Daily Current Affairs January 10th 2025 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Removes Restrictions on Asirvad Microfinance and DMI Finance   

• The Reserve Bank of India (RBI) has lifted the restrictions on Chennai-based Asirvad Micro Finance and Delhi-based DMI Finance, effective immediately.
• Reason for Lifting Restrictions: The RBI was satisfied with the companies’ actions to comply with regulatory guidelines, including revamped processes and systems, and their commitment to ensure adherence to regulations, particularly regarding fairness in loan pricing.

Key Highlights :

• Initial Sanctions: The RBI had imposed sanctions on four non-banking financial companies (NBFCs) in October 2024, which included Asirvad Microfinance, Arohan Financial Services, DMI Finance, and Navi Finserv (owned by Flipkart co-founder Sachin Bansal), for charging excessive interest rates.
• Previous Lifting of Restrictions: Earlier, restrictions on Navi Finserv and Arohan Financial Services were lifted by RBI in December 2024 and January 2025, respectively.
• Regulatory Concerns: The initial sanctions were due to concerns about the companies’ pricing policies, particularly in terms of their weighted average lending rate (WALR) and the interest spread charged over their cost of funds, which were deemed excessive and non-compliant with RBI regulations.

Securities and Exchange Board of India amends credit rating agency regulations to improve ease of doing business  

• The Securities and Exchange Board of India (SEBI) has updated the timelines for credit rating agencies (CRAs), shifting from “days” to “working days” to improve ease of doing business and standardize processes.

Key Highlights :

• Changes in Rating Action Press Release: CRAs are now required to publish press releases on rating actions within seven working days instead of the previous seven calendar days.
• Rating Review for Debt Servicing Delays: The timeline for reviewing ratings in cases of debt servicing delays has been extended to two working days from the earlier two calendar days.
• Issuers Not Cooperating: The time frame for tagging ratings as “Issuer Not Cooperating” due to non-submission of a No-Default Statement (NDS) for three consecutive months has been revised to five working days from the previous seven calendar days.
• Debt Servicing Confirmation: In cases where confirmation of debt servicing is not received within a working day after the due date, CRAs must follow up and issue a press release within two working days.
• Immediate Implementation: These modifications are effective immediately and aim to streamline operational practices of CRAs, enhancing their compliance with SEBI guidelines.
• Recommendations from Working Group: The revisions are based on recommendations from a working group on CRAs that emphasized the challenges posed by the previous timelines, especially when they fell on non-working days.

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.

Bajaj Broking partners with Tamilnad Mercantile Bank for unified banking services   

• Bajaj Broking, a subsidiary of Bajaj Finance Limited., has partnered with Tamilnad Mercantile Bank (TMB) to offer a 3-in-1 account solution.
• The 3-in-1 account combines banking, broking, and investment services, enabling seamless access to all three functions for customers.
• Customers of TMB will now be able to trade online through Bajaj Broking and utilize its diverse range of products and services.
• The platform offers integrated fund transfers, reducing paperwork and providing tech-driven investment options across various products.
• Managing Director of Bajaj Broking : Manish Jain

About Tamilnad Mercantile Bank :

• Founded : 11 May 1921
• Headquarters : Thoothukudi, Tamil Nadu, India
• MD & CEO : Salee Sukumaran Nair

Income Tax Department Establishes 24×7 Control Room with Toll-Free Number to Monitor Unaccounted Cash, Bullion, and Valuables for Clean Delhi Assembly Elections 2025    

• The Income Tax Department has set up a 24×7 Control Room to monitor the movement of unaccounted cash, bullion, and other valuables during the Delhi Legislative Assembly Elections, 2025.
• Objective: The initiative aims to assist the Election Commission of India in curbing the role of black money in the election process, ensuring clean and fair elections.

Control Room Details:

• Location: New Delhi.
• Toll-Free Number: 1800111309.
• Landline Numbers: 011-23210293/294/325/326.
• Mobile Number: 9868502260.
• Purpose: The Control Room is designed to receive information about suspicious movement or distribution of cash, bullion, and precious metals during the Model Code of Conduct within the NCT of Delhi.
• Confidentiality: The identity of the informants will be kept confidential.
• Callers do not need to disclose their personal details, only credible and actionable information is required.
• Functional Period: The Control Room will be operational during the entire Model Code of Conduct period for the Delhi Legislative Assembly Elections, 2025.

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhary

Department of Financial Services Secretary M Nagaraju leads discussion with Micro Finance Institutions   

• Shri M. Nagaraju, Secretary, Department of Financial Services (DFS), Ministry of Finance, chaired a meeting with major Micro Finance Institutions (MFIs) in New Delhi.
• Senior officials of DFS and industry bodies like MFIN and Sa-Dhan also attended.
• Objective:The meeting aimed to foster an open exchange of ideas to enhance the MFI sector, focusing on reaching low-income households in villages and providing hassle-free financial assistance.

Key Highlights :

• Growth of the MFI Sector:The MFI industry grew from Rs. 17,264 crores in March 2012 to 3.93 lakh crore as of November 2024.
• MFIs operate in over 723 districts, including 111 aspirational districts across 28 states and 8 Union Territories, serving nearly 8 crore borrowers.
• Economic Contribution:MFIs contribute 2.03% of the Gross Value Added (GVA) to GDP and support 1.3 crore jobs.
• Challenges Faced by MFIs:Difficulties in raising low-cost, long-term funds.
• Impact on the quality of MFI portfolios due to challenges like reduced lending to the sector.

National Statistics Office ‘s First Advance Estimates Show Real GDP Growth Slows to 6.4% in FY25 from 8.2% in FY24    

• According to the first advance estimates released by the National Statistics Office (NSO), Real gross domestic product (GDP) growth is estimated to have slowed sharply to 6.4% in the current financial year (FY25) from 8.2% expansion in FY24.
• Despite the slowdown in GDP growth, the fiscal deficit for FY25 is expected to stay within target due to a lower-than-budgeted nominal GDP growth of 9.7%.

Key Highlights :

• Real GVA of Agriculture and allied sector has been estimated to grow by 3.8% during 2024-25 as compared to the growth of 1.4% witnessed during the last year, i.e., 2023-24.
• Nominal GDP Growth Assumption : The Budget had assumed nominal GDP growth of 10.5% for FY25.
• Key Economic Sectors : Primary Sector: Agriculture, Livestock, Forestry & Fishing and Mining & Quarrying
• Secondary Sector: Manufacturing, Electricity, Gas, Water supply & Other Utility Services and Construction
• Tertiary Sector: Trade, Hotels, Transport, Communication and Services related to Broadcasting, Financial, Real Estate & Professional Services and Public Administration, Defence & Other Services.
• GDP Definitions : Gross Domestic Product (GDP) is defined as the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period.
• It measures the value of total output in the economy by tracking the total demand.
• Nominal GDP (GDP calculated using current market prices) is the actual observed variable.
• However, Real GDP (GDP calculated using constant 2011-12 prices, after taking away the effect of inflation) is a derived metric.
• Real GDP = Nominal GDP – Inflation Rate. Inflation is the rate at which the value of a currency is falling and consequently the general level of prices for goods and services is rising.
• Gross Value Added (GVA) :Gross Value Added (GVA) It examines the amount of value added (in monetary terms) in various productive areas of the economy.
• It tracks the total output in the economy by looking at the total supply.
• Fiscal Deficit : A fiscal deficit is a shortfall in a government’s income compared with its spending.

Exim Bank of India Raises $1 Billion via 10-Year USD Bond with Record-Low Spread for BBB-Rated Asian Issuers   

• Exim Bank of India raised $1 billion via a 10-year USD-denominated bond, marking a significant milestone in its international fundraising efforts.
• The bond achieved the lowest-ever spread of 100 basis points over 10-year US treasuries for a BBB-rated issuer in Asia.

Key Highlights :

• Pricing of the Bond: The bond was priced at 5.63%, showcasing favorable investor confidence.
• Strong Global Confidence: This issuance reflects the strong confidence of global investors in India’s economic prospects and sets a positive outlook for Indian issuers in international capital markets in 2025.
• Lead Managers and Book Runners: The transaction was managed by BofA Securities, HSBC, Standard Chartered Bank, Citigroup, and J.P. Morgan, acting as joint lead managers and joint book runners.
• Credit Ratings: Exim Bank holds credit ratings of BBB-(positive) from S&P, BBB-(stable) from Fitch, and Baa3 (stable) from Moody’s.

About Exim Bank :

• Established : 1982
• Headquarters : Mumbai, Maharashtra
• Chairman & MD : Harsha Bangari
• It is a specialized financial institution that supports India’s international trade and investments.

JPMorgan Chase, Largest U.S. Bank, Exits the Net-Zero Banking Alliance   

• JPMorgan Chase, the largest U.S. bank by assets, has left the Net-Zero Banking Alliance (NZBA), the latest major bank to exit the climate-finance alliance.
• Recent Exits from NZBA:December 2024: Citigroup, Bank of America, Goldman Sachs, and Wells Fargo also departed from the NZBA.
• January 2025: Morgan Stanley announced its departure.
• Current U.S. Members in NZBA: Only three U.S. banks remain in the NZBA:

1. Amalgamated Bank
2. Areti Bank
3. Climate First Bank Compared to approximately 80 banks in Europe.

• Purpose of NZBA:The Net-Zero Banking Alliance is a UN-convened, bank-led group of global banks committed to aligning their lending, investment, and capital markets activities with net-zero greenhouse gas emissions by 2050.
• It serves as a climate accelerator for the UNEP Financial Initiative’s Principles for Responsible Banking (PRB).
• Indian Banks: No Indian banks are currently members of the Net-Zero Banking Alliance (NZBA).

About JPMorgan Chase :

• Founded : December 1, 2000
• Headquarters : New York City, United States
• Chairman & CEO : Jamie Dimon

Reserve Bank of India directs lenders to update credit bureau records every 15 days starting January 1, 2025

• The Reserve Bank of India (RBI) has mandated that all lenders must update credit bureau records every 15 days, effective January 1, 2025.
• Objective of the Regulation:The new rule aims to provide more accurate and timely representation of borrowers’ financial activities, improving the calculation and publication of credit scores.
• Transition Period:The mandate was issued in August 2024, with a transition period allowing lenders and credit bureaus to upgrade their systems by January 1, 2025.
• Frequency of Updates:The shift from a monthly to a 15-day update cycle ensures that financial institutions report borrowers’ activities more frequently, offering a clearer picture of creditworthiness.
• Impact on Credit Scores:Borrowers’ credit histories will be more current, potentially improving their credit scores faster for those who manage their payments well.
• Comparison with Previous Reporting System:Under the previous monthly reporting system, missed payments or defaults could take up to 40 days to appear on a borrower’s credit report, while the new system will provide quicker updates.
• Credit Score Definition:A credit score, ranging from 300 to 900, represents an individual’s creditworthiness and their likelihood of repaying loans.
• Higher credit scores increase the chances of receiving favorable loan terms.

CURRENT AFFAIRS: NATIONAL NEWS

Rs 22,237 Crore Unclaimed with Life Insurers: Challenges and Efforts to Address the Issue

• At the beginning of FY24, Rs 22,237 crore lay unclaimed with life insurers, as reported by the Insurance Regulatory and Development Authority of India (Irdai).
• A six-month initiative (June-November 2023) reduced this figure by Rs 1,018 crore, underscoring the need for better estate planning and nominee management, particularly for non-relatives.

Key Challenges Behind Unclaimed Funds

1. Nominee Non-Traceability:
   • Lack of awareness among nominees.
   • Changes in family situations, such as divorces or deaths.
   • Outdated contact and banking details of policyholders or nominees.
2. Nomineeship Restrictions:
   • Insurers are cautious about registering non-relatives as nominees due to concerns over moral hazards and insurable interest.
   • Legal complexities arise when non-beneficial nominees (e.g., friends or partners) are listed, as legal heirs retain ownership of the funds.
3. Same-Sex Relationships and Non-Family Nominees:
   • Policyholders in same-sex relationships or without immediate family members face difficulties in ensuring their partners receive benefits.
   • Insurers like LIC explicitly discourage nominations in favor of strangers, citing moral hazards and lack of insurable interest.

Efforts to Address the Issue

1. Regulatory Directions by Irdai:
   • Regular updates of contact, bank, and nominee details.
   • Conducting KYC and Re-KYC processes.
   • Utilizing credit bureaus and media campaigns to trace policyholders and nominees.
   • Holding insurance agents accountable for accurate customer information.
2. Insurer Initiatives:
   • Tata AIA is proactively engaging with nominees to inform them about policy benefits and updates. The insurer is also offering discounted HPV vaccinations to nominees as part of its broader health initiative.
   • Edelweiss Life recommends establishing trusts and appointing trustees as nominees to streamline benefits for non-relatives or those without immediate family members.
   • LIC advises nominating immediate family members, while acknowledging challenges faced by certain groups, including individuals in same-sex relationships.

India to Explore Two More Lithium Blocks in Jammu & Kashmir

• The Indian government is set to begin lithium exploration in two additional blocks within the federally administered region of Jammu and Kashmir, according to officials familiar with the development.

Key Details of the Exploration Plan

1. Location and Assessment Timeline:
   • The two new blocks have been identified for lithium exploration in Jammu and Kashmir.
   • Estimated reserves for these blocks will be determined by October 2025.
2. Strategic Importance:
   • This initiative follows the earlier discovery of significant 5.9 million metric tonnes of lithium reserves in the region, marking a major step in India’s efforts toward self-reliance in critical minerals.
   • Lithium is a key component for electric vehicle (EV) batteries, renewable energy storage systems, and electronics, making it crucial for India’s energy transition and decarbonization goals.

CURRENT AFFAIRS : STATE NEWS

Uttar Pradesh Becomes First State to Abolish Tendering System and Fully Integrate Procurement with Govt e-Marketplace (GeM)   

• Uttar Pradesh (UP) has become the first state in India to abolish its longstanding tendering system.
• The state has fully integrated its procurement process with the Centre’s Govt e-Marketplace (GeM).
• The integration requires all service providers—from basic stationery suppliers to those providing SUVs for official use—to adhere to central government regulations.
• On 26th November 2024, a comprehensive government order was issued, annulling over 33 previous procurement-related directives.
• This step simplifies and centralizes procurement processes under GeM.
• The Uttar Pradesh Building and Other Construction Workers Welfare Board has already utilized GeM to procure quality infrastructure materials.
• This procurement supported the development of 18 Atal Residential Schools in the state.

About UP :

• Governor : Anandiben Patel
• Chief Minister : Yogi Adityanath
• Capital : Lucknow

CURRENT AFFAIRS: AWARDS AND HONOURS

Dr. Krishna Ella Honored with INSA Fellowship for 2025

• Dr. Krishna Ella, Co-founder and Executive Chairman of Bharat Biotech International, has been awarded the prestigious India Fellowship of the Indian National Science Academy (INSA) for 2025.
• This recognition celebrates his outstanding contributions to vaccine development, biotechnology, and advancements in public health.

Highlights of Dr. Ella’s Achievement

1. Recognition for Excellence:
   • Honored for contributions to new knowledge, vaccine technologies, and improvements in existing systems.
2. First-Time Industry Inclusion:
   • Among the 61 fellows elected in 2025, this is the first year industry leaders were included.
   • Joins a distinguished group of eminent scientists and leaders such as:
     • Dr. Anil Kakodkar (Chairman, Atomic Energy Commission).
     • Dr. VK Saraswat (former DG, DRDO).
     • Dr. S. Somanath (Chairman, ISRO).
     • S. Kris Gopalakrishnan (Co-founder, Infosys).
3. INSA Fellowship Privileges:
   • Fellows can attend and vote at INSA meetings.
   • Eligible to propose candidates for INSA fellowships and awards.

Dr. Ella’s Contributions and Vision

• Scientific Achievements:
  • Recognized for pioneering vaccine development, making India a leader in global vaccine innovation.
  • Credited with advancing the biotechnology ecosystem and supporting India’s self-reliance in vaccine production.
• Commitment to Science:
  • At the 90th INSA General Meeting in Chennai, Dr. Ella addressed the theme of “Science in Translation”, emphasizing the need to bridge research and practical applications.
  • Pledged continued support to INSA’s initiatives for advancing scientific progress.

Dr. Krishna Ella’s Fellowship Term

• Official term began on January 1, 2025.

CURRENT AFFAIRS: MOUS AND AGREEMENT

DPIIT and JK Cement Forge Partnership to Propel Manufacturing and Innovation

• The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce & Industry, has signed a Memorandum of Understanding (MoU) with JK Cement, a leading cement manufacturer, to foster innovation, empower entrepreneurs, and strengthen India’s manufacturing ecosystem.

Key Highlights of the Collaboration

1. Objective:
   • Transform India into a global manufacturing hub by supporting startups, innovators, and entrepreneurs.
   • Enable access to cutting-edge infrastructure, R&D facilities, mentorship, pilot projects, and university resources.
2. Startup Support:
   • The initiative aims to assist at least 10 startups and entrepreneurs in the next year to develop viable, impactful solutions.
3. Strategic Focus:
   • Drive sustainable development.
   • Accelerate entrepreneurship.
   • Build a robust foundation for innovation-led economic growth.

About JK Cement

• Established: 1975, with its flagship grey cement unit in Nimbahera, Rajasthan.
• Grey Cement Capacity: 24.2 MTPA, covering 15 states, especially Rajasthan, Uttar Pradesh, and Madhya Pradesh.
• White Cement and Wall Putty Capacity: 3.05 MTPA, sold in 36 countries.
• Recent Expansions:
  • Launched JK Maxx Paints in 2023, catering to wall, wood, and metal finishes.
  • Introduced JK Profix, a construction chemical waterproofing line.
  • Entered the Ready-Mix Concrete segment with JK Super Concrete, expanding across India.

India and EU Reaffirm Commitment to Human Rights and Democratic Values

• India and the European Union (EU) reinforced their shared commitment to safeguarding human rights, democracy, and the rule of law during the India-EU Human Rights Dialogue held in New Delhi.
• The dialogue emphasized the protection of civil society, journalists, and other stakeholders, promoting freedoms and fostering cooperation on key global issues.

Key Highlights from the Dialogue

1. Safeguarding Freedoms:
   • Both parties agreed to protect the freedom, independence, and diversity of civil society organizations, journalists, and stakeholders.
   • Emphasized respect for freedom of association, expression, and peaceful assembly.
2. Commitment to Shared Values:
   • Reiterated commitment to democracy, freedom, and rule of law.
   • Stressed the importance of strengthening national and international mechanisms to uphold human rights.
3. Collaborative Efforts in Multilateral Forums:
   • Highlighted the need for closer cooperation in platforms like the UN General Assembly and the UN Human Rights Council (UNHRC).
   • Committed to regular exchanges between India and EU permanent missions in Geneva to identify opportunities for joint action.
4. Key Issues Discussed:
   • Civil and political rights, elimination of discrimination, and freedom of religion or belief.
   • Countering religious hatred, ensuring freedom of expression (online and offline), and advancing gender and LGBTQI+ rights.
   • Discussed rights of migrants, children, and women’s empowerment.
   • Explored the intersection of technology and human rights, and the relationship between business and human rights.
5. Humanitarian Focus:
   • Addressed cooperation on humanitarian assistance and disaster relief, aligning with international humanitarian law.
6. Divergent Views and Common Ground:
   • The EU reiterated its opposition to capital punishment, while India emphasized the recognition of the Right to Development as a universal and fundamental human right.

Strengthened Partnership

This dialogue builds on the July 2022 discussions, reflecting the shared goal of advancing human rights amid global challenges.

Co-Chairs:

• Piyush Srivastava, Joint Secretary (Europe West), Ministry of External Affairs, India.
• Hervé Delphin, EU Ambassador.

India and Maldives Strengthen Defence and Economic Partnership

• India and the Maldives reaffirmed their commitment to enhance bilateral ties into a comprehensive economic and maritime security partnership during talks between India’s Defence Minister Rajnath Singh and his Maldivian counterpart Mohammed Ghassan Maumoon in New Delhi.

Key Highlights of the Talks

1. Commitment to Partnership:
   • Both nations reiterated their determination to work closely towards the India-Maldives Comprehensive Economic and Maritime Security Partnership, agreed upon in October 2023.
   • Discussions emphasized boosting the capability of the Maldives National Defence Force (MNDF).
2. India’s Support:
   • Singh assured India’s readiness to enhance Maldives’ defence preparedness by providing defence platforms and assets, in line with Maldives’ priorities and India’s ‘Neighborhood First’ policy and SAGAR vision (Security and Growth for All in the Region).
   • Defence equipment and stores were handed over to Maldives during the visit.
3. Mutual Acknowledgment:
   • Maumoon appreciated India’s historical role as the “first responder” for Maldives, recognizing New Delhi’s contributions in infrastructure, training, and capacity-building for Maldivian defence and security personnel.
   • Singh stated the discussions would bring “new vigour” to bilateral relations.
4. High-Level Engagement:
   • Maumoon’s visit marks continued efforts to deepen bilateral ties and ensure regional security in the Indian Ocean Region (IOR).
   • This visit follows positive developments in bilateral relations after Maldivian President Mohamed Muizzu’s visit to India in October 2023.

Strategic Importance and Regional Collaboration

1. IOR Stability:
   • Both nations are pivotal in maintaining peace and security in the Indian Ocean Region, aligning with India’s SAGAR vision.
2. Shift in Relations:
   • Bilateral ties had strained after President Muizzu’s “India Out” campaign in 2022, which led to the withdrawal of Indian military personnel.
   • Relations improved after Muizzu attended Prime Minister Modi’s inauguration, signaling a thaw in tensions.
3. China Factor:
   • Maldives’ tilt toward China had created challenges in the bilateral relationship. However, recent engagements indicate a renewed focus on India-Maldives collaboration.

CURRENT AFFAIRS: RANKING AND INDEX

Bengaluru Emerges as India’s Top City for Women in 2024

• According to the ‘Top Cities for Women in India 2024’ (TCWI) report by the Avtar Group, Bengaluru has overtaken Chennai as India’s top city for women.
• The report highlights Bengaluru’s lead in creating a more inclusive environment for women, followed by Chennai, Mumbai, Hyderabad, and Pune.

Key Highlights of the Report

Top Cities for Women in 2024:

• Bengaluru ranked first, followed by:
  1. Chennai
  2. Mumbai
  3. Hyderabad
  4. Pune

Cities in Tamil Nadu Dominate:

• Eight Tamil Nadu cities featured in the top 25 list:
  • Chennai, Coimbatore, Tiruchirappalli, Vellore, Madurai, Salem, Erode, and Tirupur.

Regional Rankings:

• South India emerged as the most inclusive region, scoring the highest in both Social Inclusion Score (SIS) and Industrial Inclusion Score (IIS).
  • Average Regional Scores:
    • South: 18.56
    • West: 16.92
    • North: 14
    • Central: 11.79
    • East: 10.55

Methodology Behind the Rankings

The TCWI index assesses cities based on a ‘City Inclusion Score (CIS)’, derived from:

1. Social Inclusion Score (SIS): Social factors like safety, education, and healthcare.
2. Industrial Inclusion Score (IIS): Women’s participation in the workforce and entrepreneurial opportunities.
3. Citizen Experience Score (CES): Quality of life indicators for women.

Data Sources:

• Centre for Monitoring the Indian Economy (CMIE)
• World Bank
• Crime Records
• Periodic Labour Force Survey
• Avtar’s Primary Research

Survey Details:

• Conducted between February 2024 and November 2024.
• Involved 1,672 women participants from 60 cities, representing 120 cities nationwide.

Insights from Avtar Group

• Founder-President Saundarya Rajesh emphasized the importance of gender-inclusive cities for India to achieve its vision of a Viksit Bharat by 2047.
• Key components for gender inclusivity include:
  • Safe streets.
  • Accessible healthcare and education.
  • Affordable living.
  • Competitive avenues for women’s economic and entrepreneurial success.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Government Appoints 24 New Members to the National Company Law Tribunal   

• The Union Ministry of Corporate Affairs has appointed 24 members to the National Company Law Tribunal (NCLT) to strengthen its capacity to handle corporate disputes and insolvency cases.
• The new appointments include 11 Judicial Members and 13 Technical Members.
• The appointees will serve for five years or until they reach the age of 65, whichever comes first.
• The members will serve at the NCLT’s Principal Bench in New Delhi.

List of appointees :

• The new members will receive a pay scale ranging from ₹1,82,200 to ₹2,24,100, as per the Seventh Central Pay Commission guidelines.
• The NCLT plays a crucial role in resolving corporate insolvency and governance matters under the IBC.

Brijendra Pratap Singh appointed as the new Chairman-cum-Managing Director of National Aluminium Company   

• Brijendra Pratap Singh has been appointed as the Chairman-cum-Managing Director (CMD) of National Aluminium Company (NALCO).
• Before joining NALCO, Singh served as Director-In-Charge for Burnpur and Durgapur Steel Plant and was a member of the Board of Steel Authority of India Limited (SAIL).
• Singh has over 35 years of experience in the mines and steel sectors.
• Singh’s leadership and strategic vision have played a key role in advancing SAIL’s modernization initiatives.
• His expertise has contributed to driving the growth and sustainability of India’s steel sector, in line with the National Steel Policy.

About NALCO :

• Headquarters : Bhubaneswar, Odisha, India

Arunish Chawla Moves to Department of Investment and Public Asset Management as Secretary & Tuhin Kanta Pandey Appointed as Revenue Secretary    

• Arunish Chawla, a 1992-batch Bihar cadre IAS officer, has been shifted to the Department of Investment and Public Asset Management (DIPAM) as Secretary, effective within two weeks of his appointment as Revenue Secretary.
• Tuhin Kanta Pandey, a 1987-batch Odisha cadre IAS officer, has been appointed as Revenue Secretary after serving as Secretary, DIPAM since October 2019.
• DIPAM and Revenue Secretary Reshuffle:The reshuffle in key positions in the Finance Ministry has been implemented at a crucial time, with the 2025-26 Budget presentation approaching in less than a month.
• Pandey’s appointment as Finance Secretary in September 2024 followed the elevation of TV Somanathan to the position of Cabinet Secretary.
• Chawla’s Additional Responsibilities:Chawla will hold the additional charge of Secretary, Department of Public Enterprises, a responsibility previously held by Pandey.
• Chawla will continue serving as Secretary, Ministry of Culture until a regular incumbent is appointed or until further orders.

About Chawla :

• Before his recent assignment, Chawla served as Secretary, Department of Pharmaceuticals, Ministry of Chemicals and Fertilisers since November 1, 2023.
• The position of Revenue Secretary became vacant in December 2024 after Sanjay Malhotra was appointed as RBI Governor.

Samunnati names Unilever veteran Badri Narayanan as Group Chief Executive Officer designate   

• Samunnati, an agri value chain enabler, has made a strategic leadership realignment to focus on empowering smallholder farmers and driving growth in the agri-ecosystem.
• Badri Narayanan, a former Unilever veteran, has been appointed as the Group CEO Designate.
• Narayanan brings 24 years of experience at Unilever, with expertise in general management, sales, marketing, digital commerce, and operations.
• He will focus on operational excellence and the seamless execution of Samunnati’s vision and mission.
• Anil Kumar SG’s New Role:Anil Kumar SG, the Founder & Group CEO of Samunnati, will transition to the role of Founder & Managing Director.
• His new role will involve shaping long-term strategic initiatives, fostering partnerships, and scaling innovative models that strengthen Samunnati’s leadership in the agricultural sector.
• The leadership realignment is aimed at advancing sustainable solutions for the growth of smallholder farmers and building resilient value chains across the ecosystem.
• Over the next 6-8 months, Narayanan will complete the integration processes and transition into the role of Group CEO, leading Samunnati’s operations.

Finance Ministry appoints CS Setty and Uday Kotak to National Investment and Infrastructure Fund Trustee Limited Governing Council   

• The Finance Ministry appointed two new members to the governing council of the National Investment and Infrastructure Fund Trustee Limited (NIIFTL):
• CS Setty: Chairman of SBI, replacing Dinesh Khara.
• Uday Kotak: Director of Kotak Mahindra Bank, replacing T.V. Mohandas Pai.
• Approval: The appointments were approved by Finance Minister Nirmala Sitharaman, who chairs the governing council.
• Governing Council Members: Other members of the council include:
• Ajay Seth: Secretary, Department of Economic Affairs.
• M Nagaraju: Secretary, Department of Financial Services.
• Hemendra Kothari: Chairman of DSP Group.

About NIIF :

• The National Investment and Infrastructure Fund (NIIF) is a quasi-sovereign wealth fund with a corpus of ₹40,000 crore.
• It was set up in December 2015 to enhance infrastructure financing by investing in greenfield, brownfield, and stalled projects.
• The next governing council meeting of NIIF is scheduled for January 20, 2025.

Rajeev Mehta Appointed as the First Indian Secretary General of Fencing Confederation of Asia   

• Rajeev Mehta was elected as the Secretary-General of the Fencing Confederation of Asia (FCA) during the General Assembly of the organization.
• He is the first Indian to hold this prestigious continental leadership position in the FCA.
• Mehta is currently serving as the Secretary-General of the Fencing Association of India.
• The FCA General Assembly was held in Tashkent, Uzbekistan, marking a significant moment for both the organization and Asian fencing.
• The FCA consists of 46 member countries, which Rajeev Mehta will now represent in his new role.

About FCA :

• The FCA is an international body created in 1988, charged with the promotion and development of fencing in Asia.
• It organises the Asian Fencing Championships annually, in all levels: seniors, juniors and cadets, under 23 and veterans.

Bahadur Singh Sagoo, Asian Games Gold Medallist, Elected as President of Athletics Federation of India   

• Bahadur Singh Sagoo, an Asian gold medalist and Padma Shri awardee, was elected as the new president of the Athletics Federation of India (AFI).
• The election took place during the AFI’s Annual General Meeting (AGM) in Chandigarh.
• Sagoo’s election marks the end of the more than decade-long tenure of former president Adille Sumariwalla, who served as AFI president since 2012.
• Sagoo will oversee the preparations for India hosting the World Athletics Continental Tour level event for the first time on August 10,2025 highlighting the significant responsibilities ahead.

About Bahadur Singh Sagoo :

• Sagoo is a former Asian medallist in shot put, having won a gold medal at the 2002 Busan Asian Games.
• He is a two-time national champion and competed in the 2000 and 2004 Olympics.
• His best shot put distance was 20.40 meters, achieved in 2004 in Koncha-Zaspa, Kyiv.
• Other Appointments : Sandeep Mehta, previously serving as the senior joint secretary, was elected as the new secretary of the Athletics Federation of India during the AGM.

About Athletics Federation of India :

• Founded : 1946
• Headquarters : New Delhi, India

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Pixxel Partners with SIIS to Launch Hyperspectral Satellite Data in Korea   

• Pixxel, a Bengaluru-based space technology startup, has signed an Memorandum of Understanding (MoU) with SIIS Co to supply hyperspectral satellite data in Korea.
• Agreement Details: The MoU, finalized at the Satellite Utilisation Conference in Seoul, aims to deliver high-resolution hyperspectral imaging to industries and institutions in Korea.
• Fireflies Constellation: Pixxel is preparing to launch its Fireflies constellation of six commercial-grade hyperspectral satellites in early 2025.
• Specifications of Fireflies Constellation:The satellites will provide 5-meter resolution, 40-kilometer swath, and daily revisit capabilities.
• They will cover global regions and deliver hyperspectral data useful for various applications, including agriculture, climate monitoring, and resource management.
• SpaceEye-T Satellite:SIIS plans to launch its ultra-high-resolution satellite, SpaceEye-T, in March 2025.
• It will be Korea’s first private Earth observation satellite, capable of delivering 30cm-class ultra-high-resolution spatial information.

About Pixxel :

• Founded : February 2019
• Headquarters : Bangalore, Karnataka
• Founder and CEO : Awais Ahmed

Iran Sends Domestically Designed and Manufactured Space Tug into Orbit

• Iran launched a domestically designed and manufactured space tug, developed by Iranian experts and technicians.
• The space tug was launched aboard a homegrown satellite launch vehicle (SLV), highlighting Iran’s growing capabilities in space technology.
• The launch took place using the Simorgh launcher from the Imam Khomeini Space Launch Terminal.
• The mission included the Saman-1 orbital transfer block, a CubeSat, and a research payload.
• The payloads were placed in an orbit around Earth with an apogee of 410 kilometers and a perigee of 300 kilometers.
• Objective of the Mission:One of the main objectives of the mission was to validate the multi-payload launch capability of the Simorgh launcher, demonstrating Iran’s ability to carry multiple payloads into orbit.
• Mission Phases and Payloads:During the multi-phase mission, the Simorgh launcher successfully placed nearly 300 kilograms of payloads, including the Saman-1, into orbit.
• The Saman-1 system was designed and developed by the Iranian Space Research Center (ISRC).
• Fakhr-1 Communication Satellite:One of the payloads launched was the Fakhr-1 communication satellite, designed by Iran Electronics Industries, under the Ministry of Defense.
• The Fakhr-1 satellite was placed into an orbit of 410 kilometers.
• Nano-Satellite:A nano-satellite of 3U size and weighing less than 10 kilograms was launched as part of the mission.

About Iran :

• President : Masoud Pezeshkian
• Capital : Tehran
• Currency : Iranian rial

CURRENT AFFAIRS: SPORTS NEWS

Younis Khan Appointed Mentor of Afghanistan Men’s Cricket Team for ICC Champions Trophy 2025

• Former Pakistan cricketer Younis Khan has been named the mentor for the Afghanistan men’s cricket team for the upcoming ICC Champions Trophy 2025, scheduled to take place in Pakistan.

Key Details

1. Tournament Details:
   • The Champions Trophy will begin on February 19, 2025.
   • Afghanistan is in Group B, alongside Australia, England, and South Africa.
   • Matches involving Afghanistan will be held in Karachi and Lahore.
2. Younis Khan’s Career Highlights:
   • Younis played 265 ODIs, scoring over 7,000 runs.
   • Featured in 118 Tests, amassing more than 10,000 runs.
   • Known for his strategic acumen and resilience, Younis is one of Pakistan’s most celebrated cricketers.
3. Reason for Appointment:
   • According to Naseeb Khan, President of the Afghanistan Cricket Board (ACB):
     • The decision to appoint Younis was influenced by his experience and familiarity with local conditions in Pakistan, the host nation.
     • Similar mentorship initiatives with hosting country experts were effective during the ODI World Cup 2023 and T20 World Cup 2024.

Martin Guptill Announces Retirement from International Cricket

• Martin Guptill, one of New Zealand’s most accomplished cricketers, has officially retired from international cricket.
• The 38-year-old, known for his explosive batting and memorable contributions in white-ball formats, will now focus on playing in T20 leagues worldwide.

Career Highlights

1. International Career:
   • ODIs: 7346 runs in 198 matches, third-highest for New Zealand behind Ross Taylor and Stephen Fleming.
   • T20Is: 3531 runs in 122 matches, New Zealand’s leading run-scorer in the format.
   • Tests: 2586 runs in 47 matches (2009–2016).
2. Notable Achievements:
   • ODI Debut (2009): Scored an unbeaten 122 against the West Indies in Auckland.
   • 2015 ODI World Cup:
     • Top scorer with 547 runs.
     • Record-breaking 237* in the quarter-finals, the second-highest individual score in ODI history.
   • 2019 ODI World Cup: Key moments included:
     • A crucial direct hit to run out MS Dhoni in the semi-final against India.
     • Played in the dramatic Super Over finale against England.
   • T20 World Cups: Played in three finals (2016, 2021, 2022).
3. Fielding Excellence: Known for stunning catches and pivotal run-outs in crucial games.

Guptill’s Transition to Freelance Cricket

After relinquishing his central contract in November 2022, Guptill became a freelancer, featuring in prominent leagues such as:

• Australia’s Big Bash League
• Pakistan Super League (PSL)
• Caribbean Premier League (CPL)
• UAE’s ILT20
• Nepal Premier League

Currently, Guptill is active in New Zealand’s Super Smash and has been retained by Islamabad United for the upcoming PSL.

Hockey India League (HIL) 2024-25 Increases Prize Money Substantially

• Hockey India announced a significant increase in prize money for the ongoing Hockey India League (HIL), marking a new milestone for the tournament.

Men’s Competition Prize Structure

• Winner: ₹3 crore
• Runner-Up: ₹2 crore
• Third Place: ₹1 crore

Comparison with 2017:

• The winning team (Kalinga Lancers) received ₹2.5 crore.
• The runner-up (Dabang Mumbai) earned ₹1.25 crore.
• The third-placed team (Uttar Pradesh Wizards) secured ₹75 lakh.

Women’s Competition

The inaugural women’s league, starting in Ranchi on Sunday, features four teams with the following prize distribution:

• Winner: ₹1.5 crore
• Runner-Up: ₹1 crore
• Third Place: ₹50 lakh

Individual Awards and Pay Parity

• Player of the Match (Men and Women): ₹50,000 each.
• Player of the Tournament (Men and Women): ₹20 lakh each.
• Best Goalkeeper, Up-and-Coming Player, and Top Scorer:
  • Men: ₹10 lakh each.
  • Women: ₹5 lakh each.

Overall Prize Pool

The total prize money for HIL 2024-25 amounts to ₹10 crore, a significant increase from the ₹6 crore in 2017.

CURRENT AFFAIRS : OBITUARIES

Veteran Filmmaker and Journalist Pritish Nandy Passed away   

• Indian poet, journalist, film producer and former parliamentarian Pritish Nandy has passed away at the age of 73.

About Pritish Nandy :

• Nandy established his production company, Pritish Nandy Communications (PNC), in the 1990s.
• Nandy hosted the DD (Doordarshan) show The Pritish Nandy Show.
• He served as a Rajya Sabha member representing the Shiv Sena party.
• He is also an animal rights advocate.
• He wrote around 40 books of poetry in English.
• He also translated poems from Bengali, Urdu, and Punjabi into English.
• Notable Films Produced:PNC produced several successful films, including:Sur – The Melody of Life (2002), Kaante (2002), Jhankaar Beats (2003), Hazaaron Khwaishein Aisi (2003), Chameli (2004), Shabd (2005), Pyaar Ke Side Effects (2006).
• In the streaming era, PNC was involved in popular shows like:
  • Four More Shots Please!
  • Modern Love: Mumbai
• Both these shows were streamed on Prime Video.

Awards and Recognitions:

• Nandy was conferred the Padma Shri in 1977 for his contributions to Indian literature.
• He was awarded the Karamveer Puraskar in 2008.

CURRENT AFFAIRS: IMPORTANT DAYS

World Hindi Day: 10th January

• World Hindi Day 2025 is observed on the 10th of January 2025.
• The inaugural World Hindi Conference, or Vishva Hindi Sammelan, was held in Nagpur, Maharashtra, in 1975, which is when World Hindi Day first became a thing.
• This day was dedicated to honoring both the Hindi language and the many authors who have contributed to its literature.
• Every year, Vishva Hindi Divas is observed to honor the Conference’s anniversary.
• On January 10, Hindi-speaking people around the world celebrate World Hindi Day.
• Many public and private organizations in India hold celebrations for the day, and people who speak Hindi abroad also commemorate it with equal fervor.

Daily CA One- Liner: January 10^th

• At the beginning of FY24, Rs 22,237 crore lay unclaimed with life insurers, as reported by the Insurance Regulatory and Development Authority of India (Irdai).
• The Indian government is set to begin lithium exploration in two additional blocks within the federally administered region of Jammu and Kashmir, according to officials familiar with the development
• Krishna Ella, Co-founder and Executive Chairman of Bharat Biotech International, has been awarded the prestigious India Fellowship of the Indian National Science Academy (INSA) for 2025.
• The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce & Industry, has signed a Memorandum of Understanding (MoU) with JK Cement, a leading cement manufacturer, to foster innovation, empower entrepreneurs, and strengthen India’s manufacturing ecosystem.
• India and the European Union (EU) reinforced their shared commitment to safeguarding human rights, democracy, and the rule of law during the India-EU Human Rights Dialogue held in New Delhi.
• India and the Maldives reaffirmed their commitment to enhance bilateral ties into a comprehensive economic and maritime security partnership during talks between India’s Defence Minister Rajnath Singh and his Maldivian counterpart Mohammed Ghassan Maumoon in New Delhi.
• According to the ‘Top Cities for Women in India 2024’ (TCWI) report by the Avtar Group, Bengaluru has overtaken Chennai as India’s top city for women.
• Former Pakistan cricketer Younis Khan has been named the mentor for the Afghanistan men’s cricket team for the upcoming ICC Champions Trophy 2025, scheduled to take place in Pakistan.
• Martin Guptill, one of New Zealand’s most accomplished cricketers, has officially retired from international cricket.
• Hockey India announced a significant increase in prize money for the ongoing Hockey India League (HIL), marking a new milestone for the tournament.
• The Reserve Bank of India (RBI) has lifted the restrictions on Chennai-based Asirvad Micro Finance and Delhi-based DMI Finance, effective immediately.
• The Securities and Exchange Board of India (SEBI) has updated the timelines for credit rating agencies (CRAs), shifting from “days” to “working days” to improve ease of doing business and standardize processes.
• Bajaj Broking, a subsidiary of Bajaj Finance Limited., has partnered with Tamilnad Mercantile Bank (TMB) to offer a 3-in-1 account solution.
• The Income Tax Department has set up a 24×7 Control Room to monitor the movement of unaccounted cash, bullion, and other valuables during the Delhi Legislative Assembly Elections, 2025.
• Shri M. Nagaraju, Secretary, Department of Financial Services (DFS), Ministry of Finance, chaired a meeting with major Micro Finance Institutions (MFIs) in New Delhi.
• According to the first advance estimates released by the National Statistics Office (NSO), Real gross domestic product (GDP) growth is estimated to have slowed sharply to 6.4% in the current financial year (FY25) from 8.2% expansion in FY24.
• Exim Bank of India raised $1 billion via a 10-year USD-denominated bond, marking a significant milestone in its international fundraising efforts.
• JPMorgan Chase, the largest U.S. bank by assets, has left the Net-Zero Banking Alliance (NZBA), the latest major bank to exit the climate-finance alliance.
• The Reserve Bank of India (RBI) has mandated that all lenders must update credit bureau records every 15 days, effective January 1, 2025.
• Uttar Pradesh (UP) has become the first state in India to abolish its longstanding tendering system.
• The Union Ministry of Corporate Affairs has appointed 24 members to the National Company Law Tribunal (NCLT) to strengthen its capacity to handle corporate disputes and insolvency cases.
• Brijendra Pratap Singh has been appointed as the Chairman-cum-Managing Director (CMD) of National Aluminium Company (NALCO).
• Arunish Chawla, a 1992-batch Bihar cadre IAS officer, has been shifted to the Department of Investment and Public Asset Management (DIPAM) as Secretary, effective within two weeks of his appointment as Revenue Secretary.
• Tuhin Kanta Pandey, a 1987-batch Odisha cadre IAS officer, has been appointed as Revenue Secretary after serving as Secretary, DIPAM since October 2019.
• Badri Narayanan, a former Unilever veteran, has been appointed as the Group CEO Designate.
• The Finance Ministry appointed two new members to the governing council of the National Investment and Infrastructure Fund Trustee Limited (NIIFTL):
• CS Setty: Chairman of SBI, replacing Dinesh Khara.
• Uday Kotak: Director of Kotak Mahindra Bank, replacing T.V. Mohandas Pai.
• Rajeev Mehta was elected as the Secretary-General of the Fencing Confederation of Asia (FCA) during the General Assembly of the organization.
• Bahadur Singh Sagoo, an Asian gold medalist and Padma Shri awardee, was elected as the new president of the Athletics Federation of India (AFI).
• Pixxel, a Bengaluru-based space technology startup, has signed an Memorandum of Understanding (MoU) with SIIS Co to supply hyperspectral satellite data in Korea.
• Iran launched a domestically designed and manufactured space tug, developed by Iranian experts and technicians.
• Indian poet, journalist, film producer and former parliamentarian Pritish Nandy has passed away at the age of 73.
• World Hindi Day 2025 is observed on the 10th of January 2025.

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