in FY25 Budget

• The government is poised to save over Rs 70,000 crore in capital and revenue expenditure that was allocated for new schemes in the FY25 Budget, which are yet to be implemented.
• Employment-linked Incentive (ELI) Schemes:The FY25 Budget announced three ELI schemes with an annual allocation of Rs 10,000 crore aimed at creating employment opportunities.
  • However, these schemes have not yet been rolled out, potentially leading to savings in the budget.
• Skill Ministry Initiatives:
  • The Ministry of Skill Development was tasked with upgrading 1,000 Industrial Training Institutes (ITIs), with an allocated budget of Rs 1,000 crore for the current financial year. This initiative, too, has not been implemented as planned.
• Allocation for New Schemes:
  • The Finance Ministry earmarked Rs 62,000 crore for various new schemes under the Department of Economic Affairs, but the execution of these plans remains pending.

CURRENT AFFAIRS: INTERNATIONAL NEWS

India Becomes Member of UN Committee of Experts on Big Data and Data Science for Official Statistics

• India has been officially inducted into the UN Committee of Experts on Big Data and Data Science for Official Statistics (UN-CEBD).
• This committee was created to explore the benefits and challenges of big data, including its potential for monitoring and reporting on Sustainable Development Goals (SDGs).

Importance of India's Inclusion

• Timing: India's inclusion in this expert committee is significant, as it comes shortly after India assumed membership of the United Nations Statistical Council, marking the country’s return after a considerable gap.
• Global Recognition: This inclusion is seen as a major step forward for India's statistical ecosystem, underlining the country’s growing influence in the global statistical community.

Key Highlights of India's Engagement

• Commitment to Data and Technology: India’s participation underscores its commitment to leveraging data and technology for informed decision-making.
• Pioneering Initiatives: The country plans to showcase initiatives such as the Data Innovation Lab and the exploration of alternate data sources (e.g., satellite imagery, machine learning) for policy making.

Strategic Opportunity for India

• Positioning as a Global Player: Membership in this committee allows India to align its advancements in big data and data science with international objectives, positioning the country as a leader in transformative initiatives in the data domain.
• Revolutionizing Official Statistics: By integrating non-traditional data sources like Internet of Things (IoT), satellite imagery, and private sector data, India aims to modernize its statistical processes. This will:
  • Enhance accuracy of estimates.
  • Provide timely availability of critical data to support policy formulation and governance.

About UN Committee of Experts on Big Data and Data Science Official Statistics:

• The UN Committee of Experts on Big Data and Data Science for Official Statistics (UN-CEBD) was created in 2014.
• The first Chair of the committee was Australia.
• The committee is governed by two main bodies:
• Advisory Board: This is the management body of the UN-CEBD. It meets approximately four times per year to review the work of the committee and provide strategic direction.
• UN Bureau: This body is responsible for the ongoing operations of the UN-CEBD.

Meeting of India-Nepal Inter-Governmental Committee on Trade, Transit and Cooperation Unauthorized Trade Concludes in Kathmandu

• The India-Nepal Inter-Governmental Committee (IGC) meeting was held on January 10-11, 2025, in Kathmandu, Nepal.
• The Indian delegation was led by Shri Sunil Barthwal, Secretary of the Department of Commerce, Government of India.
• The Nepali delegation was led by Gobinda Bahadur Karkee, Secretary of the Ministry of Industry, Commerce, and Supplies.
• Senior officials from various ministries and departments of both countries participated in the meeting.
• Representatives from the Embassy of India in Kathmandu also attended the discussions.

Agenda and Discussions

1. Review of Bilateral Trade and Economic Relationship

• Comprehensive review of mutual market access issues, intellectual property rights (IPR), and duty-related matters.
• Discussions on Treaty of Transit and Treaty of Trade, including proposed amendments and harmonization of standards.
• Focus on synchronized development of trade infrastructure, such as the electrification of the Raxaul-Birgunj rail line.

1. Supply of Essential Commodities

• India accepted Nepal's request for the supply of 200,000 MT wheat, acknowledged by Nepal with appreciation.

1. Cargo-in-Transit Agreement

• Agreement on maximum axle weight limits for Nepali vehicles:
  • 5 tonnes for two-axle vehicles.
  • 28 tonnes for three-axle vehicles.
• Applicable to the Kakarbhitta-Banglabandha route via Phulbari.

1. Inclusion of Agricultural Products

• Addition of Sal Seeds and Chayote to India’s Plant Quarantine Order.
• Acceptance of Jatamasi root extract, Sugandhkokila berry extracts, Sugandhwal rhizome extract, and Timur berry extracts under the Processed Items (Plant Products)

1. Milk Export Issues

• India raised concerns about milk export restrictions to Nepal.
• Nepal agreed to consider importing products like whey and cheese, which are not sufficiently produced domestically.

1. Cross-Border Connectivity Initiatives

• Welcomed the construction of new Integrated Check Posts (ICPs) and railway links.
• Formation of a Joint Working Group to discuss the acceptance of Online Certificate of Origin (CoO) with Nepal and SAFTA.

India's Role in Nepal’s Trade

• India remains the largest trade and investment partner for Nepal.
• Substantial contributions to both Nepali imports and exports.
• Discussions aim to strengthen economic and commercial linkages between the two nations.

Joint Business Forum (JBF)

• The 2nd edition of the Joint Business Forum (JBF) was held on January 11, 2025.
• It was organized by the Confederation of Indian Industries (CII) and the Federation of Nepalese Chambers of Commerce and Industry (FNCCI).
• The forum was co-chaired by Shri N. Senthil Kumar, representing Indian Oil Corporation, and Bhawani Rana, a member of the Investment Board of Nepal.
• The key objective of the forum was to discuss and highlight suggestions for improving the ease of doing business in bilateral trade and investment.

Previous IGSC Meeting

• The previous Inter-Governmental Sub-Committee (IGSC) meeting was held on January 12-13, 2024, at the Joint Secretary level.
• The discussions focused on trade, transit, and combating unauthorized trade.

About Nepal:

• President: Ram Chandra Paudel (as of January 2025)
• Capital: Kathmandu
• Currency: Nepalese Rupee (NPR)
• Famous Landmark: Mount Everest (the highest peak in the world), located in the Himalayas.

About Ministry of Commerce & Industry: 

• Cabinet Minister: Piyush Goyal
• Minister of State: Som Parkash (Minister of State for Commerce and Industry) and Hardeep Singh Puri (Minister of State for Commerce and Industry)

INDIA TO HOST 28TH CONFERENCE OF SPEAKERS AND PRESIDING OFFICERS OF PARLIAMENTS OF COMMONWEALTH COUNTRIES WITH FOCUS ON AI AND SOCIAL MEDIA: LOK SABHA SPEAKER

• India will host the 28th Conference of Speakers and Presiding Officers of Parliaments of Commonwealth Countries (CSPOC) in 2026, as announced by Lok Sabha Speaker Om Birla during the CSPOC Standing Committee Meeting in Guernsey.

Key Highlights:

• The conference will center around artificial intelligence and social media in parliamentary processes, exploring how these technologies can enhance parliamentary functions.
• In his address, Birla highlighted India’s economic progress and technological advancements, emphasizing its growing influence in agriculture, fintech, artificial intelligence, and research.
• He invited the attendees to experience a blend of India’s cultural heritage and modern development during the event.
• Birla discussed the critical role of parliaments in tackling global issues such as climate change, terrorism, and cybercrime.
• He stressed the importance of inclusive and transparent parliamentary practices and the need for dialogue among parliamentary leaders to address shared challenges.
• The CSPOC platform was recognized as a space for enhancing cooperation and exchanging best parliamentary practices.
• Birla underscored India’s opportunity to showcase its traditions and focus on inclusivity as the host country.

Global Cooperation for Sustainable Development

• Quoting Vasudhaiva Kutumbakam, meaning "the whole world is one family," Birla called for global cooperation to address critical issues like poverty, inequality, and malnutrition.
• He also emphasized the role of parliaments in shaping sustainable development policies and allocating resources for good governance.

Setting the Agenda for 2026 CSPOC

• The Standing Committee set the agenda for the 2026 CSPOC and discussed the challenges faced by parliaments globally.
• Birla reflected on India’s previous hosting of the conference in 1970-71, 1986, and 2010, and invited presiding officers from Commonwealth nations to participate in the 2026 event in New Delhi.

S Jaishankar To Attend Donald Trump's Swearing-In Ceremony On January 20, 2025               

• External Affairs Minister (EAM) Jaishankar will represent India at the swearing-in ceremony of Donald J. Trump as the 47th President of the United States of America, as announced by New Delhi.
• The ceremony is expected to take place next week, around January 20.
• During his visit, Mr. Jaishankar will also meet representatives of the incoming Trump administration and other dignitaries attending the occasion, according to the Ministry of External Affairs (MEA).
• This marks Jaishankar’s second visit to the US in less than a month.
• In December, he undertook a week-long visit during which he engaged with key officials of the outgoing Biden administration, including Antony J. Blinken, and members of the Trump transition team.
• Jaishankar noted that Trump has shown a positive political view of India and emphasized that India is well-positioned to build deeper relations with his administration, further strengthening bilateral ties.

Trump’s Scheduled Visit to India

• President Trump is expected to visit India later this year during the Quad summit, which will be hosted by Prime Minister Narendra Modi.
• Trump had previously visited India in February 2020 during his first term as the 45th US President.

J.D. Vance as Vice-President

• D. Vance will serve as the new Vice-President of the United States under President Trump.
• This will be Trump’s second term as President, following his tenure as the 45th US President from January 2017 to January 2021.

About USA:

• President: Joe Biden (as of January 2025)
• Capital: Washington, D.C.
• Currency: United States Dollar (USD)

CURRENT AFFAIRS: STATE NEWS

West Bengal government announces new initiatives to attract pilgrims to Gangasagar Mela

• The Gangasagar Mela, held annually at the confluence of the Ganga with the Bay of Bengal in West Bengal during the Makar Sankranti festival, is a significant pilgrimage for millions. The following are the key updates for this year:

New Initiatives for Pilgrims

• Bandhan Initiative: Pilgrims participating in the mela will receive a certificate in three languages as part of the new initiative to enhance their experience.
• e-Anushandhan Platform: This will allow pilgrims to access facilities at the mela ground
• e-Parichay: A QR code-enabled identity band will help prevent missing persons in the crowd, ensuring better safety for attendees.

Pilgrim Numbers and Expectations

• As of January 12, 2025, approximately 42 lakh pilgrims have visited the Gangasagar island.
• There is optimism that this year’s attendance will surpass the 2023 record of over one crore

Transportation and Safety Arrangements

• The state government has made extensive arrangements for transportation and safety:
  • 2,500 government and private buses
  • 21 jetties, 9 barges, 32 vessels, and 120 launches
  • 13,000 police officers have been deployed to ensure safety at the mela.

Ganga Aarti Event

• A special ‘Ganga Aarti’ is being held from January 11 to January 13, 2025, mimicking the famous event held at the ghats of Varanasi to add a spiritual element to the mela.

Political Context

• Mamata Banerjee, the Chief Minister of West Bengal, has been advocating for ‘national mela’ status for the Gangasagar Mela, pointing out that while the Kumbh Mela receives support from the Centre, Gangasagar does not, despite its significant role.
• Opposition political parties have raised questions about the pilgrim attendance figures, but the state government remains confident about the turnout.

About West Bengal:

• Governor: C.V. Ananda Bose
• Chief Minister: Mamata Banerjee
• Capital: Kolkata
• National Parks:Sundarbans National Park, Jaldapara National Park, Buxa Tiger Reserve, Gorumara National Park, Siliguri National Park, Neora Valley National Park,
• Wildlife Sanctuaries:Mahananda Wildlife Sanctuary, Buxa Wildlife Sanctuary, Rajnagar Wildlife Sanctuary, Singalila Wildlife Sanctuary, Chapramari Wildlife Sanctuary
• Popular Festival: Durga Puja, Kali Puja, Poila Boishakh (Bengali New Year), Makar Sankranti, Holi, Eid ul-Fitr, Christmas, Vaisakhi, Rath Yatra, Mahashivaratri
• Poplar Dance: Baul, Chhau, Kathak, Jhumur, Rabindra Nritya, Alkap, Santhal, Dorpon, Hochongba, Bhaona

CURRENT AFFAIRS: BUSINESS NEWS

Short-Term Funding Costs Spike Amid Tight Liquidity Conditions

• The rates for Commercial Paper (CP) and Certificates of Deposit (CD) have seen significant increases in January 2025, reflecting the tightening liquidity in the financial system.

Key Rate Movements:

1. Commercial Paper (CP):
   • Rates have increased by 10–13 basis points (bps) across tenures.
   • This rise signals higher borrowing costs for entities raising short-term funds.
2. Certificate of Deposit (CD):
   • Rates rose by 20–30 bps, trading in the range of 7.40% to 7.51%, compared to 7.10% to 7.20% in the previous month.

Driving Factors Behind the Rate Hikes:

1. Tight Liquidity Conditions:
   • Liquidity in the financial system is constrained due to the Reserve Bank of India's (RBI) interventions and maturing obligations.
   • Liquidity deficit: As of January, the deficit reached ₹2 trillion, exacerbated by the RBI making payments for maturing buy/sell swaps rather than rolling them over.
2. RBI Forex Market Intervention:
   • To curb rupee depreciation, the RBI has actively intervened in the forex market, draining systemic liquidity.
   • Nomura estimates that total liquidity fell from ₹4.6 trillion on September 27 to ₹0.4 trillion on December 27 and has likely declined further since.
3. Incremental Credit vs. Deposits:
   • Incremental deposits are trailing behind incremental credit, further straining liquidity availability.

Jawaharlal Nehru Port Authority (JNPA) Aims for 10 Million TEU Capacity

• 2024 Performance:
  In 2024, JNPA achieved a record-breaking05 million TEU handling, the highest in the port's history, indicating robust growth.
• Vadhvan Port Project:
  JNPA's growth strategy includes a strong focus on the under-construction Vadhvan Port, which, upon completion, will have a capacity of 23.2 million TEU.
  Vadhvan Port is expected to emerge as one of the top 10 container-handling ports globally, further strengthening India's maritime infrastructure.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATION

Devajit Saikia elected new Board of Control for Cricket in India (BCCI) secretary, replaces Jay Shah

• Devajit Saikia, a former cricketer from Assam, has been appointed as the new Secretary of the Board of Control for Cricket in India (BCCI), succeeding Jay Shah.
• His election took place during a Special General Meeting (SGM) on Jan 12,2025.

Key Appointments at the SGM

• Saikia was the only nominee for the position of secretary and was officially elected.
• Prabhtej Singh Bhatia was appointed as the treasurer at the same meeting, also as the sole nominee for the role.

About Saikia:

• Saikia is a former first-class cricketer, having represented Assam in the 1990-91 season, scoring 53 runs in four matches.
• He brings with him experience in cricket administration, having been the BCCI joint secretary and secretary of the Assam Cricket Association.
• After the election of the former BCCI secretary to the position of International Cricket Council, he was the acting interim secretary of the BCCI.

Saikia's Interim Role Before Appointment

• Before his official appointment, Saikia had been serving as the acting secretary after Jay Shah vacated the role to take on the position of ICC chairman.
• The transition was facilitated by Roger Binny, who appointed Saikia to the interim position based on his constitutional authority.
• Binny referred to Clause 7(1)(d) of the BCCI constitution, which allows the president to delegate duties if a vacancy arises or if an office bearer is indisposed.
• Jay Shah served as BCCI secretary from October 2019.

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

Department of Biotechnology Hosts Fifth Webinar in Series on Biomanufacturing and Biofoundry, Focusing on "Biomanufacturing for Climate-Resilient Agriculture"

• The Department of Biotechnology (DBT), Government of India, conducted the fifth webinar in its Biofoundry and Bio manufacturing Initiative series on January 13, 2025.
• The session focused on “Bio manufacturing for Climate Resilient Agriculture”, a key area under the BioE3 Policy (Biotechnology for Economy, Environment & Employment).
• This policy was approved by the Union Cabinet in August 2024 and aims to position India as a global leader in bio-based innovations while promoting sustainable bio manufacturing across diverse sectors, including agriculture.

Objectives of the BioE3 Policy

• Promoting climate resilient agriculture.
• Supporting economic growth and environmental sustainability.
• Focusing on bio-based innovations to address the critical challenges in various sectors, including agriculture.

Webinar Insights

• The webinar served as a platform for academia, industry leaders, start-ups, and researchers to discuss advancements and opportunities in sustainable and regenerative agriculture.
• The discussions focused on the importance of climate resilience to:
• Sustain agricultural yields.
• Improve agricultural quality.
• Safeguard the environment and ensure food security for future generations.

Daily CA One- Liner: January 14

• Indian Railways is intensifying its efforts to enhance freight movement, focusing on coal logistics, the largest revenue contributor
• India has unveiled an ambitious plan to power its coastal and inland waterways shipping fleet with renewable energy, starting with 1,000 vessels over the next five years.
• Coal India Ltd (CIL), the state-owned Maharatna company, is making strides in its strategic diversification into critical minerals, with a key focus on lithium brine assets in Argentina
• At the Viksit Bharat Young Leaders Dialogue 2025, Prime Minister Narendra Modi inspired the nation's youth to take ownership of the vision for a "Viksit Bharat" (Developed India).
• The much-anticipated Bima Sugam, a transformative project spearheaded by the Insurance Regulatory and Development Authority of India (IRDAI) to create a one-stop digital platform for insurance, is now expected to launch mid-year 2025, rather than the earlier target of April 2025.
• The government is poised to save over Rs 70,000 crore in capital and revenue expenditure that was allocated for new schemes in the FY25 Budget, which are yet to be implemented.
• The rates for Commercial Paper (CP) and Certificates of Deposit (CD) have seen significant increases in January 2025, reflecting the tightening liquidity in the financial system.
• Jawaharlal Nehru Port Authority (JNPA), India's largest state-owned container port, is aiming to become the country’s first port to handle 10 million TEU (Twenty-foot Equivalent Units).
• The Reserve Bank of India (RBI) issued the Master Direction on Non-resident Investment in Debt Instruments, 2025, to regulate foreign investments in Indian debt instruments.
• The Insurance (Amendment) Bill aims to allow 100% foreign direct investment (FDI) in the insurance sector, following the Insurance Act's amendment in 2021, which raised the FDI limit from 49% to 74%.
• Business correspondents (BCs) have requested the Reserve Bank of India (RBI) to relax restrictions on monthly and daily transfer limits, citing operational challenges and misuse of domestic remittance channels.
• The Reserve Bank of India (RBI) may change its approach to currency intervention, allowing the rupee to depreciate in line with its emerging market peers to maintain export competitiveness and avoid adverse impacts on domestic liquidity due to US dollar sales.
• The Reserve Bank of India (RBI) now mandates that banks must offer a fixed interest rate product in all equated installment-based personal loan categories.
• Bank of Baroda (BoB) has announced setting up AI-driven customer support, full-fledged branches with forex transaction facilities in Prayagraj to facilitate the visitors.
• Suryoday Small Finance Bank (SSFB) announced its partnership with Tata Digital to extend its FD offerings.
• Bank of Baroda (BoB) has partnered with Truworth Wellness to extend an enhanced wellness program for its 75,000+ employees and their families.
• India has officially joined the UN Committee of Experts on Big Data and Data Science for Official Statistics, a body established to examine the advantages and challenges of big data, particularly its role in monitoring and reporting on Sustainable Development Goals (SDGs).
• The India-Nepal Inter-Governmental Committee (IGC) meeting was held on January 10-11, 2025, in Kathmandu, Nepal, with the Indian delegation led by Shri Sunil Barthwal, Secretary of the Department of Commerce, Government of India, and the Nepali delegation headed by Gobinda Bahadur Karkee, Secretary of the Ministry of Industry, Commerce, and Supplies.
• India is set to host the 28th Conference of Speakers and Presiding Officers of Parliaments of Commonwealth Countries (CSPOC) in 2026, as declared by Lok Sabha Speaker Om Birla at the CSPOC Standing Committee Meeting held in Guernsey.
• External Affairs Minister (EAM) S. Jaishankar will attend the swearing-in ceremony of Donald J. Trump as the 47th President of the United States, representing India, as per an announcement from New Delhi.
• The Gangasagar Mela, an annual pilgrimage held at the confluence of the Ganga and the Bay of Bengal in West Bengal during the Makar Sankranti festival, attracts millions of devotees.
• Devajit Saikia, a former cricketer from Assam, has been appointed the new Secretary of the Board of Control for Cricket in India (BCCI), taking over from Jay Shah.
• Department of Biotechnology (DBT), Government of India, organized the fifth webinar in its Biofoundry and Bio manufacturing Initiative series, focusing on "Bio manufacturing for Climate Resilient Agriculture", a key component of the BioE3 Policy.