Daily Current Affairs January 02nd & 03rd 2025 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Finance Ministry Urges Banks and Insurance Firms to Speed Up Resolution of Public Grievances

• The Finance Ministry urged public sector banks (PSBs) and insurance firms to speed up the resolution of public grievances.
• The meeting was chaired by Financial Services Secretary M Nagaraju and included complainants, PSBs, public sector insurance companies (PSICs), and regulators.

Key Highlights :

• Assessment of Grievance Quality: 20 randomly selected grievances were reviewed to assess the quality of their resolution.
• Prime Minister’s Direction: The Secretary reiterated the Prime Minister’s instruction from the Pragati meeting (December 26), asking senior officers (Chairman/MD/ED of PSBs/PSICs) to review at least 20 cases every month for monitoring resolution quality.
• Customer Satisfaction Focus: Customer satisfaction was emphasized as the core of grievance redressal mechanisms.
• Consequences of Negligence: Any negligence in resolving grievances was highlighted as damaging to the reputation and brand value of the organizations.
• Emphasis on Time-bound Resolution: Grievances should be addressed sincerely and within a specified time frame.
• Need for Technical and IT Solutions: The meeting underlined the importance of technical solutions to reduce repetitive complaints and increase efficiency in grievance resolution.

About Ministry of Finance :

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

IDBI Bank to Raise ₹10,000 Crore via Long-Term Bonds

• IDBI Bank has approved the issuance of Long-Term Bonds to finance Infrastructure and Affordable Housing projects, raising up to ₹10,000 crore.
• The bond issuance will occur in tranches, with ₹5,000 crore expected to be raised by March 31, 2025, and the balance during FY 2025-26.
• Purpose of Bonds: The funds raised through these bonds will be used for financing infrastructure and affordable housing projects.
• Regulatory Exemptions: These long-term infrastructure bonds are eligible for certain regulatory exemptions, including relief from statutory liquidity ratio (SLR) and cash reserve ratio (CRR) requirements.
• Infrastructure Bonds: Banks and financial institutions use infrastructure bonds to raise funds for long-term infrastructure projects, with a minimum maturity of seven years.
• Relevance to Industry Trends: The move reflects the growing trend among banks to raise funds through infrastructure bonds, particularly due to slower deposit growth in the banking sector.

About IDBI Bank :

• Founded : 1 July 1964
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Rakesh Sharma
• The IDBI Bank Limited is a Scheduled Commercial Bank under the ownership of Life Insurance Corporation of India (LIC) and Government of India.
• It was established by the Government of India as a wholly owned subsidiary of the Reserve Bank of India in 1964 as Industrial Development Bank of India, a Development Finance Institution, which provided financial services to the industrial sector.

Indian Bank Aims for 3.4% net interest margin in FY25

• Indian Bank aims to maintain a 3.4% net interest margin (NIM) in FY25, with a possible variation of ±10-15 basis points.

Key Highlights :

• Factors Supporting NIM Maintenance:Loans linked to external benchmarks will reprice immediately when interest rates decline, helping to manage interest income.
• Around 55-60% of the bank’s loans are linked to the Marginal Cost of Funds Based Lending Rate (MCLR), providing a hedge.
• The bank has a strong investment portfolio with yields over 7%, which will support its margin.
• As interest rates decline, deposit prices will decrease, further helping to maintain NIM.
• Recovery Target:Indian Bank targets a recovery of ₹7,000 crore to ₹8,000 crore in FY25.
• The bank has already recovered ₹3,958 crore in H1FY25, making it on track to meet its annual recovery target.
• Digital Transformation:Over the past three years, the bank generated ₹1.8 lakh crore in digital business and increased mobile banking customers from 50 lakh to 1.81 crore.
• The bank has built an analytics centre of excellence using AI and ML to offer personalized products, enhancing customer experiences and operational efficiency.
• Employee Productivity and Transparency:Indian Bank has implemented a scientific target-setting system for employees, linking Key Result Areas (KRA) with the core banking system.
• This system allows employees to track their performance and fosters a culture of transparency, contributing to higher productivity.
• Improved Customer Service and Earnings:The bank has focused on improving customer service, which has resulted in consistent earnings over 13-14 quarters.
• Indian Bank has shown good quality growth post the merger with Allahabad Bank, with a significant increase in net profit.
• Leadership Transition:The current MD, V. Srinivasan, emphasized the importance of change management as his successor, Binod Kumar, took charge on January 1, 2025.

External Debt Increases to $711.8 Billion as of September, Up 4.3% from June: Finance Ministry

• India’s external debt reached $711.8 billion in September 2024, a rise of 4.3% compared to June 2024. This represents an increase of $29.6 billion over the June-end 2024 level.
• In September 2023, external debt was $637.1 billion, showing a significant year-on-year increase in 2024.
• The ratio stood at 19.4% in September 2024, up from 18.8% in June 2024.

Key Highlights :

• Currency Composition of Debt: The major components of external debt were:
• US Dollar-denominated debt: 53.4%
• Indian Rupee: 31.2%
• Japanese Yen: 6.6%
• Special Drawing Rights (SDR): 5.0%
• Euro: 3.0%
• Sector-wise Debt: The external debt was shared among different sectors:
• Loans: 33.7%
• Currency and deposits: 23.1%
• Trade credit and advances: 18.3%
• Debt securities: 17.2%
• Debt Service Ratio: Debt servicing, including principal and interest repayments, accounted for 6.7% of current receipts at the end of September 2024, slightly up from 6.6% in June 2024.

UPI Transactions Hit Record High of 16.73 Billion in December with a Value of ₹23.25 Trillion

• According to the latest data by National Payments Corporation of India (NPCI), In December 2024, Unified Payment Interface (UPI) transactions reached an all-time high of 16.73 billion, surpassing the previous record of 16.58 billion in October 2024.

Key Highlights :

• Month-on-Month Increase: UPI transactions increased month-on-month, rising from 15.48 billion in November to 16.73 billion in December 2024.
• Value of Transactions: The total value of UPI transactions in December 2024 was ₹23.25 trillion, showing a significant recovery from ₹21.55 trillion in November.
• Daily Transaction Growth: The number of daily UPI transactions increased from 516 million in November to 540 million in December 2024.
• Future Projections: UPI transactions are projected to exceed 100 crore transactions per day by FY27.

Reserve Bank of India Issues Guidelines for Lenders on Participation in Government Debt Relief Schemes

• The Reserve Bank of India (RBI) has issued guidelines for lenders participating in Government Debt Relief Schemes (DRS), focusing on the sacrifice of interest, principal, and loan account status.
• DRS are typically announced by states to provide financial relief to borrowers, especially during natural calamities, or as political promises during elections.
• These schemes target specific segments of borrowers, such as farmers.

Key Highlights :

• Model Operating Procedure (MOP): RBI has shared a Model Operating Procedure (MOP) with State Governments, which includes steps for consultation with State Level Bankers’ Committee (SLBC) and District Level Consultative Committee (DCC), and guidelines for the scheme’s design and funding.
• Provision for Dues Pending Beyond 90 Days: For any dues pending from the Government for more than 90 days, RBI has mandated a 100% provision, emphasizing that lenders must actively pursue the settlement of these dues.
• DRS as a Last Resort: RBI stresses that DRS should only be considered as a last resort and must be implemented following proper consultation and within a well-defined framework to avoid financial instability.
• No Receivables from Government: Lenders are prohibited from creating any receivable against the Government concerning DRS.
• Until the receipt of funds from the Government, lenders must continue applying prudential norms to the borrower accounts.
• Lender’s Action for Settlement: Lenders must take necessary actions to follow up with the Government for the early settlement of dues and ensure proper handling of borrowers’ accounts under the DRS.
• Applicability of Guidelines: These guidelines apply to all Commercial Banks (including Regional Rural Banks and Local Area Banks), Primary (Urban) Co-operative Banks, State and Central Co-operative Banks, Non-Banking Financial Companies (NBFCs), Housing Finance Companies, and All-India Financial Institutions.
• Impact on Financial Stability: The RBI emphasizes that DRS must be carefully designed to avoid creating financial instability or moral hazards, and should address critical aspects like borrower identification, scheme timelines, and claim settlements.
• Role of Lenders in the Process: Lenders should ensure that any sacrifice in interest or principal under DRS is done in a manner that complies with the relevant asset classification, provisioning norms, and credit discipline.

About RBI :

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

CURRENT AFFAIRS: NATIONAL NEWS

Union Home Ministry Amends Prison Manual to Eliminate Caste-Based Discrimination

• The Union Home Ministry has amended the Model Prison Manual, 2016, and the Model Prisons and Correctional Services Act, 2023, to address caste-based discrimination in prisons.
• Supreme Court Ruling: The changes follow the October 3, 2024 order from the Supreme Court, which highlighted concerns about caste-based discrimination in prisons.
• Key Provision: Prison authorities are now mandated to ensure there is no discrimination, classification, or segregation of prisoners based on their caste, particularly in assigning duties and work.

Changes in the Model Prisons and Correctional Services Act:

• Prohibition of Caste-Based Discrimination: A new provision titled ‘Prohibition of caste-based discrimination in Prisons and Correctional Institutions’ has been added as Section 55(A).
• Employment Conditions: The amendments emphasize that provisions of The Prohibition of Employment as Manual Scavengers and their Rehabilitation Act, 2013, will apply in prisons, effectively banning manual scavenging and hazardous cleaning within prison premises.

Air India Launches Wi-Fi Connectivity on Domestic and International Flights

• Tata group airline Air India has rolled out Wi-Fi internet connectivity services on board domestic and international flights operated by select aircraft in its fleet.
• With the rollout of this service, Air India has become the first Indian airline to offer internet connectivity on domestic flights.

Key Highlights

• Wi-Fi on Domestic Flights: Air India becomes the first Indian airline to offer internet connectivity on domestic flights.
• Introductory Offer: Free Wi-Fi service is available on select domestic flights for a limited period, with no specified end date.
• Aircraft with Wi-Fi: Available on Air India’s Airbus A350, Boeing 787-9, and select Airbus A321neo aircraft.
• Expansion Plans: The airline plans to gradually extend the Wi-Fi service to more aircraft in its fleet.
• International Flights: Wi-Fi has been offered on international flights operated by the same aircraft models as part of a pilot programme.
• Partnership with Nelco and Panasonic: Service is facilitated through Nelco, a Tata group company, in collaboration with Panasonic Avionics Corporation.

Service Features

• Multi-Device Access: Wi-Fi can be accessed on devices such as laptops, tablets, and smartphones (iOS or Android).
• Seamless Connectivity: Passengers can connect multiple devices at the same time.
• Access Process: To use Wi-Fi, passengers must select the ‘Air India Wi-Fi’ network, enter their PNR and last name on the Air India portal, and get connected.

Expansion and Future Plans

• The service is expected to be progressively rolled out across more aircraft over time, including on aircraft inherited from the Vistara merger in November 2024.
• Tata Group’s Vision: Air India aims to be a leading full-service carrier globally, aligning with the growing trend of in-flight internet services.

Centre Extends Special Subsidy on Di-Ammonium Phosphate (DAP) Fertilizer

• The Centre has extended the special subsidy of ₹3,500 per tonne on Di-Ammonium Phosphate (DAP) for another year, from January 1, 2025, to December 31, 2025.
• This move aims to prevent a rise in the farmgate price of DAP, the second most-consumed fertilizer in India, amid pressure from the depreciating rupee against the US dollar.
• Maximum Retail Price (MRP) Control: Despite the decontrol of non-urea fertilizers on paper, the government has effectively frozen the MRP of DAP and other non-urea fertilizers, keeping them below the actual cost of importation.

Subsidy Details:

• Total Subsidy on DAP: Fertilizer companies receive a subsidy of ₹21,911 per tonne for DAP, plus the special ₹3,500 subsidy for the next year.
• Price Impact: With the subsidy and MRP caps, the gross realization per tonne of DAP is ₹52,411, which still does not cover the import cost of ₹54,160 per tonne at the current exchange rate.

MRP for DAP and Other Fertilizers:

• The government caps DAP MRP at ₹1,350 per 50-kg bag, translating to ₹27,000 per tonne.
• MRPs for Complex Fertilizers:
  • ₹1,300 per bag for 20:20:0:13
  • ₹1,470 per bag for 12:32:16:0 and 10:26:26:0
  • ₹1,500-1,600 per bag for Muriate of Potash

CURRENT AFFAIRS: BUSINESS NEWS

GST Collections Dip to 3-Month Low in December but Show Year-on-Year Growth

• Collection from Goods & Services Tax (GST) dipped to a 3-month low in December to ₹1.76 lakh crore.
• However, this marks an increase of nearly 7 per cent from ₹1.65 lakh crore collected in the same month 2023.

Key Highlights:

• Total GST Collection: ₹1.76 lakh crore in December 2024, a 3-month low, but a 7% increase from ₹1.65 lakh crore in December 2023.
• Impact of Post-Festival Slump: December’s collection reflects reduced consumption during the post-festival period, with a typical slowdown in goods consumption and services availed in November.
• GST Composition:
  • Central GST (CGST): ₹32,836 crore
  • State GST (SGST): ₹40,499 crore
  • Integrated GST (IGST): ₹47,783 crore
  • Cess: ₹11,471 crore
• GST from Domestic Transactions: Increased by 8.4%, reaching ₹1.32 lakh crore.
• GST from Imports: Rose by 4%, totaling ₹44,268 crore.
• Refunds: Increased by 31%, with ₹22,490 crore refunded, signaling stability in the refund process.

CURRENT AFFAIRS: AWARDS AND HONOURS

2024 Major Dhyan Chand Khel Ratna Awardees Recognized for Exceptional Sporting Achievements

• The Indian government has announced the recipients of the prestigious Major Dhyan Chand Khel Ratna Award for 2024, honouring athletes who have made exceptional contributions to sports in the country.
• This esteemed award recognizes outstanding performances and achievements in various disciplines.

Awardees and Their Achievements

• Manu Bhaker (Shooting):
  • Made history at the Paris 2024 Olympics by becoming the first Indian athlete post-Independence to win two medals in a single edition of the Games.
  • Despite initial controversies surrounding her nomination, Bhaker’s exemplary performance has now been rightfully recognized.
• Harmanpreet Singh (Hockey):
  • As the captain of the Indian men’s hockey team, led them to a second consecutive Olympic bronze medal in Paris.
  • His leadership and skills have been instrumental in India’s consistent performance on the international stage.
• Praveen Kumar (Para Athletics):
  • Clinched gold at the Paris Paralympics in the men’s high jump T64 category, setting a new Asian record.
  • His achievement has played a key role in elevating India’s position in para-athletics.
• D Gukesh (Chess):
  • Emerged as a formidable force in the world of chess, achieving significant milestones and contributing to India’s rising stature in global chess.

Significance of the Khel Ratna Award

• India’s Highest Sporting Honor:
  • The Major Dhyan Chand Khel Ratna Award is India’s highest recognition for sports performance.
  • Instituted in 1991–1992, the award celebrates the outstanding achievements of athletes who bring glory to the nation.
  • It is awarded to individuals or teams who exhibit exceptional talent and dedication in their respective sports.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy to commission 3 key fleet assets: Nilgiri, Surat, and Vagsheer

• 15 January 2025 is set to become a landmark day in India’s history as the Indian Navy prepares to commission three frontline combatants – Nilgiri, the lead ship of the Project 17A stealth frigate class; Surat, the fourth and final ship of the Project 15B stealth destroyer class; and Vaghsheer, the sixth and final submarine of the Scorpene-class project – together at Naval Dockyard, Mumbai.
• This historic event will provide a significant boost to the Indian Navy’s combat potential while underscoring the country’s pre-eminent status in indigenous shipbuilding.
• All three platforms have been designed and constructed entirely at Mazagon Dock Shipbuilders Limited (MDL), Mumbai, a testament to India’s growing self-reliance in the critical domain of defense production.

Key Highlights :

• Nilgiri, the lead ship of Project 17A, is a major advancement over the Shivalik-class frigates, incorporating significant stealth features and reduced radar signatures through state-of-the-art technology.
• The Project 15B destroyer, Surat, is the culmination of the follow-on class to the Kolkata-class (Project 15A) destroyers, featuring substantial improvements in design and capabilities.
• Both ships were designed by the Indian Navy’s Warship Design Bureau and are equipped with advanced sensors and weapon packages developed primarily in India or through strategic collaborations with leading global manufacturers.
• Nilgiri and Surat can operate a range of helicopters, including Chetak, ALH, Sea King, and the newly inducted MH-60R, during both day and night operations.
• Vaghsheer, the sixth Scorpene-class submarine under the Kalvari-class Project 75, is one of the most silent and versatile diesel-electric submarines in the world.
• It is designed to undertake a wide range of missions, including anti-surface warfare, anti-submarine warfare, intelligence gathering, area surveillance, and special operations.
• The submarine also features modular construction, allowing for future upgrades such as the integration of Air Independent Propulsion (AIP) technology.

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Sanjay Seth

Ministry of Defence designates 2025 as the ‘Year of Reforms’

• The Ministry of Defence has declared 2025 as the “Year of Reforms” to modernize India’s armed forces and prepare them for future challenges.
• Reforms will enhance Jointness and Integration initiatives, aiming for the establishment of Integrated Theatre Commands.
• The reforms will prioritize new domains like Cyber and Space, as well as emerging technologies such as Artificial Intelligence (AI), Machine Learning (ML), Hypersonics, and Robotics.
• The development of associated Tactics, Techniques, and Procedures (TTPs) will be essential to win future wars.
• The overall aim is to build a more capable, technologically advanced, and integrated military force by 2025.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Bhuvnesh Kumar Takes Over as Chief Executive Officer of Unique Identification Authority of India

• Shri Bhuvnesh Kumar has been appointed as the Chief Executive Officer (CEO) of the Unique Identification Authority of India (UIDAI).
• Along with being the CEO of UIDAI, he serves as Additional Secretary in the Ministry of Electronics and Information Technology (MeitY), Government of India.

About Shri Bhuvnesh Kumar :

• He is an Indian Administrative Service (IAS) officer from the 1995 batch, Uttar Pradesh cadre.
• Graduate and gold medalist from the National Institute of Technology (NIT), Kurukshetra.
• Earlier, he has also served as the Joint Secretary in MeitY.

Key Roles in Uttar Pradesh (Cadre State):

• Principal Secretary in the Department of Animal Husbandry, Dairy Development, and Fisheries.
• Held positions such as:
  • Secretary Finance
  • Secretary MSME
  • Secretary Technical Education
  • Divisional Commissioner, Department of Land Revenue
  • Secretary for Sports and Youth Welfare, Planning, and Vocational Education

About Ministry of Electronics & IT :

• Cabinet Minister : Ashwini Vaishnaw
• Minister of State : Jitin Prasada

Air Marshal Jeetendra Mishra Takes Charge as Commander of Indian Air Force’s Western Air Command

• Air Marshal Jeetendra Mishra assumed command of the Indian Air Force’s Western Air Command on 1st January 2025.
• Air Marshal Jeetendra Mishra succeeds Air Marshal Pankaj Mohan Sinha who superannuated on 31 December 2024 after putting in more than 39 years of distinguished service in the IAF.

About Air Marshal Jeetendra Mishra :

• The Air Marshal was commissioned into the Indian Air Force as a fighter pilot on 06 December 1986.
• He is an alumnus of National Defence Academy Pune, Air Force Test Pilots School, Bangalore, Air Command and Staff College, USA and Royal College of Defence Studies, UK. A Fighter Combat Leader and an experimental Test Pilot, Air Marshal Mishra has more than 3000 hours of flying experience.
• In his service career spanning over 38 years, the Air Marshal has tenanted important command and staff appointments.
• These include Commanding Officer of a Fighter Squadron, Chief Test Pilot at Aircraft & Systems Testing Establishment (ASTE), Air Officer Commanding of two frontline air bases, Director (Operational Planning and Assessment Group), Principal Director (ASR) and Asst Chief of Air Staff (Projects) at Air HQ (VB), Commandant ASTE and Deputy Chief of Integrated Defence Staff (Doctrine, Organisation and Training). He was Deputy Chief of Integrated Defence Staff (Operations) prior to taking over his present appointment.
• He is a recipient of ‘Ati Vishisht Seva Medal’ and ‘Vishisht Seva Medal’.

Manish Singhal Named Secretary General of Associated Chambers of Commerce and Industry of India

• Associated Chambers of Commerce and Industry of India (ASSOCHAM) announced the appointment of industry expert Manish Singhal as its new Secretary General.
• Singhal takes over from Deepak Sood, who successfully led the organization for the past five years and has now stepped down to pursue other opportunities.
• Singhal previously served as the Deputy Secretary General at the Federation of Indian Chambers of Commerce and Industry (FICCI) and has extensive experience working with global companies, including Tata Motors, Eicher (Volvo), Tata AutoComp Systems, Moser Baer India, and BEML, among others.

About ASSOCHAM :

• Founded : 1920
• Headquarters : New Delhi, India
• ASSOCHAM is India’s oldest apex chamber, advocating for policies that strengthen the Indian economy.

CURRENT AFFAIRS: SPORTS NEWS

Kaamya Karthikeyan: The Youngest Female to Scale the Seven Summits

• At just 17 years old, Kaamya Karthikeyan, a student from Navy Children School in Mumbai, achieved the remarkable feat of becoming the youngest female in the world to conquer the Seven Summits, a challenge involving scaling the highest peaks on all seven continents.

Details of the Seven Summits

1. Africa: Mount Kilimanjaro (Tanzania)
2. Europe: Mount Elbrus (Russia)
3. Australia: Mount Kosciuszko (Australia)
4. South America: Mount Aconcagua (Argentina)
5. North America: Mount Denali (USA)
6. Asia: Mount Everest (Nepal)
7. Antarctica: Mount Vinson (Antarctica)

Final Achievement:

• Completed the challenge by summiting Mount Vinson on December 24, 2024, at 17:20 Chilean Standard Time.
• Accompanied by her father, Cdr S. Karthikeyan, during the Antarctica climb.

Kaamya’s Earlier Achievements

• At 16, she became the youngest Indian to climb Mount Everest.
• Began her mountaineering journey at 7, starting with trekking in Uttarakhand.

Support and Recognition

• The Indian Navy congratulated Kaamya and her father for this historic accomplishment.
• Navy Children School, Mumbai, celebrated her achievement, highlighting her as an inspiration for students and adventurers worldwide.

Controversy Surrounds Carlsen and nepomniachtchi’s Shared World Blitz Championship Title

• Magnus Carlsen and Ian Nepomniachtchi’s decision to share the World Blitz Championship title at the FIDE Rapid and Blitz Championship in New York has sparked widespread debate and criticism in the chess community.
• A leaked video further fueled the controversy, raising concerns over possible match-fixing and manipulation of tournament rules.

Key Events

• The Final Match:
  • Carlsen initially won the first two games, while Nepomniachtchi leveled the score at 2-2.
  • The match proceeded to a tiebreak, resulting in three consecutive draws.
  • Carlsen suggested sharing the title, and Nepomniachtchi agreed.

Hemanth Muddappa: India’s “Drag King” Secures Triple Crown

• Hemanth Muddappa, celebrated as the “Drag King” of Indian motorsport, etched his name in history by achieving a triple crown during the final round of the MMSC FMSCI Indian National Motorcycle Drag Racing Championship at the Madras International Circuit (MIC).
• With this feat, he reached a total of 15 National titles, becoming India’s most decorated motorsport athlete.

Key Highlights

• Record-Breaking Achievement:
  • Secured his 15th National title, cementing his dominance in motorsport.
  • Won three National titles in the championship’s final round.
• Resilience in Adversity:
  • Competed despite a fractured right thumb sustained in a recent crash.
  • Used painkillers and medical clearance to participate, showcasing unparalleled determination.
• Team Representation:
  • Represented Mantra Racing, which supported him in clinching multiple titles.

Event Details

• Venue: Madras International Circuit (MIC)
• Categories Won:
  • Unrestricted Class: Clocked a time of 7.837 seconds to secure first place.
  • 851cc – 1050cc (Super Sport): Finished in 7.926 seconds.
  • 361cc – 550cc (Super Sport Indian): Won with a superior reaction time despite tying in race timing with Mohammed Riyaz.

R Vaishali Clinches Bronze at World Blitz Championship, Capping Off a Stellar Year for Indian Chess

• R Vaishali, a rising star in Indian chess, ended 2024 with an outstanding achievement by winning a bronze medal at the World Blitz Championship in New York.
• Her performance at the prestigious event solidified her positio among the world’s top chess players.

Event Breakdown

• The championship followed a Swiss system with the top eight players advancing to the knockout phase.
• Vaishali’s Surprise: Speaking to FIDE, she mentioned how she never expected to qualify for the knockout round, especially given her struggle with a cold during her first visit to the United States.
• Championship Results: In the men’s section, Magnus Carlsen and Ian Nepomniachtchi shared the title after both players drew three tie-break games.

A Year of Milestones for Indian Chess

• Koneru Humpy’s Success: Earlier in the year, Koneru Humpy won the World Rapid Championship, continuing India’s dominance in the chess world.
• Indian Women in Chess: Vaishali’s achievement is part of a larger wave of success for Indian women in chess, with other notable players like Divya Deshmukh and Vantika Agrawal also making headlines in 2024.
• Vaishali’s Quiet Year: Though she had a quieter year compared to others, her bronze medal capped off a successful period for her career, including being part of India’s gold medal-winning team at the Chess Olympiad.

CURRENT AFFAIRS : OBITUARIES

Renowned Botanist K S Manilal, Known for Bringing ‘Hortus Malabaricus’ to the Modern World, Passed Away

• K.S. Manilal, an esteemed botanist, passed away on January 1, 2025, at the age of 86 after battling illness.

About Dr. K.S. Manilal :

• Manilal is renowned for translating and annotating Hortus Malabaricus, a 17th-century botanical manuscript.
• His work made this ancient document accessible to modern researchers and the public, reviving interest in Kerala’s medicinal plants.
• Academic and Research Career:Former head of the Botany Department at Calicut University.
• Manilal’s research spanned over 35 years, particularly focused on Hortus Malabaricus and plant biodiversity in Kerala.
• His translations of Hortus Malabaricus were published in English (2003) and Malayalam (2008).
• He held academic positions at several prestigious institutions, including the University of London, University of North Wales, and the University of Leiden in the Netherlands.
• Impact on Indian Botany:Dr. Manilal authored over 200 research papers and 11 books, including Flora of Calicut (1982), Flora of Silent Valley (1988), and Hortus Malabaricus and The Socio-Cultural Heritage of India (2012).
• He discovered 19 new plant species and had four species named after him.
• Leadership in Botany:Founder president of the Indian Association for Angiosperm Taxonomy (IAAT) in 1989.
• Chief editor of Reedia, the IAAT journal, from 1991.
• Served as president of the Botanical Society of India in 1999.
• Post-Retirement Contributions:Founded the Centre for Research in Indigenous Knowledge, Science, and Culture (CRIKSC) in Kozhikode after his retirement in 1999.
• CRIKSC publishes the journal Samagra to promote indigenous knowledge and culture.

Awards and Recognitions:

• Received the Padma Shri in 2020 for his contributions to botany.
• Awarded the Vishwambhar Puri Medal (1990), Y.D. Tyagi Gold Medal (1998), and E.K. Janaki Ammal Taxonomy Award (2003).
• International recognition: Received the Officer of the Order of Orange-Nassau from the Netherlands in 2012, awarded by Queen Beatrix.

Daily CA One- Liner: January 2 & 3

• The Union Home Ministry has amended the Model Prison Manual, 2016, and the Model Prisons and Correctional Services Act, 2023, to address caste-based discrimination in prisons
• Tata group airline Air India has rolled out Wi-Fi internet connectivity services on board domestic and international flights operated by select aircraft in its fleet.
• The Centre has extended the special subsidy of ₹3,500 per tonne on Di-Ammonium Phosphate (DAP) for another year, from January 1, 2025, to December 31, 2025
• Collection from Goods & Services Tax (GST) dipped to a 3-month low in December to ₹1.76 lakh crore.
• The Indian government has announced the recipients of the prestigious Major Dhyan Chand Khel Ratna Award for 2024, honouring athletes who have made exceptional contributions to sports in the country.
• At just 17 years old, Kaamya Karthikeyan, a student from Navy Children School in Mumbai, achieved the remarkable feat of becoming the youngest female in the world to conquer the Seven Summits, a challenge involving scaling the highest peaks on all seven continents
• Magnus Carlsen and Ian Nepomniachtchi’s decision to share the World Blitz Championship title at the FIDE Rapid and Blitz Championship in New York has sparked widespread debate and criticism in the chess community
• Hemanth Muddappa, celebrated as the “Drag King” of Indian motorsport, etched his name in history by achieving a triple crown during the final round of the MMSC FMSCI Indian National Motorcycle Drag Racing Championship at the Madras International Circuit (MIC).
• The Finance Ministry urged public sector banks (PSBs) and insurance firms to speed up the resolution of public grievances.
• IDBI Bank has approved the issuance of Long-Term Bonds to finance Infrastructure and Affordable Housing projects, raising up to ₹10,000 crore.
• Indian Bank aims to maintain a 3.4% net interest margin (NIM) in FY25, with a possible variation of ±10-15 basis points.
• India’s external debt reached $711.8 billion in September 2024, a rise of 4.3% compared to June 2024. This represents an increase of $29.6 billion over the June-end 2024 level.
• According to the latest data by National Payments Corporation of India (NPCI), In December 2024, Unified Payment Interface (UPI) transactions reached an all-time high of 16.73 billion, surpassing the previous record of 16.58 billion in October 2024.
• The Reserve Bank of India (RBI) has issued guidelines for lenders participating in Government Debt Relief Schemes (DRS), focusing on the sacrifice of interest, principal, and loan account status.
• 15 January 2025 is set to become a landmark day in India’s history as the Indian Navy prepares to commission three frontline combatants – Nilgiri, the lead ship of the Project 17A stealth frigate class; Surat, the fourth and final ship of the Project 15B stealth destroyer class; and Vaghsheer, the sixth and final submarine of the Scorpene-class project – together at Naval Dockyard, Mumbai.
• The Ministry of Defence has declared 2025 as the “Year of Reforms” to modernize India’s armed forces and prepare them for future challenges.
• Shri Bhuvnesh Kumar has been appointed as the Chief Executive Officer (CEO) of the Unique Identification Authority of India (UIDAI).
• Air Marshal Jeetendra Mishra assumed command of the Indian Air Force’s Western Air Command on 1st January 2025.
• Associated Chambers of Commerce and Industry of India (ASSOCHAM) announced the appointment of industry expert Manish Singhal as its new Secretary General.
• K.S. Manilal, an esteemed botanist, passed away on January 1, 2025, at the age of 86 after battling illness.
• R Vaishali, a rising star in Indian chess, ended 2024 with an outstanding achievement by winning a bronze medal at the World Blitz Championship in New York.