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CURRENT AFFAIRS : BANKING & FINANCE
RBI gives clarity to ‘politically exposed persons’ term to meet FATF norms
- The Reserve Bank of India (RBI) updated Know Your Customer (KYC) norms for politically exposed persons (PEPs) who transact with regulated entities (REs), seeking to comply with the recommendations of the Financial Action Task Force (FATF).
Definition of PEPs :
- In the amended KYC master direction, the central bank defines PEPs as individuals who have held or are currently entrusted with prominent public functions by a foreign country.
- This includes heads of states/governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations, and important political party officials.
Key Highlights :
- Establishing Relationship with PEPs : Regulated entities (REs) have the option to establish relationships with PEPs, either as customers or beneficial owners.
- Customer Due Diligence for PEPs : REs are required to perform regular customer due diligence for PEPs.
- Additional conditions prescribed by the RBI must also be followed by REs when transacting with PEPs.
About FATF :
- Established : 1989
- Headquarters: Paris, France
- FATF is an inter-governmental policy-making and standard-setting body dedicated to combating money laundering and terrorist financing
- In 2001 its mandate expanded to include terrorism financing.
- FATF members include 39 countries, including the United States, India, China, Saudi Arabia, Britain, Germany, France, and the EU as such.
- India became a member of FATF in 2010.
- FATF has 2 types of lists:
- Black List: Countries known as Non-Cooperative Countries or Territories (NCCTs) are put on the blacklist.
- These countries support terror funding and money laundering.
- Three countries North Korea, Iran, and Myanmar are currently on FATF’s blacklist.
- Grey List: Countries that are considered a safe haven for supporting terror funding and money laundering are put on the FATF grey list.
- This inclusion serves as a warning to the country that it may enter the blacklist.
About RBI :
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
- Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar.
Narayana Health gets IRDAI nod to launch health insurance business
- Narayana Health has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to venture into the health insurance business in India.
- The company operates one of the largest hospital chains, known by the brand name Narayana Hospital.
- With this approval, the count of Standalone Health Insurance Companies (SAHI) will increase from 5 to 6.
- This marks the fifth registration granted by IRDAI in approximately one year, encompassing Life, Non-life, and Health segments.
- IRDAI has set a goal of achieving ‘Insurance for All’ by 2047, with a particular focus on improving the penetration of non-life insurance companies, which currently stands at 1 percent.
- India’s overall insurance penetration is expected to decrease to 4 percent in the financial year 2022-23 from the previous level of 4.2 percent in 2021-22.
About IRDAI :
- Established : 1999
- Headquarters : Hyderabad, Telangana
- Chairman : Debasish Panda
- The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF) ,Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.
SEBI Modifies Framework for Online Bond Platform Providers to Enhance Ease of Doing Business
- The Securities and Exchange Board of India (SEBI) has made adjustments to the regulatory framework for Online Bond Platform Providers (OBPPs) to improve the ease of doing business.
- SEBI made these changes in response to representations from stock exchanges and market participants, including online bond platforms.
Key Highlights :
- Modifications in Framework : Under this, the regulator has modified the framework pertaining to the issue of order receipt, deal sheet and quote receipt in case of products, securities or services.
- Electronic Order Receipt : On placement of an order by an investor, SEBI Stated that OBPPs will have to issue without delay an electronic order receipt which includes the date and time of the order, details of counter-parties involved, quantity and amount proposed to be transacted.
- Products Offered by OBPPs : An entity serving as an Online Bond Platform Provider can offer specific products, securities, or services on its platform. These include :
- Listed debt securities, municipal debt securities, and securitized debt instruments.
- Debt securities, municipal debt securities, and securitized debt instruments proposed to be listed through a public offering.
- Listed Government Securities, State Development Loans, and Treasury Bills.
- Listed Sovereign Gold Bonds.
- Other products, securities, or services regulated by financial sector regulators such as SEBI, RBI, IRDAI, or PFRDA.
- Registration Requirement : OBPPs must register themselves as stockbrokers in the debt segment of the stock exchange under the new rules.
- Role of OBPPs : Online Bond Platform Providers serve as a channel for investors, especially non-institutional investors, to access the bond market.
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.
SEBI Relaxes Guidelines for Settlement of Running Accounts
- The Securities and Exchange Board of India (SEBI) has relaxed guidelines for the settlement of running accounts of clients‘ funds or securities held with stockbrokers.
- Stockbrokers are now allowed to settle the running account of clients’ funds on the first Friday or Saturday of each quarter or month.
- The new framework will be applicable from the quarterly settlement of January-March 2024 and monthly settlement of January 2024, the Securities and Exchange Board of India (SEBI).
Key Highlights :
- Quarterly and Monthly Settlement : The trading members, after considering the End of the Day (EOD) obligation of funds across all the exchanges, will settle the running accounts at the choice of the clients on a quarterly and monthly basis, on the dates stipulated by the stock exchanges.
- Uniformity in Settlement Dates : To ensure uniformity and clarity on dates of such monthly and quarterly settlement of client accounts, SEBI asked stock exchanges to jointly issue the annual calendar for the settlement of running accounts (quarterly and monthly) at the beginning of the financial year.
- Prevention of Fund Misuse : Further, to safeguard against any possibility of misuse of one client’s funds to settle another clients’ running account, any funds received from clients will remain in the upstreaming account.
CURRENT AFFAIRS: NATIONAL NEWS
MoU for several investments to be signed on second day of global investors meet in Tamilnadu
- During the Global Investors Meet, discussions were held on climate change missions, circular economy, AI, and providing a robust environment for start-ups and SMEs.
- Several investment MoUs were expected to be signed.
- The Additional Chief Secretary to the Department of Environment announced that three missions – Green Tamil Nadu, Climate Change, and Wetlands – have been implemented.
- The Tamil Nadu Coastal Mission will soon be implemented.
- Climate protection teams will be created in every district.
- Industries were encouraged to develop initiatives to achieve zero carbon emissions.
- Modern technologies could be used to increase production, reduce waste, and manage it sustainably.
- The aim of achieving carbon neutrality can be reached in a shorter time frame with these objectives.
Gujarat to host tenth edition of Vibrant Gujarat Global Summit commencing in Gandhinagar
- Gujarat is all set to host the tenth edition of the Vibrant Gujarat Global Summit commencing at Mahatma Mandir in
- The Tenth edition will celebrate “20 Years of Vibrant Gujarat as the Summit of Success”.
- The theme of the summit this time is ‘Gateway to the Future’.
Key Highlights
- The tenth edition Vibrant Gujarat Global Summit is being held after a gap of four years as the summit was canceled in 2021 due to the Covid-19 pandemic.
- This time over 1 lakh people from across the world have registered to participate in the summit, compared to 48,000 in 2019.
- There are 34 Partner countries and 16 Partner organisations for this year’s Summit. During the summit, a roadmap to achieve the vision of Developed India by 2047 will be launched.
- Along with the prominent industry leaders from India such as Gautam Adani, Mukesh Ambani, and Anil Agrawal, nearly 200 global CEOs are also expected to attend the summit.
- This year, the summit will focus on sunrise sectors like semiconductors, green hydrogen, e-mobility, and space manufacturing.
- Along with more than 2500 B2B, and B2C meetings, the summit will also have a series of seminars on globally relevant topics Industry 4.0, Technology and Innovation, and renewable energy among others.
- Over 40 departments of the Government of Gujarat and the Government of India will take part in the summit.
- The anamorphic projection facility will be used for the first time at the Vibrant Gujarat Global Summit this year.
India tops the list of source markets for tourism into Sri Lanka in 2023
- India has topped the list of source markets for tourism into Sri Lanka in 2023.
- The island has welcomed 1.487 Million tourists during the last year with India contributing over 20% arrivals.
- In all, over 3 lakh Indian tourists reached Sri Lanka in 2023 followed by Russia which contributed 1.97 lakh.
- Tourism holds a pivotal position in Sri Lanka’s economy as a top foreign revenue source.
- Tourism contributed 2.1 billion US Dollars from 1.1 billion Dollars achieved in the previous year.
- The connectivity between the two countries has improved over the last year as air travel resumed between Jaffna and Chennai in December 2022.
- In addition, Connectivity between Colombo and Mumbai has also been improved with daily flights operating on the sector.
- Apart from this, the starting of Ferry services between Nagapattinam and Kankesanthurai has also boosted connectivity between the two countries.
India starts four-year term as UN Statistical Commission member
- India started its four-year term as a member of the United Nations Statistical Commission.
- The country had won the election to the global statistics body in April after a gap of nearly two decades.
- The period of India’s term corresponds with the time that the 24-member body will decide on new norms for national accounts, which will also play an important role in changing India’s GDP calculations.
About UN Statistical Commission
- The UN Statistical Commission was established in 1947 and is the highest body of the global statistical system.
- The Commission consists of 24 member countries. The term of office of members is four years.
- India was a member of the Statistical Commission last in 2004 and the country is returning to the UN agency after a gap of two decades.
- Headquarters: New York.
CURRENT AFFAIRS : STATE NEWS
West Bengal Secures Geographical Indication (GI) Tags for Sundarban Honey, Black Nunia Rice, Tangail, Gorod & Kadiyal Sarees
- West Bengal has achieved Geographical Indication (GI) tags for 5 more products as part of the National GI Drive Mission.
- The newly awarded GI tags include Sundarban honey, Black Nunia rice, Tangail sarees, Gorod sarees, and Kadiyal sarees.
- The Central Government has uploaded the names of the products with GI tags on the designated portal.
- Sundarban honey, collected from the Sundarban forest, has received a GI tag. It was collected by the ‘Mauli’ community.
- The West Bengal Forest Development Corporation Limited (WBFDCL) has applied for a special GI tag for Sundarban honey.
- WBFDCL collects and processes Sundarban honey, selling it under the brand name “Mouban.”
- Black Nuniya rice is called the “Prince of Rice” and is cultivated in the Jalpaiguri district of the state.
- Kadiyal saree is produced only in Mirzapur in Murshidabad district of West Bengal. Tangail and Gorod sarees are also famous in this region.
- With the addition of the 5 new items, West Bengal now has a total of 27 items registered on the GI portal.
- Since 2004, a total of 504 items from different parts of the country have received the Geographical Indication (GI) tag.
About West Bengal:
- Capital: Kolkata
- Chief Minister: Mamata Banerjee
- Governor: C V Anantha Bose
- National Parks: Neora Valley National Park, Buxa Tiger Reserve, Jaldapara National Park, Gorumara National Park, Sunderbans National Park
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Senior IAS officer Vikas Sheel appointed as Executive Director of Asian Development Bank
- The government has appointed senior bureaucrat Vikas Sheel as the Executive Director (ED) of Asian Development Bank (ADB) in Manila, Philippines.
- He has been appointed as ED, of ADB for a period of 3 years from the date of assumption of the charge.
- Sheel, a 1994-batch Indian Administrative Service (IAS) officer of Chhattisgarh cadre, is currently Additional Secretary and Mission Director, Jal Jeevan Mission under the Ministry of Jal Shakti.
Other Appointments :
- Smita Sarangi has been appointed to the post of Adviser to the Executive Director, ADB, Manila, Philippines for a period of three years from the date of assumption of charge.
- Senior bureaucrat Kalyan Revella will be Counsellor (Economic) in the Embassy of India, Beijing for a period of three years from the date of assumption of charge of the post
- Senthil Pandian C, a 2002-batch IAS officer of Uttar Pradesh cadre, has been appointed to the post of Ambassador/Permanent Representative (PR), Permanent Mission of India (PMI) to the World Trade Organization (WTO), Geneva.
- M Balaji has been appointed to the post of Deputy Chief of Mission, Embassy of India, Brussels.
- Parveen Kumar, a 2004 batch Indian Revenue Service (Income Tax) officer will be Adviser to the Executive Director, International Monetary Fund (IMF), Washington DC, USA.
- Tanu Singh, an Indian Trade Service (2012 batch) officer, has been named as First Secretary, Permanent Mission of India (PMI), World Trade Organization (WTO), Geneva for a period of three years
IAS officer Senthil Pandian appointed as India’s representative to the World Trade Organization (WTO)
- Senthil Pandian, a 2002 IAS officer of the Uttar Pradesh cadre, has been appointed as India’s ambassador to the World Trade Organisation (WTO) in Geneva.
- The Appointments Committee of the Cabinet (ACC) approved Pandian’s appointment for a three-year term, effective from the date of assuming charge.
- At the time of appointment, Senthil Pandian is serving as the commissioner of excise in Uttar Pradesh.
- The appointment comes as the tenure of Brajendra Navnit, India’s current ambassador to the WTO, concludes on March 31, 2024.
- In October,2023 WTO more than halved its growth projection for world merchandise trade volume for 2023 at 0.8% compared to the 1.7% forecast in April last year due to a continued slump in goods trade.
- However, the 3.3% growth projected for 2024 remains nearly unchanged from the previous estimate of 3.2%.
About WTO :
- Established : 1 January 1995
- Headquarters : Geneva, Switzerland
- Director-General : Ngozi Okonjo-Iweala.
- Membership : 164 members (160 UN member states, the European Union, Hong Kong, Macao, and Taiwan)
SEBI Appoints G Ram Mohan Rao as Executive Director Overseeing Investigation and Internal Inspection
- Govindayapalli Ram Mohan Rao has been appointed as Executive Director of Securities and Exchange Board of India (SEBI).
- His appointment is for 3 years and he will be handling the Investigation Department and Internal Inspection Department.
About G Ram Mohan Rao :
- He has worked with SEBI for 25 years.
- He handled portfolios such as Inspections, Investigations and Market Surveillance. He has also served at the Northern Regional Office and Serious Fraud Investigation Office.
- Prior to this assignment, Rao was the Regional Director of the Eastern Regional Office of SEBI and supervised diverse portfolios such as, Inspections, Collective Investment Schemes, Litigation, Recovery, setting up of Investor Service Centers, Investor Awareness, Financial Education, redressal of grievances, coordination with 13 States/ UTs and so on.
Indra Mani Pandey Assumes Role as Secretary General of Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation
- Indra Mani Pandey, a veteran diplomat and a 1990-batch Indian Foreign Service (IFS) officer, has taken charge as the new Secretary General of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
- Pandey assumed charge as the 4th Secretary General of BIMSTEC at its secretariat in Dhaka.
- He replaced Tenzin Lekfel of Bhutan.
- His tenure in this prestigious post will be for three years.
- This marks the first time an Indian official has held the key post of Secretary General in the BIMSTEC regional grouping.
About Indra Mani Pandey :
- Pandey is a 1990-batch Indian Foreign Service (IFS) officer.
- He was serving as India’s Permanent Representative to the United Nations and other international organizations in Geneva before assuming the new assignment.
About BIMSTEC :
- Established : 6 June 1997 through the Bangkok Declaration.
- Headquarters : Dhaka, Bangladesh.
- BIMSTEC is an international organization of South Asia and Southeast Asian countries.
- Its members are Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.
CURRENT AFFAIRS: BUSINESS NEWS
India’s GDP may grow 7.3% in FY24: Govt’s first advance estimates
- The National Statistical Office has released its second advance estimate for the Indian Economy.
- According to it, the Indian economy is expected to grow at 7.3% in the Financial Year 2023-24.
- The Indian Economy will grow by 7.3% in FY 2023-24 over the provisional growth rate of 7.2% in the previous financial year.
- NSO’s report is based on the First Adv
- ance Estimates (FAE) of National Income for the financial year 2023-24.
- In this report, NSO said that the construction sector has been estimated to have a growth rate of 10.7%.
- All the economic sectors have done well and witnessed over 6% growth, except for the Agriculture and Allied sectors.
- For the Agriculture and Allied sectors, estimated growth is 1.8%.
- The government sees FY24 GVA growth at 6.9 percent YoY, down from 7 per cent in FY23.
- The government sees the manufacturing industry growing at 6.5 per cent in FY24, up from 1.3 per cent registered in FY23.
- This sector accounts for around 17 per cent of India’s overall GDP.
- Agriculture, livestock, forestry & fishing growth, which contributes around 15 per cent to the GDP, is pegged at 1.8 percent in FY24, down from 4 per cent in FY23.
HFCL bags Rs 1,127 cr order to transform BSNL’s Optical Transport Network
- HFCL Ltd (HFCL) has secured a Rs 1,127 crore order from Bharat Sanchar Nigam Ltd (BSNL) aimed at transforming the Optical Transport Network (OTN) infrastructure across the state-owned telco’s pan India network.
- HFCL’s comprehensive network upgrade will not only cater to the requirements of enterprise and FTTH/broadband services but also position BSNL for the future with the seamless launch of 4G services and the anticipation of 5G services in the coming years.
- HFCL has strategically partnered with the NOKIA Network to deploy state-of-the-art optical technology.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Tata Motors introduces 1st pure Electric Vehicle architecture called ‘acti.ev’
- Tata Motors introduced the first pure electric vehicle (EV) architecture called ‘acti.ev’, which will underpin its future portfolio of EVs such as Punch, Sierra, Harrier and Curvv.
Key Highlights :
- ev will be the first product based on this pure electric architecture, which will spawn a slew of vehicles with multiple body styles and sizes.
- The ‘acti.ev’ architecture will be different from the electrified modular architecture (EMA) that Tata Motors will be sourcing from Jaguar Land Rover (JLR) for the development of ‘Avinya’ range of cars.
- Tata Motors’ EV arm signed a licensing pact with JLR in November 2022 for the electrified modular architecture (EMA).
- Tata Motors opened bookings for Punch.ev.
- The Punch.ev will be the first ‘Born EV’ by Tata Motors.
- Born EV refers to vehicles that are specifically designed and manufactured as EVs from ground up.
- They are not adapted from the existing internal combustion engine (ICE) vehicles.
- The current portfolio of Tata Motors’ EVs — Tiago, Tigor and Nexon — has been adapted from existing ICE models.
- The year 2023 was an excellent year for electric cars in India.
- About 90,000-100,000 units of electric cars were sold in the country, a 90-100% annual growth in 2023.
- Tata Motors holds more than 80% share in the electric car market.
CURRENT AFFAIRS : OBITUARIES
‘India’s oldest’ sloth bear in captivity passed away in Bhopal zoo
- Bablu, India’s oldest sloth bear, has passed away at the age of 36 in Bhopal Zoo.
- A 36-year-old male sloth bear named Bablu died due to multi-organ failure at the Van Vihar National Park in Bhopal.
- In India, Bablu was the oldest bear in captivity.
- Bablu was rescued from a ‘madaari’ (street performer) in Rajasthan and brought to Van Vihar National Park at the age of 19 in 2006.
- The average lifespan of a bear in the wild is typically 25 to 30 years, underscoring Bablu’s longevity in captivity.
- With Bablu’s passing, another bear named Gulabo has now become the oldest bear in captivity in India.
About Van Vihar National Park :
- Van Vihar National Park is a national park in Bhopal.
- It was declared a national park in 1979.
- Located in Bhopal, Madhya Pradesh
CURRENT AFFAIRS: IMPORTANT DAYS
Pravasi Bharatiya Divas Or NRI Day: 9th January
- NRI Day 2024 or Pravasi Bharatiya Divas 2024 is observed on the 9th of January 2024.
- It was in 2000 when the Indian government decided to recognize the NRI community on January 9th by observing Pravasi Bharatiya Divas.
- Mahatma Gandhi returned to India on January 9, 1915, from South Africa, which gives the ninth of January its significance as NRI Day.
- Despite being formally established in 2000, this day wasn’t actually observed until 2003.
- More information about the background of Pravasi Bharatiya Divas is provided here:
- The idea for NRI Day originated with Indian lawyer, diplomat, and author L.M. Singhvi.
- The day was then formally declared on January 9, 2002, by Atal Bihari Vajpayee, the country’s then-prime minister.
- On 9th January 2006, the concept of OCI (Overseas Citizen of India) was introduced on Pravasi Bharatiya Divas.
Daily CA One- Liner: January 9
- The Reserve Bank of India (RBI) updated Know Your Customer (KYC) norms for politically exposed persons (PEPs) who transact with regulated entities (REs), seeking to comply with the recommendations of the Financial Action Task Force (FATF).
- Narayana Health has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to venture into the health insurance business in India.
- The Securities and Exchange Board of India (SEBI) has made adjustments to the regulatory framework for Online Bond Platform Providers (OBPPs) to improve the ease of doing business.
- The Securities and Exchange Board of India (SEBI) has relaxed guidelines for the settlement of running accounts of clients‘ funds or securities held with stockbrokers.
- West Bengal has achieved Geographical Indication (GI) tags for 5 more products as part of the National GI Drive Mission.
- The government has appointed senior bureaucrat Vikas Sheel as the Executive Director (ED) of Asian Development Bank (ADB) in Manila, Philippines.
- Senthil Pandian, a 2002 IAS officer of the Uttar Pradesh cadre, has been appointed as India’s ambassador to the World Trade Organisation (WTO) in Geneva.
- Govindayapalli Ram Mohan Rao has been appointed as Executive Director of Securities and Exchange Board of India (SEBI).
- Indra Mani Pandey, a veteran diplomat and a 1990-batch Indian Foreign Service (IFS) officer, has taken charge as the new Secretary General of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
- Bablu, India’s oldest sloth bear, has passed away at the age of 36 in Bhopal Zoo
- During the Global Investors Meet, discussions were held on climate change missions, circular economy, AI, and providing a robust environment for start-ups and SMEs
- Gujarat is all set to host the tenth edition of the Vibrant Gujarat Global Summit commencing at Mahatma Mandir in
- India has topped the list of source markets for tourism into Sri Lanka in 2023.
- India started its four-year term as a member of the United Nations Statistical Commission.
- The National Statistical Office has released its second advance estimate for the Indian Economy.
- Tata Motors introduced the first pure electric vehicle (EV) architecture called ‘acti.ev’, which will underpin its future portfolio of EVs such as Punch, Sierra, Harrier and Curvv
- HFCL Ltd (HFCL) has secured a Rs 1,127 crore order from Bharat Sanchar Nigam Ltd (BSNL) aimed at transforming the Optical Transport Network (OTN) infrastructure across the state-owned telco’s pan India network.
- NRI Day 2024 or Pravasi Bharatiya Divas 2024 is observed on the 9th of January 2024.
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