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CURRENT AFFAIRS : BANKING & FINANCE
NPCI set to Introduce UPI for secondary market from Jan 1, 2024
- The National Payments Corporation of India (NPCI) is set to kick off an Application Supported by Blocked Amount (ASBA)-like facility in the secondary market from January 1, 2024.
Key Highlights :
- The Unified Payments Interface (UPI) for the secondary market will start its beta phase next week for the equity cash segment.
- It will be supported by key stakeholders, including clearing corporations, stock exchanges, depositories, stockbrokers, banks, and UPI app providers.
- This Beta launch is facilitated by Groww as the brokerage app, alongside BHIM, Groww, and YES PAY NEXT as UPI apps.
- Initially, HDFC Bank and ICICI Bank customers will be able to avail this facility.
- Further, HDFC Bank, HSBC, ICICI Bank, and Yes Bank are sponsor banks for the clearing corporation and exchanges.
- Other stakeholders, including stockbrokers such as Zerodha, banks like Axis Bank and Yes Bank, and UPI apps like Paytm and PhonePe are in the certification stage and set to participate in beta launch soon.
- The facility will enable investors to block funds in their bank accounts for secondary market trading rather than transferring the funds upfront to the trading member.
- The offering will be rolled out by integrating the UPI mandate service of single block and multiple debits with the secondary market trading.
- NPCI added that the ‘beta phase’ of the service will initially be available for a limited set of users.
About NPCI :
- Founded : 2008
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Dilip Asbe
- The NPCI is an umbrella organization for operating retail payments and settlement systems in India.
- 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.
RBI sets the redemption price for Sovereign Gold Bonds at ₹6,331 per unit
- The Reserve Bank of India (RBI) has fixed a price of ₹6,331 per unit for premature redemption of two tranches of sovereign gold bonds issued in January 2018 and January 2019.
Key Highlights :
- Redemption Period : Although sovereign gold bonds (SGBs) are issued for a duration of 8 years, investors are allowed to redeem them prematurely after 5 years from the date of issue.
- Due Date for Redemption : The next due date for premature redemption of the specified tranches is January 1, as mentioned by the central bank.
- Calculation Basis: The redemption price of the sovereign gold bonds is determined based on the simple average of the closing gold price of 999 purity over the previous 3 business days from the date of redemption.
- Information Source: The closing gold prices are sourced from the India Bullion and Jewellers Association, and the average for the specified tranches due on January 1 is calculated from the closing prices on December 27-29.
- Investor Flexibility: This policy provides investors with flexibility, allowing them to exit their investment in sovereign gold bonds after a specified period, contributing to liquidity and investor choice.
What is a Sovereign Gold Bond (SGB)?
- SGBs are government securities denominated in grams of gold.
- They are substitutes for holding physical gold.
- Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity.
- The Bond is issued by the Reserve Bank of India (RBI) on behalf of Government of India (GoI).
Who is eligible to invest in the SGBs?
- Persons resident in India as defined under Foreign Exchange Management Act, 1999 are eligible to invest in SGB.
- Eligible investors include individuals, HUFs, trusts, universities and charitable institutions.
- Individual investors with subsequent change in residential status from resident to non-resident may continue to hold SGB till early redemption/maturity.
Who are the authorised agencies selling the SGBs/
- Bonds are sold through offices or branches of Nationalised Banks, Scheduled Private Banks, Scheduled Foreign Banks, designated Post Offices, Stock Holding Corporation of India Ltd. (SHCIL) and the authorised stock exchanges either directly or through their agents.
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
Central Bank of India enters in co-lending partnership with Kisetsu Saison Finance for MSME loans
- Central Bank of India (CBI) has entered into a strategic co-lending partnership with Kisetsu Saison Finance, India to facilitate MSME (Micro, Small, and Medium Enterprises) loans.
Key Highlights :
- Expansion of Portfolio : Both entities participating in the co-lending arrangement anticipate a significant expansion of their loan portfolios.
- This collaboration suggests a mutual interest in leveraging each other’s strengths for increased market presence.
- Regulatory Filing : The partnership was officially announced through a regulatory filing by the Central Bank of India.
- Regulatory filings are formal documents submitted to regulatory authorities that provide essential information about significant events or agreements involving the bank.
- Co-Lending Concept : Co-lending (or co-origination) is a financial arrangement where both banks and non-banking financial companies (NBFCs) join forces to provide credit, especially for priority sector lending.
- Risk-Sharing Ratio : In this specific arrangement, the risk-sharing ratio is mentioned as 80:20.
- This means that 80% of the loan risk is shouldered by the bank (Central Bank of India), while a minimum of 20% is shared with the non-banking partner (Kisetsu Saison Finance, India).
About Kisetsu Saison Finance (India) Private Limited :
- Kisetsu Saison Finance (India) Private Limited, an Reserve Bank of India (RBI)-registered NBFC headquartered in Bengaluru,Karnataka specialises in financing individuals, Micro, Small & Medium Enterprises (MSMEs), and corporations across India with AUM exceeding ₹8,200 crore as of September 30, 2023.
About Central Bank of India (CBI) :
- Founded : 21 December 1911
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Matam Venkata Rao
RBI Issues Notification on Reporting Requirements for Resident Individuals under the Liberalised Remittance Scheme (LRS)
- The Reserve Bank of India (RBI) notified regarding the Liberalised Remittance Scheme (LRS) for Resident Individuals- Reporting of monthly return and daily transactions.
- It has now been decided that the submission of both returns through the XBRL site will be discontinued and shifted to the Centralised Information Management System (CIMS), which is the Bank’s new data warehouse.
Key Highlights :
- AD Category-I banks have already been onboarded on the CIMS portal, and are currently submitting both the returns on the XBRL site and the CIMS portal.
- The LRS monthly return and LRS daily return have been assigned return codes- ‘R089’ and ‘R010’ respectively on the CIMS portal.
- Accordingly, AD Category-I banks shall upload the LRS monthly return on or before the fifth of the succeeding month commencing from the reporting month of December 2023, and LRS daily return from December 26, 2023, onwards on the next working day on the CIMS portal (URL: https://sankalan.rbi.org.in).
- The Reserve Bank of India (RBI) on December 21, 2023, issued a notification regarding Rupee Drawing Arrangement – Submission of statement/return on CIMS Portal.
- AD Category – I banks have already been onboarded on the CIMS portal and are currently submitting the return on the XBRL site as well as the CIMS portal.
- The statement has been assigned the return code – ‘R129’ on the CIMS portal.
RBI Report: None of the Top 100 Borrower Accounts in Scheduled Commercial Banks Classified as Non Performing Assets
- According to Reserve Bank of India’s (RBI’s) latest Financial Stability Report, None of the top 100 borrower accounts were in the NPA (non-performing asset) category for scheduled commercial banks (SCBs) as at end September 2023.
- The share of top 100 borrowers, which was rising for two years until March 2023, in SCBs’ loans witnessed a moderation.
Key Highlights :
- As per latest RBI data, their share has declined to 15.9% in SCBs’ loans as at September-end 2023 from 17.2% as at March-end 2023.
- In the large borrower accounts, the proportion of standard assets to the total funded amount outstanding has been improving over the past three years.
- As per latest RBI data, GNPA ratio of large borrowers declined to 3.8% as at September-end 2023 from 4.5% as at March-end 2023.
- A large borrower is defined as one who has aggregate fund-based and non-fund-based exposure of ₹5 crore and above.
- The share of large borrowers in SCBs’ loans declined to 44.5% as at September-end 2023 from 46.4% as at March-end 2023.
- The share of large borrowers in SCBs’ GNPAs declined to 51.8% from 53.9%.
- In terms of value, investment grade advances (rated BBB and above) constituted 90.3% of total externally rated funded advances of large borrowers.
What is NPA?
- A non performing asset (NPA) is a loan or advance for which the principal or interest payment remained overdue for a period of 90 days.
Types of Non Performing Assets (NPA) :
- Different types of non-performing assets depend on how long they remain in the NPA category.
a) Sub-Standard Assets
- An asset is classified as a sub-standard asset if it remains as an NPA for a period less than or equal to 12 months.
b) Doubtful Assets
- An asset is classified as a doubtful asset if it remains as an NPA for more than 12 months.
c) Loss Assets
- An asset is considered a loss asset when it is “uncollectible” or has such little value that its continuance as a bankable asset is not suggested.
- However, some recovery value may be left in it as the asset has not been written off wholly or in parts.
Women Secure 34% Share of Life Insurance Policies in Fiscal Year 2022-23
- According to a study conducted by the Insurance Regulatory and Development Authority of India (IRDAI), the share of life insurance policies sold to women in India slightly decreased from 34.7% in 2021-22 to 34.2% in 2022-23.
- In the fiscal year 2022-23, the number of life insurance policies issued to women reached 97.38 lakh, out of a total of 2.84 crore policies sold.
- The IRDAI study considered only the individual new business data – number of policies and first year premium for the year 2022-23 – for the purpose.
Key Highlights :
- LIC vs. Private Insurers : The Life Insurance Corporation of India (LIC) had a higher share of policies sold to women at 35.81%, compared to private life insurers with 30.13%.
- Women’s Contribution to Economic Activity : Women, constituting around 49% of the total population in India, make a significant contribution to the country’s economic activity.
- Their contribution is increasing
- State-wise Distribution of Women’s Policies : Top states in terms of the share of life insurance policies issued to women were Karnataka (44.23%), Kerala (43.96%), Mizoram (42.97%), Sikkim (42.6%), and Meghalaya (41.81%).
- States with lower percentages included Ladakh (23.1%), Haryana (27.16%), Jammu & Kashmir (28.07%), Uttar Pradesh (29.53%), and Gujarat (29.59%).
- Claim Settlement Ratio : In terms of the number of life insurance policies, the claim settlement ratio slightly decreased in 2022-23 to 98.45%, compared to 98.64% in 2021-22.
- Both the LIC and its private sector counterparts reported lower claim settlement ratios of 98.52% (compared to 98.84 percent in 2021-22) and 98.02% (compared to 98.11% in 2021-22), respectively.
- Health Insurance Sector : In the health insurance sector, general and health insurance companies settled 85.66% of claims by policy count in 2022-23.
- However, in terms of the amount paid, this figure was significantly lower at 71.62%.
- This suggests partial settlement of hospitalization bills, a common grievance among policyholders.
- Insurers often attribute this to inflated hospital costs, leading to unreasonable treatment expenses, while hospitals claim that insurance companies are unwilling to fulfil their commitment to reimburse the bills.
- IRDAI Annual Report : According to the IRDAI annual report, during 2022-23, general and health insurers settled 2.36 crore health insurance claims, with the payouts amounting to Rs 70,930 crore.
- The average amount paid per claim was Rs 30,087.
- Out of this, 56% of the claims were settled through cashless mode, while another 42% were paid out through the reimbursement mode.
What is Insurance penetration?
- Insurance penetration is measured as a percentage of total premiums collected to the country’s Gross Domestic Product (GDP).
- It is one of the parameters used to assess the level of development of the insurance sector in a country.
- In developed countries such as the US and Canada, it is over 11%.
- However, the other parameter used for the purpose – insurance density – fared better.
- It is the ratio of premiums collected by insurance companies to the country’s population.
- Expressed typically in dollar terms, it represents the per capita premium.
RBI Instructs Banks and NBFCs to Conclude Resolution of Customer Complaints Within 30 Days
- Reserve Bank of India (RBI) announced that customers should be informed of the final decision made by Regulated Entities (REs) and their Internal Ombudsman (IOs) within 30 days of the complaint being received.
- Aim : To improve consumer grievance resolution within the regulated entities and raise customer service standards.
Key Highlights :
- Entities Covered: Regulated Entities include banks (excluding RRBs), Non-Banking Financial Companies (NBFCs), Non-bank System Participants, and Credit Information Companies.
- Appointment of IOs and DIOs : Furthermore, based on the amount of complaints they receive, REs may designate one or more IOs and Deputy Internal Ombudsman (DIO).
- Complaints Management System : A RE should set up a completely automated complaints management system, according to RBI’s Master Direction on “Internal Ombudsman for Regulated Entities.”
- Escalation Process : Under this system, all complaints that the RE’s internal grievance resolution mechanism rejects in part or in full automatically get escalated to the IO for a final decision within 20 days of receipt.
- Data and Documentation Sharing : In accordance with the guidelines, the regulated entity must provide the Internal Ombudsman with all data and documentation requested.
- Age Limit and Term for IOs/DIOs : According to RBI, an IO/DIO appointed on a contractual basis in a RE shall not be older than 70 years of age when the tenure ends.
- The IO or DIO’s term of employment with the regulated entity must be specified, lasting no more than five years but no less than three years.
- They are also ineligible for a term extension or reappointment in the same regulated entity.
- Applicability to Financial Entities : As per the directions, this will apply to banks and non-banking finance companies (NBFC), which will include deposit-taking NBFCs (NBFCs-D) with 10 or more branches; non-deposit taking NBFCs (NBFCs-ND) with asset size of Rs.5,000 crore and above and having public customer interface.
- Non-Bank System Participants and Credit Information Companies : Further, it will also apply to all Non-bank System Participants and Credit Information Companies.
CURRENT AFFAIRS: NATIONAL NEWS
Centre declares ‘Tehreek-e-Hurriyat, J&K (TeH) as an ‘Unlawful Association’ under the Unlawful Activities (Prevention) Act-UAPA
- The Centre has declared the ‘Tehreek-e-Hurriyat, J&K (TeH) as an ‘Unlawful Association’ under the Unlawful Activities (Prevention) Act-UAPA. Union Home Minister Amit Shah, the outfit is involved in forbidden activities to separate Jammu and Kashmir from India and establish Islamic rule.
- The group is found spreading anti-India propaganda and continuing terror activities to fuel secessionism in J&K.
- Mr Shah added that under Prime Minister Narendra Modi’s zero-tolerance policy against terrorism, any individual or organization found involved in anti-India activities will be thwarted forthwith.
National Chief Secretaries Conference Focuses on ‘Ease of Living’ and Collaboration
- The three-day National Conference of Chief Secretaries concluded in New Delhi.
- Prime Minister Narendra Modi chaired the Conference.
- This is the third such conference, the first being held in June 2022 in Dharamshala, and the second in January this year in Delhi.
- Driven by the vision of the Prime Minister of putting the principle of cooperative federalism in action, the National Conference of Chief Secretaries was organized to encourage participative governance and partnership between the Centre and the State Governments.
- The conference witnessed the participation of more than 200 people composed of representatives of the Central Government, Chief Secretaries, and other senior officials of all States and Union Territories.
- The conference laid the ground for collaborative action to achieve a better quality of life for both rural and urban populations by strengthening the delivery mechanisms of government interventions.
Key Highlights
- The key focus area of the Conference was ‘Ease of Living’ and the implementation of a common development agenda in partnership with the States.
- The Conference also emphasized on easy access to welfare schemes and quality in service delivery, including five sub-themes, which are Land and Property, Electricity, Drinking Water, Health, and Schooling.
- Apart from these, special sessions were held on ‘Cyber Security, emerging challenges on Artificial Intelligence in governance.
- In the conference, the deliberations were also done on Drug de-addiction and rehabilitation, Amrit Sarovar, Tourism promotion, Branding and role of States, PM Vishwakarma Yojana, and PM SVANidhi.
PM inaugurates Maharishi Valmiki International Airport at Ayodhya Dham
- The Prime Minister, Shri Narendra Modi inaugurated the newly built Ayodhya Airport.
- The airport has been named Maharishi Valmiki International Airport.
- Prime Minister expressed happiness on naming Ayodhya Airport after Maharishi Valmiki.
- Maharishi Valmiki International Airport in modern India will connect us to Ayodhya Dham and the divine-grand-new Ram temple.
- In the first phase, the airport can handle 10 lakh passengers annually and after the second phase, Maharishi Valmiki International Airport will cater to 60 lakh commuters annually.
- Phase 1 of the state-of-the-art airport is developed at a cost of more than Rs 1450 crore.
- The airport’s terminal building will have an area of 6500 sqm, equipped to serve about 10 lakh passengers annually.
- The facade of the Terminal Building depicts the temple architecture of the upcoming Shri Ram Mandir of Ayodhya.
- The interiors of the terminal Building are decorated with local art, paintings & murals depicting the life of Bhagwan Shri Ram.
- The terminal building of Ayodhya airport is also equipped with various sustainability features like an insulated roofing system, LED lighting, rain water harvesting, landscaping with fountains, a water treatment plant, sewage treatment plant, solar power plant and many other such features have been provided to meet GRIHA – 5-star ratings.
- The airport will improve connectivity in the region, leading to a boost in tourism, business activities and employment opportunities.
PM inaugurates, dedicates to nation and lays the foundation stone of multiple development projects worth more than Rs 15,700 crore
- The Prime Minister, Shri Narendra Modi inaugurated, dedicated to the nation and laid the foundation stone of multiple development projects worth more than Rs 15,700 crore at Ayodhya Dham.
- These include projects worth about Rs 11,100 crore for the development of Ayodhya and its surrounding areas and projects worth about Rs 4600 crore related to other projects across Uttar Pradesh.
- Earlier PM Modi inaugurated the redeveloped Ayodhya Railway Station and flagged off new Amrit Bharat trains and Vande Bharat trains.
- After that, he also inaugurated the newly built Ayodhya Airport.
- The airport has been named Maharishi Valmiki International Airport.
Other projects across Uttar Pradesh
- During the public programme, the Prime Minister inaugurated and dedicated to the nation other significant projects across Uttar Pradesh. These include the four-lane widening of Gosain Ki Bazar Bypass-Varanasi (Ghaghra Bridge-Varanasi) (NH-233); strengthening and upgradation of Khutar to Lakhimpur section of NH-730; capacity increase of LPG plant in Trishundi of Amethi district; Sewage Treatment Plant of 30 MLD in Pankha and 130 MLD in Jajmau, Kanpur; interception and diversion of drains and sewage treatment work in Unnao district; and CETP for Tannery Cluster at Jajmau in Kanpur.
Railway Projects
- The Prime Minister, Shri Narendra Modi today inaugurated the redeveloped Ayodhya Railway Station and flagged off new Amrit Bharat trains and Vande Bharat trains. He also dedicated several other railway projects to the nation.
- Phase I of redeveloped Ayodhya Railway Station – known as Ayodhya Dham Junction Railway Station – is developed at a cost of more than Rs 240 crore. The three-storey modern railway station building is equipped with all modern features like lifts, escalators, food plazas, shops for puja needs, cloak rooms, child care rooms, waiting halls. The station building will be ‘accessible for all’ and ‘IGBC certified green station building’.
12th DIVYA KALA MELA-2023 to be inaugurated in Surat, Gujarat
- Department of Empowerment of Persons with Disabilities is organizing a unique event ‘Divya Kala Mela’ from 29th December 2023 – 7th January 2024 in Surat, Gujrat.
- This is a unique initiative towards the economic empowerment of PwD/Divyangjan.
- Around 100 Divyang artisans/artists and entrepreneurs from about 20 states/UTs will display their products and skills.
- It is a platform for marketing and showcasing the products and skills of Divyangjan (PwD).
- The Divya Kala Mela, Surat is the 12th one in a series that started from Delhi in December 2022.
One Nation-One Pass: Govt launches NTPS to facilitate seamless nationwide transit of forest produce
- Union Minister for Environment, Forest and Climate Change launched the National Transit Pass System (NTPS) pan-India.
- It is to facilitate the seamless transit of timber, bamboo, and other forest produce across the country.
- Currently, the transit permits are issued for the transport of timber and forest produce based on state-specific transit rules.
- The NTPS is envisioned as a “One Nation-One Pass” regime, which will enable seamless transit across the country.
- This initiative will streamline the issuance of timber transit permits by providing a unified, online mode for tree growers and farmers involved in agroforestry across the country, contributing to the ease of doing business.
- It offers seamless transit permits, managing records for both inter-state and intra-state transportation of timber, bamboo and other forest produce obtained from various sources like private lands, government owned forest and private depots.
- The QR-coded transit permits generated under NTPS will allow check gates across various states to verify the validity of the permits and allow seamless transit.
- It is designed for user convenience, featuring desktop and mobile applications for easy registration and permit applications.
- Transit permits will be issued for tree species which are regulated, while the users can self-generate No Objection Certificates for exempted species.
- Presently, 25 States and Union Territories have embraced the unified permit system, streamlining interstate business operations for producers, farmers, and transporters.
- Nodal Ministry: Ministry of Environment, Forest and Climate Change.
CURRENT AFFAIRS : INTERNATIONAL NEWS
Argentine President Javier Milei Declines BRICS Membership, Notifies Leaders in Formal Letter
- Argentine President Javier Milei sent a letter to BRICS (Brazil, Russia, India, China, South Africa) leaders to convey the decision not to join the BRICS.
Key Highlights :
- New BRICS Members in 2023 : In August 2023, six new members were admitted to BRICS: Argentina, Ethiopia, Iran, Saudi Arabia, Egypt, and the United Arab Emirates (UAE).
- The membership of these new countries was scheduled to take effect from January 1, 2024.
- President Milei’s Election Campaign Promises : During his election campaign, Milei had vowed not to join BRICS.
- He also showed his support for America and Israel.
About BRICS :
- The BRIC term was given by economist Jim O’Neill in 2001.
- The BRIC first leader’s meeting was held in 2009.
About Argentina :
- President : Javier Milei
- Capital : Buenos Aires
- Currency : Argentine peso
NDDB plans to extend Amul model to Kenya – Chairman Meenesh Shah
- After Sri Lanka, the National Dairy Development Board (NDDB) plans to take the Amul model of milk cooperatives to Kenya, Meenesh Shah, chairman of NDDB.
- Meenesh Shah, revealed that a stakeholder agreement has been signed to establish a joint venture entity in Sri Lanka.
- In this venture, both NDDB and GCMMF (Gujarat Cooperative Milk Marketing Federation) will jointly hold a majority stake of 51%.
- This marks the first instance of taking the Amul model to foreign shores, emphasizing NDDB’s commitment to international expansion and sharing successful cooperative dairy practices.
About NDDB :
- Established : 16 July 1965
- Headquarters : Anand, Gujarat, India
- Chairman : Meenesh Shah
- The National Dairy Development Board (NDDB) is a statutory body set up by an Act of the Parliament of India.
- It is under the ownership of the Ministry of Fisheries, Animal Husbandry and Dairying of the Government of India.
CURRENT AFFAIRS : STATE NEWS
Gujarat to introduce India’s first submarine tourism in Dwarka
- The Gujarat government has decided to launch India’s first submarine-based underwater tourism facility in
- It will help tourists to explore marine life in Dwarka, which is believed to be an ancient city lost under the sea.
- It has joined hands with the Mazgaon Dock Limited (MDL) in a project to explore the marine life surrounding Bet Dwarka, a small island off the coast of Dwarka city, which has a mythological significance in the Hindu religion.
- For the first time, an underwater tourism facility will be introduced in India through a Submarine.
- Tourists will be taken 100 metres below the sea in a submarine to see underwater marine life.
- Each submarine will carry 24 tourists, and the vessel will be led by two experienced pilots and a professional crew.
- The vessel has been designed to provide a window view for all passengers.
- The main objective of the project is to promote tourism in Gujarat.
- The submarine will reportedly weigh around 35 tonnes and have a capacity to carry 30 passengers.
- At once, 24 tourists will be made to sit in two rows adjacent to window seats, where they will conveniently experience the view from inside.
About Gujarat :
- Governor: Acharya Devvrat
- Chief minister: Bhupendrabhai Patel
- Capital: Gandhinagar
- National Park : Vansda National Park, Gir National Park, Marine National Park, Velavadar National Park
- Wildlife Sanctuaries : Jambughoda Wildlife Sanctuary, Barda Wildlife Sanctuary, Shoolpaneshwar Wildlife Sanctuary
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Vice-President Jagdeep Dhankhar Appointed as Ex-Officio Chancellor of Pondicherry University
- Jagdeep Dhankhar has been appointed as the ex-officio Chancellor of Pondicherry University.
- He was appointed after the modification in Statute 1(1) of the Pondicherry University Act of 1985.
About Pondicherry University :
- Pondicherry University is a central University under the Ministry of Education.
- It was established by an Act of Parliament in 1985 by the Department of Higher Education, Ministry of Education.
- Gurmeet Singh is the vice Chancellor of the University.
CURRENT AFFAIRS: BUSINESS NEWS
InCred’s lending business turns unicorn after raising $60 m in Series D round
- InCred Financial Services Ltd (InCred Finance), the lending arm of financial services firm InCred Group, has raised ₹500 crore in its Series D round of funding from new and existing investors.
- Following the fresh capital infusion, InCred has been valued at $1.04 billion and has become the second company to gain unicorn status this year.
- InCred Financial Services was formed by the merger of KKR India Financial Services Ltd and the erstwhile InCred Financial.
Education loans see a record 20.6% surge in April-Oct.
- Education loans registered a record year-on-year growth of 20.6 per cent at ₹1,10,715 crore in the current financial year till October compared with ₹96,853 crore in the year-ago period.
- According to Reserve Bank of India (RBI) data, spurt in education loans was the highest in the last five years.
- The growth registered in the comparable period was 12.3 per cent FY23 and (-) 3.1 per cent in FY22.
- For the last year, foreign education loans with an average ticket size of ₹40 lakh-60 lakh accounted for nearly 65 per cent of loans disbursed.
- NBFCs are also quite active in the segment.
- Some of them, including HDFC Credila, are offering education loan up to ₹50 lakh without collateral and the process is entirely digitised with Video Know Your Customer (KYC) and speedy disbursal within a week from the date of application.
CURRENT AFFAIRS: BOOKS AND AUTHOR
Raghuram Rajan has recently released a new book titled ‘Breaking the Mould: Reimagining India’s Economic Future’.
- Penguin Random House India has announced that the former governor of the Reserve Bank of India, Raghuram Rajan, and fellow economist Rohit Lamba’s new book titled ‘Breaking the Mould: Reimagining India’s Economic Future,’ will be released.
- This is not the first book by the Ranjan on Indian Economy.
- His earlier books included Fault Lines: How Hidden Fractures Still Threaten the World Economy which had also won Financial Times Business Book of the Year Award.
CURRENT AFFAIRS: IMPORTANT DAYS
Global Family Day: 1st January
- Global Family Day 2024 is observed on the 1st of January 2024.
- Every year, Global Family Day, also known as World Peace Day, is observed to encourage the idea of peace and unity in the world.
- Additionally, it highlights the notion that everyone on the planet is related to one another regardless of nationality, borders, or ethnicity.
- On the first day of the new millennium, in 1997, the United Nations General Assembly declared the International Decade for the Culture of Peace and Nonviolence for the Children of the World.
- A significant contributor to its promotion in the United States was Linda Grover and other initiatives included the publication of publications like “One Day in Peace – January 1, 2000.”
- The idea of a time in the future when there is only peace and no war permeated this book.
- But this was only the beginning of a new peaceful world, and in 1999, all U.N. member states were officially invited to spend the first day of that year developing peacebuilding plans.
- As a result of the day’s success, the U.N. proclaimed Global Family Day a yearly occasion in 2001.
Daily CA One-Liner: December 31st & January 1st
- The Centre has declared the ‘Tehreek-e-Hurriyat, J&K (TeH) as an ‘Unlawful Association’ under the Unlawful Activities (Prevention) Act-UAPA. Union Home Minister Amit Shah, the outfit is involved in forbidden activities to separate Jammu and Kashmir from India and establish Islamic rule.
- The three-day National Conference of Chief Secretaries concluded in New Delhi.
- The Prime Minister, Shri Narendra Modi inaugurated the newly built Ayodhya Airport
- The Prime Minister, Shri Narendra Modi inaugurated, dedicated to the nation and laid the foundation stone of multiple development projects worth more than Rs 15,700 crore at Ayodhya Dham.
- Department of Empowerment of Persons with Disabilities is organizing a unique event ‘Divya Kala Mela’ from 29th December 2023 – 7th January 2024 in Surat, Gujrat.
- Union Minister for Environment, Forest and Climate Change launched the National Transit Pass System (NTPS) pan-India.
- InCred Financial Services Ltd (InCred Finance), the lending arm of financial services firm InCred Group, has raised ₹500 crore in its Series D round of funding from new and existing investors
- Education loans registered a record year-on-year growth of 20.6 per cent at ₹1,10,715 crore in the current financial year till October compared with ₹96,853 crore in the year-ago period.
- The National Payments Corporation of India (NPCI) is set to kick off an Application Supported by Blocked Amount (ASBA)-like facility in the secondary market from January 1, 2024.
- The Reserve Bank of India (RBI) has fixed a price of ₹6,331 per unit for premature redemption of two tranches of sovereign gold bonds issued in January 2018 and January 2019.
- Central Bank of India (CBI) has entered into a strategic co-lending partnership with Kisetsu Saison Finance, India to facilitate MSME (Micro, Small, and Medium Enterprises) loans.
- The Reserve Bank of India (RBI) notified regarding the Liberalised Remittance Scheme (LRS) for Resident Individuals- Reporting of monthly return and daily transactions.
- According to Reserve Bank of India’s (RBI’s) latest Financial Stability Report, None of the top 100 borrower accounts were in the NPA (non-performing asset) category for scheduled commercial banks (SCBs) as at end September 2023.
- According to a study conducted by the Insurance Regulatory and Development Authority of India (IRDAI), the share of life insurance policies sold to women in India slightly decreased from 34.7% in 2021-22 to 34.2% in 2022-23.
- Reserve Bank of India (RBI) announced that customers should be informed of the final decision made by Regulated Entities (REs) and their Internal Ombudsman (IOs) within 30 days of the complaint being received.
- Argentine President Javier Milei sent a letter to BRICS (Brazil, Russia, India, China, South Africa) leaders to convey the decision not to join the BRICS.
- After Sri Lanka, the National Dairy Development Board (NDDB) plans to take the Amul model of milk cooperatives to Kenya, Meenesh Shah, chairman of NDDB.
- The Gujarat government has decided to launch India’s first submarine-based underwater tourism facility in
- Jagdeep Dhankhar has been appointed as the ex-officio Chancellor of Pondicherry University.
- Penguin Random House India has announced that the former governor of the Reserve Bank of India, Raghuram Rajan, and fellow economist Rohit Lamba’s new book titled ‘Breaking the Mould: Reimagining India’s Economic Future,’ will be released.
- Global Family Day 2024 is observed on the 1st of January 2024
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