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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Says Tata Sons' De-registration Application is Under Review    

• The Reserve Bank of India (RBI) has released the list of Non-Banking Financial Companies - Upper Layer (NBFC-UL) for the financial year 2024-25, maintaining the same 15 entities as in the previous year (2023-24).
• No new NBFCs have been included in the NBFC-UL list for FY25.

Key Highlights :

• Scale-Based Regulation (SBR):The RBI issued the Scale-Based Regulation (SBR) on 22 October 2021, a revised framework categorizing NBFCs into four layers: Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL), and Top Layer (NBFC-TL).
• The framework also outlines the methodology to identify NBFCs for each layer based on their asset size and scoring.
• Piramal Enterprises:Despite qualifying for identification as an NBFC-UL under the scoring methodology, Piramal Enterprises has not been included in the list due to ongoing reorganization within the business group.
• Tata Sons' Inclusion:Tata Sons' inclusion in the NBFC-UL list is subject to the outcome of its application for de-registration, which is currently under examination.
• Regulatory Requirements for Upper-Layer NBFCs:Upper-layer NBFCs are required to be listed on stock exchanges (bourses) within three years of being classified as NBFC-UL.
• Once classified as an NBFC-UL, the entity must comply with enhanced regulatory requirements for a minimum of five years, even if it no longer meets the parametric criteria in subsequent years.

Business Correspondents urge Reserve Bank of India to ease 14-year-old restrictions on daily and monthly transfers

• Business correspondents (BCs)-who process thousands of crores of rupees daily in domestic remittances-have urged the Reserve Bank of India (RBI) to relax the restrictions it had imposed on monthly and daily transfers 14 years ago.
• They have written to the RBI, requesting it to double the monthly transfer limit to ₹50,000 and reduce the requirement of a two-factor authentication (2FA) to once a month from it being needed for every transaction now.
• This comes after the BCs complained to the regulator about the misuse of its latest domestic money transfer rules that mandate KYC (know-your-customer) checks of every remitter.

Key Highlights :

• New domestic money transfer (DMT) rules, aimed at preventing misuse of banking channels, kicked in from November 1,2024.
• They mandate companies to maintain detailed records of remitters and recipients.
• Business Correspondents (BCs) are representatives of banks who provide basic banking services to customers, particularly in rural and semi-urban areas where banking infrastructure is limited.
• The RBI has set transaction limits for BCs, which vary depending on the type of transaction and the customer's account type.
• Daily transaction limit: ₹10,000 per customer per day.
• Monthly transaction limit: ₹25,000 per customer per month (recently requested to be increased to ₹50,000).

Tata Capital secures $400 million via its first international bond issuance     

• Tata Capital Limited, an diversified Non-Banking Finance Company (NBFC), raised $400 million through a Fixed Rate Senior Unsecured Reg S Bond offering in the international bond market.

Key Highlights :

• Bond Details: The bond has a 3.5-year tenor with an interest rate of 5.389% per annum.
• Maiden USD Bond Issuance: This is Tata Capital’s first USD bond issuance.
• First Investment Grade Issuance: It is the first investment-grade rated bond issuance by a Tata Group company and by a private sector NBFC from India.
• Reg S Status: The bonds are issued under Reg S status, meaning they don't require registration with the US Securities and Exchange Commission.
• Global Investor Engagement: Tata Capital engaged global investors in Hong Kong, Singapore, and London for the bond issuance.
• Achievement of Tightest Spread: The issuance achieved the tightest spread over US Treasuries for a 3/3.5-year USD-denominated bond by a BBB- rated issuer from South and Southeast Asia.
• Joint Coordinators and Bookrunners: BNP Paribas, HSBC, Standard Chartered Bank, and MUFG acted as Joint Global Coordinators and Joint Bookrunners, while J.P. Morgan served as Joint Bookrunners.

About Tata Capital :

• Founded : 2007
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Rajiv Sabharwal

NPCI International Teams Up with Magnati to Boost UPI Acceptance in UAE

• NPCI International Payments Limited (NIPL), the international arm of India’s National Payments Corporation of India (NPCI) has partnered with UAE-based payment solution provider Magnati to expand QR-based Unified Payments Interface (UPI) merchant payments in the Middle East.
• The partnership aims to enhance UPI-based payments via point-of-sale (POS) terminals in the UAE, primarily for Indian travelers.
• Objective:The goal is to enable more merchants in the UAE to accept UPI as a payment method, thus catering to the 12 million Indian tourists traveling to Dubai and the UAE annually.

Key Highlights :

• UPI's Global Recognition:UPI is recognized as one of the world’s most successful real-time payment systems.
• In December 2024, UPI processed over 16 billion transactions.
• Initial Implementation:The partnership will first focus on offering UPI acceptance at Dubai Duty Free to improve the shopping and payment experience for Indian tourists.
• Future Expansion:The initiative is expected to extend UPI acceptance to key merchant categories like retail, hospitality, transport, and supermarkets in the UAE.
• Global Impact:This partnership demonstrates India's leadership in digital payment innovation.
• It sets a benchmark for cross-border payment interoperability and strengthens economic and cultural ties between India and the UAE.

Punjab & Sind Bank to Raise ₹2,000 Crore Through Qualified Institutional Placement in Current Quarter    

• Punjab & Sind Bank plans to raise ₹2,000 crore through Qualified Institutional Placement (QIP) during the current quarter.
• Post-QIP, the government’s stake in the bank is expected to decrease by 3-4%.
• As of December 2024, the government holds 98.25% of the bank.
• The capital adequacy ratio is expected to rise by March 2025 as a result of the QIP.

Key Highlights :

• Minimum Public Shareholding (MPS): The government extended the deadline to meet the minimum public shareholding norms for central public sector enterprises and public sector financial institutions until August 2026.
• 5 out of 12 public sector banks (PSBs) still have government holdings above 75%.
• MPS Norms: As per SEBI, listed companies must maintain 25% public shareholding.
• Capital Raising Plans: Punjab & Sind Bank’s board approved a ₹10,000 crore capital raising plan for the current fiscal, including:
• ₹5,000 crore in infrastructure bonds
• ₹2,000 crore through QIP
• ₹3,000 crore through Tier-1 or Tier-2 bonds
• Infrastructure Bond Issue: The bank raised ₹3,000 crore last month via infrastructure bonds, focusing on expanding infrastructure lending.
• Q3 Performance: For the December 2024 quarter, the bank reported a more than two-fold increase in net profit, rising to ₹282 crore, compared to ₹114 crore in the same quarter the previous year.
• Asset Quality Improvement:Gross NPAs reduced to 3.83% of gross loans by December 2024, from 5.70% a year ago.
• Net NPAs decreased to 1.25% from 1.80% at the end of the third quarter of the previous fiscal year.

Recent News :

• In Jan 2025, 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.

About Punjab & Sind Bank :

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

Bank of Japan Poised to Increase Interest Rates    

• Kazuo Ueda, Governor of the Bank of Japan (BOJ), will evaluate the need to raise interest rates during the upcoming meeting.
• While most central banks, like the Federal Reserve, are focusing on rate cuts, the BOJ is considering raising rates as part of its efforts to move toward conventional policy settings after decades of low inflation and weak economic growth.
• Japan is close to achieving stable inflation and has seen solid wage growth, creating favorable conditions for the BOJ to increase borrowing costs toward levels seen in other major economies.
• Around 90% of economists surveyed by Bloomberg believe that current economic conditions and prices warrant a rate hike from the current 0.25%.
• Traders have priced in a January rate hike in the overnight swaps market, showing heightened market expectations for the BOJ to act.

Factors Favoring a Rate Hike:

• Likely upward revision of price forecasts.
• Robust wage growth expectations.
• These factors are among the key reasons the BOJ is leaning toward a rate increase.

About Bank of Japan :

• Founded : 1882
• Headquarters :Tokyo, Japan

Reserve Bank of India Sells Record $20.2 Billion in November to Support Rupee Amid FPI Outflows

• The Reserve Bank of India (RBI) sold a record $20.2 billion in the foreign exchange market in November to stabilize the rupee and contain volatility against the US dollar.
• Net Short Position: As of November end, the RBI's net short position in the forward market rose to $58.9 billion, compared to $49.18 billion at the end of October.

Key Highlights :

• Spot Market Interventions:The RBI bought $30.8 billion and sold $51.1 billion in the spot market in November, indicating aggressive intervention.
• This intervention was aimed at curbing rupee depreciation, which fell by 0.48% during the month.
• Factors Behind Intervention:The RBI's intervention was in response to heavy foreign portfolio investor (FPI) outflows.
• The surge in US Treasury yields and the strengthening of the dollar led to these outflows.
• The US presidential election result (Trump's victory) contributed to a rise in US Treasury yields.
• The Federal Reserve's stance on rate cuts (less aggressive than expected) further strengthened the dollar.
• Foreign Investors' Actions: Foreign investors net sold $2.1 billion worth of Indian equities in November, contributing to the demand for the dollar.
• Dollar Index: The dollar index rose by 1.69% to 105.73, reflecting the US dollar's strength against a basket of major currencies.
• Change in RBI's Position: In the first half of the financial year (April-September), the RBI was a net buyer, purchasing $8.52 billion in the spot market.
• However, by the end of November, it became a net seller, offloading $20.9 billion.
• Market Expectations: The forward market deficit of around $60 billion was anticipated, as volatility surged after the US election and FPI outflows increased.
• Previous Spot Market Position: In November 2023, the RBI was a net seller of $1.9 billion in the spot market, compared to a net purchase of $41.27 billion in the previous financial year.

CURRENT AFFAIRS: NATIONAL NEWS

NHA Urges Registration of ABHA IDs for Enhanced Digital Health System

• The National Health Authority (NHA) has requested the National Medical Commission (NMC) to instruct all medical colleges, government, and private hospitals to actively register patients for the Ayushman Bharat Digital Health Account (ABHA ID).
• This initiative is a key part of India’s digital health transformation under the Ayushman Bharat Digital Mission (ABDM).

Key Highlights

Voluntary Registration for ABHA ID

• Patient Choice: Hospitals cannot deny treatment to patients who choose not to create an ABHA ID, as registration remains voluntary.
• Privacy Assurance: Digital health data is protected under the Digital Personal Data Protection Act, 2023, with rules notified on January 3, 2025.

What is ABHA ID?

• A 14-digit unique number enabling patients to access their health records, prescriptions, and consultation details across multiple healthcare providers.
• It links healthcare benefits, including public health programs and insurance schemes, offering seamless access to health records.

Technical Support & Monitoring

• The NHA has assured the NMC of all necessary technical support for smooth data collection and ABHA implementation.
• A proposal for a joint monitoring mechanism has been suggested to review the digitization progress across institutions.

Union Home Minister Amit Shah Attends NDRF 20th Raising Day in Vijayawada

• Union Home Minister and Minister of Cooperation Amit Shah participated as the Chief Guest at the 20th Raising Day ceremony of the National Disaster Response Force (NDRF) in Vijayawada, Andhra Pradesh.
• During the event, multiple infrastructure projects worth approximately ₹220 crore were inaugurated or had their foundation stones laid.

Key Inaugurations and Announcements

1. Projects Worth ₹220 Crore
   • National South Campus of Institute of Disaster Management (NIDM).
   • 10th Battalion of the NDRF.
   • Regional Response Centre at Supaul Campus.
   • Integrated Shooting Range at the National Police Academy in Hyderabad.
   • Regional Forensic Science Laboratory building in Tirupati.
2. Visakhapatnam Steel Plant
   • Approval of ₹11,000 crore by the Union Cabinet for securing the long-term viability of the plant.
3. Amaravati Development
   • Allocation of ₹27,000 crore through HUDCO and the World Bank to accelerate the Amaravati capital project.
4. Polavaram Project
   • Water supply to reach every corner of Andhra Pradesh by 2028.
5. Major Infrastructure Projects
   • ₹1.2 lakh crore approved for highway and infrastructure projects.
   • Commencement of AIIMS hospital in Andhra Pradesh at a cost of ₹1,600 crore.
   • Plans for ₹2 lakh crore investment in Visakhapatnam for green hydrogen initiatives.

Highlights of Amit Shah’s Address

• Disaster Management Advancements:
  • Under Prime Minister Modi, a shift from a relief-centric approach to a rescue-centric, proactive strategy has been implemented.
  • Emphasis on achieving zero casualties during disasters.
  • Recognition of the National Institute of Disaster Management (NIDM) as a global leader in disaster management.
• Global Impact of NDRF:
  • The NDRF has gained international recognition, successfully aiding in disasters across countries like Nepal, Turkey, Myanmar, and Vietnam.
  • Credited for achieving zero casualties during major storms in India over the past two years.
• Increased Financial Allocation:
  • Disaster management funding increased from ₹12,500 crore under the 12th Finance Commission to ₹61,000 crore under the 14th Finance Commission.
• Coalition for Disaster Resilient Infrastructure (CDRI):
  • Established under Prime Minister Modi’s leadership, with 48 member countries globally working to enhance disaster resilience.

Collaboration with Andhra Pradesh

• Union Home Minister praised Chief Minister Chandrababu Naidu for his developmental strategies and acknowledged the ₹3 lakh crore investments facilitated by the Central Government over the past six months.
• The event witnessed participation from notable dignitaries, including Andhra Pradesh CM Chandrababu Naidu, Union Minister of Civil Aviation K. Rammohan Naidu, and other senior officials.

India Targets $1 Trillion Export by 2030 with $250 Billion from Engineering Sector

• Commerce Secretary Sunil Barthwal outlined the Indian government's ambitious export goals, with a target of $1 trillion in exports by 2030.
• This includes $250 billion from the engineering sector, which comprises areas like automobiles, equipment, and other related industries.

Key Points from Barthwal's Address

1. Engineering Sector’s Contribution
   • The engineering sector currently contributes 25% of India’s total exports.
   • Barthwal emphasized that this sector will play a critical role in achieving the $1 trillion export target, with a focus on expanding exports from engineering-based industries.
2. Ground Realities Supporting Growth
   • The target is based on ground realities, such as India’s growing middle class and the government’s focus on infrastructure development.
   • Ongoing projects include the modernization of ports, airports, railways, and broadening of roads, which will support export growth.
3. Infrastructure Development
   • The government is investing significantly in infrastructure, which Barthwal noted would provide global opportunities.
   • The emphasis on multi-modal transport will enhance last-mile connectivity, helping facilitate smoother exports.
4. Energy Transition and Innovation
   • India’s transition to cleaner energy technologies is expected to drive demand for net-zero carbon technologies, opening up new avenues for exports.
   • Barthwal noted that youth in India are exploring innovative ideas in sectors like mobility, including efficient charging systems.

CURRENT AFFAIRS: INTERNATIONAL NEWS

Negotiations for the Oman-India Free Trade Agreement formally began in November 2023, with most chapters finalized by January 2024. 

• Negotiations for the Free Trade Agreement (FTA) between India and Oman began in November 2023 and concluded in March 2024, but a request for review by Oman delayed its signing.
• Oman has sought minimal changes, primarily concerning cigarettes and liquor, with no concessions requested on 125-130 product categories.
• The FTA, termed Comprehensive Economic Partnership Agreement (CEPA), will give India access to 98% of its products in Oman and significant access to services, surpassing the scope of the India-UAE FTA.

Key Highlights

• Oman’s import duties range from 0% to 100%, with the highest rates on specific meats, wines, and tobacco.
• In 2023-24, India’s trade with Oman stood at $8.9 billion, down 27.7% due to reduced imports of fertilizers and petroleum.
• Oman is India’s third-largest export destination among GCC countries, and over 80% of Indian goods currently enter Oman with an average 5% import duty.
• The FTA is expected to boost Indian exports worth $3.7 billion in sectors like gasoline, iron and steel, electronics, and machinery, as per the Global Trade Research Institute (GTRI), strengthening bilateral trade ties and economic cooperation.

What is Free Trade Agreement:

• A free trade agreement (FTA) or treaty is an agreement according to international law to form a free-trade area between the cooperating states.
• There are two types of trade agreements: bilateral and multilateral.

About Oman:

• Capital: Muscat
• Sultan: Haitham bin Tariq
• Currency: Omani Rial (OMR)

Brazil Announces Nigeria as BRICS Partner Country

• On January 17, 2025, the Brazilian government, under its pro tempore presidency of BRICS, formally announced Nigeria’s inclusion as a partner country.
• With this development, Nigeria becomes the 9th partner of BRICS, joining other countries such as Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan.

Expansion of BRICS

• Initially comprising Brazil, Russia, India, China, and South Africa, BRICS has grown to accommodate the aspirations of emerging economies worldwide.
• The partner-country category, introduced during the 16th BRICS Summit in Kazan, Russia in October 2024, has enabled more nations to collaborate with the alliance.
• This expansion reflects the increasing global interest in aligning with BRICS as a forum for economic and political cooperation.

Nigeria’s Strategic Importance

• As Africa’s largest economy and the 6th most populous nation globally, Nigeria holds significant strategic importance.
• The country shares mutual goals with BRICS members, including the promotion of South-South cooperation and the pursuit of reforms in global governance.
• Nigeria’s participation aligns with the priorities set by Brazil’s presidency and highlights its role in strengthening international partnerships.
• By joining BRICS as a partner country, Nigeria underscores its commitment to fostering collaboration among emerging economies, while contributing to the group’s mission of driving global economic and political reforms.

About Nigeria

• Capital: Abuja
• President: Bola Ahmed Tinubu
• Vice President: Kashim Shettima
• Currency: Nigerian Naira (NGN)

Southern states of India are making a concerted push to attract global investors at the 55th World Economic Forum (WEF) annual meeting in Davos. 

• Southern states are intensifying efforts to attract global investors at the annual World Economic Forum (WEF) meeting in
• Each state is leveraging unique campaigns, sector-specific strengths, and policy initiatives to stand out.
• Six Indian states—Andhra Pradesh, Maharashtra, Telangana, Tamil Nadu, Uttar Pradesh, and Kerala—will share a joint pavilion at the WEF this year, marking a shift from previous years when states competed with standalone pavilions to attract global investors.

Key Highlights :

Tamil Nadu:

• Campaign Focus: 'Bullish on Tamil Nadu' highlights the state’s industrial strengths in automobile and electronics manufacturing.
• Workforce Inclusivity: Emphasizes high participation of women in industries.
• Delegation Efforts:
  • Led by State Industries Minister TRB Rajaa.
  • Scheduled 50 meetings with global leaders.
  • Target regions: Middle East and Europe.
• Key Focus Areas:
  • Automotive and EV R&D.
  • Advanced electronics, renewable energy, med-tech, healthcare, food processing, and GCCs.

Andhra Pradesh:

• Delegation Leadership: Chief Minister N Chandrababu Naidu and IT & HDRD Minister Nara Lokesh.
• Key Promotion: Highlights 21 sector-specific policies in IT, food processing, and clean energy.
• Engagements: Over 50 industrialist meetings.
• Unique Advantage: Promotes ‘speed of doing business’ to attract investors.

Karnataka:

• Skipping WEF 2025: Prioritizing the upcoming ‘Invest Karnataka 2025’ summit starting February 11.
• Previous Achievements: Secured MoUs worth ₹22,000 crore at WEF 2024.

Telangana:

• Investment Target: Aims for ₹1 lakh crore in commitments.
• Delegation Leadership: Chief Minister A Revanth Reddy and senior officials.
• Key Highlights:
  • ‘Telangana Rising 2050’ vision document.
  • Focus on artificial intelligence, IT, pharma, and manufacturing.
  • Proposed ‘Future City’ south of Hyderabad.
• Engagements: Visits to Singapore and WEF 2025.

Kerala:

• Upcoming Event: Kerala Global Summit on February 21.
• WEF Representation: Nine-member delegation led by Industries Minister P Rajeev.

About World Economic Forum (WEF):

• Formation: 24 January 1971
• Headquarters: Cologny, Switzerland
• Executive Chairman: Klaus Schwab
• President: Børge Brende

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Gyanendra Pratap Singh has been appointed as the new Director General of the Central Reserve Police Force

• The Centre has appointed Gyanendra Pratap Singh as the Director General of the Central Reserve Police Force (CRPF), according to a Personnel Ministry order issued on January 18, 2025.
• Singh, a 1991-batch IPS officer from the Assam-Meghalaya cadre, was serving as the Director General of Police (DGP) of Assam before his new appointment.
• Singh will serve in this role until his superannuation on November 30, 2027, or until further orders.
• Singh will take charge from Vitul Kumar, the Special DG of CRPF, who had been officiating as the DG since December 30, 2024, after the retirement of the previous force chief, Anish Dayal Singh.

About Gyanendra Pratap Singh :

• Singh has had a distinguished career, having worked with the Special Protection Group (SPG) and serving on central deputation with the National Investigation Agency (NIA) as Inspector General.
• He also held the position of ADGP (Law and Order) in Assam during the violent protests against the Citizenship Amendment Act in 2019.
• Singh has led the Rhino Protection Task Force in Assam and has served in various key positions, including Director of Vigilance and Anti-Corruption in Assam.

About CRPF:

• Headquarters: New Delhi, India
• Director General: Gyanendra Pratap Singh
• Motto: "Seva and Nishtha" (Service and Loyalty)

CURRENT AFFAIRS: BUSINESS NEWS

Government Sets Target to Form 10,000 Farmer Producer Organisations (FPOs) by FY25

• The Indian government aims to establish 10,000 new Farmer Producer Organisations (FPOs) by the end of FY25, five years after the launch of the central sector scheme for their formation.
• This initiative, which began in 2020 with a budget of Rs 6,865 crore, has already seen the registration of 9,268 FPOs as cooperatives and producers' companies, with 732 more registrations

Key Highlights:

• Target and Achievements:
  The government plans to complete the registration of 10,000 FPOs by FY25.
  • 9,268 FPOs have been registered so far.
  • 732 are still to be registered.
• Objective:
  The initiative aims to:
  • Boost farmers’ income by aggregating agricultural produce.
  • Improve market access and reduce cost of cultivation by acting as bulk suppliers of various agri-inputs.
• Government Support:
  Financial assistance of up to Rs 18 lakh per FPO for three years is provided under the scheme.
  Additionally, matching equity grants up to Rs 2,000 per farmer member with a limit of Rs 15 lakh per FPO are available.
• FPO Progress:
  • 33 lakh farmers have invested equity in these collectives.
  • The FPOs have a combined turnover of over Rs 1,300 crore, with Rs 450 crore as matching equity from the government.
• Licensing and Approvals:
  • 3,832 FPOs have seed-selling licenses.
  • 3,461 FPOs hold fertiliser licenses.
  • Close to 3,000 have pesticide-selling approvals, and 700 FPOs have mandi licenses.

Involvement in E-commerce:

• Over 8,600 FPOs are using the government’s Open Network for Digital Commerce (ONDC) platform to sell agricultural products like rice, pulses, millets, honey, spices, and value-added products.
• Farmers also purchase agricultural inputs like seeds, pesticides, and herbicides via ONDC.
• ONDC Platform:
  • Supports small enterprises as an alternative to large global e-commerce platforms.
  • Provides free registration, product cataloging, shipping labels, delivery partners, and digital payment solutions.

1. Aryahi Fed Farmers Producer Company (Saharanpur, Uttar Pradesh)
   • Founded in 2021 with 673 farmers.
   • Sales turnover of Rs 2.5 crore from honey and millet-based products.
   • Export-oriented honey processing unit set to open in March 2025.
2. Banas Farmers Producer Organisation (Gujarat)
   • 1643 members, supplies spices to corporates like ITC, Reliance Retail, and Iffco Kisan.
   • Aims for a turnover of Rs 10 crore in FY25, up from Rs 7.25 crore in FY24.

Credit Guarantee and Support:

• Credit Guarantee Facility: Up to Rs 2 crore per FPO for project loans.
• Cluster-based Marketing Support: Rs 25 lakh per FPO for five years.

Goldman Sachs Fined ₹40 Lakh by CCI for Failing to Notify Biocon Investment

• The Competition Commission of India (CCI) has imposed a penalty of ₹40 lakh on Goldman Sachs (India) Alternative Investment Management Private Limited (GS AIMPL) for not notifying its investment in Biocon Biologics Limited (Biocon) under the Competition Act, 2002.
• The regulator determined that Goldman Sachs’ acquisition of optionally convertible debentures (OCDs) in Biocon, which would amount to a 3.81% stake on a fully diluted basis, should have been reported as a notifiable transaction.

Key Details of the Case:

• Transaction Overview:
  • Date of Agreement:November 7, 2020 (Securities Subscription Agreement and Shareholders Agreement signed).
  • Investment Completion:December 9, 2020.
  • Goldman Sachs acquired OCDs in Biocon without seeking CCI approval, violating Section 6(2) of the Competition Act, 2002.
• Violation and Regulatory Action:
  • CCI found that the transaction provided Goldman Sachs with Reserved Matter Rights, Information Rights, and Access Rights. These rights were beyond the typical privileges of ordinary shareholders.
  • These rights allowed Goldman Sachs to access board meeting minutes and influence strategic decisions, raising concerns about the transaction’s strategic nature rather than a purely financial one.

Goldman Sachs' Defense and CCI’s Rejection:

• Goldman Sachs' Argument:
  The firm contended that the transaction should be exempt under Item 1 of Schedule 1 of the CCI Combination Regulations, 2011, which exempts minority acquisitions from notification if they don’t confer control or material influence. They argued the investment was for financial returns and within their ordinary course of business.
• CCI’s Rejection:
  The CCI rejected this defense, citing the following:
  • Minutes Right: Provided access to confidential and commercially sensitive information, raising concerns about strategic influence.
  • Access Rights: Allowed Goldman Sachs direct engagement with Biocon’s premises and personnel, indicating deeper involvement than a passive investor.
  • The investment structure gave Goldman Sachs an option to convert OCDs into equity, suggesting long-term involvement rather than short-term financial gains.

Penalty and Broader Implications:

• Penalty Details:
  • The penalty imposed was ₹40 lakh, although the maximum penalty could have been 1% of total turnover or assets of the combination.
  • The fine was relatively lower considering Goldman Sachs’ conduct during the proceedings.

CURRENT AFFAIRS: AWARDS AND HONOURS

Professor Urbasi Sinha Awarded Gates-Cambridge Impact Prize 2025

• Professor Urbasi Sinha, a distinguished faculty member at the Raman Research Institute (RRI) in the Light and Matter Physics theme, has been honored with the Gates-Cambridge Impact Prize 2025 by the Bill & Melinda Gates Foundation in Cambridge, UK.

Pioneering Contributions to Quantum Science

• Role: Head of the Quantum Information and Computing (QuIC) lab at RRI.
• Achievements:
  • Professor Sinha has spearheaded groundbreaking advancements in quantum communication, computing, and optics.
  • Under her leadership, her lab was among the first in India to develop and utilize heralded and entangled photon sources, marking a significant milestone in India’s quantum research.

Leadership in National Quantum Initiatives

• National Impact:
  • As a key figure in India’s National Quantum Mission, Professor Sinha plays a vital role in driving the country's ambitions to lead in quantum technologies
  • Her efforts are aligned with India's strategic objectives to enhance technological competitiveness in the quantum space.

International Recognition and Collaborations

• Global Acknowledgment:
  • Awarded the Canada Excellence Research Chair (CERC) in Photonic Quantum Science and Technologies at the University of Calgary, Canada.
  • Founder of the Open Quantum Institute (OQI), a pioneering multi-stakeholder institution launched at CERN in March 2024.

CURRENT AFFAIRS: SPORTS NEWS

India Clinches Double Gold at Inaugural Kho Kho World Cup 2025

• India made history by winning both the men’s and women’s titles at the first-ever Kho Kho World Cup 2025, held at the Indira Gandhi Indoor Stadium.
• The Indian teams triumphed over Nepal with commanding victories: the men’s team won 54-36, and the women’s team dominated 78-40.

Women’s Final Highlights

• Captain Priyanka Ingle led the Indian women’s team with exceptional strategy and synchronization.
• Turn 1: India surged ahead with relentless attacks, amassing 35 points, while Nepal failed to secure a Dream Run.
• Nepal fought back in Turn 2, led by Dipa BK, achieving an All Out, but India still held a 35-24 halftime lead.
• In Turn 3, India extended their lead to 73-24, thanks to Player-of-the-Match Chaithra B, whose Dream Run was pivotal in sealing a 38-point margin victory.

Men’s Final Highlights

• India’s dominance began in Turn 1, with Ramji Kashyap and Suyash Gargate showcasing sky dives and touches, securing a 26-0 lead while denying Nepal a Dream Run.
• Nepal narrowed the gap in Turn 2 with contributions from Janak Chand and Suraj Pujara, but India maintained a 26-18 halftime lead.
• In Turn 3, Pratik Waikar, India’s captain, executed multiple sky dives, supported by Kashyap and Ganpule, extending the score to 54-18.
• Despite Nepal’s final effort, India’s defenders, including Sachin Bhargo, held firm to secure a 54-36 victory.

Future Outlook

• Next Edition: England is likely to host the 2027 Kho Kho World Cup, as announced by men’s coach Ashwini Kumar.
• Kho Kho’s Growth: Both captains and coaches emphasized the significance of this victory in promoting kho kho as a global sport.

Wankhede Stadium Celebrates 50 Glorious Years of Indian Cricket

• Mumbai’s iconic Wankhede Stadium marked its 50th anniversary with a star-studded celebration, featuring Indian cricket legends like Rohit Sharma, Sachin Tendulkar, and Sunil Gavaskar.
• The stadium, which has witnessed some of the most memorable moments in Indian cricket history, was honored for its contribution to the game.

Milestone Moments at Wankhede Stadium

• 2007 T20 World Cup Celebration: A 20-year-old Rohit Sharma joined the victory parade at Wankhede after India’s T20 triumph in Johannesburg.
• 2011 ODI World Cup Final: Sachin Tendulkar fulfilled his lifelong dream as MS Dhoni led India to a historic win against Sri Lanka. Tendulkar called it the crowning moment of his career, saying, “Without that trophy, my career would have been incomplete.”
• Inaugural Test Match (1975): The stadium hosted its first Test against the West Indies, featuring Sunil Gavaskar, who fondly recalled calling Wankhede his home ground as “pehla pyaar (first love).”
• Recent Success: In 2024, Rohit Sharma returned to celebrate another ICC World Cup victory in front of a packed Wankhede crowd after India’s T20 triumph in Barbados.

India Open Super 750 Badminton Tournament 2025: Axelsen and An Se-young Claim Singles Titles

• At the India Open Super 750 badminton tournament held in New Delhi, Viktor Axelsen and An Se-young clinched the men’s and women’s singles titles.

Men’s Singles Final: Viktor Axelsen’s Dominance

• Winner: Viktor Axelsen (Denmark)
• Score: 21-16, 21-8 (41 minutes)
• Opponent: Lee Cheuk Yiu (Hong Kong)
• Key Highlights:
  • Axelsen secured his third India Open title (previously winning in 2017 and 2019).
  • After a slow start, Axelsen displayed his signature dominance, maintaining control throughout the match.
  • His victory marks a successful return to form after overcoming injury setbacks.

Women’s Singles Final: An Se-young’s Graceful Performance

• Winner: An Se-young (South Korea)
• Score: 21-12, 21-9
• Opponent: Pornpawee Chochuwong (Thailand)
• Key Highlights:
  • An Se-young continued her impressive streak, delivering a straight-set victory.
  • The win strengthens her position as one of the top contenders in international badminton.

Doubles Events: International Triumphs

• Men’s Doubles Final:
  • Winners: Goh Sze Fei and Nur Izzuddin (Malaysia)
  • Score: Defeated Kim Won Ho and Seo Seung Jae (South Korea)
• Women’s Doubles Final:
  • Winners: Arisa Igarashi and Ayako Sakuramoto (Japan)
  • Score: Defeated Kim Hye Jang and Kong Hee Young (South Korea)
• Mixed Doubles Final:
  • Winners: Jiang Zhen Bang and Wei Ya Xin (China)
  • Score: Defeated Thom Gicquel and Delphine Delrue (France)

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

Eastern India's first astronomical observatory was inaugurated by Satyendra Nath Bose National Centre for Basic Sciences in Garpanchkot hills of Purulia district of West Bengal

• A new observatory has been set up by the N. Bose Centre for Basic Sciences (SNBCBS), an autonomous institute of the Department of Science and Technology, atop Panchet Hill in the Garpanchakot area of Purulia district, West Bengal.
• The 1st astronomical observatory of Eastern India and the 6th in the country under the Department of Science and Technology, Union Ministry of Science and Technology.
• It is the 6th such observatory in India after Ladakh, Nainital (Uttarakhand), Mount Abu (Rajasthan), Girbani Hills in Pune, and Kavalur in Tamil Nadu.
• This observatory is expected to make significant contributions to scientific observations of astronomical objects, training students in telescope handling, and facilitating national and international collaboration in astronomical research.
• The virtual inauguration was attended by several distinguished guests, including:
  • B.N. Jagtap, Chairman of the Governing Body of SNBCBS
  • Shri Vivek Pankaj, SDO of Raghunathpur
  • Scientists from SNBCBS

Key Features of the Observatory

• Height and Location: Positioned at an altitude of 600 meters above ground level and at a longitude of approximately 86° E, the observatory is strategically placed to address the longitudinal gap in astronomical observations.
• Observatories along the 86° E longitude are rare, making this one of the few in the world.
• Strategic Importance: Renowned astrophysicists highlight that the observatory's location is critical for observing transient astronomical phenomena that last minutes to hours, ensuring comprehensive global coverage for such events.
• The observatory will be operated jointly with Sidhu Kanu Birsa University under an MOU, fostering resource sharing and collaboration.

Development and Research

• The conceptualization, layout, and initiation of the observatory were led by Ramkrishna Das, Dr. Soumen Mandal, and Dr. Tapas Baug from the Department of Astrophysics at SNBNCBS.
• Their work began after land acquisition in 2018 and involved site characterization, evaluating astronomical seeing, and installing a 14-inch telescope for scientific purposes.

About West Bengal:

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

The Army is now putting its full weight behind the indigenous Pinaka multi-launch artillery rocket systems, with orders worth Rs 10,200 crore for its ammunition to be cleared soon, even as India is also exporting the systems to other countries.

• India is bolstering its Pinaka multi-launch artillery rocket systems with significant orders, totaling Rs 10,200 crore for ammunition, which are expected to be cleared soon.
• This comes as India is also expanding its export market for these systems, particularly tofriendly countries.
• Pinaka Contracts:
  • Two major contracts will soon be inked before March 31, the end of the current fiscal year.
    • Rs 5,700 crore for high-explosive pre-fragmented ammunition
    • Rs 4,500 crore for area denial munitions
  • These orders will support the 10 Pinaka regiments already ordered by the Indian Army, enhancing the lethality and punch of its artillery capabilities.

Key Highlights:

• The Army has already inducted 4 Pinaka regiments, with some launchers deployed in high-altitude areas along the northern borders with
• An additional six regiments are in the process of being inducted, ensuring the Pinaka system plays a crucial role in strengthening the Army's artillery.
• The Pinaka is regarded as one of the best rocket systems in the world, with capabilities in varied conditions, including high-altitude operations.
• High-explosive pre-fragmented ammunition: Has a strike range of 45 km.
• Aerial denial munitions: These can be launched to a distance of 37 km, saturating a target area with multiple bomblets, including anti-tank and anti-personnel minelets.
• The Defence Research and Development Organisation (DRDO) has developed multiple types of Pinaka ammunition, including:
  • 45 km extended range
  • 75 km guided extended range
• Future plans aim to extend the range of the system further to 120 km and 300 km. If successful, these advancements could lead the Army to focus primarily on the Pinaka and discontinue plans for other long-range systems.

About Production and Technology:

• The new regiments are under contract with Bharat Earth Movers Ltd (a defence PSU) and private companies Tata Advanced Systems and Larsen & Toubro.
• These regiments will consist of:
  • 114 launchers with automated gun aiming and positioning systems.
  • 330 vehicles.
  • 45 command posts.
• The systems are designed with electronically and mechanically improved capabilities, allowing for longer-range and versatile ammunition.
• India is actively pursuing the export of Pinaka systems, along with other advanced military technologies like BrahMos missiles and Akash air defense systems.
• Armenia, a former Soviet republic, has already begun importing both the Pinaka and Akash systems.
• Other ASEAN, African, and European countries have also shown interest in acquiring the Pinaka
• Alongside the Pinaka systems, the Army is also preparing for an Rs 8,500 crore deal for 307 advanced towed artillery gun systems with a 48 km strike range.

About DRDO:

• Headquarters: New Delhi, India
• Formed: 1958
• Motto: "Strength's Origin is in Science”
• Chairman: Samir V. Kamat
• Responsible Ministry:Rajnath Singh, Minister of Defence

CURRENT AFFAIRS: OBITUARIES

1964 Ballon d'Or Winner & Manchester United's 3rd Highest Goal Scorer Denis Law Dies At 84

• The passing of Denis Law, at the age of 84, has left the football world in mourning.
• A legend for both Manchester United and Scotland, Law’s death marks the loss of one of the game's greatest players, particularly significant for Manchester United, as he was the last surviving member of the club's famed “Holy Trinity”, alongside George Best and Sir Bobby Charlton.

About Denis Law :

• Goals: Law scored 237 goals in 404 appearances for Manchester United, becoming one of the club’s most iconic figures.
• Achievements: He played a crucial role in the club’s FA Cup win in 1963 and First Division titles in 1965 and 1967.
• Ballon d'Or: In 1964, he won the prestigious Ballon d'Or.
• The Holy Trinity: Along with Best and Charlton, Law formed the legendary trio that defined an era for United, celebrated by the Holy Trinity statue at Old Trafford.
• Capped 55 times, scoring 30 goals, a joint-record for Scotland, shared with Sir Kenny Dalglish.
• Law’s memorable goal against England in 1967 helped Scotland defeat the World Cup champions at Wembley.
• He was inducted into Scottish football’s Hall of Fame in 2004.

Memorable Moments and Tributes:

• The Backheel Goal: One of the most iconic moments of Law’s career came when he scored the backheel goal against Manchester United while playing for Manchester City in 1974, a bittersweet moment as it marked United’s relegation.
• Manchester United: The club called him the “King of the Stretford End” and expressed deep condolences. He will always be remembered for his flair, talent, and passion.
• Manchester City & Huddersfield Town: Both clubs paid their respects to Law, recognizing his immense contribution to the game.
• Law’s legacy at Manchester United is immortalized through two statues at Old Trafford.
• His passing, following George Best (2005) and Sir Bobby Charlton (2023), closes a significant chapter in the club’s history.

'Twin Peaks' creator and filmmaker David Lynch dies at 78

• David Lynch, the iconic director renowned for his surreal and haunting vision of America, has passed away.
• Lynch was a central figure in shaping counterculture cinema, especially in the 1980s and 1990s, with films such as Blue Velvet, Wild at Heart, and Mulholland Drive.
• His influence extended to television, where he co-created the groundbreaking series Twin Peaks alongside Mark Frost.

Key Contributions and Legacy:

• Early Life and Career: Born in 1946 in Missoula, Montana, Lynch's eerie, dreamlike films have captivated audiences worldwide. His debut feature Eraserhead (1977) established his unique style, blending horror, surrealism, and dark psychological themes.
• Breakthrough Success: Lynch gained mainstream recognition with The Elephant Man (1980), which was nominated for eight Academy Awards. However, his version of Dune (1984) did not meet his expectations, and he was vocal about his frustration with not having creative control.
• Cinematic Style: Known for his obsession with the darker undercurrents of American life, Lynch's Blue Velvet (1986) and Wild at Heart (1990) explored themes of suburban unease and violence beneath the surface of idealized America.
• Twin Peaks: Co-created with Mark Frost, Twin Peaks (1990-1991) revolutionized television by combining mystery, supernatural elements, and soap opera melodrama, influencing later series like Mad Men and The Sopranos.
• Mulholland Drive: Released in 2001, Mulholland Drive is often hailed as one of Lynch's masterpieces, renowned for its atmosphere and ambiguous narrative.

CURRENT AFFAIRS: IMPORTANT DAYS

Tripura, Manipur, and Meghalaya Foundation Day 2025 : 21st January

• Tripura, Manipur, and Meghalaya Foundation Day is observed on the 21st January

History

• Two princely states, Manipur and Tripura, united with India in 1949. Later, they were given the status of a union territory. In 1972, Meghalaya and Tripura were granted full sovereignty.
• The states were able to be established thanks to the North Eastern Region (Re-organization) Act of 1971.
• India's northeast in 1947 was made up of the Assam Plains, the North Eastern Frontier Tracts, and the hill districts.
• In 1949, the princely kingdoms joined forces with India. The areas were created as union territories. Nagaland became a state in 1963.
• In 1972, the North Eastern Reorganization Act was adopted. As a result, Meghalaya and Tripura were granted full statehood. The act also established the Assam Mizo and NEFA hills as union territories.
• The Mizo Accord was ratified in 1986, and Mizoram became a sovereign state in 1987. NEFA, or Arunachal Pradesh, received full statehood in 1987.

Daily CA One- Liner: January 21^st

• The Reserve Bank of India (RBI) has released the list of Non-Banking Financial Companies - Upper Layer (NBFC-UL) for the financial year 2024-25, maintaining the same 15 entities as in the previous year (2023-24).
• Business correspondents (BCs)-who process thousands of crores of rupees daily in domestic remittances-have urged the Reserve Bank of India (RBI) to relax the restrictions it had imposed on monthly and daily transfers 14 years ago.
• Tata Capital Limited, an diversified Non-Banking Finance Company (NBFC), raised $400 million through a Fixed Rate Senior Unsecured Reg S Bond offering in the international bond market.
• NPCI International Payments Limited (NIPL), the international arm of India’s National Payments Corporation of India (NPCI) has partnered with UAE-based payment solution provider Magnati to expand QR-based Unified Payments Interface (UPI) merchant payments in the Middle East.
• Punjab & Sind Bank plans to raise ₹2,000 crore through Qualified Institutional Placement (QIP) during the current quarter.
• Kazuo Ueda, Governor of the Bank of Japan (BOJ), will evaluate the need to raise interest rates during the upcoming meeting.
• The Reserve Bank of India (RBI) sold a record $20.2 billion in the foreign exchange market in November to stabilize the rupee and contain volatility against the US dollar.
• The National Health Authority (NHA) has requested the National Medical Commission (NMC) to instruct all medical colleges, government, and private hospitals to actively register patients for the Ayushman Bharat Digital Health Account (ABHA ID).
• Union Home Minister and Minister of Cooperation Amit Shah participated as the Chief Guest at the 20th Raising Day ceremony of the National Disaster Response Force (NDRF) in Vijayawada, Andhra Pradesh.
• Commerce Secretary Sunil Barthwal outlined the Indian government's ambitious export goals, with a target of $1 trillion in exports by 2030
• The Indian government aims to establish 10,000 new Farmer Producer Organisations (FPOs) by the end of FY25, five years after the launch of the central sector scheme for their formation
• The Competition Commission of India (CCI) has imposed a penalty of ₹40 lakh on Goldman Sachs (India) Alternative Investment Management Private Limited (GS AIMPL) for not notifying its investment in Biocon Biologics Limited (Biocon) under the Competition Act, 2002.
• Professor Urbasi Sinha, a distinguished faculty member at the Raman Research Institute (RRI) in the Light and Matter Physics theme, has been honored with the Gates-Cambridge Impact Prize 2025 by the Bill & Melinda Gates Foundation in Cambridge, UK.
• India made history by winning both the men’s and women’s titles at the first-ever Kho Kho World Cup 2025, held at the Indira Gandhi Indoor Stadium.
• Mumbai’s iconic Wankhede Stadium marked its 50th anniversary with a star-studded celebration, featuring Indian cricket legends like Rohit Sharma, Sachin Tendulkar, and Sunil Gavaskar
• At the India Open Super 750 badminton tournament held in New Delhi, Viktor Axelsen and An Se-young clinched the men’s and women’s singles titles.
• Tripura, Manipur, and Meghalaya Foundation Day is observed on the 21st of January
• The FTA, termed Comprehensive Economic Partnership Agreement (CEPA), will give India access to 98% of its products in Oman and significant access to services, surpassing the scope of the India-UAE FTA.
• Nigeria becomes the 9th partner of BRICS, joining other countries such as Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan.
• Six Indian states—Andhra Pradesh, Maharashtra, Telangana, Tamil Nadu, Uttar Pradesh, and Kerala—will share a joint pavilion at the WEF this year, marking a shift from previous years when states competed with standalone pavilions to attract global investors.
• The Centre has appointed Gyanendra Pratap Singh as the Director General of the Central Reserve Police Force (CRPF), according to a Personnel Ministry order issued on January 18, 2025.
• A new observatory has been set up by the N. Bose Centre for Basic Sciences (SNBCBS), an autonomous institute of the Department of Science and Technology, atop Panchet Hill in the Garpanchakot area of Purulia district, West Bengal.
• India is bolstering its Pinaka multi-launch artillery rocket systems with significant orders, totaling Rs 10,200 crore for ammunition, which are expected to be cleared soon.
• David Lynch, the iconic director renowned for his surreal and haunting vision of America, has passed away.
• 1964 Ballon d'Or Winner & Manchester United's 3rd Highest Goal Scorer Denis Law Dies At 84