Daily Current Affairs December 08 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

S&P Global Study: LIC Ranks as the Fourth-Largest Insurer Globally by Reserves

• Insurance behemoth Life Insurance Corporation of India (LIC) is the fourth largest insurer in the world, according to a ranking based on life and accident & health reserves of companies in 2022 by S&P Global Market Intelligence.
• LIC follows Allianz SE, China Life Insurance Company, and Nippon Life Insurance Company in global rankings.

Key Highlights :

• According to the report, LIC’s reserves stood at $503.7 billion.
• Germany’s Allianz SE ($750.20 billion), China Life Insurance Company ($616.90 billion) and Nippon Life Insurance Company ($536.80 billion) are the top three insurance companies in the world.
• The reserves of LIC and Nippon Life Insurance Company reflect the reserves of the financial year 2023 (April 2022 to March 2023).
• The S&P list of the top 50 global life insurance companies was dominated by European firms, taking 21 spots.
• On an individual country basis, the US has the highest number of life insurers on the list, with 8 companies headquartered in the region, followed by the United Kingdom (UK) with 7 companies.
• Out of the top 50 companies, Asian firms followed their European counterparts with 17 of them featuring on the list.
• China and Japan share the top spots in Asia with 5 companies headquartered in the two countries.
• The top 50 companies were ranked on their life and accident & health reserves, one of the key financial strengths of a life insurer.
• North America had 12 spots on the list with 8 companies based in the US, 2 in Canada and 2 in Bermuda.

About LIC:

• Established: 1st September 1956
• MD: Siddhartha Mohanty
• Headquarters: Mumbai, India

SBI Card joins Bharat BillPay in the credit card category                      

• NPCI Bharat BillPay Ltd. (NBBL), the wholly-owned subsidiary of the National Payments Corporation of India (NPCI), announced that it has on-boarded SBI Card, under the credit card category of Bharat BillPay.
• Aim : To simplify the way customers manage their credit card bill payments by providing them better convenience and accessibility.
• The other major credit card issuers under this category are Kotak Mahindra Bank, BoB Financial, Federal Bank, AU Small Finance Bank, IndusInd Bank, and Canara Bank.

Key Highlights :

• SBI Card is one of the emerging and largest credit card issuers in the country, boasting a customer base of around 1.68 crore.
• Through the utilisation of Bharat BillPay, SBI Card customers gain the advantage of seamlessly handling their credit card bill payments across various Bharat BillPay-supported payment channels.
• This includes online platforms through banks or payment apps, as well as the extensive network of physical outlets enabled by Bharat BillPay.
• The collaboration enables customers to utilise Bharat BillPay’s diverse payment modes, ensuring smooth and secure transactions. Additionally, the settlement system of Bharat BillPay adds an extra layer of assurance, guaranteeing a seamless and dependable payment experience for all users.
• CEO, of NPCI Bharat BillPay Ltd : Noopur Chaturvedi
• MD & CEO of SBI Card : Abhijit Chakravorty.

About NPCI :

• National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organisation for operating retail payments and settlement systems in India.
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Dilip Asbe
• It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.

SEBI Extends Deadline for Integration of SCORES with Online Dispute Resolution Platform to April 1, 2024      

• The Securities and Exchange Board of India (SEBI) has extended the timeline for implementation of linking SEBI Complaint Redressal (SCORES) with the online dispute resolution platform to April 1, 2024.
• Earlier, the deadline for linking both the platforms was December 4, 2023.
• The market entities need to keep submitting the Action Taken Report (ATR) on SCORES within 21 calendar days from the date of receipt of the complaint.
• In September,2023 the capital market regulator had issued a circular saying that market entities will need to apply for SCORES authentication and for Application Programming Interface (API) integration.

About SCORES platform :

• The SCORES platform, launched in 2011, was an initiative by SEBI to provide a facilitative platform for investors to file their grievances against listed companies or registered intermediaries which are unresolved.
• In order to further strengthen the investor grievance handling mechanism through SCORES platform, the regulator has in September proposed to reduce the timelines and introduce automatic routing as well as automatic escalation of complaints.
• The complaints filed against any entity in SCORES platform shall be automatically forwarded to the concerned entity for complaint resolution and ATR submission. Entities need to resolve the complaint and upload the ATR on SCORES within 21 calendar days of receipt of the Complaint.
• Complaints against Entity will also be forwarded to relevant designated bodies.
• Designated bodies include stock exchanges, Association of Investment Bankers of India (AIBI), the Indian REITs Association, Depositories and Association of Portfolio Managers in India (APMI) and Association of Mutual Funds in India (AMFI).

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
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance, Government of India (GoI).

UPI Transaction Value Hits Record ₹17.4 Lakh Crore in November 2023

• Unified Payments Interface (UPI) transaction value reached a new high level at ₹17.4 lakh crore in November 2023.
• UPI transaction volume declined slightly to 1,124 crore from 1,141 crore in October.

Key Highlights :

• UPI transaction value was ₹17.16 lakh crore in October.
• UPI transactions fell slightly by 1.5% to 1,124 crore from 1,141 crore in October.
• Growth in UPI transactions has remained over 40% for the value of transactions and above 50% for volume in FY24 so far.
• UPI transactions are expected to breach 100 crore transactions per day by FY27, as per a report by PwC India, which projects UPI to dominate the retail digital payments landscape, accounting for 90 per cent of total transaction volumes over the next five years.

About UPI :

• Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application.
• It is developed by the National Payments Corporation of India (NPCI).
• It was introduced in April 2016.

Ministry of Finance Reports Banks Writing Off ₹10.6 Lakh Crore in the Last 5 Years

• The government informed the Lok Sabha that in the last five years, Scheduled Commercial Banks (SCBs) wrote off nearly Rs 10.6 lakh crore, with almost half of this amount belonging to large industrial houses.
• Half of the written-off amount, approximately 50%, is attributed to large industrial houses.

Key Highlights :

• Defaulted Borrowers and Outstanding Amount : Nearly 2300 borrowers, categorised as wilful defaulters, defaulted on around Rs 2 lakh crore.
• These borrowers are having a loan amount of Rs 5 crore or more.
• Clarification on Write-Offs : Write-offs do not imply a waiver of liabilities for borrowers; they are still obligated to repay.
• The process of recovery of dues from the borrower in written-off loan accounts continues.
• Penal Charges Collected by Banks : Minister of State in the Finance Ministry, Bhagwat Karad, revealed that SCBs have collectively collected Rs. 5,309.80 crore as penal charges.
• Credit Information through CRILC : According to Karad, the Central Repository of Information on Large Credits (CRILC) receives specific credit information from Scheduled Commercial Banks (SCBs) and All India Financial Institutions about all borrowers with an aggregate exposure of at least Rs. 5 crore.

ICICI Lombard Unveils MaxProtect, the Newest Addition to its Customer-Centric Product Portfolio       

• ICICI Lombard has introduced MaxProtect, the latest addition to its range of customer-focused products.
• Tailored to align with the dynamic lifestyles of customers, MaxProtect aims to deliver comprehensive coverage at a competitive price.
• This product is designed to provide a cost-effective, inflation-adjusted solution to address the healthcare requirements of both individuals and families.
• MaxProtect offers a choice between two customer-centric insurance plans.
• Firstly, the MaxProtect Classic plan provides comprehensive coverage, ensuring robust financial protection for various scenarios.
• It encompasses a range of medical services, including advanced treatments, donor expenses, hospital stays (excluding suites), unlimited sum insured reset benefits, domiciliary hospitalisation, and unlimited teleconsultation.
• On the other hand, the MaxProtect Premium plan stands out for its extensive features, such as global coverage, access to air ambulance services, and a unique claim protector feature.
• MaxProtect delivers a comprehensive and advanced level of protection, ranging from ₹1 crore to ₹10 crores, with an unlimited option available.
• Annual premiums start at ₹9,367 for a floater policy worth ₹1 crore covering two adults, approximately equivalent to ₹26 per day, making it accessible to a broad range of customers.
• Notably, MaxProtect preserves the accrued no-claim bonus, which remains with the customer even in case of future claims, ensuring ongoing peace of mind throughout the insurance term.

About ICICI Lombard General Insurance Company Limited :

• Founded : 2001
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sanjeev Mantri

CURRENT AFFAIRS : INTERNATIONAL NEWS

India to Extend $250 Million Line of Credit to Kenya for the Modernization of its Agricultural Sector                 

• India has committed a $250 million Line of Credit to Kenya for the modernization of its agricultural sector.
• The announcement came following talks between Indian Prime Minister Narendra Modi and Kenyan President William Samoei Ruto.

Key Highlights :

• Modi and Ruto discussed and agreed to strengthen bilateral ties in various sectors, including defence, trade, energy, digital public infrastructure, and healthcare.
• The two nations signed five agreements covering cooperation in diverse areas such as sports, education, and digital solutions.
• A joint vision document was unveiled, signalling a commitment to scale up maritime engagement in the Indian Ocean region.

About Kenya :

• President : William Samoei Ruto
• Capital : Nairobi
• Currency : Kenyan shilling

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Congress Designates Revanth Reddy as Chief Minister Candidate for Telangana                                

• Telangana Congress President, Anumula Revanth Reddy, appointed as the new Chief Minister of Telangana.
• Revanth Reddy was named the Leader of the Congress Legislature Party (CLP), marking his ascent as the first Congress Chief Minister of Telangana, a State formed in 2014.
• The swearing-in ceremony is scheduled for December 7, 2023 in Hyderabad, where Revanth Reddy will officially take office.
• He would be sworn-in as the second chief minister of Telangana, which was carved out from Andhra Pradesh in 2004, on December 7 in Hyderabad, succeeding K Chandrashekar Rao (KCR).
• Congress secured victory in the Assembly elections, winning 65 out of 119 seats, ending the 10-year rule of KCR’s Bharat Rashtra Samithi (BRS).
• A maximum of 17 Ministers, apart from the Chief Minister, can be inducted into the Cabinet.

About Revanth Reddy :

• Revanth Reddy was born on 8 November 1969 at Kondareddy Palli of Mahboobnagar district (in present-day Nagarkurnool district, Telangana, India).
• He was elected as MLA from Kodangal constituency on Telugu Desam Party (TDP) ticket in 2009 and 2014.
• In 2017, he defected to Indian National Congress, the main opposition party after 2014 elections.
• Though he lost his Kodangal MLA seat in 2018, he was elected as a Member of Parliament (MP) representing the Malkajgiri constituency in 2019.
• He was appointed as president of Telangana Pradesh Congress Committee replacing N. Uttam Kumar Reddy in July 2021.

About Telangana:

• Capital: Hyderabad
• Governor: Tamilisai Soundararajan

Narayan Sheshadri appointed as IDRCL chair & incumbent Diwakar Gupta to head NARCL

• Former KPMG managing partner Narayan Seshadri will take over as chairman of the India Debt Resolution Co Ltd (IDRCL), the agent to the government-backed bad bank.
• The IDRCL chairman position became vacant after Diwakar Gupta resigned earlier this week to take up a post at parent National Asset Reconstruction Co Ltd (NARCL).

About Narayan Seshadri :

• Seshadri, a chartered accountant, is a financial sector veteran with experience in buying and turning around distressed companies.
• He is currently an independent director in the company and will take over immediately.

Other Appointments :

• Meanwhile, Gupta, who was chairman of IDRCL, has resigned and will likely take over as chairman of the government-backed NARCL as early as next week.

Challenges Faced by NARCL :

• NARCL is running behind schedule owing to delays in government guarantee renewal, lack of consensus with banks on the best price for assets, and over differences between NARCL and its primary agent IDRCL.
• So far, NARCL has concluded the acquisition of just six companies since it started operations in January 2022.
• The total debt acquired by NARCL stands at ‘14,166 crore, significantly below the ‘82,845-crore target set by SBI chairman Dinesh Khara in January 2022.
• The target included transferring ‘50,335 crore by the end of 2021-22, and the actual achievement falls short of this goal.

Hindustan Unilever Limited Appoints Former Revenue Secretary Tarun Bajaj as Independent Director for a 5-Year Term  

• Hindustan Unilever Limited (HUL) has appointed Tarun Bajaj (61) as an independent director on its board, effective 1st December 2023, for a period of 5 years.

About Tarun Bajaj :

• Bajaj belongs to the Indian Administrative Service, 1988 batch, Haryana Cadre.
• He was the Revenue Secretary, Govt of India before superannuating in November 2022.
• He also contributed towards a significant increase in revenue collections under GST and Income Tax.
• Before joining the Union Finance Ministry’s Department of Economic Affairs, Bajaj worked as Joint Secretary and Additional Secretary to the Prime Minister from April 2015 to 2020.
• He also served as the Joint Secretary, Department of Economic Affairs in 2014-15 and as a Director and Joint Secretary in the Department of Financial Services from 2006 to 2011
• He has also chaired the National Investment and Infrastructure Fund and was the Director on the Central Board of the Reserve Bank of India as well as the Board of Securities and Exchange Board of India (SEBI).
• Besides this, he also served as Governor of India for the International Fund for Agriculture Development and the Alternate Governor of India for the World Bank (for India, Bangladesh, Bhutan and Sri Lanka), Asian Development Bank, Asian Infrastructure Investment Bank and New Development Bank.
• He has also served on the Boards of Bank of Maharashtra, Bank of India, New India Assurance Company Limited, United India Insurance Company Limited, General Insurance Corporation Limited, and SIDBI.
• HUL also announced key changes and appointments to its management committee (MC), deepening the focus in the Beauty and Personal Care (BPC) division and reinforcing the digital agenda to make HUL more future ready.

About HUL :

• Headquarters : Mumbai, Maharashtra
• MD & CEO : Rohit Jawa
• Hindustan Unilever Limited is a British-owned Indian Final goods company.
• It is a subsidiary of the British company Unilever.
• Its products include foods, beverages, cleaning agents, personal care products, water purifiers and other fast-moving consumer goods (FMCGs).

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

SBI to acquire 20% stake in SBI Pension Funds                    

• The State Bank of India (SBI) announced that it is planning to acquire a 20% stake in SBI Pension Funds, which is held by SBI Capital Markets.
• SBI currently holds a 60% stake in SBI Pension Funds.
• Through this latest transaction, the company is set to increase its stake to 80%, acquiring the additional shares for a sum of ₹229.52 crore.
• The remaining 20% stake in SBI Pension Funds is held by SBI Funds Management.
• As of October 30, 2023, SBI Pension Funds boasts an Asset Under Management (AUM) of ₹3.83 lakh crore and a Profit After Tax (PAT) of ₹35.03 crore.
• SBI aims to finalise the acquisition by December 15,2023 having already secured approvals from the Reserve Bank of India (RBI) and the Pension Fund Regulatory and Development Authority (PFRDA) for the proposed transaction.

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• Tagline : The Banker To Every Indian

About SBI Pension Funds Private Limited :

• Established : 2007
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Anthony Rodrigues
• SBI Pension Funds holds the designation of being the appointed pension fund manager entrusted with the responsibility of overseeing the pension corpus within the National Pension System.

CURRENT AFFAIRS : PERSON IN NEWS

Indian Army’s Captain Geetika Koul becomes first woman medical officer to be deployed at Siachen

• Captain Geetika Koul from the Snow Leopard Brigade has become the first woman medical officer in the Indian Army to be deployed at Siachen, the world’s highest battlefield, the Fire and Fury Corps.
• This achievement follows her successful completion of rigorous induction training at the esteemed Siachen Battle School, which includes high-altitude acclimatisation, survival techniques, and specialised medical procedures.
• The Fire and Fury Corps of the Indian Army announced this milestone on social media, highlighting the significance of Captain Koul’s deployment in promoting gender inclusion within the military.

About Siachen Glacier :

• The Siachen Glacier is a glacier located in the eastern Karakoram range in the Himalayas, just northeast of the point NJ9842 where the Line of Control between India and Pakistan ends.
• At 76 km long, it is the longest glacier in the Karakoram and second-longest in the world’s non-polar areas.
• Siachen Glacier is at an altitude of 5400 metres from the sea level.
• Temperatures at Siachen Glacier dip as low as –45 degrees Celsius and the harsh climate conditions mean that even a soldier cannot be stationed at Siachen Glacier for long periods.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Voice Over 5G Or Vo5G Is Gradually Replacing VoLTE Across The Globe         

• Vo5G/VoNR is the future standard for voice calling that operates over 5G networks, providing improved speed, capacity, and responsiveness compared to 4G networks.

Key Highlights :

• It leverages the capabilities of 5G networks, aiming to enhance voice calling experiences through higher quality, reduced latency, and better reliability.
• VoNR aims to provide superior voice quality, clearer audio, and reduced latency compared to previous voice technologies like VoLTE.
• VoNR operates using the 5G Core (5GC) network architecture, which provides a more flexible and scalable framework for delivering voice services.
• It supports modern codecs like EVS (Enhanced Voice Service) and AMR-WB (Adaptive Multi-Rate Wideband), enabling high-definition voice calling.
• Voice over LTE (VoLTE) Long Term Evolution revolutionized voice calling in India around 2016, offering superior call quality compared to 3G/2G networks.
• Despite 5G deployment by leading carriers in major Indian cities, VoNR/Vo5G has not been officially introduced in India yet.
• Reports suggest that Reliance Jio, among India’s largest mobile carriers, has been testing VoNR to ensure seamless compatibility between 4G VoLTE and new 5G infrastructure.

Daily CA on Dec 08 :

• Insurance behemoth Life Insurance Corporation of India (LIC) is the fourth largest insurer in the world, according to a ranking based on life and accident & health reserves of companies in 2022 by S&P Global Market Intelligence.
• NPCI Bharat BillPay Ltd. (NBBL), the wholly-owned subsidiary of the National Payments Corporation of India (NPCI), announced that it has on-boarded SBI Card, under the credit card category of Bharat BillPay.
• The Securities and Exchange Board of India (SEBI) has extended the timeline for implementation of linking SEBI Complaint Redressal (SCORES) with the online dispute resolution platform to April 1, 2024.
• Unified Payments Interface (UPI) transaction value reached a new high level at ₹17.4 lakh crore in November.
• The government informed the Lok Sabha that in the last five years, Scheduled Commercial Banks (SCBs) wrote off nearly Rs 10.6 lakh crore, with almost half of this amount belonging to large industrial houses.
• ICICI Lombard has introduced MaxProtect, the latest addition to its range of customer-focused products.
• India has committed a $250 million Line of Credit to Kenya for the modernization of its agricultural sector.
• Telangana Congress President, Anumula Revanth Reddy, appointed as the new Chief Minister of Telangana.
• Former KPMG managing partner Narayan Seshadri will take over as chairman of the India Debt Resolution Co Ltd (IDRCL), the agent to the government-backed bad bank.
• Hindustan Unilever Limited (HUL) has appointed Tarun Bajaj (61) as an independent director on its board, effective 1st December 2023, for a period of 5 years.
• The State Bank of India (SBI) announced that it is planning to acquire a 20% stake in SBI Pension Funds, which is held by SBI Capital Markets.
• Captain Geetika Koul from the Snow Leopard Brigade has become the first woman medical officer in the Indian Army to be deployed at Siachen, the world’s highest battlefield, the Fire and Fury Corps.
• Vo5G/VoNR is the future standard for voice calling that operates over 5G networks, providing improved speed, capacity, and responsiveness compared to 4G networks.