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CURRENT AFFAIRS : BANKING & FINANCE

HSBC India Receives Reserve Bank of India Nod to Establish 20 New Branches Across 20 Cities                           

• HSBC India has received approval from the Reserve Bank of India (RBI) to open 20 new branches in key cities across the country.
• This approval marks the largest branch expansion by a foreign bank in India in over a decade.

Key Highlights :

• Branch Network Growth:After the expansion, HSBC India will have a total of 46 branches in the country.
• In 2016, HSBC India had 50 branches, but it later decided to shut down 24 branches as part of its earlier strategy.
• Current Branch Network:As of now, HSBC India has a network of 26 branches across 14 cities in India.
• New Branch Locations:The 20 cities where HSBC India will open new branches include: Amritsar, Bhopal, Bhubaneswar, Dehradun, Faridabad, Indore, Jalandhar, Kanpur, Ludhiana, Lucknow, Mysuru, Nagpur, Nashik, Navi Mumbai, Patna, Rajkot, Surat, Thiruvananthapuram, Vadodara, and Vishakhapatnam.
• Strategic Shift:The expansion is a clear shift in HSBC India's strategy, marking a return to branch growth after years of consolidation.
• Notable Branch Inauguration:HSBC India recently inaugurated a large 8,300 square foot branch in Bengaluru,Karnataka which is its largest branch in the country to date.

About HSBC India :

• Headquarters : Mumbai, Maharashtra, India
• CEO : Hitendra Dave

Reserve Bank of India Instructs Banks to Utilize '1600xx' Number Series for Transaction-Related Customer Calls                      

• The Reserve Bank of India (RBI) has instructed banks and other regulated entities (REs) to use the '1600xx' phone numbering series exclusively for making transactional calls to customers.
• This move is aimed at preventing financial fraud.

Key Highlights :

• Use of '140xx' for Promotional Calls:For promotional purposes, the RBI has directed that banks and REs should use the '140xx' series for calls, to avoid confusion with transactional calls and to reduce the risk of fraud.
• Importance of Mobile Numbers:The mobile number has become a key identifier in the account authentication and verification process, as it receives sensitive information such as OTPs, transaction alerts, and account updates.
• However, it is also vulnerable to misuse by scammers for committing online frauds.
• Utilizing the Mobile Number Revocation List (MNRL):The RBI has advised regulated entities to use the Mobile Number Revocation List (MNRL) available on the Digital Intelligence Platform (DIP), developed by the Department of Telecommunications (DoT), to monitor and clean up their customer databases.
• Deadline for Compliance:All regulated entities are required to ensure compliance with the RBI’s instructions by March 31, 2025.
• Entities Affected by the Circular:The circular applies to:
  • Commercial Banks (including Regional Rural Banks, Small Finance Banks, Payment Banks, and Local Area Banks)
  • Cooperative Banks
  • Prepaid Payment Instrument Issuers
  • Non-Banking Financial Companies (NBFCs), including Housing Finance Companies
  • Credit Information Companies
  • Payment Aggregators
  • Payment Systems Participants & Providers
• Phone Number Format as per DoT:According to the DoT’s notification, the phone number format for the '1600xx' series is 1600ABCXXX, where:
  • XXX represents any number between 000-999.
  • AB represents the telecom circle (e.g., Kolkata).
  • C represents the service provider (e.g., Bharti Airtel).

Financial Intelligence Unit (FIU-IND) and National Housing Bank (NHB) Sign Memorandum of Understanding to Strengthen Coordination and Information Sharing   

• The Financial Intelligence Unit-India (FIU-IND) and the National Housing Bank (NHB) signed a Memorandum of Understanding (MoU) to enhance coordination and information exchange in the fight against money laundering and terrorism financing.
• The MoU aims to streamline reporting processes for housing finance companies to improve their compliance with the Prevention of Money Laundering Act (PMLA) and related regulations.

Key Signatories:

• Shri Vivek Aggarwal, Director of FIU-IND.
• Shri Sanjay Shukla, Managing Director of NHB.

About NHB:

• NHB is the regulatory authority overseeing the regulation and licensing of housing finance companies in India.
• It operates under the Ministry of Finance, Government of India.
• Established on July 9, 1988, under the National Housing Bank Act, 1987.

About FIU-IND:

• FIU-IND is an agency under the Department of Revenue, Government of India.
• It collects and analyzes financial intelligence related to offenses under the Prevention of Money Laundering Act, 2002 (PMLA).

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharama
• Minister of State : Pankaj Chaudhary

Reserve Bank of India Launches Daily Variable Rate Repo Auctions to Address Liquidity Shortage    

• On a review of current and evolving liquidity conditions, the Reserve Bank of India (RBI) has decided to conduct Variable Rate Repo (VRR) auctions on all working days in Mumbai with reversal taking place on the next working day, until further notice.
• The reversal of VRR auction conducted on a Friday will take place on the ensuing Monday or the next working day, if Monday is a holiday in Mumbai.
• The auction will be conducted between 10:00 AM and 10:30 AM every day.

Key Highlights :

• First Auction : The first such auction will be conducted on January 16, 2025, Thursday, for an amount of ₹50,000 crore.
• Eligible Participants : Standalone Primary Dealers will be allowed to participate in these auctions, along with all other eligible participants.
• Auction Platform : The auction will be conducted on CBS (e-Kuber) platform.
• Minimum Bid Amount : The minimum bid amount for the auction would be Rupees one crore and multiples thereof.
• The allotment would be in multiples of Rupees 1 crore.
• Bidding Process : Banks would be required to place their bids in percentage terms up to two decimal places.
• Banks can place multiple bids.
• Successful bids will get accepted at their respective bid rates.
• Bids at or below the repo rate will be rejected.
• Cut-off Rate : Once the bidding time is over, all the bids would be arranged in descending order of the rates quoted and the cut-off rate would be arrived at the rate corresponding to the notified amount of the auction.
• Successful bidders would be those who have placed their bids at or above the cut-off rate.
• All bids lower than the cut-off rate would be rejected.
• Collateral and Haircuts: The eligible collateral and applicable haircuts will be the same as those for the Liquidity Adjustment Facility (LAF).

Securities and Exchange Board of India Strengthens Small and Medium Enterprises Initial Public Offerings Guidelines, Caps Promoter offer for sale at 20%    

• The Securities and Exchange Board of India (SEBI) tightened rules for initial public offerings (IPO) of small and medium enterprises, and tweaked the framework for merchant bankers and custodians by raising their minimum net-worth requirements.

Key Highlights :

• Tightened IPO Rules for SMEs : SEBI has proposed raising the minimum application size for Small and Medium Enterprises (SME) IPOs from ₹1 lakh to ₹2-4 lakh.
• SEBI also proposed increasing the minimum number of allottees from 50 to 200.
• Currently application size for SME IPOs is at least ₹1 lakh and minimum number of allottees for SME IPOs is 50.
• Profitability Requirement for SMEs : Sebi board stated that an SME company can go for an IPO only if it had an operating profit (earnings before interest, depreciation and tax) of at least Rs 1 crore from operations for any two of the three previous financial years at the time of filing the prospectus for fund raising.
• Offer for Sale (OFS) Limitations : Sebi has also limited the offer for sale (OFS) size by selling shareholders to 20% of the total issue size, while a selling shareholder cannot sell more than 50% of their holdings.
• Sebi will also be extending the related party norms and regulations on promoter lock-in to SMEs.
• Restrictions on IPO Use of Proceeds : Sebi also stated that SME can not go for an IPO where the objects of the offer include repayment of loan to promoters, promoter group or any related party, from the issue proceeds, whether directly or indirectly.
• Public Comment Period : IPO prospectus filed with the bourses will be available for 21 days for the public to provide comments on the same.
• Merchant Bankers' Net-Worth Requirement : Sebi also changed the rules governing merchant bankers in India.
• It increased the net worth requirement ten times to ₹50 crore, from ₹5 crore.
• As on July 31, there are 224 merchant bankers registered with Sebi.
• Two categories of merchant bankers are introduced:
• Category 1: Net worth of at least ₹50 crore, allowed to undertake all merchant banking activities.
• Category 2: Allowed to carry out most activities except managing fund-raising for main board companies.
• These activities would include IPOs, rights offers, offers for sale (OFS), qualified institutional offers (QIPs) etc.
• Mutual Fund Managers : SEBI also stated that from now on mutual fund managers will have to deploy their funds raised through NFOs within 30 days.
• In case they fail to do so, they will have to give exit options to all its investors to redeem their investments without any exit load.
• The Sebi board has also approved a proposal to revise rules for custodians that offer services such as safekeeping of assets and maintenance of securities accounts for clients such as foreign portfolio investors and mutual funds.
• Custodians' Net-Worth and Framework : SEBI stated a net worth of Rs 75 crore be maintained by custodians.
• It has given existing custodians three years to achieve the target.
• They would also have to hive off activities that are not under the purview of any financial sector regulator to a separate legal entity within two years.
• Currently, there are 17 custodians registered with Sebi.
• NFO Collection Limits for AMCs : Sebi has also stipulated that Asset Management Companies (AMCs) limit their new fund offer (NFO) collections to amounts that can be reasonably deployed within 30 days.
• This is because open-ended funds allow investors to join at any time at current NAV.
• PaRRVA Initiative : SEBI unveiled the Past Risk and Return Verification Agency (PaRRVA) to curb misleading investment return claims.
• This bold initiative aims to restore clarity and credibility in the financial space, offering investors a more reliable way to assess promotional claims.
• PaRRVA validation will be akin to an ISI-mark when it comes to making any claim in any presentation or promotional material.
• The National Stock Exchange (NSE) has already set up a firm, which will serve as a data centre.
• Further, Sebi is yet to finalise a credit rating agency to act as PaRRVA.
• The smallcase platform is a financial technology platform that offers pre-built portfolios of stocks and exchange-traded funds (ETFs) to help investors build diversified, low-cost portfolios.
• Initially, PaRRVA will operate on a pilot basis for two months, during which it will refine its processes and technology based on industry feedback.
• Custodians' New Framework : The SEBI has proposed that custodians increase their net worth from ₹50 crore to ₹100 crore.
• Custodians that don't meet the new requirement will have three years to comply.
• Custodians will now adopt a comprehensive framework similar to that of Qualified Stock Brokers.

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.

CURRENT AFFAIRS: NATIONAL NEWS

Cabinet Approves Refarming of 687 MHz Spectrum for 5G and 6G Services

• Union Minister for Communications Jyotiraditya Scindia announced that the Cabinet has approved the refarming of 687 MHz of spectrum from various government ministries to support the deployment of 5G and future 6G services.
• The total value of this spectrum, which will now be auctioned, is estimated at ₹2 lakh crore.

Key Highlights

Spectrum Allocation and Demand

• Current Spectrum Availability:
  • India currently has 900 MHz of spectrum across 2G, 3G, 4G, and 5G technologies.
• Spectrum Demand for 2030:
  • The total spectrum requirement is projected to reach 2000 MHz by 2030, leaving a deficit of 1100 MHz.
• Cabinet's Decision:
  • Approved the refarming of 687 MHz of spectrum, bringing the total available spectrum to 1587 MHz.
  • The remaining 413 MHz will be made available within the required timeline.

Spectrum Release Timeline

• Immediate Release:
  • Of the 687 MHz approved, 328 MHz will be released immediately.
• Phased Release:
  • Additional spectrum will be made available by the end of 2024.
  • Remaining spectrum will be released by 2028 and 2029, ensuring preparedness for the 2030 demand.

India Launches National Broadband Mission 2.0 and Sanchar Saathi App to Boost Digital Connectivity and Security

• The Department of Telecommunications (DoT) has introduced two landmark initiatives—National Broadband Mission (NBM) 2.0 and the Sanchar Saathi mobile application—to advance India's digital infrastructure and strengthen telecom security.

1. National Broadband Mission 2.0 (NBM 2.0)

Key Highlights:

• Goal: To connect the remaining 1.7 lakh villages across India and ensure 60 out of every 100 rural households have broadband connectivity.
• Broadband Speed: Aims to provide a minimum fixed broadband download speed of 100 Mbps.
• Impact: Builds on the success of NBM 1.0, which:
  • Established 8 lakh telecom towers.
  • Increased broadband subscriptions from 66 crore to 94 crore.
• Vision: Bridge the digital divide and foster inclusive growth in rural India.

2. Sanchar Saathi Mobile Application

The Sanchar Saathi app empowers citizens to secure their telecom resources and combat fraud with user-friendly tools.

Features:

1. Reporting Fraudulent Communications:
   • Users can directly report fraudulent calls or SMS from their mobile logs.
2. Manage Mobile Connections:
   • Identify and manage all mobile connections issued under a user’s name.
3. Block Lost/Stolen Devices:
   • Quickly block, trace, and recover lost or stolen devices.
4. Verify Handset Authenticity:
   • Confirm the authenticity of mobile handsets to avoid counterfeit purchases.

Availability:

• The app is accessible on both Android and iOS platforms.

Objective: Enhance telecom security and empower users to protect their personal information.

3. Intra-Circle Roaming (ICR) at DBN-Funded 4G Sites

Intra-Circle Roaming (ICR) has been introduced at Digital Bharat Nidhi (DBN)-funded 4G mobile sites.

Key Features:

• Enables subscribers of BSNL, Airtel, and Reliance to access 4G services from a single DBN-funded tower.
• Ensures seamless connectivity and provides users with greater freedom of choice among telecom service providers.

CURRENT AFFAIRS : INTERNATIONAL NEWS

China Completes World's Longest Expressway Tunnel in Xinjiang Region                      

• China has completed the construction of the world’s longest expressway tunnel, known as the Tianshan Shengli Tunnel, located in the Xinjiang Uighur Autonomous Region.
• Tunnel Length and Location:The Tianshan Shengli Tunnel is 22.13 kilometers long, situated in the Tianshan Mountains, at an elevation of 3,000 feet above sea level.
• Impact on Travel Time:The tunnel will significantly reduce travel time by shortening a three-hour journey to just 20 minutes, offering a major convenience for commuters.
• Connectivity:The tunnel will connect Northern and Southern Xinjiang, facilitating access to Eurasian countries involved in the Silk Road Economic Belt.
• Urumqi-Yuli Expressway:The tunnel is part of the 319.72-kilometer Urumqi-Yuli Expressway, which will reduce driving time between Urumqi and Yuli County from seven hours to just over three hours.
• The expressway is expected to open in 2025.
• Construction Challenges:Tunnelling began in April 2020 and faced significant challenges, including high-altitude construction (over 3,000 meters) and complex geological conditions.
• Technological Achievement:The project marked the first use of a tunnel boring machine for road construction in China, shortening the typical construction time from 10 years to just over four years.
• Tunnel Design:The tunnel has a dual-direction, four-lane design, with a speed limit of 100 km/h.

About China :

• President : Xi Jinping
• Capital : Beijing
• Currency : Renminbi

United States Delists 3 Indian Entities from Trade Blacklist, Adds 11 Chinese Companies Citing Security Risks   

• The United States Bureau of Industry and Security (BIS) removed three Indian organizations from its Entity List.
• Indian Entities Removed:
  • Indian Rare Earths
  • Indira Gandhi Atomic Research Center (IGCAR)
  • Bhabha Atomic Research Centre (BARC), Mumbai, India
• Reason: The removal aims to enhance U.S.-India energy cooperation, particularly in advanced energy sectors, defense, and technology.
• Impact on U.S.-India Relations:
  • It is seen as a commitment by the U.S. to strengthen its partnership with India.
  • The development is in line with broader geopolitical strategies to counter regional challenges and enhance the Indo-Pacific framework.
  • The removal signals reduced barriers to cooperation in nuclear technology and scientific advancements.

●     U.S.-China Relations:BIS Entity List Addition: 11 Chinese entities were added to the BIS Entity List.

• Reason for Addition: The U.S. government cited national security concerns, alleging that Chinese companies were involved in technology transfers and surveillance activities that pose security risks.
• Impact on U.S.-China Relations:
  • The addition of Chinese entities to the list highlights ongoing concerns about security threats from Chinese technology companies.
  • The move aligns with the Biden administration's stance on countering Chinese influence, especially in the realm of technology and intelligence operations.

CURRENT AFFAIRS : STATE NEWS

Odisha Announces Rs 20,000 Monthly Pension for Those Imprisoned During Emergency

• The Odisha government has announced a monthly pension of ₹20,000 for people who were imprisoned during the 1975 Emergency imposed by Prime Minister Indira Gandhi.
• The pension scheme will be effective from January 1, 2025.
• Chief Minister Mohan Charan Majhi had pledged on Independence Day to recognize and support individuals imprisoned during the Emergency.
• Odisha joins other states like Haryana, Madhya Pradesh, Chhattisgarh, Jharkhand, Rajasthan, and Assam, which have similar pension schemes for Emergency detainees.
• The scheme includes coverage for all medical expenses of the eligible detainees.

Key Highlights :

• Eligibility Criteria:Individuals arrested under the Maintenance of Internal Security Act, Defence of India Rules (DIR), and The Defence and Internal Security of India Rules during the Emergency period from June 25, 1975, to March 21, 1977.
• Over 300 people in Odisha are estimated to be eligible for this pension scheme.
• Financial Implications: The scheme is expected to incur an annual expenditure of ₹8 crore for the Odisha government.
• Withdrawal of Benefits: Pension and medical benefits will be withdrawn if the recipients are found involved in anti-national or criminal activities and are punished by the court.
• False documentation claims will result in prosecution and recovery of the paid amount with 12% annual interest.
• Selection Process: State-level and district-level committees have been constituted to select eligible beneficiaries.
• Historical Context:The Emergency was imposed by Indira Gandhi on June 25, 1975, after the Supreme Court’s conditional stay on the Allahabad High Court verdict, which had declared her election to the Lok Sabha void.

About Odisha :

• Governor : Kambhampati Hari Babu
• Chief Minister : Mohan Charan Majhi
• Capital : Bhubaneswar
• National Parks : Bhitarkanika National Park
• Wildlife Sanctuaries : Debrigarh wildlife sanctuary, Sunabeda Wildlife Sanctuary, Chilika Wildlife Sanctuary

Andhra Pradesh Government Designates Ratha Saptami as State Festival

• The Andhra Pradesh (AP) government has declared Ratha Saptami as a State festival to be celebrated over three days at the Sri Suryanarayana Swamy temple in Arasavalli, Srikakulam district.
• The decision followed a proposal from the Endowments Commissioner, highlighting the temple’s significance and the large number of devotees visiting from Andhra Pradesh, Odisha, and Telangana.
• The Sri Suryanarayana Swamy temple generates an annual income of ₹11.26 crore, showcasing its financial stability and the ability to support the festival without requiring government funding.
• Ratha Saptami will be celebrated on February 4, 2025, marking an important religious and cultural event.
• The temple’s substantial income ensures that the festival will be self-sufficient, not relying on government financial aid.

About Andhra Pradesh :

• Governor : Syed Abdul Nazeer
• Chief Minister : N. Chandrababu Naidu
• Capital : Amaravati

Sports Authority of Andhra Pradesh Launches 'Kreeda App' to Modernize Sports Management           

• The Sports Authority of Andhra Pradesh (SAAP) launched the 'Kreeda App', a first-of-its-kind mobile application in India, aimed at modernizing and streamlining sports management in the state.
• Objectives of the App:The app is designed to eliminate malpractices in the issuance of sports quota certificates.
• It provides a unified platform for managing comprehensive sports data, ensuring transparency and efficiency in sports administration.

Key Features:

• The centralized sports calendar within the app enables players to easily apply for tournaments.
• The app simplifies tournament participation and management for both players and administrators.

CURRENT AFFAIRS: BUSINESS NEWS

IMF Retains India's Growth Forecast at 6.5% for FY25 and FY26

• The International Monetary Fund (IMF) has maintained its growth projection for India at 5% for FY25 and FY26, despite noting a sharper-than-expected slowdown in economic activity.
• The updated forecast was included in the World Economic Outlook report released .

Key Highlights

India's Growth Outlook

• Economic Slowdown: The IMF observed a slower-than-expected deceleration in India's industrial activity.
• GDP Growth:
  • FY25: Forecast at 6.5%, compared to 6.8% in FY24.
  • FY26: Predicted to return to 6.8%.
• Private Consumption: Private final consumption expenditure (PFCE) growth slowed to 6% in the September 2024 quarter, compared to 7.4% in the preceding quarter.

Gross Domestic Product (GDP) Trends

• September Quarter Performance:
  • GDP growth: 5.4% (slowest in two years).
  • Gross Value Added (GVA): 5.6%, down from 7.7% in the same quarter last year.
• Advance Estimates for FY25:
  • The Indian government projects GDP growth at 6.4%, the slowest in four years since FY21 (-5.8% contraction).

Monetary Policy:

1. • The Reserve Bank of India (RBI) kept the repo rate steady at 6.5% in December 2024.
   • Tightening monetary conditions globally have also contributed to a sluggish economic environment.

Global Economic Context

• World Economy Growth: Projected to grow at 3.3% in 2025 and 2026, driven by recovery in certain regions.
• Major Economies:
  • US: Growth projected at 2.7% (2025) and 2.1% (2026).
  • China: Expected to grow at 4.6% (2025) and 4.5% (2026).

CURRENT AFFAIRS: MOUS AND AGREEMENT

Odisha Partners with Singapore’s ITEES to Boost Technology and Skill Development

• The Odisha government has entered a landmark partnership with ITE Education Services (ITEES), a subsidiary of Singapore’s Institute of Technical Education, to enhance the state's technology and skill development ecosystem.

Key Highlights of the Partnership

Expansion of World Skill Centre and IT/ITES Focus:

• The World Skill Centre in Bhubaneswar will be expanded, with a focus on advanced IT and ITES areas like:
  • Cybersecurity
  • Cloud Computing
  • Blockchain
  • Internet of Things (IoT)
  • Data Science

MoU Signing Ceremony:

• The MoU was signed in the presence of Singapore President Tharman Shanmugaratnam and Odisha Chief Minister Mohan Charan Majhi.
• President Shanmugaratnam’s visit marks the first time a head of state from Singapore visited Odisha, showcasing deepening bilateral ties.

Skilling Ecosystem Development:

• ITEES will help Odisha strengthen its technical, vocational, industrial, and entrepreneurship training using AI-driven technologies.
• New zonal ITIs (Industrial Training Institutes) will be developed across the state, introducing new trades and ensuring industry engagement.

Key MoUs Signed During the Visit

Semiconductor and Sustainable Energy Initiatives:

• Semiconductor Skilling:
  • ITEES will develop a semiconductor skilling centre, focusing on courses like:
    • Semiconductor Processes
    • Devices and Integrated Circuits
    • Design Engineering
  • The agreement is valid for five years.
• Sustainable Energy R&D:
  • A tripartite MoU was signed between Nanyang Technological University (NTU) Singapore, GRIDCO Limited, and IIT-Bhubaneswar to advance sustainable energy technologies.

Green Hydrogen and Industrial Development:

• Green Hydrogen Facility:
  • Sembcorp Green Hydrogen India Private Limited plans to establish a production facility with a capacity of 720,000 tonnes per annum, creating over 2,000 jobs.
  • The facility will support Odisha’s renewable energy goals.
• Industrial Park Development:
  • Sembcorp Development Ltd signed an MoU with Idco to explore the development of an industrial park in Odisha.

FinTech and City Development:

• Global Competency Centre:
  • The Electronics and IT Department signed an MoU with Global Finance and Technology Network (GFTN) to establish a centre for InsureTech and FinTech growth.
• City Development Plan:
  • Surbana Jurong Infrastructure Pte Ltd signed MoUs for:
    • Strategic planning of Odisha’s Petro Chemical and Petroleum Investment Region (PCPIR).
    • Developing a new city near Bhubaneswar over the next year.

Russia and Iran Sign Comprehensive Strategic Partnership Treaty

• Iranian President Masoud Pezeshkian and Russian President Vladimir Putin have signed a landmark 20-year cooperation pact, signaling deepening ties between two nations heavily sanctioned by the West.
• The agreement covers various sectors, including trade, military cooperation, energy, science, culture, and education, marking a new chapter in their bilateral relationship.

Key Highlights of the Treaty

1. Broader Cooperation Scope:
   • Encompasses politics, security, trade, transport, and energy.
   • Aims to create stable and sustainable development for both nations and their allies.
2. Economic and Military Strengthening:
   • Builds on increasing trade and military partnerships in response to Western sanctions.
   • Iranian “Shahed” drones have already been supplied to Russia, reportedly used in Ukraine.
3. Long-Term Framework:
   • The treaty replaces a 2001 agreement that was periodically renewed.
   • It will remain in effect for 20 years, according to Iranian officials.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Naval Ship Mumbai to Join Multi-National Exercise La Perouse    

• The Indian Naval Ship (INS) Mumbai, an indigenously designed and built guided missile destroyer, is participating in the 4th edition of the Multinational Exercise La Perouse.

Key Highlights :

• Participants: The exercise involves personnel and assets from multiple navies, including the Royal Australian Navy, French Navy, Royal Navy, United States Navy, Indonesian Navy, Royal Malaysian Navy, Republic of Singapore Navy, and Royal Canadian Navy.
• Exercise Objective: The aim of the exercise is to enhance maritime cooperation and situational awareness, focusing on maritime surveillance, interdiction operations, and air operations, along with training and information sharing.
• Training and Operations: The exercise includes advanced multi-domain operations such as surface warfare, anti-air warfare, air-defense, cross-deck landings, tactical maneuvers, and constabulary missions like VBSS (Visit, Board, Search, and Seizure) operations.
• Synergy and Coordination: The participation of INS Mumbai reflects the high levels of coordination and interoperability among the navies involved, emphasizing their commitment to a rules-based international maritime order.
• Alignment with India's Vision: The exercise aligns with India's vision of SAGAR (Security and
• Growth for All in the Region) to promote maritime security and cooperation in the Indo-Pacific region.

History :

• The 1st edition of the La Perouse multinational naval exercise was held in 2019, and was led by France.
• The 3rd edition of the exercise is scheduled to be conducted in the Indian Ocean Region from 13 to 14 March 2023.

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Sanjay Seth

Prime Minister Narendra Modi Inaugurates INS Surat, INS Nilgiri, and INS Vaghsheer at Mumbai Naval Dockyard  

• Prime Minister Shri Narendra Modi commissioned three advanced naval combatants: INS Surat, INS Nilgiri, and INS Vaghsheer at a ceremony held at the Naval Dockyard in Mumbai.
• These combatants were dedicated to the nation as part of enhancing India's naval capabilities.

Key Highlights :

• Domestic Defense Production:PM Modi highlighted that the Indian armed forces have identified over 5,000 items and equipment that will no longer be imported, indicating a move towards self-reliance in defense production.
• Currently, 60 large ships worth approximately ₹1.5 lakh crore are being built in India.
• Recent Naval Inductions:In the past decade, 33 ships and 7 submarines have been inducted into the Indian Navy, of which 39 were built in Indian shipyards.
• Notable vessels include the INS Vikrant aircraft carrier and nuclear submarines INS Arihant and INS Arighaat.
• First-time Commissioning of Three Types of Vessels Together:This is the first time that a destroyer, a frigate, and a submarine are being commissioned together, marking a significant milestone for the Indian Navy.
• Indigenous Design and Construction:All three platforms (INS Nilgiri, INS Surat, and INS Vaghsheer) have been designed and built entirely in India, showcasing the country’s growing expertise in indigenous defense production.

About INS Nilgiri (Project 17A Stealth Frigate):

• INS Nilgiri is the lead ship of the Project 17A stealth frigate class and represents a major advancement over the previous Shivalik-class frigates.
• It was designed by the Indian Navy’s Warship Design Bureau and built at Mazagon Dock Shipbuilders Limited (MDL).
• The ship features advanced survivability and seakeeping features, indicating the next generation of indigenous frigates.

About INS Surat (Project 15B Stealth Destroyer):

• INS Surat is the fourth and final ship of the Project 15B stealth destroyer class, succeeding the Kolkata-class destroyers.
• It includes design improvements and enhanced capabilities, contributing to the Navy’s surface fleet.
• Like INS Nilgiri, it was designed by the Warship Design Bureau and built at MDL.

About INS Vaghsheer (Scorpene-Class Submarine):

• INS Vaghsheer is the sixth and final submarine under Project 75 (Scorpene-class).
• It is a diesel-electric submarine designed for various roles including anti-surface warfare, anti-submarine warfare, and intelligence gathering.
• The submarine features modular construction, enabling future upgrades like air-independent propulsion technology.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Vineet Joshi Takes Over as Secretary of the Department of Higher Education, Ministry of Education   

• Vineet Joshi (IAS) has assumed the role of Secretary of the Department of Higher Education under the Ministry of Education (MoE), at Shastri Bhawan, New Delhi.
• Prior to this appointment, he served as the Chief Secretary of Manipur.

About Vineet Joshi :

• Vineet Joshi is a 1992-batch IAS officer of the Manipur cadre.

Key Roles in Education Sector:

• Director-General of the National Testing Agency (NTA).
• Chairman of the Central Board of Secondary Education (CBSE).
• Additional Secretary in the Ministry of Education.
• With his vast experience in education, administration, and leadership, Vineet Joshi is expected to bring transformative changes to India's higher education sector, focusing on inclusivity, engagement, and future-readiness.

About Ministry of Education :

• Cabinet Minister : Dharmendra Pradhan
• Minister of State : Sukanta Majumdar, Jayant Chaudhary

Sanjiv Ranjan Named New Secretary General of Indian Ocean Rim Association    

• Sanjiv Ranjan, a senior Indian Foreign Service (IFS) officer from the 1993 batch, has been appointed as the next Secretary General of the Indian Ocean Rim Association (IORA).

About IORA :

• IORA is a regional organisation that promotes economic cooperation, sustainable development, and regional security among countries bordering the Indian Ocean.
• It was established in 1997 as an intergovernmental organisation for the states on the rim of the Indian Ocean.
• IORA Membership:The organisation has 23 member states, including countries such as India, Australia, Indonesia, and South Africa.
• IORA is supported by 12 dialogue partners, such as China, the European Union, and the United States.
• IORA’s International Influence:In 2015, IORA was granted observer status at the United Nations General Assembly and the African Union, highlighting its growing influence in international affairs.
• Secretariat and Leadership:The IORA Secretariat is based in Ebène, Mauritius.
• The organisation is overseen by a Secretary-General, who is appointed for a three-year term.

Alok Kumar Agarwal Named Chief Executive Officer of Zurich Kotak General Insurance          

• Alok Kumar Agarwal has been appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of Zurich Kotak General Insurance.
• His appointment took effect on January 1, 2025, succeeding Suresh Agarwal.
• Zurich completed a strategic majority stake acquisition of Kotak Mahindra General Insurance Company Ltd in June 2024.
• This acquisition marked Zurich's entry into the fast-growing Indian insurance market.
• The acquisition is considered the largest foreign investment in India's general insurance sector by a foreign insurer.
• The transaction came after the FDI limit for foreign insurers in India was raised from 49% to 74% in 2021, enabling Zurich to increase its stake.

About Zurich Kotak General Insurance :

• Founded : 2015
• Headquarters : Mumbai, Maharashtra,, India
• MD & CEO : Suresh Agarwal

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Google Unveils Next-Generation Quantum Computing Chip 'Willow

• Google has announced a significant advancement in quantum computing as it unveiled its next-generation chip called 'Willow'.

What is quantum computing?

• Quantum computing uses quantum mechanics to solve problems beyond the capabilities of classical computers.
• Classical computers use bits (0 or 1) to process information, while quantum computers use qubits, which can represent 0, 1, or both simultaneously due to quantum phenomena like superposition and entanglement.

Key Highlights :

• Google's Willow Chip:Willow is a next-generation quantum computing chip developed by Google.
• The chip is engineered with single and two-qubit gates, qubit reset, and readout to ensure seamless performance without lag between components, which is crucial for maintaining system efficiency.
• Quantum Phenomena:Superposition allows qubits to be in multiple states (0 and 1) simultaneously.
• Entanglement enables qubits to represent combinations of values (00, 01, 10, 11) at the same time, making quantum computing exponentially more powerful than classical computing.
• Performance and Efficiency:Willow completed a benchmark computation in under five minutes, a task that would take a supercomputer 10 septillion years (10^25 years).
• This demonstrates the immense computational power and speed of quantum computing compared to current supercomputers.
• Qubit Count:Willow includes 105 qubits, allowing it to perform tasks that classical computers are incapable of handling within practical timeframes.
• Relevance of Quantum Computing:Quantum computing holds the potential to revolutionize fields such as cryptography, artificial intelligence, material science, and optimization problems.

About Google :

• Founded : September 4, 1998
• Headquarters : California, United States
• CEO : Sundar Pichai

India successfully tests Bhargavastra micro-missile system to counter swarm drone threats   

• India successfully tested its first domestically developed micro-missile system, Bhargavastra, aimed at countering swarm drone threats.
• The testing included two successful firings at the Gopalpur Seaward Firing Ranges.
• The micro-missile system was developed by Economic Explosives Limited.

Key Highlights :

• Capabilities:The system is designed to counter swarm drones, targeting threats over 5 km away.
• It can detect small flying objects at over 6 km and neutralize them using guided micro munitions.
• The system can simultaneously fire more than 64 micro missiles.
• Operational Flexibility:The system is capable of operating in all terrains, including high-altitude areas.
• It can be deployed on mobile platforms, enhancing its mobility and flexibility for armed forces operations.
• Target User: The Bhargavastra micro-missile system is designed to meet the requirements of the Army Air Defence.
• Innovation: This is the first counter-drone system that uses micro missiles, marking a significant advancement in India's defense technology.

CURRENT AFFAIRS: SPORTS NEWS

Novak Djokovic Breaks Record for Most Grand Slam Matches Played

• Novak Djokovic cemented his place in tennis history by playing his 430th Grand Slam match, surpassing Roger Federer’s previous record of 429 matches.
• Djokovic achieved this milestone during the second round of the Australian Open, where he defeated Portuguese qualifier Jaime Faria in four sets.

Key Highlights

Record-Breaking Milestone

• New Record: Most Grand Slam matches played—430.
• Previous Record: Roger Federer with 429 matches.

Match Statistics

• Djokovic defeated Jaime Faria with scores: 6-1, 6-7 (4), 6-3, 6-2.
• Career Grand Slam record: 379 wins and 51 losses (.881 winning percentage).
• Federer’s career record: 369 wins and 60 losses (.860 winning percentage).

Djokovic’s Career Achievements

1. Grand Slam Dominance:
   • Record 24 Grand Slam singles titles (most in men’s tennis history).
   • Played in 37 Grand Slam finals (six more than Federer’s record).
2. ATP Records:
   • Most weeks ranked No. 1 in ATP history.
   • On track to win his 100th tour-level title, following Jimmy Connors (109) and Federer (103).
3. Potential Upcoming Records:
   • A 25th Grand Slam title would break his own record.
   • Could match Margaret Court’s record of 11 Australian Open titles.
   • Aiming to become the oldest man to win a Grand Slam singles title, surpassing Ken Rosewall’s 1972 record.

Australian Open 2025 Highlights

• Challenging Opponents:
  • First round: Faced 19-year-old Nishesh Basavareddy (Ranked 107th), winning in four sets.
  • Second round: Battled Jaime Faria (21, Ranked 125th), pushing him to four sets.
• Notable Resilience:
  • Djokovic demonstrated his adaptability and experience, especially during the third and fourth sets, to overcome younger opponents.

Daily CA One- Liner: January 19 & 20

• Union Minister for Communications Jyotiraditya Scindia announced that the Cabinet has approved the refarming of 687 MHz of spectrum from various government ministries to support the deployment of 5G and future 6G services.
• The Department of Telecommunications (DoT) has introduced two landmark initiatives—National Broadband Mission (NBM) 2.0 and the Sanchar Saathi mobile application—to advance India's digital infrastructure and strengthen telecom security.
• The International Monetary Fund (IMF) has maintained its growth projection for India at 5% for FY25 and FY26, despite noting a sharper-than-expected slowdown in economic activity
• The Odisha government has entered a landmark partnership with ITE Education Services (ITEES), a subsidiary of Singapore’s Institute of Technical Education, to enhance the state's technology and skill development ecosystem.
• Iranian President Masoud Pezeshkian and Russian President Vladimir Putin have signed a landmark 20-year cooperation pact, signaling deepening ties between two nations heavily sanctioned by the West.
• Novak Djokovic cemented his place in tennis history by playing his 430th Grand Slam match, surpassing Roger Federer’s previous record of 429 matches.
• HSBC India has received approval from the Reserve Bank of India (RBI) to open 20 new branches in key cities across the country.
• The Reserve Bank of India (RBI) has instructed banks and other regulated entities (REs) to use the '1600xx' phone numbering series exclusively for making transactional calls to customers.
• The Financial Intelligence Unit-India (FIU-IND) and the National Housing Bank (NHB) signed a Memorandum of Understanding (MoU) to enhance coordination and information exchange in the fight against money laundering and terrorism financing.
• On a review of current and evolving liquidity conditions, the Reserve Bank of India (RBI) has decided to conduct Variable Rate Repo (VRR) auctions on all working days in Mumbai with reversal taking place on the next working day, until further notice.
• The Securities and Exchange Board of India (SEBI) tightened rules for initial public offerings (IPO) of small and medium enterprises, and tweaked the framework for merchant bankers and custodians by raising their minimum net-worth requirements.
• China has completed the construction of the world’s longest expressway tunnel, known as the Tianshan Shengli Tunnel, located in the Xinjiang Uighur Autonomous Region.
• The United States Bureau of Industry and Security (BIS) removed three Indian organizations from its Entity List.
• The Odisha government has announced a monthly pension of ₹20,000 for people who were imprisoned during the 1975 Emergency imposed by Prime Minister Indira Gandhi.
• The Andhra Pradesh (AP) government has declared Ratha Saptami as a State festival to be celebrated over three days at the Sri Suryanarayana Swamy temple in Arasavalli, Srikakulam district.
• The Sports Authority of Andhra Pradesh (SAAP) launched the 'Kreeda App', a first-of-its-kind mobile application in India, aimed at modernizing and streamlining sports management in the state.
• The Indian Naval Ship (INS) Mumbai, an indigenously designed and built guided missile destroyer, is participating in the 4th edition of the Multinational Exercise La Perouse.
• Prime Minister Shri Narendra Modi commissioned three advanced naval combatants: INS Surat, INS Nilgiri, and INS Vaghsheer at a ceremony held at the Naval Dockyard in Mumbai.
• Vineet Joshi (IAS) has assumed the role of Secretary of the Department of Higher Education under the Ministry of Education (MoE), at Shastri Bhawan, New Delhi.
• Sanjiv Ranjan, a senior Indian Foreign Service (IFS) officer from the 1993 batch, has been appointed as the next Secretary General of the Indian Ocean Rim Association (IORA).
• Alok Kumar Agarwal has been appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of Zurich Kotak General Insurance.
• Google has announced a significant advancement in quantum computing as it unveiled its next-generation chip called 'Willow'.
• India successfully tested its first domestically developed micro-missile system, Bhargavastra, aimed at countering swarm drone threats.