Daily Current Affairs December 08th & 09th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India to launch new benchmark Secured Overnight Rupee Rate based on secured money market rates

• The Reserve Bank of India (RBI) has proposed the introduction of a new benchmark for the interest rate derivatives market based on secured money markets.
• This benchmark will be known as the Secured Overnight Rupee Rate (SORR).

Key Highlights :

• Rationale and Background:The proposal follows recommendations from the MIBOR Committee and feedback received.
• The shift is aimed at aligning with global best practices and enhancing transparency in benchmark-setting, similar to the Secured Overnight Financing Rate (SOFR), a benchmark used in the US for overnight borrowing costs.
• Methodology Difference:Unlike MIBOR, which is a polled rate derived from averaging participant responses, SORR will be trade-based, relying on actual transactions in secured money markets, making it less susceptible to manipulation.
• Key Components of SORR:SORR will be derived from transactions in the basket repo and triparty repo (TREP) markets.
• The new benchmark will be developed with the support of Financial Benchmarks India Limited (FBIL).
• Market Impact:The introduction of SORR is not expected to have an immediate impact on the market but marks a significant step toward adopting global best practices.
• Benchmark Suitability:The repo market for government securities (including TREP and market repo) accounts for 98% of overnight money market transactions and is seen as a more robust measure of overnight funding rates than the call money market, which is the target of RBI’s monetary policy operations.
• Differences Between SORR and Call Money Rates:The MIBOR Committee notes that while call money rates are a target of RBI’s monetary policy, the repo market is better suited for derivatives aimed at hedging and for establishing more accurate and reliable benchmark rates.
• Non-Resident Access:The report also suggested granting non-residents gradual access to onshore Interest Rate Derivative (IRD) markets beyond MIBOR Overnight Indexed Swaps (OIS) for purposes other than hedging.
• Global Alignment:The proposed shift aligns with global trends, particularly with the introduction of SOFR in the US, replacing the London Interbank Offered Rate (LIBOR).
• Timeline and Feedback:Stakeholders were invited to submit comments on the proposal by November 15.

Reserve Bank of India Launches Podcast to Broaden Distribution of Valuable Information

• The Reserve Bank of India (RBI) is launching podcasts to expand its communication efforts and improve the dissemination of information to the public.
• The move is part of the RBI’s ongoing efforts to enhance transparency and better connect with the people, following the expansion of its communication toolkit, including the use of social media.
• Purpose of Podcasts:The podcasts will help the RBI explain complex topics in a simple manner, reaching a wider audience and enhancing public awareness about its decisions and actions.

Key Highlights :

• RBI’s Communication Strategy:The RBI has been utilizing both traditional and modern communication techniques to ensure greater impact and clarity in conveying the rationale behind its decisions and disseminating important messages to the public.
• Monetary Policy Decisions:The RBI’s Monetary Policy Committee decided to keep the repo rate unchanged at 6.5% for the 11th consecutive time, maintaining a neutral monetary policy stance.
• This indicates a continued effort to manage inflation and support economic growth without introducing sudden changes in interest rates.
• GDP Forecast Revision:The RBI has downwardly revised its GDP forecast for 2024-25 to 6.6%, down from the earlier forecast of 7.2%.
• This indicates concerns about economic growth.
• CRR Cut:The Cash Reserve Ratio (CRR) has been cut by 50 basis points, reducing it from 4.5% to 4%.
• This measure is expected to infuse Rs 1.15 lakh crore of liquidity into the banking system, aimed at enhancing liquidity and supporting economic activity.
• Retail Inflation Projection:The retail inflation projection for 2024-25 has been revised upwards from 4.5% to 4.8%, indicating a potential rise in inflation pressures.

SBI Card Achieves Milestone of 20 Million Credit Cards in Circulation  

• SBI Card surpassed 20 million credit cards in circulation, marking a significant achievement in its credit card business, which started in 1998.
• Between FY19 and FY24, SBI Card experienced a growth rate of around 25% CAGR (Compound Annual Growth Rate) in the number of cards in force and a 26% CAGR in spends.
• SBI Card is the second-largest credit card issuer in India, following HDFC Bank.
• As of January 2024, HDFC Bank had also achieved the milestone of 20 million cards in circulation, with 22.64 million cards in October 2024.
• According to RBI data for October 2024, SBI Card’s circulation stood at nearly 19.8 million, showing a slight increase from 19.58 million in September 2024.
• The total number of outstanding credit cards in India rose by 12.85% YoY (Year-on-Year) to 106.88 million in October 2024.
• HDFC Bank and SBI Card led the additions with 241,119 and 220,265 new cards, respectively.

About SBI Cards & Payment Services Limited :

• Founded : May 1998
• Headquarters : Gurugram, Haryana
• MD & CEO : Abhijit Chakravorty

Reserve Bank of India Increases India’s Gold Reserves by 27 Tonnes in October 2024: World Gold Council Report

• As per World Gold Council (WGC) data, Central bank gold buying surged to 60 tonnes in October 2024, with the Reserve Bank of India (RBI) leading the increase by adding 27 tonnes to its reserves.
• India’s Gold Purchases: From January to October 2024, India purchased a total of 77 tonnes of gold.
• This is a five-fold increase compared to the same period in 2023.
• India’s Total Gold Reserves: With the October purchase, India’s total gold reserves reached 882 tonnes, of which 510 tonnes are held domestically in India.
• Global Dominance of Emerging Market Central Banks: Emerging market central banks continued to dominate gold purchases.
• Notable buyers include:
• Turkey: Added 72 tonnes from January to October 2024.
• Poland: Added 69 tonnes over the same period.
• These three countries (India, Turkey, and Poland) accounted for 60% of global net gold purchases in 2024.
• Turkey’s Continuous Purchases: Turkey’s central bank continued its streak of gold purchases, adding 17 tonnes in October.
• This marks the 17th consecutive month of net purchases, with October’s purchases being the highest since December 2023.
• Poland’s Strategy: The National Bank of Poland (NBP) added 8 tonnes of gold in October, continuing its seventh consecutive month of net buying. The NBP targets a 20% gold allocation of its total official reserve assets.
• Kazakhstan’s Shift: After five months of net selling, the National Bank of Kazakhstan added 5 tonnes of gold in October 2024.
• Czech Republic’s Consistent Purchases: The Czech National Bank (CNB) added 2 tonnes of gold, marking its 20th consecutive month of net buying.
• The CNB has accumulated 37 tonnes over this period, increasing its total reserves to 49 tonnes.
• Kyrgyzstan’s Record Purchases: Kyrgyzstan added 2 tonnes of gold to its reserves, bringing its year-to-date purchases to nearly 6 tonnes, with October being its highest monthly net buying since September 2023.
• Ghana’s Growing Reserves: Ghana purchased 1 tonne of gold in October, bringing its gold reserves to 28 tonnes.
• The country’s reserves have steadily increased since May 2023, when they were below 9 tonnes.

Employment in India Rises to 64.33 Crore in 2023-24, Up from 47.5 Crore in 2017-18: KLEMS Data

• The KLEMS (K: Capital, L: Labour, E: Energy, M: Materials and S: Services) database published by the Reserve Bank of India (RBI), provides employment estimates for both the public and private sectors at the national level.
• Employment Growth (2017-18 to 2023-24): Employment in India increased from 47.5 crore in 2017-18 to 64.33 crore in 2023-24, marking an increase of 16.83 crore during this period.
• EPFO Payroll Data:The Employees’ Provident Fund Organization (EPFO) Payroll Data provides insights into employment levels in the formal sector.
• Net Subscribers (2023-24): Over 1.3 crore net subscribers joined EPFO during 2023-24.
• Total Net Subscribers (Sept 2017 to March 2024): Over 6.2 crore net subscribers joined EPFO, indicating a significant increase in the formalization of employment.
• Periodic Labour Force Survey (PLFS):The PLFS, conducted by the Ministry of Statistics and Programme Implementation (MoSPI) since 2017-18, collects data on employment and unemployment.
• The survey period runs from July to June every year.
• Worker Population Ratio (WPR):The Worker Population Ratio (WPR) indicates employment for persons aged 15 years and above.
• Annual WPR for the years 2020-21 to 2022-23:
  • 2020-21: 52.6%
  • 2021-22: 52.9%
  • 2022-23: 56.0%
• The WPR data indicates a steady increase in employment over the years, highlighting positive trends in workforce participation.

CURRENT AFFAIRS: NATIONAL NEWS

Union Cabinet Approves Delhi Metro’s Rithala-Narela-Nathupur Corridor Under Phase IV

• The Union Cabinet, led by Prime Minister Narendra Modi, has approved the construction of the Rithala-Narela-Nathupur (Kundli) corridor, part of Delhi Metro’s Phase-IV project, aiming to enhance connectivity between Delhi and Haryana.
• This corridor will extend over 463 km and is scheduled for completion within four years.

Key Highlights of the Rithala-Narela-Nathupur Corridor

• Total Cost: ₹6,230 crore.
• Implementing Agency: Delhi Metro Rail Corporation (DMRC), a 50:50 partnership between the Government of India (GoI) and the Government of National Capital Territory of Delhi (GNCTD).
• Alignment:
  • Extension of the operational Shaheed Sthal (New Bus Adda) – Rithala (Red Line) corridor.
  • 21 Elevated Stations, including key locations such as:
    • Rithala, Rohini sectors, Bawana Industrial Area, Narela, Kundli, and Nathupur.
• Connectivity: Links Shaheed Sthal New Bus Adda (Ghaziabad) with Nathupur (Haryana) via Delhi.

Benefits of the New Corridor

1. Enhanced Connectivity:
   • Improves access for Narela, Bawana, and Rohini residents in Delhi.
   • Strengthens regional links between Delhi, Ghaziabad, and Haryana, boosting inter-city travel convenience.
2. Environmental Gains:
   • Reduces road congestion.
   • Mitigates vehicular pollution by promoting public transport use.
3. Economic Growth:
   • Expands the Delhi Metro network in NCR, aiding regional development.
   • Supports urban and industrial zones like Bawana Industrial Area.
4. Increased Capacity:
   • Expected to boost daily passenger journeys, currently averaging 64 lakh.
   • Records indicate a peak of 78.67 lakh journeys (November 18, 2024).

Delhi Metro Phase-IV Updates

• Three Priority Corridors:
  • 65.202 km with 45 stations under construction.
  • 56% completion achieved; targeted for completion by March 2026.
• Future Expansion:
  • Two additional corridors covering 20.762 km are in the pre-tendering stage.

India Launches First TV Channel in Indian Sign Language (ISL) under PM-eVidya Initiative

• Union Education Minister Dharmendra Pradhan unveiled Channel 31, India’s first television channel in Indian Sign Language (ISL).
• This significant step is part of the PM-eVidya initiative to create an inclusive educational environment for individuals with hearing disabilities.

Key Features of Channel 31

1. Content Coverage:
   • Provides learning materials for school children aligned with central and state curricula.
   • Focuses on diverse topics such as:
     • Career guidance and skill training.
     • Mental health awareness.
     • Communication skills.
     • Promotion of sign language as a subject, equivalent to verbal languages.
2. Implementation:
   • Operated by the National Council of Educational Research and Training (NCERT).
   • Offers news, entertainment, and educational resources for the hearing-impaired.
3. Alignment with NEP 2020:
   • Supports the National Education Policy’s mandate to promote Indian Sign Language and its standardization nationwide.
   • Encourages the development of curriculum materials tailored for hearing-impaired students.

Three Books on Sitaram Yechury’s Writings Released Posthumously

• Three books based on the late Sitaram Yechury’s writings on culture, media, science, and secularism were released, marking a tribute to his intellectual legacy.
• Published by SAHMAT (Safdar Hashmi Memorial Trust) and Tulika Books, the event celebrated Yechury’s contributions to political and cultural discourse.

The Books Released:

1. Hindu Rashtra Hai Kya:
   • A Hindi translation of Yechury’s 1993 English book What is Hindu Rashtra?
   • Originally published after the Babri Masjid demolition, it examines the rise of Hindutva forces, focusing on the RSS ideology and its impact on India’s secular framework.
2. The Fight for the Republic:
   • Contains three essays:
     • Two essays on Hindutva.
     • One on India @75, reflecting on the country’s evolution and challenges to its democratic values.
3. Reflections on Culture, Media, and Science:
   • Explores Yechury’s perspectives on scientific thought, media ethics, and the role of culture in fostering a progressive society.

Event Highlights

• Prakash Karat, former CPI(M) General Secretary, released the books in the presence of:
  • Economist Prabhat Patnaik.
  • JNU professor C.P. Chandrasekhar.
  • Raju Ramachandran, Advocate.
  • Ram Rahman from SAHMAT.
  • Rajendra Sharma, editor of Loklahar.

India to Chair the 68th Session of the UN Commission on Narcotic Drugs (CND)

• In a historic milestone, India has been elected to chair the 68th Session of the United Nations Commission on Narcotic Drugs (CND) for the first time.
• Ambassador Shambhu S. Kumaran, India’s Permanent Representative to the United Nations in Vienna, assumed this esteemed role, marking a significant step in India’s leadership on global drug policy issues.

About the UN Commission on Narcotic Drugs (CND)

• The CND is a key policy-making body of the UN that focuses on addressing global drug challenges and fostering international collaboration. It operates under the United Nations Office on Drugs and Crime (UNODC) in Vienna and is a functional commission of the UN Economic and Social Council (ECOSOC).

Key Responsibilities of the CND:

• Monitoring Global Drug Trends: Analyzing and reporting drug-related developments worldwide.
• Advising on Policy: Guiding member states in formulating effective and balanced drug policies.
• Overseeing International Drug Conventions: Ensuring compliance with agreements like the Single Convention on Narcotic Drugs (1961).

India’s Role and Focus as Chair

As Chair of the CND, India aims to:

1. Champion the Global South: Amplify the voices of developing nations and address their unique drug-related challenges.
2. Foster International Cooperation: Promote collaboration between developed and emerging economies to tackle illicit drug trafficking and substance abuse.
3. Promote Balanced Drug Policies: Focus on evidence-based strategies that balance enforcement with public health priorities.

Focus Areas for the 68th Session:

• Combatting Illicit Drug Trafficking: Strengthening international mechanisms to prevent the trade of narcotics.
• Addressing Substance Abuse: Enhancing awareness and rehabilitation programs globally.
• Improving Access for Medical Use: Ensuring controlled substances are available for medical and scientific purposes.
• Supporting Inclusive Strategies: Advocating for equitable and sustainable solutions to drug-related issues.

CURRENT AFFAIRS : STATE NEWS

Nagaland’s 25th Hornbill Festival kicks off amid debate on relaxing 35-year-old liquor prohibition law

• The 25th edition of Nagaland’s renowned Hornbill Festival is currently underway, drawing attention due to a debate over relaxing the 35-year-old liquor prohibition law during the festival.

Event Details:

• Organized by: Nagaland state government.
• Started: 2000, as an annual tradition to promote tourism and showcase Naga heritage and culture.
• Goal: To act as a unifying force within the state and boost tourism.
• The theme for the Hornbill Festival 2024 is “Cultural Connect,” highlighting Nagaland’s rich heritage and cultural diversity.

International and State Partners:

• International Partners: USA, Japan, Peru, and Wales.
• State Partners: Sikkim and Telangana.
• The festival is Nagaland’s largest public event, attracting attention for both cultural celebrations and debates surrounding local laws.

About Nagaland :

• Governor : Ganesan
• Chief Minister : Neiphiu Rio
• Capital : Kohima

Gujarat’s ‘Gharcholas’ Granted Geographical Indication Tag

• Gujarat’s traditional “Gharcholas,” worn during weddings in Hindu and Jain communities, have received a Geographical Indication (GI) tag from the Government of India.
• The GI tag for Gharchola handicrafts was presented at the “GI and Beyond – Virasat Se Vikas Tak” program in New Delhi.
• Gharcholas are traditional sarees made in auspicious colors like red, maroon, green, and yellow, which hold cultural significance in Hindu rituals and weddings.
• The GI recognition for Gharchola is Gujarat’s 27th GI tag, showcasing the state’s efforts to preserve its rich cultural and artistic heritage.
• Other GI-Tagged Handicrafts: Other handicrafts from Gujarat awarded GI tags include:
• Surat’s “Saadeli” art
• Banaskantha’s “Soof” embroidery
• Bharuch’s “Sujni” craft
• Ahmedabad’s “Saudagiri Print”
• “Maata Ni Pacchedi” handicrafts
• These GI tags were awarded under the Hastakala Setu Yojana, which aims to promote traditional crafts.

What is a GI Tag?

• A Geographical Indication (GI) tag is a certification that identifies a product’s origin from a specific geographical area and attributes its unique qualities, reputation, or characteristics to that location.
• It is a type of Intellectual Property Right (IPR), offering legal protection to prevent unauthorized use, copying, or imitation of the product.
• A GI tag is valid for 10 years from the date of registration.

About Gujarat :

• Governor : Acharya Devvrat
• Chief Minister : Bhupendrabhai Patel (BJP)
• Capital : Gandhinagar

CURRENT AFFAIRS: AWARDS AND HONOURS

Michelle Bachelet to Receive 2024 Indira Gandhi Prize for Peace, Disarmament, and Development

• The Indira Gandhi Prize for Peace, Disarmament, and Development for 2024 has been awarded to Michelle Bachelet, former President of Chile and a globally recognised advocate for human rights and equality.
• The international jury announced the award, chaired by former National Security Advisor Shivshankar Menon.

Reasons for the Recognition

According to a statement by the Indira Gandhi Memorial Trust, Michelle Bachelet was selected for her:

• Human Rights Advocacy: As UN High Commissioner for Human Rights and the founding director of UN Women, Bachelet championed the cause of gender equality and the rights of vulnerable populations.
• Leadership in Chile: During her presidency in Chile, she focused on promoting democracy, development, and social inclusion.
• Courage and Inspiration: The statement highlighted her personal courage in standing for peace and marginalized communities, serving as a global inspiration.

The award acknowledges her enduring efforts to advance peace, gender equality, human rights, and development, even under challenging circumstances.

Contribution to India-Chile Relations

The Trust emphasized her contributions to strengthening India-Chile relations and fostering global solidarity on issues of shared concern.

About the Indira Gandhi Peace Prize

The Indira Gandhi Prize for Peace, Disarmament, and Development is an annual award presented to individuals or organizations for significant contributions to:

• Promoting peace and development.
• Encouraging disarmament.
• Advancing human rights and sustainable development.

It commemorates the legacy of former Prime Minister Indira Gandhi and her commitment to these ideals.

Legacy of Michelle Bachelet

Bachelet’s career is marked by her steadfast commitment to social justice and equality:

1. As President of Chile:
   • She served two terms (2006–2010 and 2014–2018), focusing on social reforms and women’s empowerment.
2. At the UN:
   • She played a pivotal role in founding UN Women and later as High Commissioner for Human Rights, speaking out on global challenges.

Donald Trump Honored as “Patriot of the Year” in New York

• US President-elect Donald Trump was awarded the “Patriot of the Year” honour at the Tilles Centre in New York.
• The event, organized by Fox Nation, celebrated America’s patriots, including military veterans, first responders, and inspirational figures.

Key Highlights of the Event

1. Award Acceptance:
   • Trump called his election victory night “tremendous” in his acceptance speech.
   • The event served as an acknowledgment of his contributions and support for patriotic causes.
2. Other Honorees:
   • Kirk Cameron, a conservative actor and evangelist.
   • Gen. Dick Cody, recognized for using his personal helicopter to deliver aid post-Hurricane Helene.
   • Officer Jonathan Diller, a fallen NYPD hero, posthumously honored. His wife, Stephanie Diller, received the award with a standing ovation.
3. Special Recognition:
   • Paws of War, an organization supporting veterans with service dogs and helping soldiers bring home animals from war zones.
4. Event Host:
   • Hosted by Sean Hannity, a Fox host and longtime Trump ally.
   • Hannity replaced Pete Hegseth, originally slated to host but nominated by Trump for the role of Defense Secretary.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Air Force’s Western Air Command Holds Two-Day Commanders’ Conference in New Delhi

• The two-day Commanders’ Conference of the Indian Air Force’s (IAF) Western Air Command (WAC) was held on 06 & 07 December 2024 in New Delhi.
• Air Chief Marshal AP Singh, the Chief of the Air Staff, was the chief guest at the conference.
• He was received by Air Marshal PM Sinha, the Air Officer Commanding-in-Chief of WAC, and was presented with a ceremonial Guard of Honour.
• During the conference, the CAS emphasized the need for training to ensure the capability to fight and win in multi-domain warfare.
• The theme for the year was “Bharatiya Vayu Sena – Sashakt, Saksham, Atmanirbhar,” highlighting the IAF’s focus on strength, capability, and self-reliance.

Key Areas of Focus: CAS emphasized key areas for progress, including:

• Enhancing operational capability through better training and planning.
• Early operationalisation of newly inducted equipment.
• Ensuring safety and security.
• Nurturing leadership and empowering individuals at all levels to create a future-ready and cohesive force.
• Compliments to WAC: The CAS complimented the WAC for its exceptional role as the first responders to Humanitarian Assistance and Disaster Relief (HADR) operations, both within India and abroad.
• He also praised WAC for maintaining high operational excellence and keeping IAF core values Mission, Integrity, and Excellence at the forefront.

Defence Minister Shri Rajnath Singh to Visit Russia for 21st India-Russia Inter-Governmental Commission Meeting on Military Cooperation

• Raksha Mantri Shri Rajnath Singh will visit the Russian Federation from December 08-10, 2024.
• Rajnath Singh and Russian Defence Minister Mr. Andrey Belousov will co-chair the 21st meeting of the India-Russia Inter-Governmental Commission on Military and Military Technical Cooperation (IRIGC-M&MTC) on December 10, 2024, in Moscow.
• The two leaders will review the broad spectrum of defence relations between India and Russia, focusing on military-to-military and industrial cooperation.
• As part of the visit, Raksha Mantri will commission the Indian Navy’s new multi-role stealth guided missile frigate ‘INS Tushil’ at Yantra Shipyard, Kaliningrad, on December 09, 2024.
• Admiral Dinesh K Tripathi, the Chief of the Naval Staff, will accompany Shri Rajnath Singh for the commissioning ceremony.
• Raksha Mantri will pay tributes at ‘The Tomb of the Unknown Soldier’ in Moscow, commemorating Soviet soldiers who died in World War II.
• Raksha Mantri will also engage with members of the Indian community in Russia during his visit.

About Ministry of Defence :

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

Indian Navy’s Operational Demonstration at Puri, Odisha, on Navy Day 2024

• The Indian Navy conducted an ‘Operational Demonstration’ on December 4, 2024, showcasing various naval operations, including those by ships, submarines, aircraft, marine commandos, and Indian Army personnel, at Blue Flag Beach, Puri, Odisha.
• The event was graced by Smt. Droupadi Murmu, the President of India and Supreme Commander of the Armed Forces, who was the Chief Guest.
• Navy Day Significance:The demonstration coincided with Navy Day, celebrated annually on December 4, to commemorate Operation Trident, a significant attack on Karachi harbour during the Indo-Pak War of 1971.
• Purpose of the Op Demo:The demonstration aimed to highlight the Indian Navy’s rich maritime history and showcase the valour and commitment of its personnel in safeguarding national maritime interests.
• Participants:The event featured 15 warships, aircraft like MiG 29K and MH 60R, and marine commandos conducting combat beach reconnaissance.
• Additional performances included the Naval Band, Continuity Drill, and Horn Pipe Dance by SCC Cadets.
• Technology and Media Coverage:The demonstration was streamed live on the Indian Navy’s YouTube channel and Doordarshan, allowing broader public access.
• Location and Logistics:This was the second time the Indian Navy organized such an event outside a major Naval Station, with Blue Flag Beach being approximately 500 km from Visakhapatnam and 200 km from INS Chilka.
• Event Conclusion:The event concluded with the illumination of ships at anchorage, followed by a Laser and Drone show on the beach.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Government names Vaibhav Chaturvedi as Reserve Bank of India representative on the Insolvency and Bankruptcy Board of India board

• The government has appointed Vaibhav Chaturvedi as an ex-officio member of the Insolvency and Bankruptcy Board of India (IBBI).
• Chaturvedi is currently serving as the Chief General Manager at the Reserve Bank of India (RBI).
• This appointment highlights the RBI’s continued involvement in the insolvency ecosystem, strengthening its collaboration with other regulatory and enforcement agencies.
• As the RBI representative, Chaturvedi will support IBBI’s efforts to ensure smooth and transparent resolution processes under the IBC.
• The goal is to resolve stressed assets and enhance credit discipline in the financial sector.

About IBBI :

• The IBBI was established in 2016 under the Insolvency and Bankruptcy Code (IBC), 2016.
• It is responsible for the implementation of the Insolvency and Bankruptcy Code, focusing on insolvency resolution and promoting transparency and accountability.
• The IBBI board includes members from various regulatory bodies such as the Ministry of Finance, Ministry of Corporate Affairs, RBI, and Sebi.
• The IBBI is a statutory body functioning under the Corporate Affairs Ministry.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Paytm’s Singapore arm to divest stake in Japan’s PayPay for ₹2,364 crore

• Paytm’s wholly-owned Singapore unit (One97 Communications Singapore) is set to sell its stake in PayPay, a Japanese fintech company, to SoftBank Vision Fund 2 for ₹2,364 crore.

Key Highlights :

• Details of the Sale:The sale involves Stock Acquisition Rights (SARs) held in PayPay Corporation and is expected to close by the end of the month, subject to necessary approvals.
• The sale will strengthen Paytm’s parent company’s cash reserves, which currently exceed ₹10,000 crore.
• This sale will increase the cash reserves by over 20%.
• Paytm’s Investment in PayPay:Paytm’s Singapore unit had acquired these SARs in September 2020.
• PayPay is valued at around ₹60,000 crore (approximately USD 7 billion).
• PayPay Overview:PayPay is a payment services company based in Japan, founded in June 2018.
• It is a joint venture between SoftBank and Yahoo Japan, with Paytm as a technology partner.
• As of the latest data, PayPay holds a 65% market share on the customer side and 75% on the merchant side.
• Use of Proceeds:The net proceeds from the SARs sale will help fortify Paytm’s cash reserves and support future business initiatives aimed at maximizing value creation for shareholders.
• Strategic Focus:Paytm is divesting non-core businesses, including its entertainment ticketing business, which was sold to Zomato for ₹2,048 crore.
• The company is focusing on its core businesses, especially payments and distribution of financial services.
• Regulatory Challenges:Paytm is navigating regulatory challenges, including a recent RBI action on its associate entity, Paytm Payments Bank.
• Paytm received approval from the National Payments Corporation of India (NPCI) in October to start onboarding new users after a nearly 10-month embargo.
• UPI Market Position:Paytm is the third-largest third-party application provider (TPAP) in the Unified Payments Interface (UPI) space, with a market share of around 7%.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Iran Announces Successful Space Launch in Program Criticized by the West

• Iran conducted a successful satellite launch using the Simorgh rocket, designed to carry payloads to low Earth orbit.
• This marks a significant step for Iran’s space program, which has faced criticism from the West.
• The launch took place at Iran’s Imam Khomeini Spaceport in Semnan province.
• The Simorgh rocket carried an “orbital propulsion system” and two research systems, and it successfully placed a payload weighing 300 kilograms into a 400-kilometer orbit.

Key Highlights :

• Orbital Capabilities: The ability to geo-synchronize satellites is a key milestone for Iran, which has long sought this capability for its space program.
• International Concerns: The U.S. and other Western countries have criticized Iran’s space launches, claiming they could improve Iran’s ballistic missile capabilities, particularly those that could potentially deliver nuclear weapons.
• The United States has also claimed these launches violate U.N. Security Council resolutions.
• Political Context: The launch occurred amid heightened Middle East tensions, particularly regarding Israel’s actions in Gaza.
• The launch marks the first under President Masoud Pezeshkian’s administration, following the death of former President Ebrahim Raisi.
• Iran’s Stance on Nuclear Weapons: While Iran denies seeking nuclear weapons, there are concerns over its enriched uranium stockpile, which is close to weapons-grade levels.
• The International Atomic Energy Agency (IAEA) has warned that Iran has enough enriched uranium for “several” nuclear weapons if it chooses to pursue them.

About Iran :

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

CURRENT AFFAIRS: IMPORTANT DAYS

International Anti Corruption Day: 9th December

• International Anti-Corruption Day 2024 is observed on the 9th of December 2024.
• Corruption has existed from time immemorial. Some of the earliest records of anti-corruptions texts can be found in the Code of Hammurabi of Babylonia, the Great Edict of Horemheb in Egypt, and Arthashastra in India.
• These texts spoke about bribery practices among officers of the state and law.
• The Concept of Public Interest and welfare began in the 19th Century. Corruption became a major topic of public interest decisions.
• Bribes made officials and people compromise their quality of work and time and finally resulted in spreading to all kinds of people making society polluted.

Daily CA One- Liner: December 8 & 9

• The Union Cabinet, led by Prime Minister Narendra Modi, has approved the construction of the Rithala-Narela-Nathupur (Kundli) corridor, part of Delhi Metro’s Phase-IV project, aiming to enhance connectivity between Delhi and Haryana.
• Union Education Minister Dharmendra Pradhan unveiled Channel 31, India’s first television channel in Indian Sign Language (ISL).
• Three books based on the late Sitaram Yechury’s writings on culture, media, science, and secularism were released, marking a tribute to his intellectual legacy
• In a historic milestone, India has been elected to chair the 68th Session of the United Nations Commission on Narcotic Drugs (CND) for the first time
• The Indira Gandhi Prize for Peace, Disarmament, and Development for 2024 has been awarded to Michelle Bachelet, former President of Chile and a globally recognized advocate for human rights and equality
• US President-elect Donald Trump was awarded the “Patriot of the Year” honor at the Tilles Centre in New York.
• The Reserve Bank of India (RBI) has proposed the introduction of a new benchmark for the interest rate derivatives market based on secured money markets.
• The Reserve Bank of India (RBI) is launching podcasts to expand its communication efforts and improve the dissemination of information to the public.
• SBI Card surpassed 20 million credit cards in circulation, marking a significant achievement in its credit card business, which started in 1998.
• As per World Gold Council (WGC) data, Central bank gold buying surged to 60 tonnes in October 2024, with the Reserve Bank of India (RBI) leading the increase by adding 27 tonnes to its reserves.
• The KLEMS (K: Capital, L: Labour, E: Energy, M: Materials and S: Services) database published by the Reserve Bank of India (RBI), provides employment estimates for both the public and private sectors at the national level.
• The 25th edition of Nagaland’s renowned Hornbill Festival is currently underway, drawing attention due to a debate over relaxing the 35-year-old liquor prohibition law during the festival.
• Gujarat’s traditional “Gharcholas,” worn during weddings in Hindu and Jain communities, have received a Geographical Indication (GI) tag from the Government of India.
• The two-day Commanders’ Conference of the Indian Air Force’s (IAF) Western Air Command (WAC) was held on 06 & 07 December 2024 in New Delhi.
• Raksha Mantri Shri Rajnath Singh will visit the Russian Federation from December 08-10, 2024.
• The Indian Navy conducted an ‘Operational Demonstration’ on December 4, 2024, showcasing various naval operations, including those by ships, submarines, aircraft, marine commandos, and Indian Army personnel, at Blue Flag Beach, Puri, Odisha.
• The government has appointed Vaibhav Chaturvedi as an ex-officio member of the Insolvency and Bankruptcy Board of India (IBBI).
• Paytm’s wholly-owned Singapore unit (One97 Communications Singapore) is set to sell its stake in PayPay, a Japanese fintech company, to SoftBank Vision Fund 2 for ₹2,364 crore.
• Iran conducted a successful satellite launch using the Simorgh rocket, designed to carry payloads to low Earth orbit.
• International Anti-Corruption Day 2024 is observed on the 9th of December 2024.