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Daily Current Affairs – December 23 & 24, 2023

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Daily Current Affairs - Banking - December 23 & 24, 2023

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National News

World Bank and Department of Economic Affairs launch PPP Beginner’s e-course to foster collaboration between public and private sectors in infrastructure capacity-building

  • In a significant step towards fostering collaboration between the public and private sectors in infrastructure capacity-building, Ajay Banga, President, World Bank Group, launched the Public-Private Partnership (PPP) Beginner’s e-Course in the presence of Ajay Seth, Secretary, Department of Economic Affairs (DEA), Ministry of Finance, V. Anantha Nageswaran, Chief Economic Advisor, Ministry of Finance and Parameswaran Iyer, Executive Director, World Bank Group at New Delhi.
  • The PPP e-course is a infra-focused capacity-building programme jointly undertaken by the Infrastructure Finance Secretariat, DEA and the World Bank. The course aims to provide foundational knowledge and insights to individuals keen on understanding and contributing to the dynamic realm of PPPs in India.
  • The course on PPPs comprises 5 modules which covers the major elements associated with lifecycle of PPP projects, including introduction to PPPs, identification of PPP projects, structuring of projects, tendering and implementation and monitoring aspects of PPP projects.
  • This will help in structuring and implementing successful PPP projects across different infrastructure sectors in the country.
  • The duration of the course is 7 hours and 15 mins but is designed to be self-paced.
  • Those taking up the course need not have any prior experience in PPP to take this course.

Centre released ₹72,961.21 crore as additional installment of Tax Devolution to States

  • The Union Government has authorised the release of an additional installment of tax devolution amounting to ₹72,961.21 crore to strengthen the hands of State Governments for financing various social welfare measures and infrastructure development schemes.
  • This installment is in addition to the tax devolution installment due to States on 10 January 2024 and the installment of ₹72,961.21 crore already released on 11 December 2023.

Chief Guest for Republic Day

  • French President Emmanuel Macron will visit India next month to participate in the 75th Republic Day celebrations on January 26 as the Chief Guest.
  • 74th Republic Day Chief Guest president of Egypt Abdel Fattah El-Sisi.
  • 73rd & 72nd Republic Day No Chief Guest from Other Country.
  • 71st Republic Day Chief Guest Brazil President Jair Bolsonaro.

National Programme on Anganwadi-cum-Crèche (Palna)

  • A National Level Programme on Anganwadi-Cum-Crèche Under Palna was held at Vigyan Bhawan, New Delhi to release the Standard Operating Procedure (SOP) of the scheme.
  • The Anganwadi-Cum- Crèche initiative under the Palna Scheme underwent revisions and was included as part of the Samarthya sub-component of Mission Shakti, starting from April 2022.
  • The central aim of Anganwadi-cum- Crèches is to meet the demand for quality childcare facilities and enable women to actively participate in the workforce.

International News

India, Germany to support development projects in Ethiopia, Madagascar

  • India and Germany’s trilateral partnership for developing countries is set to expand into the African states of Ethiopia and Madagascar, said Chaman Dhanda, India Head for Trilateral Cooperation at GIZ, Germany’s official technical assistance agency.
  • New Delhi and Berlin have thus far worked together to develop projects in Peru, Ghana, Cameroon and Malawi.
  • The existing projects range from promoting agri-business among women in Malawi to potato production in Cameroon through agri-tech.
  • Germany – Berlin (Capital) – German (Language) – Frank-Walter Steinmeier (President) – Olaf Scholz (Chancellor) – Euro (Currency)

8th edition of Indian Ocean Naval Symposium Conclave of Chiefs

  • The 8th edition of the Indian Ocean Naval Symposium (IONS) Conclave of Chiefs (CoC) concluded today in Bangkok, Thailand.
  • The conclave organized by Royal Thai Navy.
  • Chiefs of Navies or Senior Delegates from 27 Members or Observer countries participated in the event.
  • Chief of the Naval Staff, Admiral R Hari Kumar, attended the event with a three-member Indian Naval delegation.
  • During the Conclave of Chiefs, Thailand assumed the duties of Chair of IONS, and the Work Plan for the next two years was finalized.
  • As a first, the Flag designed by India was selected as the IONS Flag.
  • India also took over as the co-chair of IONS Working Groups on Maritime Security and HADR for the forthcoming cycle.
  • Thailand – Bangkok (Capital) – Pound Sterling (Currency) –Vajiralongkorn (Monarch) – Srettha Thavisin (Prime Minister) – Baht (Language)

State News

Amit Shah inaugurated and laid the foundation stone of various development projects worth ₹368 crores in Chandigarh

  • Union Home Minister and Minister of Cooperation Amit Shah inaugurated and laid the foundation stone of various development projects worth ₹368 crores in
  • 9 projects worth ₹368 crores inaugurated and the foundation stone of 3 projects worth ₹32 crores laid.

Schemes

Narayan Rane launched three sub-schemes

  • Union Minister for MSME Narayan Rane launched three sub-schemes under the aegis of the RAMP programme.
  • These are MSME Green Investment and Financing for Transformation Scheme (MSE GIFT Scheme), MSE Scheme for Promotion and Investment in Circular Economy (MSE SPICE Scheme) MSE Scheme on Online Dispute Resolution for Delayed Payments.
  • The MSME Green Investment and Financing for Transformation Scheme (MSME GIFT Scheme) intends to help MSMEs adopt green technology with interest subvention and credit guarantee support.
  • The MSE Scheme for Promotion and Investment in Circular Economy (MSE SPICE Scheme) is the first ever scheme in the Government to support circular economy projects which will be done through credit subsidy and will lead to realising the dream of MSME sector towards zero emissions by
  • The MSE Scheme on Online Dispute Resolution for Delayed Payments is a first of its kind scheme to synergise legal support with modern IT tools and Artificial Intelligence to address the incidences of delayed payments for Micro and Small Enterprises.
  • The Ministry exchanged Memorandum of Understanding (MoUs) with the implementing agencies SIDBI (for MSME GIFT and MSME SPICE schemes) and with National Informatics Centre Services Inc. (for NICSI) for MSE ODR scheme.
  • Ministry of Micro, Small and Medium Enterprises – Narayan Rane,Union Minister (Rajya Sabha MP,Maharashtra) – Bhanu Pratap Singh Verma,Minister of State (Jalaun,UP)

Banking and Finance

Government of India and ADB sign $100 million loan agreement to improve urban services and tourism facilities in Tripura

  • The Government of India signed an agreement with Asian Development Bank (ADB) to avail a $100 million loan to improve urban services and tourism facilities in the northeastern state of
  • The signatories to the loan agreement for the Tripura Urban and Tourism Development Project were Juhi Mukherjee, Joint Secretary Department of Economic Affairs in the Ministry of Finance, and Mr. Nilaya Mitash, Officer-in-Charge of ADB’s India Resident Mission, for ADB.
  • The project will upgrade urban water supply systems by installing 42 kilometre (km) new transmission and distribution pipes, establish 4 new water treatment plants, and improve 55 km of stormwater drains.
  • It will improve 21 km of urban roads that will incorporate features that respond to the needs of the elderly, women, children, and differently-abled.
  • To strengthen the delivery of urban services, the project will build the capacity of 12 urban local bodies on planning, infrastructure operations and maintenance, financial management, gender equality and social inclusion, and project management.
  • It will also help the state government update its building regulations incorporating spatial planning and green building principles to ensure climate and disaster resilience.
  • Asian Development Bank (ADB) – 19/12/1966 (Founded) – Mandaluyong, Philippines (HQ) – Masatsugu Asakawa (President) – 49 countries (Regional members) & 19 countries (non regional members)

World Bank provides $300 million loan to Tamil Nadu

  • The World Bank’s Board of Executive Directors has approved a new program to support Tamil Nadu and provide around 2 million people with more and better access to water and sewerage services in cities.
  • The $300 million Tamil Nadu Climate Resilient Urban Development Program will help 21 Urban Local Bodies (ULBs) update their delivery systems and provide quality and efficient water supply and sewerage services to consumers.
  • The $300 million loan from the International Bank of Reconstruction and Development (IBRD) will use the blended financing instrument of Program-for-Results (PforR) with Investment Project Financing (IPF) to link disbursement of funds directly to the achievement of results while providing technical assistance.
  • The Program loan has a maturity of 32 years with a grace period of 7 years.

SBI sign $165 million LoC with World Bank for rooftop solar projects

  • State Bank of India (SBI) signed a $165 million Line of Credit (LoC) from the World Bank in Delhi to support grid-connected rooftop solar photovoltaic projects in residential and institutional sectors.
  • In September 2023, SBI said that it plans to make home loans with rooftop solar installations mandatory for residential projects funded from the bank’s long-term climate action funds drawn down from multilateral agencies.
  • The lender has outstanding forex loans of $2.3 billion from multilateral agencies, including the World Bank, the Asian Development Bank, and KfW of Germany.
  • Previously On December 2023, SBI signed Rs 1,800 crore in LoC with the European Investment Bank (EIB) to support climate action projects in the country and also signed ₹630 crore in LoC with German Development Bank KfW to promote solar projects in India.
  • World Bank – December 1944 (Founded) – Washington DC (HQ) – Ajay Banga (President) 

Bank and NBFC loans to start-ups down over 65 per cent in 2023

  • Data from the analytics platform YNOS Venture Engine shows that debt funding in India is down 65 per cent in 2023 (until December 22), compared to 2022.
  • In 2023, Indian start-ups cumulatively took loans worth ₹22,194.79 crore till September 23.
  • In the corresponding period of 2022, the value of the loan taken was ₹63,513.7 crore.
  • Loans from banks are an important funding source for start-ups.
  • Close to 7 per cent of the start-ups have taken loans from banks and NBFCs.
  • In contrast, just a little less than 2 per cent of start-ups have secured angel funding, 7 per cent have been funded by a Venture Capitalist and less than 5 per cent are funded by government schemes.

Business and Economy

India extends lentils import at zero duty till March 2025

  • The Centre has extended the import duty exemption on masur dal (lentils) by another year till March 31, 2025.
  • The Ministry of Finance, through an extraordinary gazette notification dated December 21, 2023, extended the import duty relief on lentils.
  • Import of lentils are being allowed duty-free to help contain inflation.
  • In the normal course, imports attract 30 per cent Customs duty.
  • The imports of masur have seen a considerable increase in the current financial year with a section of consumers of tur dal shifting to masur dal in the recent months.
  • Pulses led by tur dal have turned expensive this year with the erratic monsoon impacting the domestic output fuelling food inflation.
  • According to the trade estimates, the high price of tur dal has seen a demand destruction of around 15-20 per cent with consumers shifting to other pulses.

Agreements and MoUs signed

Ministry of Rural Development signs MoU with Reliance Retail’s JioMart

  • Ministry of Rural Development (MoRD) has signed a Memorandum of Understanding (MoU) with Reliance Retail’s JioMart towards its efforts to help enhance the outreach of the products of Self-Help Groups (SHGs) of Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM) thereby empowering the rural SHG artisans.
  • JioMart – December 2019 (Founded) – Mumbai (HQ) – Mukesh Ambani (Chairman)

Arunachal State Rural Livelihoods Mission signs MoU with SBI

  • Arunachal State Rural Livelihoods Mission (ArSRLM) signed a MoU with the State Bank of India for banking services to self-help groups in the state.
  • Rural Development and Panchayati Raj secretary Amarnath Talwade and SBI Dibrugarh deputy general manager Aftab Ahmad Mallick represented the ArSRLM and SBI, respectively, in the MoU signing ceremony.
  • The MoU has been signed to expedite the SHG bank linkage on savings, credit, insurance, and remittances for 12,000 self-help groups promoted under the Deendayal Antyodaya Yojana National Rural Livelihood Mission (DAY-NRLM) in the northeastern state.
  • Approximately 12,000 SHGs, 821 primary level federations (PLFs), and 28 cluster level federations (CLFs) will benefit from this MoU by availing of the credit linkage and accessing all the major financial products and services of the bank through the largest banking network in the country.
  • State Bank of India (SBI) – 01/07/1955 (Founded) – Mumbai (HQ) – Dinesh Kumar Khara (Chairman) – “Pure Banking, Nothing Else” (Tagline)

Science and Technology

“Paat-Mitro” application

  • Ministry of Textiles launched “Paat-Mitro” – a mobile application, developed by The Jute Corporation of India Limited (JCI) during ‘Jute Symposium’.
  • Rachna Shah, Secretary, Ministry of Textiles launched the application which is available in 6 languages.
  • The application can be freely downloaded from Google Play Store and all the functionalities are made available to the users free of cost.
  • In addition to, the latest agronomic practices and Minimum Support Prices (MSP); Jute Gradation Parameters, Farmer-centric schemes like ‘Jute-ICARE’, weather forecasts, JCI’s Purchase Centers’ locations, Procurement Policies are also made available in the app.
  • Farmers will also be able to track status of their payments for the raw jute sold to JCI under MSP Operation.
  • Latest technology feature like Chatbot is included for their queries through this mobile application “Paat-Mitro”.
  • The ‘Jute Symposium’ was organised to create awareness and popularize Jute based technical textiles with special emphasize on Jute Geotextiles.
  • The event was attended by representatives from different ministries, research institutes.
  • Jute Corporation of India Limited (JCI) – 1971 (Founded) – Kolkata (HQ) – Cmde. Ajay Kumar Jolly (Managing Director) 

Power

Total rooftop solar capacity crosses 10 GW

  • Cumulative installed capacity in the rooftop solar segment in the country has crossed 10 GW and Gujarat has emerged as the leader in the segment with a contribution of 30 per cent to the total capacity.
  • The cumulative Roof Top Solar (RTS) installed capacity increased to 4 GW as of November 30, 2023, from 1.8 GW as of March 31, 2019.
  • According to information provided by the Union Ministry of New and Renewable Energy (MNRE), The Compound annual growth rate (CAGR) of RTS installations during the period is about 46 per cent.
  • MNRE launched its Rooftop Solar Programme Phase-II in August 2019 with an aim to achieve 40 GW capacity in the RTS segment.
  • The financial outlay of the Phase-II RTS program is ₹11,814 crore, including ₹6,600 crore of Central Financial Assistance (CFA) and ₹4,985 crore of incentives to the Distribution Companies.
  • Ministry of New and Renewable Energy – Raj Kumar Singh,Union Minister (Arrah, Bihar) – Bhagawanth,Minister of State (Bidar,Karnataka)

Appointments

MD & CEO of Kotak Mahindra Bank

  • Shareholders of Kotak Mahindra Bank have approved the appointment of Ashok Vaswani as Managing Director (MD) & Chief Executive Officer (CEO) of the bank and his remuneration.
  • In October, the Reserve Bank of India cleared Vaswani’s appointment as MD & CEO of the bank for a period of three years, effective from the date of taking charge, which should not be later than January 1, 2024.
  • Uday Kotak decided to step down as MD & CEO of Kotak Mahindra Bank with effect from September 1, ahead of the term which was until December 31, 2023, following which Dipak Gupta assumed the role of interim CEO.
  • Kotak Mahindra Bank – 21/11/1985 (Founded) – Mumbai (HQ) – Ashok Vaswani (MD & CEO) – “Let’s Make Money Simple” (Tagline)

Centre suspends newly-elected body of Wrestling Federation of India

  • The Union Sports Ministry suspended the newly-elected body of the Wrestling Federation of India after president Sanjay Singh announced that U-15 and U-20 nationals will take place in Nandini Nagar, Gonda (UP) before the end of this year.
  • Ministry of Youth Affairs and Sports – Anurag Singh Thakur,Union Minister (Hamirpur, Himachal Pradesh) – Nisith Pramanik,Minister of State (Cooch Behar, West Bengal)

Awards and Recognitions

FIH Hockey Star Awards 2023

  • Indian hockey team midfielder Hardik Singh was named the men’s FIH Player of the Year at the FIH Hockey Star Awards 2023.
  • Indian women’s hockey team captain Savita Punia won the best goalkeeper of the year award.
  • Dutch player Xan de Waard, won the FIH Women’s Player of the Year.
  • While Indian men’s team captain Harmanpreet Singh, who won the previous two FIH Player of the Year awards, missed out, Indian women’s hockey team captain Savita Punia won the FIH Women’s Goalkeeper of the Year Award for the third time on the trot.
  • Fédération Internationale de Hockey (English: International Hockey Federation) – 07/01/1924 (Founded) – Lausanne, Switzerland (HQ) – Tayyab Ikram (President)

Poet Sukrita Paul Kumar bags Tagore Literary Prize

  • The sixth edition of the Rabindranath Tagore Literary Prize was awarded to poet-critic Sukrita Paul Kumar for her book, ‘Salt & Pepper: Selected Poems’. An amount of $5,000, a Tagore statue and a certificate for contribution to literature was given to Kumar at the award.
  • Founded in 2018 by US-based publisher Peter Bundalo, the award is a platform for world peace, literature, art, education and human rights.
  • It also recognises works towards human rights and world peace with the Social Achievement Prize.

Sports News

6th Khelo India Youth Games

  • The 6th edition of the Khelo India Youth Games is scheduled from January 19th to 31st in four cities of Tamil Nadu (Chennai, Trichy, Madurai, and Coimbatore).
  • The previous five editions of the Youth Games were held in Delhi, Pune, Guwahati, Panchkula and Bhopal.
  • Union Minister of Youth Affairs and Sports Anurag Singh Thakur and Tamil Nadu Sports Minister Udhayanidhi Stalin unveiled the official jersey, mascot and theme song for this edition.
  • The mascot is the Veera Mangai Velu Nachiyar.
  • Torch of the Khelo India Youth Games was brought by Squash champion Joshna Chinappa and Hockey player Mareeswaran to the Union Sports Minister.

Important Days

National Farmer's Day 2023

  • National Farmer’s Day is annually observed on December 23.
  • The Day is also known as ‘Kisan Diwas’.
  • This day was chosen to commemorate the occasion as it marks the birth anniversary of former prime minister Chaudhary Charan Singh (5th PM) who belonged to Uttar Pradesh and worked for the welfare of farmers of the nation.
  • It is celebrated on the first Friday of December in Ghana, USA celebrates it on 12 October, in Zambia it is observed on the first Monday of August and Pakistan started celebrating the day on 18 December 2019.
  • Chaudhary Charan Singh, the Kisan Leader, was the Prime Minister from July 28, 1979, until January 14, 1980.
  • In 2001, the Government of India announced December 23 to be celebrated as National Farmer’s Day to honour Chaudhary Charan Singh’s contributions and his transformation from a farmer to the head of the state.
  • Theme – ‘Delivering Smart Solutions for Sustainable Food Security and Resilience’.

International Year of Camelids (IYC 2024)

  • The United Nations declared 2024 the International Year of Camelids (IYC 2024).
  • The Year will highlight how camelids are key to the livelihoods of millions of households across over 90 countries.
  • From alpacas to Bactrian camels, dromedaries, guanacos, llamas, and vicuñas, camelids contribute to food security, nutrition and economic growth as well as holding a strong cultural significance for communities across the world.
  • The International Year of Camelids 2024 aims to build awareness of the untapped potential of camelids and to call for increased investment in the camelid sector, advocating for greater research, capacity development and the use of innovative practices and technologies.
  • United Nations World Tourism Organization (UNWTO) – 01/11/1975 (Founded) – Madrid, Spain (HQ) – Zurab Pololikashvili (Secretary-General)

Defence

BEL bags order worth ₹2,759.15 crores

  • Bharat Electronics Ltd (BEL) has received orders worth ₹2,759.15 crore.
  • This includes an order worth ₹1,701 crore from Goa Shipyard Ltd, and a ₹972-crore order from Garden Reach Shipbuilders & Engineers Ltd (GRSE) for the supply of 14 types of sensors for use on Next Generation Offshore Patrol Vessels (NGOPV).
  • In addition, it has received a ₹86.15-crore order for miscellaneous spares and services.
  • In the current financial year, the company has so far received orders worth ₹25,935.15 crore till December 2023.
  • Bharat Electronics Limited (BEL) – 1957 (Founded) – Bangalore (HQ) – Bhanu Prakash Srivastava (Chairman & Managing Director)

Daily Current Affairs - December 23 & 24, 2023 - Consolidated

  • World Bank and Department of Economic Affairs launch PPP Beginner’s e-course to foster collaboration between public and private sectors in infrastructure capacity-building
  • Centre released ₹72,961.21 crore as additional installment of Tax Devolution to States
  • Chief Guest for Republic Day
  • National Programme on Anganwadi-cum-Crèche (Palna)
  • India, Germany to support development projects in Ethiopia, Madagascar
  • 8th edition of Indian Ocean Naval Symposium Conclave of Chiefs
  • Amit Shah inaugurated and laid the foundation stone of various development projects worth ₹368 crores in Chandigarh
  • Narayan Rane launched three sub-schemes
  • Government of India and ADB sign $100 million loan agreement to improve urban services and tourism facilities in Tripura
  • World Bank provides $300 million loan to Tamil Nadu
  • SBI sign $165 million LoC with World Bank for rooftop solar projects
  • Bank and NBFC loans to start-ups down over 65 per cent in 2023
  • India extends lentils import at zero duty till March 2025
  • Ministry of Rural Development signs MoU with Reliance Retail’s JioMart
  • Arunachal State Rural Livelihoods Mission signs MoU with SBI
  • “Paat-Mitro” application
  • Total rooftop solar capacity crosses 10 GW
  • MD & CEO of Kotak Mahindra Bank
  • Centre suspends newly-elected body of Wrestling Federation of India
  • FIH Hockey Star Awards 2023
  • Poet Sukrita Paul Kumar bags Tagore Literary Prize
  • 6th Khelo India Youth Games
  • National Farmer’s Day 2023
  • International Year of Camelids (IYC 2024)
  • BEL bags order worth ₹2,759.15 crores

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