Daily Current Affairs December 28th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India forms 8-member committee to create framework for responsible Artificial Intelligence use in finance   

• The Reserve Bank of India (RBI) has established an 8-member committee to develop a framework for the responsible and ethical enablement of artificial intelligence (AI) in the financial sector.
• The committee is tasked with creating the FREE-AI framework (Responsible and Ethical Enablement of AI in Financial Services).

Key Highlights :

• Committee Leadership and Members:The committee will be led by Professor Pushpak Bhattacharyya from IIT Bombay (Department of Computer Science and Engineering).
• Other members include professionals from various sectors such as technology, banking, and regulatory bodies, including:

1. Debjani Ghosh (Independent Director, Reserve Bank Innovation Hub)
2. Balaraman Ravindran (Professor and Head, Wadhwani School of Data Science and AI, IIT Madras)
3. Abhishek Singh (Additional Secretary, Ministry of Electronics and Information Technology)
4. Rahul Matthan (Partner, Trilegal)
5. Anjani Rathor (Group Head and Chief Digital Experience Officer, HDFC Bank)
6. Sree Hari Nagaralu (Head of Security AI Research, Microsoft India)
7. Suvendu Pati (CGM, FinTech Department, RBI).

Committee Objectives:

• Assess the current adoption of AI in financial services both globally and within India.
• Review regulatory and supervisory approaches on AI in the financial sector.
• Identify potential risks associated with AI in the financial sector.
• Recommend an evaluation, mitigation, and monitoring framework for AI usage in financial institutions.
• Propose compliance requirements for financial institutions, including banks, NBFCs, FinTechs, and PSOs.
• Governance Framework: The committee will focus on creating a governance framework for the ethical and responsible adoption of AI models and applications in the Indian financial sector.
• Timeline: The committee will submit its report within six months from its first meeting.
• The RBI’s decision to form this committee was announced during the December 2023 Monetary Policy Meeting.

Reserve Bank of India Report Highlights Concerns Over High Attrition, Dark Patterns, and Top-Up Loans   

• High employee attrition rates (around 25%) in private sector banks (PVBs) and small finance banks (SFBs) pose operational risks, such as disruption in customer service and loss of institutional knowledge.
• RBI urges banks to reduce attrition through improved onboarding, extensive training, mentorship programs, competitive benefits, and a supportive workplace culture.

Key Highlights :

• RBI’s Focus on Employee Retention:RBI considers employee retention a strategic imperative for banks, not just a human resource issue.
• It emphasizes the need for banks to implement long-term employee engagement strategies.
• Dark Patterns in Digital Banking:RBI highlights concerns over “dark patterns” (misleading design interfaces) used in digital banking that trick users into certain behaviors.
• It mentions the Central Consumer Protection Authority’s (CCPA) guidelines and the RBI’s ongoing investigation into these practices.
• Top-Up Loans and Financial Risks:RBI warns about top-up loans, which have grown significantly.
• These loans are sometimes sanctioned with minimal due diligence and lax adherence to prudential guidelines.
• The RBI is assessing the need for additional regulatory interventions.
• Asset Quality and Profitability:RBI reports that the asset quality of banks improved, with the gross non-performing assets (GNPA) ratio falling to 2.7% at the end of March 2024 (the lowest in 13 years).
• Banks’ profitability rose for the sixth consecutive year in 2023-24, with a return on assets (RoA) of 1.4% and a return on equity (RoE) of 14.6%.
• Non-Banking Financial Companies (NBFCs):NBFCs showed strong credit growth with improved asset quality and profitability.
• The GNPA ratio for NBFCs dropped to 3.4% by September 2024.
• Regulatory and Supervisory Changes:RBI plans to remove prepayment penalties on floating rate term loans for small businesses.
• The central bank will also examine inter-linkages between private credit firms, banks, and non-banks, and regulate payment aggregators involved in point-of-sale (POS) terminals.
• Private Credit Firms and Systemic Risks:RBI expresses concerns about private credit firms, particularly their inter-linkages with regulated entities (REs) like banks and NBFCs, which could create systemic risks and regulatory arbitrage.
• Climate-Related Financial Risk Disclosure:RBI is working on guidelines for disclosing climate-related financial risks, including scenario analysis and stress testing.
• Unsecured Lending Concerns:RBI cautions banks and NBFCs about high exposure limits on unsecured loans, especially in the microfinance and personal loan segments, following a rise in delinquencies and leverage.
• Frauds in Banking:The number of bank frauds surged to 18,461 cases in H1 FY25, with a sharp increase in the amount involved (₹21,367 crore). Internet and card frauds made up a significant portion of these frauds.
• Complaints Against Banks:Complaints related to loans, mobile/electronic banking, and deposit accounts accounted for 64% of the total complaints in FY24.
• Credit Growth and Deposit Growth:Deposit growth accelerated to 13.4% in FY24, while credit growth slowed down to 16%.
• Non-banks also experienced strong credit growth and improved asset quality.

IndusInd Bank plans to sell ₹1,573 crore in microfinance loans   

• IndusInd Bank plans to offload ₹1,573 crore worth of non-performing microfinance retail loans.
• The loans are part of over a million accounts and are being sold due to mounting stress in the microfinance sector.

Key Highlights :

• Auction Details:The bank is seeking to auction these distressed assets through a public bidding process.
• The auction will be conducted on a 100% cash basis, meaning the buyers need to pay the full amount upfront.
• The reserve price set by the bank for the assets is ₹85 crore, which translates to a recovery rate of 5.04%.
• Loan Characteristics:These microfinance loans are unsecured and do not have any collateral backing them.
• Deadline for Participation:Entities interested in acquiring the loans must submit an Expression of Interest (EOI) by December 30.
• In Nov, 2024 Ujjivan Small Finance Bank had sold ₹270 crore worth of non-performing assets including ₹208 crore worth of non-performing loans and ₹62.36 crore of written-off microbanking loans.

About IndusInd Bank :

• Founded : April 1994
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sumant Kathpalia

Rupee Falls 12 Paise to Reach Record Low of 85.27 Against U.S. Dollar   

• The Indian Rupee weakened for the third consecutive session, falling 12 paise to close at a new all-time low of 27 against the U.S. dollar.
• The previous session’s closing was at 85.15, and the rupee had also fallen by 9 paise the day before.

Key Highlights :

• Factors Contributing to Weakness:The strong U.S. dollar and rising crude oil prices contributed to the rupee’s decline.
• Increased month-end and year-end dollar demand from importers, combined with concerns over a potential aggressive import tariff from the U.S., pushed up the value of the U.S. dollar.
• Surge in U.S. Treasury yields and FII outflows were also cited as contributing factors.
• Intraday Movements:The rupee opened at 85.23 and touched an intraday low of 85.28 before closing at 85.27.
• Forex Market Data:The dollar index, which measures the U.S. dollar’s strength against a basket of six currencies, remained elevated at 107.93, despite a 0.09% decline.
• S. Treasury yields were at 4.61%, the highest in seven months, adding to the strength of the dollar.
• Foreign Institutional Investors (FIIs):FIIs were net sellers in the equity markets, offloading shares worth ₹2,454.21 crore.

Trade Receivables E-Discounting System platform sees major growth in 2024, with bills financed surpassing ₹2 lakh crore, benefiting small businesses   

• The Trade Receivables Electronic Discounting System (TReDS), backed by the Reserve Bank of India (RBI), has seen significant growth in 2024, with bills financed crossing ₹2 lakh crore.
• TReDS helps shorten the working capital cycle for small businesses by facilitating faster financing of receivables.
• As of October 2024, the TReDS platform financed nearly 100,000 bills with a combined value of ₹2.08 lakh crore.
• Over 100,000 MSME sellers are registered on four licensed TReDS platforms: Invoicemart (Axis Bank), M1xchange, Receivables Exchange of India (RXIL), and C2FO Factoring Solutions.
• TReDS is an initiative introduced by the RBI and supported by the Ministry of Micro, Small, and Medium Enterprises (MSME).
• The government reduced the turnover threshold for mandatory TReDS onboarding from ₹500 crore to ₹250 crore, making the platform more attractive to banks and NBFCs.
• The key participants in the TReDS platform are sellers, buyers, financiers, and insurance companies.

Securities and Exchange Board of India Imposes ₹6 Lakh Penalty on EbixCash, Ebix for Disclosure Violations   

• Securities and Exchange Board of India (SEBI) imposed a ₹6 lakh fine on EbixCash Limited and its promoter entity Ebix Inc for non-compliance with disclosure norms.
• The fine was levied due to violations related to the company’s proposed Initial Public Offering (IPO).
• EbixCash filed its Draft Red Herring Prospectus (DRHP) with SEBI in March 2022 but withdrew the filing in December 2023.
• The fine followed an investigation into the violation of SEBI’s Issue of Capital and Disclosure Requirements (ICDR) norms.
• SEBI imposed a fine of ₹3 lakh each on EbixCash Ltd and Ebix Inc for failing to adhere to the disclosure norms.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

Securities and Exchange Board of India halts trading in Bharat Global Developers over alleged lapses   

• The Securities and Exchange Board of India (SEBI) suspended trading in Bharat Global Developers, a company valued at over Rs 12,000 crore.
• The suspension followed lapses in the company’s financial disclosures and fraudulent preferential allotment practices.

Key Highlights :

• Interim Order Details:SEBI issued an interim order to suspend trading and also debarred 17 individuals, including the Managing Director (MD), CEO, and directors of the company.
• These individuals are prohibited from buying, selling, or dealing in securities until further orders.
• Reason for Sebi’s Action:SEBI’s action was prompted by social media complaints regarding suspicious financials and disclosures by Bharat Global Developers.
• Regulatory Measures:SEBI’s move aims to address issues related to transparency and financial integrity in the securities market.

Bajaj Allianz General Insurance launches two new motor insurance products   

• Bajaj Allianz General Insurance, a leading non-life player, has introduced two motor insurance add-on covers: Eco Assure—Repair Protection and Named Driver Cover.
• These covers aim to enhance value and customisation for policyholders.

Key Highlights :

• The Eco Assure – Repair Protection add-on enables cost-effective repairs without compulsory deductibles.
• This add-on is available for private cars up to 12 years old under the Own Damage section of the policy.
• The add-on includes a one-year repair protection, door-to-door vehicle pick-up and drop-off, and repair services at Bajaj Allianz’s preferred workshops without depreciation costs.
• The Named Driver Cover is tailored for individuals owning one or multiple cars driven primarily by specific individuals.
• This add-on secures own-damage coverage for the named drivers, promoting safe driving and providing customised insurance benefits.

About Bajaj Allianz General Insurance :

• Bajaj Allianz General Insurance stands as India’s premier private general insurance company.
• It is a collaborative effort between Bajaj Finserv Limited, India’s most diversified non-bank financial institution, and Allianz SE, the world’s leading insurer and largest asset manager.
• Bajaj Allianz General Insurance Company, a leading private general insurer in India, has selected Snowflake AI Data Cloud to augment its data platform.

Tata Consultancy Services renews financial inclusion partnership with Bank of Baroda for five years   

• Tata Consultancy Services (TCS) has extended its partnership with Bank of Baroda (BoB) for five more years to continue its financial inclusion solution implementation across India.
• The deal aims to enhance banking services for India’s unbanked populations, promoting financial inclusion.
• TCS will deploy its Financial Inclusion Gateway Solution, which includes both hardware and software for the bank’s data centers.
• The solution will facilitate essential banking services such as account opening, Immediate Payment Service (IMPS) and National Electronic Funds Transfers (NEFT), and Aadhaar and debit card-based transactions.
• The solution will streamline enrollment in government schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojana.
• This extension marks the fourth renewal of TCS’s partnership with Bank of Baroda, which began in 2010.

About TCS :

• Founded : 1968
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Natarajan Chandrasekaran
• MD & CEO : K. Krithivasan

Reserve Bank of India’s stance on cryptocurrency under scrutiny as bitcoin reaches $100,000

• The Reserve Bank of India (RBI) is closely monitoring the rise in cryptocurrency values, particularly with the recent surge in Bitcoin, and its evolving stance will be observed following a change in leadership at the central bank.
• The Securities and Exchange Board of India (Sebi) regulates cryptocurrencies that function as securities and Initial Coin Offerings (ICOs).
• It also has provisions for licensing crypto products linked to the equity markets.
• RBI focuses on regulating crypto assets that are backed by fiat currencies, indicating its oversight role in the financial sector’s crypto transactions.
• The Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA) supervise insurance and pension-linked virtual assets, respectively.
• India adopts a decentralized regulatory approach, similar to the US, where the Securities and Exchange Commission (SEC) governs tokens resembling securities.
• Bitcoin’s value surpassed $100,000, driven by institutional interest and key developments in the US, such as discussions about establishing a Bitcoin reserve.

CURRENT AFFAIRS: NATIONAL NEWS

Interarch Building Joins Bidding for Tata’s Lithium Battery Plant in Gujarat

• Pre-engineered building solutions provider Interarch Building Products has entered the race to secure the construction contract for Tata Group’s 20 GWh lithium battery manufacturing plant in Gujarat.
• This ambitious project, spearheaded by Tata Group’s Agratas Energy Storage Solutions, is set to occupy a sprawling 50 lakh square meter site in Sanand.

Key Highlights

Project Overview

• Client: Tata Group (Agratas Energy Storage Solutions).
• Capacity: 20 GWh lithium battery manufacturing plant.
• Location: Sanand, Gujarat.

Interarch’s Track Record

• Previous Projects:
  • Completed India’s first lithium-ion battery plant (12 GWh) for Exide.
  • Ongoing work on Micron’s semiconductor assembly plant in Gujarat, led by Tata Projects.
  • Major order for Tata Electronics’ ₹27,000 crore microchip assembly and testing plant in Assam.
  • Executing projects for Reliance Solar and Amara Raja’s lithium battery plant.
• Current Clientele:
  • Companies include Asian Paints, Grasim, HUL, Berger Paints, PepsiCo, and Flipkart (building a 1.5 lakh sq. m warehouse).

Growth and Opportunities

• Order Book: Over ₹1,300 crore at the end of Q2 FY25.
• Pipeline Projects: Worth ₹2,500–3,000 crore, likely to be finalized within the next year.
• Emerging Sectors: Expanding presence in renewables, semiconductors, and industrial projects.

Shaastra 2025: IIT Madras’s Premier Techno-Entertainment Festival

• The 26th edition of Shaastra, India’s largest student-run techno-entertainment festival, will take place from January 3-7, 2025, at IIT Madras.
• Drawing over 60,000 participants, the event promises a mix of innovation, sustainability, and entertainment under the theme “Fractal Frontiers”, inspired by nature’s intricate patterns.

Key Highlights

New Additions and Focus Areas

• Themes: ‘Future Cities’ and ‘Smart Manufacturing’ added to the Shaastra Summit and Research Conference.
• Environmental Commitment:
  • Replacing plastic and vinyl with reusable cloth-based materials.
  • Aligned with UN SDGs and India’s Net Zero by 2070 goal.

Event Lineup

1. Over 110 Events: Hackathons, biotechnology challenges, workshops, and exhibitions.
2. Flagship Events:
   • Caterpillar Autonomy Challenge: Robots showcasing space exploration capabilities.
   • FedEx SMART Hackathon: Internship recruitment platform.
3. Spotlight Lecture Series: Featuring:
   • Arokiaswamy Velumani (Founder, Thyrocare Technologies)
   • Ruchira Kamboj (Former UN Representative)
   • Dr. Subir Sachdev (Harvard University).
4. Entertainment Highlights:
   • Comedy Night (Jan 6): Featuring Gurleen Pannu.
   • Techno-Entertainment Night (Jan 5): Headliners include Karan Kanchan and Camilla Lynx.
   • RoboWars (Jan 4): Sponsored by IDFC FIRST Bank and Bajaj Auto.

International Collaborations

• L&T International Summit: Focused on urban sustainability.
• Boeing National Aeromodeling Contest: Hosted across four IITs.
• International Research Conference: Exploring Industry 4.0 innovations with 160+ dignitaries.

Social Campaign: “Uzhavu”

Aiming to empower Indian farmers with AI and technology:

• Key Initiatives:
  • Tech-enabled soil testing and precision farming in Chengalpattu.
  • Crop cycle recommendations using geolocation and weather data.
  • Distribution of pollinator pods to address declining bee populations.
• Collaborators: National Agro Foundation, Tamil Nadu Climate Change Mission, and IIT Madras’s School of Sustainability.

Pradhan Mantri Rashtriya Bal Puraskar 2024: Recognizing Extraordinary Young Talents

• President Droupadi Murmu presented the Pradhan Mantri Rashtriya Bal Puraskar to 17 exceptional children for their outstanding achievements in various fields such as art, culture, sports, innovation, bravery, science, and social service.
• This prestigious award aims to honor and celebrate the extraordinary contributions of young talents across India.

Award Categories & Key Highlights

The award is presented across seven categories:

• Art and Culture
• Bravery
• Innovation
• Science and Technology
• Social Work
• Sports
• Environment

Notable Awardees:

1. Keya Hatkar (14) – Art and Culture: Despite living with spinal muscular atrophy, she advocates for disability awareness and inclusivity through initiatives like “IM POSSIBLE” and “SMA-ART.”
2. Ayaan Sajad (12) – Art and Culture: A Sufi singer from Kashmir, recognized for his soulful contributions to Kashmiri music.
3. Vyas Om Jignesh (17) – Art and Culture: Recognized for memorizing over 5,000 Sanskrit shlokas and performing in 500 shows despite having cerebral palsy.
4. Saurav Kumar (9) – Bravery: Honored for saving three girls from drowning.
5. Ioanna Thapa (17) – Bravery: Recognized for rescuing 36 residents from a fire.
6. Sindhoora Raja (15) – Innovation: Awarded for creating self-stabilizing devices for Parkinson’s patients.
7. Risheek Kumar (17) – Innovation: Founder of Kashmir’s first cybersecurity firm.
8. Hembati Nag – Sports: A judo player from a Naxal-affected area who won a silver medal at the Khelo India National Games.
9. Anish Sarkar – Sports: The youngest FIDE-ranked chess player at just three years old.

Event Highlights:

• Veer Bal Diwas: The award ceremony was held on Veer Bal Diwas to honor the bravery of Guru Gobind Singh’s sons, reinforcing the nation’s commitment to courage and patriotism.
• Prizes: Each recipient received a medal, certificate, and a cash prize of ₹1 lakh.
• Future Vision: President Murmu shared her vision for the future, stating that in 2047, these awardees would become the builders of a developed India.

About the Award

• Established: 1996 by the Ministry of Women and Child Development.
• Eligibility: The award is for children between the ages of 5 and 18 who are Indian citizens residing in India.
• Awardees: Each recipient receives a medal, certificate, and a cash prize of ₹1 lakh.

Dr. Ambedkar Samman Yojana: AAP’s Initiative for Dalit Students

• The Aam Aadmi Party (AAP), led by Arvind Kejriwal, has launched the Ambedkar Samman Yojana, aimed at supporting Dalit students pursuing higher education abroad.
• This initiative, announced just before the Delhi Assembly elections, seeks to attract Dalit voters by aligning the program with the legacy of B.R. Ambedkar, emphasizing educational empowerment for marginalized communities.

Key Highlights of the Scheme

1. Coverage of Educational Expenses:
   • The scheme covers all educational costs for Dalit students admitted to prestigious international universities, including:
     • Tuition fees
     • Travel costs
     • Other essential expenditures
   • The goal is to eliminate financial barriers, enabling Dalit students to achieve their educational aspirations without monetary constraints.
2. Honoring Dr. Ambedkar’s Legacy:
   • The initiative links directly to Dr. Ambedkar’s vision of empowering marginalized communities through education.
   • AAP emphasizes its commitment to Dalit empowerment as part of Dr. Ambedkar’s broader educational vision.

IndiGo’s Zero Waste Airport Project: A Step Toward Sustainable Aviation

• IndiGo, through its CSR initiative IndiGoReach, has launched the Zero Waste Airport Project at Indore Airport in collaboration with the Airports Authority of India (AAI) and AAS Foundation, Indore.
• This initiative aims to minimize the environmental impact of airport operations and promote eco-friendly waste management
• The project utilizes the 4R strategy: Reduce, Reuse, Recycle, and Recover.

Key Aspects of the Zero Waste Airport Project

• Objective:
  Minimize the environmental impact of airport operations by implementing sustainable waste management practices.
• Partnership:
  Collaborative effort between IndiGo, AAI, and AAS Foundation, Indore.
• Strategy:
  The project follows the 4R framework – Reduce, Reuse, Recycle, and Recover.
• Focus:
  Emphasizes behavioral change, stakeholder engagement, and training for both airport staff and passengers.

Key Features of the Project

1. Material Recovery Facility (MRF):
   • Inauguration: The facility was inaugurated by dignitaries including Shri Rammohan Naidu, Union Minister of Civil Aviation, and other political leaders.
   • Functionality: The MRF sorts dry waste into 10 categories for recycling.
   • Public Engagement: Guided tours showcase the processes of waste segregation and recycling.
2. Wet Waste Processing Unit:
   • Composting: Converts organic waste into nutrient-rich compost, which will be used for enhancing the airport’s landscaping.
   • Waste Management: The unit processes 750 kgs of waste daily, reducing reliance on landfills.
3. Self-Sustaining Model:
   • Revenue Generation: Income generated from compost and recycled materials will help fund the salaries of green workers starting from the third year.
   • This ensures the long-term sustainability of the project.

Prime Minister Modi Pays Tribute to Pandit Madan Mohan Malaviya on His 162nd Birth Anniversary

• On the 162nd birth anniversary of Pandit Madan Mohan Malaviya, Prime Minister Narendra Modi paid a heartfelt tribute to the renowned freedom fighter and educationist, recalling his significant contributions to India’s independence and the establishment of Banaras Hindu University (BHU).
• The Prime Minister highlighted Malaviya’s unwavering commitment to education, calling him an enduring source of inspiration for generations.

Launch of ‘Collected Works of Pandit Madan Mohan Malaviya’

• In honor of Mahamana Malaviya’s legacy, PM Modi launched the first series of the ‘Collected Works of Pandit Madan Mohan Malaviya’ on December 25, 2023, at Vigyan Bhawan.
• This collection spans 11 volumes and 4,000 pages, featuring a compilation of Malaviya’s speeches, letters, articles, and other writings.
• The collection also includes materials from his time as a member of legislative councils and his active role in the independence movement.

Supreme Court Clarifies Judiciary’s Role in Banking Matters

• The Supreme Court has emphasized that the judiciary should not intervene in matters related to banking regulations and must defer to the Reserve Bank of India (RBI), which holds exclusive authority in this domain.

Key Highlights of the Judgment

• RBI’s Exclusive Authority: The Court reaffirmed that RBI is the only institution empowered to regulate banking operations and set mandates for banks.
• Judicial Role: The role of the courts is limited to ensuring that the lawful authority of the RBI is not abused, not to interfere with tasks assigned to the RBI.
• National Consumer Disputes Redressal Commission (NCDRC) Decision: The Court overruled the NCDRC’s 2008 decision that had capped credit card interest rates at 30%, calling it an overstep of judicial authority into the RBI’s regulatory domain.
• Banking Regulation Act, 1949: The judgment stressed that Section 21A of the Act mandates that interest rates charged by banks are beyond judicial scrutiny.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Malaysia extends visa exemption for Indian tourists until 2026   

• Malaysia has extended its 30-day visa exemption for Indian nationals until December 31, 2026, as part of efforts to enhance bilateral ties and boost tourism.
• This initiative is part of Malaysia’s Visa Liberalisation Plan aimed at promoting economic and tourism growth, especially in anticipation of Visit Malaysia Year 2026 and Malaysia’s ASEAN chairmanship in 2025.
• Eligibility for Visa Exemption: Indian nationals can stay in Malaysia for up to 30 days by presenting:
• A return flight ticket
• Proof of sufficient funds (bank statement or credit cards) upon arrival.
• Tourism Impact: Indian travelers are crucial to Malaysia’s tourism industry:
• Over 735,000 Indian arrivals were recorded in 2019 before the pandemic.
• Surge in Indian Tourist Arrivals: Malaysia saw over 1 million Indian tourists in 2024, with 1,009,114 Indian tourist arrivals recorded from January to November 2024.
• This marks a 47% increase over 2019 and a 71.7% rise over 2023.
• Focus on Tourism Growth: The visa exemption is expected to further drive tourism growth, contributing significantly to Malaysia’s tourism industry and economic recovery post-pandemic.

About Malaysia :

• Prime Minister : Anwar Ibrahim
• Capital : Kuala Lumpur
• Currency : Malaysian ringgit

CURRENT AFFAIRS: BUSINESS NEWS

India’s Finished Steel Trade Faces Record Deficit in FY25 (April–November)

• India’s finished steel trade deficit reached ₹26,468 crore during April–November FY25, the highest in the past five years, as per a Steel Ministry report. Imports nearly doubled exports, with import volumes surging while export markets, especially in Europe, were stressed.

Key Highlights

Imports Overview

• Net Imports: India imported 6.5 million tonnes (mt) of finished steel, a 26.6% year-on-year (y-o-y) increase.
• Key Importer: China dominated imports, accounting for one-third of the shipments, with volumes rising 23% y-o-y to 2 mt.
  • Categories: Stainless steel, alloyed offerings (0.7 mt), plates, electrical sheets, and coated galvanised coils.
  • Trade Strategy: India’s Free Trade Agreements (FTAs) with other Asian nations allegedly facilitated China’s indirect steel dumping through investments in countries like Vietnam.
• Other Importers:
  • Japan: Import volumes doubled y-o-y to 1.4 mt (from 0.7 mt).
  • Vietnam: Imports grew 11% y-o-y, despite a Directorate General of Trade Remedies (DGTR) probe.
  • Korea and Indonesia also contributed significantly.

Exports Overview

• Net Exports: Declined 23.6% y-o-y to 3.15 mt during April–November FY25.
• Key Markets: Exports to Italy (-22%) and Spain (-32%) fell sharply, with value declines ranging 5–32% in Europe.
• Exceptions: Exports to the UK and Belgium showed resilience.
• Middle East: Indian steel exports faced pricing competition from China, which offered Hot Rolled Coils (HRC) at $515–520/t, undercutting India’s $540–545/t.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Centre names Sandip Mishra as Director of National Testing Agency  

• The Union government has appointed Sandip Kumar Mishra as the new director of the National Testing Agency (NTA).
• His appointment follows the announcement by Union Education Minister Dharmendra Pradhan regarding the restructuring of NTA to improve its functioning, in line with the recommendations of a high-level committee set up in June 2024 after paper leak controversies.
• Mishra replaces Pradeep Singh Kharola, who previously served as the director.
• Mishra will serve as NTA’s director for the next five years.
• Archana Shukla, Amit Kumar, and Shivani have been appointed as joint directors of NTA for four years.
• Mishra was serving as Joint Commissioner of Income Tax prior to his appointment as NTA director.
• Mishra is an alumnus of Jawaharlal Nehru University (JNU).

About NTA :

• Formed : November 2017
• Headquarters : New Delhi, India
• Chairman : Pradeep Kumar Joshi
• The NTA is an autonomous body of the Department of Higher Education of the Ministry of Education of India.

CURRENT AFFAIRS : DEFENCE NEWS

India-Sri Lanka Bilateral Naval Exercise SLINEX 24 Held from 17-20 Dec 2024 at Visakhapatnam  

• The bilateral naval exercise between India and Sri Lanka is named SLINEX 24 (Sri Lanka – India Exercise 2024).
• It was conducted from 17-20 December 2024 at Visakhapatnam under the Eastern Naval Command.

Key Highlights :

Phases of the Exercise:

• Harbour Phase: Conducted from 17-18 December 2024, involved professional and social exchanges between the participating teams.
• Sea Phase: Took place from 19-20 December 2024, included joint exercises, gun firings, communication procedures, seamanship, navigation evolutions, and helicopter operations.

Indian Participation:

• INS Sumitra, part of the Eastern Fleet, participated.
• Special Forces teams also participated from the Indian side.

Sri Lankan Participation:

• SLNS Sayura, an Offshore Patrol Vessel, represented the Sri Lankan Navy.
• Special Forces teams participated from the Sri Lankan side.
• Inaugural Ceremony: The opening ceremony of SLINEX 24 was held on 17 December 2024.
• Purpose of the Exercise:The exercise aims to enhance professional cooperation between the two navies.
• Strengthened ties between India and Sri Lanka, reinforcing maritime security in the region.
• Contributed to creating a safe and rule-based maritime domain.
• Historical Context:SLINEX exercises were initiated in 2005 and have been conducted regularly since then.
• Significance:Aligns with India’s Security and Growth for All in the Region (SAGAR) vision, emphasizing cooperation in maritime security.
• Enhances the India-Sri Lanka maritime relationship and boosts regional security efforts.

About Sri Lanka :

• President : Anura Kumara Dissanayake
• Prime Minister : Harini Amarasuriya
• Capital : Sri Jayawardenepura Kotte (legislative), Colombo (executive and judicial)
• Currency : Sri Lankan rupee

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Peak XV Partners divests 1.5% stake in MobiKwik for ₹82 crore  

• Peak XV Partners (formerly Sequoia India & Southeast Asia) sold a 1.5% stake in MobiKwik for ₹82 crore through an open market transaction.
• The sale involved 12.01 lakh shares at an average price of ₹679.38 each, valued at ₹81.63 crore.
• The transaction was conducted through a bulk deal on the National Stock Exchange (NSE).
• After the sale, Peak XV Partners’ stake in MobiKwik decreased from 2.81% to 1.26%.

Key Highlights :

• MobiKwik’s Initial Public Offering (IPO) involved the issuance of fresh equity shares worth up to ₹572 crore, with no offer-for-sale (OFS) component.
• The company is a digital banking platform providing various financial products like payments, digital credit, and investments for both consumers and merchants.
• MobiKwik was founded by Bipin Preet Singh and Upasana Taku, and it is based in Gurugram.
• Peak XV Partners Investment Holdings III, an arm of Peak XV Partners, was involved in the transaction.

About MobiKwik :

• Founded : April 2009
• Headquarters : Gurgaon, Haryana, India
• MD & CEO : Bipin Preet Singh

CURRENT AFFAIRS: SPORTS NEWS

Harish Sharma 3×3 Basketball Championship 2024: Honoring a Visionary Leader

• The Harish Sharma 3×3 Basketball Championship 2024 will occur on December 28 and 29 at the KD Jadhav Indoor Hall, Indira Gandhi Sports Complex, New Delhi.
• Organized by the Delhi Basketball Association, this event commemorates Harish Sharma, a legendary international basketball player and former Secretary General of the Basketball Federation of India.

Event Highlights

Key Details

• Date: December 28-29, 2024
• Venue: KD Jadhav Indoor Hall, IGI Stadium, New Delhi (Entry from Gate 17)
• Opening Ceremony: December 28, 12 PM
• Closing Ceremony: December 29, 4 PM

Exciting Competitions

• 3×3 Matches: Fast-paced, ten-minute games with three players per team, as per FIBA rules.
• Special Events:
  • 3-Point Shooting Competition
  • Free Throw Contest
  • Dunk Competition

Participation

• Over 40 teams (Men and Women) will showcase their skills, with a mix of senior players and veterans.

Global and National Telecast

• FIBA Endorsement: Global live telecast in collaboration with the organizers.
• Doordarshan: National live broadcast.
• Social Media: Real-time streaming for wider audience reach.

Andy Pycroft Joins Elite Club with 100th Test as Match Referee

• Andy Pycroft, former Zimbabwe captain, achieved a remarkable milestone by officiating his 100th men’s Test match as a referee during the Boxing Day Test between India and Australia.
• He is now part of an exclusive group of match referees who have reached this significant mark.

Elite Match Referee Club

1. Ranjan Madugalle (Sri Lanka): 225 Tests
2. Jeff Crowe (New Zealand): 125 Tests
3. Chris Broad (England): 123 Tests
4. Andy Pycroft (Zimbabwe): 100 Tests

Pycroft’s Cricketing Journey

• Playing Career:
  • Represented Zimbabwe in 3 Tests and 20 ODIs (1983-1992).
• Transition to Match Referee:
  • Pycroft has been recognized for his fairness, professionalism, and deep understanding of the game throughout his officiating career.
  • At 68 years old, Andy Pycroft’s dedication to the sport continues to inspire both players and officials, reinforcing his legacy in international cricket.

Vijayveer Sidhu Triumphs in Rapid-Fire Pistol at 67th National Shooting Championship

• Vijayveer Sidhu, a 22-year-old shooter who finished ninth at the Paris Olympics, emerged victorious in the rapid-fire pistol event of the 67th National Shooting Championship at the Karni Singh Range, Tughlakabad.
• Sidhu defeated Olympian Gurpreet Singh with a score of 28-25 in a gripping finale.

Key Highlights

Vijayveer’s Performance

• Maintained a strong lead, going four points ahead before the last five shots.
• Recorded only one successful shot in the final 4-second series but managed to secure the win.

Gurpreet Singh’s Challenge

• Climbed to the final after enduring multiple shoot-offs in the six-man finale.
• Struggled with overtime shots, incurring penalties in four instances, including the last series.
• Announced this as his last Nationals, with plans to focus on coaching.

Other Results

• Bronze: Shivam Shukla, who outperformed Ankur Goel, despite Goel’s strong start.
• Finalists: Udhayveer Sidhu and Suraj Sharma rounded out the top six.

Junior Category

• Winner: Raajwardan Paatil, who dominated with three perfect-5 series to secure a 31-23 victory over Suraj Sharma.
• Bronze: Abhinav Choudhary, followed by Jatin, Bhavya Sharma, and Mukesh Nelavalli.

Notable Performances and Misses

• Olympian Anish Bhanwala finished 22nd with a total of 568 points.
• Adarsh Singh placed 28th with a total of 565 points in a competitive field of 123 shooters.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day of Epidemic Preparedness: December 27

• The International Day of Epidemic Preparedness, observed annually on December 27, serves as a global reminder of the urgent need to strengthen public health systems for preventing, detecting, and responding to infectious disease outbreak

Key Facts

• Established: By the United Nations General Assembly on December 7, 2020.
• Inspiration: Born out of the COVID-19 pandemic experience, the observance highlights the importance of global efforts to tackle health crises.
• Purpose: Raise awareness about epidemic prevention, enhance preparedness, and promote global collaboration in addressing health threats.

Daily CA One- Liner: December 28

• Pre-engineered building solutions provider Interarch Building Products has entered the race to secure the construction contract for Tata Group’s 20 GWh lithium battery manufacturing plant in Gujarat.
• The 26th edition of Shaastra, India’s largest student-run techno-entertainment festival, will take place from January 3-7, 2025, at IIT Madras.
• President Droupadi Murmu presented the Pradhan Mantri Rashtriya Bal Puraskar to 17 exceptional children for their outstanding achievements in various fields such as art, culture, sports, innovation, bravery, science, and social service.
• The Aam Aadmi Party (AAP), led by Arvind Kejriwal, has launched the Ambedkar Samman Yojana, aimed at supporting Dalit students pursuing higher education abroad.
• IndiGo, through its CSR initiative IndiGoReach, has launched the Zero Waste Airport Project at Indore Airport in collaboration with the Airports Authority of India (AAI) and AAS Foundation, Indore.
• On the 162nd birth anniversary of Pandit Madan Mohan Malaviya, Prime Minister Narendra Modi paid a heartfelt tribute to the renowned freedom fighter and educationist, recalling his significant contributions to India’s independence and the establishment of Banaras Hindu University (BHU).
• The Supreme Court has emphasized that the judiciary should not intervene in matters related to banking regulations and must defer to the Reserve Bank of India (RBI), which holds exclusive authority in this domain.
• India’s finished steel trade deficit reached ₹26,468 crore during April–November FY25, the highest in the past five years, as per a Steel Ministry report. Imports nearly doubled exports, with import volumes surging while export markets, especially in Europe, were stressed.
• The Harish Sharma 3×3 Basketball Championship 2024 will occur on December 28 and 29 at the KD Jadhav Indoor Hall, Indira Gandhi Sports Complex, New Delhi.
• Andy Pycroft, former Zimbabwe captain, achieved a remarkable milestone by officiating his 100th men’s Test match as a referee during the Boxing Day Test between India and Australia.
• Vijayveer Sidhu, a 22-year-old shooter who finished ninth at the Paris Olympics, emerged victorious in the rapid-fire pistol event of the 67th National Shooting Championship at the Karni Singh Range, Tughlakabad.
• The Reserve Bank of India (RBI) has established an 8-member committee to develop a framework for the responsible and ethical enablement of artificial intelligence (AI) in the financial sector.
• High employee attrition rates (around 25%) in private sector banks (PVBs) and small finance banks (SFBs) pose operational risks, such as disruption in customer service and loss of institutional knowledge.
• IndusInd Bank plans to offload ₹1,573 crore worth of non-performing microfinance retail loans.
• The Indian Rupee weakened for the third consecutive session, falling 12 paise to close at a new all-time low of 27 against the U.S. dollar.
• The Trade Receivables Electronic Discounting System (TReDS), backed by the Reserve Bank of India (RBI), has seen significant growth in 2024, with bills financed crossing ₹2 lakh crore.
• Securities and Exchange Board of India (SEBI) imposed a ₹6 lakh fine on EbixCash Limited and its promoter entity Ebix Inc for non-compliance with disclosure norms.
• The Securities and Exchange Board of India (SEBI) suspended trading in Bharat Global Developers, a company valued at over Rs 12,000 crore.
• Bajaj Allianz General Insurance, a leading non-life player, has introduced two motor insurance add-on covers: Eco Assure—Repair Protection and Named Driver Cover.
• Tata Consultancy Services (TCS) has extended its partnership with Bank of Baroda (BoB) for five more years to continue its financial inclusion solution implementation across India.
• The Reserve Bank of India (RBI) is closely monitoring the rise in cryptocurrency values, particularly with the recent surge in Bitcoin, and its evolving stance will be observed following a change in leadership at the central bank.
• Malaysia has extended its 30-day visa exemption for Indian nationals until December 31, 2026, as part of efforts to enhance bilateral ties and boost tourism.
• The Union government has appointed Sandip Kumar Mishra as the new director of the National Testing Agency (NTA).
• The bilateral naval exercise between India and Sri Lanka is named SLINEX 24 (Sri Lanka – India Exercise 2024).
• Peak XV Partners (formerly Sequoia India & Southeast Asia) sold a 1.5% stake in MobiKwik for ₹82 crore through an open market transaction.
• The International Day of Epidemic Preparedness, observed annually on December 27, serves as a global reminder of the urgent need to strengthen public health systems for preventing, detecting, and responding to infectious disease outbreaks.

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