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CURRENT AFFAIRS : BANKING & FINANCE
SEBI’s Proposal to Reduce NCD Face Value from ₹1 Lakh to ₹10,000
- The Securities and Exchange Board of India (SEBI) proposed to permit companies to issue non-convertible debentures (NCDs) and non-convertible redeemable preference shares (NCRPS) with the face value of 10,000 as against the current system of Rs one lakh face value.
Key Highlights :
- According to a SEBI consultation paper, the measure aims to enhance the participation of non-institutional investors in the corporate bond market coupled with mitigation and management of risk to safeguard and protect the interest of such non-institutional investors.
- However, in such cases, the issuer should appoint a merchant banker who will carry out due diligence for the issuance of such privately placed NCDs or NCRPS and disclosures in the private placement memorandum.
- SEBI, in the agenda ‘Introduction of Regulatory Framework for Online Bond Platforms’ placed before the Board in the meeting held on September 30, 2023 approved the proposal to reduce the face value from Rs 10 lakh to Rs 1 lakh.
- The SEBI has also proposed a framework for the issuance of subordinate units in Real Estate Investment Trusts (Reits) and Infrastructure Investment Trusts (InvITs) to sponsors, sponsor groups, and associates.
- These units have inferior voting rights and are issued only on a private placement basis. Under the proposed framework, any issuance of smaller units after the initial offer will require approval from 75% of the unit holders by value.
What are Preference Shares?
- Preference shares, more commonly referred to as preferred stock, are shares of a company’s stock with dividends paid out to shareholders before common stock dividends are issued.
- If the company enters bankruptcy, preferred stockholders are entitled to be paid from company assets before common stockholders.
Non-Convertible v/s Convertible Preference Shares :
- Convertible Preference Shares are Preference shares that can be easily converted into equity shares.
- Non-Convertible preference shares are those shares that cannot be converted into equity shares.
Redeemable v/s Non-Redeemable Preference Shares :
- Redeemable preference shares are those shares that can be repurchased or redeemed by the issuing company at a fixed rate and date.
- These types of shares help the company by providing a cushion during times of inflation.
- Non-redeemable preference shares are those shares that cannot be redeemed or repurchased by the issuing company at a fixed date.
- Non-redeemable preference shares help companies by acting as a lifesaver during times of inflation.
What is meant by debenture?
- A debenture is a type of bond or other debt instrument that is unsecured by collateral.
- Since debentures have no collateral backing, they must rely on the creditworthiness and reputation of the issuer for support.
- Both corporations and governments frequently issue debentures to raise capital or funds.
Convertible vs. Nonconvertible :
- Convertible debentures are bonds that can be converted into equity shares of the issuing corporation after a specific period.
- Nonconvertible debentures are traditional debentures that cannot be converted into equity of the issuing corporation. To compensate for the lack of convertibility investors are rewarded with a higher interest rate when compared to convertible debentures.
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.
RBI Permits Regulated Entities to Utilize HDFC Bank-Crunchfish AB’s Offline Payments Solution
- The Reserve Bank of India (RBI) has approved an ‘Offline Retail Payments’ product developed by HDFC Bank, in partnership with Crunchfish AB, for adoption by banks and other financial institutions.
Key Highlights :
- Under the ‘On Tap’ application facility for the theme ‘Retail Payments’ of the Regulatory Sandbox (RS), HDFC Bank (in partnership with Crunchfish AB) was selected for the Test Phase.
- The product ‘Offline Retail Payments’ provides capability for customers and merchants to be able to transact in offline mode.
- In February,2023 HDFC Bank launched the pilot, in partnership with Crunchfish, to test offline digital payments for merchants and customers after the regulator in September 2022 selected the entity under the ‘On Tap’ application facility for the theme ‘Retail Payments’ of the Regulatory Sandbox to conduct a ‘test phase’ of the product.
- HDFC Bank had stated that it would roll out this service as part of a limited pilot for four months in over 16 cities and towns across India.
- As part of the testing phase, the bank capped the limit of an offline transaction at Rs 200.
- It had partnered with IDFC First Bank to showcase off-us transactions with other banks’ customers and merchants. Further, it had enrolled M2P Fintech to build customer and merchant apps for the pilot.
- In 2019, RBI introduced a Regulatory Sandbox to encourage responsible innovation in financial services, promote efficiency, and expand consumer benefits.
About RBI :
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
- Deputy Governors : Swaminathan Janakiraman, Michael Patra, M. Rajeshwar Rao, T Rabi Sankar
Bank of India Introduces Nari Shakti Savings Account
- Bank of India (BoI) has launched an exclusive savings bank product for women (Nari Shakti Savings Account) with an independent source of income.
- Aim : To provide them with enhanced privileges and features to support their financial empowerment.
Features and benefits of Nari Shakti Savings Account :
- Personal accident insurance cover: This account comes with a comprehensive personal accident insurance cover of up to Rs. 100 lakhs, ensuring the safety and security of women account holders.
- Discounted health insurance and wellness products: Women holding the Nari Shakti Savings Account can avail attractive discounts on health insurance and wellness products, promoting their overall well-being.
- Attractive rebates on locker facilities: Gold and diamond SB account holders enjoy appealing rebates on locker facilities, ensuring the safekeeping of their precious belongings.
- Free facilities for platinum SB account holders: Account holders with platinum status can benefit from various free facilities, adding more value to their banking experience.
- Concessional rate of interest on retail loans: Women with the Nari Shakti Savings Account are entitled to a special concessional rate of interest on retail loans, making borrowing more affordable and accessible for them.
- Waiver of processing charges on retail loans: As an added benefit, women account holders do not have to pay any processing charges on retail loans, further reducing their financial burden.
- Free issuance of credit cards: Nari Shakti Savings Account holders can enjoy the convenience of a free credit card, offering greater financial flexibility and convenience in transactions.
- Higher usage limit on POS: Account holders can benefit from a higher usage limit of up to Rs. 5.00 lakh on point-of-sale (POS) transactions, allowing them to make larger purchases with ease.
- Eligibility : The Nari Shakti savings account is conceptualised as a financial savings tool to support working women (18 years and above), with an independent source of income, enabling them to become self-reliant and enjoy a higher degree of financial freedom.
- Supporting social causes : In a bid to support underprivileged women and the girl child, the bank has pledged to contribute Rs. 10 towards the CSR fund for every new Nari Shakti Account opened. This fund will be utilised for socio-economic development initiatives for these marginalised groups.
- Easy access and convenience : Women interested in opening a Nari Shakti Savings Account can do so at any of the 5132 domestic branches of Bank of India. It is also possible to open an account through digital platforms, providing ease and convenience to potential customers.
About Bank of India :
- Founded : 7 September 1906
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Rajneesh Karnatak
Universal Sompo General Insurance Unveils “Muskaan” – a Socially Impactful Health Insurance Policy for Domestic Workers and Staff
- Universal Sompo General Insurance introduced “Muskaan”, an innovative health insurance policy carefully designed to create a positive social impact and uplift domestic workers and staff.
- Recognising the significant contributions of domestic workers to society and understanding their unique needs, the insurance company has developed a tailored product to cater to their specific requirements.
- Muskaan stands as a specialised health insurance offering dedicated support to domestic workers, providing them with effortless access to comprehensive coverage for medical needs and assistance in the event of an accident.
- The product has been carefully designed to address specific essential needs of vital community members, including housekeepers, nannies or babysitters, caregivers, cooks or personal chefs, gardeners and landscapers, elderly companions, drivers and chauffeurs, and butlers.
- It provides extensive coverage under Section 1 (Health), encompassing in-patient treatment, pre-hospitalisation, post-hospitalisation, domiciliary treatment, and AYUSH treatment.
- Additionally, Section 2 (Personal Accident) offers comprehensive coverage for accidental death and permanent total disability.
IDFC FIRST Bank and Mastercard Unveil the FIRST SWYP Credit Card
- IDFC FIRST Bank has introduced a youth-centric “FIRST SWYP” credit card in partnership with Mastercard.
- This card can be used as a no-interest charge card and has curated features — flexible bill repayments through EMIs, a benefit-laden referral program, and exclusive and relevant merchant partnerships.
- The card will address demands of new-age customers, blending benefits across their favourite categories of spends and lifestyle-related offers and innovative propositions.
- The new card is the Bank’s second youth-focussed credit card.
- It had earlier launched “FIRST Millennia Credit Cards”.
Key Features & Benefits of the FIRST SWYP Credit Card:
- Joining Benefits: New customers receive a complimentary Lenskart Gold Membership, Times Prime Annual Membership on spending Rs. 30,000, and 1000 Reward points on their first EMI conversion.
- Year-long Discounts: Enjoy discounts up to 20% on partner brands across dining, shopping, and travel, including Domino’s Pizza, EaseMyTrip, TATA CLIQ, and Zomato.
- EMIfy: Innovative EMI proposition for purchases over Rs. 2,500 with a flat monthly conversion fee starting from Rs. 49 + GST.
- Milestone Rewards Program: Earn up to 1400 reward points every billing cycle based on eligible spends.
- Referral Program: Cardholders can refer friends and earn benefits, starting from a waiver of annual fees to bonus rewards, movie vouchers, domestic lounge access, and more.
- Movie Benefits: Enjoy a 25% discount up to Rs. 100 every month on movie tickets.
- Fuel Surcharge Waiver: 1% fuel surcharge waiver up to Rs. 200.
- Railway Lounge Access: Avail 4 complimentary railway lounge accesses every quarter.
About IDFC First Bank :
- Founded : October 2015
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : V. Vaidyanathan
- IDFC FIRST Bank is an Indian private sector bank formed by the merger of the banking arm of Infrastructure Development Finance Company and Capital First, an Indian non-bank financial institution.
- It is the first universal bank to offer monthly interest credit on savings accounts, lifetime free credit cards with dynamic and low annual percentage rates.
About Mastercard :
- Established : 1966
- Headquarters : New York, United States
- CEO : Michael Miebach
- Mastercard Inc. is the second-largest payment-processing corporation worldwide. It offers a range of payment transaction processing and other related-payment services.
CURRENT AFFAIRS: NATIONAL NEWS
Raksha Mantri Shri Rajnath Singh inaugurates 10-feet tall statue of Mahatma Gandhi, Delhi
- Raksha Mantri Shri Rajnath Singh inaugurated a 10-feet tall statue of Mahatma Gandhi at Gandhi Darshan near Rajghat, Delhi. Raksha Mantri described the statue as a befitting tribute to the Father of the Nation, who played a central role in freeing India from foreign rule and worked for the upliftment of the weaker sections of society to lead a dignified life.
- Shri Rajnath Singh emphasised that the Government’s focus has always been on planned progress, which has resulted in India becoming the 5th largest economy in the world.
IREDA Launches Retail Division: Targets PM-KUSUM, Rooftop Solar and other B2C Segments
- Indian Renewable Energy Development Agency Limited (IREDA) has launched its retail division, geared towards enhancing emphasis on providing loans to borrowers in the PM-KUSUM scheme, Rooftop Solar, and other Business-to-Consumer (B2C) sectors.
- The strategic division became operational on 5th December, 2023.
- This announcement has been made by Chairman & Managing Director of IREDA Shri Pradip Kumar Das during the Leaders’ Dialogue on “Actioning Solutions for Global Sustainable Development and Governance of Resources” organized by CEEW & CII as part of COP28 in Dubai on 7th December 2023.
About IREDA
- Indian Renewable Energy Development Agency Limited is formed in 1987 as a Mini Ratna Government of India Enterprise under Government of India and administratively controlled by the Ministry of New and Renewable Energy.
“HaritSagar” Green Port Guidelines to reduce carbon intensity and to develop an environment-friendly ecosystem at all Major Ports
- The Ministry of Ports, Shipping and Waterways, Shri Sarbananda Sonowal has launched “HaritSagar” Green Port Guidelines to reduce carbon intensity and to develop an environment-friendly ecosystem at all Major Ports.
- Under these guidelines, various green interventions such as ship-to-shore power supply, electrification of Port equipment, usage of alternate fuels such as green Hydrogen/Green Ammonia/Methanol in port crafts, creation of infrastructure at select Ports for storage, bunkering, and refuelling of Green hydrogen/Green Ammonia, increase share of Renewable Energy etc. have been provided.
- Deendayal Port, Visakhapatnam Port and New Mangalore Port are generating surplus renewable energy.
- The management and notification of berth/jetty in Major Ports for chemicals and dangerous materials are being carried out as per the Port Regulation framed in the ambit of the Explosive Act, 1884.
Ministry of Tourism kicks off Amrit Dharohar Capacity Building Scheme 2023 in collaboration with Ministry of Environment, Forest & Climate Change
- The Ministry of Tourism (MoT) in collaboration with Ministry of Environment, Forest & Climate Change (MoEFCC) launched an Alternative Livelihood Programme under the Amrit Dharohar Capacity Building Scheme in Sultanpur National Park, a Ramsar Site in Haryana.
- Under this initiative, IITTM, an autonomous body under MoT, in collaboration with MoEFCC will build the capacity of local community members around different Ramsar sites in order to strengthen nature tourism at these sites and provide alternative livelihood to the local community.
- Amrit Dharohar initiative, part of the 2023-24 budget announcement, was launched by MoEF&CC in June 2023 to promote the unique conservation values of the Ramsar Sites in the country while generating employment opportunities and supporting local livelihoods.
- This initiative is to be implemented in convergence with various Central Government ministries and agencies, State Wetland Authorities, and a network of formal and informal institutions and individuals, working together for a common cause.
- The ‘Nature-tourism and Wetcomponent of this initiative is being implemented jointly by MoT and MoEFCC to enhance livelihood opportunities for local communities through harnessing the nature-tourism potential of the Ramsar Sites across the country.
- Sultanpur is one of the five priority Ramsar Sites besides Bhitarkanika and Chilika in Odisha and Yashwant Sagar and Sirpur in Madhya Pradesh identified in first phase by MoT and MoEFCC for taking up training programmes for local communities under the Alternative Livelihood Programme (ALP).
Youth for Unnati and Vikas with AI (YUVAi) to feature in GPAI Summit 2023
- Youth for Unnati and Vikas with AI’ (YUVAI) is set to be prominently featured at the upcoming Global Partnership on Artificial Intelligence (GPAI) Summit.
- ‘Youth for Growth and Vikas with AI’ is a collaboration-based initiative of the National e-Governance Division (NeGD), Ministry of Electronics and Information Technology, Government of India, and Intel India.
- The GPAI summit is beginning on 12 December in New Delhi.
- This program is designed to equip youth with essential AI skills.
- The program is drawing attention to its innovative approach and commitment aimed at enabling a future-ready workforce.
- Youth for Unnati and Vikas with AI aims to promote a deeper understanding of AI.
- This will enable school students from classes 8 to 12 across the country with AI skills.
- At the same time, it will also be possible to empower them to become human-centered designers and users of AI.
- From December 12 to 14, the GPAI Summit is bringing together AI leaders, policymakers, and experts.
- This will provide an ideal platform for Youth for Unnati and Vikas with AI to showcase its impact and importance.
- Youth for Unnati and Vikas with AI will be provided representation at the GPAI Summit.
- In this, the top 10 finalists will showcase their AI-based social impact projects.
CURRENT AFFAIRS : INTERNATIONAL NEWS
Italy withdraws from China’s Belt and Road project
- Italy has officially pulled out of China’s Belt and Road infrastructure initiative, making this move more than four years after initially joining as the sole G7 nation to do so.
Key Highlights :
- Italy had initially signed an agreement to join the BRI in 2019.
- However, after 4 years, the expected benefits did not materialize for Italy.
- The agreement with China was supposed to be automatically renewed after expiring in March 2024, unless Rome gave at least three months’ written warning of pulling out.
- Chinese FDI in Italy dropped from $650 million in 2019 to just $33 million in 2021.
- The long-expected decision was communicated to Beijing three days ago.
- China’s Belt and Road Initiative (also known as One Belt, One Road (OBOR)) envisages the construction of a maze of road, rail and port projects through a number of countries.
- It aims to strengthen Beijing’s economic leadership through a vast program of infrastructure building throughout China’s neighbouring regions.
- This initiative is called the 21st century silk road.
- BRI projects are built using low-interest loans as opposed to aid grants.
CURRENT AFFAIRS : STATE NEWS
Gujarat Government Enters into Memorandum of Understanding with Airports Authority of India for the Development of 11 Airports
- Gujarat, the State government has signed a memorandum of understanding (MoU) with the Airports Authority of India (AAI) to develop 11 new greenfield airports and expand 9 existing ones.
- Though an estimate for these projects have not been drawn, each airport is likely to cost ₹1,500-3,000 crore.
- Ankleshwar, Morbi, Rajpipla, Botad, Dwarka, Dhordo, Rajula, Dahod, Ambaji, Dholavira and Palitana have been identified for the development of greenfield airports.
Key Highlights :
- As per the agreement with the AAI, Gujarat government will provide the necessary land and other utility services like electricity and water needed for the airports.
- The government stated that it will also explore possibilities of three additional greenfield airports at Vadnagar, Siddhpur and Kevadia.
- Apart from the greenfield airport development, the state government is also looking at brownfield development of nine airports.
- The government is looking to expand existing airports at Surat, Vadodara, Kandla, Porbandar, Bhavnagar and Keshod. The government also plans to expand airstrips at Mehsana, Amreli and Mandvi airports.
- Currently, Gujarat has about 11 functional airports.
- The Gujarat government and AAI are jointly developing an international airport at Dholera.
- The State also has at least two sea-plane terminals at Sabarmati Riverfront in Ahmedabad and another at Kevadia.
About Gujarat
- Capital: Gandhinagar
- Chief minister: Bhupendrabhai Patel
- Governor: Acharya Devvrat
- NP: Gir National Park, Marine National Park, Velavadar National Park,
- Wildlife Sanctuary : Jambughoda Wildlife Sanctuary, Barda Wildlife Sanctuary, Vansda National Park, Purna Wildlife Sanctuary, Gaga Wildlife Sanctuary
About AAI:
- The Airports Authority of India, or AAI, is a Statutory body under the ownership of the Ministry of Civil Aviation, Government of India.
- AAI was constituted by an Act of Parliament and came into being on 1st April 1995 by merging the erstwhile National Airports Authority and the International Airports Authority of India.
- Headquarters: New Delhi
- Founded: 1 April 1995
- Chairman: Sanjeev Kumar
Government Approves Cheetah Breeding Center in Gujarat’s Banni Grasslands
- The Central Government has granted approval for the establishment of a cheetah breeding and conservation centre in Gujarat’s Banni Grassland.
- The Gujarat government submitted a proposal for the cheetah breeding center to the National Compensatory Afforestation Fund Management Authority under National CAMPA.
About Banni Grassland :
- Banni Grassland is situated along the northern border of Kachchh district in the State of Gujarat.
- Banni Grassland is recognized as one of the largest grasslands in the Indian subcontinent, covering an extensive area of over 2500 square kilometres.
- The Banni is also home to 22 ethnic groups, the majority of whom are pastoralists, spread across 48 settlements in 19 Panchayats, with a population of close to 40,000 people.
- It is home to great biological diversity, having 37 grass species, 275 bird species, and domesticated animals like Buffalo, Sheep, Goat, Horses and Camel, as well as wildlife.
About Gujarat
- Capital: Gandhinagar
- Chief minister: Bhupendrabhai Patel
- Governor: Acharya Devvrat
- NP: Gir National Park, Marine National Park, Velavadar National Park, Jambughoda Wildlife Sanctuary, Barda Wildlife Sanctuary, Vansda National Park, Purna Wildlife Sanctuary, Gaga Wildlife Sanctuary
CURRENT AFFAIRS: AWARDS AND HONOURS
NTPC Wins Two Silver Awards in Brandon Hall Group’s Excellence in Technology Awards
- NTPC, India’s largest integrated power company, has been declared as the winner at the Brandon Hall Group’s Excellence in Technology Awards 2023 in an online broadcast held.
- NTPC stands out as the only PSU in India to secure dual accolades in the Technology Awards category.
- The company received the coveted silver awards in two distinct categories: “Best Advance in Corporate Wellbeing Technology” and “Best Advance in Augmented and Virtual Reality.”
- This recognition underscores NTPC’s commitment to innovation and technological excellence, placing it at the forefront of advancements in corporate wellbeing and immersive technologies.
- The Silver Award in the “Best Advance in Corporate Wellbeing Technology” Category was won by NTPC for its efforts in leveraging Technology to design an Individual-Centric Health Care Ecosystem.
- The Silver Award in the “Best Advance in Augmented and Virtual Reality “Category was won by NTPC for being a leader in adapting innovative technologies.
- Towards this end, several AR/VR initiatives have been implemented in NTPC, under the umbrella, ‘iGuru’.
- A pilot project was implemented initially and found encouraging results.
- Hence, several ‘iGuru’ Labs with a wide array of equipment and modules were created at all the training centers spread across different power plants.
- The US based Brandon Hall Group is a professional development company that offers data, research, insights, and certification to Learning and Talent executives and organizations
CURRENT AFFAIRS: MOUS AND AGREEMENT
The government of India and ADB signed $200 million loan for Uttarakhand climate-resilient power system development project
- The Government of India and the Asian Development Bank (ADB) signed agreement for availing of a $200 million loan from the Asian Development Bank (ADB), to improve the quality, efficiency, and reliability of power supply in the state of Uttarakhand.
- The signatories to the loan agreement for the Uttarakhand Climate Resilient Power System Development Project were Ms. Juhi Mukherjee, Joint Secretary, Department of Economic Affairs in the Ministry of Finance, for the Government of India, and Mr. Hoe Yun Jeong, Deputy Country Director and Officer-in-Charge of ADB’s India Resident Mission, for ADB.
- The ADB funding for the project will strengthen power system infrastructure and help Uttarakhand in achieving its goal of providing 24×7 power to its residents
- The project will enhance the power system network’s capabilities, facilitating the seamless integration and transmission of renewable energy to load centres. Simultaneously, it involves upgrading the distribution system to minimize power outages and reduce technical losses
- The Japan Fund for Prosperous and Resilient Asia and the Pacific, financed by the Government of Japan through ADB, will provide a $2 million grant to support livelihood enhancement, training, and awareness-raising activities of the project.
National Mission for Clean Ganga Inks Pact for Sewage Treatment Plant Development at Gokul Barrage in Mathura
- National Mission for Clean Ganga (NMCG) has entered into a tripartite Concession Agreement with the Uttar Pradesh Jal Nigam and M/s. EIEL Mathura Infra Engineers Pvt. Ltd.
- This Special Purpose Vehicle (SPV), formed through a joint venture between M/s Enviro Infra Engineers Limited and M/s. Micro Transmission Systems, will spearhead the development of a Sewage Treatment Plant (STP) for the Gokul Barrage in Mathura.
- The Concession Agreement, executed under the Hybrid Annuity PPP mode, involves a contract valued at Rs. 240.01 Crores, marking a transformative moment in river conservation and urban sewage management.
Key Highlights
- The comprehensive project encompasses the construction of a 60 MLD STP, along with crucial components such as Interception and diversion structures, I&D network laying, Sewage Pumping Stations, and Operation and Maintenance for 15 years.
- Aimed at addressing the existing gaps in sewerage management and treatment in Mathura city, the initiative is poised to significantly reduce sewage pollution in the Yamuna.
- Upon completion, the project will eliminate the discharge of untreated sewage from Mathura City into the River Yamuna, aligning with NMCG’s commitment to the rejuvenation of the Ganga and its tributaries.
- This groundbreaking initiative not only accelerates STP construction but also rejuvenates private sector interest in NMCG projects, fostering a collaborative model for efficient and sustainable sewage management.
- The Hybrid Annuity model ensures a balanced and mutually beneficial arrangement for all stakeholders, emphasizing the long-term operation and maintenance of the STPs to meet the desired standards.
MoD inks contract worth over Rs 588 cr with TCIL for Digital Coast Guard project
- In alignment with the Government of India’s strategi c vision for Digital Armed Forces, the Ministry of Defence has signed a contract with Telecommunications Consultants India Limited (TCIL), at a total cost of Rs 588.68 crore, for the acquisition of Digital Coast Guard (DCG) project, under the Buy (Indian) category.
- A pivotal Initiative for the Indian Coast Guard (ICG), the DCG Project will unfold a comprehensive narrative of technological progression, encompassing the construction of an advanced Data Centre, and the establishment of a robust Disaster Recovery Data Centre.
- At its core, the DCG project marks the establishment of a Tier-III standard Data Centre, armed with the latest technological capabilities.
- The project is estimated to generate about one and a half lakh man-days over a span of five years, fostering active participation from diverse sectors of Indian industries, thus significantly contributing to the Government’s efforts to achieve ‘Atmanirbharta’ in defence.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Iran Sends Animals into Space in Resumption of Human Mission Pursuit
- Iran has sent a capsule carrying animals into space as it boosts its Western-contested space programme in preparation for human missions.
- Capsule was launched 130 kilometres (80 miles) into orbit.
- The Salman rocket carried an “all indigenous” capsule weighing 500 kg (1,100 pounds), which is reportedly the heaviest biological capsule ever successfully carried in the history of the Iranian space programme.
- The capsule was ordered by the Iranian Space Agency and developed by the aerospace division of the Ministry of Science, Research and Technology.
- The rocket was built by the aerospace wing of the Ministry of Defence and Armed Forces Logistics.
- Iran started work on sending animals into space in the mid-2000s and had its first successful launch in 2010.
- It reported in 2013 that it had sent two monkeys into space and brought them back.
About Iran :
- President : Ebrahim Raisi
- Capital : Tehran
- Currency : Iranian rial
CURRENT AFFAIRS: IMPORTANT DAYS
National Energy Conservation Day: 14th December
- National Energy Conservation Day 2023 is observed on the 14th of December 2023.
- National Energy Conservation Day 2023 was first observed on December 14th, 1991 by the Bureau of Energy Efficiency BEE, under the Union Ministry of Power which falls under the government of India.
- The Bureau of Energy Efficiency assists in developing and implementing strategies and policies to reduce excessive energy consumption.
- The committee also executed ‘The Energy Conservation Act’ in 2001.
- The main objective of the day is to reduce energy use and encourage people to use it efficiently.
About BEE
- The Government of India set up the Bureau of Energy Efficiency (BEE) on March 1, 2002, under the provisions of the Energy Conservation Act, 2001.
- The mission of the Bureau of Energy Efficiency is to assist in developing policies and strategies with a thrust on self-regulation and market principles, within the overall framework of the Energy Conservation Act, 2001 with the primary objective of reducing the energy intensity of the Indian economy.
Daily CA One- Liner: December 14
- The Securities and Exchange Board of India (SEBI) proposed to permit companies to issue non-convertible debentures (NCDs) and non-convertible redeemable preference shares (NCRPS) with the face value of 10,000 as against the current system of Rs one lakh face value.
- The Reserve Bank of India (RBI) has approved an ‘Offline Retail Payments’ product developed by HDFC Bank, in partnership with Crunchfish AB, for adoption by banks and other financial institutions.
- Bank of India (BoI) has launched an exclusive savings bank product for women (Nari Shakti Savings Account) with an independent source of income.
- Universal Sompo General Insurance introduced “Muskaan”, an innovative health insurance policy carefully designed to create a positive social impact and uplift domestic workers and staff.
- IDFC FIRST Bank has introduced a youth-centric “FIRST SWYP” credit card in partnership with Mastercard.
- Raksha Mantri Shri Rajnath Singh inaugurated a 10-feet tall statue of Mahatma Gandhi at Gandhi Darshan near Rajghat, Delhi. Raksha Mantri described the statue as a befitting tribute to the Father of the Nation
- Indian Renewable Energy Development Agency Limited (IREDA) has launched its retail division, geared towards enhancing emphasis on providing loans to borrowers in the PM-KUSUM scheme, Rooftop Solar, and other Business-to-Consumer (B2C) sectors
- The Ministry of Ports, Shipping and Waterways, Shri Sarbananda Sonowal has launched “HaritSagar” Green Port Guidelines to reduce carbon intensity and to develop an environment-friendly ecosystem at all Major Ports.
- The Ministry of Tourism (MoT) in collaboration with Ministry of Environment, Forest & Climate Change (MoEFCC) launched an Alternative Livelihood Programme under the Amrit Dharohar Capacity Building Scheme in Sultanpur National Park, a Ramsar Site in Haryana.
- Italy has officially pulled out of China’s Belt and Road infrastructure initiative, making this move more than four years after initially joining as the sole G7 nation to do so.
- Gujarat, the State government has signed a memorandum of understanding (MoU) with the Airports Authority of India (AAI) to develop 11 new greenfield airports and expand 9 existing ones.
- The Central Government has granted approval for the establishment of a cheetah breeding and conservation centre in Gujarat’s Banni Grassland.
- Iran has sent a capsule carrying animals into space as it boosts its Western-contested space programme in preparation for human missions.
- Youth for Unnati and Vikas with AI’ (YUVAI) is set to be prominently featured at the upcoming Global Partnership on Artificial Intelligence (GPAI) Summit.
- NTPC, India’s largest integrated power company, has been declared as the winner at the Brandon Hall Group’s Excellence in Technology Awards 2023 in an online broadcast held.
- The Government of India and the Asian Development Bank (ADB) signed agreement for availing of a $200 million loan from the Asian Development Bank (ADB), to improve the quality, efficiency, and reliability of power supply in the state of Uttarakhand.
- National Mission for Clean Ganga (NMCG) has entered into a tripartite Concession Agreement with the Uttar Pradesh Jal Nigam and M/s. EIEL Mathura Infra Engineers Pvt. Ltd.
- In alignment with the Government of India’s strategi c vision for Digital Armed Forces, the Ministry of Defence has signed a contract with Telecommunications Consultants India Limited (TCIL), at a total cost of Rs 588.68 crore, for the acquisition of Digital Coast Guard (DCG) project, under the Buy (Indian) category.
- National Energy Conservation Day 2023 is observed on the 14th of December 2023.
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