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CURRENT AFFAIRS : BANKING & FINANCE

Bank of India to Issue Additional Rs 5,000 Crore in Infrastructure Bonds

• Bank of India (BoI) plans to raise an additional Rs 5,000 crore through the issuance of infrastructure bonds.
• The bond issuance is in line with the current soft interest rate trends.
• Previous Infrastructure Bond Issuances:In November 2024, BoI raised Rs 5,000 crore through a 10-year infrastructure bond with a coupon rate of 7.41%.
• Earlier in July 2024, the bank raised another Rs 5,000 crore through a similar bond offering, but at a slightly higher coupon rate of 7.54%.
• In total, BoI has raised Rs 10,000 crore in two tranches of infrastructure bonds.
• Infrastructure bonds are exempt from regulatory reserve requirements such as the Statutory Liquidity Ratio (SLR) and Cash Reserve Ratio (CRR), making them particularly attractive for banks.
• Commercial banks are expected to raise over Rs 1 trillion through infrastructure bonds in FY25, nearly doubling the amount raised in FY24.
• Other public sector banks such as State Bank of India (SBI), Bank of Baroda (BoB), Canara Bank, Bank of Maharashtra, and Indian Bank have also raised significant amounts through infrastructure bonds this year.
• Bank of India has appointed cricket icon Sachin Tendulkar as its Global Brand Ambassador under a three-year deal, strengthening its brand association, similar to SBI’s appointment of MS Dhoni in 2023.

About BoI :

• Established : 7 September 1906
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Rajneesh Karnatak

Unified Payments Interface Transactions on RuPay Credit Cards Almost Doubled in the First 7 Months of FY24-25

• Transactions processed through Unified Payments Interface (UPI) on RuPay credit cards nearly doubled in the first seven months of FY25 compared to the same period in FY24.
• In FY25, over 750 million transactions worth ₹63,825.8 crore were processed through UPI on RuPay credit cards.

Key Highlights :

• Historical Data and Comparison:In FY24, UPI RuPay credit card transactions amounted to 362.8 million transactions worth ₹33,439.24 crore.
• The cumulative value of transactions in FY25 has nearly doubled compared to the same period in FY24, indicating significant growth.
• RuPay Credit Card Launch:RuPay is India’s indigenous payment network, launched in 2012 by the National Payments Corporation of India (NPCI).
• RuPay credit cards were introduced in June 2017.
• In September 2022, the program to link RuPay credit cards to UPI was rolled out, enabling users to make merchant payments using UPI.
• Financial Inclusion and Benefits:The introduction of RuPay credit cards linked to UPI aims to promote financial inclusion, particularly in tier-II and tier-III regions.
• The initiative provides users with additional credit facilities while making UPI payments.
• The merchant discount rate (MDR) and interchange fee on RuPay credit cards linked to UPI continues to be zero for transactions up to Rs 2,000 for small merchants.
• UPI Growth in 2024:UPI has recorded 155.44 billion transactions cumulatively in 2024, highlighting its growing adoption and usage across India.

What is Merchant Discount Rate (MDR)?

• An MDR is a fee charged by payment processing companies to merchants for processing a particular credit or debit transaction.
• This follows a zero MDR policy on UPI transactions linked to users’ savings accounts.

Reserve Bank of India Imposes ₹5 Lakh Monetary Penalty on The Panchkula Central Co-operative Bank Limited., Haryana

• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹5.00 lakh on The Panchkula Central Co-operative Bank Limited., Haryana.
• Violation of Banking Regulations:The penalty was for the contravention of provisions under Section 26A read with Section 56 of the Banking Regulation Act, 1949 (BR Act).
• The RBI exercised its powers under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act to impose the penalty.
• The National Bank for Agriculture and Rural Development (NABARD) conducted the statutory inspection of the bank, examining its financial position as of March 31, 2023.
• After considering the bank’s reply and oral submissions made during the personal hearing, the RBI sustained the charge of failure to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund (DEAF) within the prescribed time.

All-India House Price Index (HPI) Sees 4.3% Annual Growth in Q2 of FY 2024-25, Up from 3.3% in Previous Quarter

• The All-India House Price Index (HPI) increased by 4.3% annually in Q2 of FY 2024-25, compared to 3.3% in the previous quarter and 3.5% in the same quarter of the previous year.
• RBI’s Quarterly HPI Release:The RBI released its HPI for the September quarter of 2024-25 based on transaction-level data received from registration authorities in 10 major cities.
• Cities Covered:The cities included in the RBI’s HPI are: Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, Mumbai.
• HPI Growth Variance:The annual growth in HPI varied significantly across cities:
• Bengaluru recorded the highest growth at 8.8%.
• Kanpur saw a decline of -2%.
• Sequential (Quarter-on-Quarter) Change:On a quarter-on-quarter basis, the All-India HPI decreased by 0.1% in the July-September period.
• Cities with Sequential Price Rise:Ahmedabad, Lucknow, Kolkata, and Chennai saw a sequential rise in house prices during Q2 FY 2024-25.

Warehousing Regulator to Ask Reserve Bank of India for Preferential Treatment of Electronic Negotiable Warehouse Receipts: Parliamentary Report

• The Warehousing Development and Regulatory Authority (WDRA) is pursuing the Reserve Bank of India (RBI) for preferential treatment for Electronic Negotiable Warehouse Receipts (eNWRs).

What is Electronic Negotiable Warehouse Receipt?

• eNWR is a digital warehousing receipt issued by registered warehouses regulated by WDRA.
• Purpose of eNWR:eNWR serves as a three-in-one instrument for financing, trading, and settlement of commodities stored in warehouses.

Key Highlights :

• WDRA has approached RBI multiple times to make eNWR mandatory for pledge financing or, at the very least, to provide preferential treatment for loans based on eNWRs.
• The RBI has enhanced the PSL limit for eNWRs from ₹50 lakh to ₹75 lakh, promoting their use in the financing of agricultural commodities.

What is meant by the NWR System?

• The Negotiable Warehouse Receipt (NWR) system was launched in 2011, allowing the transfer of ownership of commodities stored in warehouses without the need for physical delivery.

Sa-Dhan and Indian Institute of Banking & Finance Collaborate to Launch Certification Course for Microfinance Professionals  

• Sa-Dhan, a Reserve Bank of India (RBI)- recognised Self-Regulatory Organization (SRO) for microfinance and impact finance institutions, has partnered with the Indian Institute of Banking & Finance (IIBF), country’s premier institute for administering various courses in the banking sector, to launch a new certification course for microfinance professionals.
• Objective of the Course: The course aims to train new employees of microfinance institutions and offer career opportunities for those interested in joining the microfinance industry.
• The course has been developed jointly with Sa-Dhan, the largest and oldest association and an SRO for microfinance institutions.
• Executive Director and CEO of Sa-Dhan : Mr Jiji Mammen

About Indian Institute of Banking & Finance :

• Founded : 1928
• Headquarters : Mumbai, Maharashtra
• CEO : Shri. Biswa Ketan Das

India’s Microfinance Sector Hits Rs 4.43 Lakh Crore, Women Make Up 99% of Active Borrowers

• India’s microfinance sector has reached Rs 4.43 lakh crore, with 99% of the 8.67 crore active borrowers being women.

Key Highlights :

• Women Borrowers: 8.59 crore women borrowers, with an average loan amount of Rs 37,445.
• Of these loans, 94% are used for income-generating activities, highlighting the critical role of women in financial inclusion and economic transformation.
• Rural Women’s Contribution: Women in rural India account for 77% of the borrowers, showcasing their significant impact on the sector’s growth.
• State-wise Distribution: Bihar leads with 15% of the microfinance industry’s loan portfolio, followed by Tamil Nadu, Uttar Pradesh, Karnataka, and West Bengal.
• Districts with High Loan Portfolios: Key districts such as East Champaran, Muzaffarpur, and Samastipur in Bihar, and Murshidabad in West Bengal have loan portfolios exceeding Rs 4,000 crore, largely driven by women entrepreneurs.
• Self-Help Group (SHG) Model: The SHG model has connected 17.75 crore households to savings and credit, accumulating Rs 65,089 crore in bank savings.

HDFC Life Insurance Company Reports Customer Data Breach, Initiates Investigation

• HDFC Life Insurance Company reported a customer data theft and initiated an investigation to assess the potential impact.
• A detailed investigation is being conducted with the help of information security experts after the company received communication from an unknown source regarding the data theft.
• The data theft incident occurred following a statement from the Insurance Regulatory and Development Authority of India (IRDAI), which addressed reports of data leaks from two insurers, including Star Health and Allied Insurance.
• Star Health had previously notified the stock exchanges about receiving emails from an unidentified person claiming unauthorized access to certain claims data on August 14.

About HDFC Life Insurance Company :

• Founded : 2000
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Vibha Padalkar
• The company is a joint venture between Housing Development Finance Corporation Ltd (HDFC), one of India’s leading housing finance institutions and Abrdn, a global investment company.

CURRENT AFFAIRS: NATIONAL

Directorate of Revenue Intelligence (DRI) celebrate its 67th Foundation Day on 4th December 2024

• The Directorate of Revenue Intelligence (DRI) celebrate its 67th Foundation Day on 4th December 2024 in New Delhi.

Key Highlights of the Celebration

• Release of Smuggling in India Report 2023-24:
  • Highlights DRI’s performance and experiences over the last financial year.
  • Focuses on trends in anti-smuggling and commercial fraud detection.
• Bilateral and Multilateral Customs Cooperation:
  • DRI has been instrumental in fostering cooperation through Customs Mutual Assistance Agreements (CMAA).
  • Emphasis on information sharing and adopting best practices to prevent and investigate customs offenses.
• Regional Customs Enforcement Meeting (RCEM):
  • Organized on the sidelines of the Foundation Day celebration.
  • Focused on engaging with:
    • International organisations such as:
      • UN Office on Drugs and Crime (UNODC).
      • International Narcotics Control Bureau (INCB).
      • Regional Intelligence Liaison Office-Asia Pacific (RILO-AP).
    • Partner Customs organisations.

About DRI

The Directorate of Revenue Intelligence (DRI) is India’s premier intelligence and enforcement agency under the Central Board of Indirect Taxes & Customs (CBIC), Government of India.

• Established: 4th December 1957.
• Headquarters: New Delhi.
• Structure:
  • 12 Zonal Units, 35 Regional Units, and 15 Sub-Regional Units.
  • Staffed by over 900 officials.

Mandate of DRI

DRI is tasked with preventing and detecting smuggling activities involving:

• Narcotic drugs & psychotropic substances.
• Gold, diamonds, and precious metals.
• Wildlife products.
• Cigarettes, arms, ammunition, & explosives.
• Counterfeit currency and foreign currency.
• SCOMET (Special Chemicals, Organisms, Materials, Equipment, and Technologies) items.
• Hazardous & environmentally sensitive materials.
• Antiques.

Rajya Sabha clears Bill to boost investment in oil, gas exploration
Rajya Sabha Passes Oilfields (Regulation and Development) Amendment Bill, 2024

Overview of the Bill

• Purpose:
  • Amend the existing law governing the exploration and production of oil and gas.
  • Delink petroleum operations from mining operations to attract investment.
• Provisions Introduced:
  • Decriminalisation of certain offences from the 1948 Act.
  • Inclusion of penalties and adjudication by an adjudicating authority with an appellate mechanism.
  • Introduction of petroleum leases.
  • Expansion of mineral oil definition to include:
    • Crude oil, natural gas, petroleum, condensate.
    • Coal bed methane, oil shale, shale gas, shale oil.
    • Tight gas, tight oil, gas hydrate.

Key Statements by Oil Minister Hardeep Singh Puri

• Sector Dynamics:
  • High investment and long gestation periods characterize the oil and gas sector.
  • India requires oil and gas for the next 20 years to meet energy needs.
• Policy Objectives:
  • Improve ease of doing business.
  • Ensure policy stability and predictability.
  • Facilitate dispute resolution and infrastructure sharing for small players.
• Production Insights:
  • Domestic production: 30 million metric tonnes (mmt) of crude oil, 36.5 billion cubic metres of natural gas.
  • Consumption far exceeds production: 235 mmt of petroleum products, 68 billion cubic metres of natural gas.
  • Urgent need to reduce the gap through enhanced domestic output.

Key Features and Implications

• Highest penalty set at Rs 25 lakh; imprisonment clauses removed.
• Expected to attract foreign and domestic investment by creating a win-win environment for all stakeholders.
• Enhanced domestic oil and gas production aimed at reducing import dependency.

PM Surya Ghar Muft Bijli Yojana receives 1.45 cr registrations: MoS Shripad Naik

PM Surya Ghar Muft Bijli Yojana: Updates and Progress

• Objective: Achieve 1 crore rooftop solar installations in the residential sector by FY27.
• Budget Allocation: Rs 75,021 crore.

Progress So Far

• Registrations:
  • Total of 45 crore registrations on the National Portal.
• Applications Received:
  • 38 lakh applications submitted.
• Installations Completed:
  • 34 lakh rooftop solar installations achieved.

Subsidy Distribution

• Subsidy released to 66 lakh applicants.
• Subsidy processing time: 15–21 days, as confirmed by Union Minister Shripad Naik.

State-wise Performance

• Top States for Installations:
  • Gujarat: 2,86,545 installations.
  • Maharashtra: 1,26,344 installations.
  • Uttar Pradesh: 53,423 installations.

Implementation Efforts

• The Ministry of New and Renewable Energy (MNRE) is working with stakeholders, including:
  • REC (Rural Electrification Corporation).
  • DISCOMs (Power Distribution Companies).
  • Vendors and service providers.
• Focus on addressing challenges and ensuring smooth execution of the scheme.
• This initiative is a significant step towards promoting renewable energy and reducing dependency on conventional power sources in India.

Lok Sabha passes Banking Laws Amendment Bill

• The Lok Sabha approved the Banking Laws (Amendment) Bill, 2024, on Dec 3, 2024.
• It was tabled in the House by Union Finance Minister Nirmala Sitharaman.
• The Bill proposes 19 amendments to banking laws, including the Reserve Bank of India Act, Banking Regulation (BR) Act, and Banking Companies (Acquisition and Transfer of Undertakings) Act.

Highlights of the Banking Laws (Amendment) Bill, 2024

1. Improved Governance and Reporting Standards

• Nomination:
  • Allows up to four nominees for deposits, safe custody, and safety lockers.
  • Introduces successive nominations to ensure continuity and reduce disputes.
• Reporting Timeline:
  • Shifts statutory reporting to the RBI from “reporting Friday” to the last day of the fortnight, month, or quarter.
  • Deadlines:
    • Reports for the 15th of a month due by the 20th.
    • Reports for the month-end due by the 5th of the following month.

1. Enhanced Protection for Depositors and Investors

• Unclaimed Deposits and Assets:
  • Streamlines the settlement mechanism for unclaimed deposits (currently Rs 78,000 crore).
  • Aligns practices of PSBs with private banks for transferring unclaimed shares, interest, and bond redemption amounts to the Investor Education and Protection Fund (IEPF).

1. Tenure and Directorship Reforms

• Director Tenure:
  • Extends tenures (excluding chairman and whole-time directors) in cooperative banks from 8 years to 10 years.
• Common Directorships:
  • Allows directors of central cooperative banks to serve on the boards of state cooperative banks under specific conditions.

1. Economic Updates and Definitions

• Substantial Interest:
  • Revises the threshold from Rs 5 lakh to Rs 2 crore or 10% of the bank’s paid-up capital to reflect current economic conditions.

1. Audit and Remuneration

• Auditor Compensation:
  • Grants PSBs discretion to set statutory auditor remuneration, replacing the current practice where the RBI and central government determine it.
  • Aims to attract top audit talent and enhance financial oversight.

Key Objectives

• Improve governance standards across banks.
• Enhance depositor and investor protections.
• Align banking laws with contemporary economic realities.
• Provide PSBs with competitive advantages and operational flexibility.

Implementation Status

• Passed in the Lok Sabha and will now move to the Rajya Sabha for approval.

CURRENT AFFAIRS : INTERNATIONAL NEWS

United States President-elect Donald Trump Warns of 100% Tariffs on Nine Nations Over Plans to Rival US Dollar

• United States (US) President-elect Donald Trump warned of imposing 100% tariffs on a group of nine nations if they attempt to create a currency rivalling the US dollar.

Key Highlights :

• BRICS Bloc’s Role in Financial Reshaping:The BRICS bloc, comprising Brazil, Russia, India, China, and South Africa, is actively working to reshape the global financial order and reduce reliance on the US dollar.
• BRICS aims to create a financial system distinct from the Bretton Woods institutions (International Monetary Fund (IMF) and World Bank).
• Trade in National Currencies:BRICS countries are increasing trade in their national currencies to reduce dependence on the US dollar in international transactions.
• New Development Bank (NDB):The NDB, established by BRICS in 2014, supports infrastructure and development projects in member countries, serving as an alternative to Western financial institutions.
• Contingent Reserve Arrangement (CRA):The Contingent Reserve Arrangement (CRA) is a financial safety net designed by BRICS to provide financial assistance to countries in crisis, serving as an alternative to the IMF.
• BRICS Clear Messaging System:BRICS is developing a financial messaging system called BRICS Clear, aimed at independent cross-border settlements.
• It is similar to the EU’s Euroclear and China’s CIPS and will support seamless financial transactions.
• BRICS Expansion:In addition to the original five members (Brazil, Russia, India, China, and South Africa), India is a key member of BRICS along with Brazil, Russia, China, South Africa, and new members like Iran, Egypt, Ethiopia, and the UAE.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Justice Manmohan Appointed as Judge of the Supreme Court

• Justice Manmohan, the Chief Justice of the Delhi High Court, has been appointed as a Judge of the Supreme Court of India, effective from the date he assumes charge of his office.
• The appointment was made under Article 124(2) of the Constitution of India, which empowers the President to appoint Supreme Court judges.
• Justice Vibhu Bakhru, the senior-most puisne judge of the Delhi High Court, has been appointed as the Acting Chief Justice of the Delhi High Court following Justice Manmohan’s elevation.
• Justice Manmohan’s appointment brings the Supreme Court’s judicial strength to 33 judges, which is one short of its full sanctioned strength.
• The Supreme Court Collegium, headed by Chief Justice of India Sanjiv Khanna, recommended Justice Manmohan for the position of a Supreme Court judge on November 28, 2024.
• The two vacancies in the Supreme Court were created by the retirements of Justice D.Y. Chandrachud (Chief Justice of India) and Justice Hima Kohli.

About Justice Manmohan :

• Justice Manmohan is ranked second in the combined all-India seniority of High Court judges and was the senior-most judge in the Delhi High Court at the time of his elevation.
• He was appointed as a judge of the Delhi High Court on March 13, 2008 and served as its Chief Justice from September 29, 2024.

National Securities Depository Limited appoints financial market veteran Vijay Chandok as new Managing Director and Chief Executive Officer                                 

• Vijay Chandok, a financial market veteran, has been appointed as the new Managing Director (MD) and Chief Executive Officer (CEO) of NSDL (National Securities Depository Limited.).
• Before joining NSDL, he served as the MD and CEO of ICICI Securities. He held key roles at the ICICI Group, including being an executive director on the board of ICICI Bank.

About NSDL :

• NSDL is a Sebi-registered market infrastructure institution offering a wide range of products and services to the financial and securities markets in India.
• Following the introduction of the Depositories Act in 1996, NSDL pioneered the dematerialisation of securities in India in November 1996.
• It is India’s first securities depository to reach Rs 500 lakh crore (USD 6 trillion) in value of assets held in custody in September 2024.
• In October,2024 NSDL received Sebi’s go-ahead to launch its initial public offering (IPO), which is a complete offer-for-sale (OFS) of more than 5.72 crore equity shares by shareholders.
• Those selling shares in the OFS include the National Stock Exchange of India (NSE), State Bank of India (SBI), and HDFC Bank.

CURRENT AFFAIRS : DEFENCE NEWS

Defence Acquisition Council Approves 5 Capital Acquisition Proposals Worth ₹21,772 Crores to Enhance Defence Preparedness

• On December 3, 2024, the Defence Acquisition Council (DAC), chaired by Raksha Mantri Shri Rajnath Singh, approved 5 capital acquisition proposals worth ₹21,772 Crores to enhance India’s defence preparedness.

Key Highlights :

• Procurement of 31 New Water Jet Fast Attack Crafts (NWJFACs): These crafts will be used by the Indian Navy for Low-Intensity Maritime Operations, surveillance, patrol, search and rescue (SAR) operations, and anti-piracy missions, particularly in island territories.
• Procurement of 120 Fast Interceptor Crafts (FIC-1): These vessels will be used for multiple roles, including the protection of high-value units like aircraft carriers, destroyers, frigates, and submarines, for coastal defence operations.
• Electronic Warfare Suite (EWS) for Su-30 MKI Aircraft: The approval includes the procurement of systems to enhance the operational capabilities of Su-30 MKI aircraft by protecting them from enemy radars and air defence systems during missions.
• Procurement of 6 Advanced Light Helicopters (ALH) M (MR): These helicopters will strengthen coastal security and surveillance for the Indian Coast Guard.
• Overhaul of Tanks and Aircraft:DAC approved the overhaul of T-72 and T-90 tanks, BMP, and Sukhoi fighter aircraft engines, enhancing their service life and operational readiness.

About Ministry of Defence :

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

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Competition Commission of India Approves MUFG Bank’s Acquisition of Stake in Shiprocket Private Limited

• The Competition Commission of India (CCI) has approved the acquisition of a shareholding in Shiprocket Private Limited by MUFG Bank, Limited..

Key Highlights :

• Details of the Proposed Combination:The proposed combination involves MUFG Bank acquiring a shareholding in Shiprocket Private Limited.
• Shiprocket operates a logistics platform offering logistics services to businesses, both domestically and internationally, through logistics service providers listed on its platform.
• About MUFG Bank:MUFG Bank, Ltd. is incorporated in Japan and is a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG), the ultimate parent company.
• MUFG Bank is involved in providing banking services in India.

About CCI :

• Founded : 14 October 2003
• Headquarters : New Delhi, India
• Chairman : Ravneet Kaur

Competition Commission of India Approves KDT Venture Holdings’ Acquisition of Stake in Shiprocket Private Limited

• The Competition Commission of India (CCI) has approved the acquisition of a shareholding in Shiprocket Private Limited by KDT Venture Holdings, LLC.
• Details of the Proposed Combination:The proposed combination involves KDT Venture Holdings, LLC (Acquirer) acquiring a shareholding in Shiprocket Private Limited (Target).

About KDT Venture Holdings, LLC:

• KDT is an early-stage venture capital firm based in the United States.
• It invests in startups across multiple geographies, including the US, Israel, and the United Kingdom.
• Focus sectors include:Healthcare, Supply chain and manufacturing, Cybersecurity, Semiconductors, Connectivity, Fintech, Enterprise software,Energy transformation.
• KDT is a wholly owned subsidiary of Koch, Inc.

Competition Commission of India Approves Platinum Stone A 2014 Trust’s Subscription to Optionally Convertible Debentures of GMR Infra Enterprises Private Limited

• The Competition Commission of India has approved the subscription to optionally convertible debentures (OCDs) of GMR Infra Enterprises Private Limited by Platinum Stone A 2014 Trust (acting through its trustee Platinum Rock B 2014 RSC Limited).

Parties Involved:

• Acquirer: Platinum Stone A 2014 Trust (through trustee Platinum Rock B 2014 RSC Limited), a trust established in Abu Dhabi with the Abu Dhabi Investment Authority as the sole beneficiary.
• Target: GMR Infra Enterprises Private Limited (SPV) which will acquire shares in GMR Airports Limited (GAL) and manage the subscription process.
• Proposed Combination:The Acquirer will subscribe to unlisted, unrated OCDs of GMR Infra Enterprises Private Limited (Target SPV).
• The Target SPV will acquire approximately 9% of the shareholding (on a fully diluted basis) of GMR Airports Limited (GAL) from its promoter, GMR Enterprises Private Limited (GEPL).
• Business Operations:GMR Airports Limited (GAL) is a public company engaged in the development, management, and operation of airports in India and globally.
• GAL currently operates three airports in India: Delhi International Airport, GMR Hyderabad International Airport, and GMR Goa International Airport.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

United States approves $1.17 Billion Deal for MH-60R Helicopter Support Systems

• The United States (US) has approved a possible $1.17 billion deal to sell India support equipment for MH-60R multi-role helicopters under its Foreign Military Sales programme.
• The deal enhances India’s defense capabilities, particularly in maritime and anti-submarine warfare, which is crucial for its national security.

Key Highlights :

• MH-60R Helicopters: India had contracted 24 MH-60R helicopters from Lockheed Martin under a $2.2 billion deal in February 2020.
• 9 helicopters have been inducted into India’s armed forces so far.
• Requested Equipment: India has requested the purchase of 30 Multifunctional Information Distribution System-Joint Tactical Radio Systems (MIDS-JTRS) as part of this deal.
• Enhancement of Capabilities: The sale aims to upgrade India’s anti-submarine warfare capabilities, improving its ability to deter current and future threats.
• Principal Contractor: Lockheed Martin will be the principal contractor for the deal, with any offset agreement to be defined through further negotiations.
• Additional Items in the Deal: The sale includes various equipment like advanced data transfer systems, external fuel tanks, infrared systems, spare parts, training equipment, communications equipment, and support services.
• Implementation Requirements: The sale will require the deployment of up to 20 U.S. government representatives or 25 contractor representatives to India for technical support and oversight.

CURRENT AFFAIRS: AWARDS & HONOURS

Tanker and tugboat crews receive the 2024 IMO Bravery Award

Award Highlights

• Presented to:
  1. Captain Avhilash Rawat and the crew of oil tanker Marlin Luanda.
  2. Captain Jorge Fernando Galaviz Fuentes and the crew of tugboat Pemex Maya.
• Occasion: Annual IMO Awards Ceremony on 2 December 2024 in London.
• Ceremony Context: Held after the first day of the Maritime Safety Committee (MSC 109) session (2–6 December 2024).

Recipients and Their Acts of Bravery

1. Captain Avhilash Rawat and Crew of Marlin Luanda

• Event: Fire caused by an uncrewed aerial device attack (26 January 2024).
• Cargo: 84,147 tons of Naphtha (highly flammable).
• Actions Taken:
  • Swiftly organized firefighting efforts amid life-threatening conditions.
  • Contained the fire using foam and seawater, despite limited resources.
  • Collaborated with naval ships (INS Visakhapatnam, USS Carney, and others) to extinguish the fire.
• Duration: Over 24 hours of continuous efforts.
• Outcome: Prevented catastrophic damage and ensured crew safety.

2. Captain Jorge Fernando Galaviz Fuentes and Crew of Pemex Maya

• Event: Hurricane Otis (25 October 2023).
• Conditions: Extreme weather with winds exceeding 300 km/h and 5-meter waves.
• Actions Taken:
  • Rescued six shipwrecked individuals from four vessels amid darkness and rough seas.
  • Conducted complex rescue maneuvers under dangerous conditions.
• Outcome: Survivors saved without life-threatening injuries, demonstrating exceptional seamanship.

3. Additional Recognitions

Certificates of Commendation

• Awarded to individuals involved in the rescue of 150 passengers and crew from the Esther Miracle (March 2023).
• Notable Recipients:
  • Captain Jérôme Noël Mougoula Saguiliba (LCT Celeste).
  • Lieutenant Crépin Manfoumbi Mengara (Gabonese Navy).

Letters of Commendation

• Recognized bravery in diverse maritime emergencies:
  • Rescues during wildfires in Lahaina, Maui.
  • Saving crew from sinking and burning vessels globally.
  • Assisting migrants at sea.

BHEL wins CII-EXIM Bank Award for Business Excellence – 2024

Award Highlights

• Recipient: Bharat Heavy Electricals Limited (BHEL).
• Achievement: Won the prestigious CII-EXIM Bank Award for Business Excellence for the second consecutive year.
• Recognition Basis:
  • The award is modeled on the internationally recognized EFQM (European Foundation for Quality Management) excellence framework.
  • Highlights BHEL’s commitment to resilience, adaptability, and continuous improvement in a dynamic business environment.

Unit-wise Recognition

1. Award Winner:

• Haridwar Unit: Bagged the top honor.

1. Platinum Recognition:

• Units/Divisions: Bhopal, Hyderabad, Jhansi, Ranipet, and Project Engineering Management (PEM).

Award Ceremony Details

• Occasion: 32nd CII Excellence Summit.
• Venue: Bengaluru.
• Date: 27 November 2024.
• Key Representatives:
  • JP Srivastava, Director (E, R&D).
  • Teams from Corporate Quality & Business Excellence and the awarded units.

President Of India Confers National Awards For Empowering Persons With Disabilities To 33 Exemplary Individuals And Institutions

National Awards for Empowering Persons with Disabilities 2024

Occasion:

• Event: International Day of Persons with Disabilities 2024.
• Venue: New Delhi.
• Presided By: President of India, Smt. Droupadi Murmu.
• Key Dignitaries:
  • Virendra Kumar, Union Minister for Social Justice and Empowerment.
  • Shri Rajesh Aggarwal, Secretary, Department of Empowerment of Persons with Disabilities (DEPwD).

Highlights of the Ceremony

1. Awardees:

• 33 exemplary individuals and institutions were honored for their contributions to empowering persons with disabilities.
• Awardees ranged from young achievers like 13-year-olds Prathamesh and Janhavi to senior citizens like 75-year-old Saroj Arya, reflecting a spectrum of talent.

1. President’s Address:

• Praised the courage, determination, and achievements of persons with disabilities.
• Highlighted the significance of:
  • Entrepreneurship and skill development.
  • Leadership among persons with disabilities.
• Celebrated India’s historic success at the 2024 Paris Paralympics, securing 29 medals compared to a single medal in 2012.
• Acknowledged the impact of the Accessible India Campaign and advancements like the inclusive Rashtrapati Bhavan website.

1. Union Minister’s Remarks:

• Emphasized the Government’s commitment under PM Modi’s leadership to the empowerment of persons with disabilities.
• Mentioned key initiatives:
  • Promotion of Indian Sign Language.
  • Distribution of assistive devices.
• Appreciated the role of persons with disabilities in building a self-reliant India by 2047.

1. Secretary’s Insights:

• Announced the establishment of Prime Minister Divyaasha Kendras for comprehensive disability support.
• Reiterated the DEPwD’s dedication to creating inclusive opportunities.

Key Themes and Messages

• Inclusivity and Empowerment: The awards celebrate resilience and inspire society to contribute toward an inclusive environment.
• Milestone Achievements:
  • India’s Paralympic success highlights progress in awareness and support for athletes with disabilities.
  • Implementation of accessibility-focused initiatives like the Accessible India Campaign.
• Vision 2047: The recognition underscores the vital contributions of persons with disabilities in achieving India’s developmental goals.

CURRENT AFFAIRS: MOUs & AGREEMENTS

China and Nepal sign nine-point MoU during PM Oli’s Beijing visit

• Nepal’s Prime Minister K P Sharma Oli and Chinese President Xi Jinping met in Beijing, where the two nations signed a nine-point Memorandum of Understanding (MoU) to enhance bilateral cooperation across various sectors, including trade promotion and technical assistance.

Event Details

• Occasion: High-profile diplomatic visit of Nepal’s Prime Minister K P Sharma Oli to China.
• Venue: Beijing, China.
• Duration: Four days.
• Delegation:
  • PM Oli’s spouse, Radhika Shakya.
  • Arzu Rana Deuba, Nepal’s Foreign Minister.
  • Senior officials, private sector representatives, and media personnel.

Key Outcomes

1. Nine-Point Memorandum of Understanding (MoU):

• Signed to enhance cooperation in areas such as:
  • Trade promotion.
  • Technical assistance.
  • Infrastructure development under the Belt and Road Initiative (BRI).
• Nepal proposed a “No Loan Pact”, ensuring non-debt-driven collaboration on BRI projects.

1. Diplomatic Milestone:

• Marks seven years since Nepal joined the BRI framework.
• The visit sets the stage for celebrating 70 years of diplomatic ties in 2025.

Statements and Meetings

1. President Xi Jinping:

• Emphasized Nepal’s pivotal role in China’s neighborhood diplomacy.
• Reiterated the strategic importance of China-Nepal relations.

1. Chinese Prime Minister Li Qiang:

• Hosted PM Oli at the Great Hall of the People.
• Accorded a ‘guard of honor’ by the Chinese Liberation Army.

1. Bilateral Talks:

• Focused on advancing partnerships in trade and infrastructure.

Hyundai Motor Group forms strategic partnership with IITs to boost EV research in India

• South Korea’s Hyundai Motor Group has announced a strategic partnership with three premier Indian Institutes of Technology (IITs) to establish a robust research framework in battery technology and electrification.
• The initiative aims to develop innovations tailored to the unique requirements of the Indian market.

Partnership Details

• Collaborating Institutes: IIT Delhi, IIT Bombay, and IIT Madras.
• Objective: To establish a strong research framework in battery technology and electrification, tailored to India’s needs.

Hyundai Center of Excellence (CoE)

• Location: IIT Delhi.
• Focus Areas:
  • Electric Vehicle (EV) technology advancements.
  • Battery development and electrification solutions.
• Key Partner: Centre for Automotive Research and Tribology (CART) at IIT Delhi.

Investment Plan

• Amount: $7 million over five years (2025–2029).
• Research Focus Areas:
  • Battery technology innovations.
  • Software development.
  • Hydrogen fuel cells.
  • General electrification advancements.

CURRENT AFFAIRS: IMPORTANT DAYS

World Wildlife Conservation Day is on December 4, 2024

• World Wildlife Conservation Day is observed annually on December 4 to spread awareness about preserving Earth’s endangered Flora and fauna.

Why is World Wildlife Conservation Day Celebrated?

• Origin:
  • Initiated on November 8, 2012, by Hillary Clinton, then US Secretary of State, during “The Wildlife Trafficking and Conservation” event.
  • The day aims to combat wildlife trafficking, a global issue costing $7–10 billion annually.
  • Observed on: December 4 annually.

• Purpose:
  • Spread awareness about the benefits of wildlife.
  • Address the challenges of wildlife trafficking and habitat destruction.
  • Inspire collective action to protect endangered species.

Theme for 2024

“Connecting People and Planet: Exploring Digital Innovation in Wildlife Conservation”

• Focus:
  • Utilize digital tools like satellite imaging, drones, and AI to monitor habitats, track species, and combat poaching.
  • Foster global collaboration through real-time data sharing to enhance conservation efforts.
  • Bridge the gap between people and nature, encouraging community engagement in biodiversity preservation.

Significance of World Wildlife Conservation Day

• Raising Awareness:
  • Highlights the estimated 1 million species at risk of extinction, as per the IUCN.
  • Draws attention to the 8,400 critically endangered species and 30,000 vulnerable species

World Soil Day, celebrated annually on December 5

Date and Significance

• Observed on: December 5 annually.
• Objective: To highlight the vital role of soil in sustaining life and address the challenges of soil degradation.
• History:
  • Initiated by the International Union of Soil Sciences (IUSS) in 2002.
  • Officially recognized by the United Nations in 2013.
  • The date honors King Bhumibol Adulyadej of Thailand, a proponent of sustainable soil management, coinciding with his birthday.

Theme for 2024

• “Caring for Soils: Measure, Monitor, Manage”
  • Encourages sustainable practices to:
    • Measure: Assess soil quality.
    • Monitor: Track soil health changes.
    • Manage: Adopt techniques to restore and preserve soil.

CURRENT AFFAIRS : OBITUARIES

Aussie Davis Cup Legend Neale Fraser Passed away

• Neale Fraser, who won three Grand Slam singles titles and guided Australia to four Davis Cup titles during a 24-year career as team captain, has passed away at the age of 91.

About Neale Fraser :

• Neale Fraser born on 3 October 1933 in Melbourne, Victoria, Australia.
• Fraser won the 1960 Wimbledon title, defeating Australian tennis great Rod Laver.
• He was an iconic figure in Australian tennis, widely regarded for his contributions to both the sport and the Davis Cup.
• His rivalry with Rod Laver, a fellow Australian tennis great, was notable, with Laver paying tribute to Fraser after his passing.
• Grand Slam Achievements: Fraser won 19 Grand Slam titles, which included:
• 2 singles titles: U.S. Open in 1959 and 1960, and Wimbledon in 1960.
• 11 men’s doubles titles, including at least two at each of the four Grand Slam tournaments.
• 5 mixed doubles titles.
• Davis Cup:Fraser was a crucial member of the Australian Davis Cup teams that won the title four times between 1959 and 1962.
• He played an instrumental role in Australia’s Davis Cup victories under captain Harry Hopman.
• He became the captain of the Australian Davis Cup team in 1970 and remained in the position until 1993.
• Under his leadership, Australia won the Davis Cup four times in 1973, 1977, 1983, and 1986.

Awards & Honors :

• In 2008, Fraser received the prestigious Philippe Chatrier award from the International Tennis Federation (ITF) in recognition of his contributions to the sport.
• He was also the centenary ambassador for the Davis Cup, and was the first recipient of the ITF and International Hall of Fame’s Davis Cup Award of Excellence.

Raj Manchanda, the ‘Veteran Strategist’ of Indian Squash, Passed away

• Brig Raj Manchanda, the `Old Fox’ of Indian squash, passed away in Delhi at the age of 80.

About Brig Raj Manchanda :

• Manchanda born on 5th August 1945 in Abohar, Punjab, Manchanda became one of India’s most celebrated squash players.
• He was cremated with Military Honours at Brar Square, Delhi.
• He was a six-time National Squash Champion, winning every title from 1977 to 1982.
• International Achievements:Manchanda won a silver medal in the 1981 Asian Team Squash Championships and a bronze medal in the 1984 Asian Team Squash Championships.
• He also achieved 4th place at the 1984 Asian Championships in Jordan.
• He competed against Jahangir Khan, a future World Open champion, at the Asian Individual Squash Championships in the 1980s.
• He became a consultant at Exhibition Industries in Delhi.
• Two squash courts at the National Defence Academy (NDA) and Indian Military Academy (IMA) have been named after him, reflecting his lasting impact on Indian squash.
• Awards & Honors : He received the Arjuna Award in 1980 for his outstanding contribution to Indian squash.
• Manchanda was also honored with the Best Services Sportsman Award in 1981.

Daily CA on Dec 5 :

• Bank of India (BoI) plans to raise an additional Rs 5,000 crore through the issuance of infrastructure bonds.
• Transactions processed through Unified Payments Interface (UPI) on RuPay credit cards nearly doubled in the first seven months of FY25 compared to the same period in FY24.
• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹5.00 lakh on The Panchkula Central Co-operative Bank Limited., Haryana.
• The All-India House Price Index (HPI) increased by 4.3% annually in Q2 of FY 2024-25, compared to 3.3% in the previous quarter and 3.5% in the same quarter of the previous year.
• The Warehousing Development and Regulatory Authority (WDRA) is pursuing the Reserve Bank of India (RBI) for preferential treatment for Electronic Negotiable Warehouse Receipts (eNWRs).
• Sa-Dhan, an Reserve Bank of India (RBI)-recognized Self-Regulatory Organization (SRO) for microfinance and impact finance institutions, has partnered with the Indian Institute of Banking & Finance (IIBF),the premier institute in the country for administering various courses in the banking sector, to launch a new certification course for microfinance professionals.
• India’s microfinance sector has reached Rs 4.43 lakh crore, with 99% of the 8.67 crore active borrowers being women.
• HDFC Life Insurance Company reported a customer data theft and initiated an investigation to assess the potential impact.
• United States (US) President-elect Donald Trump warned of imposing 100% tariffs on a group of nine nations if they attempt to create a currency rivalling the US dollar.
• Justice Manmohan, the Chief Justice of the Delhi High Court, has been appointed as a Judge of the Supreme Court of India, effective from the date he assumes charge of his office.
• Vijay Chandok, a financial market veteran, has been appointed as the new Managing Director (MD) and Chief Executive Officer (CEO) of NSDL (National Securities Depository Limited.).
• On December 3, 2024, the Defence Acquisition Council (DAC), chaired by Raksha Mantri Shri Rajnath Singh, approved 5 capital acquisition proposals worth ₹21,772 Crores to enhance India’s defence preparedness.
• The Competition Commission of India (CCI) has approved the acquisition of a shareholding in Shiprocket Private Limited by MUFG Bank, Limited..
• The Competition Commission of India (CCI) has approved the acquisition of a shareholding in Shiprocket Private Limited by KDT Venture Holdings, LLC.
• The Competition Commission of India has approved the subscription to optionally convertible debentures (OCDs) of GMR Infra Enterprises Private Limited by Platinum Stone A 2014 Trust (acting through its trustee Platinum Rock B 2014 RSC Limited).
• The United States (US) has approved a possible $1.17 billion deal to sell India support equipment for MH-60R multi-role helicopters under its Foreign Military Sales programme.
• Neale Fraser, who won three Grand Slam singles titles and guided Australia to four Davis Cup titles during a 24-year career as team captain, has passed away at the age of 91.
• Brig Raj Manchanda, the `Old Fox’ of Indian squash, passed away in Delhi at the age of 80.
• The Directorate of Revenue Intelligence (DRI) will celebrate its 67th Foundation Day on 4th December 2024 in New Delhi.
• Rajya Sabha Passes Oilfields (Regulation and Development) Amendment Bill, 2024. Amend the existing law governing the exploration and production of oil and gas.
• Gujarat tops in residentialrooftop solar installations under PM-Surya Ghar: Muft Bijli Yojana.
• Centre launched the research on “Evidence-based research on arecanut and human health.”
• The Lok Sabha approved the Banking Laws (Amendment) Bill, 2024, on Dec 3, 2024. The Bill proposes 19 amendments to banking laws, including the Reserve Bank of India Act, Banking Regulation (BR) Act, and Banking Companies (Acquisition and Transfer of Undertakings) Act.
• At an awards ceremony at the IMO headquarters in London, Captain Rawat accepted the award on behalf of his crew of the oil tanker Marlin Luanda, who had been named winners in July of the prestigious maritime award.
• Bharat Heavy Electricals Limited (BHEL) won the prestigious CII-EXIM Bank Award for Business Excellence for the second consecutive year.
• President Of India Confers National Awards For Empowering Persons With Disabilities To 33 Exemplary Individuals And Institutions
• Nepal’s Prime Minister K P Sharma Oli and Chinese President Xi Jinping met in Beijing, where the two nations signed a nine-point Memorandum of Understanding (MoU) to enhance bilateral cooperation across various sectors, including trade promotion and technical assistance.
• South Korea’s Hyundai Motor Group has announced a strategic partnership with three premier Indian Institutes of Technology (IITs) to establish a robust research framework in battery technology and electrification.
• World Wildlife Conservation Day is observed annually on December 4 to spread awareness about preserving Earth’s endangered Flora and fauna.
• World Soil Day is celebrated annually on 5 December. The theme for this year is “Caring for Soils: Measure, Monitor, Manage”