Daily Current Affairs December 04th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Removes Loan Disbursement Restrictions on Sachin Bansal’s Navi Finserv

• The Reserve Bank of India (RBI) lifted restrictions on Navi Finserv concerning the sanction and disbursal of loans, effective immediately.
• Navi Finserv was previously prohibited from sanctioning and disbursing loans since October 17, 2024, due to issues related to its pricing policy, specifically the Weighted Average Lending Rate (WALR) and excessive interest spread charged over its cost of funds.
• Reasons for Restrictions:The restrictions were imposed due to material supervisory concerns over Navi Finserv’s loan pricing practices, which were deemed excessive and not in compliance with regulatory guidelines.

Key Highlights :

• Rectification and Compliance:Navi Finserv addressed the RBI’s concerns by revamping its processes and systems.
• The company provided the RBI with satisfactory submissions outlining the changes made to ensure fairness in loan pricing and compliance with regulatory guidelines.
• Other Affected Companies:Asirvad Micro Finance, Arohan Financial Services, and DMI Finance still remain under the restrictions imposed by RBI.
• RBI’s Oversight on the NBFC Sector:The RBI’s decision follows warnings by RBI Governor Shaktikanta Das during the October monetary policy regarding unfair business practices, reckless growth, and exorbitant interest rates charged by some non-banking financial companies (NBFCs).
• Navi Finserv’s Commitment:Navi Finserv has expressed its commitment to maintain the highest standards of governance, operational excellence, and customer-centricity as it resumes its loan sanctioning and disbursal operations.
• The company remains committed to financial inclusion and ensuring fair loan pricing moving forward.

About Navi Finserv :

• Navi Finserv was founded in 2018 by Sachin Bansal and Ankit Agarwal.
• It operates as an RBI-registered NBFC in the middle layer category and offers personal and home loans.
• The company has become a major player in the UPI ecosystem, ranking as the 4th-largest UPI player by volume in October 2024, surpassing CRED.

Finance Ministry Reports India’s $2 Billion Contribution to BRICS Bank

• India has contributed nearly $2 billion to the BRICS New Development Bank (NDB).
• The contribution was paid in seven instalments from the fiscal year 2015-16 to 2021-22.

Key Highlights :

• Ongoing Externally Aided Projects:20 externally aided projects are currently underway in India, funded by the NDB, with a total loan amount of $4,867 million.
• These projects focus on sectors such as transportation, water conservation, food management, and connectivity in rural areas.
• BRICS Joint Currency and US Dollar:In response to a Lok Sabha query, the Finance Ministry clarified India’s stance on a joint currency for BRICS nations.
• The report prepared by Russia during its BRICS chairmanship in 2024 highlighted that BRICS does not aim to replace the US dollar but rather to offer a viable alternative to improve global economic efficiency and promote inclusive globalization.
• US Dollar’s Dominance:Despite the rise in alternatives, the US dollar remains dominant in global trade, accounting for over 90% of transactions.
• Other major currencies like the Euro, Japanese Yen, and British Pound also play significant roles in international trade.
• Concerns Over Cross-Border Payments Infrastructure:The BRICS report highlighted challenges with current cross-border payments infrastructure, particularly its lack of competition and reliance on centralized settlement mechanisms.
• The weaponization of financial systems (e.g., exclusion of Iran and Russia from SWIFT) has led to a global push for reducing dependence on the US-led financial system.

Microfinance Industry Network Tightens Loan Underwriting Standards Amid Increased Stress in Microloan Sector

• The Microfinance Industry Network (MFIN), an RBI-recognized self-regulatory organization (SRO), has further tightened the loan underwriting standards due to rising stress in the microloan sector.

Key Highlights :

• Loan Limit for Borrowers:Microfinance clients can now take loans from only three MFIs (Microfinance Institutions), reduced from the earlier limit of four.
• Indebtedness Limit:The total indebtedness of a microfinance borrower is capped at ₹2 lakh, which includes both microfinance loans and unsecured retail loans.
• Non-Performing Asset (NPA) Guidelines:MFIs cannot lend to borrowers who are NPAs (non-performing assets) with overdue loans greater than ₹3,000 and a default period of over 90 days.
• The new norm tightens this further, stating that borrowers whose repayments are overdue for more than 60 days will not be eligible for fresh loans.
• Interest Rate Review:MFIN has mandated that MFI loan interest rates must be reviewed by the board of member organisations to ensure that any efficiency gains are passed on to the clients.
• Industry Growth Outlook:India Ratings & Research has predicted that the growth of MFIs in FY25 will either flatten or decline due to funding challenges and asset quality issues.

PhonePe Ends Partnership with Juspay, Opts for Direct Integration with Merchants

• PhonePe, a Walmart-backed digital payments platform, has ended its partnership with Juspay, a payment orchestration platform, and decided to integrate with merchants directly.

Key Highlights :

RBI Payment Aggregator Licenses:

• BharatPe received the RBI payment aggregator license in January 2023.
• Google Pay received the license in December 2023.
• Amazon Pay received the license in 2024.
• RBI cancelled Paytm’s license in November 2022, but Paytm plans to re-apply.
• PhonePe received the payment aggregator license in March 2023.

Payment Aggregators vs. Payment Orchestrators:

• A payment aggregator provides payment platform services allowing merchants to accept various payment methods like debit/credit cards, UPI, wallets, and bank transfers.
• A payment orchestrator routes transactions through the most successful aggregator platform, optimizing payment processing.
• Impact on Juspay:Juspay, which accounted for 15% of PhonePe’s payment gateway volume, may face a reduction in its business if other platforms follow PhonePe’s approach of direct integration.
• Softbank’s Involvement: Juspay is backed by Softbank, which could influence the competition in the payment aggregation space.

About PhonePe :

• Founded : 2015
• Headquarters : Bangalore, Karnataka
• CEO : Sameer Nigam

Muthoot Microfin Begins Co-Lending Loan Disbursals in Partnership with State Bank of India

• Muthoot Microfin, a Kochi-based microfinance institution, has started loan disbursements under its co-lending partnership with the State Bank of India (SBI).
• Loan Limit:SBI has sanctioned a total limit of ₹500 crore for this partnership, to be disbursed in tranches of ₹100 crore.
• Loan Amounts and Target Audience:Loans ranging from ₹50,000 to ₹3 lakh will be provided to identified and eligible customers.
• The focus is on members of Joint Liability Groups (JLGs), primarily involved in agriculture, allied activities, and other income-generating ventures.
• Geographical Expansion:Muthoot Microfin operates in 20 states and plans to expand this initiative pan-India to improve access to credit for rural entrepreneurs.

About Muthoot Microfin :

• Founded : 2010
• Headquarters : Kochi , Kerala
• CEO : Sadaf Sayeed

South Indian Bank Inaugurates Second Mega Currency Chest in Kakkanad

• South Indian Bank has expanded its banking infrastructure by opening its second mega currency chest at Kakkanad, near Kochi, making it its sixth currency chest in total.
• Inauguration Ceremony:The facility was inaugurated by Thomas Mathew, Regional Director (Kerala & Lakshadweep), Reserve Bank of India (RBI), Thiruvananthapuram.
• Geographical Coverage:The newly inaugurated currency chest at Kakkanad will serve the bank’s branches in Ernakulam and other adjacent regions.
• Strategic Strengthening:This move strengthens South Indian Bank’s infrastructure and reinforces its position as a leading financial institution committed to adapting to the evolving needs of customers in the region.

About South Indian Bank :

• Founded : 1929
• Headquarters : Thrissur, Kerala, India.
• Chairman : V J Kurian
• MD & CEO : P R Seshadri

State Bank of India Introduces Affordable Customized Vehicle Loan for Uber Fleet Partners

• The State Bank of India (SBI) has introduced a customized vehicle loan product exclusively for Uber’s fleet partners.
• Loan Features:The product offers low-cost, tailored financing solutions and ensures hassle-free loan disbursement to fleet partners.
• Strategic Partnership:The partnership between SBI and Uber combines SBI’s extensive financial services network with Uber’s technology platform.
• The initiative aims to help fleet partners expand their fleet and scale up operations, contributing to the growth of the ride-hailing industry.
• SBI’s Auto Loan Market Share:SBI holds a 2% market share in auto loans across India, reinforcing its leadership in vehicle financing.

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra
• Chairman : Challa Sreenivasulu Setty

Newgen Software Secures ₹32 Crore Reserve Bank of India Contract for Regulatory Application Management System Implementation

• Newgen Software Technologies Limited has received a purchase order worth ₹32.44 crore from the Reserve Bank of India (RBI) for implementing and maintaining the Regulatory Application Management System (RAMS).
• The total value of the order is ₹32.44 crore, which includes 18% GST.
• The order is to be executed over a period of seven years.
• The order is subject to acceptance of all terms and conditions outlined in the Request for Proposal (RFP) and the purchase order by Newgen Software Technologies.
• Newgen Software Technologies is a leading provider of a unified digital transformation platform, offering capabilities in process automation, content services, and communication management.

CURRENT AFFAIRS: NATIONAL NEWS

Oxford Word of the Year 2024: Brain Rot

• The Oxford University Press (OUP)has declared ‘brain rot’ as the Oxford Word of the Year 2024, reflecting a societal focus on the consequences of excessive consumption of low-quality online content, particularly through social media.
• This decision followed a global public voteinvolving over 37,000 participants, underscoring the phrase’s resonance in contemporary discourse.

Key Highlights:

Definition and Context

• Primary Meaning: Refers to both the low-quality digital content pervasive on platforms like TikTok and the cognitive and emotional toll of consuming such material.
• Cultural Relevance: Captures the zeitgeist of 2024, marked by widespread concerns about the mental health impacts of unchecked digital consumption.

Historical and Cultural Evolution

1. First Recorded Use:
   • Coined by Henry David Thoreau in his seminal 1854 work Walden, where it metaphorically described mental stagnation or intellectual decay.
2. Modern Revival:
   • Repopularized by Gen Z and Gen Alpha on platforms like TikTok, where it describes the perceived mental numbing caused by endless scrolling of trivial or harmful content.
   • The term has since entered mainstream media and academic discourse as a critique of digital media culture.

Why ‘Brain Rot’ Was Chosen

1. Language Trend Analysis:
   • Significant surge in usage in 2024.
   • Reflects a pressing societal concern around digital well-being.
2. Global Significance:
   • Resonates with younger generations, who first popularized it, while also gaining acceptance across broader demographics and media.
3. Public Support:
   • Garnered widespread commentary and votes during OUP’s Word of the Year selection process.

Usage in 2024

1. Main Platforms:
   • Gained momentum on social media platforms like TikTok and Instagram.
   • Adopted journalistic critiques, casual conversations, and academic discussions about the effects of modern media.
2. Implications:
   • Used to critique the overconsumption of trivial digital content.
   • Highlights societal awareness of the mental health implications of excessive online habits.

FSSAI Classifies Packaged Drinking Water and Mineral Water as ‘High-Risk Food Category’

• The Food Safety and Standards Authority of India (FSSAI)has officially classified packaged drinking water and mineral water as part of the ‘High-Risk Food Category’.
• This change follows the government’s decision to remove the Bureau of Indian Standards (BIS) certificationrequirement for these products.

Key Points of the Notification:

1. Mandatory Inspections and Audits:
   • Packaged drinking water and mineral water will now be subject to mandatory inspections and third-party audits by food safety agencies recognized by FSSAI.
   • This applies before the grant of license or registration for businesses involved in producing these products.
2. Change in Regulations:
   • The shift follows the removal of BIS certification for these products as part of the Food Safety and Standards (Prohibition and Restrictions on Sales) Amendment Regulations, 2024.
   • FSSAI will now treat these products as high-risk foods, which includes requiring annual audits by FSSAI-recognized third-party auditing agencies.
3. Government Decision:
   • The decision to classify packaged drinking water and mineral water under high-risk categories aims to implement stricter safety measures for these products.
4. Impact on Industry:
   • The packaged drinking water industry had previously requested the simplification of regulations and the removal of dual certification requirements (from both BIS and FSSAI).

Coastal Shipping Bill, 2024: A Step Towards Modernizing India’s Maritime Sector

• The Coastal Shipping Bill, 2024was introduced in the Lok Sabha with the aim of modernizing and simplifying India’s maritime sector.
• This bill is designed to enhance the efficiencyand competitiveness of the maritime industry, particularly benefiting domestic shipping companies.

Key Highlights of the Bill:

1. Reduction in Red Tape:
   • The bill proposes the removal of the requirement for Indian-flagged ships to obtain trading licenses for coastal commerce. This aims to simplify regulatory processes, making it easier for domestic shipping companies to engage in coastal shipping.
2. Increased Participation in Trade:
   • The bill is expected to encourage more domestic maritime companies to participate in both local and international trade by reducing bureaucratic hurdles.
3. Global Competitiveness:
   • To enable Indian vessels to meet international standards, the bill seeks to align national legislation governing international trade ships with global standards. This will help Indian shipping companies become more competitive on the global stage.
4. National Database of Coastal Shipping:
   • A National Database of Coastal Shipping will be created to facilitate information sharing and ensure procedural transparency within the maritime industry.
5. Boost to Coastal Shipping:
   • India, with its 7,500-kilometer coastline and proximity to major international shipping lanes, is well-positioned to expand coastal shipping, which is considered more cost-effective compared to other modes of transport.
6. Infrastructure Development:
   • The bill emphasizes the need for improved infrastructure and better transportation linkages in the coastal maritime transport sector to support growth and efficiency.

Context and Challenges:

• The bill was introduced amid opposition demands addressing other national issues, such as the accusations against industrialist Gautam Adani, unrest in Manipur, and recent violence in Sambhal, Uttar Pradesh.
• Despite these challenges, the bill is seen as a significant step in transforming India’s maritime industry by simplifying regulations and encouraging greater participation in coastal shipping.

Prime Minister to inaugurate ‘Ashtalakshmi Mahotsav’ to showcase eight northeastern States

• Prime Minister Narendra Modi will inaugurate the ‘Ashtalakshmi Mahotsav 2024’, a three-day festival beginning December 6 at the Bharat Mandapam here to showcase the cultural, social, and economic fabric of the eight northeastern States.
• The Ashtalakshmi Mahotsavwill be a groundbreaking cultural festival hosted by the Ministry of Development of North Eastern Region (DoNER).
• The festival will take place from December 6th to 8th, 2024, at Bharat Mandapam, Pragati Maidan, New Delhi.
• Chaired by Shri Jyotiraditya Scindia, Minister of Communications and Development of Northeastern Region, the event will highlight the cultural richnessand economic potential of the Northeast.

Key Highlights of the Event:

• Theme & Vision: The festival reflects Prime Minister Narendra Modi’s vision of making Northeast India the engine of India’s growth, with the eight avatars of Lakshmi symbolizing the region’s prosperity, opulence, knowledge, agriculture, and more.
• Mascot – Purvi: The event introduces Purvi, a young girl representing the diversity of Northeast India, symbolizing the spirit of the region beyond the festival.

Event Features:

1. Exhibitions:
   • Over 250 artisans and entrepreneurs from the Northeast will showcase handicrafts, handlooms, and agri-horti products.
   • A special display of 34 GI-tagged products, indigenous fruits, and organic goods from the region.
   • State-specific pavilions, including an Eri and Muga Silk Gallery.
2. Technical Sessions:
   • Sessions on women’s leadership, IT, energy, healthcare, sports, arts, and culture.
   • An overarching session titled “Towards Prosperity: Catalysing North East’s Progress Towards a Viksit Bharat”.
3. Business Opportunities:
   • Investors Roundtable to explore new business growth in the region.
   • Buyer-Seller Meets focusing on sectors like handlooms, agriculture, gems & jewellery, and tourism.
4. Design Conclave & Fashion Show:
   • A Design Conclave to foster education and inspiration for design students.
   • Fashion Show featuring creations from North Eastern artisans and top Indian designers.
5. Ashtalakshmi Grameen Haat:
   • A vibrant marketplace replicating Northeast India’s traditional rural markets with over 300 artisans and organic producers showcasing indigenous products.

Impact and Vision:

The Ashtalakshmi Mahotsav aims to promote cultural exchange, economic collaboration, and tourism in Northeast India. By showcasing its rich heritage and fostering investment opportunities, the festival aligns with India’s broader goal of inclusive growth and sustainable development.

This initiative, hosted by the Ministry of Development of North Eastern Region (MDoNER) and managed by NEHHDC, will become an annual event, continually promoting the cultural wealth and potential of Northeast India.

CURRENT AFFAIRS : STATE NEWS

Telangana launches Transgender Clinics in all 33 districts; CM flags off 213 ambulances during ‘Health Festival’ celebrations

• Telangana Chief Minister A. Revanth Reddy inaugurated 33 transgender clinics (Maitri Clinics), one in each district of Telangana on December 2, 2024.
• Objective: To provide free health check-ups, diagnostic tests, and medicines for transgender individuals, ensuring inclusive healthcare.
• Each clinic is staffed by a medical doctor trained in transgender healthcare, a counsellor, and a transgender Community Champion.
• Clinics operate every Tuesday and Thursday from 9 a.m. to 1 p.m.
• The initiative is India’s first comprehensive state-wide healthcare support system dedicated to transgender individuals.

Key Inaugurations :

Ambulance Fleet Expansion:

• Flag-off: The Chief Minister flagged off 213 new ambulances, increasing the fleet from 790 to 1,003.
• Objective: To reduce ambulance response time from 18 minutes to 14 minutes and improve golden-hour hospitalization rates from 61% to 75-80%.
• Features: Each ambulance is equipped with GPS for real-time monitoring and tracking, along with a trained emergency response team.

Nursing and Paramedical Colleges:

• Inauguration: 16 Nursing and 28 Paramedical Colleges were inaugurated.
• Capacity Increase:
  • Nursing colleges: 960 additional B.Sc. Nursing seats, raising the total from 1,400 to 2,360.
  • Paramedical colleges: 1,680 additional seats, raising the total from 1,492 to 3,172.

Appointments and Staffing:

• Appointments: 442 Civil Assistant Surgeons and 24 Food Safety Officers were appointed.
• Staffing Achievement: 14,000 posts were filled in the Medical and Health department in the current year.

Arogyasri Scheme Enhancements:

• The Arogyasri scheme now covers up to ₹10 lakh, providing better healthcare access to families.
• ₹835 crore has been disbursed this year through the Chief Minister’s Relief Fund.

Osmania General Hospital Legacy Restoration:

• The government plans to construct a state-of-the-art facility on 32 acres in Goshamahal with a budget allocation of ₹2,000 crore to restore Osmania General Hospital.

Vascular, Dialysis, and Trauma Care Centres:

• Seven vascular centres have been approved at a cost of ₹33 crore.
• 18 new dialysis centres and 74 trauma care centres along highways are planned to improve emergency healthcare services.

About Telangana :

• Governor : Jishnu Dev Varma
• Chief Minister : Revanth Reddy
• Capital : Hyderabad

Uttar Pradesh designates Maha Kumbh area as a new district

• The Uttar Pradesh government declared the Maha Kumbh Mela area as a new district ahead of the 2025 Maha Kumbh Mela.
• The district will officially be known as the Maha Kumbh Mela District.
• The notification was issued on December 1, 2024, under Section 2(th) of the Uttar Pradesh Prayagraj Mela Authority, Prayagraj Act, 2017.
• The notification covers 67 villages from four tehsils of Prayagraj district:
  • Sadar tehsil: 25 villages
  • Sorav tehsil: 3 villages
  • Phulpur tehsil: 20 villages
  • Karchana tehsil: 19 villages

Key Highlights :

Administrative Powers:

• The Mela Adhikari (Kumbh Mela Officer) will exercise the powers of Executive Magistrate, District Magistrate, and Additional District Magistrate under:
  • Section 14(1) of the Indian Civil Defense Code, 2023
  • Other provisions under the law currently in force
• The Mela Adhikari will also have the powers of a Collector for all categories of cases.
• Purpose of the Decision:The move is aimed at ensuring better management of the 2025 Maha Kumbh Mela, scheduled for January 2025.
• It is expected to handle the influx of over 400 million devotees.
• Legislation Reference:The decision aligns with the provisions of the Uttar Pradesh Prayagraj Mela Authority Act, 2017, which provides the legal framework for managing large religious gatherings.
• Significance:The creation of a separate district is a major administrative move to ensure seamless operations, law enforcement, and resource allocation during the Maha Kumbh Mela, which is one of the largest religious gatherings in the world.

About UP :

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

Madhya Pradesh Declares Ratapani Wildlife Sanctuary as State’s 8th Tiger Reserve

• The Madhya Pradesh (MP) government has officially declared Ratapani Wildlife Sanctuary as a tiger reserve, marking it as the 8th tiger reserve in the state.
• Kanha, Satpura, Bandhavgarh, Pench, Sanjay Dubri, Panna and Veerangana Durgavati are the existing tiger reserves in MP.
• The National Tiger Conservation Authority (NTCA) had earlier given in-principle approval for this move.

Key Highlights :

• Size and Structure of the Tiger Reserve:The total area of Ratapani Tiger Reserve is 1,271.465 square kilometres.
• It includes a core area of 763.812 sq km and a buffer area of 507.653 sq km.
• Rich Biodiversity in Ratapani Sanctuary:The sanctuary is home to over 60 tigers and a variety of other wildlife species.
• Eco-Tourism and Employment Opportunities:The declaration of the tiger reserve will boost eco-tourism and provide employment opportunities for locals.
• This will also lead to increased Central funding for wildlife conservation activities.
• Next Tiger Reserve: Madhav National Park:Following the approval for Ratapani, Madhav National Park in Shivpuri is also on track to become the 9th tiger reserve in the state once the formal notification is issued.

About MP :

• Governor : Mangubhai C. Patel
• Chief Minister : Mohan Yadav
• Capital : Bhopal
• National Park : Satpura National Park, Kanha National Park, Bandhavgarh National Park
• Wildlife Sanctuary : Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

GST on cigarettes, tobacco, and aerated beverages likely to be hiked, new 35% slab proposed

• The Group of Ministers (GoM), headed by Bihar’s Deputy Chief Minister Samrat Chaudhary, proposed significant changes to the Goods and Services Tax (GST)structure.
• These recommendations will be presented to the GST Council on December 21, 2024, for final approval.

Key Highlights:

1. New Tax Slab for Aerated Beverages and Tobacco Products:

• GST rate on aerated beverages, cigarettes, tobacco, and related products will increase from 28% to 35%.
• This introduces a new tax slab while retaining the existing four-tier GST structure of 5%, 12%, 18%, and 28%.

2. GST Changes on Apparel:

• Readymade garments priced:
  • Up to ₹1,500: Attract 5% GST.
  • Between ₹1,500 and ₹10,000: Attract 18% GST.
  • Above ₹10,000: Attract 28% GST.

3. Luxury Goods and Other Revisions:

• Luxury and demerit goods like cars, aerated water, and tobacco products will continue to attract cess on top of the highest GST slab.
• Proposed changes from the October 2024 meeting include:
  • Packaged drinking water (20L and above): GST reduced from 18% to 5%.
  • Bicycles under ₹10,000: GST reduced from 12% to 5%.
  • Exercise notebooks: GST reduced from 12% to 5%.
  • Shoes above ₹15,000 per pair: GST increased from 18% to 28%.
  • Wristwatches above ₹25,000: GST increased from 18% to 28%.

4. Revenue Impact:

• The proposed rate revisions are expected to positively impact net revenue, benefiting government collections.

5. Future of Rate Rationalization:

• The GoM may continue periodic rate rationalization to address ongoing structural inefficiencies and ensure the GST system aligns with evolving economic needs.

Vodafone Idea Launches AI-Powered Spam Management Solution

• Vodafone Idea (Vi) has introduced an AI and ML-driven spam management solutionto protect users from unwanted and potentially harmful SMS messages, following a similar approach by rival Bharti Airtel.

Key Features of the Spam SMS Solution:

1. AI-Powered Detection:
   • Employs artificial intelligence (AI) and machine learning (ML) to identify and flag spam messages in real time.
   • The system flagged over 24 million spam messages during its testing phase.
2. Proactive Customer Protection:
   • Detects and manages unsolicited messages, safeguarding users against phishing and fraud attempts.
   • Enhances user safety with proactive, real-time spam control.
3. Integrated Mobile App:
   • Simplifies the spam reporting process by:
     • Capturing spam content automatically (SMS details, sender numbers, dates).
     • Offering the option to whitelist legitimate brand URLs.
4. Comprehensive UCC Detection:
   • Tracks bulk call patterns (e.g., calls from one number to many users) to prevent misuse.
   • Incorporates customer feedback and complaints to refine spam detection.
5. Customer Awareness Initiatives:
   • Runs campaigns to educate users on:
     • Recognizing phishing attempts.
     • Reporting spam.
     • Practicing caution in digital communication.

Why This Matters:

• Rising Spam Concerns: Spam messages are increasingly being used for fraud, posing risks to consumers’ security.
• Focus on Digital Safety: Vi’s solution reflects its commitment to enhancing user safety amid growing digital communication reliance.
• Market Impact:
• Despite the launch, Vodafone Idea’s stock on December 2 ended at ₹8.28 on the National Stock Exchange, registering a 1% decline from the previous close.

Razorpay Partners with MHA and I4C to Strengthen Cybersecurity in Digital Payments

• Fintech leader Razorpayannounced its collaboration with the Ministry of Home Affairs (MHA) and the Indian Cyber Crime Coordination Centre (I4C) to enhance cybersecurity in India’s digital payments ecosystem.

Key Objectives of the Partnership:

1. Cybersecurity Awareness:
   • Drive nationwide awareness campaigns to educate businesses and consumers on:
     • Identifying financial fraud.
     • Preventing cyber threats.
     • Safeguarding online transactions.
2. Strengthened Collaboration:
   • Razorpay has integrated with over 1,600 cybercrime stations across 25 states and union territories to create a seamless communication channel for combating cybercrime.
   • Conducting specialized anti-fraud workshops for law enforcement and businesses.
3. Empowering Stakeholders:
   • Provide businesses and end-users with critical knowledge to protect themselves against cyber fraud.
   • Showcase advanced fraud prevention technologies to reduce vulnerabilities in the digital payments landscape.

Rising Cybercrime Concerns in India:

• Daily Reports: Over 7,000 complaints of digital fraud were reported daily between January and April 2024 on the National Cybercrime Reporting Portal.
• Financial Fraud Dominance: A staggering 85% of complaints pertained to financial fraud.
• Monetary Losses: Victims lost $21.2 million to cybercrimes during the first four months of 2024.

Airtel Proposes Removal of License Fee for DTH Operators

• Bharati Airtel Limited (BAL)has made a formal submission to the Telecom Regulatory Authority of India (TRAI), urging the removal of the license fee for DTH operators or the imposition of an authorization fee for all service providers in the broadcasting sector.
• The submission is part of a consultation paper on service authorizations for broadcasting services under the Telecom Act, 2023.

Key Points from Airtel’s Submission:

1. Unequal Playing Field:
   • Airtel claims that DTH operators are the only service providers in the broadcasting sector who are subjected to license fees, creating an unequal and discriminatory environment.
   • The company stresses that Cable and HITS (Headend-In-The-Sky) operators, who offer similar services, are not required to pay the license fee, which violates the “same-service-same-rules” principle.
2. TRAI’s 2023 Acknowledgment:
   • Airtel pointed to TRAI’s 2023 recommendations that suggested a reduction in the DTH license fee from 8% to 3%, and eventually to zero by FY 2026-27. However, these recommendations were not included in the recent Draft DTH License.
3. Suggested Measures Until Fee Removal:
   • Airtel proposed applying the telecom sector’s revenue definitions (Gross Revenue, Applicable Gross Revenue, and Adjusted Gross Revenue) to DTH licensees.
   • Additionally, Airtel suggested that the license fee on content revenue should be paid by the broadcaster, who benefits from the content, not the DTH operator, who is merely the distributor.

Airtel’s Market Strategy:

• Airtel is also planning to acquire Tata Play, a leading DTH operator, to gain a stronger foothold in the digital TV space, competing with Reliance Jio and others in the market.

Jio’s Response:

In contrast to Airtel’s position, Reliance Jio Infocomm Ltd argued that waiving the DTH license fee would provide a competitive advantage to DTH service providers.

1. Spectrum Benefits for DTH Operators:
   • Jio emphasized that DTH services use free spectrum, while fixed-line services and mobile operators providing IPTV/content services must purchase spectrum and pay spectrum usage charges along with a license fee.
2. Competitive Disparity:
   • Jio expressed concern that waiving or reducing the license fee for DTH services would further skew the competitive balance in favour of DTH operators, intensifying the disparity between DTH and other service providers.
3. Concerns About Competitive Advantage:
   • Jio also noted that DTH services benefit from free spectrum allocation, which gives them an edge over fixed-line services, cable TV, and mobile services.

Uber Shikara: Asia’s First Water Transport Service Launched in Srinagar

• Uber has officially launched Asia’s first water transport service, Uber Shikara, in Dal Lake, Srinagar, Jammu and Kashmir.
• This innovative service combines technology with the traditional shikara ride, a centuries-old cultural experience, offering a modern, hassle-free way for tourists to explore the picturesque lake.

Launch and Objective:

• Launch Event: The service was inaugurated by Prabhjeet Singh, President of Uber India and South Asia, who personally booked a ride via the Uber app to mark the launch.
• Objective: The aim of Uber Shikara is to improve accessibility and enhance the tourism experience in Kashmir, making traditional Shikara rides more convenient through the power of technology.

Features of Uber Shikara:

1. Booking Process:
   • Users can now book shikara rides directly through the Uber app, eliminating the need for negotiations with boat operators.
2. Local Collaboration:
   • Uber has partnered with seven local Shikara owners to provide the service, with plans to expand based on demand.
3. Fair Pricing:
   • The rides are priced according to government-regulated rates, ensuring tourists are charged fairly.
4. Support for Local Operators:
   • Uber does not charge any fees from its shikara partners, ensuring that the full fare goes directly to the local boat operators.

Technology Integration:

• Uber’s app-based platform allows tourists to pre-book their rides, enhancing convenience and minimizing the need for haggling with operators.
• This tech-driven approach aims to modernize the traditional boat ride experience, making it more reliable and smoother for users.

Tourism and Local Impact:

1. Enhanced Accessibility: The integration with the Uber app makes it easier for tourists to book rides, ensuring a hassle-free experience.
2. Cultural Promotion: The service helps promote the timeless charm of shikara rides while introducing modern technology to preserve Kashmir’s cultural heritage.
3. Support for Local Economy: The initiative ensures a steady flow of customers to local boat operators and offers a direct payment system that benefits them without intermediary fees.

Uber’s Continued Presence in Srinagar:

• Uber has already established cab services in Srinagar, and with the introduction of Uber Shikara, it aims to further elevate the tourism experience in the region by offering a convenient, technology-enabled way to enjoy the serene beauty of Dal Lake.

CURRENT AFFAIRS: AWARDS AND HONOURS

GAIL Wins “Initiatives in Promoting Hydrogen Company of the Year” Award at FIPI Oil & Gas Awards 2023

• GAIL (India) Limitedhas been honoured with the prestigious “Initiatives in Promoting Hydrogen Company of the Year” award at the FIPI Oil & Gas Awards 2023.
• The award was presented by Hardeep S Puri, Union Minister of Petroleum and Natural Gas, during a ceremony held in New Delhi.
• The event was also attended by Suresh Gopi, Union Minister of State for Petroleum and Natural Gas, and Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas (MoPNG).
• Key executives from GAIL, including CMD Sandeep Kumar Gupta, RK Jain (Director, Finance), Deepak Gupta (Director, Projects), and Ayush Gupta (Director, HR), were also present at the event.

Key Highlights of the Award and GAIL’s Achievements:

• Hydrogen Technology Leadership: The award recognizes GAIL’s pioneering efforts in advancing hydrogen technology, with significant investments in research and development.
• Green Hydrogen Pilot Project: GAIL was specifically recognized for its 4.3 TPD Green Hydrogen pilot project at Vijaipur, Madhya Pradesh. This project, based on a 10 MW Proton Exchange Membrane (PEM) electrolyzer, produces ultra-pure hydrogen (99.999%).
• Alignment with National Green Hydrogen Mission: The project aligns with India’s National Green Hydrogen Mission (NHGM), contributing to the country’s clean energy goals.
• Support for Net-Zero Emissions: The project is a key part of GAIL’s strategy to achieve net-zero emissions, and it plays an important role in building a hydrogen ecosystem in India.

Impact and Future Goals:

• Sustainable Energy Solutions: The green hydrogen project is expected to be a step toward sustainable and clean energy solutions in India, helping to ensure energy security.
• Commitment to Clean Energy: GAIL’s recognition underscores the company’s leadership and commitment to the clean energy transition, paving the way for innovative hydrogen-based solutions in the Indian energy landscape.

About FIPI Oil & Gas Awards:

The FIPI Oil & Gas Awards are presented annually to celebrate the achievements and innovative initiatives of organizations in the energy sector. These awards highlight transformative contributions that address challenges and drive excellence within the industry.

CURRENT AFFAIRS: MOUS AND AGREEMENT

BPCL and CIL Partner for Clean Energy Project: Exploring Coal to Synthetic Natural Gas (SNG)

• Bharat Petroleum Corporation Limited (BPCL)and Coal India Limited (CIL), both Maharatna Public Sector Undertakings (PSUs) under the Government of India, have signed a Non-Binding Memorandum of Understanding (MoU) to explore the development of a Coal to Synthetic Natural Gas (SNG) project.
• This collaboration aims to leverage India’s abundant coal reserves to produce clean synthetic natural gas, contributing to the country’s energy transition goals.

Key Highlights of the Collaboration:

1. Focus on Clean Energy:
   • The partnership will utilize surface coal gasification technology at Western Coalfields Limited (WCL), a subsidiary of CIL, to produce synthetic natural gas (SNG) from coal. This project is aligned with India’s efforts to reduce dependence on imported energy sources and focus on domestic energy production.
2. Energy Transition Goals:
   • The initiative supports India’s broader energy transition objectives by utilizing coal — a major domestic resource — in a cleaner, more sustainable way, which contributes to reducing carbon emissions associated with traditional coal use.
3. Strengthening Domestic Energy Production:
   • This partnership between two state-owned giants is part of India’s effort to enhance self-sufficiency in energy production, making better use of its natural resources and contributing to the national energy security.

Stock Performance on December 3, 2024:

• BPCL: The share price of Bharat Petroleum Corporation was trading 0.39% lower at ₹293 at 12:15 PM on the NSE.
• CIL: Coal India’s share price was trading 0.44% lower at ₹419.85 on the NSE.

Q2 FY25 Financial Performance:

1. BPCL (Bharat Petroleum Corporation):
   • BPCL reported a 20% decline in consolidated profit for the July-September quarter of FY25, amounting to ₹2,397.23 crore, compared to ₹3,104.77 crore in the previous quarter.
   • The company’s revenue also declined by 9%, reaching ₹1,02,790.39 crore.
2. CIL (Coal India Limited):
   • CIL posted a 22% drop in consolidated profit for Q2 FY25, which fell to ₹6,274.80 crore from ₹8,048.64 crore in the same quarter last year.
   • Sales for the quarter decreased to ₹27,271.30 crore, down from ₹29,978.01 crore in the previous year.

Essar Group’s GreenLine Partners with Flipkart for Sustainable Logistics

• Essar Group’s GreenLine Mobility Solutions Ltdhas announced a partnership with Flipkart to deploy LNG-powered trucks as part of Flipkart’s efforts to decarbonize its delivery operations.
• This initiative aligns with both companies’ sustainability goals and marks a significant step in reducing the carbon footprintof the e-commerce and logistics sectors.

Details of the Partnership:

1. Phase 1 Deployment:
   • 25 LNG-powered trucks will be deployed initially, each equipped with 46-foot containers, offering a capacity of 110 cubic meters (CBM).
   • These trucks will transport a range of goods, including B2B (business-to-business) and B2C (business-to-consumer) deliveries.
2. Regional Routes:
   • Initially, the trucks will operate on West to North India routes, with plans to expand to North to South and West to South corridors.

Impact on Flipkart’s Sustainability Goals:

• Complementing Existing EV Fleet:
  • This partnership will add LNG-powered trucks to Flipkart’s already extensive fleet of 10,000 electric vehicles (EVs).
  • Both LNG and EV vehicles are central to Flipkart’s strategy to reduce greenhouse gas emissions and foster a cleaner, more sustainable logistics system.
• GreenLine’s Contribution:
  • GreenLine’s LNG-powered fleet complements Flipkart’s commitment to sustainability, addressing the e-commerce sector’s growing environmental footprint.

GreenLine’s Track Record in Sustainable Mobility:

• GreenLine has been at the forefront of sustainable mobility solutions, serving industries like cement, steel, FMCG, and chemicals.
• Over the past two years, GreenLine’s initiatives have led to a 30% reduction in CO2 emissions compared to traditional diesel vehicles, equivalent to a reduction of 7,398 tonnes of carbon emissions.

HUDCO Launches Gift Milk Programme to Combat Malnutrition in Chhattisgarh

• In a significant move to address malnutrition among schoolchildren, Housing and Urban Development Corporation Limited (HUDCO), a Navratna CPSE, launched the Gift Milk Programmein the districts of Rajnandgaon, Bilaspur, and Mungeli in Chhattisgarh.
• This initiative is part of HUDCO’s Corporate Social Responsibility (CSR)efforts to combat under-nutrition in children.

Launch Details:

• Inauguration: The program was inaugurated by Tokhan Sahu, Minister of State for Housing and Urban Affairs, at the Government School Sendri in Bilaspur on November 30, 2024.
• Other dignitaries present included HUDCO CMD Sanjay Kulshrestha, Chhattisgarh MLA Sushant Shukla, Nagaraj M, Director of Corporate Planning, and Dr. V Sridhar, Senior GM of the National Dairy Development Board (NDDB).

Program Overview:

• Objective: The Gift Milk Programme aims to provide fortified flavored milk to school children to help combat malnutrition and support their physical and cognitive development.
• Beneficiaries: The initiative will benefit 8,000 children across 83 government primary and middle schools (Classes 1 to 8), with special focus on girls’ schools and tribal areas.
• Implementation: The program will supply 200ml of fortified flavored milk per child every school day (175 days), aiming to improve children’s overall health and learning capacity.
• Execution: The National Dairy Development Board (NDDB) Foundation for Nutrition will oversee the program in collaboration with local dairy cooperatives and producer companies.

Program Impact:

• Daily Milk Distribution: Each child will receive fortified flavored milk daily, helping meet their nutritional needs.
• Long-Term Goals: The initiative seeks to contribute to social transformation by ensuring that children have access to nutritious food, which is essential for both their academic performance and overall well-being.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

ONGC Videsh Purchases Equinor’s Stake in Azerbaijan Oilfield for $60 Million

• ONGC Videsh Limited (OVL), the overseas arm of Oil and Natural Gas Corporation (ONGC), acquired Equinor’s stake in the Azeri Chirag Gunashli (ACG) oilfield and the Baku-Tbilisi-Ceyhan (BTC) pipeline for USD 60 million.
• The acquisition was completed on November 29, 2024, through OVL’s wholly-owned subsidiary, ONGC BTC Limited.

Key Highlights :

• Stake Details:OVL acquired a 0.615% participating interest (PI) in the ACG oilfield and a 0.737% share in the BTC pipeline.
• OVL’s pre-existing stakes in these assets are 2.31% in the ACG oilfield and 2.36% in the BTC pipeline, which will increase following this acquisition.
• Sale-Purchase Agreement:The deal was finalized after signing the Sale-Purchase Agreement (SPA) in July 2024.
• Strategic Importance:The acquisition strengthens OVL’s position in key international oilfields.
• The ACG oilfield is among the largest in Azerbaijan, and the BTC pipeline is a major crude oil export route.
• OVL Global Presence:OVL holds stakes in 32 oil and gas projects across 15 countries, including Vietnam and Venezuela.
• The company produces approximately 200,000 barrels of oil and natural gas equivalent per day from its international assets.

Reliance Industries Limited Subsidiary Buys 21% Stake in US-Based Wavetech Helium for $12 Million

• A US subsidiary of Reliance Industries (RIL), Reliance Finance and Investments USA LLC (RFIUL), acquired a 21% stake in US-based Wavetech Helium, Inc. (WHI).
• The acquisition was completed through a stock purchase agreement for an aggregate consideration of $12 million.
• Strategic Focus:The investment aligns with RIL’s efforts to explore opportunities in the helium gas segment, which has a lower carbon footprint.
• The acquisition supports RIL’s long-term goal of achieving net zero carbon emissions by 2035.
• Wavetech Helium (WHI):WHI is a US-based helium gas exploration and production company.
• It specializes in the acquisition, exploration, and development of properties to produce helium gas from underground reservoirs.
• Significance of Helium:Helium is a critical resource used in industries such as healthcare, technology, and space exploration.
• Its lower carbon footprint makes it a sustainable choice for future energy needs.

CURRENT AFFAIRS : DEFENCE NEWS

Navy Chief Admiral Dinesh Tripathi Announces 26 Rafale-M Jets and Three Scorpene Submarines Deals to be Signed by Next Month

• The Indian Navy’s second nuclear ballistic missile submarine (SSBN), INS Arighaat, successfully fired a Submarine Launched Ballistic Missile (SLBM).
• The missile tested was the K4 SLBM with a range of 3,500 km.

Key Highlights :

• Indigenous Nuclear Attack Submarines (SSNs):The first indigenous nuclear attack submarine (SSN) is expected to be ready by 2036-37.
• Two SSNs are being designed and built indigenously, with the first one expected by 2036-37 and the second a couple of years later.
• Multi-Billion Dollar Defense Deals:26 Rafale-M fighter jets and 3 additional Scorpene-class conventional submarines are under negotiation with France.
• The Rafale-M deal is expected to go to the Cabinet Committee on Security (CCS) for clearance soon, and the contracts may be signed by next month.
• The deal for the three Scorpene submarines is a repeat order to Mazagon Dock Shipbuilders Limited (MDL), in partnership with Naval Group of France.
• Maritime Security in the Indian Ocean Region (IOR):The Indian Navy is closely monitoring maritime activities in the Indian Ocean Region (IOR), including those of the People’s Liberation Army Navy (PLA(N)) and Chinese research/satellite tracking vessels.
• The Navy has been actively tracking these developments over the last 12 months.
• Pakistan Navy’s Expansion:Admiral Dinesh Tripathi acknowledged the surprise growth of the Pakistan Navy, which aims to become a 50-ship Navy.
• Pakistan has acquired eight conventional submarines from China, which would significantly enhance its combat capability
• Indian Navy Modernization Plans:62 ships and one submarine are under construction in various Indian shipyards.
• Acceptance of Necessity (AoN) has been granted for 31 ships and submarines, all of which will be indigenously built.
• Plans include seven stealth frigates (P-17B) and six modern submarines (P75(I)).
• 60 UH(M) helicopters are being procured to replace the Chetak helicopters in service.
• Naval Exercises and International Engagement:The Indian Navy has actively engaged in bilateral and multilateral exercises, including Coordinated Patrols (CORPATs) and Exclusive Economic Zone (EEZ) patrols.
• Indian Navy ships participated in RIMPAC 2024 in Hawaii and the 328th Russian Federation Navy Raising Day in Saint Petersburg, Russia.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Competition Commission of India Initiates Investigation into Google for Alleged Anti-Competitive Practices in Real Money Gaming Sector

• The Competition Commission of India (CCI) has initiated a detailed investigation against Google LLC and its affiliates for alleged abuse of dominant position in the real money gaming (RMG) ecosystem.

Key Highlights :

• Complaint by Winzo Games:The investigation was prompted by a complaint from Winzo Games Private Limited, accusing Google of discriminatory practices that disadvantage other gaming app developers.
• Allegations:Winzo alleged that Google’s 2022 pilot program on the Play Store exclusively allowed Daily Fantasy Sports (DFS) and Rummy apps, sidelining other RMG apps.
• Google’s actions allegedly created unfair competition, provided undue advantages to select competitors, and hindered the growth of other RMG platforms.
• CCI’s Concerns:The CCI observed that prolonged pilot programs and non-transparent policy enforcement by Google could indicate anti-competitive practices.

About CCI :

• Formed : 14 October 2003
• Headquarters : New Delhi, India
• Chairperson : Ravneet Kaur
• The CCI is the chief national competition regulator in India.
• It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act, 2002 to promote competition and prevent activities that have an appreciable adverse effect on competition in India.

CURRENT AFFAIRS: SPORTS NEWS

Kumar Nitesh Nominated for BWF Men’s Para-Badminton Player of the Year

• India’s Paralympic champion, Kumar Nitesh, has been nominated for the prestigious Men’s Para-Badminton Player of the Yearaward by the Badminton World Federation (BWF).
• This recognition comes after his remarkable achievement of winning a gold medal in the SL3 categoryat the Paris Paralympics.

Nomination Details:

• Category: Men’s Para-Badminton Player of the Year
• Nitesh’s Achievements:
  • Paris Paralympics: Gold medalist in the SL3 category.
  • World Championships: Two-time silver medalist and one-time bronze medalist.
• Other Nominees:
  • Cheah Liek Hou (Malaysia) – Two-time Paralympic gold medalist (SU5)
  • Daiki Kajiwara (Japan) – WH2 category
  • Qu Zimo (China) – WH1 category

Women’s Para Badminton Player of the Year Nominees:

• Li Feng Mei
• Sarina Satomi
• Liu Yu Tong
• Leani Ratri Oktila

Para-Badminton Pair of the Year Nominees:

The following players are also nominated for the Para-Badminton Pair of the Year with their respective partners:

• Qu Zimo and Mai Jian Peng
• Liu Yu Tong and Yin Meng Lu
• Leani Ratri Oktila and Hikmat Ramdani
• Li Feng Mei and Lin Naili

Award Announcement:

The winners will be revealed during the BWF World Tour Finals Gala Dinner on December 9.

CURRENT AFFAIRS: IMPORTANT DAYS

Indian Navy Day: 4th December

• Indian Navy Day 2024 is observed on the 4th of December
• The Indian Navy Day 2024 theme set for this year is “Strength and Power through Innovation and Indigenisation.”
• The Indian Navy was established by the East India Company in 1612.
• Indo-Pakistan took place in 1971.
• During the war, Pakistan launched an attack on December 3 on Indian air bases. In response to their offensive attacks, the Indian Navy planned an attack on the night of December 4 & 5, as Pakistan didn’t have the aircraft to carry out bombings.
• There were hundreds of Pakistani Navy personnel killed during the attack. Commodore Kasargod Pattanashetti Gopal Rao led the whole operation of the Indian Navy.

Daily CA One- Liner: December 4

• The Oxford University Press (OUP)has declared ‘brain rot’ as the Oxford Word of the Year 2024, reflecting a societal focus on the consequences of excessive consumption of low-quality online content, particularly through social media
• The Food Safety and Standards Authority of India (FSSAI)has officially classified packaged drinking water and mineral water as part of the ‘High-Risk Food Category’.
• The Coastal Shipping Bill, 2024was introduced in the Lok Sabha with the aim of modernizing and simplifying India’s maritime sector.
• Prime Minister Narendra Modi will inaugurate the ‘Ashtalakshmi Mahotsav 2024’, a three-day festival beginning December 6 at the Bharat Mandapam here to showcase the cultural, social, and economic fabric of the eight northeastern States.
• The Group of Ministers (GoM), headed by Bihar’s Deputy Chief Minister Samrat Chaudhary, proposed significant changes to the Goods and Services Tax (GST)structure
• Vodafone Idea (Vi) has introduced an AI and ML-driven spam management solutionto protect users from unwanted and potentially harmful SMS messages, following a similar approach by rival Bharti Airtel
• Fintech leader Razorpayannounced its collaboration with the Ministry of Home Affairs (MHA) and the Indian Cyber Crime Coordination Centre (I4C) to enhance cybersecurity in India’s digital payments ecosystem
• Bharati Airtel Limited (BAL)has made a formal submission to the Telecom Regulatory Authority of India (TRAI), urging the removal of the license fee for DTH operators or the imposition of an authorization fee for all service providers in the broadcasting sector
• Uber has officially launched Asia’s first water transport service, Uber Shikara, in Dal Lake, Srinagar, Jammu and Kashmir.
• GAIL (India) Limitedhas been honoured with the prestigious “Initiatives in Promoting Hydrogen Company of the Year” award at the FIPI Oil & Gas Awards 2023
• Bharat Petroleum Corporation Limited (BPCL)and Coal India Limited (CIL), both Maharatna Public Sector Undertakings (PSUs) under the Government of India, have signed a Non-Binding Memorandum of Understanding (MoU) to explore the development of a Coal to Synthetic Natural Gas (SNG) project
• Essar Group’s GreenLine Mobility Solutions Ltdhas announced a partnership with Flipkart to deploy LNG-powered trucks as part of Flipkart’s efforts to decarbonize its delivery operations
• In a significant move to address malnutrition among schoolchildren, Housing and Urban Development Corporation Limited (HUDCO), a Navratna CPSE, launched the Gift Milk Programmein the districts of Rajnandgaon, Bilaspur, and Mungeli in Chhattisgarh.
• India’s Paralympic champion, Kumar Nitesh, has been nominated for the prestigious Men’s Para-Badminton Player of the Yearaward by the Badminton World Federation (BWF).

• The Reserve Bank of India (RBI) lifted restrictions on Navi Finserv concerning the sanction and disbursal of loans, effective immediately.
• India has contributed nearly $2 billion to the BRICS New Development Bank (NDB).
• The Microfinance Industry Network (MFIN), an RBI-recognized self-regulatory organization (SRO), has further tightened the loan underwriting standards due to rising stress in the microloan sector.
• PhonePe, a Walmart-backed digital payments platform, has ended its partnership with Juspay, a payment orchestration platform, and decided to directly integrate with merchants.
• Muthoot Microfin, a Kochi-based microfinance institution, has started loan disbursements under its co-lending partnership with the State Bank of India (SBI).
• South Indian Bank has expanded its banking infrastructure by opening its second mega currency chest at Kakkanad, near Kochi, making it its sixth currency chest in total.
• The State Bank of India (SBI) has introduced a customized vehicle loan product exclusively for Uber’s fleet partners.
• Newgen Software Technologies Limited has received a purchase order worth ₹32.44 crore from the Reserve Bank of India (RBI) for implementing and maintaining the Regulatory Application Management System (RAMS).
• Telangana Chief Minister A. Revanth Reddy inaugurated 33 transgender clinics (Maitri Clinics), one in each district of Telangana on December 2, 2024.
• The Uttar Pradesh government declared the Maha Kumbh Mela area as a new district ahead of the 2025 Maha Kumbh Mela.
• The Madhya Pradesh (MP) government has officially declared Ratapani Wildlife Sanctuary as a tiger reserve, marking it as the 8th tiger reserve in the state.
• ONGC Videsh Limited (OVL), the overseas arm of Oil and Natural Gas Corporation (ONGC), acquired Equinor’s stake in the Azeri Chirag Gunashli (ACG) oilfield and the Baku-Tbilisi-Ceyhan (BTC) pipeline for USD 60 million.
• A US subsidiary of Reliance Industries (RIL), Reliance Finance and Investments USA LLC (RFIUL), acquired a 21% stake in US-based Wavetech Helium, Inc. (WHI).
• The Indian Navy’s second nuclear ballistic missile submarine (SSBN), INS Arighaat, successfully fired a submarine-launched ballistic Missile (SLBM).
• The Competition Commission of India (CCI) has initiated a detailed investigation into Google LLC and its affiliates for alleged abuse of a dominant position in the real-money gaming (RMG) ecosystem.

• Indian Navy Day 2024 is observed on the 4th of December