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CURRENT AFFAIRS: BANKING & FINANCE

Fintech firm Cred joins Indian central bank's digital currency project

• One MobiKwik Systems and Cred have initiated their individual e-rupee pilot programs in partnership with the Reserve Bank of India (RBI).
• This collaboration makes them the first fintech platforms to join hands with the RBI for implementing the Central Bank Digital Currency (CBDC).
• Yes Bank has been selected as the primary sponsor bank to facilitate the issuance of CBDC for both of these third-party application providers.
• With this move, Cred and MobiKwik became the first fintech platforms to partner with the RBI on the central bank digital currency.
• Additionally, Yes Bank will be the first sponsor bank to enable the CBDC issuance for both these third-party application providers.

Features of e₹ Wallets by MobiKwik & Cred

• MobiKwik has introduced the e₹ wallet, which is a CBDC wallet now accessible to all Android users.
• This wallet supports peer-to-peer (P2P) and peer-to-merchant (P2M)
• By utilizing the Unified Payments Interface (UPI), users can make payments by scanning any UPI QR code using the e₹ wallet.
• Existing MobiKwik users who have completed their Know Your Customer (KYC) process can immediately activate an e₹ wallet and transfer funds from their bank accounts.
• New users need to complete a video KYC procedure to access this feature. The daily transaction limit is ₹50,000, with a per transaction limit of ₹10,000, and the wallet supports denominations ranging from ₹0.50 to ₹500.
• Cred has introduced an e-rupee wallet for a limited group of users, with Yes Bank managing the issuance of e-rupee tokens in these wallets.
• While MobiKwik has fully launched its e₹ wallet for all Android users, Cred has introduced a beta version with limited accessibility.
• In the coming months, Cred will introduce programmable merchant payments, integration with Cred Pay, and PIN-less transactions for payments below ₹500.
• Cred members who are whitelisted for this service will be able to make bank account-linked UPI payments and transfer funds to other CBDC wallets after completing video KYC.

CBDC and RBI’s Initiative

• The Central Bank Digital Currency (CBDC), also known as the Digital Rupee or e₹, is officially defined by the RBI as a digital legal tender issued by a central bank.
• It is equivalent to sovereign currency and can be exchanged one-to-one with physical currency.
• Initially, the RBI restricted digital currency handling to banks, but in April 2024, it expanded eligibility to non-banking entities.
• Recognized for its innovation, MobiKwik was included in the RBI's CBDC project and swiftly launched the service.

About CRED:

• Headquarters: Bengaluru, Karnataka, India
• Founded: 2018
• Founder & CEO: Kunal Shah

About MobiKwik:

• Headquarters: Gurgaon, Haryana, India
• Founded: 2009
• Co-Founders: Bipin Preet Singh (CEO) & Upasana Taku (COO)

National Payments Corporation of India Announces Stricter Compliance for Unified Payments Interface Transactions, Effective from 1 February, 2025

• Starting 1 February 2025, all Unified Payments Interface (UPI) transactions containing special characters in transaction IDs will be rejected by the central system, as per a recent directive issued by the National Payments Corporation of India (NPCI).
• This decision aims to enhance technical standardization and ensure uniformity in UPI operations, reinforcing its role as a crucial pillar of India's digital payment ecosystem.

Key Highlights :

Alphanumeric IDs Only

• In a circular dated 9 January 2025, NPCI directed UPI ecosystem participants to generate transaction IDs using only alphanumeric characters.
• While most participants have complied, some entities remain non-compliant, prompting NPCI to enforce stricter regulations.
• According to the directive:
• Any UPI transaction containing special characters in its transaction ID will be declined by the central system.
• Participating entities must ensure full compliance by the deadline to avoid transaction failures.

Rapid Growth of UPI Transactions

• Since its introduction and expansion post-2016 demonetization, UPI has emerged as the backbone of India’s digital payments infrastructure.
• It is now the preferred payment mode for millions of Indians, facilitating online shopping, local transportation, and daily transactions.
• Key statistics from December 2024:
• Total UPI transactions: 16.73 billion (an 8% increase from November’s 15.48 billion transactions).
• Total transaction value: ₹23.25 lakh crore, up from ₹21.55 lakh crore in November.
• These figures underscore UPI’s exponential growth and increasing role in India’s economy.

About NPCI:

• Headquarters: Mumbai, Maharashtra, India
• Founded: 2008
• CEO: Dilip Asbe
• Key Initiatives: Unified Payments Interface (UPI), Immediate Payment Service (IMPS), RuPay (domestic card payment network), Bharat Bill Payment System (BBPS), Aadhaar Enabled Payment System (AePS)

Hongkong and Shanghai Banking Corporation (HSBC) launches TravelOne Credit Card in India                             

• HSBC has introduced the TravelOne Credit Card, designed to cater to the needs of frequent travelers.
• The card offers instant reward redemptions across multiple airline and hotel partners, allowing users to convert points into air miles and hotel stays via the HSBC mobile app.

Key Features of HSBC TravelOne Credit Card

●             Welcome Benefits: New users who spend ₹10,000 within the first 30 days will receive:

• ₹1,000 cashback
• ₹3,000 PostCard vouchers
• Three months of EazyDiner Prime Membership
• Users spending ₹1 lakh in the first 90 days will earn 3,000 bonus reward points.

○             Reward Structure: 4 reward points per ₹100 spent on: Flights, Travel aggregators, Foreign currency transactions.

○             2 reward points per ₹100 spent on all other purchases.

• Additional 10,000 bonus reward points for users spending over ₹12 lakh annually.

●             Travel Benefits: 6 domestic and 4 international airport lounge visits per year and Discounts on holiday bookings, car rentals, and lifestyle experiences.

• Coverage of up to $20,000 annually for purchase protection.

About HSBC:

• Founded: 1865
• Headquarters: London, United Kingdom
• Group Chief Executive: Noel Quinn

Birla Institute of Management Technology (BIMTECH)  launches blockchain-based currency BIMCOIN

• Birla Institute of Management Technology (BIMTECH) has launched BIMCOIN, a blockchain-based digital currency designed specifically for its ecosystem.
• This initiative marks a significant step in fintech innovation within the education sector, making BIMTECH the first business management institute in India to introduce such a platform, following IIT Madras.

Key Highlights:

1. Blockchain-Powered Digital Transactions

• Operates on a permissioned blockchain, ensuring secure, transparent, and instant
• Facilitates seamless payments between students, vendors, and administrators.
• Inspired by Central Bank Digital Currency (CBDC) models and the Viksit Bharat 2047 initiative.

2. Strategic Collaboration for Innovation

• BIMTECH partnered with Kalp Decentra Foundation to launch a Blockchain Learning Centre on campus.
• Focuses on real-world applications of blockchain technology in finance, education, and management.

3. Enhancing Financial Literacy & Security

• BIMCOIN ensures fraud protection, transparency, and ethical practices.
• Smart contract integration enables automated and programmable financial processes.
• More than just a payment tool, BIMCOIN serves as an educational platform for students to gain hands-on experience in blockchain, fintech, and digital currencies.

4. Successful Pilot & Future Roadmap

• Pilot phase completed 1,100+ transactions, addressing challenges like technical integration and user onboarding.
• Next steps:
  • Additional close-net testing before full-scale campus-wide implementation.
  • Incorporating blockchain, fintech, and digital innovation courses into the academic curriculum.

About BIMTECH:

• The Birla Institute of Management Technology (BIMTECH), is a premier business school located in Greater Noida, Uttar Pradesh, India.
• Established in 1988 under the aegis of the Birla Academy of Art and Culture

Narayana Health launches ‘Arya’ with immediate coverage up to ₹1 crore protection

• After launching its first insurance product, ‘Aditi,’ in July 2024, Narayana Health Insurance has now introduced ‘Arya,’ a high-coverage health insurance plan aimed at addressing gaps in the healthcare industry.
• The plan offers hospitalization coverage ranging from ₹25 lakh to ₹1 crore, with flexible top-up options starting at ₹25,000.
• Focusing on preventive healthcare, ‘Arya’ provides consultations with general practitioners, pediatricians, and OBGYNs, along with significant savings on diagnostics, specialist consultations, and medications.
• Additional conveniences include home sample collection, free medicine delivery, and access to CAP-certified labs.
• A key highlight of the plan is its day-one benefits, ensuring immediate coverage upon policy activation for eligible applicants.
• Currently available in Bengaluru, Narayana Health Insurance plans to expand ‘Arya’ nationwide in the coming months.
• Through this initiative, the company aims to provide comprehensive, affordable, and high-quality healthcare coverage, integrating preventive care, hospitalization, and digital health services.

About Narayana Health Insurance:

• Headquarters: Bengaluru, Karnataka, India
• CEO: Sheela Anand

Karnataka Bank wins top honours in 6 categories at Indian Banks’ Association Banking Technology Awards

• Karnataka Bank won 6 prestigious awards at the 20th Annual Banking Technology Conference, Expo & Citations, 2024, organized by the Indian Banks' Association.

The awards are as follows:

• Best Tech Talent & Organisation – Runner Up
  • Karnataka Bank fosters a digital-first culture with ongoing training, partnerships with industry experts, and innovative tools to improve team collaboration and accelerate development.
  • Highlight: Tech leadership programs.
• Best IT Risk Management – Runner Up
  • The bank has implemented robust security frameworks and proactive risk monitoring, incorporating technologies like AI & ML for predictive risk analytics.
  • Highlight: GSLB for active DC-DR, SAM & HAM from ServiceNow.
• Best Technology Bank – Runner Up
  • Karnataka Bank has built a strong enterprise architecture team, leveraging technologies like cloud computing and AI/ML models for superior customer experiences.
  • Key highlights: Exacc-Customer initiative, Change Data Capture using Kafka, and Data Lake project for personalized banking.
• Best Fintech & DPI Adoption – Runner Up
  • The bank leads in FinTech innovation and DPI adoption, with initiatives like CBDC and UPI/IMPS, boasting minimal failure rates.
• Best Digital Sales, Payments & Engagement – Special Mention
  • Karnataka Bank drives digital sales, payments, and engagement using AI/ML, ensuring seamless transactions and personalized customer experiences.
  • Highlight: AI-powered personalized banking and lead sourcing for targeted customer engagement.
• Best AI & ML Adoption – Special Mention
  • The bank excels in adopting AI/ML technologies with phone banking, chatbots, and personalized banking to enhance customer engagement.

About Karnataka Bank:

• Founded: 1924
• Headquarters: Mangaluru, Karnataka, India
• Managing Director & CEO: Srikrishnan Hari Hara Sarma
• Tagline: "Your Family Bank, Across India"

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister Narendra Modi Inaugurates 38th National Games in Dehradun

• Prime Minister Narendra Modi inaugurated the 38th National Games in Dehradun, Uttarakhand.
• The event coincides with Uttarakhand’s 25th anniversary celebrations.
• Theme: ‘Green Games’ – Focus on eco-friendly initiatives and sustainability.
• Platform for young athletes to showcase talent and promote India’s growing sports culture.

Major Announcements and Themes:

Inaugural Address

• PM Modi highlighted Uttarakhand’s spiritual significance, invoking Baba Kedarnath, Badrinath, and Maa Ganga.
• Reinforced sports as a tool for fitness, economic growth, and national unity.

‘Green Games’ Initiative

• Eco-friendly approach: Trophies and medals made from e-waste.
• Tree plantation for each medal winner to promote sustainability.

Youth and Cultural Significance

• Encouraged young athletes to embrace sportsmanship and push India’s sporting legacy forward.
• Inclusion of traditional local games added a cultural dimension to the event.

Strengthening Sports Infrastructure

• Highlighted schemes like:
  • Khelo India Youth Games
  • University Games
  • Para Games
• Meerut’s role as a major hub for sports equipment manufacturing was emphasized.

Dignitaries Present at the Event:

• Uttarakhand Governor Lt. Gen. (Retd.) Gurmit Singh
• CM Pushkar Singh Dhami
• Union Ministers Ajay Tamta & Raksha Khadse

RECENT NEWS

• In January 2025, Uttarakhand is set to become the first state in India to implement the Uniform Civil Code (UCC), as the state government has approved the UCC rules manual.

CURRENT AFFAIRS: INTERNATIONAL NEWS

United Arab Emirates President Sheikh Mohamed declares 2025 as ‘Year of Community’

• United Arab Emirates (UAE) President Sheikh Mohamed bin Zayed Al Nahyan announced 2025 as the Year of Community, aiming to promote unity and inclusion across the society.
• The initiative, under the slogan "Hand in Hand," reflects the leadership’s vision to foster a cohesive and empowered community.
• The UAE is home to over four million Indians, who play a vital role in the nation’s diverse population, and this initiative reinforces the leadership’s commitment to creating a harmonious
• Sheikh Mohamed called on all residents to contribute to community-building efforts, ensuring the UAE remains a model of progress and prosperity.
• Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, supported the initiative, emphasizing that the nation’s strength lies in unity and strong families.
• Throughout the year, various events and programs will encourage participation in volunteering, cultural diversity, and community service.

About UAE:

• Capital: Abu Dhabi
• Currency: UAE Dirham (AED)
• President: Sheikh Mohamed bin Zayed Al Nahyan
• Prime Minister : Mohammed bin Rashid Al Maktoum

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Bank of America Appoints Mandar Donde as Head of India Investment Banking

• Mandar Donde, currently Head of Asia-Pacific TMT Investment Banking at BofA Securities, will take over as the new Head of Global Corporate and Investment Banking in India starting April 1, 2025.
• Raj Balakrishnan, the current co-head of India Investment Banking at BofA Securities, will assume the role of Vice-Chairman, Global Corporate and Investment Banking, India.
• Donde, with over 24 years of experience at BofA, will relocate from Singapore to India as part of the reshuffle.
• Balakrishnan, who has also spent 24+ years at the firm, transitions after co-heading the division for 12 years.

About Bank of America (BoFA):

• Headquarters: Charlotte, North Carolina, USA
• CEO: Brian Moynihan

International Cricket Council (ICC) Chief Executive Officer Geoff Allardice steps down weeks ahead of Champions Trophy      

• Geoff Allardice, the CEO of the International Cricket Council (ICC), has decided to step down just weeks before the upcoming Champions Trophy.
• A board member has suggested that his failure to present a clear picture of host Pakistan's lack of preparedness was one of the key factors contributing to his decision.
• Allardice, aged 57, joined the ICC in 2012 as General Manager of Cricket and had a prior role with Cricket Australia as Cricket Operations Manager.
• He was appointed CEO in November 2021, after serving as acting CEO for eight months.

About ICC:

• Founded: 1909 (originally as the Imperial Cricket Conference, renamed to ICC in 1965)
• Headquarters: Dubai, United Arab Emirates
• Chairman: Jay Shah

Serbia’s Prime Minister Milos Vucevic resigns as protests raise political pressure             

• Milos Vucevic, the Prime Minister of Serbia, has announced his resignation amid growing protests and political tensions following the train station canopy collapse in Novi Sad in November, 2024.
• The incident, which resulted in several fatalities, sparked student-led demonstrations demanding accountability and transparency.
• Vucevic stated that his decision to step down was made to help reduce societal tensions and avoid further complications.
• The protests have expanded from focusing on the accident to accusations of rampant corruption and demands for the resignation of President Aleksandar Vucic.
• The resignation comes after a female student was attacked by alleged members of the Serbian Progressive Party in Novi Sad, exacerbating the situation.
• Vucevic also announced that the current Mayor of Novi Sad will resign.
• Protests in Serbia, including 24-hour blockades in the capital Belgrade, have continued to demand greater transparency in the investigation and early elections.
• Vucic, the Serbian president, has faced pressure to open dialogue with the protesters and has hinted at a potential shift from his hardline approach.
• Vucevic's resignation requires confirmation by Serbia’s parliament, which has 30 days to either appoint a new government or call snap elections.

About Serbia:

• Capital: Belgrade
• Currency: Serbian dinar (RSD)
• President: Aleksandar Vučić

CURRENT AFFAIRS: ACQUISITION & MERGERS

Competition Commission of India Approves Renew Exim DMCC's Acquisition of 72.64% Stake in ITD Cementation India

• The Competition Commission of India (CCI) has approved the proposed acquisition of up to 72.64% shareholding in ITD Cementation India Limited by Renew Exim DMCC.
• The acquisition involves Renew Exim DMCC acquiring approximately 46.64%, or 8,01,13,180 shares, of ITD Cementation India's total issued and voting equity share capital.
• Additionally, an open offer has been launched by the acquirer for further acquisition of up to 4,46,64,772 fully paid-up equity shares, representing about 26% of the target's voting share capital.
• Renew Exim DMCC, a holding company based in Dubai and part of the Adani group, is engaged in investing in commercial enterprises.
• ITD Cementation India Limited is a leading engineering and construction company specializing in heavy civil, infrastructure, and EPC projects across various sectors in India and internationally.

About CCI:

• Founded: October 14, 2003
• Headquarters: New Delhi, India
• Chairperson: Ravneet Kaur

CURRENT AFFAIRS: AWARDS AND HONOURS

Lieutenant Governor Manoj Sinha Honored with Maharaja Hari Singh Award

• Lieutenant Governor Manoj Sinha was conferred with the prestigious Maharaja Hari Singh Award at a grand ceremony held at Satyam Resort, Jammu.
• This award, organized by the Gulistan News Network, was part of the ‘Maharaja Hari Singh Peace and Harmony Award 2024-25’
• The award recognized LG Sinha’s contributions to reforms and planning in Jammu and Kashmir.

Key Highlights:

• Tributes to Maharaja Hari Singh:
  • During the ceremony, LG Sinha paid heartfelt tributes to Maharaja Hari Singh, acknowledging his pivotal role in the integration of Jammu and Kashmir with India.
  • Sinha praised the Maharaja for his revolutionary reforms that deeply impacted the region's society and development.
• Recognition of Posthumous Awardees:
  • The award ceremony also honored posthumous recipients, including Pandit Prem Nath Dogra, Pandit Girdhari Lal Dogra, and Shri Devender Singh Rana, for their unwavering dedication to the welfare of the people and exemplary leadership.
• Maharaja Hari Singh’s Legacy:
  • LG Sinha highlighted the Maharaja’s commitment to women empowerment, education, healthcare, and the upliftment of the marginalized.
  • Emphasized the Maharaja’s role in shaping Jammu and Kashmir during a critical historical period, aligning with the vision of ‘Ek Bharat Shreshtha Bharat’ (One India, Great India).
• Focus on Inclusive Development:
  • LG Sinha stressed the importance of ensuring inclusive development across all segments of society, focusing on women empowerment and the welfare of marginalized sections.
  • He urged citizens to actively contribute to the country’s development as India strives to become a developed nation by 2047.
• Holiday for Maharaja Hari Singh’s Birthday:
  • In a significant move, LG Sinha announced that the Jammu and Kashmir government, under the leadership of Prime Minister Narendra Modi, had declared a public holiday on Maharaja Hari Singh’s birthday, fulfilling a long-pending demand to honor his legacy.
• All India Urdu Mushaira:
  • The Jammu and Kashmir Academy of Art, Culture, and Languages hosted the All India Urdu Mushaira at Abhinav Theatre, Jammu, as part of the 76th Republic Day celebrations.
  • The event celebrated India’s literary and cultural heritage, fostering unity and creativity through the participation of renowned poets and writers.

Uttar Pradesh's Tableau Wins People's Choice Award at Republic Day Parade

• Uttar Pradesh’s tableau, titled ‘Maha Kumbh 2025 – Swarnim Bharat: Virasat aur Vikas’, has claimed the first place in the People’s Choice Award category, securing 40% of the votes (25,007).
• This recognition celebrates the state's stunning portrayal of the Maha Kumbh festival and its significance.

Key Highlights:

• Maha Kumbh Tableau:
  • The tableau showcased the grandeur of the Maha Kumbh, an event recognized as an Intangible Cultural Heritage of Humanity.
  • It highlighted the sacred confluence of the Ganga, Yamuna, and Saraswati rivers at Prayagraj, the site of the world’s largest gathering of humanity.
  • Featured a grand replica of the Amrit Kalash, with Amritdhara flowing, and depictions of sages, saints, and devotees in spiritual practices such as shankhnaad and sadhna.
• Spiritual and Cultural Representation:
  • The tableau celebrated spirituality, heritage, development, and digital progress.
  • It also showcased the mythological Samudra Manthan, symbolizing the 14 divine gems that emerged, representing the festival’s rich heritage.
• Technological Integration:
  • Digital Progress: The tableau featured a hi-tech Integrated Command and Control Centre (ICCC), symbolizing the advanced security and crowd management measures for Maha Kumbh 2025.
  • The procession of akharas heading for the Amrit (Shahi) Snan was broadcast on LED screens, illustrating the fusion of tradition and technology.
• Leadership and Vision:
  • Under the leadership of Chief Minister Yogi Adityanath, the tableau exemplified Uttar Pradesh’s unique blend of tradition and progress, captivating audiences both nationally and globally.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Tripura Becomes First Northeastern State to Sign MoU with Digital India Bhashini

• Tripura has become the first northeastern state to sign an MoU with the Digital India Bhashini Division (DIBD) under the Ministry of Electronics and Information Technology (MeitY).
• The initiative aims to enhance multilingual governance by using AI and Natural Language Processing (NLP) for real-time translation services.
• Bhashini’s technology will be integrated into various state platforms like CM Helpline, eVidhan, Kisan Sahayata App, and e-Districts, making government services more accessible.
• This move promotes digital inclusivity, helping bridge the communication gap between the government and regional language speakers.

Significance of the MoU:

• The agreement marks a major shift in digital governance, ensuring public services are accessible in local languages.
• AI-powered translation tools (speech-to-text, text-to-speech, and voice-to-voice) will help citizens interact with government services effortlessly.
• Encourages greater public participation in governance by making platforms user-friendly and linguistically inclusive.

RECENT NEWS

• In January 2025, The Banded Royal butterfly (Rachana jalindra indra) was discovered in Tripura, marking a significant milestone in the state’s biodiversity documentation.

India and Indonesia Sign Five MoUs to Strengthen Bilateral Ties

• Five MoUs signed during Indonesian President Prabowo Subianto’s visit to India (January 23-26, 2025).
• President Subianto attended India’s 76th Republic Day as Chief Guest.
• Key areas of cooperation: Health, Maritime Security, Traditional Medicine, Digital Development, and Cultural Exchange.
• 3rd India-Indonesia CEO Forum identified five key sectors for business collaboration.

Five Key MoUs Signed:

1. Health Cooperation – Strengthening collaboration in medical research, public health, and disease control.
2. Maritime Safety and Security – Renewed agreement between the Indian Coast Guard and Indonesia’s BAKAMLA for crime prevention, search & rescue, and capacity building.
3. Traditional Medicine Quality Assurance – Pact between India’s Pharmacopoeia Commission for Indian Medicine & Homeopathy and Indonesia’s Food and Drug Authority to ensure standardization of traditional medicines.
4. Digital Development – Joint efforts in digital infrastructure, cybersecurity, and digital startups.
5. Cultural Exchange Program (2025-2028) – Promoting cultural ties and mutual understanding.

3rd India-Indonesia CEO Forum:

• Held on January 25, 2025, in New Delhi.
• Co-chaired by Ajay Shriram (India) & Anindya Novyan Bakrie (Indonesia).
• Identified five key sectors for collaboration:
  • Food & Agriculture
  • Healthcare
  • Manufacturing
  • Energy
  • Technology
• Emphasized economic partnerships and reducing bureaucratic hurdles for smoother cooperation.

RECENT NEWS

• In January 2025, Indonesia officially became a full member (10th) of the BRICS group of emerging economies.

About Indonesia:

• Capital: Jakarta
• Currency: Indonesian Rupiah (IDR)
• President: Prabowo Subianto

CURRENT AFFAIRS: RANKING AND REPORTS

DeepSeek AI Surpasses ChatGPT on US App Store

• Chinese AI startup DeepSeek has made significant strides by overtaking OpenAI's ChatGPT as the most downloaded free app in the U.S. on Apple’s App Store.
• Founded in 2023, DeepSeek has quickly become a key player in the AI industry, primarily due to its advanced AI models like R1, a reasoning model that competes directly with OpenAI's offerings.

Key Highlights:

• DeepSeek's Emergence:
  • Founded by Liang Wenfeng, co-founder of High-Flyer (a quantitative hedge fund).
  • Originated from High-Flyer’s AI research unit, focusing on large language models and artificial general intelligence (AGI).
  • Backed entirely by High-Flyer, allowing for relatively low development costs compared to competitors like OpenAI and Meta.
• R1 Model Success:
  • R1, an open-source reasoning model, has been lauded for its performance and capabilities, rivaling OpenAI’s GPT
  • Despite U.S. restrictions on chip exports to China, DeepSeek’s R1 model gained significant traction in app stores and on leaderboards.
• Impact on Global Tech Sector:
  • DeepSeek’s rise has had a financial ripple effect, triggering sell-offs in global tech stocks, erasing billions in market capitalizations. Notable drops include:
    • Nvidia (-17%)
    • ASML (-6%)
    • Nasdaq (-3%)
  • This surge also raised concerns over the sustainability of billion-dollar valuations in the AI sector.
• Broader Implications:
  • S. companies like OpenAI, Microsoft, and Oracle are heavily investing in AI infrastructure, with projects like the $500 billion Stargate initiative.
  • The success of open-source models like DeepSeek's raises questions about the effectiveness of S. export restrictions on AI technologies.

About DeepSeek:

• DeepSeek AI is an advanced conversational AI platform known for excelling in document summarization, key information extraction, and precise question-answering.
• It integrates natural language processing (NLP) and machine learning to enhance information retrieval and analysis.
• Compared to ChatGPT, DeepSeek AI is often more accurate and detailed when handling factual queries and complex data analysis, making it a formidable competitor in the AI space.

CURRENT AFFAIRS: SPORTS NEWS

Odisha Warriors Clinch Historic Inaugural Women's Hockey India League Title

• Odisha Warriors secured the first-ever Women's Hockey India League (HIL) title with a 2-1 victory over Soorma Hockey Club in the final.
• The match took place at the Marang Gomke Jaipal Singh Stadium, Ranchi.
• Janneke Schopman, the Warriors' coach, redeemed herself after a past defeat with India against Japan.
• Ruturaj Dadaso Pisal emerged as the game-changer, scoring the decisive goal for Odisha.

Match Summary:

• First Quarter: Soorma HC dominated possession, but neither team scored.
• Second Quarter: Ruturaj Pisal scored a field goal, giving Odisha a 1-0 lead.
• Soorma HC Equalizer: Penny Squib converted a penalty corner, leveling the score at 1-1.
• Third Quarter: Soorma HC applied intense pressure, but Odisha’s defense held firm.
• Final Quarter: Ruturaj Pisal netted the winning goal in the last four minutes, sealing Odisha’s victory.

Notable Performances & Awards:

• Player of the Tournament: Jyoti (Soorma HC)
• Best Goalkeeper: Savita (Soorma HC)
• Upcoming Player Award: Sonam (Soorma HC)
• Top Scorers: Yibbi Jansen (Odisha Warriors) & Charlotte Englebert (Soorma HC)

Significance of the Victory:

• Odisha Warriors become the first champions of the Women's HIL, making history.
• The win highlights Odisha's tactical excellence and resilience under pressure.
• The league showcases emerging Indian hockey talents, boosting the sport's future in the country.

RECENT NEWS

• Prime Minister Narendra Modi inaugurated the ‘Utkarsh Odisha – Make in Odisha Conclave 2025’ in January 2025, at Janata Maidan in Bhubaneswar.
• In January 2025, In a significant move to bolster the FinTech sector, the Government of Odisha’s Electronics and IT Department partnered with Singapore’s Global Finance & Technology Network (GFTN) to establish a Global Competency Centre in Bhubaneswar.

Ladakh Tops Khelo India Winter Games 2025 in Leh

• The first phase of the Khelo India Winter Games (KIWG) 2025 concluded with Ladakh emerging as the top performer.
• Held in Leh, the games featured thrilling competitions, including an intense men’s ice hockey final where the Indian Army successfully retained its title.
• In addition to impressive performances in ice hockey, notable achievements were seen in skating and women's ice hockey, with strong showings from Ladakh, Tamil Nadu, and Maharashtra.

Key Highlights:

• Ladakh's Victory:
  Ladakh topped the medal tally with a total of 7 medals, including 4 golds. The state's athletes excelled in events like the mixed relay and women’s ice hockey.
• Indian Army’s Ice Hockey Dominance:
  The Indian Army retained its ice hockey crown by defeating ITBP 2-1 in a thrilling final. The match was action-packed, with goals scored in the final period.
• Tamil Nadu’s Skating Success:
  Tamil Nadu emerged as a rising talent hub in skating, securing 3 gold medals, with Yashashree clinching victory in the women’s 500m long track
• Maharashtra's Performance:
  Maharashtra won the highest number of medals (10) but only secured 2 golds, placing third in the medal tally.
• Women’s Ice Hockey:
  Ladakh’s women’s team avenged last year’s loss to ITBP by defeating them 4-0, topping the women’s round-robin league.

Upcoming Phase:

• The second phase of KIWG 2025 will be held in Gulmarg, Jammu & Kashmir, from February 22 to 25. The games are expected to feature more top-level winter sports competitions.

Recent news

• In January 2025, Union Home Minister and Minister of Cooperation, Shri Amit Shah, released the book ‘Jammu Kashmir & Ladakh Through the Ages: A Visual Narrative of Continuities and Linkages‘ in New Delhi.

Australia Clinches ICC Women’s Championship Trophy for Third Consecutive Time

• Australia has reaffirmed its supremacy in women’s cricket by winning the ICC Women’s Championship for the third consecutive time.
• The team was awarded the prestigious ICC Women’s Championship Trophy in Melbourne after their victory in the 10-team competition, which serves as a crucial pathway to the ICC Women’s Cricket World Cup 2025.
• Captain Alyssa Healy received the trophy from Mike Baird, Cricket Australia Chair and ICC Director.

Key Highlights:

• Australia's Triumph:
  • Australia secured their third consecutive ICC Women’s Championship title, showcasing dominance in women's cricket.
  • Captain Alyssa Healy accepted the trophy in Melbourne, marking a historic moment for the team.
• History and Evolution of the ICC Women’s Championship:
  • The Championship, introduced in 2014, has played a pivotal role in growing women’s cricket, ensuring more frequent bilateral series.
  • The first two editions (2014-16 & 2017-20) featured 8 teams, while the third edition (2022-25) expanded to 10 teams, including Bangladesh and Ireland.
• Performance and Points Table:
  • Australia topped the table with 39 points from 24 matches.
  • India (37 points), England (32 points), South Africa (25 points), Sri Lanka (22 points), and New Zealand (21 points) also qualified directly for the 2025 Women’s World Cup.
• Teams Heading to Qualifiers:
  • Bangladesh (21 points), West Indies (18 points), Pakistan (17 points), and Ireland (8 points) will compete in the Qualifier
  • Scotland and Thailand will also join the Qualifier, based on their rankings as of October 31, 2024.

RECENT NEWS

• In Jan 2025, Former Australian cricket captain Michael Clarke was inducted into the prestigious Australian Cricket Hall of Fame, becoming the 64th cricketer to receive this remarkable honor.

CURRENT AFFAIRS: IMPORTANT DAYS

World Neglected Tropical Diseases Day 2025: 30th January

• The World Neglected Tropical Diseases Day 2025 is celebrated every year on the 30th of January 2025.

World Neglected Tropical Diseases Day History

• The World Health Assembly (WHA) recognized January 30 as the World Neglected Tropical Diseases (NTD) Day on 31st May 2021 through decision WHA74(18).
• After the decision WHA74(18), the WHO has joined the Neglected Tropical Diseases (NTD) community.
• Global Neglected Tropical Diseases marked their celebration on January 21 by organizing January 30 also commemorates several events like the first NTD road map in 2012, the London Declaration on NTDs, and various other events.

Martyrs Day: 30th January

• Martyrs Day 2025 is observed on the 30th of January 2025.

Martyrs Day History

• Gandhi promoted nonviolent protests throughout India's struggle for independence and encouraged everyone to set an example.
• With the British, he negotiated several peace deals before issuing the ultimatum to leave. Gandhi undertook the nearly impossible task of creating a nation out of numerous provinces and territories as the Indian constitution was being ratified.
• Gandhi was vehemently opposed to the idea of partitioning India.
• Even after the Declaration of Independence, he held regular demonstrations to establish his resistance.
• Gandhi’s objection to the partition was met harshly by Hindu nationalists, who accused him of appeasing the Muslims. On the eve of January 30, Nathuram Vinayak Godse, a notorious Hindu nationalist, shot Gandhi three times at point-blank.
• Gandhi was shot in the chest, putting an end to his lifelong fight for nonviolence. On Martyrs' Day, Indians from all over the world assemble to honor the memory of a great hero and recognize the pointless carnage brought on by violent extremism.

Daily CA One- Liner: January 30

• Prime Minister Narendra Modi inaugurated the 38th National Games in Dehradun, Uttarakhand
• Lieutenant Governor Manoj Sinha was conferred with the prestigious Maharaja Hari Singh Award at a grand ceremony held at Satyam Resort, Jammu
• Uttar Pradesh’s tableau, titled ‘Maha Kumbh 2025 – Swarnim Bharat: Virasat aur Vikas’, has claimed the first place in the People’s Choice Award category, securing 40% of the votes (25,007).
• Tripura has become the first northeastern state to sign an MoU with the Digital India Bhashini Division (DIBD) under the Ministry of Electronics and Information Technology (MeitY).
• Five MoUs signed during Indonesian President Prabowo Subianto’s visit to India
• Chinese AI startup DeepSeek has made significant strides by overtaking OpenAI's ChatGPT as the most downloaded free app in the S. on Apple’s App Store
• Odisha Warriors secured the first-ever Women's Hockey India League (HIL) title with a 2-1 victory over Soorma Hockey Club in the final
• The first phase of the Khelo India Winter Games (KIWG) 2025 concluded with Ladakh emerging as the top performer
• Australia has reaffirmed its supremacy in women’s cricket by winning the ICC Women’s Championship for the third consecutive time
• One MobiKwik Systems and Cred have recently initiated their individual e-rupee pilot programs in partnership with the Reserve Bank of India (RBI).
• Starting 1 February 2025, all Unified Payments Interface (UPI) transactions containing special characters in transaction IDs will be rejected by the central system, as per a recent directive issued by the National Payments Corporation of India (NPCI).
• HSBC has introduced the TravelOne Credit Card, designed to cater to the needs of frequent travelers.
• Birla Institute of Management Technology (BIMTECH) has launched BIMCOIN, a blockchain-based digital currency designed specifically for its ecosystem.
• After launching its first insurance product, ‘Aditi,’ in July 2024, Narayana Health Insurance has now introduced ‘Arya,’ a high-coverage health insurance plan aimed at addressing gaps in the healthcare industry.
• Karnataka Bank won six prestigious awards at the 20th Annual Banking Technology Conference, Expo & Citations, 2024, organized by the Indian Banks' Association.
• UAE President Sheikh Mohamed bin Zayed Al Nahyan announced 2025 as the Year of Community, aiming to promote unity and inclusion across the society.
• Mandar Donde, currently Head of Asia-Pacific TMT Investment Banking at BofA Securities, will take over as the new Head of Global Corporate and Investment Banking in India starting April 1, 2025.
• Geoff Allardice, the CEO of the International Cricket Council (ICC), has decided to step down just weeks before the upcoming Champions Trophy.
• Milos Vucevic, the Prime Minister of Serbia, has announced his resignation amid growing protests and political tensions following the train station canopy collapse in Novi Sad in November, 2024.
• The Competition Commission of India (CCI) has approved the proposed acquisition of up to 72.64% shareholding in ITD Cementation India Limited by Renew Exim DMCC.
• The World Neglected Tropical Diseases Day 2025 is celebrated every year on the 30th of January 2025
• Martyrs Day 2025 is observed on the 30th of January 2025.