Daily Current Affairs January 11th 2025 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Punjab National Bank Launches First Cybersecurity Hackathon 2024-25 with “Code Against Malware” Theme   

• Punjab National Bank (PNB) has launched its first Cybersecurity Hackathon 2024-25, with the theme “Code Against Malware”.
• The hackathon aims to address the rising threat of malware and enhance the nation’s cybersecurity defences.
• Objective:The event brings together innovators, researchers, and academicians from across India to collaborate on developing advanced solutions for cybersecurity in the banking sector.

Key Highlights :

• Focus Areas:The hackathon focuses on key areas like:
  • Malware detection and removal using intelligence-powered tools.
  • Real-time threat monitoring and mitigation.
  • Ransomware resilience solutions.
  • Next-generation antivirus tools and attack surface management.
• Participation Details:Open to students, researchers, and academicians from academic institutions, research organizations, and the tech community.
• Participants can enter individually or in teams.
• Prizes and Opportunities:Winners can receive prizes worth up to ₹11 lakhs.
• Successful solutions can be deployed in live environments at PNB, solving real-world cybersecurity challenges.
• Guidance and Government Support:The hackathon is held under the guidance of the Ministry of Finance and aligns with the Department of Financial Services (DFS) directive for Public Sector Banks (PSBs) to host annual hackathons.

About PNB :

• Founded : 19 May 1894
• Headquarters : Delhi, India
• MD & CEO : Atul Kumar Goel

Microfinance Sector Contracts 4% in Q2 as Defaults Double Year-on-Year   

• The microfinance portfolio stood at ₹4.1 lakh crore as of September 2024.This showed:
• A quarter-on-quarter decline of 4.3% compared to June 2024.
• A year-on-year growth of 7.6%.
• Delinquency Rates: Delinquency rates on microfinance loans (instalments overdue by 30 to 180 days) increased to 4.3% in September 2024, up from 2% in the previous year.
• This indicates a significant rise in loan defaults.
• Impact on Borrowers: The rise in delinquencies led to:
• A reduction in the number of borrowers with multiple loans, particularly those with three or more active lender associations, which had the highest number of defaults.
• Portfolio exposure to such borrowers decreased, and the proportion of such borrowers has fallen across different states.
• Sector Stress:Small Finance Banks (SFBs) were the worst-affected lender category, reporting the highest proportion of loans overdue by 31 to 180 days, with a PAR (portfolio at risk) of 5.4%.
• NBFCs reported the lowest PAR (2.3%) for loans overdue by 31-180 days.
• State-wise Delinquencies:Bihar, Tamil Nadu, Uttar Pradesh, and Odisha accounted for 62% of the incremental delinquencies.
• Credit Guarantee Scheme & Support:In a meeting with M Nagaraju (Secretary, Department of Financial Services), MFIs sought a credit guarantee scheme tailored for their sector and borrowers.

Key Recommendations:

• Adoption of robust financial practices by MFIs.
• Promotion of digital repayment methods and enhancement of cybersecurity and IT infrastructure.
• Strengthening governance and creating a roadmap to reinforce the sector.
• Role of MFIs: MFIs are recognized for their role in transforming rural livelihoods and supporting financial inclusion, with an emphasis on creating a more resilient sector.

₹22,000 Crore Remains Unclaimed with Life Insurance Companies  

• At the start of FY24, unclaimed amounts with life insurers stood at nearly ₹22,237 crore.
• A six-month drive (June-November 2023) helped reduce these unclaimed amounts by over ₹1,018 crore, according to IRDAI.

Key Highlights :

• Estate Planning and Nominee Issues:Estate planning is emphasized for policyholders who bequeath benefits to non-relatives, as insurers are cautious about registering non-immediate family members as nominees.
• A significant cause of unclaimed funds arises when nominees are non-traceable due to lack of awareness, changes in family situations, or if the nominees have passed away.
• Regulatory Measures:IRDAI has directed insurers to:
  • Regularly update contact, bank, and nominee details.
  • Conduct KYC and Re-KYC for policyholders.
  • Use credit bureaus and media to trace consumers.
  • Ensure that agents are accountable for accurate information.
• Challenges with Non-Relative Nominees:Non-relatives as nominees create moral hazards but are allowed in exceptional cases where there are no blood relatives.
• Legal heirs retain ownership of the funds if a non-beneficial nominee is appointed (e.g., a girlfriend nominated by the policyholder).
• Same-sex relationships face challenges in terms of nominee ownership, as the nominee does not have ownership rights over the funds.
• Insurance Companies’ Actions:TATA AIA Life is actively reaching out to nominees, keeping them informed about policy details and offering discounted HPV vaccinations to promote cancer prevention.
• Edelweiss Life highlighted that if a non-beneficial nominee is appointed, the money must be handed over to the legal heirs.

Indian Overseas Bank to Sell Rs 11,500 Crore Non-Performing Assets to Enhance Asset Quality

• Indian Overseas Bank (IOB) is selling Rs 11,500 crore worth of non-performing assets (NPAs) to asset reconstruction companies (ARCs).
• The sale involves 46 loan accounts and is part of the bank’s effort to enhance its asset quality.

Key Highlights :

• Sale Process and Auction Details:The NPA sale will be conducted via an e-auction under the open auction method on a portfolio basis.
• The portfolio includes accounts that were financed under a consortium arrangement, with some admitted under the National Company Law Tribunal (NCLT).
• Prospective buyers can bid on a portfolio basis, for individual accounts, or groups of accounts.
• Focus on Value Maximisation:IOB is focusing on value maximization through recovery measures, including:
  • Invoking SARFAESI actions
  • Compromise settlements
  • Sales to ARCs.
• EoI and Auction Schedule:Eligible ARCs and other transferees must submit their expressions of interest (EoI) by January 18.
• The e-auction for the 46 accounts will take place on January 30.
• Additional Sale Considerations:IOB is also considering the sale of small business and educational loan portfolios to ARCs.
• This is in line with the bank’s strategy to improve recovery outcomes and boost asset quality.
• Reduction in Gross NPAs:As of September, the bank’s gross NPAs stood at 2.72%, a significant decrease from a peak of 11.69% in March 2021.

About IOB :

• Founded : 10 February 1937
• Headquarters : Chennai, Tamil Nadu, India
• MD & CEO : Ajay Kumar Srivastava

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister Shri Narendra Modi Launches Pravasi Bharatiya Express to Connect Diaspora with Indian Heritage

• Prime Minister Shri Narendra Modi flagged off the Pravasi Bharatiya Express, a state-of-the-art tourist train designed under the Pravasi Teerth Darshan Yojana (PTDY).
• This initiative aims to strengthen the bond between the Indian diaspora and India’s rich cultural and religious heritage.
• The launch marks the 110th anniversary of Mahatma Gandhi’s return to India from South Africa in 1915.

Key Features of Pravasi Bharatiya Express

• Launch Date: January 9, 2025
• Flagged Off By: Prime Minister Narendra Modi, Bhubaneswar, Odisha
• Purpose: To reconnect Persons of Indian Origin (PIOs) with India’s cultural and religious roots.
• Organized By: Ministry of External Affairs in collaboration with IRCTC.

Eligibility Criteria

1. Age Group: Open to PIOs aged 45-65 years.
2. Priority: Preference for PIOs from low-income categories who may not afford visits to India otherwise.

Government Support for Travelers

• Fully Sponsored Tour: The government will cover all expenses related to the train tour.
• Return Airfare Assistance:
  • 90% of airfare from the PIO’s country of origin to India will be covered by the government.
  • PIOs need to pay only 10% of the airfare.

Journey Details

• Duration:
  • 14 Nights and 15 Days aboard the train, plus 2 days for pre- and post-tour stays, making it a 17-day journey.
• Starting Point: Delhi Safdarjung Railway Station.
• Tour Type: Fully guided tour, visiting cultural and religious landmarks across India.

Viksit Bharat Young Leaders Dialogue 2025: A Transformative Celebration of Youth Leadership

• As India marches towards its centenary of Independence in 2047, the nation is investing in its youth as the architects of a Viksit Bharat (Developed India).
• Inspired by Prime Minister Narendra Modi’s vision of engaging one lakh youth in politics without prior political backgrounds, the National Youth Festival has transformed into the Viksit Bharat Young Leaders Dialogue 2025.
• This initiative aims to empower youth, cultivate leadership, and generate actionable ideas that align with India’s vision for development.

Key Highlights of the Reimagined Dialogue

1. Transition from Festival to Movement

• The National Youth Festival, traditionally a symbol of cultural exchange, was revamped to emphasize leadership, innovation, and nation-building.
• The transformation was announced on November 18, 2024, showcasing a commitment to creating impactful platforms for young leaders.

2. The Viksit Bharat Challenge

A three-stage competition designed to nurture and spotlight India’s brightest young minds:

Stage 1: Viksit Bharat Quiz

• Participation: Over three million youths across India.
• Conducted in 12 languages, testing knowledge of India’s progress.

Stage 2: Viksit Bharat Essay Competition

• Submissions: Over 200,000 essays addressing 10 thematic areas, including technology, sustainability, cultural heritage, and sports.

Stage 3: Viksit Bharat Vision Deck Competition

• Finalists from state-level championships presented innovative ideas to domain experts, showcasing grassroots perspectives and regional diversity.

Prime Minister Narendra Modi laid Foundation Stone for India’s First Green Hydrogen Hub in Andhra Pradesh

• Prime Minister Narendra Modi laid the foundation stone for a Green Hydrogen Hub project at Pudimadaka near Visakhapatnam, Andhra Pradesh, marking a major milestone under the National Green Hydrogen Mission.
• The event, conducted virtually from Visakhapatnam, highlights India’s push towards renewable energy and sustainable development.

Key Highlights of the Project

1. Collaborative Development

• Partners:
  • NTPC Green Energy Ltd (NGEL), the renewable arm of NTPC Ltd.
  • New & Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP), the state’s renewable energy agency.
• Scale: First Green Hydrogen Hub under the National Green Hydrogen Mission.

2. Objectives of the Project

• Integrated Development: Green Hydrogen Hubs will enable pooling of resources and economies of scale for large-scale production.
• Renewable Energy: Development of 20 GW of renewable energy projects.
• Green Hydrogen Production:
  • 1,500 tpd (tonnes per day) of green hydrogen.
  • 7,500 tpd of green derivatives such as green methanol, green urea, and sustainable aviation fuel.

3. Economic and Employment Impact

• Investment:
  • The project is expected to attract ₹1.85 lakh crore investment into Andhra Pradesh.
• Employment:
  • Significant job creation in the region.
• Energy Targets:
  • Contributing to India’s target of 500 GW non-fossil energy capacity by 2030.

4. National Expansion Plans

• Rajasthan Collaboration: NGEL has signed an MoU with Rajasthan for 25 GW of renewable energy projects.
• Future Collaborations: NGEL is exploring similar green hydrogen projects with other state governments.

National Green Hydrogen Mission: Vision and Purpose

The National Green Hydrogen Mission envisions identifying regions suitable for large-scale hydrogen production or utilization and developing them into Green Hydrogen Hubs. Integrated green hydrogen projects aim to:

• Promote energy independence.
• Reduce reliance on fossil fuels.
• Propel India as a global leader in renewable energy.

India Unveils GenomeIndia Database: A Landmark in Biotechnology Research

• India has completed the GenomeIndia Project, a groundbreaking initiative that sequenced the genomes of 10,000 Indians from 83 population groups, representing about 2% of the country’s 4,600 population groups.
• This data is a valuable resource for global researchers to explore disease mechanisms, drug therapies, and genetic diversity.

Key Highlights

1. Project Overview:
   • The project is a five-year effort initiated in 2018, with contributions from over 20 leading research institutions, including IISc, IITs, CSIR, and BRIC.
   • Despite challenges like COVID-19, the project successfully completed its objective of creating a Diverse Genetic Resource for India.
2. Database Accessibility:
   • The compiled data is housed at the Indian Biological Data Centre (IBDC) in Faridabad, Haryana.
   • It is now accessible to researchers worldwide for biomedical investigations.
3. Significance of the Database:
   • Understanding Genetic Diversity: The vast genetic diversity of India, reflective of its cultural and linguistic diversity, is now mapped.
   • Personalized Medicine: The data will enable the development of precision medicine, identifying which therapies are most effective for specific genetic profiles.
   • Policy Formulation: Insights from the database can guide healthcare planning and policy-making.
4. Applications in Healthcare:
   • Facilitates studies on the genetic basis of diseases prevalent in India.
   • Supports research into drug responses and adverse effects for improved treatment outcomes.
5. Global Collaboration and Impact:
   • The GenomeIndia database positions India as a leader in genomic research, fostering global partnerships.
   • By sharing this genetic wealth, the initiative will accelerate advancements in biotechnology and healthcare innovations.

PM Modi Likely To Inaugurate Rs 2,400 Crore Z-Morh Tunnel On Srinagar-Leh Highway In Kashmir

• Prime Minister Narendra Modi is set to inaugurate the Rs 2,400 crore Z-Morh Tunnel.
• This 6.5 km tunnel on the Srinagar-Leh National Highway is a key infrastructure project that will ensure year-round accessibility to the Ladakh region.

Key Features and Impact of the Z-Morh Tunnel

1. Strategic Importance:
   • The tunnel is vital for national defence and connectivity to Ladakh, providing uninterrupted road access to the region.
   • It will help strengthen defence logistics and enable smoother military mobility in the Ladakh region, especially in harsh winter months when roads are often closed.
2. Tourism Boost:
   • Jammu and Kashmir Chief Minister Omar Abdullah highlighted that the tunnel will act as a game changer for tourism, particularly winter tourism in the Sonamarg area.
   • The Srinagar-Sonamarg stretch, which is affected by heavy snowfall during winters, will now remain open year-round, facilitating tourism during winter months.
3. Enhanced Road Access:
   • The Z-Morh tunnel will replace a treacherous road track that is prone to avalanches and frequent closures. This will significantly reduce travel time and increase safety for travelers.
   • Srinagar-Leh Road will remain open throughout the year once the Zojila Tunnel is completed, which is also part of the larger road network improvement project.
4. Project Timeline:
   • Work on the Z-Morh Tunnel began in May 2015 and was completed in 2024. The soft opening of the tunnel was held in February 2024.
5. Inauguration Plans:
   • Prime Minister Modi is expected to physically inaugurate the tunnel, provided weather conditions are favorable. In case of inclement weather, the tunnel will be inaugurated virtually.

Book on Sri Parthasarathy Perumal Temple Released as Part of The Hindu Group’s Shrine Series

• Nirmala Lakshman, Chairperson of The Hindu Group Publishing Private Limited, released a new book titled “Thiruvallikeni – Divine Abode of Lord Parthasarathy” as part of The Hindu Group’s Shrine Series.
• The book delves into the rich history and spiritual significance of the Sri Parthasarathy Perumal Temple in Triplicane, Chennai.

Key Highlights of the Book:

1. Comprehensive Research:
   • The book features well-researched articles covering the history of the temple, puranic accounts, and detailed explanations of its spiritual heritage.
2. Stunning Visuals:
   • The temple’s rich cultural and architectural beauty is captured in vivid photographs, many of which have been taken over the years by The Hindu’s photographers.
3. Uniqueness of the Temple:
   • The Sri Parthasarathy Perumal Temple is notable for having five deities worshipped in the temple, all of whom are praised in the Nalayira Divya Prabandham.
   • A particularly rare feature of this temple is the co-enshrinement of Lord Krishna and Sri Balarama together, which distinguishes it from other temples.
4. Two Brahmotsavams:
   • The temple holds two Brahmotsavams — one for Lord Parthasarathy, the presiding deity, and another for Lord Yoga Narasimhar, adding to its distinctiveness in worship practices.

CURRENT AFFAIRS : STATE NEWS

Haryana set to implement three new criminal laws by February 28, says DGP Shatrujeet Kapur   

• Haryana is set to become the first state to implement the new criminal laws in their entirety, following Chandigarh, the first union territory to do so.
• The expected implementation date is February 28, 2025, ahead of the Union Ministry of Home Affairs’ deadline of March 31, 2025.

Overview of the New Criminal Laws:

• Bharatiya Nyaya Sanhita (BNS): Replaces the Indian Penal Code, 1860.
• Bharatiya Sakshya Sanhita (BSS): Replaces the Indian Evidence Act, 1872.
• Bharatiya Nagarik Suraksha Sanhita (BNSS): Replaces the Code of Criminal Procedure, 1898.
• These laws came into effect on July 1, 2024, following their passage in Parliament in 2023.

Key Highlights :

• Key Features of the New Laws:Digital Evidence: Mandates compulsory videography of crime scenes and recovery procedures.
• E-Summons: Introduces the electronic delivery of summons, simplifying the process by eliminating the need for travel.
• Summons can be served through mobile phones or WhatsApp.
• Court Deadlines: The new laws define timelines for courts to dispose of trial proceedings, creating challenges for courts to handle both old and new cases within the specified time.
• Technological Advancements:5G Technology: Will act as a “force multiplier,” enhancing the implementation of the new laws, especially in the collection and submission of digital evidence.
• E-Sakshya App: Used for uploading evidence in electronic form, ensuring secure and efficient handling of digital data.
• E-Summons App: Streamlines the service of summons, allowing for electronic delivery and verification, saving time and resources.
• Infrastructure and Resources:Haryana police stations are being equipped with tablets, mobile handsets, and computers connected to the Crime and Criminal Tracking Network and Systems (CCTNS).
• Minimum internet speed of 10 MBPS in each police station to support digital operations.
• National Informatics Centre (NIC) managing the backend storage required for the implementation of electronic evidence submission.
• Implementation Timeline and Amendments:The new laws require upgrades to infrastructure and forensic capabilities.
• The states have been given five years to fully implement all aspects of the new laws, including necessary amendments to state police rules.

About Haryana :

• Governor : Bandaru Dattatreya
• Chief Minister : Nayab Singh Saini
• Capital : Chandigarh

Flamingo Festival to Start on January 18 in Tirupati District  

• The Flamingo Festival will be held after a gap of five years in Tirupati district, Andhra Pradesh, from January 18 to 20, 2025.
• The festival will be spread across five locations in the region:
  • Nelapattu
  • V. Palem
  • Atakanithippa
  • Sri City
  • Sullurpeta
• Over 200 varieties of birds are expected to migrate to this region during the festival season.
• The government has developed infrastructure facilities in the region, integrating them with the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) for better accessibility and sustainability.

CURRENT AFFAIRS: BUSINESS NEWS

NMDC Reduces Iron Ore Prices by ₹350 Per Tonne

• State-owned miner NMDC (National Mineral Development Corporation)has announced a price reduction of ₹350 per tonne for both lump and fine iron ore, effective January 9, 2025.

Updated Prices

1. Lump Ore (10-40 mm, Fe content 67%):
   • New Price: ₹6,000 per tonne
2. Fines (less than 10 mm, Fe content 64%):
   • New Price: ₹5,060 per tonne

These prices apply to ore sourced from NMDC’s Baila Mine and are Freight on Road/Rail (FOR) rates.

Key Details

• Prices Include:
  • Royalty
  • District Mineral Fund (DMF)
  • National Mineral Exploration Trust (NMET)
  • Cess and Forest Permit Fees
• Prices Exclude:
  • Transit Fees
  • GST
  • Environmental Cess
  • Other Taxes

Government Subsidy of ₹35,000 Crore for State-Owned Fuel Retailers

• The Indian government is set to provide a ₹35,000 crore subsidy to state-owned fuel retailers—Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL)—to offset losses incurred due to regulated pricing of domestic LPG.

Key Highlights

1. Price Freeze and Under-Recoveries:
   • Domestic LPG prices have remained fixed at ₹803 per 14.2-kg cylinder since March 2024, despite rising input costs.
   • This has led to an estimated under-recovery of ₹40,500 crore for the fiscal year 2024-25.
   • Under-recovery per cylinder is approximately ₹240.
2. Subsidy Details:
   • Total subsidy: ₹35,000 crore, to be disbursed in two phases:
     • ₹10,000 crore in 2024-25.
     • ₹25,000 crore in 2025-26.
   • Provisions for the subsidy are expected to feature in the 2025-26 Union Budget, to be presented on February 1, 2025.
3. Impact on Fuel Retailers:
   • IOC: Estimated loss of ₹19,550 crore.
   • HPCL: Estimated loss of ₹10,570 crore.
   • BPCL: Estimated loss of ₹10,400 crore.
4. Historical Context:
   • In 2021-22 and 2022-23, the government compensated these companies with ₹22,000 crore for under-recoveries, against losses totaling ₹28,249 crore.
5. Challenges:
   • Domestic LPG production is insufficient to meet demand, necessitating imports.
   • Prices in India are regulated to shield households from high international market rates, which are benchmarked to the Saudi Contract Price (CP).
   • High international LPG prices in 2024 have exacerbated financial challenges for fuel retailers.
6. GST Implications:
   • To fully compensate retailers, the government might include additional tax liabilities, as the Directorate General of GST Intelligence (DGGI) has raised tax demands on the previously disbursed ₹22,000 crore.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Retired Justice B.N. Srikrishna to Lead Advisory Board of ID Verification Firm Equal

• Retired Supreme Court Justice B.N. Srikrishna has been appointed to chair the Advisory Board of Equal, an ID verification and data-sharing platform.
• Equal provides identity authentication services to large firms and has digital integrations with multiple ID providers.
• This appointment comes as the government finalizes the Digital Personal Data Protection Rules, 2025, to implement the DPDP Act, 2023.
• Justice Srikrishna previously chaired the committee for formulating India’s data protection law under the Union Ministry of Electronics and Information Technology.
• The report of this committee was submitted in 2018 but was not taken up.

About Justice Srikrishna :

• Headed the Sixth Pay Commission.
• Chaired the Financial Sector Legislative Reforms Commission.
• Led the Expert Committee on Arbitration Law to propose reforms to the Arbitration & Conciliation Act, 1996.
• Equal’s Advisory Board and OneMoney:The advisory board will also advise OneMoney, an account aggregator offering consumers a consolidated view of their financial data.
• OneMoney offers a consent management solution for consumers and secure data-sharing services for financial institutions in the open banking ecosystem.
• Role of Account Aggregators:Account aggregators, such as OneMoney, are crucial to the government’s digitisation goals, providing secure, compliant, and consent-driven data sharing.

Members of the Advisory Board:

• The board includes several high-profile appointees, such as:
  • Jagdish Capoor, Rakesh Mohan, and Anand Sinha (former Deputy Governors of the RBI).
  • Satyanarayana and Ajay Prakash Sawhney (former CEOs of UIDAI).
  • H. Ravikumar, the founding CEO of NCDEX.

Lebanese Parliament Chooses Joseph Aoun as President, Ending 2-Year Impasse

• Lebanon’s parliament is making another attempt to elect a president, aiming to fill a presidential vacancy that has lasted over two years since Michel Aoun’s term ended in October 2022.
• 12 previous attempts have failed to elect a successor, but there are indications that Joseph Aoun, the Lebanese army commander, may be elected as president in the upcoming vote.

Key Highlights :

• Leading Presidential Candidate:Joseph Aoun is seen as the leading candidate for president and is backed by the United States and Saudi Arabia.
• His candidacy has gained momentum following the withdrawal of Suleiman Frangieh, who had been previously supported by Hezbollah. Frangieh, who had ties to Bashar Assad, endorsed Joseph Aoun for president.
• Lebanon’s Sectarian Power-Sharing System:Lebanon operates under a sectarian power-sharing system that often leads to deadlock in political processes.
• The longest presidential vacancy prior to this occurred between May 2014 and October 2016, lasting nearly 2 1/2 years, before Michel Aoun was elected president.
• Constitutional Hurdles for Joseph Aoun:As a sitting army commander, Joseph Aoun is technically barred from becoming president by Lebanon’s constitution. This restriction has been waived in the past, but it poses additional procedural hurdles for his election.
• Aoun would need a two-thirds majority in the parliament to become president, even in the second round of voting due to these constitutional issues.
• Other Presidential Contenders:
  • Jihad Azour, former finance minister and director of the IMF’s Middle East and Central Asia Department.
  • Elias al-Baysari, acting head of Lebanon’s General Security agency.
• Challenges for the New Government:The new president will be tasked with appointing a permanent prime minister and cabinet. Lebanon has been under a caretaker government for two years, which has limited powers due to the lack of a sitting president.
• The incoming government will face significant challenges, including reconstruction efforts after the Israel-Hezbollah war and addressing Lebanon’s six-year economic crisis, which has resulted in currency devaluation and loss of savings.

About Lebanon :

• Prime Minister : Najib Mikati
• Capital : Beirut
• Currency : Lebanese pound

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Steel Ministry Proposes Merger of NMDC and Kudremukh Iron Ore Company Limited, Proposal Submitted to Department of Public Enterprises for Approval    

• The Steel Ministry of India has proposed the merger of NMDC (National Mineral Development Corporation) with Kudremukh Iron Ore Company Limited (KIOCL).
• The merger proposal follows KIOCL’s inability to start mining operations at Devadiri in Karnataka.
• Approval Process:The merger proposal has been submitted to the Department of Public Enterprises (DPE) under the Ministry of Finance for approval.
• Further details of the merger will be available after the Finance Ministry’s approval.
• Regulatory approvals are also required for the merger to proceed.
• Strategic Benefits of the Merger:The merger will provide NMDC (valued at ₹22,000 crore) access to KIOCL’s 4 million tonne per annum (mtpa) plant, which already has export clearances in place.

About KIOCL:

• KIOCL is a Mini Ratna company, set up in 1976 for iron ore mining and beneficiation at Kudremukh.
• KIOCL is the only export-oriented iron-ore miner in India with export clearances.

About NMDC:

• NMDC is India’s largest iron ore producer and exporter.
• NMDC is a public sector undertaking involved in the exploration of various minerals like iron ore, rock, gypsum, magnesite, diamond, tin, tungsten, graphite, and coal.
• Headquarters: Hyderabad, Telangana.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Microsoft Chairman and Chief Executive Officer Satya Nadella Announces Cloud and AI-Driven Strategic Partnerships with Indian Government and Industry Leaders

• Satya Nadella, Chairman and CEO of Microsoft, announced cloud and AI-led strategic partnerships with the Indian government and industry leaders across key sectors of the Indian economy.
• Microsoft is partnering with the Ministry of Electronics and Information Technology (MeitY) under the IndiaAI Mission.
• The goal of the partnership is to make India a global leader in artificial intelligence (AI).
• The collaboration with MeitY aims to accelerate AI development and adoption in India, while promoting an inclusive, innovative, and ethical AI ecosystem.

Key Highlights :

• Investment in AI and Cloud Infrastructure:Microsoft announced a $3 billion investment over two years to boost cloud and AI infrastructure in India.
• This investment will focus on AI adoption, skilling, and innovation.
• Support for IndiaAI Mission:Microsoft will contribute to the IndiaAI Mission Datasets platform, focusing on data collection and synthetic data generation. They will engage with partners such as AI4Bharat.
• AI Skilling Initiatives:Microsoft plans to skill 5 lakh students and teachers in AI by 2026 through collaborations with educational institutions and government bodies.
• AI Productivity Labs:Microsoft will establish AI Productivity Labs in 20 National Skill Training Institutes (NSTIs)/NIELIT centres across 10 states to train 20,000 educators in foundational AI courses.

About Microsoft:

• Founded : April 4, 1975
• Headquarters : Washington, United States
• Chairman & CEO : Satya Nadella
• Microsoft is an American multinational technology company founded by Bill Gates and Paul Allen.

CURRENT AFFAIRS : OBITUARIES

Renowned National Award-Winning Singer P. Jayachandran Passed away  

• Renowned playback singer P Jayachandran, affectionately called ‘Bhava Gayakan’ passed away at the age of 81.

About P Jayachandran :

• Jayachandran was born on March 3, 1944, in Ernakulam, Kerala.
• He recorded over 16,000 songs in multiple languages: Malayalam, Tamil, Telugu, Kannada, and Hindi.
• He is widely recognized for his contribution to Indian music, particularly as a playback singer.
• He started his musical journey in high school, learning to play the mridangam and singing light classical music.
• He won first place in the mridangam competition at the 1958 state school kalotsavam.
• He made his film debut with the song “Oru Mullappoo Malayumayi” for the movie Kunjali Marakkar in 1965, though his first released song was “Manjalayil Mungithorthi” from Kalithozhan.
• He collaborated with renowned composers such as G Devarajan, M S Baburaj, V Dakshinamoorthy, K Raghavan, M K Arjunan, M S Viswanathan, Ilaiyaraaja, A R Rahman, Vidyasagar, and M Jayachandran.

Awards and Recognition:

• National Film Award for Best Playback Singer.
• Five Kerala State Film Awards and two Tamil Nadu State Film Awards.
• JC Daniel Award from the Government of Kerala.
• Kalaimamani Award from the Government of Tamil Nadu.
• Memorable Performances:His performance of “Shiva Shankara Sharana Sarva Vibho” from Sree Narayana Guru earned him the National Award.

CURRENT AFFAIRS: SPORTS NEWS

Pratik Waikar: Leading India to the Inaugural Kho Kho World Cup

• Pratik Waikar, a 32-year-old kho kho player from Pune, is set to captain the Indian men’s team in the first-ever Kho Kho World Cup, marking a significant milestone in his journey with this indigenous sport.

Key Highlights

The Inaugural Kho Kho World Cup

• Dates: January 13–19, 2025.
• Venue: Indira Gandhi Indoor Stadium, New Delhi.
• Opening Match: India vs. Nepal.
  • Pakistan will not participate due to visa issues.
• India will field two teams in both the men’s and women’s sections.

Pratik Waikar’s Rise in Kho Kho

• Early Start: Began playing at the age of eight as a fun activity during school.
• National Achievements:
  • Part of the Indian team since 2016.
  • Won gold in the South Asian Games (2016).
• Professional Journey:
  • Starred for Telugu Yoddhas in Ultimate Kho Kho.
  • Overcame financial and social challenges to pursue a professional career.
• Leadership Role: Waikar views his captaincy as a “big responsibility” and aims to lead the team with discipline and focus to win the tournament.

Women’s Team Leadership

• Captain: Priyanka Ingle, a 24-year-old from Pune.
• Focus: Like the men’s team, the women’s team aims to bring glory and raise the profile of kho kho.

Mo Farah Named International Event Ambassador for Tata Mumbai Marathon 2025

• Legendary athlete Mo Farah, a multiple Olympic and World Champion, has been announced as the International Event Ambassador for the 20th edition of the Tata Mumbai Marathon, set to take place on January 19, 2025.

Event Highlights

• Participation: Record-breaking 60,000 runners will compete.
• Starting Point: The iconic Chhatrapati Shivaji Maharaj Terminus.
• Significance:
  • Ranked among the top 10 marathons globally.
  • Features world-class athletes, including:
    • Hayle Lemi Berhanu and Srinu Bugatha (Men’s defending champions).
    • Aberash Minsewo and Thakor Nirmaben (Women’s category leaders).

Mo Farah’s Legendary Achievements

• Olympic Gold Medals: Four (2012 & 2016 in 5,000m and 10,000m).
• World Championship Golds: Six (2011–2017).
• Historic Feat: Achieved the ‘quadruple-double’, retaining both 5,000m and 10,000m titles at the Olympics and World Championships.
• Unbroken Streak: Ten consecutive global wins from 2011 to 2017, cementing his legacy as one of the greatest distance runners.

England Hockey Introduces Policy Restricting Transgender Women from Female Category

• England Hockey announced a significant policy change, outlining that transgender women will not be allowed to compete in the female category starting next season.
• This move is part of a broader strategy to address transgender and non-binary participation in the sport.

Key Features of the New Policy:

1. Introduction of Two Categories:
   • Female Category: Restricted to cisgender women.
   • Open Category: Inclusive of all participants, including transgender and non-binary players.
2. Policy Review and Rationale:
   • The review of the previous policy, initiated in July 2023, was informed by insights from the Sports Councils’ Equality Group.
   • Based on the evidence, the new policy restricts transgender women’s participation in the female category to ensure fair competition.
3. Commitment to Affected Players:
   • England Hockey emphasized its commitment to supporting affected players, assisting them in finding pathways that allow them to continue playing the sport in a way that aligns with the new regulations.
4. Policy Implementation Timeline:
   • The new policy will take effect from September 1, marking the beginning of the next season.

Similar Changes Across Other Sports:

• Several sports organizations have adopted similar measures:
  • Lawn Tennis Association: Banned transgender women from certain domestic tournaments.
  • LPGA Golf Tour: Announced that transgender women who underwent male puberty will be ineligible from 2025.
  • England and Wales Cricket Board: Set a policy to exclude players who underwent male puberty from top-tier women’s cricket, effective 2025.

CURRENT AFFAIRS: IMPORTANT DAYS

National Human Trafficking Awareness Day: 11th January

• National Human Trafficking Awareness Day 2025 is observed on the 11th January 2025.
• The fight against human trafficking made progress in the late 20th and early 21st centuries.
• The Trafficking Victims Protection Act, which was passed in 2000, was the first federal statute to address contemporary slavery.
• Anti-Slavery International also founded the American nonprofit organization Free The Slaves.
• The resolution designating January 11 as National Human Trafficking Awareness Day was approved by the US Senate in 2007.
• The entire month of January 2010 was devoted by President Obama to raising awareness and preventing human trafficking.

Daily CA One- Liner: January 11

• Prime Minister Shri Narendra Modi flagged off the Pravasi Bharatiya Express, a state-of-the-art tourist train designed under the Pravasi Teerth Darshan Yojana (PTDY).
• As India marches towards its centenary of Independence in 2047, the nation is investing in its youth as the architects of a Viksit Bharat (Developed India).
• Prime Minister Narendra Modi laid the foundation stone for a Green Hydrogen Hub project at Pudimadaka near Visakhapatnam, Andhra Pradesh, marking a major milestone under the National Green Hydrogen Mission.
• India has completed the GenomeIndia Project, a groundbreaking initiative that sequenced the genomes of 10,000 Indians from 83 population groups, representing about 2% of the country’s 4,600 population groups.
• Prime Minister Narendra Modi is set to inaugurate the Rs 2,400 crore Z-Morh Tunnel.
• Nirmala Lakshman, Chairperson of The Hindu Group Publishing Private Limited, released a new book titled “Thiruvallikeni – Divine Abode of Lord Parthasarathy” as part of The Hindu Group’s Shrine Series
• State-owned miner NMDC (National Mineral Development Corporation)has announced a price reduction of ₹350 per tonne for both lump and fine iron ore, effective January 9, 2025.
• The Indian government is set to provide a ₹35,000 crore subsidy to state-owned fuel retailers—Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL)—to offset losses incurred due to regulated pricing of domestic LPG
• Pratik Waikar, a 32-year-old kho kho player from Pune, is set to captain the Indian men’s team in the first-ever Kho Kho World Cup, marking a significant milestone in his journey with this indigenous sport
• Legendary athlete Mo Farah, a multiple Olympic and World Champion, has been announced as the International Event Ambassador for the 20th edition of the Tata Mumbai Marathon, set to take place on January 19, 2025
• Punjab National Bank (PNB) has launched its first Cybersecurity Hackathon 2024-25, with the theme “Code Against Malware”.
• The microfinance portfolio stood at ₹4.1 lakh crore as of September 2024.
• At the start of FY24, unclaimed amounts with life insurers stood at nearly ₹22,237 crore.
• Indian Overseas Bank (IOB) is selling Rs 11,500 crore worth of non-performing assets (NPAs) to asset reconstruction companies (ARCs).
• Haryana is set to become the first state to implement the new criminal laws in their entirety, following Chandigarh, the first union territory to do so.
• The Flamingo Festival will be held after a gap of five years in Tirupati district, Andhra Pradesh, from January 18 to 20, 2025.
• Retired Supreme Court Justice B.N. Srikrishna has been appointed to chair the Advisory Board of Equal, an ID verification and data-sharing platform.
• Lebanon’s parliament is making another attempt to elect a president, aiming to fill a presidential vacancy that has lasted over two years since Michel Aoun’s term ended in October 2022.
• The Steel Ministry of India has proposed the merger of NMDC (National Mineral Development Corporation) with Kudremukh Iron Ore Company Limited (KIOCL).
• Satya Nadella, Chairman and CEO of Microsoft, announced cloud and AI-led strategic partnerships with the Indian government and industry leaders across key sectors of the Indian economy.
• Renowned playback singer P Jayachandran, affectionately called ‘Bhava Gayakan’ passed away at the age of 81.
• England Hockey announced a significant policy change, outlining that transgender women will not be allowed to compete in the female category starting next season
• National Human Trafficking Awareness Day 2025 is observed on the 11th January 2025.

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