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CURRENT AFFAIRS : BANKING & FINANCE

SBI Life Insurance launched two new products - SBI Life - Saral Swadhan Supreme’ & ‘SBI Life - Smart Swadhan Supreme

• SBI Life Insurance, one of the most trusted private life insurers in the country, launched two products– ‘SBI Life - Saral Swadhan Supreme’ and ‘SBI Life - Smart Swadhan Supreme’,.
• These products aim not only to provide life cover but also to offer the return of premiums at maturity.

Key Highlights :

• The new products are strategically designed to empower customers, recognizing the growing awareness of the crucial link between insurance and financial well-being.
• By offering a lumpsum benefit on the policyholder's demise and returning total premiums if the life assured survives, these plans are crafted to provide a comprehensive solution.
• Individual Empowerment : ‘SBI Life - Saral Swadhan Supreme’ and ‘SBI Life - Smart Swadhan Supreme’ have been meticulously crafted to empower individuals to safeguard their loved ones from life uncertainties while simultaneously building a robust financial safety net.
• Flexibility for Diverse Needs : The new products cater to the evolving needs of consumers, providing the flexibility to choose premium payment terms, policy duration, premium payment frequency,
• With a customer-centric approach, affordable premiums, and streamlined processes, SBI Life continues to remain steadfast in its efforts to increase insurance awareness and penetration in the country.

Key Features :

• Premium Flexibility: Policyholders can opt for regular premium payments or choose a limited premium payment term of 7, 10, or 15 years.
• Policy Term: A flexible policy term ranging from 10 to 30 years, offering tailored solutions to meet diverse financial goals.
• Maturity Benefit: Upon maturity, policyholders are entitled to receive 100% of the total premiums (total of all the premiums received, excluding any extra premium, any rider premiums, and taxes) paid during the policy's duration.
• Sum assured: Both these policies offer a minimum sum assured of 25 lakhs, however, while SBI Life - Saral Swadhan Supreme is capped at Rs. 50 lakhs, SBI Life - Smart Swadhan Supreme has no upper limit for the maximum sum assured
• Tax Benefits: As per the prevailing norms under the Income Tax Act, 1961.

Recent News :

• In Aug 2023, SBI Life Insurance, one of the most trusted private life insurance companies in the country, launched its dedicated 24X7 inbound contact centre through toll-free number 18002679090 to address before and after purchase queries related to comprehensive insurance solutions provided by the company.

About SBI Life Insurance :

• Incorporated in October 2000 and was registered with the Insurance Regulatory and Development Authority of India (IRDAI) in March 2001.
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Amit Jhingran
• Tagline : Apne liye, Apno ke liye

Max Life Insurance introduces Smart Wealth Annuity Guaranteed Pension Plan featuring personalised annuity choices

• Max Life Insurance Company Limited., has launched Smart Wealth Annuity Guaranteed Pension Plan - SWAG Pension Plan.
• This is a non-linked, non-participating individual/group general annuity savings plan which allows customers to tailor their own policies, choosing from an array of annuity options.

Key features of SWAG Pension Plan

• Wide range of annuity variants to suit the customers’ retirement needs
• Immediate annuity with flexibility to decide the return of a chosen proportion of premiums paid to the surviving annuitant or nominee
• Increasing annuity up to 6% per annum ensuring readiness for the rising inflation
• Early Return of Premium on attaining milestone age which varies from 70 years to 85 years (in blocks of 5 years)
• Provides the option to the surviving annuitant to withdraw the chosen proportion of annuity in advance on the death of the first annuitant
• Customers can plan early and get a higher annuity on retirement by deferring the first annuity from the first month itself up to 12 years.
• This unique offering empowers customers to tailor their policies, choosing from a diverse array of annuity options, all while keeping up with growing inflation* and enjoying the flexibility of personalised income timing. Further, the customers have the freedom to select from a range of Return of Premium options, enabling them to choose their plans to meet specific financial objectives.

Recent News :

• In Dec 2023, Max Life Insurance Company introduced the Smart Total Elite Protection Plan, a comprehensive term life insurance policy designed to align with contemporary lifestyles.

About Max Life Insurance Company Limited :

• Founded : 2001
• Headquarters : New Delhi, Delhi, India
• MD & CEO : Mr Prashant Tripathy
• It is a Joint Venture between Max Financial Services Limited and Axis Bank Limited.

Asian Infrastructure Investment Bank (AIIB) Invests $58.4 Million in India's Largest Renewable Energy Infrastructure Investment Trust                              

• The Asian Infrastructure Investment Bank (AIIB) has invested Rs 4.86 billion (around USD58.4 million equivalent) in India’s largest renewable energy Infrastructure Investment Trust (InvIT).
• The InvIT (Sustainable Energy Infra Trust or SEIT), has eight operating solar power generation assets of 54 gigawatt-peak total capacity located nationwide in India.
• SEIT is co-sponsored by Mahindra Susten Private Limited, the dedicated renewable energy platform of one of the largest Indian multinational conglomerates (the Mahindra Group) and Ontario Teachers’ Pension Plan, a leading global institutional investor.
• AIIB aims to support the development of InvITs as an infrastructure asset class in India.
• The project is AIIB’s second investment in InvITs in India, following a June 2019 investment of approximately USD 50 million in Oriental Structural Engineers InvIT, the objective of which is to mobilize long-term private institutional capital for financing of roads and highways in India.

Recent News :

• In Dec 2023, The Asian Infrastructure Investment Bank (AIIB) and the United Nations Development Programme (UNDP) signed a Memorandum of Understanding (MoU) to strengthen collaboration in promoting sustainable infrastructure development and address development challenges in Asia and beyond.

About AIIB :

• Established : 16 January 2016
• Headquarters: Beijing, China
• President : Jin Liqun
• Membership: 109 member states

CURRENT AFFAIRS: NATIONAL NEWS

President Droupadi Murmu presented the Best Electoral Practices Awards for the year 2023 in New Delhi.

• President Droupadi Murmu has informed that the Election Commission of India plays an important role in the diversity of democracy
• The President Informed, this year General Election will be conducted across the country, and during this mega-polling exercise, 12 lakh polling booths will be set up in the country.
• There are over 96 crore voters in the country and Election Commission is taking every step to connect with the voters
• The Election Commission is celebrating the 14th National Voters’ Day with the theme ‘Nothing Like Voting, I Vote For Sure’.
• President presented the Best Electoral Practices Awards for the year 2023.
• The awards were presented to State and District level officers for their outstanding performance in the conduct of elections during 2023 in different spheres such as IT initiatives, Security Management, Election Management, Electoral Roll, and contribution in the field of voter awareness and outreach.
• The awards were also given to important stakeholders including government departments, and media organizations for their valuable contribution towards voters’ awareness.

2 coal gasification plants approved by Cabinet in West Bengal and Odisha to produce 100 MT coal gas by 2028-29.

• The Government has approved that Coal India Limited (CIL) will set up two Coal Gasification Plants with a view to achieve the target of 100 MT coal gasification by the year 2030 and to fulfil India’s dual objectives of self-reliance an d energy independence.
• Union Cabinet meeting, Union Minister for Coal Pralhad Joshi said that total investment in the joint venture of CIL and GAIL for the proposed Coal-to-Sy nthetic Natural Gas at Sonepur Bazari Area of Eastern Coalfields Limited in West Bengal will be of 13 thousand 52 crore rupees.
• Mr Joshi informed that for CIL and BHEL Joint Venture for the proposed Coal-to-Ammonium Nitrate at Mahanadi Coalfields Limited in Jharsuguda district of Odisha will be 11 thousand 782 crore rupees.
• He informed that by 2028 - 29 these projects will be operationalised.
• The Centre has also approved a proposal for equity investment for setting up of Coal-to-Synthetic Natural Gas Project through a Joint venture of Coal India Limited - CIL and Gas Authority of India Limited- GAIL.
• It has also approved for setting up of the Coal-to-Ammonium Nitrate Project through a Joint venture of  CIL and Bharat Heavy Electrical Limited- BHEL.
• In another decision, Pralhad Joshi said, the Union Cabinet has also approved the scheme for the promotion of Coal and Lignite Gasification Projects of Government PSUs and the Private Sector.
• Mr Joshi said, the total outlay of this scheme is eight thousand 500 crore rupees towards incentive for coal gasification projects under three categories.

Air India fined INR 1.10 crore for safety violations on critical routes.

• The Directorate General of Civil Aviation (DGCA) has fined Air India a sum of Rs. 1.1 crore for allegedly violating safety protocols on specific long-range and terrain-critical routes.
• The DGCA conducted a thorough investigation into the matter, which revealed that the airline had failed to comply with the regulations.
• Consequently, the airline was issued a show-cause notice by DGCA officials.

Prime Minister Modi and French President Emmanuel Macron are scheduled to visit Jaipur

• Prime Minister Narendra Modi and French President Emmanuel Macron will be visiting Jaipur for a one-day visit.
• Macron will tour some of the historic landma rks of the pink city Jaipur, including the Amber Fort, Jantar Mantar, and Hawa Mahal, before attending the Republic Day parade on January 26th.
• The French President will arrive in Jaipur tomorrow afternoon and begin his day by visiting the Amber Fort, where a cultural event is planned for him.
• Following this, Macron will meet with Prime Minister Narendra Modi at Jantar Mantar, a World Heritage site.
• The two leaders will then take part in a joint roadshow from Jantar Mantar to Sanganeri Gate, with a stopover at Hawa Mahal.
• They will also visit Albert Hall.
• Additionally, Prime Minister Narendra Modi will host a private dinner for Mr. Macron.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Royal Caribbean's Icon of the Seas to Claim Title of World's Largest Cruise Ship in January 2024

• Royal Caribbean’s Icon of the Seas embarks on its first official voyage on Jan. 27, 2024.

Key Highlights :

• The world’s largest cruise ship, the Icon is over 1,000 feet long (360 meters) and weighs in around 250,000 gross registered tons.
• The vessel features an impressive 20 decks, offering a plethora of amenities including 40 restaurants, bars, and lounges, seven pools, six waterslides, and a striking 55-foot waterfall.
• Royal Caribbean anticipates that the Icon of the Seas will mark the dawn of "a new era of vacations," likely referring to the innovative and extensive offerings available onboard.
• The ship will depart from Port Miami next week for its first seven-night sailing and head for a number of destinations throughout the Eastern and Western Caribbean.

CURRENT AFFAIRS : STATE NEWS

Jaisalmer to Host Desert Festival 2024 from February 22 to 24

• The Desert Festival 2024 is scheduled to take place in Jaisalmer, Rajasthan, from February 22 to 24, with the theme "Back to the Desert."
• The festival will kick off with a procession starting from Lakshminath temple.

About the Festival :

• A notable focus for this year's festival is to provide ample space for local artists to showcase their talents.
• Preparations for the event have commenced, marked by a meeting chaired by district collector Pratap Singh.
• The meeting involved stakeholders such as citizens, hoteliers, tourism operators, and artists, seeking their suggestions and involvement in the festival.

About Rajasthan :

• Governor : Kalraj Mishra
• Chief Minister : Bhajan Lal Sharma
• Capital : Jaipur
• National Park : Keoladeo National Park, Ranthambore National Park
• Wildlife Sanctuary : Bassi Wildlife Sanctuary, Kumbhalgarh Wildlife Sanctuary

CURRENT AFFAIRS : DEFENCE NEWS

11th edition of India-Kyrgyzstan Joint Special Forces Exercise ‘Khanjar’ commenced in Himachal Pradesh

• The 11th edition of India-Kyrgyzstan Joint Special Forces Exercise Khanjar started at the Special Forces Training School in Himachal Pradesh’s Bakloh.
• The exercise is being conducted from January 22 to February 3, 2024 (13-day exercise).
• Aim of the exercise : To exchange experiences and best practices in Counter Terrorism and Special Forces Operations in Built-up Area and Mountainous Terrain under Chapter VII of United Nations Charter.
• Participants : The Indian Army contingent comprising 20 personnel is being represented by troops from The Parachute Regiment (Special Forces) and the Kyrgyzstan contingent comprising 20 personnel is represented by Scorpion Brigade.

About the Exercise Khanjar :

• Khanjar is an annual event conducted alternatively in India and Kyrgyzstan.
• The exercise will provide an opportunity for both sides to fortify defence ties while addressing common concerns of international terrorism and extremism.
• The exercise will also accord opportunity to showcase capabilities of cutting edge indigenous defence equipment besides achieving shared security objectives and foster bilateral relations

Note :

• The 1st edition of Exercise KHANJAR was held in 2011 in Nahan, Himachal Pradesh.
• The 10th edition of the India-Kyrgyz Special Forces Exercise Khanjar concluded in Bishkek, Kyrgyzstan from 6th to 18th March, 2023

Recent News :

• In Oct 2023, External Affairs Minister S Jaishankar visited Bishkek to attend the 22nd Shanghai Cooperation Organisation (SCO) Council of Heads of Government (CHG) to be held under the chairmanship of Kyrgyzstan.

About Kyrgyzstan :

• President : Sadyr Japarov
• Capital : Bishkek
• Currency : Kyrgyzstani som

North Atlantic Treaty Organisation to conduct largest military exercises since the Cold War, involving 90,000 troops

• Steadfast Defender 2024 is set to be the largest North Atlantic Treaty Organisation (NATO) military exercise since the Cold War, involving around 90,000 troops.

About the Exercise :

• The exercises will extend until May and will include more than 50 ships, such as aircraft carriers and destroyers, along with over 80 fighter jets, helicopters, and drones.
• The deployment encompasses at least 1,100 combat vehicles, including 133 tanks and 533 infantry fighting vehicles.
• Steadfast Defender 2024 will demonstrate NATO's ability to rapidly deploy forces from North America and other parts of the alliance to strengthen the defense of Europe.
• Troops taking part in the exercise, which will include bringing personnel to Europe as well as simulating exercises on the ground, will come from NATO countries and Sweden, which is expected to join the alliance soon.
• During the second part of the Steadfast Defender exercise, special attention will be paid to the deployment of NATO's quick reaction force to Poland on the eastern flank of the alliance.
• Notably, the last exercises of comparable size were Reforger in 1988 during the Cold War, involving 125,000 participants, and Trident Juncture in 2018 with 50,000 participants.

About NATO :

• Established : 4 April 1949
• Headquarters : Brussels, Belgium
• Secretary General : Jens Stoltenberg
• Membership : 31 states (29 European and two North American)

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Cameroon Takes Lead as 1st Nation to Introduce New Malaria Vaccine for Children

• Cameroon, a Central African Country became the first country to begin immunising children with malaria vaccine as part of its national immunisation program.
• The country began receiving doses of RTS,S/AS01 (Mosquirix), a vaccine developed by GSK that has been in the making for more than 30 years, in November.
• The vaccine was part of a pilot program in a handful of other African countries, but is now poised for a broader rollout across that continent, which bears the world's biggest burden, especially its children.
• The country's malaria vaccine program, with a four-dose schedule, targets all children who were 6 months or older on December 31, 2023.
• In Africa, there are about 250 million cases of the parasitic disease each year, including 6,00,000 deaths, mostly in young children.

About Cameroon :

• President : Paul Biya
• Prime Minister : Joseph Ngute
• Capital : Yaoundé
• Currency : Central African CFA franc (XAF)

CURRENT AFFAIRS: MOUS AND AGREEMENT

SJVN inks pact to provide technical consultancy services to NHAI

• State-owned power producer SJVN has signed an agreement with NHAI to provide technical consultancy services for highway projects.
• The primary focus of this MoU is to utilise the expertise of SJVN in Technical Consultancy Services.
• This consultancy service will be initially provided for a period of 24 months by SJVN to NHAI.

About SJVN

• SJVN, formerly known as Satluj Jal Vidyut Nigam, is an Indian public sector undertaking involved in hydroelectric power generation and transmission.
• It was incorporated in 1988.
• It a joint venture between the Government of India and the Government of Himachal Pradesh.

CURRENT AFFAIRS: SPORTS NEWS

Nikita Kumari of Rajasthan wins the Khelo India Youth Games gold in discus throw.

• In the Khelo India youth games, Nikita Kumari of Rajasthan won the gold in the discus throw event.
• She was followed by Riddhi from Haryana winning the silver while Bhakti Gawade from Maharashtra won the bronze.
• In the triple jump match Paveena Rajesh from Tamil Nadu won the gold followed by Pamela Var shini.G. from Tamil Nadu winning silver and P.V.Abirami from Kerala taking the bronze medal.
• In the volleyball girls' event, West Bengal defeated Kerala 3-0.
• In the hammer throw boys' event,Omkar Prasad Nand from Odisha took the first place followed by Yashar Kurbar by Karnataka and the third place was taken by Nikhil Yadav, Haryana.
• In the 800m girls athletics, M.An Silin and Aksilin from Tamil Nadu won the gold and silver medals while Priyanka Olkar from Karnataka won the bronze.
• In Mallakhamb events, on the whole Maharashtra won the gold medal with 209.25 points followed by Tamilnadu at a score of 207.35 points and Madhya Pradesh stood third with 205.30 points.

CURRENT AFFAIRS: IMPORTANT DAYS

Republic Day 2024: 26th January

• Republic Day 2024 is observed on the 26th January 2024.
• The day honours the promulgation of the Indian Constitution on January 26, 1950.
• Even though India was freed from the British Raj in 1947, it wasn't until January 26, 1950, that the Indian Constitution took effect and the nation was proclaimed a republic.
• The Constitution was adopted a year after the Constituent Assembly's final session on November 26, 1949, which was its first session on December 9, 1946.
• The Constitution's Drafting Committee was led by Dr BR Ambedkar. India also observes Constitution Day on this day.
• Republic Day honours the spirit of India's independence.
• The Indian National Congress proclaimed the end of colonial authority on this day in 1930, declaring Purna Swaraj. Republic Day also honours the right of Indian citizens to elect a democratically-run government.
• To honour the creation of the Indian Constitution, the nation observes it as a national holiday.

International Customs Day: 26th January

• International Customs Day 2024 is observed on the 26th January 2024.
• The European Customs Union Study Group (E.C.U.S.G.) was established by the Committee for European Economic Cooperation in 1948 to investigate the feasibility of establishing one or more inter-European customs unions.
• To increase the effectiveness of customs administrations around the world, the Customs Cooperation Council (C.C.C.) was established in 1952.
• The C.C.C.'s first session was held on January 26, 1953, and there were 17 founding members present.
• In 1983, the group established International Customs Day.
• The C.C.C. became a global organization and was renamed the W.C.O. in 1994 after decades of growth and expansion outside of Europe.
• The W.C.O. has its headquarters in Brussels, Belgium.

Daily CA One-Liner: January 26

• President Droupadi Murmu has informed that the Election Commission of India plays an important role in the diversity of democracy.
• The Government has approved that Coal India Limited (CIL) will set up two Coal Gasification Plants with a view to achieve the target of 100 MT coal gasification by the year 2030 and to fulfil India’s dual objectives of self-reliance and energy independence.
• The Directorate General of Civil Aviation (DGCA) has fined Air India a sum of Rs. 1.1 crore for allegedly violating safety protocols on specific long-range and terrain-critical routes.
• Prime Minister Narendra Modi and French President Emmanuel Macron will be visiting Jaipur for a one-day visit.
• State-owned power producer SJVN has signed an agreement with NHAI to provide technical consultancy services for highway projects.
• In the Khelo India youth games, Nikita Kumari of Rajasthan won the gold in discus throw event.
• SBI Life Insurance, one of the most trusted private life insurers in the country, launched two products– ‘SBI Life - Saral Swadhan Supreme’ and ‘SBI Life - Smart Swadhan Supreme’,.
• Max Life Insurance Company Limited., has launched Smart Wealth Annuity Guaranteed Pension Plan - SWAG Pension Plan.
• The Asian Infrastructure Investment Bank (AIIB) has invested Rs 4.86 billion (around USD58.4 million equivalent) in India’s largest renewable energy Infrastructure Investment Trust (InvIT).
• Royal Caribbean’s Icon of the Seas embarks on its first official voyage on Jan. 27, 2024.
• The Desert Festival 2024 is scheduled to take place in Jaisalmer, Rajasthan, from February 22 to 24, with the theme "Back to the Desert."
• The 11th edition of India-Kyrgyzstan Joint Special Forces Exercise Khanjar started at the Special Forces Training School in Himachal Pradesh’s Bakloh.
• Steadfast Defender 2024 is set to be the largest North Atlantic Treaty Organisation (NATO) military exercise since the Cold War, involving around 90,000 troops.
• Cameroon, a Central African Country became the first country to begin immunising children with malaria vaccine as part of its national immunisation program.
• Republic Day 2024 is observed on the 26th January 2024.
• International Customs Day 2024 is observed on the 26th January 2024