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CURRENT AFFAIRS : BANKING & FINANCE
Reserve Bank of India’s New Guidelines 2025: 3 Types of Bank Accounts to Be Closed Starting January 1, 2025
- Starting January 1, 2025, the Reserve Bank of India (RBI) will make three types of bank accounts non-operative as part of a move to improve the banking system’s efficiency, safety, and transparency.
Key Highlights :
Types of Accounts Becoming Non-Operative:
- Dormant Accounts: Accounts that have not had any transactions for two years.
- Inactive Accounts: Accounts with no activity for a fixed period, often one year.
- Zero Balance Accounts: Accounts with no money deposited for a long time and a zero balance.
Purpose of the New Rules:
- Increase Financial Safety: By closing inactive accounts, the risks of fraud and misuse will be reduced.
- Improve Banking System Efficiency: Banks will be able to utilize resources more effectively by eliminating unused accounts.
- Encourage Digital Banking: The new rules promote customers’ shift towards internet banking services.
- Enhance Compliance with KYC: The rules will help maintain up-to-date Know Your Customer (KYC) details for all customers.
- Implications for Customers:Customers will need to ensure that their accounts are active, with regular transactions, to avoid having their accounts categorized as dormant or inactive.
- The new rules encourage customers to update their KYC details and use online banking services.
- Impact on the Banking Sector:The RBI’s decision is a step toward modernizing the banking industry and improving security, efficiency, and customer experience.
- This move aligns with the push for digital banking and reducing the risks associated with inactive or zero-balance accounts.
Reserve Bank of India Imposes Monetary Penalties on 4 Karnataka-Based Co-operative Banks for Regulatory Non-Compliance
- The Reserve Bank of India (RBI) has imposed a penalty of ₹5.5 lakh on four cooperative banks in Karnataka for not complying with its directions.
List of Penalties Imposed on Four Cooperative Banks in Karnataka :
| Bank Name | Penalty Amount | Reason for Penalty | RBI Directions Violated |
| The Bharat Co-operative Bank Limited., Bengaluru | ₹3,00,000 | Non-compliance with specific directions under ‘Supervisory Action Framework (SAF)’. | Banking Regulation Act, Sections 47A(1)(c), 46(4)(i), and 56 of the Banking Regulation Act, 1949. |
| Swami Vivekanand Sahakari Bank Niyamit, Nidagundi, Karnataka | ₹1,00,000 | 1. Failure to adhere to prudential inter-bank (gross) and counterparty exposure limits. 2. Failure to upload KYC records to CKYCR within the prescribed timeline. | Exposure Norms, Statutory Restrictions, and KYC |
| Sri Basaveshwara Pattana Sahakara Bank Niyamit, Sindgi, Karnataka | ₹1,00,000 | 1. Increased exposure to high-NPA sectors. 2. Declared dividend without prior RBI permission. | Supervisory Action Framework (SAF) |
| Manjra Mahila Urban Co-operative Bank Limited, Bidar, Karnataka | ₹50,000 | Failure to upload KYC records of customers to CKYCR within the prescribed timeline. | Know Your Customer (KYC) Directions |
Reserve Bank of India Imposes Monetary Penalties on 5 Gujarat-Based Co-operative Banks for Non-Compliance with Regulatory Directions
- The Reserve Bank of India (RBI) has imposed a total penalty of 10 lakh on 5 cooperative banks from Gujarat for non-compliance with the directions issued by the banking regulator.
| Bank Name | Location | Penalty Imposed | Reasons for Penalty | RBI Sections Involved |
| Shree Laxmi Mahila Sahakari Bank Ltd. | Mehsana, Gujarat | ₹1.60 lakh | -Non-compliance with directions on ‘Placement of Deposits with Other Banks’, ‘KYC’, and ‘Membership of Credit Information Companies’ – Failure to adhere to exposure limits – Issues with customer due diligence and KYC uploads | Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949; Section 25 of Credit Information Companies (Regulation) Act, 2005 |
| Shri Janata Sahakari Bank Ltd. | Halol, Dist. Panchmahal, Gujarat | ₹2.00 lakh | -Non-compliance with directions on ‘Loans and Advances to Directors and their relatives’ – Breach of prudential exposure limits | Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 |
| The Thasra People’s Co-operative Bank Ltd. | Thasra, Dist. Kheda, Gujarat | ₹3.00 lakh | -Non-compliance with directions on ‘Loans and Advances to Directors and their relatives’ – Sanctioning of gold loans exceeding prescribed LTV ratio | Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 |
| The Chanasma Commercial Co-operative Bank Ltd. | Chanasma, Dist. Patan, Gujarat | ₹3.00 lakh | -Non-compliance with directions on ‘Loans and Advances to Directors and their relatives’ – Failure to carry out periodic review of risk categorization of accounts | Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 |
| Shree Dhandhuka Janta Sahakari Bank Ltd. | Dhandhuka, Dist. Ahmedabad, Gujarat | ₹2.50 lakh | -Non-compliance with directions on ‘Investment by UCBs’ and ‘KYC’ – Breach of investment limits – Failure to upload KYC records of customers | Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 |
Reserve Bank of India Imposes ₹22.60 Lakh Penalty on 4 Madhya Pradesh Cooperative Banks and 1 Mumbai Bank for Regulatory Violations
- The Reserve Bank of India (RBI) has imposed a penalty of Rs 22.60 lakh on 4 cooperative banks from Madhya Pradesh (MP) and one from Mumbai, Maharashtra for non-compliance with the directions issued by the banking regulator.
| Bank Name | Location | Penalty Amount | Reason for Penalty | Regulatory Basis |
| Shri Vaibhav Lakshmi Mahila Nagrik Sahakari Bank | Maryadit, Jhabua, MP | ₹1.00 lakh | Non-compliance with PSL targets and failure to contribute to MSE Refinance Fund for FY 2022-23 despite cautionary letter. | Sections 47A(1)(c), 46(4)(i), and 56 of the Banking Regulation Act, 1949 |
| Guna Nagarik Sahakari Bank | Maryadit, Guna, MP | ₹1.00 lakh | Non-compliance with PSL targets and failure to contribute to MSE Refinance Fund for FY 2022-23 despite cautionary letter. | Sections 47A(1)(c), 46(4)(i), and 56 of the Banking Regulation Act, 1949 |
| Indore Paraspar Sahakari Bank | Maryadit, Indore, MP | ₹4.50 lakh | Non-compliance with PSL targets and failure to contribute to MSE Refinance Fund for FY 2022-23 despite cautionary letter. | Sections 47A(1)(c), 46(4)(i), and 56 of the Banking Regulation Act, 1949 |
| Raj Rajeshwari Mahila Nagrik Sahakari Bank | Maryadit, Shajapur, MP | ₹1.10 lakh | Non-compliance with PSL targets and failure to contribute to MSE Refinance Fund for FY 2022-23 despite cautionary letter. | Sections 47A(1)(c), 46(4)(i), and 56 of the Banking Regulation Act, 1949 |
| Bharat Co-operative Bank (Mumbai) Limited | – | ₹15.00 lakh | Non-compliance with RBI directions on Income Recognition, Asset Classification, Provisioning, and failure to classify loan accounts as non-performing assets. | Sections 47A(1)(c), 46(4)(i), and 56 of the Banking Regulation Act, 1949 |
DBS Bank introduces overseas education solutions offering free transfers and loans
- DBS Bank India launched the ‘DBS Study Abroad Total Assist’ program for NRIs and HNIs, aimed at assisting with overseas education challenges.
- The program is designed for DBS Treasures customers.
- Target Audience: The program is specifically for non-resident Indians (NRIs) and high-net-worth individuals (HNIs).
- Indian Students Abroad: Over 1.3 million Indian students are pursuing higher education abroad in 2024, according to the Ministry of External Affairs.
- Coverage: The program offers coverage up to $1 million against unexpected events like illness, lost baggage, or accidents, providing financial protection during studies abroad.
- VISA Infinite Debit Card: The program includes the DBS Treasures VISA Infinite Debit Card, which allows students to make transactions abroad without forex markup fees, ensuring cost-efficient international spending.
About DBS Bank India :
- Established: 1994
- Headquarters: Mumbai, Maharashtra
- Managing Director and CEO: Surojit Shome
- Tagline: “Live more, Bank Less”
CURRENT AFFAIRS: NATIONAL NEWS
S.Jaishankar’s Visit to the United States: Strengthening India-US Relations
- External Affairs Minister S. Jaishankar recently concluded a significant visit to the United States, marked by high-level meetings with US leaders and key diplomatic engagements.
- The visit underscored the growing strategic partnership between India and the US while addressing pressing global and bilateral issues.
Key Meetings and Highlights
Meeting with Michael Waltz (Future US National Security Advisor)
- Jaishankar met Michael Waltz, who will assume the role of US National Security Advisor in January after Donald Trump becomes the 47th US President.
- Topics Discussed:
- Strengthening the India-US bilateral partnership.
- Current global challenges.
- Jaishankar’s Remarks:
- Expressed eagerness to work with Waltz.
- Described the conversation as “wide-ranging.”
- Michael Waltz’s Background:
- Former US Army and National Guard officer with 27 years of service.
- Member of key committees:
- House Armed Services Committee.
- House Foreign Affairs Committee.
- House Permanent Select Committee on Intelligence.
Meeting with NSA Jake Sullivan
- Discussed:
- Progress of the India-US strategic partnership.
- Regional and global developments.
- Significance: A continuation of efforts to deepen defense, economic, and technological cooperation.
Meeting with US Secretary of State Antony Blinken
- Focus:
- Reviewed advancements in India-US relations over the past four years.
- Discussed strengthening cooperation across multiple domains.
- Jaishankar’s Confidence:
- Expressed optimism about the mutual and global benefits of the India-US partnership.
India’s Labor Codes: States and UTs to Finalize Rules by March 31, 2025
- The Union Ministry of Labor and Employment has set a deadline for all 36 states and Union Territories (UTs) to finalize and pre-publish the harmonized draft rules for the four major labor codes by March 31, 2025.
- These labor codes aim to overhaul and modernize India’s labor law framework, simplifying compliance and enhancing protection for workers.
Key Aspects of the Labor Code Implementation
- Labor Codes Overview
The four primary labor codes, introduced between 2019 and 2020, aim to consolidate 29 existing labor laws into a unified framework: - Code on Social Security (2020)
- Occupational Safety, Health, and Working Conditions Code (2020)
- Industrial Relations Code (2020)
- Code on Wages (2019)
- Implementation Progress
- As of December 28, 2024, all but five states and UTs have completed the pre-publication process for the draft rules.
- Regional Meetings: Between August and October 2024, six regional meetings were held to bring together stakeholders, address challenges, and accelerate the drafting and harmonization process of the rules.
- Dual Legislative Responsibility
- Labor laws in India fall under the Concurrent List of the Constitution, allowing both the central and state governments to draft rules.
- In cases of conflict between state and central laws, the central laws typically take precedence unless the state law has received presidential assent.
- This highlights the importance of harmonizing state-level rules with central legislation to ensure uniformity across the nation.
Puducherry and Tamil Nadu Observe 20th Tsunami Memorial Day
- On December 26, 2024, the 20th anniversary of the devastating 2004 Indian Ocean tsunami was commemorated across the coastal districts of Nagapattinam, Mayiladuthurai, and Karaikal in Tamil Nadu.
- The events paid tribute to the victims, recognized the resilience of survivors, and reflected on two decades of rebuilding efforts.
Key Memorial Events and Locations
Nagapattinam
- Venue: Tsunami Memorial Park, District Collectorate premises
- Key Figures:
- District Collector P. Akash
- Tamil Nadu Tadco Chairman U. Mathivanan
- Nagapattinam MLA J. Mohammed Shah Nawaz
- Kilvelur MLA V.P. Nagai Mali
- Superintendent of Police A.K. Arun Kabilan
- Activities:
- Wreath-laying ceremony
- Moment of silence
- Candle-lighting
Velankanni
- Venue: Beach to mass burial site, where over 1,000 victims are buried
- Participants: Over 500 people, including fishermen, traders, and the public
- Led By: Velankanni Basilica Rector Fr. R. Irudayaraj
- Activities:
- 3-kilometre procession
- Floral tributes
- Interfaith prayers featuring readings from the Bhagavad Gita, Quran, and Bible
- Families offered the favorite foods and drinks of the deceased
Mayiladuthurai
- Venue: Tsunami Memorial in Porayar
- Key Figures:
- District Collector A.P. Mahabharathi
- Sirkazhi Revenue Divisional Officer Suresh
- Tharangambadi Town Panchayat Chairperson Suguna Sankari
- Activities:
- Floral wreath-laying
- Commemorative ceremonies led by local officials
Karaikal
- Venue: Tsunami Memorial on Karaikal Beach
- Key Figures:
- Minister P. R. N. Thirumurugan
- District Collector D. Manikandan
- Activities:
- Floral tributes
- Interfaith prayers
- Observances in nearby villages, including Poovam Nandalaru, Thirupattinam Pattinacheri, and Polagam
The decline in PM CARES Fund Contributions (2022-23)
- The PM CARES Fund, established in March 2020 to respond to the COVID-19 pandemic, witnessed a sharp decline in contributions in the financial year 2022-23.
- Donations fell significantly to Rs 912 crore, down from the record Rs 7,184 crore in 2020-21.
Contribution Trends and Decline
- 2020-21: The fund received its highest-ever voluntary contributions, totaling Rs 7,184 crore amid the peak of the COVID-19 crisis.
- Foreign Donations: Also surged to Rs 495 crore.
- 2021-22: Voluntary contributions dropped to Rs 1,938 crore, reflecting a decrease in the urgency as the pandemic situation eased.
- 2022-23: Voluntary contributions further fell to Rs 912 crore, with foreign donations plummeting to just Rs 2.57 crore from the previous year’s Rs 495 crore.
Expenditure Allocation (2022-23)
- The total expenditure for 2022-23 was approximately Rs 439 crore.
- PM Cares for Children: Rs 346 crore was allocated to support children who lost their parents or guardians due to COVID-19.
- Oxygen Concentrators: Nearly Rs 92 crore was spent on procuring oxygen concentrators to aid pandemic relief efforts.
CURRENT AFFAIRS : INTERNATIONAL NEWS
Two red pandas from Rotterdam Zoo, Netherlands, to be brought to Padmaja Naidu Himalayan Zoological Park in Darjeeling for conservation breeding
- Two red pandas from Rotterdam Zoo, Netherlands, are being brought to Padmaja Naidu Himalayan Zoological Park (PNZP) in Darjeeling for conservation breeding purposes.
- The pandas will undergo a one-month quarantine before being paired for breeding.
Key Highlights :
- Arrival and Health Check:A flight carrying the two red pandas landed at Kolkata’s Netaji Subhas Chandra Bose International Airport.
- Upon arrival at the zoo, a thorough health check-up will be conducted by veterinarians.
- Current Red Panda Population at PNZP:PNZP currently houses 7 male and 12 female red pandas, along with 2 cubs (sex of cubs not yet determined).
- Conservation Significance:The red panda (Ailurus fulgens) is an endangered species native to the eastern Himalayas and southwestern China, with a population of less than 10,000.
- The species is listed as endangered by the International Union for Conservation of Nature (IUCN).
- History of Conservation at PNZP:Established in 1958, PNZP has the most successful captive breeding program for red pandas in India.
- The conservation breeding program started in 1986 as part of the Global Captive Breeding Masterplan.
- Conservation Status:The red panda is considered endangered by the International Union for Conservation of Nature (IUCN) and the World Wildlife Fund (WWF).
About Netherlands :
- Prime Minister : Dick Schoof
- Capital : Amsterdam
- Currency : Euro
CURRENT AFFAIRS : STATE NEWS
Tamil Nadu Crosses 10,000 Department for Promotion of Industry and Internal Trade -Registered Startups Milestone
- Tamil Nadu has registered over 10,000 startups with the Department for Promotion of Industry and Internal Trade (DPIIT) under the Union Ministry of Commerce and Industry.
- The state’s initiative, StartupTN, has been instrumental in supporting the startup ecosystem through funding programs, mentorship, and other support measures.
- Tamil Nadu is ranked as the most economically free state in the Economic Freedom Rankings for the States of India.
- The state has introduced the Startup and Innovation Policy 2023, aimed at fostering a supportive environment for startups and encouraging business growth.
- StartupTN Mission Director and CEO Shivaraja Ramanathan
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
Union Ministry of Home Affairs reintroduces Protected Area Permit in Manipur, Nagaland, and Mizoram due to security concerns
- The Union Ministry of Home Affairs has reinstated the Protected Area Permit (PAP) in Manipur, Nagaland, and Mizoram due to security concerns arising from the influx of individuals from neighboring countries.
- Foreign nationals visiting these states now need to secure the necessary PAP under the Foreigners (Protected Areas) Order, 1958.
- Definition of PAP:The Protected Area Permit (PAP) is required by foreign nationals to visit certain sensitive areas in India located near international borders.
- These areas are deemed sensitive due to their proximity to international boundaries.
- Purpose of PAP:PAP ensures control over foreign nationals entering areas considered sensitive for security reasons.
- Areas Covered by PAP:The PAP regime covers regions in states such as Arunachal Pradesh, Manipur, Mizoram, Nagaland, Sikkim, Himachal Pradesh, Jammu & Kashmir, Rajasthan, and Uttarakhand.
- Lift of PAP Regime:The PAP regime was lifted from Manipur, Mizoram, and Nagaland in January 2011 to promote tourism but has now been reinstated due to security issues.
- PAP Duration:The PAP generally allows foreign nationals to stay for 10 days, with an option for extension.
- Issuance of PAP:The Union Ministry of Home Affairs or concerned state authorities issue the PAP.
CURRENT AFFAIRS: BUSINESS NEWS
India’s Tech Startup Revival in 2024: Funding, Sectors, and Milestones
- India’s tech startups secured $11.3 billion in funding in 2024, marking a recovery from the two-year ‘funding winter.’
- Global Standing: Ranked as the third-most funded country globally, after the US and the UK.
- Growth Metrics:
- Funding in 2024 rose by 6% compared to 2023 but was still 56% lower than the $25.4 billion in 2022.
- Late-stage funding: Increased 12.09% YoY, reaching $7.13 billion.
- Early-stage funding: Grew marginally by 2.09% YoY, amounting to $3.16 billion.
- Seed-stage funding: Declined to $0.97 billion, continuing a downward trend.
Funding Overview by Year and Stage
| Year | Total Funding | Late-Stage Funding | Early-Stage Funding | Seed-Stage Funding |
| 2022 | $25.4 billion | $16.6 billion | $6.93 billion | $1.87 billion |
| 2023 | $10.7 billion | $6.36 billion | $3.09 billion | $1.25 billion |
| 2024 | $11.3 billion | $7.13 billion | $3.16 billion | $0.97 billion |
Sectoral Insights
- Top Sectors:
- Retail: Raised $2.6 billion, maintaining its leadership but showing a 13% decline from 2023.
- Gig Economy: Achieved the highest growth, raising $2.2 billion (a staggering 414% increase compared to 2023).
- Leading Businesses:
| Business Area | Total Funding (2024) |
| Online Grocery | $1.4 billion |
| Alternative Lending | $929 million |
| Electric Vehicles | $798 million |
| Horizontal E-Commerce | $625 million |
| Healthcare Platforms | $555 million |
Notable Funding Rounds
- Startups Crossing $100 Million: Zepto, TI Clean Mobility, Flipkart, Mechanic Pro, and DMI Finance.
- Major sectors for these rounds: Retail, Gig Economy, and Food Tech.
Public Offerings and Unicorns
- IPO Boom:
- 91 main board IPOs raised Rs 1.59 lakh crores, a record high.
- 37 tech startups constituted 40% of the IPOs, compared to only 21 in 2023.
- Notable IPOs: C2C Advanced Systems, BlackBuck, Niva Bupa, and Swiggy.
- Unicorns: All six new unicorns in 2024 emerged from Bengaluru, cementing its position as the startup capital of India.
City-Wise Funding Distribution
- Bengaluru: Secured $3.4 billion (30.28% of total funding).
- Mumbai: Accounted for 27.07% of total funding.
- Gurugram: Ranked third but trailed significantly.
BPCL’s Strategic Refining and Petrochemical Expansion Plans at Andhra Pradesh
- Bharat Petroleum Corporation Ltd. (BPCL) has moved forward with its plans to set up a greenfield integrated refining and petrochemical complex in Andhra Pradesh, located on India’s southeastern coast.
- This move is part of BPCL’s broader strategy to increase its refining capacity and expand its petrochemical production capabilities.
Preliminary Investment Approval
BPCL’s board approved an initial investment of Rs 6100 crore (approximately $716.3 million) to kickstart the proposed project’s development. This initial investment will support several key activities, including:
- Feasibility studies
- Land acquisition
- Environmental impact assessments
- Basic engineering and design
This investment is part of a larger phased plan with an estimated total investment of Rs 950 billion (~$11.2 billion) for the entire project, showcasing BPCL’s long-term commitment to enhancing its refining and petrochemical capabilities.
Expansion of BPCL’s Refining Capacity
In addition to the new greenfield complex, BPCL is focusing on expanding its existing refining capacity, with several key projects:
- Bina Refinery Expansion
- Current capacity: 7.8 million tonnes per year (tpy)
- Target capacity: 11 million tpy
- Investment: Rs 490 billion (~$6 billion)
- This expansion will focus on increasing production of polymer-grade ethylene and propylene for downstream polymer production. A dual-feed cracker will also be installed to produce 1.2 million tpy of ethylene, with completion expected in 2028.
- Mumbai Refinery Expansion
- BPCL is exploring an increase in crude refining capacity by 4 million tpy, bringing the refinery’s total capacity from 12 million tpy to 16 million tpy.
- Kochi Refinery Expansion
- The refinery will be expanded by 2.5 million tpy, increasing its capacity from 15.5 million tpy to 18 million tpy.
Bina Petrochemicals and Refinery Expansion Plan (BPREP)
BPCL’s Bina Petrochemicals and Refinery Expansion Plan (BPREP), which is an integral part of its growth strategy, involves substantial investments to increase refining and petrochemical production capacities:
- The Bina refinery expansion will meet the feedstock needs of new petrochemical units.
- These units will produce polyethylene (LLDPE and HDPE), polypropylene, and aromatics such as benzene, toluene, and xylenes.
- A key feature of the BPREP project will be the installation of a dual-feed cracker that will produce 1.2 million tpy of ethylene by 2028.
EPS subscribers to access pension from any bank starting from January2025
- The Employees’ Provident Fund Organisation (EPFO) and the Union Ministry of Labour have introduced several initiatives to enhance social security, streamline services, and modernize labour laws.
EPFO Updates
- Centralised Pension Payment System (CPPS)
- Accessibility: Starting next month, 77 lakh EPS subscribers can withdraw pensions from any bank or branch across India.
- Bank Empanelment Simplification:
- All RBI-listed agency banks are now included.
- Scheduled Commercial Banks with 0.2% of total EPFO collections are eligible, reduced from the previous 0.5% slab.
- Interest and Policy Enhancements
- Interest Credit:
- 8.2% interest rate for FY 2023–24 credited to subscribers’ accounts.
- Amendment to EPF Scheme (1952):
- Interest payment extended up to the date of settlement, improving benefits for members.
- Partial Withdrawal Limit
- Auto claim settlement limit increased from ₹50,000 to ₹1,00,000 for withdrawals related to housing, education, marriage, and medical emergencies.
Social Security Framework for Gig and Platform Workers
- Framework Development
- Committee Formation: Developing a social security scheme for gig and platform workers.
- Collaborative Study: Conducted with the International Labour Organization (ILO) to assess:
- Workforce size and business models.
- Feasible schemes and financial implications.
- A roadmap for implementing social security.
- Workforce Growth Projection
- Gig and platform workers are expected to exceed 23 million by 2029–30, underlining the need for comprehensive social security.
Labour Ministry Achievements
- E-Shram Portal
- Over 30 crore registrations from unorganized sector workers, showcasing its popularity and impact.
- National Career Service (NCS) Portal
- Vacancies Showcased (2024):
- 1.89 crore vacancies from January to December.
- 3.89 crore vacancies since inception.
- Average Job Postings:
- 15 lakh active vacancies available daily, with peaks exceeding 20 lakh.
- Overseas Opportunities:
- 11,451 vacancies posted by MEA-registered agents.
- Labour Codes Implementation
- All 36 States/UTs are on track to harmonize and pre-publish draft rules for labour codes by March 31, 2025, modernizing and consolidating labour regulations.
Adani Green announces new subsidiary Adani Green Energy Sixty Eight Limited to focus on renewable energy generation
- Adani Green Energy Limited (AGEL), a leader in India’s renewable energy sector, has announced the establishment of a new wholly owned subsidiary, Adani Green Energy Sixty Eight Limited (AGE68L), to further its clean energy initiatives.
Key Highlights of the Announcement
- Formation of AGE68L
- Incorporation Date: December 28, 2024.
- Registered Location: Ahmedabad, Gujarat, India.
- Parent Company: Adani Renewable Energy Holding Nine Limited, a wholly owned subsidiary of AGEL.
- Capital Structure:
- Authorized Capital: ₹1,00,000.
- Paid-Up Capital: ₹1,00,000.
- Primary Objective:
- Develop and operate renewable energy projects, including solar, wind, and other green energy technologies.
- Operations Status
- AGE68L is yet to commence its business operations.
AGEL’s Current Renewable Energy Portfolio and Achievements
- Renewable Energy Portfolio
- Operating Capacity: 11.2 GW, the largest in India, across 12 states.
- Target: 50 GW by 2030, in alignment with India’s decarbonization goals.
- Major Projects
- 30 GW Renewable Energy Plant at Khavda, Gujarat:
- Spread over 538 sq. km, this project aims to set a global benchmark for ultra-large-scale renewable energy plants.
- Achievements:
- 2 GW solar capacity operationalized within 12 months of breaking ground in FY 2023-24.
- 250 MW wind capacity added over the past six months.
- Recent Progress
- Despite challenging conditions, including the monsoon, AGEL has made significant advancements, ensuring a robust pipeline for capacity addition in the second half of the fiscal year.
Indian economy to grow at 6.5-6.8% in FY25 on high consumption: Deloitte
- According to Deloitte India, the Indian economy is expected to grow at 6.5-6.8% in FY2025, driven by strong domestic consumption, infrastructure development, and digitisation.
- Economic growth is projected to increase further to 6.7-7.3% in FY2026.
- While challenges such as geopolitical tensions, trade disputes, and global liquidity constraints pose risks to the long-term outlook, India’s resilience in key sectors is likely to mitigate some of these challenges.
Key Economic Drivers and Resilience
Domestic Consumption
- Boosted by enhanced agricultural incomes, targeted subsidies, and government welfare programs, both rural and urban demand are expected to rise, supporting consumption-driven growth.
Manufacturing Exports
- Growth in high-value sectors such as electronics, semiconductors, and chemicals strengthens India’s integration into global value chains, enhancing the export landscape.
Infrastructure and FDI
- The government’s focus on infrastructure development, digitisation, and attracting Foreign Direct Investment (FDI) is expected to increase economic efficiency and bolster long-term growth prospects.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Indian Space Research Organisation Prepares First PSLV Orbital Experimental Module Mission to Explore How Life Functions in Space
- The Indian Space Research Organisation (ISRO) is preparing to launch its PSLV Orbital Experimental Module-4 (POEM-4) mission, which includes experiments on living biological materials in space.
Key Highlights :
- Biological Experiments: The mission will send spinach, cowpea, and gut bacteria into space for scientific experiments on growth and adaptation in space conditions.
- Amity University’s APEMS: Amity University, Mumbai, will launch spinach cells aboard ISRO’s Spadex mission for the Amity Plant Experimental Module in Space (APEMS) experiment.
- This aims to study how plant cells adapt to space conditions.
- Cowpea Experiment: ISRO will study the growth of eight cowpea seeds in space, from germination to the two-leaf stage.
- This experiment will be conducted in a closed-box environment with thermal control as part of the Compact Research Module for Orbital Plant Studies (CROPS).
- Significance of POEM-4: POEM-4 will carry 24 payloads, a threefold increase in capacity compared to the POEM-3 mission.
- The mission includes contributions from ISRO/DOS centers, academia, and startups.
- Spadex Initiative: The POEM-4 mission is part of ISRO’s Spadex initiative, reflecting India’s growing emphasis on space research and collaboration between government, academia, and the private sector.
- Collaborative Space Research: The mission highlights India’s growing focus on collaborative research in space, with involvement from multiple stakeholders through IN-SPACe (Indian National Space Promotion and Authorization Center).
About ISRO :
- Established: 15 August 1969
- Headquarters: Bangalore, Karnataka, India
- Chairman: S. Somanath
Japan and India collaborate on startup project to develop laser-equipped satellite for space debris management
- Space startups from Japan and India have partnered to study the use of laser-equipped satellites to remove space debris.
- The initiative addresses the problem of orbital congestion and aims to offer solutions for debris removal in space.
- Objective of the Project:The study aims to explore business opportunities for space services, particularly focused on removing orbital debris and enhancing satellite lifecycles.
Key Highlights :
- Key Companies Involved:Orbital Lasers (Japan): A Tokyo-based company carved out from SKY Perfect JSAT, focused on using laser technology to eliminate space debris.
- InspeCity (India): An Indian robotics company that will collaborate on developing in-space services like de-orbiting defunct satellites and extending spacecraft life.
- Technology:Orbital Lasers is building a laser system to vaporize parts of space junk, stopping its rotation and enabling servicing spacecraft to rendezvous and remove it.
- Demonstration Plans:The laser system is set to be demonstrated in space, with plans to supply it to satellite operators after 2027.
- Space Cooperation between Japan and India:This project adds to the growing collaboration between Japan and India in space exploration, particularly the Lunar Polar Exploration (LUPEX) mission, planned for launch around 2026.
- Funding:Orbital Lasers has raised ¥900 million ($5.8 million) since its establishment in January.
- InspeCity raised $1.5 million in 2023.
About Japan :
- Prime Minister : Shigeru Ishiba
- Capital : Tokyo
- Currency : Japanese yen
India Launches Its First Undergraduate Minor Program in Quantum Technologies
- The All India Council for Technical Education (AICTE) collaborated with the National Quantum Mission (NQM) under the Department of Science and Technology (DST) to launch the first Undergraduate (UG) Minor Programme in Quantum Technologies in India.
- Purpose of the Initiative:The program aims to prepare India’s workforce for the upcoming quantum revolution and position India as a global leader in quantum innovation.
Key Highlights :
- Program Focus:The program is designed to address the strategic and multidisciplinary needs of the quantum ecosystem and bridge the gap between academia and industry.
- Verticals of the Program:The curriculum is divided into four verticals:
- Quantum Computation and Simulation
- Quantum Communication and Cryptography
- Quantum Sensing
- Quantum Materials and Devices
- Curriculum Structure:The program offers a modular curriculum, allowing engineering students from their third semester onwards to select 18 credits from a pool of 30.
- Each course is worth 3 credits, and a minimum of 6 courses must be completed.
- Credit System:1 credit corresponds to 1 in-class contact hour per week for theory courses or 1 lab session of 3 hours for lab courses.
- Target Audience:The program is aimed at engineering students, providing them with advanced knowledge and skills in quantum technologies.
About AICTE :
- Formation : November 1945
- Headquarters : New Delhi, India
- Chairman : T. G. Sitharam
- AICTE is a statutory body, and a national-level council for technical education, under the Department of Higher Education.
About DST :
- Formed : May 3, 1971
- Headquarters : New Delhi, India
CURRENT AFFAIRS: SPORTS NEWS
Shreyanka Patil: Nominated for ICC Women’s Emerging Cricketer of the Year 2024
- The 22-year-old spinner Shreyanka Patil has earned a nomination for the prestigious ICC Women’s Emerging Cricketer of the Year Award, reflecting her stellar performances throughout the year in international cricket.
Key Highlights
Nomination Details
- Other Nominees:
- Annerie Dercksen (South Africa)
- Saskia Horley (Scotland)
- Freya Sargent (Ireland)
Historic Achievement
- First Indian to participate in the Women’s Caribbean Premier League in December 2023.
Performance Stats
T20 Internationals
ODIs
Standout Performances
T20 World Cup 2024
- Match Against Pakistan:
- Figures: 2/14
- Key Dismissals: Muneeba Ali and Tuba Hassan.
- Impact: Helped restrict Pakistan to 105/8 in a must-win group-stage game, keeping India’s hopes alive after a loss to New Zealand.
Major Appearances
- Bilateral Series:
- Against Australia, Bangladesh, and South Africa.
- Tournaments:
- Women’s T20 Asia Cup and T20 World Cup.
All-Round Capabilities
- Primary Skill: Bowling, excelling in off-spin.
- Batting Potential: A promising lower-order batter yet to fully showcase her batting prowess.
Koneru Humpy’s Triumph at the 2024 Women’s World Rapid Chess Championship
- Indian chess legend Koneru Humpy achieved another monumental feat by winning her second Women’s World Rapid Chess Championship title in New York at the age of 37.
- Her victory is a testament to her resilience and love for the game, having made a remarkable comeback despite contemplating retirement.
- Humpy’s journey is an inspiring tale of balancing motherhood, family support, and a demanding professional chess career.
Key Highlights of the Event
2024 World Rapid Championship Performance
- Initial Setback: Lost the first-round match but displayed remarkable consistency afterward.
- Day 1: Finished with 2.5/4 points after the opening rounds.
- Day 2: Won all four matches, securing a joint lead.
- Final Day: Claimed the title with 8.5/11 points, defeating Irene Sukandar in the final round.
- Top Opponents: Humpy finished ahead of Ju Wenjun (China) and Kateryna Lagno (Russia).
Indian Women’s Results in the Championship
- Divya Deshmukh: 21st place with 7 points
- Padmini Rout: 26th place with 6.5 points
- R. Vaishali: 52nd place with 5.5 points
- Vantika Agrawal: 67th place with 5 points
Open Event Results
- Volodar Murzin (Russia), 18, clinched the title with 10 points from 13 rounds.
- Alexander Grischuk and Ian Nepomniachtchi (Russia) finished 2nd and 3rd with 9.5 points each.
- Arjun Erigaisi was India’s top performer in the open section, finishing 5th with 9 points.
Other Indian Performances in Open Section
- R. Praggnanandhaa: 17th place with 8.5 points
- Arvindh Chithambaram: 40th place with 8 points
- V. Pranav: 44th place with 7.5 points
- Raunak Sadhwani: 55th place with 7 points
CURRENT AFFAIRS : OBITUARIES
Warren Upton, the Longest-Living Survivor of the Pearl Harbor Attack, Passed away
- Warren Upton, the oldest known survivor of the Pearl Harbor attack, passed away on December 25, 2024, at the age of 105 in Los Gatos, California, following pneumonia.
- Upton was 22 years old during the attack on Pearl Harbor and served aboard the USS Utah.
- The USS Utah, a battleship, was one of the targets of the Japanese attack on December 7, 1941, which led to the U.S. entry into World War II.
- Upton was preparing to shave when the first torpedo struck the ship, followed by a second torpedo that caused the ship to sink.
- The attack on Pearl Harbor resulted in 2,333 American deaths and 1,139 injuries, marking a pivotal moment in U.S. history.
- The attack drew the U.S. into World War II.
- By 2020, only three members of the USS Utah’s crew were alive, including Upton.
- As of Upton’s death, there are 15 known survivors of the Pearl Harbor attack.
- The Pearl Harbor attack on December 7, 1941, was a surprise strike by Japanese planes, resulting in substantial casualties and material losses.
- Historians attribute the missed tactical warnings as contributing factors to the U.S. unpreparedness.
- The attack marked the end of U.S. hopes for peace and led to the country’s official entry into World War II.
Daily CA One- Liner: December 31
- External Affairs Minister S. Jaishankar recently concluded a significant visit to the United States, marked by high-level meetings with US leaders and key diplomatic engagements
- The Union Ministry of Labor and Employment has set a deadline for all 36 states and Union Territories (UTs) to finalize and pre-publish the harmonized draft rules for the four major labor codes by March 31, 2025.
- On December 26, 2024, the 20th anniversary of the devastating 2004 Indian Ocean tsunami was commemorated across the coastal districts of Nagapattinam, Mayiladuthurai, and Karaikal in Tamil Nadu.
- The PM CARES Fund, established in March 2020 to respond to the COVID-19 pandemic, witnessed a sharp decline in contributions in the financial year 2022-23
- India’s tech startups secured $11.3 billion in funding in 2024, marking a recovery from the two-year ‘funding winter
- Bharat Petroleum Corporation Ltd. (BPCL) has moved forward with its plans to set up a greenfield integrated refining and petrochemical complex in Andhra Pradesh, located on India’s southeastern coast
- The Employees’ Provident Fund Organisation (EPFO) and the Union Ministry of Labour have introduced several initiatives to enhance social security, streamline services, and modernize labour laws.
- The Employees’ Provident Fund Organisation (EPFO) and the Union Ministry of Labour have introduced several initiatives to enhance social security, streamline services, and modernize labour laws.
- According to Deloitte India, the Indian economy is expected to grow at 5-6.8% in FY2025, driven by strong domestic consumption, infrastructure development, and digitisation.
- The 22-year-old spinner Shreyanka Patil has earned a nomination for the prestigious ICC Women’s Emerging Cricketer of the Year Award, reflecting her stellar performances throughout the year in international cricket.
- Indian chess legend Koneru Humpy achieved another monumental feat by winning her second Women’s World Rapid Chess Championship title in New York at the age of 37.
- Starting January 1, 2025, the Reserve Bank of India (RBI) will make three types of bank accounts non-operative as part of a move to improve the banking system’s efficiency, safety, and transparency.
- The Reserve Bank of India (RBI) has imposed a penalty of ₹5.5 lakh on four cooperative banks in Karnataka for not complying with its directions.
- The Reserve Bank of India (RBI) has imposed a total penalty of 10 lakh on 5 cooperative banks from Gujarat for non-compliance with the directions issued by the banking regulator.
- The Reserve Bank of India (RBI) has imposed a penalty of Rs 22.60 lakh on 4 cooperative banks from Madhya Pradesh (MP) and one from Mumbai, Maharashtra for non-compliance with the directions issued by the banking regulator.
- DBS Bank India launched the ‘DBS Study Abroad Total Assist’ program for NRIs and HNIs, aimed at assisting with overseas education challenges.
- Two red pandas from Rotterdam Zoo, Netherlands, are being brought to Padmaja Naidu Himalayan Zoological Park (PNZP) in Darjeeling for conservation breeding purposes.
- Tamil Nadu has registered over 10,000 startups with the Department for Promotion of Industry and Internal Trade (DPIIT) under the Union Ministry of Commerce and Industry.
- The Union Ministry of Home Affairs has reinstated the Protected Area Permit (PAP) in Manipur, Nagaland, and Mizoram due to security concerns arising from the influx of individuals from neighboring countries.
- The Indian Space Research Organisation (ISRO) is preparing to launch its PSLV Orbital Experimental Module-4 (POEM-4) mission, which includes experiments on living biological materials in space.
- Space startups from Japan and India have partnered to study the use of laser-equipped satellites to remove space debris.
- The All India Council for Technical Education (AICTE) collaborated with the National Quantum Mission (NQM) under the Department of Science and Technology (DST) to launch the first Undergraduate (UG) Minor Programme in Quantum Technologies in India.
- Warren Upton, the oldest known survivor of the Pearl Harbor attack, passed away on December 25, 2024, at the age of 105 in Los Gatos, California, following pneumonia.