Daily Current Affairs December 11th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

HSBC India unveils Prive premium credit card for private banking customers

• HSBC India, in collaboration with Mastercard, launched an invitation-only premium credit card for its private banking clients.
• The card is designed for high-net-worth individuals (HNWI) and ultra-high-net-worth individuals (UHNWI) with investable assets worth over $2 million.

Key Features:

• Travel Benefits: Includes companion first or business class airline tickets, premium airport lounge access, travel insurance, visa services, and zero forex mark-up on international spends.
• Exclusive Access: Cardholders get access to private clubs, members-only lounges, and workspaces across Asia, Australia, Europe, and the US.
• Bespoke Experiences: Includes special experiences like travel to Antarctica by private jet, Michelin-starred restaurant access, and wellness programmes.
• Golf and Fitness: Complimentary golf access in Asia-Pacific and offers wellness programmes with celebrity trainers.
• Premium Shopping Privileges: Includes offers on shopping, upgrades to the highest loyalty tiers with premium hospitality groups, and exclusive shopping privileges.
• Market Demand: Credit card spending by UHNWI and HNWI in India saw an 87% year-on-year increase in 2023, with strong interest in travel and experiences.
• HSBC’s Global Private Banking Business: The business serves HNWI and UHNWI clients, mainly professionals, entrepreneurs, and their families, with assets exceeding $2 million.

About HSBC India :

• Founded : 1853
• Headquarters : Mumbai, Maharashtra
• CEO : Hitendra Dave

Deutsche Bank India Grants €91 Million Sustainability-Linked Loan to SMFG India Credit

• Deutsche Bank India provided a €91 million (₹814 crore) sustainability-linked loan to SMFG India Credit (SMICC), a wholly-owned subsidiary of Sumitomo Mitsui Financial Group (SMFG).
• The loan is a senior secured loan with a tenure of three years, in line with Deutsche Bank’s Sustainable Finance framework criteria.
• The loan aims to expand SMICC’s portfolio, channel funds toward Micro, Small, and Medium Enterprises (MSMEs), and support women entrepreneurs in underserved segments across India.

Key Highlights :

• SMFG India Credit Profile: SMICC has over 1,000 branches and an Assets Under Management (AUM) of ₹49,800 crore as of September 2024.
• Strategic Impact: The loan is intended to empower SMICC to enhance its lending reach, particularly in semi-urban and underserved areas of India.
• Commitment to Sustainable Finance: The transaction reinforces Deutsche Bank’s commitment to promoting sustainable finance in India, aligning with its ESG (Environmental, Social, and Governance) goals.
• Focus on Women and Financial Inclusion: The loan highlights SMFG India Credit’s programs centered on financial inclusion and women in finance as powerful impact drivers, supporting underrepresented groups in the economy.

About Deutsche Bank India :

• CEO : Kaushik Shaparia

Public Sector Banks write off ₹42,000 crore in loans during H1 FY25

• Public Sector Banks (PSBs) wrote off loans worth ₹42,035 crore in the first half of FY25 (April-September).

Key Highlights :

Major Contributors:

• State Bank of India (SBI): ₹8,312 crore
• Punjab National Bank (PNB): ₹8,061 crore
• Union Bank of India: ₹6,344 crore
• Bank of Baroda: ₹5,925 crore
• Clarification on Write-Offs:Loan write-offs do not mean a waiver of liabilities for borrowers.
• Borrowers remain liable for repayment.
• Banks continue to pursue recovery through various mechanisms even after writing off the loans.
• Loan Write-Offs in FY24:In FY24, PSBs wrote off loans amounting to ₹1.14 lakh crore, which was slightly lower than ₹1.18 lakh crore in FY23.
• Recovery During Write-Off Period:Recovery of ₹37,253 crore was made by PSBs during the April-September period of FY25.

Reserve Bank of India to Use Artificial intelligence to Detect and Combat Mule Accounts    

• The Reserve Bank of India (RBI) is rolling out an Artificial intelligence (AI) and machine learning (ML) based model called MuleHunter.
• AI to detect mule bank accounts used in financial frauds.
• A pilot of this initiative with two large public sector banks has yielded encouraging results, demonstrating the model’s effectiveness.

Key Highlights :

• Encouragement for Collaboration: The RBI encourages banks to collaborate with the Reserve Bank Innovation Hub (RBIH) to further develop the MuleHunter.AI initiative to address mule accounts.
• RBI’s Anti-Fraud Measures: The RBI has been taking steps to prevent and mitigate digital frauds, including guidelines for banks on strengthening cybersecurity, cyber fraud prevention, and transaction monitoring.
• Money Mule Accounts: Mule accounts are used by fraudsters to launder stolen/illegal money through individuals who are duped into participating in the scheme.
• Hackathon on Financial Fraud: The RBI is hosting a hackathon themed “Zero Financial Frauds,” which includes a specific problem statement on detecting and addressing mule accounts.
• Geographic Distribution of Mule Activity: The highest mule activity was observed in Bhubaneswar (14% of total mule activity), followed by Lucknow and Navi Mumbai (3.4% each), and other cities like Mumbai, Bengaluru, and Cuttack with lesser percentages.
• RBI Innovation Hub: The MuleHunter.AI model was developed by the RBI Innovation Hub (RBIH), located in Bengaluru, which is a subsidiary of the Reserve Bank of India.

Reserve Bank of India Survey Lowers FY25 GDP Growth Projection to 6.8%, Forecasts Inflation at 4.8%

• The Real GDP growth for FY25 has been revised downward to 6.80% in the latest round of the RBI’s Survey of Professional Forecasters (SPF) on Macroeconomic Indicators, down from 6.90% in the previous round.
• The SPF panellists lowered their FY26 real GDP growth expectations to 6.6%, down from 6.7% in the previous round (October).
• They placed GDP growth forecasts in the range of 6.1-7.7% for FY25 and in the range of 6.0-7.2% for FY26.
• The SPF’s real GDP growth forecast for FY25 is higher than the RBI’s revised forecast, which has been cut from 7.2% to 6.6%.

Key Highlights :

• Private Final Consumption Expenditure (PFCE) & Gross Fixed Capital Formation (GFCF):
• PFCE Growth: Expected at 6.2% for FY25, down from 6.5% in the previous survey.
• GFCF Growth: Projected to be 7.9% for FY25, unchanged from the previous round.
• Gross Value Added (GVA) Growth:GVA Growth for FY25: Revised to 6.7% for FY25 and 6.4% for FY26.
• Quarterly GDP Growth Projections:FY25 Q3 & Q4: Projected real GDP growth of 6.9% (same as the previous survey for Q3 and Q4).
• FY26 Q1 & Q2: Growth expected to moderate to 6.6%-6.7%, unchanged from the previous survey.
• Inflation:CPI Inflation FY25: Expected to be 4.8% for FY25, up from 4.5% in the previous survey. This aligns with RBI’s revised forecast.
• CPI Inflation FY26: Expected to be 4.3% for FY26 (slightly lower than the previous forecast of 4.4%).
• CPI Inflation Projections (FY25 Q3-Q4): Expected at 5.5% in Q3 of FY25, moderating to 4.2%-4.6% in subsequent quarters.
• Core Inflation (Excluding Food & Fuel): Expected at 3.8% in Q3 of FY25, rising to 4.2%-4.3% in the following quarters.

Reserve Bank of India Injects ₹1.16 Lakh Crore Liquidity into Banks with 50 Bps Cash Reserve Ratio Cut   

• The Reserve Bank of India (RBI) has announced a 50 basis points cut in the Cash Reserve Ratio (CRR), reducing it from 4.5% to 4% of banks’ deposits.
• This decision aims to address liquidity tightness in the banking system.
• Implementation Dates: The CRR cut will be implemented in two tranches:
• 25 basis points from the fortnight beginning December 14, 2024
• Another 25 basis points from December 28, 2024
• Liquidity Injection: The CRR cut will result in a ₹1.16 lakh crore liquidity infusion into the banking system, which will help alleviate liquidity stress caused by factors such as GST and advance tax outflows.
• Impact on Banks: The reduction in CRR will increase the liquidity available to banks. Banks can use the freed-up funds for:
• Replacing existing borrowings
• Expanding lending activities
• Exploring investment opportunities
• Governor’s Statement: RBI Governor Shaktikanta Das stated that despite adequate liquidity, systemic liquidity may tighten due to factors like tax outflows, increase in currency in circulation, and volatility in capital flows.
• The CRR cut is intended to ease potential liquidity stress.
• Restoration to Pre-Policy Tightening Level: The CRR is being reduced to 4% of Net Demand and Time Liabilities (NDTL), which is the level before the policy tightening cycle began in April 2022.
• Impact on Money Market Rates: The CRR cut is expected to boost overall system liquidity, leading to a slight decline in money market rates. However, the primary benefit will go to banks, as they will begin earning interest on the newly available funds.
• Advantage for Banks: Banks will benefit from lower cost of funds and the ability to lend to productive sectors at lower rates. Although the repo rate remains unchanged, the CRR cut will help maintain benign interest rates.

Reserve Bank of India Increases Collateral-Free Agricultural Loan Limit to ₹2 Lakh per Borrower  

• The Reserve Bank of India (RBI) has raised the limit for collateral-free agriculture loans from ₹1.6 lakh to ₹2 lakh per borrower.
• This decision is in response to inflation and rising agricultural input costs.
• Objective:The revision aims to enhance the coverage of small and marginal farmers in the formal credit system.
• The limit was previously increased from ₹1 lakh to ₹1.6 lakh in 2019.
• Kisan Credit Card (KCC) loans up to ₹3 lakh can be issued without collateral, provided there is a Tri-Partite Agreement (TPA) among the borrower, milk unions, and banks for repayment assurance.
• Banks are required to implement the revised loan limits by January 1, 2025.
• The new limit applies to all Scheduled Commercial Banks (including Regional Rural Banks and Small Finance Banks), State Co-operative Banks, and District Central Co-operative Banks.

Reserve Bank of India Permits Small Finance Banks to Provide Pre-Sanctioned Credit Lines on Unified Payments Interface

• The Reserve Bank of India (RBI) has permitted small finance banks (SFBs) to offer pre-sanctioned credit lines through Unified Payments Interface (UPI), expanding the scope beyond scheduled commercial banks, which were previously the only entities allowed to do so.
• Objective: The move aims to deepen financial inclusion and enhance formal credit access, particularly for customers who are ‘new to credit’, promoting financial inclusion.

Key Highlights :

• UPI Scope Expansion (September 2023): In September 2023, UPI’s scope was broadened to allow pre-sanctioned credit lines to be linked through the platform.
• However, this expansion initially excluded payments banks, small finance banks (SFBs), and regional rural banks.
• Usage of Credit Lines: The pre-sanctioned credit lines available on UPI enable users to access credit instantly and utilize it for transactions through the platform.
• This development supports overdrafts, retail loans, and frictionless usage of credit lines, contributing to economic growth and enhanced financial inclusion.
• Banks Offering Credit Lines on UPI: Several commercial banks were already offering pre-sanctioned credit lines through UPI, including: Axis Bank, Bank of Baroda, City Union Bank, HDFC Bank, ICICI Bank, Indian Bank, Karnataka Bank, Punjab National Bank, State Bank of India, Tamilnad Mercantile Bank.
• UPI Transaction Volume & Value:November 2024: UPI recorded a 7% drop in transaction volume to 15.48 billion and an 8% decline in transaction value to ₹21.55 trillion, compared to October 2024.
• October 2024: UPI recorded an all-time high with 16.58 billion transactions worth ₹23.5 trillion, driven by festive sales.

Reserve Bank of India to Form Committee for Developing Ethical AI Framework in Financial Services

• The Reserve Bank of India (RBI) has proposed the formation of a committee to develop a Framework for Responsible and Ethical Enablement of AI (FREE-AI) in the financial sector.
• Committee Composition: The committee will consist of experts from various fields, and its role will be to recommend a comprehensive, adaptable, and robust AI framework tailored to the needs and challenges of the financial sector.

Focus Areas of the Committee:

• Algorithmic Transparency: Ensuring that AI algorithms used in financial services are transparent and explainable.
• User Data Protection: Safeguarding user data and addressing privacy concerns.
• Sustainable AI Integration: Creating a roadmap for the ethical and sustainable integration of AI technologies into the financial ecosystem.
• Technological Transformations: Technologies such as Artificial Intelligence (AI), Machine Learning (ML), tokenization, and Cloud Computing are expected to bring transformative changes in the financial sector. They offer the ability to:
• Process enormous volumes of data efficiently.
• Automate complex processes and tasks.
• Enhance decision-making processes.
• Improve operational efficiencies and accuracy.

Reserve Bank of India instructs banks to swiftly close inoperative or frozen accounts

• The Reserve Bank of India (RBI) has instructed banks to urgently take necessary actions to reduce the number of inoperative/frozen accounts and ensure that the process of activating such accounts is made smoother and hassle-free.
• Special Campaigns: Banks are encouraged to organize special campaigns to facilitate the activation of inoperative accounts.
• Activation Process: Banks have been advised to allow the activation of inoperative accounts by enabling seamless KYC (Know Your Customer) updates through various channels, including:
• Mobile/Internet Banking
• Non-home branches
• Video Customer Identification Processes (VCIP)
• Reporting Requirements: Banks are required to report the activation of inoperative accounts on a quarterly basis to their respective Senior Supervisory Manager (SSM) via the DAKSH portal (RBI’s Advanced Supervisory Monitoring System), starting from the quarter ending December 31, 2024.

Definitions:

• Inoperative Account: A savings or current account that has had no customer-induced transactions for at least two years.
• Unclaimed Deposit: A bank balance in a savings or current account that has not been used for 10 years, or a term deposit that has not been claimed within 10 years of its maturity date.
• Transfer of Unclaimed Deposits: Unclaimed deposits are transferred to the RBI’s Depositor Education and Awareness (DEA) Fund after the specified period.

CURRENT AFFAIRS: NATIONAL NEWS

PM POSHAN Scheme: Enhanced Nutrition and Support for Students

• The PM POSHAN Scheme, a centrally sponsored initiative by the Government of India, continues to play a pivotal role in providing nutritional support to students in Government and Government-aided schools.
• Under the scheme, hot-cooked meals are served to 70 crore students in Balvatika (preschool level) and classes I to VIII across 10.24 lakh schools.

Key Features of the Scheme

Objective

• Nutritional Support: Ensure adequate nutrition for students.
• Enhancing Participation: Increase school attendance and retention rates.

Meal Components

The Material Cost covers the procurement of essential ingredients required to prepare meals. The following quantities are allocated per student, per meal:

Ingredients	Balvatika & Primary	Upper Primary
Pulses	20 gm	30 gm
Vegetables	50 gm	75 gm
Oil	5 gm	7.5 gm
Spices & Condiments	As per need	As per need
Fuel	As per need	As per need

Enhanced Material Cost (Effective 1st December 2024)

• The Material Cost has been increased by 70%, reflecting inflation adjustments for FY 2022-23 (6.45%) and FY 2023-24 (6.74%), based on the Consumer Price Index for Rural Labourers (CPI-RL).

Class Level	Previous Cost	Revised Cost
Balvatika & Primary	₹5.45	₹6.19
Upper Primary	₹8.17	₹9.29

• The additional annual cost due to this revision is estimated at ₹425.62 crore, borne entirely by the Central Government.

Additional Costs

• The per meal cost (including foodgrains and other components):
  • Balvatika & Primary: ₹11.54
  • Upper Primary: ₹16.74
• The Government provides 26 lakh MT of foodgrains annually via the Food Corporation of India (FCI), bearing:
  • 100% of foodgrain costs, amounting to approximately ₹9,000 crore per annum.
  • 100% transportation costs of foodgrains from FCI depots to schools.

PM Modi Launches LIC’s Bima Sakhi Yojana to Empower Women Through Financial Literacy and Insurance Awareness

• Prime Minister Narendra Modi inaugurated the Bima Sakhi Yojana, an initiative by the Life Insurance Corporation of India (LIC), designed to promote women’s empowerment by enhancing financial literacy and insurance awareness across underserved communities.

Key Features of the Bima Sakhi Yojana

1. Target Audience:
   • Women aged 18–70 years.
   • Minimum educational qualification: Class 10 pass.
2. Objective:
   • Train women as volunteer insurance agents to promote financial literacy and increase insurance penetration in rural and semi-urban areas.
3. Training and Stipend:
   • Three-year training program.
   • Stipend structure:
     • ₹7,000 per month (Year 1).
     • ₹6,000 per month (Year 2).
     • ₹5,000 per month (Year 3).
4. Career Progression:
   • Post-training, participants will become LIC agents.
   • Graduates of the program may qualify for development officer roles within LIC, offering further career opportunities.

Implementation Plan

• The government aims to recruit 200,000 Bima Sakhis over the next three years, starting with 25,000 appointments in 2024.
• Selection process requires candidates to provide proof of age, address, and educational qualifications.

Targets and Earnings

• Each Bima Sakhi will have a target of insuring two individuals per month (24 policies annually).
• Commission-Based Model:
  • After the stipend period, agents will earn a commission per policy.
  • Failure to meet yearly targets post-training may lead to cancellation of their agent registration.

Economic and Social Impact

1. Women’s Empowerment:
   • The initiative provides employment opportunities and fosters financial independence.
   • Reinforces women’s role in advancing financial inclusion and economic security.
2. Expanding LIC’s Outreach:
   • Addresses gaps in insurance penetration across underserved areas.
   • Promotes insurance as a tool for economic resilience.
3. Government’s Vision:
   • Aligns with broader goals of enhancing financial literacy and job creation for women.
   • Supports India’s progress toward inclusive and equitable economic growth.

Coffee Plantations Exempted from SARFAESI Act Provisions

• The Indian government has clarified that the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act will not apply to coffee plantations for loan recoveries.
• The announcement came in a written response by Minister of Commerce, Piyush Goyal, to a question raised in Parliament by Udupi-Chikamagalur MP Kota Srinivas Poojary.

Highlights of the Clarification

1. Legal Protection for Coffee Growers:
   • The government unequivocally stated that coffee crops are excluded from the SARFAESI Act’s purview.
   • This provides significant relief to coffee growers, who faced the risk of losing their plantations to banks invoking the Act for loan recoveries.
2. Grower Associations Welcome Decision:
   • The Coorg Planters Association (CPA) and the Karnataka Growers Federation (KGF) issued a joint statement appreciating the move.
   • They urged banking institutions to respect this clarification and refrain from using SARFAESI provisions against coffee plantations.
3. Impact of SARFAESI on Coffee Sector:
   • Since 2018, banks have increasingly bypassed the Debt Recovery Tribunal (DRT) to use SARFAESI for loan recoveries.
   • This practice led to the loss of properties for many growers already struggling with challenges like natural disasters, crop failures, and low coffee prices.
4. Past Legal Challenges:
   • The use of SARFAESI in the sector was enabled by a High Court ruling that allowed recovery from coffee properties.
   • Growers had been seeking protection from the stringent legislation.

CURRENT AFFAIRS : STATE NEWS

Tamil Nadu Assembly Passes Resolution Opposing Tungsten Mining in Madurai

• The Tamil Nadu Legislative Assembly adopted a resolution on December 9, 2024, urging the Union government to cancel the tungsten mining rights granted to Hindustan Zinc Limited in Nayakkarpatti village, Melur taluk, Madurai district.
• State’s Objection: The Tamil Nadu government alleged that the Union government ignored the State’s objections during the auction of mining rights for critical and strategic minerals.
• The proposed mining site in Arittapatti was declared a Biodiversity Heritage Site in 2022.
• The area includes:
• Historical monuments such as cave temples, Jain temples, Tamil Brahmi scripts, and Panchapandavar beds.
• Habitat for rare species, making it ecologically and culturally significant.
• Concerns Raised:Livelihood Impact: Tungsten mining in the region could permanently affect livelihoods and has created anxiety among local residents.
• Public Protests: The mining project has led to protests by the local population.
• Tamil Nadu Chief Minister M.K. Stalin had earlier urged Prime Minister Narendra Modi to cancel the mining rights.

About Tamil Nadu :

• Governor: R. N. Ravi
• Chief minister: M. K. Stalin
• Capital: Chennai
• Dance : Bharatnatyam, Karakattam
• National Park: Mudumalai National Park, Mukurthi National Park, Guindy National Park, Gulf of Mannar Marine National Park
• Wildlife Sanctuaries: Kalakad Wildlife Sanctuary, Karikili Bird Sanctuary, Vedanthangal Bird Sanctuary
• Tiger Reserve: Anamalai Tiger Reserve
• Biosphere Reserve : Agasthyamalai Biosphere Reserve

CURRENT AFFAIRS: BUSINESS NEWS

Former Swiggy CTO Dale Vaz Launches Stock Trading Platform “Sahi”

• Dale Vaz, ex-CTO of Swiggy, launched Sahi, a stock trading platform, aiming to empower retail investors and traders.
• Co-founded with Manish Jain, former VP of Kotak Securities, the platform provides AI-driven market insights and customizable trading tools.

Key Highlights

1. Seed Funding:
   • Raised $7 million in seed funding from investors like Accel and Elevation Capital.
2. Addressing Retail Losses:
   • Inspired by a SEBI study revealing losses of ₹1.81 trillion by over 1 crore traders during FY22-FY24.
   • 91% of traders lost money in FY24 alone.
3. Mission:
   • Vaz emphasizes simplifying stock trading for young investors.
   • Focus on improving decision-making through professional-grade tools and actionable insights.

Features of Sahi

• AI-Driven Insights: Market scanners and analysis tools tailored to trading strategies.
• Customizable Interface: Personalization for different trader cohorts.
• In-House Charting & Execution Tools: For precise market tracking and transactions.
• Regulatory Compliance: Registered with NSE, BSE, and CDSL as a SEBI-authorized broker.
• Platform Availability: Mobile app launched on Apple’s App Store.

Competitive Landscape

• Sahi enters a competitive market led by Groww (market share: 25.1%) and Zerodha (market share: 17.1%). Unlike existing platforms, Sahi focuses on user-specific customization rather than blanket solutions.

CURRENT AFFAIRS: AWARDS AND HONOURS

Payal Kapadia’s All We Imagine As Light Shines with Golden Globes Nominations

• Indian filmmaker Payal Kapadia’s feature debut, All We Imagine As Light, has achieved a significant milestone with two nominations at the 82nd Golden Globes Awards:

1. Best Motion Picture – Non-English Language
2. Best Director – Motion Picture

This marks a historic moment for Indian cinema, positioning Kapadia’s work prominently on the global stage.

About the Film

Set in Mumbai, All We Imagine As Light explores themes of love, friendship, and life through the perspectives of three women.

Key Highlights of the Film:

• Cannes Film Festival Grand Prix Winner: The first Indian feature to win this prestigious award in May 2024.
• Best International Film: Recognized by the New York Film Critics Circle.
• Gotham Awards Recognition: Earned accolades for its artistry.
• Sight & Sound Acclaim: Ranked as the #1 film in the magazine’s annual list of 50 best movies.

Despite not being India’s official entry for the Academy Awards International Feature Film category, the film remains a contender for other Oscar categories.

Golden Globes Competition

In the Best Motion Picture – Non-English Language category, the film will compete with:

• Emilia Perez (France)
• The Girl With the Needle (Poland)
• I’m Still Here (Brazil)

Kapadia is also in the running for Best Director – Motion Picture, alongside industry luminaries:

• Brady Corbet (The Brutalist)
• Coralie Fargeat (The Substance)
• Edward Berger (Conclave)
• Jacques Audiard (Emilia Perez)
• Sean Baker (Anora)

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and Australia Conduct Comprehensive Review of CECA to Expand Economic Partnership

• India and Australia conducted a three-day review of their Comprehensive Economic Cooperation Agreement (CECA), aiming to expand trade and strengthen economic ties.
• The discussions were hosted in New Delhi and covered key areas such as trade, mobility, and agricultural cooperation, according to a statement by India’s Ministry of Commerce and Industry.

Key Highlights of the Discussions

1. Focus Areas:
   • Trade in goods and services.
   • Enhanced cooperation in agri-tech.
   • Market access aligned with India’s food security objectives.
2. Commitment to Mutual Benefits:
   • Both nations expressed dedication to achieving a balanced and mutually beneficial outcome under the CECA.
3. Progress and Path Forward:
   • Building on the 10th round of negotiations held in Sydney (August 2024).
   • Discussions evaluated progress to date and outlined steps for early conclusion of the CECA.
4. Strategic Areas of Collaboration:
   • Market access for agricultural and dairy products.
   • Supply chain resilience.
   • Cooperation in agricultural innovation.

Background on India-Australia Trade Relations

1. Trade Growth:
   • India is Australia’s fifth-largest trading partner.
   • In FY 2023-24:
     • Imports from Australia: $16.2 billion (down from $19 billion in the previous fiscal).
     • Exports to Australia: $8 billion (up from nearly $7 billion).
2. Current Trade Framework:
   • The CECA builds on the Economic Cooperation and Trade Agreement (ECTA) signed in 2022.
   • The CECA aims to expand market access for goods and services while exploring new areas of cooperation, such as e-commerce and agri-tech.

Leadership and Delegations

• India:
  • Led by Rajesh Agrawal, Additional Secretary, Department of Commerce, and India’s Chief Negotiator.
• Australia:
  • Represented by Ravi Kewalram, First Assistant Secretary and Chief Negotiator from the Department of Foreign Affairs and Trade.

CURRENT AFFAIRS : DEFENCE NEWS

INS Tushil (F 70) commissioned into the Indian Navy by Raksha Mantri Shri Rajnath Singh at Yantar Shipyard in Kaliningrad, Russia

• INS Tushil, a multi-role stealth-guided missile frigate, was commissioned into the Indian Navy on December 9, 2024, at Yantar Shipyard in Kaliningrad, Russia.
• The event was attended by Indian Defence Minister Rajnath Singh, highlighting the growing maritime strength of India and the deep, long-standing ties between India and Russia.
• Rajnath Singh emphasized the importance of the ship as a symbol of India’s journey towards technological excellence and collaboration with Russia.

Key Highlights :

• India-Russia Relationship:The commissioning highlighted the close strategic partnership between India and Russia, which is based on shared values, mutual trust, and special ties.
• Russia’s support in strengthening India’s vision of ‘Aatmanirbhar Bharat’ (self-reliant India) was also emphasized, with increased “Made in India” content in ships like INS Tushil.
• Indian Navy’s Role:The Indian Navy’s operational commitment to peace and security in the Indian Ocean Region (IOR) was underscored, including its active role in countering piracy, smuggling, and non-state actors.
• The Navy’s role as a “net security provider” in the IOR was affirmed, ensuring safe maritime trade across crucial sea lanes, from the Gulf of Oman to the Malacca Strait.
• The Navy is also prepared to offer humanitarian assistance and disaster relief in the region.
• SAGAR Vision:Rajnath Singh reiterated the Prime Minister’s vision of Security and Growth for All in the Region (SAGAR), which underpins India’s maritime policy. This vision aims to promote peace, stability, and economic prosperity in the IOR.
• Future Cooperation:Both India and Russia are poised to explore new areas of collaboration, particularly in Artificial Intelligence, Cyber Security, Space Exploration, and Counter-Terrorism.
• Leadership at the Event:The event was also attended by Russian defense officials, including Deputy Minister of Defence Alexander Vasilyevich Fomin, and other senior officials from both Indian and Russian governments, navies, and industries.

About INS Tushil :

• INS Tushil is an upgraded Krivak III class frigate of the Project 1135.6 of which, six are already in service – three Talwar class ships, built at Baltiysky shipyard, St. Petersburg, and three follow-on Teg class ships, built at Yantar shipyard, Kaliningrad.
• INS Tushil, the seventh in the series, is the first of the two upgraded additional follow-on ships, the contract for which was signed in October 2016 between JSC Rosoboronexport, Indian Navy and the Government of India.
• It is designed for blue water operations across the spectrum of naval warfare in all four dimensions air, surface, underwater and electromagnetic.
• It is armed with a range of advanced weapons, including the jointly-developed Brahmos supersonic cruise missiles, vertically-launched Shtil Surface-to-Air Missiles with enhanced ranges, upgraded medium-range anti-air and surface gun with advanced stealth features, optically-controlled close-range rapid fire gun system, anti-submarine torpedoes and rockets and advanced electronic warfare and communication suite.
• The ship is also capable of embarking the upgraded anti-submarine and airborne early warning helicopters, the Kamov 28 and Kamov 31, which are formidable force multipliers in themselves.
• The ship is powered by an advanced gas turbine propulsion plant with state-of-the-art controls and is capable of achieving speeds in excess of 30 knots.
• The ship is commanded by Captain Peter Varghese a gunnery and missile specialist.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Union Government Appoints Revenue Secretary Sanjay Malhotra as Reserve Bank of India Governor

• Sanjay Malhotra has been appointed as the 26th Governor of the Reserve Bank of India (RBI).
• The announcement was made on December 9, 2024, a day before Shaktikanta Das’s six-year term ends on December 10, 2024.
• Malhotra will assume office amid ongoing economic challenges, including persistent inflation and a slowdown in growth.
• His first major task will be the monetary policy review from February 5 to 7, 2025, where he will focus on balancing growth and inflation.

About Sanjay Malhotra :

• Malhotra is a 1990-batch Indian Administrative Service (IAS) officer from the Rajasthan cadre.
• He is a graduate in Computer Science Engineering from the Indian Institute of Technology (IIT) Kanpur and holds a Master’s degree in Public Policy from Princeton University, USA.

Previous Roles:

• He served as the Revenue Secretary, taking office in December 2022.
• He previously held the position of Secretary in the Department of Financial Services (DFS).
• He also served as Chairman and Managing Director of Rural Electrification Corporation (REC) and additional secretary in the Ministry of Power.
• Malhotra’s tenure in the Department of Financial Services will aid his role as RBI Governor, given his experience in regulating the banking and non-banking sectors.
• He played a key role in discussions at the Goods and Services Tax (GST) Council and contributed to fiscal policy decisions like rationalising capital gains tax and windfall gain tax.

Key Contributions:

• As Revenue Secretary, Malhotra was instrumental in several important decisions, including:
  • Rationalising tax slabs and capital gains tax.
  • Removing windfall gain tax, benefiting the oil refining industry.
  • Leading discussions at the GST Council on issues like taxing online gaming.
• Malhotra has worked across various sectors, including mining, commercial taxes, IT, and energy, in his home cadre of Rajasthan between 2003-2018.
• He has held leadership roles in international organizations like the United Nations Industrial Development Organisation (UNIDO).

CURRENT AFFAIRS: SPORTS NEWS

Indian Archers Shine on Global Stage: Jyothi Surekha Vennam and Abhishek Verma Impress

• Indian archers continue to achieve remarkable success in the international indoor circuit, with Jyothi Surekha Vennam and Abhishek Verma making significant podium finishes at the GT Open, part of the Indoor Archery World Series, held in Strassen, Luxembourg.

Key Highlights

Jyothi Surekha Vennam – Gold Medalist

• The 28-year-old archer from Vijayawada clinched gold in the compound category.
• Qualified fifth in the ranking round with a score of 593.
• Demonstrated resilience, overcoming tough challenges in both the quarterfinals and semifinals through perfect 10s in one-arrow shoot-offs.
  • Quarterfinal: Beat Estonia’s Lisell Jaatma (147-147, shoot-off: 10).
  • Semifinal: Beat top seed Elisa Roner of Italy (148-148, shoot-off: 10).
• In the final, she defeated Paasmeeri Marita of Belgium with a score of 147-145.
• This is Jyothi’s second medal this season after securing bronze at the JVD Open in Eindhoven, Netherlands.

Abhishek Verma – Silver Medalist

• Verma created history by becoming the first Indian to achieve a perfect 600 score in the qualification round of an international indoor archery event, securing top seed status.
• Maintained form with perfect scores in three of five elimination matches, reaching the final.
• In the final, Verma faced legendary archer Mike Schlosser of the Netherlands.
  • Match ended 150-150 after five ends.
  • In the shoot-off, both archers hit 10s, but Schlosser edged ahead due to a closer-to-the-centre shot.
• This marks Verma’s first international indoor circuit medal, further establishing his credentials on the global stage.

India’s Promising Archery Campaign

• Earlier in the series, Atanu Das claimed bronze in the men’s recurve category at the Swiss Open in Lausanne.
• The GT Open saw over 450 competitors from 35+ nations, highlighting the stiff competition.

Scottie Scheffler Dominates Hero World Challenge with a Flawless Final Round

• World No. 1 Scottie Scheffler delivered a bogey-free final round to claim the Hero World Challenge title at the Albany course.
• His stellar performance secured his ninth victory of the year, earning him $1 million and placing him alongside tournament host Tiger Woods and Viktor Hovland as the only players to retain the trophy in consecutive years.

Key Highlights

• Scheffler’s Victory:
  • Final round: 63 (bogey-free).
  • Total score: 25-under 263, winning by a six-stroke margin.
  • Starting the day one stroke behind Justin Thomas, Scheffler excelled with consistent driving and precise putting.
• Runner-Up:
  • Tom Kim finished second with a 68, overcoming two bogeys with six birdies for a total of 19-under.
• Third Place:
  • Justin Thomas, despite an initial push, faltered with four bogeys, finishing at 270 (-18).
• Notable Performances:
  • Akshay Bhatia (Indian-American debutant): Finished fourth with a 69, totaling 15-under.
  • Keegan Bradley: Secured fifth place at 14-under after a round of 71.

Significance of the Win

1. Historical Feat:
   • Scheffler joins Tiger Woods (2006 & 2007) and Viktor Hovland (2021 & 2022) as the only players to defend the Hero World Challenge title.
2. Season Milestone:
   • The victory capped an exceptional season for Scheffler, reinforcing his position as the World No. 1 golfer.

Final Standings

Position	Player	Score
1	Scottie Scheffler	25-under 263
2	Tom Kim	19-under
3	Justin Thomas	18-under
4	Akshay Bhatia	15-under
5	Keegan Bradley	14-under

CURRENT AFFAIRS: IMPORTANT DAYS

UNICEF Foundation Day: 11th December

• UNICEF Foundation Day 2024 is observed on the 11th of December 2024.
• UNICEF was created by the N. Relief Rehabilitation Administration in 1946 to provide relief funds for children and mothers affected by World War II with immediate aid.
• In that same year, the U.N. General Assembly founded the United Nations International Children’s Emergency Fund (UNICEF) to further institutionalize post-war relief work.
• UNICEF relies entirely on contributions from governments and private donors.
• In 2019, UNICEF’s 137 government partners, along with intergovernmental organizations and inter-organizational arrangements, contributed $4.7 billion.

International Mountain Day: 11th December

• International Mountain Day 2024 is observed on the 11th of December 2024.
• Increasing climate variability resulted in a lack of mountain agriculture, so a lot of men migrated elsewhere in search of alternative livelihoods.
• Women have therefore taken on many tasks formerly done by men, yet mountain women are often invisible due to a lack of decision-making power and unequal access to resources.
• In the United States, there was a tradition where students skip classes and visit the nearby mountains and surround them for recreation.
• This is a kind of celebration in the United States.
• The United Nations General Assembly declared the International Year of Mountains in 2002.
• The U.N. establishes December 11 as International Mountain Day each year for the protection and sustainability of mountains.
• Mountain Day is established and celebrated in Japan as a national holiday for people.

Daily CA One- Liner: December 11

• The PM POSHAN Scheme, a centrally sponsored initiative by the Government of India, continues to play a pivotal role in providing nutritional support to students in Government and Government-aided schools
• Prime Minister Narendra Modi inaugurated the Bima Sakhi Yojana, an initiative by the Life Insurance Corporation of India (LIC), designed to promote women’s empowerment by enhancing financial literacy and insurance awareness across underserved communities.
• The Indian government has clarified that the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act will not apply to coffee plantations for loan recoveries
• Dale Vaz, ex-CTO of Swiggy, launched Sahi, a stock trading platform, aiming to empower retail investors and traders.
• Indian filmmaker Payal Kapadia’s feature debut, All We Imagine As LUNICEF Foundation Day 2024 is observed on the 11th of December 2024ight, has achieved a significant milestone with two nominations at the 82nd Golden Globes Awards:
• India and Australia conducted a three-day review of their Comprehensive Economic Cooperation Agreement (CECA), aiming to expand trade and strengthen economic ties
• Indian archers continue to achieve remarkable success in the international indoor circuit, with Jyothi Surekha Vennam and Abhishek Verma making significant podium finishes at the GT Open, part of the Indoor Archery World Series, held in Strassen, Luxembourg
• World No. 1 Scottie Scheffler delivered a bogey-free final round to claim the Hero World Challenge title at the Albany course.
• HSBC India, in collaboration with Mastercard, launched an invitation-only premium credit card for its private banking clients.
• Deutsche Bank India provided a €91 million (₹814 crore) sustainability-linked loan to SMFG India Credit (SMICC), a wholly-owned subsidiary of Sumitomo Mitsui Financial Group (SMFG).
• Public Sector Banks (PSBs) wrote off loans worth ₹42,035 crore in the first half of FY25 (April-September).
• The Reserve Bank of India (RBI) is rolling out an Artificial intelligence (AI) and machine learning (ML) based model called MuleHunter.
• The Real GDP growth for FY25 has been revised downward to 6.80% in the latest round of the RBI’s Survey of Professional Forecasters (SPF) on Macroeconomic Indicators, down from 6.90% in the previous round.
• The Reserve Bank of India (RBI) has announced a 50 basis points cut in the Cash Reserve Ratio (CRR), reducing it from 4.5% to 4% of banks’ deposits.
• The Reserve Bank of India (RBI) has raised the limit for collateral-free agriculture loans from ₹1.6 lakh to ₹2 lakh per borrower.
• The Reserve Bank of India (RBI) has permitted small finance banks (SFBs) to offer pre-sanctioned credit lines through Unified Payments Interface (UPI), expanding the scope beyond scheduled commercial banks, which were previously the only entities allowed to do so.
• The Reserve Bank of India (RBI) has proposed the formation of a committee to develop a Framework for Responsible and Ethical Enablement of AI (FREE-AI) in the financial sector.
• The Reserve Bank of India (RBI) has instructed banks to urgently take necessary actions to reduce the number of inoperative/frozen accounts and ensure that the process of activating such accounts is made smoother and hassle-free.
• The Tamil Nadu Legislative Assembly adopted a resolution on December 9, 2024, urging the Union government to cancel the tungsten mining rights granted to Hindustan Zinc Limited in Nayakkarpatti village, Melur taluk, Madurai district.
• INS Tushil, a multi-role stealth-guided missile frigate, was commissioned into the Indian Navy on December 9, 2024, at Yantar Shipyard in Kaliningrad, Russia.
• Sanjay Malhotra has been appointed as the 26th Governor of the Reserve Bank of India (RBI).
• UNICEF Foundation Day 2024 is observed on the 11th of December 2024
• International Mountain Day 2024 is observed on the 11th of December 2024.