Dear Readers, get to know the daily current affairs today covering all the National & International Events provided here in this article. Current Affairs is an important topic in various competitive exams like IBPS/SBI/PO/Clerk and other competitive exams. To score better in this section, be updated with the daily happenings. Check the Daily Current Affairs January 2025 updates here. Revision is very important in remembering current affairs. Candidates after learning the Daily current affairs January 18th 2025, can test their knowledge by attempting Current Affairs Quiz provided with answers. Daily current affairs January 18th 2025 covers current affairs from International & National news, Important Days, State News, Banking & Economy, Business News, Appointments & Resignation, Awards & Honour, Books & Authors, Sports News, etc.,

Daily Current Affairs PDF of January 18th 2025

Get More: Static GK Pdfs

CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India introduces measures to promote cross-border transactions in Indian rupee    

• The Reserve Bank of India (RBI) announced liberalised norms on January 16, 2025 to encourage the use of the Indian Rupee (INR) and other local/national currencies for settling cross-border transactions.
• The announcement was made at a time when the Indian Rupee had recently touched an all-time low of 86.70 per USD.

Key Highlights :

• International Agreements and MoUs:The RBI has signed Memoranda of Understanding (MoUs) with the central banks of UAE, Indonesia, and Maldives to promote cross-border transactions in local currencies, including INR.
• Special Rupee Vostro Account (SRVA):Introduced in July 2022, the Special Rupee Vostro Account (SRVA) allows foreign banks to open accounts in India for trade transactions using INR.
• Several foreign banks have since opened SRVAs with Indian banks to facilitate such transactions.
• New Provisions Under Liberalised FEMA Regulations:Overseas branches of Authorized Dealer (AD) banks can now open INR accounts for residents outside India to settle current and capital account transactions with residents in India.
• Persons resident outside India can settle transactions with other non-residents using balances in their repatriable INR accounts, including Special Non-resident Rupee Accounts and SRVA.
• Foreign Investment in Non-Debt Instruments:Individuals outside India can use balances in their INR accounts for foreign investments, including Foreign Direct Investment (FDI) in non-debt instruments.
• Indian Exporters' Benefits:Indian exporters can open foreign currency accounts overseas to settle trade transactions, receive export proceeds, and use them to pay for imports.
• Review of FEMA Regulations:The move follows a **review of the FEMA (Foreign Exchange Management Act) 1999 regulations by the RBI, in consultation with the central government.

About RBI :

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

PNB MetLife teams up with Saraswat Co-operative Bank to provide insurance solutions    

• PNB MetLife has entered into a bancassurance partnership with Saraswat Co-operative Bank, one of India's largest urban co-operative banks.
• The partnership aims to provide a range of life insurance solutions, including savings, protection, retirement, and group plans.
• Target Customer Base:The collaboration will offer insurance products to Saraswat Bank’s large customer base, consisting of approximately 30 lakh individuals, across 302 branches nationwide.
• Bancassurance Model:Bancassurance is a model where banks partner with insurance companies to sell insurance products.
• The bank earns a commission from the insurance company, while the insurer benefits from the bank’s vast distribution network.
• Focus on Financial Inclusion:The partnership aims to enhance financial inclusion by addressing the protection gap and increasing insurance penetration in underserved and uninsured segments of the population.
• Promoting PNB MetLife's Brand Positioning:The collaboration reinforces PNB MetLife’s brand slogan, “Milkar Life Aage Badhaein,” meaning "Together, Move Life Forward."
• Expected Benefits:The strategic partnership is expected to increase insurance reach and improve accessibility to life insurance solutions for customers, especially in underserved regions.
• Managing Director & CEO of Saraswat Co-operative Bank Limited : Arti Patil

About PNB MetLife India Insurance Company Limited (PNB MetLife) :

• Founded : 2001
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Sameer Bansal

MobiKwik teams up with Piramal Capital & Housing Finance for personal loan offerings   

• MobiKwik Systems has entered into a strategic partnership with Piramal Capital & Housing Finance (Piramal Finance) to provide personal loans to MobiKwik customers.
• Objective of the Partnership:The partnership aims to enhance access to affordable credit solutions, enabling MobiKwik users to apply for and receive personal loans seamlessly through the MobiKwik platform.
• Loan Offering:The personal loan offering is designed to cater to various financial needs of individuals, such as education, medical expenses, travel, and other consumption purposes.
• Loan Amount & Eligibility:The loan amount for ZIP EMI ranges from INR 50,000 to INR 2,00,000.
• Eligibility criteria include:
  • Income exceeding INR 25,000
  • Age range: 23 to 55 years.
• Loan Tenure:The minimum loan tenure is 6 months, with the maximum tenure going up to 24 months.
• Nationwide Availability:This credit offering is available to all MobiKwik app users across India.

About MobiKwik :

• Founded : April 2009
• Headquarters : Gurgaon, Haryana, India
• Founders : Bipin Preet Singh, Upasana Taku

About Piramal Capital and Housing Finance Limited :

• Founded : 11 April 1984
• Headquarters : Mumbai, Maharashtra
• Managing Director : Jairam Sridharan

Tata Sons' Request to Deregister as NBFC Under RBI Review, Remains on Upper-Layer List

• Tata Sons, the holding company of Tata Group, remains on the Reserve Bank of India’s (RBI) list of upper-layer non-banking finance companies (NBFC-UL), despite its ongoing application to deregister itself from this category.

Key Highlights :

• Deregistration Proposal:Tata Sons seeks to deregister itself as a core investment category NBFC because RBI mandates that upper-layer NBFCs must be listed on exchanges by September 2025.
• The Shapoorji Paloonji Group, which holds nearly 18.5% of Tata Sons, is reportedly in favor of the company's listing.
• Regulatory Impact:Once an NBFC is classified under the upper-layer category, it is subject to enhanced regulatory requirements for at least five years, even if it does not meet the parametric criteria in subsequent years.
• Other Notable Upper-Layer NBFCs:15 NBFCs are named in the upper-layer list, including prominent names such as:
  • LIC Housing Finance, Bajaj Finance, Shriram Finance, Cholamandalam Investment and Finance, L&T Finance, M&M Finance, Aditya Birla Finance, Tata Capital, Piramal Capital, PNB Housing Finance, HDB Financial Services, Sammaan Capital, Muthoot Finance, Bajaj Housing Finance.
• Piramal Enterprises Exclusion:Although Piramal Enterprises qualifies for identification as an upper-layer NBFC, it is not included in the current review due to ongoing reorganization within the company.

About Tata Sons :

• Founded : 1917
• Headquarters : Mumbai, Maharashtra, India
• Chairman & Managing Director : Natarajan Chandrasekaran

Punjab & Sind Bank to Introduce Cash-Flow-Based Digital MSME Loans by Month-End   

• Punjab & Sind Bank (PSB) plans to launch a cash-flow-based digital MSME loan product of up to ₹25 lakh by the end of January 2025.
• Objective: The initiative is expected to change the perception of PSB as a "digital-friendly bank," enabling easier and faster loan sanctioning for MSMEs based on cash flow rather than traditional methods.

Key Highlights :

• Digital Lending Features:Customers will be able to apply for loans by scanning a QR code, giving a missed call, or visiting the bank's website.
• The bank's system will automatically analyze the customer's Income Tax Return, GST returns, and bank statements to sanction the loan quickly.
• Previous Digital Products:PSB had previously rolled out digital e-car and e-home loan products, using QR codes and missed calls for easy loan application processes.
• Sanctions for vehicle loans can now be self-generated, even on holidays or Sundays, with video-KYC also available on Sundays.
• Support from Finance Minister: Finance Minister Nirmala Sitharaman's budget speech emphasized developing digital tools for credit assessment of MSMEs, aligning with PSB's initiative.
• Growth in Digital Loan Products:48% of PSB’s e-home loan applications have been through the assisted journey in the last two months.
• The vehicle loan book has seen a 35% organic growth, with 60% of applications being assisted digitally.
• Future Plans: PSB aims to further enhance lending based on digital footprints, improving the credit assessment process for MSMEs.

About Punjab & Sind Bank :

• Founded : 24 June 1908
• Headquarters : New Delhi, India
• MD & CEO : Swarup Kumar Saha

Bank of Maharashtra plans Rs 2,500 crore Qualified Institutional Placement in FY26 to boost business growth  

• Bank of Maharashtra (BoM) plans to raise Rs 2,500 crore through a Qualified Institutional Placement (QIP) in FY26 to support business growth and reduce government holding to 75%.
• The bank raised Rs 3,500 crore through QIP, reducing the government's stake from 86.46% to 79.60%.
• The share equity was issued at Rs 57.36 per share.

Key Highlights :

• Government Holding and Dispensation:The government’s stake in BoM will be reduced to 75% by August 2026, in line with regulatory requirements for minimum public holding (at least 25%).
• The bank's capital adequacy ratio (CAR) stood at 18.71% with a Common Equity Tier 1 ratio of 13.60% as of December 2024.
• Financial Performance for Q3 FY25:Net Profit Growth: BoM reported a 35.82% YoY increase in net profit, reaching Rs 1,406 crore in Q3 FY25, up from Rs 1,036 crore in Q3 FY24.
• Net Interest Income (NII): NII grew by 19.37% YoY, reaching Rs 2,943 crore in Q3 FY25, compared to Rs 2,466 crore in Q3 FY24.
• Gross Advances: The bank's gross advances grew by 21.19% YoY to Rs 2.28 trillion.
• Total Deposits: Total deposits increased by 13.54% YoY to Rs 2.79 trillion.
• CASA (Current Account and Savings Account): CASA deposits made up 49.28% of the total, with a target to maintain around 50%.

About Bank of Maharashtra :

• Established : 16 September 1935
• Headquarters : Pune, Maharashtra India
• MD & CEO : Nidhu Saxena
• Tagline : One Family One Bank

Securities and Exchange Board of India and National Institute of Securities Markets Launch Innovative E-Learning Course on Municipal Bonds    

• The Securities and Exchange Board of India (SEBI) has partnered with the National Institute of Securities Markets (NISM) to launch an e-learning course on municipal bonds.
• Objective of the Course: The course aims to enhance the understanding of municipal bonds among municipal corporations, urban local bodies, and other stakeholders, helping them leverage bonds for urban infrastructure development.
• Encouraging Municipal Bond Issuance: The initiative promotes the issuance of municipal bonds as an alternative funding mechanism for urban infrastructure projects.
• Municipal Bonds Overview: Municipal bonds (muni bonds) are debt securities issued by urban local governments and agencies. They are used to fund everyday obligations and finance capital projects such as highways, roads, and schools.

Course Features:

• Self-paced Learning: The course is 10 hours long and can be taken at one's own pace.
• Content: Includes expert-led video lectures, interactive quizzes, and real-world case studies.
• Free Access: The course is available for free until March 31, 2025. After this date, a nominal fee will be charged.

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.

About NISM :

• Headquarters : Mumbai, Maharashtra
• NISM is an Indian public trust, established in 2006 by SEBI (Securities and Exchange Board of India).
• It serves as the national apex body for regulating and licensing financial market professionals in India.
• NISM is also the central training institute for SEBI’s civil service staff.
• It operates under the ownership of SEBI, Ministry of Finance, Government of India.
• NISM provides certification and training programs to enhance knowledge and skills in the securities market.

Shriram Housing Finance Rebranded as Truhome Finance After Acquisition by Warburg Pincus and QIA      

• Shriram Housing Finance (SHF) has rebranded itself as Truhome Finance following its acquisition by Warburg Pincus and its co-investors, including QIA (Qatar’s sovereign wealth fund), from Shriram Finance.
• In December 2024, Shriram Finance completed the sale of its entire stake (84.44% of the shareholding on a fully diluted basis) in SHF to Warburg Pincus for ₹3,929 crore.
• The rebranding aligns with Truhome Finance's vision of enabling homeownership and ensuring financial accessibility for individuals across various socio-economic backgrounds.
• MD & CEO ofTruhome Finance : Ravi Subramanian

Groww Mutual Fund unveils its first-ever ETF based on the Indian Railways PSU Index         

• Groww Mutual Fund has launched the Groww Nifty India Railways PSU ETF, the first exchange-traded fund (ETF) focused on the Indian railway sector.
• The New Fund Offer (NFO) will be open for subscription from January 16 to January 30, 2025.
• The ETF aims to track the Nifty India Railways PSU Index-TRI, providing exposure to public sector undertakings (PSUs) crucial to India’s railway ecosystem.
• The ETF's portfolio spans multiple sectors with significant allocations:
  • Construction: 26.45%
  • Financial Services: 17.76%
  • Consumer Services: 17.54%
• The Indian Railways network covers 68,584 km and over 7,325 stations, serving 6.7 billion passengers annually and handling 27% of India's freight movement.

National Payments Corporation of India Responds to 'Jumped Deposit' Scam Allegations in UPI Payments, Denies Any Fraud Occurrence

• The National Payments Corporation of India (NPCI) has refuted claims about the "Jumped Deposit" scam, stating that no fraud incidents related to UPI transactions have been found.
• Media reports had described a scam where fraudsters deposit small amounts into UPI users' accounts and use psychological manipulation to encourage larger payment authorizations.
• NPCI reaffirmed that UPI is a device-based payment system that securely links a user's account with their registered mobile number and device, ensuring safe transactions.
• NPCI's Role in Digital Payments: NPCI has been crucial in developing and promoting various retail payment systems in India, including:
• Unified Payments Interface (UPI)
• RuPay
• National Automated Clearing House (NACH)
• Immediate Payment Service (IMPS)
• National Electronic Toll Collection (NETC)
• Aadhaar Enabled Payment System (AePS)
• e-RUPI
• Promoting Secure Payments: NPCI continues to focus on improving the security and efficiency of digital payment systems across India.

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.

Bank of Baroda introduces ‘bob Liquid FD’ to offer improved liquidity and convenience

• Bank of Baroda (BoB) has launched an innovative alternative to traditional Fixed Deposits (FDs) called bob Liquid Fixed Deposits.

Key Features:

• The product combines higher returns with liquidity and flexibility.
• Customers can enjoy the benefits of fixed deposit returns with the ease of liquidity similar to a savings account.
• Interest Rates:6.85% interest rate for general customers on a 1-year FD.
• 35% for senior citizens on a 1-year FD and 7.40% on a 5-year FD.
• Flexibility:The deposit amount can start from ₹5,000.
• Tenure options range from 12 months to 60 months.
• Partial withdrawals are allowed in multiples of ₹1,000.
• Target Audience: The product is designed for customers looking for innovative deposit solutions with both assured returns and easy access to funds.

About Bank of Baroda :

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

India to Drive G20 Insurance Growth with 7.3% Annual Premium Increase: Swiss Re

• According to Swiss Re’s latest insurance market outlook report, India’s insurance market is poised for rapid growth, with the country projected to lead the G20 nations in premium expansion at an average rate of3% annually between 2025 and 2029.
• The report underscores India’s emergence as a global economic powerhouse, supported by robust domestic consumption, private investment, and progressive reforms.

Key Highlights :

• Swiss Re also forecasts that India will surpass Germany and Japan to become the world’s third-largest economy by the end of this decade.
• This trajectory is expected to benefit from steady global economic growth, projected at 2.8% in 2025 and 2.7% in 2026.
• Swiss Re also expects India to be the fastest growing G20 economy over the next ten years (2025-2034) with average real GDP growth of 6.2% annually (10% in nominal terms).
• Life insurance remains the cornerstone of India’s insurance market, contributing 74% of total premium volumes.
• Life insurance premiums are forecast to grow by 4.8% in 2024 and 5% in 2025.
• For the 2025-29 period, growth is expected to average 6.9% annually.
• Non-life insurance is anticipated to grow at 7.3% annually between 2025 and 2029, up from 5.7% in 2024.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Brazil Announces Indonesia's Admission to BRICS Bloc of Developing Nations     

• Indonesia has been admitted as a full member of the BRICS bloc of developing economies, the group's presiding country Brazil announced.
• Indonesia became the 10th full member of the international BRICS group.
• Indonesia’s candidacy was endorsed by BRICS leaders in August 2023, according to the Foreign Ministry of Brazil, which holds the group’s presidency for 2024.
• BRICS was formed by Brazil, Russia, India and China in 2009, and added South Africa in 2010.
• Last year, the alliance expanded to embrace Iran, Egypt, Ethiopia and the United Arab Emirates. Saudi Arabia has been invited to join, but has not yet done so.
• Turkey, Azerbaijan and Malaysia have formally applied to become members, and a few others have expressed interest.
• The most recent BRICS summit, the 16th such gathering, took place in Kazan, Russia, in October 2024 and was hosted by Russian President Vladimir Putin.
• This year's BRICS summit will take place in Rio de Janeiro in July, 2025.

CURRENT AFFAIRS: NATIONAL

8th Pay Commission approved by Cabinet, to revise the salary of central government employees

• The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the establishment of the 8th Pay Commission to revise salaries and allowances for central government employees and pensioners.

Key Highlights

1. Formation and Timeline:
   • The decision was announced by Union Minister Ashwini Vaishnaw.
   • The chairman and two members of the commission will be appointed soon.
   • Consultations will be conducted with central and state governments, along with other stakeholders.
2. Coverage:
   • The pay commission covers central government employees and those whose salaries are paid from the Consolidated Fund of India.
   • Exclusions:
     • Employees of public sector undertakings (PSUs).
     • Autonomous bodies.
     • Gramin Dak Sevaks.
3. Background:
   • Pay commissions are set up approximately once every decade.
   • The 7th Pay Commission, established in 2016, will end its term in 2026.
   • There are currently 49 lakh central government employees and 65 lakh pensioners under its ambit.

Significant Changes in the 7th Pay Commission

• Fitment Factor:
  • Proposed: 3.68.
  • Approved: 2.57, which significantly impacts the salary revision.
• Revised Pay and Pension:
  • Minimum Basic Pay: Increased from ₹7,000 to ₹18,000 per month.
  • Minimum Pension: Increased from ₹3,500 to ₹9,000 per month.
  • Maximum Salary: Capped at ₹2,50,000 per month.
  • Maximum Pension: Capped at ₹1,25,000 per month.

Implications of the 8th Pay Commission

The new pay commission will:

• Address concerns regarding inflation and cost of living.
• Ensure parity in salary structures across central government departments.
• Provide recommendations for pensions, allowances, and other benefits for employees and retirees.

About Pay Commission: 

• Pay Commission is India's central government organisation set up by Government of India, which gives its recommendations regarding changes in salary structure of its employees.
• It was set up in 1947 and since India's Independence, seven pay commissions have been set up on a regular basis to review and make recommendations on the work and pay structure of all civil and military divisions of the Government of India.
• Headquartered in Delhi (India), the commission is given 18 months from date of its constitution to make its recommendations

Defence ministry’s ‘battle tourism’ plan takes shape with launch of Bharat Ranbhoomi Darshan App

• To promote tourism and highlight India’s military heritage, the government has opened significant battlefields to visitors.
• These include sites from the 1962 India-China war, offering a deeper connection to the nation's wartime history.
• The Ministry of Defence (MoD) has granted civilians access to the following battlefields:
• Kibithoo and Bum La Pass in Arunachal Pradesh
• Rezang La and Pangong Tso in Ladakh
• Doklam, the site of the 2017 conflict
• The Army is exploring the possibility of opening additional significant battlefields, including Galwan Valley, Siachen, Kargil, Lipulekh Pass

Bharat Ranbhoomi Darshan: A Digital Initiative

• A new website, Bharat Ranbhoomi Darshan, has been launched in collaboration with the Ministry of Tourism.
• This platform offers Virtual tours, Historical narratives, Interactive content
• It serves as a one-stop solution for information and clearances for visiting these forward area battlefields.

Existing Military Memorials for Visitors

India already hosts several war memorials that attract visitors:

• Dras War Memorial (Kargil War)
• Walong War Memorial (1962 Battle of Walong)
• Tawang War Memorial
• Siachen War Memorial
• Longewala War Memorial
• Operation Meghdoot War Memorial
• Jaswant Garh War Memorial

Ministry of Defence:

Cabinet Minister: Shri Rajnath Singh

Minister of State: Shri Sanjay Seth

Ministry of Tourism:

Cabinet Minister: Shri Gajendra Singh Shekhawat

Minister of State: Shri Suresh Gopi

The Telecom Regulatory Authority of India (TRAI) has recommended capping Internet tariffs for Wi-Fi service providers under the Prime Minister’s Wi-Fi Access Network Interface (PM-WANI) scheme

• As of July 2024, only 2,07,642 hotspots had been deployed, far below the target of 50 lakh by 2020 and 1 crore by 2022.
• High costs of backhaul connectivity, low data utilisation, and restrictive agreements with service providers have hindered the scheme's success.
• The proposed tariff rationalisation seeks to enhance the operational viability of Public Data Offices (PDOs) while ensuring fair compensation for service providers.
• This move aims to revitalise PM-WANI and expand Internet access across India.
• To address these challenges, the Telecom Regulatory Authority of India (TRAI) has recommended capping broadband tariffs for PDOs at twice the rate of retail broadband tariffs.
• For example, if a retail user pays ₹100 for a 100 Mbps connection, PDOs cannot be charged more than ₹200 for a similar plan.

Policy Changes and Rationale

• The Department of Telecommunications amended the PM-WANI framework in September 2024, removing the requirement for PDOs to enter expensive commercial agreements with service providers.
• TRAI’s rationale for the tariff cap includes:
• PDOs function as bandwidth resellers and compete with service providers.
• Higher tariffs are justified to compensate service providers for the increased data consumption by PDOs.
• Retail fibre-to-the-home (FTTH) users typically consume less than 500 GB/month, while PDOs represent higher bandwidth consumption from a single customer.

About PM-WANI

• The Prime Minister’s Wi-Fi Access Network Interface (PM-WANI) scheme, launched in December 2020
• This aims to expand Internet access via public Wi-Fi hotspots managed by Public Data Offices (PDOs).

Global unemployment remains near a historical low of 5%, but significant challenges are slowing the full recovery of labor markets, according to the latest report of the International Labor Organization (ILO)

• The International Labour Organization (ILO) reported that global unemployment remains at a historically low 5% in 2024, marking a steady recovery from the COVID-19 pandemic.
• However, deep-seated issues continue to impede full recovery, such as widening inequalities, high youth unemployment, and inflation's enduring impact.
• The global jobs gap, which includes 402 million people, highlights unmet labor market demands, with youth and women in low-income countries disproportionately affected.

Economic Growth and Inflationary Pressures

• Global economic growth slowed to 3.2% in 2024, down from 3.3% in 2023, due to challenges like geopolitical tensions, climate change costs, and debt burdens.
• Inflation, though reduced in some regions, continues to erode wages, stifling real income growth.
• Many countries, particularly in low-income areas, have yet to recover from inflationary pressures.
• These economic strains exacerbate labor market vulnerabilities, making decent and productive employment harder to achieve.

Opportunities and Policy Recommendations

• Despite challenges, opportunities exist in renewable energy and digital technologies, which are driving job creation.
• Renewable energy jobs surged to 16.2 million globally, with significant growth in solar and hydrogen power.
• However, regional disparities persist, with East Asia dominating the sector. To address these issues, the ILO recommends investing in education and skills training, expanding social protection systems, and leveraging private funds like remittances to support economic development in low-income countries.

About International Labour Organization (ILO):

• Headquarters: Geneva, Switzerland
• Founded: 1919
• Director-General: Gilbert Houngbo

Government green light to Aircraft Leasing Bill to boost Indian aviation sector

• The Protection and Enforcement of Interests in Aircraft Objects Act, 2024 aims to reduce the leasing and financing costs of aircraft for Indian airlines, ultimately resulting in lower airfares.
• Since the majority of commercial aircraft in India are leased, this move will significantly benefit the aviation industry.

Ratifying the Cape Town Convention

• The Act will facilitate India’s ratification of the Cape Town Convention, a global treaty that ensures lessors’ rights to repossess leased high-value equipment, such as aircraft, helicopters, and engines, in the event of payment defaults.
• This convention was adopted in November 2001 under the International Civil Aviation Organization (ICAO) and the International Institute for the Unification of Private Law (UNIDROIT).
• India is a signatory to the Cape Town Convention but has yet to ratify it.
• This has led to the precedence of local court judgments over the convention's norms, causing concerns for international lessors.
• To address this, an inter-ministerial consultation process began last year to revise the Bill, which had been initially tabled in Parliament in

Impact of the Go First Crisis

• The revised Bill follows the Go First crisis, which raised concerns among global lessors regarding aircraft leasing to India-based airlines.
• India was being perceived as a “risky jurisdiction,” which prompted the revision of the Bill.
• The Bill ensures that in the event of a conflict with any other law, the provisions of the Cape Town Convention will take precedence.
• The legislation will also empower the Indian government to make the necessary rules for implementing the convention and protocol within the country.
• The Bill is expected to increase global lessors’ confidence in the Indian civil aviation sector by reducing lending costs.
• This, in turn, will have a positive impact on airfares.
• The aviation industry has widely welcomed this development, seeing it as a crucial step toward reviving the sector.

Protection and Enforcement of Interests in Aircraft Objects Bill, 2022:

• ‘The Protection and Enforcement of Interests in Aircraft Objects Bill, 2022’ (the “CTC Bill”) has been published by Ministry of Civil Aviation on 16^thApril 2022 for public consultation.
• The primary feature of the Bill is to enforce the Convention on International Interests in Mobile Equipment or the Cape Town Convention and the Protocol on Matters Specific to Aircraft Equipment (together “CTC”) and respective declarations deposited by India thereunder.

Union Cabinet approved the establishment of the Third Launch Pad (TLP) at Satish Dhawan Space Centre of ISRO at Sriharikota, Andhra Pradesh.

• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the establishment of the Third Launch Pad (TLP) at the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh.
• The project aims to strengthen India’s space infrastructure by enhancing the launch capacity for the country’s Next Generation Launch Vehicles (NGLV) and also serving as a standby for the Second Launch Pad (SLP).
• This development is crucial for supporting future human spaceflight missions and expanding India's capabilities in space exploration.

Project Implementation

• The TLP is designed to be universal and adaptable, capable of supporting NGLV, LVM3 vehicles with semicryogenic stages, and scaled-up configurations of NGLV.
• Maximum industry participation will be encouraged to ensure efficient implementation, leveraging ISRO's experience from previous launch pad projects.
• The TLP is set to be established within a 48-month timeline, or 4 years.
• The total fund requirement for the project is ₹3984.86 crore, which will cover the establishment of the launch pad and its associated facilities.

National Future Vision

• The TLP will significantly boost the Indian space ecosystem, enabling higher launch frequencies and enhancing the nation's capacity for human spaceflight and exploration missions.
• This initiative aligns with India's ambitious space plans during the Amrit Kaal, including the development of the Bharatiya Antariksh Station (BAS) by 2035 and a crewed lunar landing by 2040.
• The establishment of the third pad is essential to meet the growing demands of heavier launch vehicles and to accommodate advancements in propulsion technology, ensuring the space program remains sustainable for the next 25-30 years.

Need for the TLP

Currently, India’s space transportation system is reliant on two launch pads:

1. First Launch Pad (FLP) – Serving PSLV and SSLV, established 30 years ago.
2. Second Launch Pad (SLP) – Primarily for GSLV and LVM3, operational for nearly 20 years and also functioning as a backup for PSLV.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Government Appoints Ashok Chandra as Managing Director & Chief Executive Officer of Punjab National Bank and Binod Kumar as MD & CEO of Indian Bank    

• The government has appointed Ashok Chandra as the Managing Director (MD) and Chief Executive Officer (CEO) of Punjab National Bank (PNB) and Binod Kumar as the MD and CEO of Indian Bank.
• The top posts at PNB and Indian Bank fell vacant after the tenures of Atul Kumar Goel and SL Jain, respectively, ended on December 31, 2024.
• Prior to these appointments, Chandra was an executive director at Canara Bank, while Kumar was an executive director at PNB.
• Kumar (55) has been given a three-year term and will be eligible for an extension of up to two more years, following a performance review.
• Chandra (57) has also been appointed for a three-year term.

About Binod Kumar :

• Binod Kumar has held key roles in PNB, including Chief General Manager (Corporate Credit), Zonal Manager, and CEO of PNB Operations at Dubai International Financial Centre.
• He started his career at PNB as a management trainee in 1994 and became executive director in November 2022.
• Kumar was an executive director at PNB before his new appointment.

About Ashok Chandra :

• Ashok Chandra started his career at the erstwhile Corporation Bank as a probationary officer in 1991.
• He was appointed as executive director at Canara Bank in November 2022, overseeing key areas such as digital banking, information technology, strategy, financial inclusion, MSME, and agriculture.
• Chandra was an executive director at Canara Bank before his appointment.

About PNB :

• Established : 19 May 1894
• Headquarters : Delhi, India

About Indian Bank :

• Founded : 15 August 1907
• Headquarters : Chennai, Tamil Nadu

Justice Arun Mishra appointed as Board of Control for Cricket in India's Ombudsman and Ethics Officer    

• Justice Arun Mishra was appointed as the Ombudsman and Ethics Officer of the Board of Control for Cricket in India (BCCI).
• He has a notable legal background, having served as a Judge of the Madhya Pradesh High Court, Chief Justice of the Rajasthan High Court, and Chief Justice of the Calcutta High Court.
• Appointment of New BCCI Secretary:Devajit Saikia, a former first-class cricketer and experienced cricket administrator, was appointed as the new secretary of BCCI.
• Saikia replaces Jay Shah, who became the Chairman of the International Cricket Council (ICC) in December 2024.
• Other BCCI Elections:Prabhtej Singh Bhatia was elected as the Treasurer of the Indian Cricket Board (BCCI).
• The changes come ahead of India's home series against England, which will include 5 T20Is and 3 ODIs.

About Justice Arun Mishra:

• Justice Arun Mishra had an outstanding career in the legal profession, being elected as the youngest Chairman of the Bar Council of India (1998-99).
• He was appointed to the Madhya Pradesh High Court in 1999 and later became Chief Justice of the Rajasthan and Calcutta High Courts.

About Devajit Saikia:

• Saikia was a first-class cricketer who represented Assam during the 1990-91 season.
• He had prior experience as the BCCI joint secretary and secretary of the Assam Cricket Association.

V.K. Singh Takes Oath as Governor of Mizoram                                             

• Former Army Chief V.K. Singh has been sworn in as the 25th Governor of Mizoram.
• He replaced Hari Babu Kambhampati, who assumed the governorship of Odisha.
• The oath of office was administered by Chief Justice of Gauhati High Court, Vijay Bishnoi, at Raj Bhavan, Aizawl.
• The ceremony was attended by key figures, including Mizoram's Chief Minister Lalduhoma, former Chief Ministers Zoramthanga and Lal Thanhawla, Assembly Speaker Lalbiakzama, and other ministers.
• K. Singh’s appointment is considered strategic due to Mizoram's proximity to troubled regions like Myanmar and Bangladesh.
• Mizoram shares a 510 km border with Myanmar and a 318 km border with Bangladesh.
• Mizoram currently hosts over 30,000 refugees from Myanmar and persecuted ethnic groups from Bangladesh's Chittagong Hill Tracts due to ongoing conflicts in both countries.
• Mizoram faces challenges related to drug trafficking, arms smuggling, and illegal wildlife trade, mainly originating from Myanmar and passing through the state to Bangladesh or other regions in India.

About V.K. Singh :

• K. Singh, a retired General, was India’s 24th Chief of the Army Staff.
• He served as a Minister in Prime Minister Narendra Modi's government during both the first and second terms (2014–2024).

About Mizoram :

• Chief Minister : Lalduhoma
• Capital : Aizawl

CURRENT AFFAIRS: BUSINESS

A majority of chief economists worldwide predict weaker global economic conditions in 2025, according to the latest Chief Economists Outlook by the World Economic Forum (WEF)

• According to the World Economic Forum's Chief Economists Outlook, most economists predict weaker global economic conditions in 2025.
• 56% of chief economists foresee an economic downturn, while only 17% predict improvements, highlighting uncertainty across key global regions.
• This situation calls for cautious policy responses to manage the anticipated challenges effectively.

Key Highlights:

• Despite global challenges, South Asia is seen as a bright spot in the global economic landscape, with 61% of economists predicting strong or very strong growth for the region.
• India, specifically, is expected to continue its role as the world’s fastest-growing major economy.
• However, there are signs of slowing momentum, as India’s GDP growth for Q3 2024 registered at 5.4%, the slowest in nearly two years.
• This slowdown has led the Reserve Bank of India to revise its growth forecast for the year.
• In contrast, China faces a less favorable outlook, with subdued consumer demand and weaker productivity affecting its growth.
• Similarly, Europe is also projected to struggle, with 74% of economists predicting weak or very weak growth for the region.
• The global trade environment is undergoing notable changes, with 48% of economists expecting an increase in global trade volumes in 2025, reflecting global resilience.
• However, a significant shift towards regionalisation of trade is anticipated, with 82% of respondents foreseeing this trend over the next three years.
• Additionally, global trade is expected to transition from goods to services, driven by factors such as protectionism, trade tensions, and national security concerns.
• These shifts are likely to reshape the global trade framework in lasting ways, posing new challenges for international cooperation.
• In India, sectors such as agriculture and processed food have shown strong growth, with exports rising over 11% to $17.77 billion in the April-December 2024 period.
• The steel industry is also expected to witness strong growth, with domestic steel demand projected to outpace other economies in 2025, driven by infrastructure development and manufacturing.
• Meanwhile, power companies are likely to report strong earnings for Q3 2024, indicating resilience in the energy sector.

About World Economic Forum (WEF):

Formation: 24 January 1971

Headquarters: Cologny, Switzerland

Executive Chairman: Klaus Schwab

President: Børge Brende

According to the World Bank report, India's GDP growth rate is to remain steady at 6.7% for the next two fiscal years

• According to a World Bank report on South Asia's growth estimates, India's economic growth is projected to remain steady at 6.7% per year for the next two fiscal years, beginning April 2025.
• This indicates a stable outlook for the Indian economy, despite challenges faced in the current fiscal year.

• South Asia Growth: Overall growth for the region (excluding India) is expected to reach 3.9% in 2024 and 4.0% in 2025, improving further to 4.3% by 2026.
  • Pakistan and Sri Lanka are expected to show signs of recovery, supported by better macroeconomic policies.

Key Highlights:

• Services Sector: The services sector is expected to continue its expansion, contributing significantly to India's growth.
• Manufacturing Activity: Manufacturing is likely to strengthen, supported by government initiatives aimed at improving the business environment.
• Investment Growth: Private investment is expected to rise, although public investment will moderate.

2024-25 Growth Projections: Softening to 6.5%

In 2024-25, India's growth is expected to soften to 6.5%, down from earlier projections. This slowdown reflects:

• Reduced investment levels.
• Weak performance in the manufacturing sector.

However, private consumption remains resilient, supported by improved rural incomes and a recovery in agricultural output, mitigating some of the slowdown effects.

Expert Predictions for FY25

• FICCI Economic Outlook Survey: Projects 6.4% GDP growth for 2024-25, a decline from the previous 7% estimate.
• Ministry of Statistics: Also sees 6.4% growth.
• BofA Securities India: Projects 6.5% growth for the fiscal year.
• Acuité Ratings & Research: Predicts 6.4% growth.
• CareEdge Ratings: Predicts 6.5% growth.
• Nomura: Forecasts 6.7% growth.
• Reserve Bank of India: Has lowered its forecast to 6.6% growth for FY25.

Past Performance of India's Economy

• Recent Growth: India’s GDP grew 7% on average in the past three years:
  • FY22: 9.7% growth.
  • FY23: 7% growth.
  • FY24: 8.2% growth.

About World Bank:

• Established: July 7, 1944
• Headquarters: Washington, D.C., U.S.
• Membership:
  • 189 countries (IBRD - International Bank for Reconstruction and Development)
  • 174 countries (IDA - International Development Association)

• President: Ajay Banga
• Managing Director and CFO: Anshula Kant
• Chief Economist: Indermit Gill

FICCI forecasts India’s GDP growth at 6.4% for 2024-25 amid global and domestic headwinds

• The Federation of Indian Chambers of Commerce & Industry (FICCI) Economic Outlook Survey projects India's GDP growth at 6.4% for the financial year 2024-25, reflecting a slowdown from the previous forecast of 7% and the 8.2% growth in 2023-24.
• The moderation is attributed to global headwinds, geopolitical tensions, and uneven recovery in advanced economies.
• Despite this, a modest revival in economic activity is expected due to increased public capital expenditure, festive season demand, and the normalisation of industrial activity post-monsoon.

Key Highlights:

• The agricultural sector is projected to grow by 3.6%, while the industrial and services sectors are expected to grow by 6.3% and 7.3%, respectively.
• Inflation is expected to ease, with the Consumer Price Index (CPI) inflation projected at 4.8%, in line with the Reserve Bank of India's forecast, offering relief to consumers and stimulating rural demand.
• Lower interest rates are also expected to encourage consumption.
• However, subdued private capital expenditure remains a concern, influenced by geopolitical uncertainties, uneven domestic demand, and oversupply from China.
• The government's focus on infrastructure development, particularly in roads, housing, and logistics, will continue to be a key growth driver in 2025-26.
• Globally, while inflation is softening across both advanced and emerging economies, geopolitical risks, particularly in the Middle East, may affect energy markets and global trade.
• India is positioned to benefit from global supply chain diversification, especially in electronics manufacturing and pharmaceuticals, as businesses seek alternatives to China.

About FICCI:

Formation: 1927

Founder: Ghanshyam Das Birla, Purshottamdas Thakurdas

Headquarters: New Delhi, India

President: Harsha Vardhan Agrawal

CURRENT AFFAIRS: MOUs & AGREEMENTS

Google strikes world’s largest biochar carbon removal deal with Indian startup Varaha

• Google has agreed to purchase 100,000 tons of carbon dioxide removal credits from Indian startup Varaha, its first such deal with a carbon project in India and the largest involving biomass-produced biochar (also called horticultural charcoal or “black gold” for soils).
• The offtake agreement credits will be delivered to Google by 2030 from Varaha’s industrial biochar project in the western Indian state of Gujarat, the two firms stated.
• Financial terms of the deal were not disclosed. So far, the New Delhi-based startup is the only Indian company to be listed on carbon removal standard and registry Earth.
• Biochar is produced in two ways: artisanal and industrial.
• The artisanal method is community-driven, where farmers burn crop residue in conical flasks without using machines.
• In contrast, industrial biochar is made using large reactors that process 50-60 tons of biomass daily.

Key Highlights:

• Varaha’s project will generate industrial biochar from an invasive plant species, Prosopis Juliflora, using its pyrolysis facility in
• The invasive species impacts plant biodiversity and has overtaken grasslands used for livestock.
• Varaha will harvest the plant and make efforts to restore native grasslands in the region, the company’s co-founder and CEO Madhur Jain stated in an interview.
• Once the biochar is produced, a third-party auditor will submit their report to Earth to generate credits.
• Although biochar is seen as a long-term carbon removal solution, its permanence can vary between 1,000 and 2,500 years depending on production and environmental factors.
• Carbon credits are linked to how long carbon can be permanently removed from the atmosphere by compensating for emissions with sustainable activities.
• Greenhouse gases have an extremely long impact on the atmosphere, for up to hundreds or thousands of years, so any effective carbon credit program must promise a similarly long period of carbon removal.
• “Permanence,” here, indicates how long carbon remains stored in soil before it returns to the atmosphere.

About Google:

• Founded: September 4, 1998
• Headquarters: California, U.S.
• CEO: Sundar Pichai
• CEO of Google Cloud: Thomas Kurian

The Colombo Stock Exchange (CSE) and the National Commodity and Derivatives Exchange (NCDEX) of India, recently signed a Memorandum of Understanding (MoU) to collaborate and explore the development of derivatives and commodity products in Sri Lanka.

• The Colombo Stock Exchange (CSE) and National Commodity and Derivatives Exchange (NCDEX) of India have signed a Memorandum of Understanding (MoU) to collaborate on the development of derivatives and commodity products in Sri Lanka.
• This partnership aims to enhance the product offering and trading instruments at CSE through knowledge-sharing, technological support, and capacity-building

Key Points:

• These efforts will focus on training personnel in areas like technology, systems, and regulations.
• The collaboration is expected to foster mutual growth, expand market offerings, attract new participants, and contribute to a more sustainable and efficient trading ecosystem.
• Dilshan Wirasekara, Chairman of CSE, highlighted that this initiative is a key step in diversifying Sri Lanka’s capital market offerings and introducing world-class trading facilities.
• Arun Raste, Managing Director and CEO of NCDEX, emphasized the MoU's potential to create a globally benchmarked platform and contribute to the development of a well-regulated financial market ecosystem.
• Representatives from both exchanges attended the signing ceremony, reaffirming their commitment to improving market infrastructure and promoting sustainable trading practices.

About NCDEX:

• National Commodity & Derivatives Exchange Limited (NCDEX) is an Indian online commodity and derivative exchange based in
• It is an online technology-driven trading exchange.
• It is a private limited company, its original shareholders were National Stock Exchange of India (NSE), National Bank for Agriculture and Rural Development (NABARD), CRISIL (now known as S&P India), Life Insurance Corporation (LIC) ICICI Bank.

About CSE:

• The Colombo Stock Exchange (CSE) is the main stock exchange in Sri Lanka that utilizes an electronic trading platform.
• The CSE headquarters have been located at the World Trade Center (Colombo) Towers in Colombo

President Murmu, Singapore President Shanmugaratnam unveil commemorative logo as India and Singapore mark 60 years of diplomatic ties

• President Droupadi Murmu and Singapore's President Tharman Shanmugaratnam unveiled a joint logo on January 16, 2025, in New Delhi to commemorate 60 years of diplomatic ties.
• The logo features colours from both national flags, the lotus (India's national flower), the orchid (Singapore's national flower), and the number 60, symbolizing mutual trust, friendship, and shared values.
• India and Singapore have built a robust partnership spanning political, economic, defence, cultural, and educational
• The relationship now also covers advanced manufacturing, healthcare, digitalization, sustainability, and skills development.

Economic and Trade Highlights

• Bilateral trade reached USD 35.6 billion in 2023-24, making Singapore India’s 6th largest trade partner.
• India imported USD 21.2 billion worth of goods from Singapore (a 2% decline) and exported USD 14.4 billion (a 20.2% growth).
• Singapore was India’s largest source of FDI in 2023-24, contributing USD 11.774 billion.
• Cumulative FDI from Singapore (April 2000–Sept 2024) amounted to USD 167.47 billion, 24% of India’s total FDI.

Other Collaborations:

• Around 9,000 Indian companies are registered in Singapore, and over 440 Singaporean companies operate in India.
• In 2024, Invest India opened an office in Singapore to further facilitate investments.
• India and Singapore have collaborated on skill development centres in 6 Indian states, with two ongoing projects.
• A new MoU on education and skill development was signed in September 2024.
• ISRO has launched several Singaporean satellites, and the two nations are expanding cooperation in digital health, green economy, and technology.
• Ethnic Indians constitute 9% of Singapore’s resident population (~3.8 lakh), with an equal number of Indian expatriates living in the country.

About Singapore:

• Capital: Singapore (city-state)
• President: Tharman Shanmugaratnam
• Prime Minister: Lawrence Wong
• Currency: Singapore dollar

Keir Starmer Signs "Landmark" 100-Year Partnership Agreement With Ukraine

• British Prime Minister Keir Starmer signed a landmark 100-year partnership agreement with Ukraine during an unannounced visit to
• The agreement emphasizes defence cooperation and recognizes Ukraine as a future NATO ally, underscoring Britain’s steadfast support in the face of Russia's invasion.

Key Details of the Visit

• Kyiv under attack: Starmer's arrival in Kyiv coincided with Russian drone strikes, repelled by air defence systems.
• Support for Ukraine: Starmer pledged to work with allies to ensure a robust peace settlement guaranteeing Ukraine’s security and independence.
• Defence industry boost: The agreement includes commitments to deepen ties in defence and strengthen Ukraine’s military capabilities.

• Zelensky’s perspective: Ukrainian President Volodymyr Zelensky called the agreement "truly comprehensive" and highlighted the closeness of ties between the UK and Ukraine.
• Military aid: The UK remains one of Ukraine’s largest military backers, having pledged £12.8 billion in aid since 2022, including an annual commitment of £3 billion "for as long as it takes."
• Economic support: A £2.2 billion loan backed by frozen Russian assets was also announced.

Concerns Over Trump’s Return

• Uncertain US support: With Donald Trump set to return to the White House, concerns have risen over potential cuts to US military aid or a push for territorial concessions to end the war.
• Diplomatic efforts: Marco Rubio, Trump’s nominee for Secretary of State, proposed a strategy of “bold diplomacy” involving concessions from both Russia and Ukraine.

Ukraine’s Battlefield Challenges

• Escalating conflict: Zelensky acknowledged that Russia holds the initiative in eastern Ukraine but emphasized his forces' gains in other regions, including parts of Russia’s Kursk area.
• Western backing: Ukraine has called for the West to allocate $250 billion from frozen Russian assets to purchase weapons.

• Italy’s Defence Minister Guido Crosetto arrived in Kyiv for official meetings, while Zelensky continues to engage allies to strengthen Ukraine's position on the battlefield and in negotiations.

About Ukraine:

Capital: Kyiv

President: Volodymyr Zelenskyy

Prime Minister: Denys Shmyhal

Currency: Hryvnia (₴) (UAH) 

About United Kingdom:

Capital: London

Monarch: Charles III

Prime Minister: Keir Starmer

Currency: Pound sterling(£)

CURRENT AFFAIRS : DEFENCE NEWS

Indian Army to hold 'Exercise Devil Strike' from January 16-19,2025    

• The Indian Armed Forces are set to conduct Exercise Devil Strike from January 16 to 19,2025, a joint exercise involving the elite airborne soldiers from the Indian Army and the Indian Air Force.
• The exercise will occur at the training areas and firing ranges, validating critical drills and enhancing operational readiness in a challenging environment.
• The exercise comprises complex airborne operations on various aircraft including troop and equipment insertion in hostile terrain.
• Exercise Devil Strike underscores the Indian Armed Forces' commitment to maintaining operational excellence and adaptability in the ever-evolving military landscape.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

North Atlantic Treaty Organization Initiates Baltic Sentry to Safeguard Undersea Infrastructure in Baltic Sea

• North Atlantic Treaty Organization (NATO) has launched a major maritime security operation called “Baltic Sentry” in response to a series of suspicious incidents targeting critical undersea infrastructure in the Baltic Sea.
• The operation was announced by NATO Secretary General Mark Rutte during the Baltic Sea NATO Allies Summit in Helsinki, where he was joined by Finnish President Alexander Stubb and Estonian Prime Minister Kristen Michal.
• The operation comes in the wake of multiple incidents targeting undersea infrastructure.
• Most recently, on December 25, 2024, the Estlink 2 power cable and four telecommunications lines between Finland and Estonia were damaged, leading to Finland’s seizure of the Russian oil tanker Eagle S.
• The Baltic Sea is a semi-enclosed inland sea located in Northern Europe.
• It connects to the Atlantic Ocean through the Danish Straits. Surrounding Countries: Denmark, Germany, Poland, Lithuania, Latvia, Estonia, Russia, Finland, and Sweden.

About NATO :

• Formation : 4 April 1949
• Headquarters : Brussels, Belgium
• Chair of the NATO Military Committee : Rob Bauer

CURRENT AFFAIRS: SPORTS

Sitanshu Kotak added as batting coach to India team ahead of England white ball tour

• Former Saurashtra cricketer Sitanshu Kotak has been appointed as the batting coach for the Indian team for the upcoming India-England limited-overs series at home.
• India will play 5 T20Is and 3 ODIs starting with a T20I at Eden Gardens, Kolkata, on January 22.
• The team will assemble in Kolkata on January 18 for a three-day camp.

Coaching Staff:

• Head Coach: Gautam Gambhir
• Assistant Coaches: Abhishek Nayar and Ryan ten Doeschate
• Bowling Coach: Morne Morkel
• Fielding Coach: T Dilip

Kotak’s Background:

• Former Saurashtra stalwart known for his strong technique.
• Played for India A as a batting coach for years.
• Career Stats:
  • First-Class Cricket: Over 8,000 runs with numerous dogged performances.
  • List A Cricket: 3,083 runs at an average of 42.33, with a top score of 122.*

ICC Men’s Player of the Month for December 2024 announced

• Jasprit Bumrah has been honored with the ICC Men’s Player of the Month award for his stellar performances during India’s tour of Australia in December 2024.
• He edged out competitors Pat Cummins and Dane Paterson to claim the award.

Outstanding Series Performance:

• • Bumrah played a pivotal role in India's bowling attack across three Test matches, claiming 22 wickets at an impressive average of 14.22.
  • His remarkable spells earned him the Player of the Series title.

Key Contributions:

(a) Adelaide Test:

1. Bumrah’s four-wicket haul in the first innings was critical in restricting Australia's lead.

(b) Brisbane Test:

1. A match-winning six-wicket haul in the first innings and three wickets in the second ensured a rain-affected draw, keeping India in the series.

(c) Melbourne Test (Boxing Day):

• Secured a four-wicket haul in the first innings and a five-wicket haul in the second, taking nine wickets in the match. Despite his efforts, India lost by 184 runs.

Other Achievements:

• Reached the 200 Test wickets milestone, becoming the fourth-fastest bowler to do so in terms of balls bowled.
• First bowler in cricket history to claim 200 Test wickets at an average below 20.
• Bumrah's consistent performances in a challenging series cemented his reputation as one of the finest bowlers in world cricket.
• His contributions were widely praised, with Ricky Ponting describing him as one of the game’s greatest bowlers.

Daily CA on Jan 18 :

• The Reserve Bank of India (RBI) announced liberalised norms on January 16, 2025 to encourage the use of the Indian Rupee (INR) and other local/national currencies for settling cross-border transactions.
• PNB MetLife has entered into a bancassurance partnership with Saraswat Co-operative Bank, one of India's largest urban co-operative banks.
• MobiKwik Systems has entered into a strategic partnership with Piramal Capital & Housing Finance (Piramal Finance) to provide personal loans to MobiKwik customers.
• Tata Sons, the holding company of Tata Group, remains on the Reserve Bank of India’s (RBI) list of upper-layer non-banking finance companies (NBFC-UL), despite its ongoing application to deregister itself from this category.
• Punjab & Sind Bank (PSB) plans to launch a cash-flow-based digital MSME loan product of up to ₹25 lakh by the end of January 2025.
• Bank of Maharashtra (BoM) plans to raise Rs 2,500 crore through a Qualified Institutional Placement (QIP) in FY26 to support business growth and reduce government holding to 75%.
• The Securities and Exchange Board of India (SEBI) has partnered with the National Institute of Securities Markets (NISM) to launch an e-learning course on municipal bonds.
• Shriram Housing Finance (SHF) has rebranded itself as Truhome Finance following its acquisition by Warburg Pincus and its co-investors, including QIA (Qatar’s sovereign wealth fund), from Shriram Finance.
• Groww Mutual Fund has launched the Groww Nifty India Railways PSU ETF, the first exchange-traded fund (ETF) focused on the Indian railway sector.
• The National Payments Corporation of India (NPCI) has refuted claims about the "Jumped Deposit" scam, stating that no fraud incidents related to UPI transactions have been found.
• Bank of Baroda (BoB) has launched an innovative alternative to traditional Fixed Deposits (FDs) called bob Liquid Fixed Deposits.
• According to Swiss Re’s latest insurance market outlook report, India’s insurance market is poised for rapid growth, with the country projected to lead the G20 nations in premium expansion at an average rate of3% annually between 2025 and 2029.
• Indonesia has been admitted as a full member of the BRICS bloc of developing economies, the group's presiding country Brazil announced.
• The government has appointed Ashok Chandra as the Managing Director (MD) and Chief Executive Officer (CEO) of Punjab National Bank (PNB) and Binod Kumar as the MD and CEO of Indian Bank.
• Justice Arun Mishra was appointed as the Ombudsman and Ethics Officer of the Board of Control for Cricket in India (BCCI).
• Former Army Chief V.K. Singh has been sworn in as the 25th Governor of Mizoram.
• The Indian Armed Forces are set to conduct Exercise Devil Strike from January 16 to 19,2025, a joint exercise involving the elite airborne soldiers from the Indian Army and the Indian Air Force.
• North Atlantic Treaty Organization (NATO) has launched a major maritime security operation called “Baltic Sentry” in response to a series of suspicious incidents targeting critical undersea infrastructure in the Baltic Sea.
• The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the establishment of the 8th Pay Commission to revise salaries and allowances for central government employees and pensioners.
• To promote tourism and highlight India’s military heritage, the government has opened significant battlefields to visitors. A new website, Bharat Ranbhoomi Darshan, has been launched in collaboration with the Ministry of Tourism.
• The Telecom Regulatory Authority of India (TRAI) has recommended capping Internet tariffs for Wi-Fi service providers under the Prime Minister’s Wi-Fi Access Network Interface (PM-WANI) scheme
• The International Labour Organization (ILO) reported that global unemployment remains at a historically low 5% in 2024, marking a steady recovery from the COVID-19 pandemic.
• The Protection and Enforcement of Interests in Aircraft Objects Act, 2024 aims to reduce the leasing and financing costs of aircraft for Indian airlines, ultimately resulting in lower airfares.
• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the establishment of the Third Launch Pad (TLP) at the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh.
• According to the World Economic Forum's Chief Economists Outlook, most economists predict weaker global economic conditions in 2025. 56% of chief economists foresee an economic downturn, while only 17% predict improvements, highlighting uncertainty across key global regions.
• According to a World Bank report on South Asia's growth estimates, India's economic growth is projected to remain steady at 6.7% per year for the next two fiscal years, beginning April 2025.
• The Federation of Indian Chambers of Commerce & Industry (FICCI) Economic Outlook Survey projects India's GDP growth at 6.4% for the financial year 2024-25, reflecting a slowdown from the previous forecast of 7% and the 8.2% growth in 2023-24.
• Google has agreed to purchase 100,000 tons of carbon dioxide removal credits from Indian startup Varaha, its first such deal with a carbon project in India and the largest involving biomass-produced biochar (also called horticultural charcoal or “black gold” for soils).
• The Colombo Stock Exchange (CSE) and National Commodity and Derivatives Exchange (NCDEX) of India have signed a Memorandum of Understanding (MoU) to collaborate on the development of derivatives and commodity products in Sri Lanka.
• President Droupadi Murmu and Singapore's President Tharman Shanmugaratnam unveiled a joint logo on January 16, 2025, in New Delhi to commemorate 60 years of diplomatic ties.
• British Prime Minister Keir Starmer signed a landmark 100-year partnership agreement with Ukraine during an unannounced visit to The agreement emphasizes defence cooperation and recognizes Ukraine as a future NATO ally, underscoring Britain’s steadfast support in the face of Russia's invasion.
• Former Saurashtra cricketer Sitanshu Kotak has been appointed as the batting coach for the Indian team for the upcoming India-England limited-overs series at home.
• Jasprit Bumrah has been honored with the ICC Men’s Player of the Month award for his stellar performances during India’s tour of Australia in December 2024.