Home Daily Current Affairs Banking Current Affairs Daily Current Affairs – December 04 & 05, 2023

Daily Current Affairs – December 04 & 05, 2023

Daily Current Affairs - Banking - December 04 & 05, 2023

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International News

Oxford University Press has named 'rizz' as its word of the year

Oxford University Press has named “rizz″ as its word of the year, highlighting the popularity of a term used by Generation Z to describe someone’s ability to attract or seduce another person.

India, Maldives core group created

India and the Maldives agreed to set up a core group to further deepen their partnership, as Prime Minister Narendra Modi held a “productive” meeting with newly-elected Maldivian President Mohamed Muizzu on the sidelines of the UN’s COP 28 climate summit.
The two leaders discussed ways to further bolster India-Maldives relations in sectors pertaining to economic relations, development cooperation, and people-to-people ties.
Maldives – Male (Capital) – Maldivian rufiyaa (Currency) – Mohamed Muizzu (President) – Dhivehi (Language)

Schemes

UDAN Scheme

More than one crore thirty lakh people have availed the benefits of the Regional Connectivity Scheme, UDAN so far.
The scheme Ude Desh ka Aam Nagrik (UDAN) was launched in 2016, which seeks to stimulate regional air connectivity by providing affordable rates for the masses.
The government has set a target to operationalize one thousand UDAN routes and to develop one hundred unserved and underserved airports, heliports and water aerodromes by
Ministry of Civil Aviation – Jyotiraditya Scindia,Union Minister (Rajya Sabha MP,MP) – General Vijay Kumar Singh,Minister of State

Banking and Finance

ADB Boosts Support to Improve Water Supply, Sanitation in Uttarakhand

The Asian Development Bank (ADB) has approved a $200 million loan as additional financing for the Uttarakhand Integrated and Resilient Urban Development Project to further expand access to reliable water supply and upgrade sanitation facilities in Uttarakhand, India.
ADB’s additional financing will construct 817 kilometers (km) of piped water supply network in Haldwani and Tanakpur to ensure 24-hour water supply and incorporate innovative nonrevenue water management using artificial intelligence-based leak detection technologies.
It will install water meters in 45,000 poor and vulnerable households to enable efficient water consumption and improve billing.
It will build on a $125 million loan approved in November 2021 for water supply and sanitation services in Dehradun and Nainital.
The project will further improve sanitation systems in Dehradun and Haldwani.
It will construct a sewage treatment plant with a co-treatment facility using advanced sewage treatment technology, lay down 268 km of sewer pipes and 99 km of stormwater drainage, and connect 12,000 households to the sewer network.
For households not connected to the sewer networks, the project will provide fecal sludge and septage management.
The construction of stormwater drainage will improve climate resilience in those towns.
Asian Development Bank (ADB) – 19/12/1966 (Founded) – Mandaluyong, Philippines (HQ) – Masatsugu Asakawa (President) – 68 countries

Godrej Capital Nirmaan teams with DBS Bank India, Visa & Amazon to support MSMEs

Godrej Capital, the financial services arm of the Godrej Group, is leveraging its platform, Nirmaan, by expanding its collaborative network to support MSME growth in India.
Partnerships with DBS Bank India, Visa, Amazon, and others underscore Godrej Capital’s commitment to providing growth opportunities for MSME owners.
These collaborations are designed to empower MSMEs, offering a diverse array of value-added services and comprehensive support throughout their business journey.
The platform aims to foster growth revolving around three critical areas for MSMEs: expansion of customer base, streamlining of operations, and enhancement of employee productivity.
This partnership will enable DBS Bank India to offer MSMEs access to a comprehensive suite of value-added services, featuring a customised current account.
Godrej Capital Limited – 2019 (Founded) – Pune (HQ) – Manish Shah (MD & CEO)

Business and Economy

India set to become 3rd large economy by 2030

India will become the world’s third largest economy by 2030, S&P Global Ratings said as it forecast the nation’s GDP growth reaching 7% in 2026-27 fiscal year.
In its Global Credit Outlook 2024, S&P saw a 4% GDP growth in the fiscal year through March 2024 (2023-24) as compared to 7.2% in the previous financial year.
The growth rate will remain at 4% in the next fiscal (2024-25) before climbing to 6.9% in the next and 7% in 2026-27.
India is set to become the third-largest economy by 2030, and we expect it will be the fastest growing major economy in the next three years.
S&P Global Inc – 1917 (Founded) – New York (HQ) – Douglas L. Peterson (President & CEO)

Agreements and MoUs signed

ReNew signed MoU with Asian Development Bank

The National Health Mission of Assam signed Memorandum of Association (MoA) with United Nations Development Programme (UNDP) to provide technical support to Assam for strengthening the health system of the state.
Under the terms of the MoA UNDP’s Health and Governance Unit will provide technical support to the state in Health System Strengthening and in the implementation of various health programmes such as CoWIN, eVIN, Swasthaya Sewa Abhiyan, Swasthaya Sewa Utsav and upcoming digitization initiatives to strengthen the health system in Assam.
United Nations Development Programme (UNDP) – 22/11/1965 (Founded) – New York (HQ) – Achim Steiner (Administrator)

Kerala Startup Mission signed pact with Business Finland to boost start-up ecosystems

Kerala Startup Mission is set to associate with Business Finland to bolster the ecosystems of nascent firms in India and the Scandinavian country.
Business Finland, under the country’s Ministry of Employment and the Economy, has been working for six years towards attracting trade, tourism and foreign investment while also providing funds for innovation.
KSUM signed a memorandum of understanding with the Finnish governmental organisation, seeking to support and maintain regular contact for mutual exchange of information and knowledge related to the start-up ecosystems in both countries.
The pact, which was signed at Helsinki this week, will serve as a vital link fostering mutual innovation and market access within the ecosystems.
Creating a robust start-up bridge, collaborative opportunities and growth prospects across diverse domains, the strategic alliance was cemented at the ‘Slush 2023’ in the Finnish capital, conceived as a founder-focused event.
Finland – Helsinki (Capital) – Euro (Currency) – Sauli Väinämö Niinistö (President) – Petteri Orpo (Prime Minister) – Finnish & Swedish (Language)

Science and Technology

Gajraj System by Indian Railways

Indian Railways embarks on deploying the ‘Gajraj system,’ an AI-driven surveillance solution covering 700 kilometers of forested railway tracks.
The initiative, aimed at curbing elephant fatalities, utilizes advanced technology to alert loco pilots about the presence of elephants.
Explore the project overview, cost, and functionality of the system, designed to ensure wildlife preservation and enhance railway safety.
Union railway minister Ashwini Vaishnaw highlighted the identified forested regions in Assam, West Bengal, Odisha, Kerala, Jharkhand, Chhattisgarh, and Tamil Nadu.
The technology, which was created by the railroads in association with a few start-ups, was implemented on a 150-kilometer section of Assam last year and has shown to be quite beneficial.
Indian Railways – 06/05/1836 (Founded) – New Delhi (HQ) – V.K.Tripathi (Chairman & CEO)

HDFC Securities Launched Mobile Trading App HDFC SKY On AWS Cloud

HDFC Securities, which is among the leading investment service providers in India, has launched its mobile trading app, HDFC SKY on the AWS cloud.
With AWS, HDFC Securities is expected to reduce its annual IT infrastructure and management costs by up to 50% as compared to using on-premises infrastructure.
AWS, Amazon’s cloud computing unit, has recently outlined plans to invest USD 12.7 billion in cloud infrastructure in the country by 2030 as it looks to meet growing customer demand for cloud services.
HDFC Sky serves 75 million customers and all HDFC Group companies, investors, and traders globally on trading of shares, commodities, futures, currencies, Initial Public Offerings (IPOs), mutual funds, and Exchange-Traded Funds (ETFs).
To make trading more transparent and accessible for investors, HDFC SKY operates on a flat pricing model, charging traders a consistent, predetermined fee, regardless of the amount of money invested or the number of transactions made.
HDFC securities – 2000 (Founded) – Mumbai (HQ) – Bharat Shah (Chairman)

Acquisitions and Mergers

L&T Finance Holdings completed merger of 3 of its subsidiaries with itself

L&T Finance Holdings Ltd has completed the merger of its three subsidiaries L&T Finance Limited (LTF), L&T Infra Credit Limited (LTICL) and L&T Mutual Fund Trustee Limited, with itself.
The company said the merger is effective from December 4 and will create a single lending entity.
L&T Finance Holdings Ltd – 01/05/2008 (Founded) – Mumbai

Appointments

India re-elected to International Maritime Organisation

India was re-elected to the International Maritime Organisation (IMO) Council with the highest tally at elections held at its Assembly in London on Friday for the 2024-25 biennium.
India’s re-election falls under the Category of 10 states with “the largest interest in international seaborne trade”, alongside Australia, Brazil, Canada, France, Germany, the Netherlands, Spain, Sweden, and the United Arab Emirates (UAE).
The 33^rd Assembly of IMO is meeting at the IMO Headquarters in London.
All 175 member states and three associate members are entitled to attend the Assembly, which is the IMO’s highest governing body.
The intergovernmental organisations with which agreements of cooperation have been concluded and international non-governmental organisations in consultative status with IMO are also invited to attend.
The Assembly normally meets once every two years in a regular session.
It is responsible for approving the work programme, voting the budget and determining the financial arrangements of the organisation.
It also elects the organisation’s 40-member council at these meetings for the next two-year period.
International Maritime Organization (IMO) – 17/03/1948 (Founded) – London (HQ) – Kitack Lim (Secretary-General)

Youth voter awareness ambassador for Jammu & Kashmir

In Jammu and Kashmir, the Chief Electoral Officer (CEO) Pandurang K Pole announced International Cricketer Suresh Raina as the youth voter awareness ambassador for Union Territory of J&K.
Jammu & Kashmir – Srinagar (May–October) & Jammu (Nov-April) (Capital) – Manoj Sinha (Lieutenant Governor) – Urdu, Kashmiri, Dogri, Hindi, English (Language)

Director General (DG) of the Indian Council of Forestry Research Education (ICFRE)

1991-batch Indian Forest Service Officer of Madhya Pradesh cadre Kanchan Devi has been appointed as the Director General (DG) of the Indian Council of Forestry Research Education (ICFRE).
She is the first woman officer to hold this post of the premier council under the Union Ministry of Environment, Forest, and Climate Change.
ICFRE is the country’s leading organization for advising the Government of India, the state governments and other stakeholders like farmers, industries and academicians on the issues relating to forestry research and technologies for meeting the new challenges in the field of forest conservation.
Indian Council of Forestry Research Education (ICFRE) – 1986 (Founded) – Dehradun (HQ) – Ministry of Environment and Forests (Under)

Brand ambassador of PNB MetLife

PNB MetLife, a life insurance company, is partnering with cricket sensation Smriti Mandhana to bring its message of ‘Karo Bade Sapno Ki Tayyari’ to every Indian.
She is a two-time ‘ICC Women’s Cricketer of the Year’ and ‘Arjuna Award’
PNB MetLife India Insurance Company Limited (PNB MetLife) – 2001 (Founded) – Mumbai (HQ) – Ashish Kumar Srivastava (MD & CEO)

First woman ADC to governor from armed forces

Squadron Leader Manisha Padhi has become the first woman officer from the armed forces to be appointed as an Aide-De-Camp (ADC) to a Governor, lending weight to the government’s effort towards nari-shakti.
Mizoram Governor Dr Hari Babu Kambhampati selected Sqn Leader Manisha Padhi, a 2015 batch Indian Air Force (IAF) Officer, as his ADC from a list of three sent to him by the Ministry of Defence (MoD).
Indian Air Force (IAF) – 26/01/1950 (Founded) – New Delhi (HQ) – Airforce Day (October 08) – Air Chief Marshal Vivek Ram Chaudhari (Chief of Air Staff) – ‘Touch the sky with Glory’ (Motto)

Ranks and Indices

Asia's 2023 Heroes of Philanthropy

Forbes has released its 17^th annual list of philanthropists who donated generously and showed commitment to causes of their choice over the past year.
The unranked list showcases names from the Asia-Pacific region.
The Forbes Asia list acknowledges individuals who donate from personal funds, showcasing their commitment to various causes, and three Indians –KP Singh, Nandan Nilekani, and Nikhil Kamat have made the list this year.
KP Singh is the chairman emeritus of DLF.
Nandan Nilekani is The co-founder and chairman of Infosys.
Nikhil Kamath is the co-founder and chief financial officer of Zerodha.

Awards and Recognitions

19th India Business Leader Awards (IBLA)

India Business Leader Awards 2023 (IBLA203), the 19th edition of annual awards hosted by CNBC TV-18 held in Mumbai.
ISRO and the Chandrayaan-3 team have been awarded “Outstanding Contribution to Brand India”.
The IBLA2023 award for Young Turk of the Year was presented to
Open Network for Digital Commerce (ONDC) bagged the Disruptor of the Year IBLA 2023, for revolutionizing online shopping landscape of India.
Persistent Systems was recognised as the Most Promising Company of the Year.
Javelin thrower Annu Rani, steeplechaser Parul Chaudhary and India’s Men’s Relay team (Anas Muhammed Yahiya, Amoj Jacob, Muhammed Ajmal Variyathodi and Rajesh Ramesh) were awarded with the Trailblazers of the Year award.
Indian Cricketer Shubman Gill was awarded the Sports Leader of the Year title for his achievements in the world of cricket.
Former HDFC chairman Deepak Parekh was awarded the Hall of Fame.
Apollo Hospitals was recognised as Asia’s foremost healthcare provider and awarded them Outstanding Company of the Year award.
Actor Sunny Deol was presented Entertainment Leader of the Year.
Kay Beauty by Katrina Kaif was awarded as the Breakout Brand of the Year.
Amitabh Kant in the public service domain and was awarded with the Outstanding Contribution to Public Service.
Spotify won the Brand Campaign of the Year award.
NEPRA was recognised for Outstanding Contribution to Climate Consciousness.
Vijay Dhasmana earned the Jury recognition for Climate Consciousness.
Biocon’s Kiran Mazumdar-Shaw was awarded Outstanding Business Leader of the Year.
Uday Kotak was honoured with the Lifetime Achievement Award for his work in the banking and finance sector through Kotak Mahindra Bank.

WISE Prize by Qatar Foundation

Safeena Hussain, founder of ‘Educate Girls,’ has become the first Indian woman to bag the WISE Prize worth 5 lakh USD for mobilising 14 lakh out of school girls in Indian villages to get back to mainstream education.
The prize, awarded by the Qatar Foundation at the 11th Edition of the World Innovation Summit for Education (WISE) Summit in Doha, is one of the most prestigious awards in education.

Sports News

2023 IBA Junior World Boxing Championship

India bagged three gold, five silver and one bronze medals at 2023 IBA Junior World Boxing Championship held in Yerevan, Armenia.
Akansha won gold in 70 kg category, Pari clinched gold medal in 48 kg weight category, while Nisha won gold in 52 kg category.
In 52 kg weight category, Vini won silver medal, while Srishti Sathe won silver medal in 63 kg weight category.
In the boys’ category, Jatin won the silver medal in the 54 kg category.
While Hardik Panwar in 80 kg category, Ameesha Kereta in the 54 kg category and Prachi Tokas in the 80 kg weight category had to settle for silver medals only.
Russia won the medal competition with 7 gold, 2 silver and 7 bronze medals.
Armenia came the second with 4 gold, 5 silver and 1 bronze medal.
Uzbekistan and Kazakhstan also claimed four gold medals.
Armenia – Yerevan (Capital) – Yerevan (Currency) – Vahagn Khachaturyan (President) – Nikol Pashinyan (Prime Minister) – Armenian (Language)

Important Days

Navy Day 2023

Navy Day is annually observed on December 04 in India.
The Day is marked to commemorate the success of Operation Trident which took place during the Indo-Pakistani War of 1971.
This year, the Navy Day programme will be organised at the Sindhudurg Fort in Maharashtra.
It was the first time that anti-ship missiles were used in combat between India and Pakistan.
The Indian Navy’s offensive destroyed Pakistan’s ship fuel reserves and also damaged the Karachi Port.
Indian Navy – 26/01/1950 (Founded) – New Delhi (HQ) – Navy Day (December 4) – Admiral R. Hari Kumar (Chief of Naval Staff) – ‘May the Lord of Water be auspicious unto us’ (Motto)

International Day of Banks 2023

International Day of Banks is annually observed on December 04.
On 19 December 2019, the UN General Assembly adopted resolution 74/245, designated December 4 as the International Day of Banks in recognition of the significant potential of multilateral development banks and other international development banks in financing sustainable development and providing know-how; and also in recognition of the vital role of the banking systems in Member States in contributing to the improvement of the standard of living.
United Nations General Assembly – 1945 (Founded) – New York City (HQ) – Dennis Francis (President)

World Soil Day 2023

World Soil Day is annually observed on December 05.
The day is celebrated to focus attention on the importance of healthy soil and to advocate for the sustainable management of soil resources.
The FAO Conference unanimously endorsed World Soil Day in June 2013 and requested its official adoption at the 68th UN General Assembly.
In December 2013, the UN General Assembly responded by designating 5 December 2014 as the first official World Soil Day.
Theme – Soil and water, a source of life
Food and Agriculture Organization of the United Nations (FAO) – 16/10/1945 (Founded) – Rome (HQ) – Qu Dongyu (Director General)

Defence

Ministry of Defence signed contract with BHEL

The Ministry of Defence has inked a contract worth ₹2956.89 crore with M/s Bharat Heavy Electricals Limited (BHEL), Haridwar, Uttarakhand.
The contract involves the procurement of 16 upgraded Super Rapid Gun Mounts (SRGM) and associated equipment/ accessories for the Indian Navy, falling under the Buy (Indian) category.
The Upgraded SRGM represents a medium-caliber anti-missile/anti-aircraft point defense weapon system known for its sustained rate of fire and high accuracy, the system is designed to handle multiple engagements within complex, multi-threat scenarios.
Bharat Heavy Electricals Limited (BHEL) – 1956 (Founded) – New Delhi (HQ) – K S Murthy (Chairman & Managing Director)

Survey vessel ship Sandhayak delivered to Navy

Sandhayak (Yard 3025), the first of four Survey Vessel (Large) ships, being built at Garden Reach Shipbuilders & Engineers (GRSE), Kolkata, was delivered to the Indian Navy.
The Contract for four Survey Vessel (Large) was signed on October 30 2018.
With a displacement of about 3400 tons and an overall length of 110 meters, Sandhayak is fitted with state-of-the-art hydrographic equipment such as Data Acquisition and Processing System, Autonomous Underwater Vehicle, Remotely Operated Vehicle, DGPS Long range positioning systems, and digital side scan sonar.
The Keel for ship was laid on March 12 2019 and the ship was launched on December 05 2021.
The ship has undergone a comprehensive schedule of trials in harbour and at sea, leading up to its delivery to Indian Navy.
Garden Reach Shipbuilders & Engineers Ltd, – 1884 (Founded) – Kolkata (HQ) – Cmde PR Hari,IN (Retd.) (Chairman & MD)

Daily Current Affairs - December 04 & 05, 2023 - Consolidated

Oxford University Press has named ‘rizz’ as its word of the year
India, Maldives core group created
UDAN Scheme
ADB Boosts Support to Improve Water Supply, Sanitation in Uttarakhand
Godrej Capital Nirmaan teams with DBS Bank India, Visa & Amazon to support MSMEs
India set to become 3rd large economy by 2030
ReNew signed MoU with Asian Development Bank
Kerala Startup Mission signed pact with Business Finland to boost start-up ecosystems
Gajraj System by Indian Railways
HDFC Securities Launched Mobile Trading App HDFC SKY On AWS Cloud
L&T Finance Holdings completed merger of 3 of its subsidiaries with itself
India re-elected to International Maritime Organisation
Youth voter awareness ambassador for Jammu & Kashmir
Director General (DG) of the Indian Council of Forestry Research Education (ICFRE)
Brand ambassador of PNB MetLife
First woman ADC to governor from armed forces
19^th India Business Leader Awards (IBLA)
WISE Prize by Qatar Foundation
2023 IBA Junior World Boxing Championship
Navy Day 2023
International Day of Banks 2023
World Soil Day 2023
Ministry of Defence signed contract with BHEL
Survey vessel ship Sandhayak delivered to Navy

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