Daily Current Affairs – December 20, 2023
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Daily Current Affairs - Banking - December 20, 2023
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National News
Government spends Rs 967.46 crore on advertisements in print media from 2019-20 to 2023-24
- The government had spent ₹967.46 crore through the Central Bureau of Communication for publicity of its schemes in the print media from 2019-20 to 2023-24 (till December 12 2023).
- The Central Bureau of Communication (CBC) releases awareness/publicity campaigns through print media in accordance with the Print Media Advertisement Policy, 2020.
- As of March 31, 2019, 1,19,995 periodicals, including newspapers, were registered with the Registrar of Newspapers for India (RNI).
- The number was 1,43,423 in 2020, 1,44,520 in 2021, 1,46,045 in 2022 and 1,48,363 in 2023.
- Central Bureau of Communication (CBC) – 08/12/2017 (Established) – Ministry of Information & Broadcasting (Under)
Nabard and ADB jointly launch climate action initiative with tech support from Bill and Melinda Gates Foundation
- National Bank for Agriculture and Rural Development (Nabard) and Asian Development Bank (ADB) launched an initiative to facilitate climate action in India’s agriculture, natural resources, and rural development sector. Under this initiative, a Technical Support Unit has been set up in Nabard with the partnership of Bill and Melinda Gates Foundation to enable the agri lender to address the challenges posed by climate change, particularly in the areas of agriculture and rural livelihood sectors in India.
- Intellecap Advisory Services Private Limited has been appointed to manage this Technical Support Unit.
- Intellecap has proven experience in on-ground management of large-scale programs in agriculture and other agri-allied sectors, with a climate adaptation as well as mitigation focus.
- NABARD would like to use this opportunity to call all the ecosystem partners to join us in this journey and make this planet a better place to live.
- National Bank for Agriculture and Rural Development (NABARD) – 12/07/1982 (Founded) – Mumbai (HQ) – Shri. Shaji K V (Chairman)
India’s renewable energy sector has received FDI equity investment of $ 6.1 billion during April 2020 – September 2023
- The country has received a total FDI Equity investment amounting to $6,137.39 Million in the renewable energy sector, during the last three financial years and the current financial year (till 30.09.2023).
- India is world’s 4th largest consumer of electricity and world’s 3rd largest renewable energy producer with 40% of energy capacity installed in the year 2022 (160 GW of 400 GW) coming from renewable sources.
- Ministry of New and Renewable Energy – Raj Kumar Singh,Union Minister (Arrah, Bihar) – Bhagawanth,Minister of State (Bidar,Karnataka)
Piyush Goyal releases “Compendium of PM GatiShakti: Volume II”
- Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Piyush Goyal released three documents, namely, “Compendium of PM GatiShakti: Volume II”, “Compendium of Roles and Responsibilities on PM GatiShakti National Master Plan” and “Handbook for District Collectors: PM GatiShakti National Master Plan for Area Development Approach”, at Vanijya Bhawan, New Delhi.
- Ministry of Consumer Affairs, Food and Public Distribution – Piyush Vedprakash Goyal,Union Minister (Rajya Sabha MP,Maharashtra) – Niranjan Jyoti,Minister of State (Fatehpur,UP) & Ashwini Kumar Choubey,Minister of State (Bhagalpur,Bihar)
Schemes
‘Enhancement of Competitiveness in the Indian Capital Goods Sector – Phase 2’ Scheme
- Ministry of Heavy Industries is implementing the Scheme for ‘Enhancement of Competitiveness in the Indian Capital Goods Sector – Phase 2’ in order to facilitate adoption of Industry 4.0 and to promote investments in manufacturing sector, indigenization of technologies and creation / augmentation of common service infrastructure / Testing facilities.
- An amount of ₹250 crores has been allocated under this Scheme for Financial Year 2023-24.
- Under Scheme for ‘Enhancement of Competitiveness in the Indian Capital Goods Sector – Phase 2’, a total of ₹326.14 crores have been sanctioned so far.
- The amount is being utilized by the Project Implementing Organizations for development of niche technologies related to Capital Goods and Automotive Sector, establishment of Common Engineering Facility Centres, Augmentation of existing Testing & Certification Facilities and Development of Qualification Packs for the Skill Level 6 and above.
- MHI formulated Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME India Phase II) Scheme for a period of five years commencing from 1st April, 2019 with a total budgetary support of ₹10,000 crores.
- An amount of ₹5171.97 crores has been allocated under this Scheme for Financial Year 2023-24.
- Ministry of Heavy Industries – Mahendra Nath Pandey,Union Minister (Chandauli,UP) – Krishan Pal Gurjar,Minister of State (Faridabad,Harayana)
Banking and Finance
RBI cracks down on loan evergreening through AIFs
- Reserve Bank of India in a circular issued said that entities regulated by it (banks and financial institutions) should not make investments in any scheme of AIFs which directly or indirectly invests in an existing borrower of the bank.
- And in case, an AIF scheme does invest in an existing borrower of the bank, the bank must liquidate its investment in the scheme within 30 days.
- In case if the banks are not able to liquidate their investments within the above-prescribed time limit, they will have to make 100% provision on such investments.
- Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)
Razorpay, Cashfree receive final RBI nod for payment aggregator biz
- Digital payment companies Razorpay and Cashfree Payments have received final approval from the Reserve Bank of India (RBI) to operate as payment aggregators (PA), enabling the fintechs to onboard new merchants after a nearly one-year-old regulatory ban.
- Other players such as PayU, Paytm, JusPay, among others, are yet to receive a nod from the regulator to onboard new merchants.
- The RBI defines PAs as entities which facilitate e-commerce sites and merchants to accept various payment instruments from the customers for the completion of their payment obligations without the need for merchants to create a separate payment integration system of their own.
- PAs enable merchants to connect with
- They are able to receive payments from customers, pool them, and transfer them onto the merchants after a time period, according to the regulator.
- Razorpay Software Private Limited – 2013 (Founded) – Bangalore (HQ) – Harshil Mathur (CEO)
- Cashfree Payments – 2015 (Founded) – Bengaluru (HQ) – S. Akash (CEO)
Aditya Birla Sun Life, IDFC First Bank in pact to collaborate on financial solutions
- Aditya Birla Sun Life Insurance and IDFC First Bank have entered into a bancassurance partnership to offer insurance solutions to the bank’s customers.
- Under this collaboration, the insurer will leverage the extensive distribution network of IDFC First Bank.
- Aditya Birla Sun Life will offer products and services, including those that focus on retirement planning, ensuring a steady source of second income and tax-free returns tailored to their life stages.
- The partnership will provide customers with a one-stop-shop for their financial needs, including a range of insurance and banking products, and enhance the customer experience.
- The two organisations will also collaborate to create financial solutions that cater to the changing needs of customers.
- Aditya Birla Sun Life Insurance – 2000 (Founded) – Mumbai (HQ) – Devendra Singhvi (MD & CEO)
Karur Vysya Bank, HDFC Life entered into corporate agency tie-up
- Karur Vysya Bank and HDFC Life have entered into a corporate agency agreement to offer life insurance products to their respective customers.
- This corporate agency arrangement would enable customers of Karur Vysya Bank to avail HDFC Life’s wide range of life insurance products which include solutions for protection, savings and investment, retirement and critical illness.
Business and Economy
IMF says India emerges as star performer and is projected to contribute more than 16 percent of global growth
- The International Monetary Fund (IMF) released its annual Article IV consultation with India, according to which India is on track to be one of the fastest-growing major economies in the world this year, underpinned by prudent macroeconomic policies.
- India has emerged as a star performer and is projected to contribute more than 16 percent of the global growth.
- The IMF in its annual report recommended that policy priorities should focus on replenishing fiscal buffers, securing price stability, maintaining financial stability, and accelerating inclusive growth through comprehensive structural reforms while preserving debt sustainability.
- It noted that India’s recent inflation dynamics had not followed the same pattern as in other countries.
- India’s economy has rebounded strongly from the pandemic to become an important driver of global growth.
- International Monetary Fund (IMF) – 27/12/1945 (Founded) – Washington DC (HQ) – Kristalina Georgieva (MD)
Summit and Conference
Odisha to organise World Odia language conference in February 2024
- The Odisha government has decided to organise a World Odia conference in February 2024 to further strengthen, spread and popularise the language both within and outside the state.
- The decision of ‘Biswa Odia Bhasha Sammilani’ (World Odia Language Conference) was taken at the Heritage Cabinet meeting chaired by Chief Minister Naveen Patnaik.
- The sammmilani (conference) will be held for three days.
Acquisitions and Mergers
Blackstone sold stake in Embassy REIT
- Global fund Blackstone has sold its entire 5 per cent stake in Embassy Office Parks REIT for around ₹7,100 crores through block deal on stock exchanges.
- The company sold its units at around ₹316 per share.
- Blackstone Inc. – 1985 (Founded) – New York (HQ) – Stephen Schwarzman (Chairman and CEO)
Appointments
Independent directors of Larsen & Turbo
- Infrastructure major Larsen & Toubro has decided to onboarded former SEBI chief Ajay Tyagi and former Deloitte India chairman P R Ramesh as independent directors of the company.
- Larsen & Toubro Ltd (L&T) – 07/02/1946 (Founded) – Mumbai (HQ) – Anil Manibhai Naik (Chairman)
Ranks and Indices
Logistics Ease Across Different States (LEADS) 2023 rankings
- The Ministry of Commerce and Industry created and introduced the Logistics Ease Across Different States (LEADS) index in 2018.
- The Government of India’s unique initiative, LEADS, aims to evaluate the performance of logistics ecosystems across States and Union Territories.
- LEADS paves the way for States and Union Territories to understand the main components of logistics performance, which they can utilise for sound policy-making and decision-taking.
- With its distinctive offerings, LEADS highlights efforts made by individual States and Union Territories to enhance their logistics performance.
- This index ranked States and Union Territories based on the relative performance of their export-import logistics ecosystem, informed by the input from vital logistics stakeholders.
- The evaluation focuses on three critical dimensions: infrastructure, services, and operating and regulatory environment, encompassing both perception-based and objective indicators.
- Tamil Nadu has been recognised as the top performer in the fifth Logistics Ease Across Different States (LEADS) 2023 rankings.
- In the ranking, Kerala, Maharashtra, Madhya Pradesh, Rajasthan, Uttarakhand, Arunachal Pradesh, and Nagaland are also included as fast movers.
- Among the states and UTs ranked in the aspirers category are Goa, Odisha, West Bengal, Bihar, Chhattisgarh, Himachal Pradesh, and Jharkhand.
- Ministry of Commerce and Industry – Piyush Goyal,Cabinet Minister (Rajya Sabha MP,Maharashtra) – Anupriya Patel, Minister of State (Mirzapur,UP), Som Parkash, Minister of State (Hoshiarpur,Punjab)
Awards and Recognitions
Bhutan top honour for former Punjab cadre IAS officer Dr Khetrapal
- Retired Punjab cadre IAS officer of 1975 batch and WHO South-East Asia regional director Dr Poonam Khetrapal Singh has been awarded Bhutan’s prestigious National Order of Merit Gold Medal for her distinguished services to the country.
- Bhutan King Jigme Khesar Namgyel Wangchuk honoured Dr Khetrapal, an Indian national, at Bhutan’s 116th National Day celebration.
- Dr Poonam Khetrapal Singh, the first woman regional director of WHO South-East Asia Region, played a pivotal role in supporting transformative healthcare leadership in Bhutan from 2014 to 2024.
- Bhutan – Thimphu (Capital) – Ngultrum (Currency) – Jigme Khesar Namgyel Wangchuck (Druk Gyalpo) – Lotay Tshering (Prime Minister) – Dzongkha (Language)
Central Energy Conservation Award
- The Malabar unit of the Kerala Cooperative Milk Marketing Federation (Milma) has bagged the Central Energy Conservation Award in Dairy Sector.
- It is the highest award given by the Centre to institutions that excel in energy conservation.
- Union Minister for New and Renewable Energy K. Singh presented the award to K.S. Mani Chairman of Milma.
- In 2022, Milma had won the Platinum Award of the Society of Energy Engineers and Managers.
- Kerala Cooperative Milk Marketing Federation (Trade Name:Milma) – 1980 (Founded) – Thiruvananthapuram (HQ)
Sports News
First Asian Dueball Championship
- The Indian men’s and women’s teams bagged silver medals at the first Asian Dueball Championship held at BBCA ground in Mumbai.
- Women’s – The championship was won by Iraq and saw the participation of India and Bangladesh.
- Men’s – The championship, which was won by Iraq, witnessed the participation of Sri Lanka and India.
- Dueball is a team sport played between two teams of twelve players, originating from Nagpur, Maharashtra.
- It is a combination of different sports such as basketball, handball and football in addition to some variety of techniques.
Important Days
International Human Solidarity Day 2023
- International Human Solidarity Day is annually observed on December 20.
- On this Day, the international community comes together to pledge to adopt ways to promote the well-being of the global community and eradicate poverty, hunger, and diseases.
- International Human Solidarity Day was established under the U.N. Millennium Declaration that determines the civil and political rights of an individual in the modern era by establishing foreign relations between the member states and the U.N.
- It was introduced by the General Assembly during the 2005 World Summit and formally established on December 22, 2005, by resolution 60/209, which recognized solidarity as a fundamental and universal value.
Daily Current Affairs - December 20, 2023 - Consolidated
- Government spends Rs 967.46 crore on advertisements in print media from 2019-20 to 2023-24
- Nabard and ADB jointly launch climate action initiative with tech support from Bill and Melinda Gates Foundation
- India’s renewable energy sector has received FDI equity investment of $ 6.1 billion during April 2020 – September 2023
- Piyush Goyal releases “Compendium of PM GatiShakti: Volume II”
- ‘Enhancement of Competitiveness in the Indian Capital Goods Sector – Phase 2’ Scheme
- RBI cracks down on loan evergreening through AIFs
- Razorpay, Cashfree receive final RBI nod for payment aggregator biz
- Aditya Birla Sun Life, IDFC First Bank in pact to collaborate on financial solutions
- Karur Vysya Bank, HDFC Life entered into corporate agency tie-up
- IMF says India emerges as star performer and is projected to contribute more than 16 percent of global growth
- Odisha to organise World Odia language conference in February 2024
- Blackstone sold stake in Embassy REIT
- Independent directors of Larsen & Turbo
- Logistics Ease Across Different States (LEADS) 2023 rankings
- Bhutan top honour for former Punjab cadre IAS officer Dr Khetrapal
- Central Energy Conservation Award
- First Asian Dueball Championship
- International Human Solidarity Day 2023
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