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CURRENT AFFAIRS: BANKING & FINANCE

Reserve Bank of India Infuses ₹76,000 Crore into Banking System via Variable Rate Repo (VRR) Operation

• The Reserve Bank of India (RBI) injected ₹75,772 crore into the banking system via a variable rate repo (VRR) operation.
• The primary goal was to boost liquidity and rein in call money rates, which are the short-term interest rates at which banks lend to each other.
• The move was made to ensure there is sufficient liquidity in the financial system, especially during periods of tight liquidity.
• This initiative aimed to control the fluctuations in call money rates, which can affect the overall cost of borrowing in the economy.

Key highlights: 

• This infusion is aimed at easing liquidity conditions and preventing call money rates from rising significantly above the current repo rate of 6.5%.
• The ₹75,772-crore liquidity injection will be reversed.
• The weighted average call rate (WACR), reflecting overnight borrowing costs for banks, stood at 6.60% on Jan 20, 2025, 10 basis points higher than the repo rate of 6.5%, due to liquidity deficit.
• As of January 19, system liquidity was ₹1.93 lakh crore, with an average deficit of ₹1.61 lakh crore in January.
• This move is part of the RBI's ongoing efforts to manage liquidity and stabilize short-term interest rates in the financial system.

About RBI :

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

Reserve Bank of India Amends Directions For Settlements By Assets Reconstruction Companies With Borrowers

• The Reserve Bank of India (RBI) came up with new guidelines for Asset Reconstruction Companies (ARCs) to streamline and provide an efficient settlement process for the dues of borrowers. 
• The new guidelines were set in motion on January 20, 2025, after a detailed review of existing rules and regulations.
• The guidelines aim to streamline the settlement process for borrowers' dues and enhance transparency in the recovery of Non-Performing Assets (NPAs).
• The focus is on settlements for borrowers who have defaulted on loans, with debts managed by ARCs, ensuring fairness and efficiency in settlements while protecting the interests of both borrowers and financial institutions.

Key Highlights : 

• ARCs must have a Board-approved policy for settlement, outlining eligibility for one-time settlements, acceptable sacrifice amounts, and the methodology for valuing securities held by borrowers.
• Settlements can only be pursued after thoroughly exploring all other recovery measures. 
• The settlement amount should not be lower than the realizable value of the borrower's securities.
• Any significant difference in the valuation of securities between the time of acquiring the loan and during settlement negotiations must be well-documented.
• For borrowers with outstanding balances over ₹1 crore, settlement proposals must be reviewed by an Independent Advisory Committee (IAC), which will evaluate the borrower's financial position, cash flow statements, and recovery timeline to provide recommendations.
• ARCs can follow internal processes for settlements in cases of accounts below ₹1 crore, but certain conditions apply, such as the exclusion of functionaries involved in acquisition from settlement approval processes.
• ARCs are required to submit quarterly reports to their Board of Directors regarding the settlement processes.

What is ARC:

• An Asset Reconstruction Company (ARC) is a financial institution or company that specializes in the recovery and resolution of non-performing assets (NPAs) or bad loans. 
• These companies primarily focus on purchasing bad loans from banks and other financial institutions and working to recover or restructure the outstanding amounts.

Bajaj Finance has entered into a partnership with Bharti Airtel to create a digital platform for financial services.

• Bajaj Finance and Bharti Airtel have partnered to create a digital platform for financial services, targeting Airtel's vast customer base.
• The platform will cater to 375 million customers of Airtel and the 1.2 million distribution network of the telecom company.
• Bajaj Finance's products will be available through Airtel’s stores and initially on the Airtel Thanks App, offering a seamless and secure customer experience.
• Bajaj Finance will offer a diversified suite of 27 product lines. 
• Initially, two products—gold loan and business loan—are available. 

Key Highlights : 

• By March 2025, the companies plan to have four products, including co-branded Insta EMI cards and personal loans, with plans to offer close to 10 products by the end of the year.
• Airtel aims to build Airtel Finance as a strategic asset and is focused on financial inclusion. 
• The combined reach, scale, and distribution strength of both companies will drive the partnership’s success.
• Customers can apply for the Airtel-Bajaj Finserv Insta EMI Card through the app and later at Airtel stores, which will provide access to offers from Bajaj Finance.
• Airtel and Bajaj Finance plan to progressively roll out more financial products for their combined customer base throughout 2025.

About Bajaj Finance:

• Bajaj Finance is a leading non-banking financial company (NBFC) offering a wide range of financial products, including personal loans, business loans, and EMI services.
• The headquarters of Bajaj Finance is located in Pune, Maharashtra, India.

About Bharti Airtel:

• Bharti Airtel is a leading global telecommunications company headquartered in New Delhi, India. 
• It provides a range of services, including mobile, broadband, digital TV, and enterprise solutions across India and several other countries.

Power Finance Corporation signs 120 bn yen loan pact with Japan Bank for International Cooperation for Renewable Energy project

• Power Finance Corporation (PFC) has signed a loan agreement with Japan Bank for International Cooperation (JBIC) for 120 billion Japanese yen (~₹6,600 crore).
• JBIC will provide JPY 72 billion, with the balance funded by commercial banks.
• The funds will be used to finance PFC's renewable energy portfolio, supporting India's transition to non-fossil-fuel-based energy sources.
• The loan is long-term, with a tenure of up to 20 years.
• This loan is part of JBIC’s initiative 'Global action for Reconciling Economic growth and Environmental preservation (GREEN)'.
• The deal represents the largest green financing agreement executed by JBIC with any company in India.
• The agreement was signed by Parminder Chopra, Chairman and Managing Director of PFC, and Ogawa Kazunori, Senior Managing Director of JBIC.

About Power Finance Corporation (PFC):

• Headquarters (HQ): New Delhi, India
• Chairman & Managing Director: Parminder Chopra
• Founded: 1986

About Japan Bank for International Cooperation (JBIC):

• Headquarters (HQ): Tokyo, Japan
• Chairman & CEO: Tadashi Maeda
• Founded: 1999

Securities and Exchange Board of India Proposes Changes to Not-for-Profit Organizations (NPOs) and Social Stock Exchange (SSE)

• The Securities and Exchange Board of India (SEBI) has proposed broadening the definition of Not-for-Profit Organizations (NPOs) and expanding eligible activities under the Social Stock Exchange (SSE) to address operational challenges and create a more inclusive framework. 
• The proposals, outlined in a consultation paper issued on January 20, 2025.

Proposed changes:

1. Broader Activities for Social Enterprises: 

• The eligible activities list now includes vocational skills training, welfare for disadvantaged groups (children, women, the elderly), environmental stewardship, and the promotion of arts, culture, and heritage. 
• Additionally, welfare for domestic and vulnerable animals, preservation of heritage in remote locations, and research in science and medicine funded by public entities have been added.

2. New Legal Structures Recognized as NPOs: 

• SEBI recommends adding more legal structures to qualify as NPOs, such as trusts registered under the Indian Registration Act, charitable societies under state laws, and companies under Section 25 of the Companies Act, 1956. 
• This change is designed to allow a wider range of organizations to participate in the SSE.

3. Addressing Cost and Registration Concerns: 

• To address cost-related challenges, SEBI proposes allowing NPOs to register with the SSE for up to two years without raising funds, acknowledging the financial constraints faced by many NPOs in transitioning to listing.

4. Governance and Reporting: 

• Proposals suggest separating financial and non-financial annual disclosures, including governance and tax details, and requiring separate impact reports for listed and non-listed projects. 
• It also includes replacing Social Impact Assessment Firms with Social Impact Assessment Organizations employing experienced assessors.

5. Current Status: 

• As of December 31, 2024, 111 NPOs are registered with the SSE, with ₹22 crore raised by 10 organizations through Zero Coupon Zero Principal instruments. 
• SEBI has invited feedback on the proposals until February 10, 2025.

What is SSE:

• Social Stock Exchange (SSE) is an electronic fund raising platform under the regulatory ambit of Securities and Exchange Board of India (SEBI) for listing For-Profit Social Enterprises (FPSEs) and Not-for-Profit organizations (NPOs) working for the social welfare to raise capital as equity, debt or as units like a Mutual Fund.

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

Key Developments from the 3rd National Mining Ministers’ Conference in Konark, Odisha

• The 3rd National Mining Ministers’ Conference, organized by the Ministry of Mines in collaboration with the Odisha Government, concluded its first day in Konark, Odisha. 
• Union Minister Shri G. Kishan Reddy, Odisha Chief Minister Shri Mohan Charan Majhi, 14 State Mining Ministers, senior officials, industry leaders, and key stakeholders participated in the event.

Initiatives Launched

1. Best Practices on Mine Closure Booklet
   • A guide outlining strategies for effective mine closures with minimal environmental and social impacts.
2. States’ Best Practices in Mining Booklet
   • Showcased innovative and sustainable mining practices adopted by various states across India.
3. Mining Tenement System (MTS)
   • An advanced digital platform designed to enhance transparency, streamline processes, and improve efficiency in mineral resource management.
4. Fifth Tranche of Critical Mineral Block Auctions
   • Launched 15 blocks across 8 states, focusing on essential minerals like Graphite, Tungsten, Rare Earth Elements (REE), and Nickel.

Focus on Domestic Critical Mineral Production

• Shri V.L. Kantha Rao, Secretary, Ministry of Mines, emphasized the upcoming National Critical Mineral Mission (CMM) to bolster domestic production.
• Highlighted that 75% of mining block auctions occurred in the last four years, with Odisha contributing ₹1.33 lakh crore in mineral revenue over the past decade.

Prime Minister’s Awards for Excellence in Public Administration 2024

• The Scheme and Web-Portal (http://www.pmawards.gov.in) for the Prime Minister’s Awards for Excellence in Public Administration 2024 was officially launched by the Department of Administrative Reforms & Public Grievances. 

Introduction

• Launched By: Department of Administrative Reforms & Public Grievances
• Launch Date: 20th January 2025, 3:00 PM
• Platform: Video conferencing
• Attendees:
  • Officials from Central Ministries/Departments
  • Principal Secretaries (Administrative Reforms/IT) of States
  • District Collectors/District Magistrates (DMs/DCs) from all States and Union Territories
• Web Portal: http://www.pmawards.gov.in

Objective of the Awards

• Encourage:
  • Constructive Competition among districts
  • Innovation, Replication, and Institutionalization of best practices
• Focus Areas:
  • Good Governance
  • Qualitative Achievement over quantitative targets
  • Last-mile connectivity in public welfare delivery

Special Features for 2024

1. Holistic Development Category:
   • Recognizes District Collectors for individual beneficiary targeting and saturation-based implementation.
   • Evaluation based on Good Governance, Qualitative, and Quantitative achievements.
2. Aspirational Blocks Programme:
   • Includes 500 Aspirational Blocks across 329 districts to foster development in priority regions.
3. Period of Consideration: 1st April 2022 to 31st December 2024.
4. Total Awards: 16

Award Components

• Trophy
• Scroll
• Incentive of ₹20 lakh:
  • To be used for implementing projects/programmes or bridging resource gaps in public welfare.

Government Unveils Entity Locker: A Revolutionary Digital Platform for Business Document Management

• The Entity Locker is a cutting-edge digital platform launched by the Ministry of Electronics and Information Technology (MeitY) under the National eGovernance Division (NeGD). 
• Designed to streamline the management, verification, and sharing of business and organizational documents, it promises to enhance efficiency and security in digital governance. 

The platform caters to a wide range of entities, including:

• Corporations
• Micro, Small, and Medium Enterprises (MSMEs)
• Trusts
• Startups
• Societies

By leveraging advanced technology, Entity Locker aims to simplify document handling while ensuring operational efficiency.

Key Features of Entity Locker

1. Integration with Government Systems
   • Seamlessly integrates with critical government databases like:
     • Ministry of Corporate Affairs (MCA)
     • Goods and Services Tax Network (GSTN)
     • Directorate General of Foreign Trade (DGFT)
   • Instant access to essential documents, minimizing delays and improving efficiency.
2. Consent-Based Information Sharing
   • A secure, consent-driven mechanism that enables entities to share information with stakeholders while maintaining privacy and transparency.
3. Aadhaar-Authenticated Role-Based Access
   • Users can define role-based access using Aadhaar authentication, ensuring that only authorized individuals can access sensitive documents.
4. Legally Valid Digital Signatures
   • Documents uploaded to Entity Locker are equipped with legally valid digital signatures, ensuring compliance with regulatory standards and guaranteeing document authenticity.
5. Secure Cloud Storage
   • Provides 10 GB of encrypted cloud storage, offering a secure space for sensitive documents while safeguarding against unauthorised access.

Alignment with Digital Public Infrastructure (DPI)

• Entity Locker is a key component of India’s Digital Public Infrastructure (DPI). It supports the Union Budget 2024-25’s emphasis on enhancing digital governance and facilitating ease of doing business. 
• By leveraging technology, the platform significantly reduces administrative burdens, shortens processing times, and boosts operational efficiency across business sectors.

Benefits of Entity Locker

1. Efficiency and Transparency
   • Tracks all document-related activities, ensuring greater transparency and accountability.
   • Eliminates delays in processing, while improving overall document security.
2. Enhanced Business Processes
   Entity Locker supports a variety of applications, including:
   • Vendor verification on procurement portals
   • Accelerating MSME loan approvals
   • Facilitating FSSAI compliance
   • Streamlining registrations with GSTN, MCA, and tendering processes
3. Simplification of Annual Filings
   • Corporate entities can simplify annual filings, reducing the compliance burden and ensuring timely submission to regulatory bodies.

Advanced Applications of Entity Locker

Entity Locker’s advanced capabilities make it essential for various business operations, including:

• Procurement Portals: Streamlines vendor verification processes, making procurement more efficient.
• MSME Sector: Speeds up loan approvals and enhances ease of doing business.
• Regulatory Compliance: Facilitates FSSAI registrations and GST filings, ensuring seamless business operations.
• Tendering Processes: Simplifies the submission of applications and documents, promoting smoother tendering processes.

Smriti Irani, Shekhar Kapur Join Reconstituted Prime Ministers’ Museum and Library Society

• The Centre has reconstituted the society and Executive Council of the Prime Ministers’ Museum and Library (PMML) with several new names being added.
• The Prime Ministers’ Museum and Library (PMML) has undergone a reconstitution, with several prominent new members added to the Executive Council.
• Expansion of Executive Council: The Executive Council, previously consisting of 29 members, has now been expanded to 34 members.

New Appointments:

• Chairperson: Nripendra Mishra, former Principal Secretary to the Prime Minister, has been reappointed as the chairperson for a five-year term.
• Notable New Members:
  • Smriti Irani, former Union Minister
  • Rajiv Kumar, former Vice-chairman of NITI Aayog
  • Syed Ata Hasnain, retired Army General
  • Shekhar Kapur, renowned filmmaker
  • Vasudev Kamath, Sanskar Bharati
  • Sanjeev Sanyal, member of the Economic Advisory Council to the Prime Minister
  • Chamu Krishna Shastry, educationist
  • KK Mohammad, archaeologist, part of the Babri Masjid excavation team in 1976
  • BR Mani, Head of the National Museum

Other Members:

• Prof. Raghvendra Tanwar, Chairperson of the Indian Council of Historical Research
• Sachidanand Joshi, Chairperson of the IGNCA
• Prasoon Joshi, lyricist and adman

Leadership:

• Prime Minister Narendra Modi serves as the President of the NMML Society, with Defence Minister Rajnath Singh as the Vice President.

CURRENT AFFAIRS: STATE NEWS

Arunachal Pradesh Chief Minister Inaugurates Pangsau Pass International Festival at Nampong

• Arunachal Pradesh’s Chief Minister Pema Khandu inaugurated the much-anticipated Pangsau Pass International Festival (PPIF), marking a vibrant return of the event after a four-year break. 
• The festival, held at Nampong in the Changlang district, last took place in 2020 before being suspended in 2021 due to the COVID-19 pandemic.
• This year's festival, running from January 20 to 22,2025 showcases the rich cultural tapestry of the region, featuring cultural troupes from 26 diverse tribal communities alongside three groups from Myanmar. 
• The event promises a captivating celebration of unity and cultural richness, drawing visitors from across the region.

Exploring Local Heritage

• During his visit, Chief Minister Khandu explored various exhibition stalls, which offered a delightful array of local food, textiles, art, crafts, and traditional artifacts. 
• He emphasized the significance of Nampong as a historical site, stating that the state government is committed to curating and restoring all remnants of World War II in the area.
• Khandu highlighted the importance of Nampong in connecting Northeast India with Southeast Asia, referencing the sacred migration routes of ancestors and the historic Stilwell Road. 
• He reiterated the government’s dedication to enhancing infrastructure and connectivity to bolster tourism in the Tirap, Changlang, and Longding (TCL) region.

Projects Launched

• As part of the festival's inauguration, the Chief Minister laid the foundation for several key developmental projects. These include:

• Road construction and improvement from Rima Village to Longchong.
• The establishment of a supermarket with a parking facility at Jairampur.
• The development of the Nampong to Tikhak Khamlang PMGSY Road.

• Additionally, Khandu announced the sanctioning of projects worth Rs 43 crore for the Nampong constituency, aimed at accelerating development in the region.

About Arunachal Pradesh:

• Chief Minister: Pema Khandu
• Governor: Kaiwalya Trivikram Parnaik
• Capital: Itanagar
• National Parks: Namdapha National Park, Mouling National Park, Mehao Wildlife Sanctuary, Eaglenest Wildlife Sanctuary, 
• Wildlife Sanctuaries: Pakke Tiger Reserve, Kamlang Wildlife Sanctuary, Dampa Tiger Reserve, Daying Ering Wildlife Sanctuary

Uttarakhand Cabinet, Led by Pushkar Singh Dhami, Approves Implementation of Uniform Civil Code (UCC)

• Uttarakhand’s Pushkar Singh Dhami Cabinet approved the UCC manual of rules on January 20, 2025.
• Uttarakhand will become the first state to implement the Uniform Civil Code.
• Rules will be announced after local body elections on January 23, 2025.
• The draft was prepared by a 5-member panel led by retired judge Ranjana Prakash Desai.
• The Uniform Civil Code Bill 2024, was passed in the Assembly on February 7, 2024, and notified on March 12, 2024, after the President's assent.

Key Highlights:

• The UCC portal will feature Aadhaar-based verification, AI-based translation in 22 Indian languages, and integration with 13+ departments, including birth-death registrations and courts.
• The portal offers services like marriage, divorce, and live-in relationship registrations, termination of live-in relationships, intestate and testamentary succession, appeals, complaints, and legal heir declarations.
• A state-wide mock drill is scheduled for January 21.
• Training aims to equip 10,000 Village Development Officers (VDOs) by January 24, 2025.
• District-wise nodal officers and a helpline for portal and legal queries are in place.
• Village Panchayat Development Officers are appointed as sub-registrars for rural accessibility, and CSCs are authorised to facilitate online registration.

What is UCC:

• The Uniform Civil Code (UCC) is a proposed set of laws in India that would apply to all citizens regardless of their religion, caste, or gender.
• It would replace personal laws based on religious scriptures and customs with a common set of rules for matters such as marriage, divorce, inheritance, and adoption.

About Uttarakhand:

• Chief Minister: Pushkar Singh Dhami
• Governor: Gurmit Singh
• Capital: Dehradun
• National Parks: Jim Corbett National Park, Nanda Devi National Park, Rajaji National Park, Gangotri National Park, Valley of Flowers National Park
• Wildlife Sanctuaries: Kedarnath Wildlife Sanctuary, Askot Wildlife Sanctuary, Binsar Wildlife Sanctuary, Govind Wildlife Sanctuary, Sonanadi Wildlife Sanctuary, Nandi Devi Wildlife Sanctuary

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

IndusInd Bank announced the resignation of its Chief Financial Officer (CFO), Gobind Jain, who cited plans to explore new professional opportunities.

• Gobind Jain, Chief Financial Officer (CFO) of IndusInd Bank, resigned on January 17, 2025, after serving 3.25 years.
• His resignation was announced via a BSE filing on January 18, 2025.
• Jain stated his intention to pursue other professional opportunities either outside the bank or within the promoter group.
• He will remain with the bank until the end of his 90-day notice period, assisting in the transition of responsibilities until April 17, 2025.

• Arun Khurana, currently Whole-time Director and Deputy CEO at IndusInd Bank, has been appointed as the new CFO.
• His appointment will take effect from January 21, 2025, alongside his existing roles and responsibilities.

About Arun Khurana:

• Arun Khurana is a Chartered Accountant with over 30 years of banking experience.
• He has been with IndusInd Bank for over 13 years as Country Head for Global Markets Group and almost 5 years as Deputy CEO.
• He previously worked with HSBC (Hong Kong and Shanghai Banking Corporation).

About IndusInd Bank:

• Headquarters: Mumbai, Maharashtra, India
• CEO: Sumant Kathpalia
• Founded Year: 1994
• Slogan: "We Make You Feel Richer"

Reserve Bank of India forms new committee for bank license, chaired by former Deputy Governor Jain

• The Reserve Bank of India (RBI) reconstituted the Standing External Advisory Committee (SEAC) to evaluate applications for universal banks and small finance banks.
• The 5-member panel will be chaired by MK Jain, former deputy governor of the Reserve Bank of India.

Key Highlights:

• As per licensing guidelines, applications for universal banks and small finance banks are initially screened by the RBI to ensure prima facie eligibility of the applicants.
• Thereafter, SEAC, comprising eminent persons with experience in banking, the financial sector, and other relevant areas, evaluates the applications.
• The other members of the panel are:

• Revathy Iyer (Director, Central Board, RBI).
• Parvathy V Sundaram (former Executive Director, RBI).
• Hemant G Contractor (former MD, SBI, and former Chairman, PFRDA).
• N S Kannan (former MD & CEO, ICICI Prudential Life Insurance Co).

• The tenure of the panel will be for 3 years, the RBI stated while announcing the names of the members of the SEAC.
• The secretarial support to the committee would be provided by the Department of Regulation, RBI.
• Earlier, the SEAC was chaired by Shyamala Gopinath, former deputy governor, RBI.
• Revathy Iyer and Hemant G Contractor were members of the previous SEAC also.
• Guidelines for 'on tap' licensing of universal banks in the private sector were announced in August 2016 and for small finance banks in December 2019.

Reliance Power Appoints Neeraj Parakh as Executive Director and Chief Executive Officer

• Neeraj Parakh has been appointed as the Executive Director and Chief Executive Officer (CEO) of Reliance Power Limited, effective January 20, 2025. 
• With over 29 years of experience in the energy sector, including more than two decades at the Reliance Group, Parakh is recognized for his expertise in project execution, operational efficiency, and strategic leadership.

About Neeraj Parakh

• An engineering graduate from Yeshwantrao Chavan College of Engineering (YCCE), Nagpur, and a postgraduate in Business Administration from Welingkar Institute of Management, Mumbai, Parakh brings a blend of technical and managerial acumen. 
• His significant contributions to both thermal and renewable energy projects have been instrumental in shaping Reliance Power's growth trajectory.

• Joined Reliance Infrastructure in June 2004 and held key roles in project planning, execution, and operations.
• Successfully executed large-scale projects like Yamuna Nagar, Hisar, Rosa, Sasan, and Butibori, along with renewable energy initiatives such as Solar PV and Solar CSP.
• Played a pivotal role in developing power projects contributing over 10 GW to India’s national grid, with investments exceeding ₹50,000 crore.

Usha Vance Makes History as the First Indian-American and Hindu Second Lady of the United States as Her Husband J.D. Vance Takes Oath as 50th Vice President

• Usha Vance has made history as the 1st Indian-American and Hindu 2nd Lady of the United States.

• Her husband J.D. Vance took the oath of office as the 50th Vice President in Washington, D.C.

• Prior to assuming her role as Second Lady, she had a distinguished career as a litigation associate at a reputable law firm.

• A significant milestone for the Indian-American community, symbolizing representation and influence in U.S. politics.

About J.D Vance:

• • J.D. Vance, who married Usha Vance in 2014.
  • After briefly practicing law, J.D. Vance turned to business as a venture capitalist.
  • Vance graduated from Ohio State University with a degree in political science and philosophy.
  • In 2016, J.D. Vance published Hillbilly Elegy: A Memoir of a Family and Culture in Crisis, which became a bestseller.

• The book was later adapted into a Netflix movie directed by Ron Howard in 2020.

• Entering politics, he was elected to the Senate in 2022.

About Usha Vance : 

• Usha Vance is a corporate litigator who left a prestigious law firm after he was named the Vice President candidate.
• She worked previously as a clerk for Supreme Court Chief Justice John Roberts and Kavanaugh while he was an appeals court judge.

Paytm Appoints Former IAS Bimal Julka 'Non Executive Independent Director'

• Paytm has appointed former IAS officer Bimal Julka as a Non-Executive Independent Director, effective from 20 January 2025. 
• Julka, a 1979 batch IAS officer from Madhya Pradesh and the former Central Chief Information Commissioner, brings a wealth of experience in public administration and governance. 
• His appointment is expected to strengthen Paytm's governance structure and decision-making processes.
• In addition to this leadership update, Paytm's Board of Directors has approved the establishment of new subsidiaries by its subsidiary, Paytm Cloud Technologies (PCTL), in the United Arab Emirates, Saudi Arabia, and Singapore. 
• These international expansions are part of Paytm’s strategy to enhance its global presence and leverage opportunities in these fast-growing markets.

About Bimal Julka:

• Bimal Julka, an esteemed IAS officer from the 1979 batch of the Madhya Pradesh cadre, has had an illustrious 41-year career, during which he served in key positions across various ministries, including Defence, Civil Aviation, Information & Broadcasting, External Affairs, Finance, and Commerce, demonstrating his proficiency in strategic planning, business development, and service delivery management.

• He made significant contributions as Secretary to Government of India in the Ministry of Information & Broadcasting, where he successfully conducted FM radio auctions, and led relief operations during the Bhopal Gas tragedy.

• Further, he has served as Chief Information Commissioner and held roles as Nominee Director in prominent companies such as The New India Assurance Company, ONGC, IDFC, and National Skill Development Corporation, and as an Independent Director in Reliance Power, all while earning a Queen Elizabeth Fellowship from the University of Oxford for his work in the SME sector and striving for change and transparency in public service and corporate governance.

About Paytm:

• Headquarters: Noida, Uttar Pradesh
• Founded: 2010
• Chairman & CEO: Vijay Shekhar Sharma
• Subsidiaries: Paytm Payments Bank, Paytm Mall, Paytm Cloud Technologies
• Key Products: Paytm App, Paytm Wallet, Paytm Payments Bank, Paytm Mall

CURRENT AFFAIRS: BUSINESS NEWS

Indian CEOs Optimistic About Economic Growth and Investment Plans: PwC Survey

• India is among the top countries for CEO investment plans and economic growth confidence, according to PwC's annual CEO survey.
• 87% of Indian CEOs are confident about the country’s economic growth, far exceeding the global average of 57%.
• 74% of Indian CEOs are very confident about their companies’ revenue growth over the next three years.

Focus on Innovation and Growth

• Nearly 51% of Indian CEOs are optimistic about the impact of GenAI on profitability.
• One-third of CEOs noted revenue increases from climate-friendly investments in the past five years.
• Over 40% of Indian CEOs focused on product and service innovation as their primary reinvention strategy in the last five years.

Top Territories for Investment

• India remains in the top five territories for global CEOs’ investment plans, alongside the US, UK, Germany, and China.
• This reflects India’s robust economic growth, improved ease of doing business, and skilled workforce, which continue to attract global investors.

Challenges Ahead

• While confident, Indian CEOs are cautious about challenges such as:
  • Technological disruption
  • Macroeconomic volatility and inflation
  • Low availability of skilled labor
• Disruptive technology is seen as a major factor impacting economic viability for many companies.

Survey Details

• The survey polled 4,700 CEOs across 109 countries, with over 75 CEOs from India.
• PwC in India Chairperson, Sanjeev Krishan, emphasized the need for CEOs to envision their future business ecosystems amidst megatrends like climate change and AI, and evolving customer demands.

CURRENT AFFAIRS: MOUS AND AGREEMENT

ISKCON and Adani Group Serve Over One Lakh Meals Daily at Maha Kumbh Mela 2025

• The International Society for Krishna Consciousness (ISKCON), in partnership with the Adani Group, provides meals to nearly one lakh people daily at the ongoing Maha Kumbh.

Key Highlights

• ISKCON, in collaboration with the Adani Group, is providing meals to over one lakh people daily during the Maha Kumbh Mela 2025 in Prayagraj.
• Meals are served in three sessions daily, with a single kitchen preparing food for 30,000 to 35,000 people per session.

Balanced and Traditional Meals

• The food menu includes dal, chole or rajma, vegetables, roti, rice, and sweets like halwa or boondi laddu.
• Meals are prepared using traditional methods on clay stoves with wood and cow dung cakes, enhancing their taste.

Widespread Distribution Across Prayagraj

• Meals are being distributed at 40 locations, including bus stands, railway stations, and holding areas where pilgrims gather on main bathing days.
• 15,000 sanitation workers employed at the fair and nearby areas also receive these meals.

Multiple Kitchens and Volunteers

• ISKCON has established three kitchens in Prayagraj at:
  1. Khusrobagh near Prayagraj Junction
  2. Netra Kumbh in Sector 6
  3. ISKCON temple premises in Sector 19
• 100 vehicles, provided by the Adani Group, distribute the food across the city.
• Around 3,500 volunteers from ISKCON and Adani Group ensure seamless operations.

Adani Group's Contribution

• The Adani Group has significantly amplified ISKCON’s capacity to distribute food, increasing it 8-10 times.
• A company portal attracted 4,000 volunteers in a single day, far exceeding expectations.
• Senior executives, including vice presidents and general managers, are actively participating, serving in batches of 100-150 people.

CURRENT AFFAIRS: RANKING AND INDEX

India Becomes the Seventh-Largest Coffee Producer Globally with Record Exports and Rising Consumption

• India has emerged as the seventh-largest coffee producer in the world, with its coffee exports reaching $1.29 billion in FY 2023-24, nearly doubling from $719.42 million in 2020-21.
• The increase in exports is driven by the rising global demand for India’s rich and unique coffee flavors.
• Coffee Export Trends:
  • In the first half of January 2025, India exported over 9,300 tonnes of coffee, with major buyers including Italy, Belgium, and Russia.
  • Arabica and Robusta beans, which make up about three-fourths of India’s coffee production, are primarily exported as unroasted beans.
  • There is growing demand for value-added products such as roasted and instant coffee, boosting India’s export prospects.
• Domestic Coffee Consumption:
  • Coffee consumption in India has been increasing due to the rise of café culture, higher disposable incomes, and a growing preference for coffee over tea.
  • Domestic coffee consumption has risen from 84,000 tonnes in 2012 to 91,000 tonnes in 2023, reflecting a shift in drinking habits, with coffee becoming a staple in both urban and rural areas.
• Geographic Distribution of Coffee Production:
  • India’s coffee is primarily cultivated in the Western and Eastern Ghats, regions known for their biodiversity.
  • Karnataka leads the production, contributing 248,020 million tonnes in 2022-23, followed by Kerala and Tamil Nadu.
  • The coffee plantations in these areas are shaded, contributing not only to the coffee industry but also to environmental preservation, helping maintain the ecological balance of these biodiversity-rich regions.
• Historical Significance of India’s Coffee Cultivation:
  • India’s journey with coffee dates back to the 1600s, when Sufi saint Baba Budan brought seven Mocha seeds to the hills of Karnataka.
  • This simple act of planting the seeds in his hermitage in Baba Budan Giri set in motion India’s rise as a major coffee producer. Over the centuries, coffee cultivation in India has transformed from a modest practice into a thriving global industry, with Indian coffee now recognized and loved worldwide.

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

Pralay, India’s first tactical quasi-ballistic missile, to debut at Republic Day Parade

• India’s 1st tactical quasi-ballistic missile, Pralay, is set to debut at the 26 January, 2025 Republic Day parade.
• As part of the Indian Army’s power projection, the missile and its launcher will be showcased. 
• However, it remains unclear whether the missile, which completed trials in 2022, has been formally inducted into the armed forces. 

Key Highlights:

• Pralay is an indigenous short-range surface-to-surface ballistic missile (SRBM) with a range of 150–500 km. 
• It fulfills the Army's requirement for a tactical conventional missile on the battlefield. 
• Developed over 7 years and ready for induction in 2022, the missile is expected to enhance the military’s war-fighting capabilities significantly. 
• It can carry conventional warheads weighing 350–700 kg, giving it formidable punitive capability. 
• Pralay is powered by a solid propellant rocket motor and integrates multiple advanced technologies. 
• Known for its accuracy, it is capable of carrying high-explosive preformed fragmentation warheads, penetration-cum-blast (PCB) warheads, and runway denial penetration submunition (RDPS).
• The Pralay missile project, sanctioned in 2015, is a derivative of the Prahaar missile programme, which was first tested in 2011. 
• It has been developed by incorporating elements from various missile programmes, including the K-series submarine-launched ballistic missiles and the ballistic defence shield programme.
• Pralay is designed to evade interceptor missiles. 
• As a quasi-ballistic weapon, it follows a low trajectory and can manoeuvre in flight. 
• Ballistic missiles, initially powered by rockets, follow an unpowered trajectory after launch, arching upwards and descending to their target at high speeds. 
• Unlike intercontinental ballistic missiles that exit the Earth’s atmosphere, short-range ballistic missiles like Pralay stay within it.
• Globally, the missile is comparable to China’s Dong Feng 12, Russia’s Iskander missile (used in the Ukraine war), and the U.S. Precision Strike Missile (PrSM), which is being upgraded. 
• Both China and Pakistan possess tactical ballistic missiles, and Pralay strengthens India’s battlefield deterrence. 
• Its debut at the Republic Day parade underscores India’s advances in indigenous missile technology, reflecting its readiness to address modern military challenges.

CURRENT AFFAIRS: SPORTS NEWS

Jannik Sinner and Iga Swiatek Named ITF 2024 World Champions

• Jannik Sinner and Iga Swiatek have been awarded the prestigious International Tennis Federation’s (ITF) 2024 World Champion Awards.

Iga Swiatek’s Achievements

• Women’s Singles Award: Swiatek won the award, narrowly edging out Aryna Sabalenka.
• Grand Slam Success: Swiatek claimed the French Open and four WTA 1000 titles.
• Olympic Glory: She secured a bronze medal at the Paris Olympic Games.
• Billie Jean King Cup: Swiatek helped Poland reach the semifinals of the prestigious competition.
• Sabalenka’s Achievements: Despite Swiatek’s victory, Sabalenka also had a stellar year, winning the Australian Open and US Open, finishing the year ranked No. 1.

Jannik Sinner’s Historic Win

• First Italian Champion: Sinner becomes the first Italian to win the ITF World Champion award.
• Top Ranking: He finished the year ranked No. 1 with a remarkable 73-6 win-loss record.
• Grand Slam Success: Sinner won both the Australian Open and US Open titles.
• ATP Finals & Davis Cup: He triumphed in the ATP Finals and played a key role in **Italy’s successful defense of the Davis Cup title.

Controversies

• Both Sinner and Swiatek were involved in doping cases in 2024, which has impacted their participation in the Australian Open this year.

India Set to Host FIDE Chess World Cup 2025

• India to Host FIDE Chess World Cup 2025: The tournament, a major chess event, is scheduled to take place from October 31 to November 27, 2025.
• Importance of the Tournament:
  • The top three players from the World Cup will secure spots in the prestigious Candidates Chess Tournament, where they will compete for the opportunity to challenge World Champion D. Gukesh.
  • This tournament serves as a crucial qualifier for the Candidates Tournament, which determines the next challenger for the World Chess Championship.
• Competition and Format:
  • 206 players are expected to compete in the knockout-based format.
  • Players ranked in the top 50 will receive direct entry into the second round.
  • The event will feature intense competition, with players like Magnus Carlsen aiming to continue their dominance, following his victory in the World Cup just two years ago.
• India's Representation:
  • India’s chess stars, including R Praggnandhaa, Gukesh, and Arjun Erigaisi, will be among the favorites to perform well, following R Praggnandhaa’s impressive final run in the previous edition.
• Historical Significance:
  • The World Cup will be India’s biggest chess event since the Chennai Chess Olympiad 2022.
  • India last hosted the tournament in 2002 in Hyderabad, where Viswanathan Anand won his fifth World Chess title.
• FIDE Women’s World Cup 2025:
  • In addition to the open World Cup, FIDE will also host the Women’s World Cup 2025 in Batumi, Georgia, in July 2025.
• Ongoing Tournament:
  • India’s top players, including Gukesh, Praggnandhaa, and Erigaisi, are currently competing in the Tata Steel Chess Championship 2025, having advanced to the third round.

CURRENT AFFAIRS: BOOKS AND AUTHOR

Pankaj Mishra’s The World After Gaza: A Reflection on Morality, Suffering, and Global Politics

• Pankaj Mishra’s latest work, The World After Gaza, offers a poignant and deeply critical exploration of the ongoing war in the Palestinian Gaza Strip. 
• Mishra describes this conflict as a devastating blow to the ideals of human rights and morality, emphasizing the atrocities and systematic injustices that have come to define the war.
• Published by Juggernaut Books, the treatise serves as a reflection on global moral decay, as Mishra examines how this conflict, like many others, highlights the growing moral incapacities of the modern world.

Key Points from the Interview

About the Book

• The World After Gaza is Pankaj Mishra’s response to the ongoing war in the Palestinian Gaza Strip.
• Mishra describes the book as an attempt to make sense of the crisis by placing it within historical context, rather than focusing purely on literary or analytical brilliance.
• The book aims to document the atrocities of the conflict and address the moral and political failings of the modern world.
• It serves as a reflection on the moral decay of global politics and the erosion of basic human rights.

Themes and Insights

• Hisham Matar, in his praise of the book, calls it a “humane inquiry into suffering” and explores the impact of suffering on humanity.
• Mishra warns that the world is moving toward a future where basic morality and global norms are increasingly threatened.
• The book critiques the actions of powerful figures who amplify division, hostility, and resentment toward weaker groups and minorities.

Daily CA One-Liner: January 22

• The Reserve Bank of India (RBI) injected ₹75,772 crore into the banking system via a variable rate repo (VRR) operation.
• The Reserve Bank of India (RBI) came up with new guidelines for Asset Reconstruction Companies (ARCs) to streamline and provide an efficient settlement process for the dues of borrowers. The new guidelines were set in motion on January 20, 2025, after a detailed review of existing rules and regulations.
• Bajaj Finance and Bharti Airtel have partnered to create a digital platform for financial services, targeting Airtel's vast customer base.
• Power Finance Corporation (PFC) has signed a loan agreement with Japan Bank for International Cooperation (JBIC) for 120 billion Japanese yen (~₹6,600 crore).
• The Securities and Exchange Board of India (SEBI) has proposed broadening the definition of Not-for-Profit Organizations (NPOs) and expanding eligible activities under the Social Stock Exchange (SSE) to address operational challenges and create a more inclusive framework. 
• Arunachal Pradesh’s Chief Minister Pema Khandu inaugurated the much-anticipated Pangsau Pass International Festival (PPIF), marking a vibrant return of the event after a four-year break. The festival, held at Nampong in the Changlang district, last took place in 2020 before being suspended in 2021 due to the COVID-19 pandemic.
• Uttarakhand’s Pushkar Singh Dhami Cabinet approved the UCC manual of rules on January 20, 2025. Uttarakhand will become the first state to implement the Uniform Civil Code.
• Gobind Jain, Chief Financial Officer (CFO) of IndusInd Bank, resigned on January 17, 2025, after serving 3.25 years.
• The Reserve Bank of India (RBI) reconstituted the Standing External Advisory Committee (SEAC) to evaluate applications for universal banks and small finance banks. The 5-member panel will be chaired by MK Jain, former deputy governor of the Reserve Bank of India.
• Neeraj Parakh has been appointed as the Executive Director and Chief Executive Officer (CEO) of Reliance Power Limited, effective January 20, 2025. 
• Usha Vance has made history as the 1st Indian-American and Hindu 2nd Lady of the United States. Her husband J.D. Vance took the oath of office as the 50th Vice President in Washington, D.C.
• Paytm has appointed former IAS officer Bimal Julka as a Non-Executive Independent Director, effective from 20 January 2025. 
• India’s 1st tactical quasi-ballistic missile, Pralay, is set to debut at the 26 January Republic Day parade.
• The 3rd National Mining Ministers’ Conference, organized by the Ministry of Mines in collaboration with the Odisha Government, concluded its first day in Konark, Odisha.
• The Scheme and web portal (http://www.pmawards.gov.in) for the Prime Minister’s Awards for Excellence in Public Administration 2024 was officially launched by the Department of Administrative Reforms & Public Grievances.
• The Entity Locker is a cutting-edge digital platform launched by the Ministry of Electronics and Information Technology (MeitY) under the National eGovernance Division (NeGD). 
• The Centre has reconstituted the society and Executive Council of the Prime Ministers’ Museum and Library (PMML) with several new names being added.
• India is among the top countries for CEO investment plans and economic growth confidence, according to PwC's annual CEO survey.
• The International Society for Krishna Consciousness (ISKCON), in partnership with the Adani Group, provides meals to nearly one lakh people daily at the ongoing Maha Kumbh.
• India has emerged as the seventh-largest coffee producer in the world, with its coffee exports reaching $1.29 billion in FY 2023-24, nearly doubling from $719.42 million in 2020-21.
• Jannik Sinner and Iga Swiatek have been awarded the prestigious International Tennis Federation’s (ITF) 2024 World Champion Awards.
• India to Host FIDE Chess World Cup 2025: The tournament, a major chess event, is scheduled to take place from October 31 to November 27, 2025.
• Pankaj Mishra’s latest work, The World After Gaza, offers a poignant and deeply critical exploration of the ongoing war in the Palestinian Gaza Strip.