Current Affairs 1 & 2 January 2024

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NATIONAL AFFAIRS

UP ranks First in the Inter-Operable Criminal Justice System for 3rd Consecutive YearUttar Pradesh (UP) has ranked first for the third consecutive year in recording the highest entries (1,56,22,514 entries) on the Inter-Operable Criminal Justice System (ICJS) platform.

• With 35,04,828 entries Madhya Pradesh (MP) secured second position and Bihar is in third place with 16,65,107 entries.

Inter-operable Criminal Justice System (ICJS):
i.ICJS an initiative of the Supreme Court e-committee and implemented by the Ministry of Home Affairs (MoHA) in 2013.
ii.ICJS was created to enable the seamless transfer of data and information among different pillars of the criminal justice system, like courts, police, jails and forensic science laboratories through a single window system.
Working:
i.ICJS acts as a centralized database of criminal records; Phase II of ICJS extends from 2022-23 to 2025-26.

• The ICJS Phase II works with the principle of ‘one data one entry’.

ii.It stores information such as First Information Reports (FIRs), case numbers, jail IDs, and details of court cases, trials, judgments, prosecution, and forensics.
iii.Information related to the investigation, search, case history, case pendency, and current status of the criminal is also provided by ICJS.
iv.ICJS can also preserve photographs, videos, documentary evidence, court case data, and video recordings of court proceedings.

FinMin imposes Anti-Dumping Duty on ‘Wheel Loaders’ imports from China & on Gypsum Board from China, Oman
The Ministry of Finance has imposed a definitive anti-dumping duty on imports of ‘Wheel Loaders’ from China for a period of 5 years. The duty rates, ranging from 18.84% to 82.71%, vary based on the producer and specific goods.

• The duty will be applicable on imports in complete build unit (CBU) and semi-knocked down (SKD) forms, and not on the completely knocked down (CKD) form.

It has imposed definitive anti-dumping duty on gypsum board/tiles with lamination at least on one side (also known as PVC gypsum tiles, gypsum ceiling tiles or ceiling tiles) from China and Oman for five years.

• It will range from USD 23.46-47.62 per tonne in case of imports from China, and between USD 71.80-91.42 per metric tonne for Oman.

Uttar Pradesh is set to build India’s 1st AI city in Lucknow
Uttar Pradesh(UP) is set to build India’s first Artificial intelligence (AI) city in Lucknow to promote AI ecosystem. The AI city will be a hub integrating cutting-edge technology, research centres, and educational institutions.
i.U.P. Electronics Corporation Limited, the nodal agency of the project, has issued an Expression of Interest (EoI) inviting real estate developers to build and operate the AI city.

• U.P. Electronics is a unit of Department of Information Technology(IT) and Electronics, Government of UP.

ii.The government of UP will provide 40 acres in Nadarganj Industrial Area for the project.
iii.Financial incentives: One-time capital expenditure (Capex) support of 25% up to Rs 20 crore for IT parks and Rs 100 crore for IT city and 100% stamp duty exemption as per IT and ITeS Policy, 2022.

ULFA faction inks Memorandum of Settlement with Govt of India & Assam
On 29th December 2023, The faction of United Liberation Front of Assam (ULFA) led by Arabinda Rajkhowa, signed a Memorandum of Settlement (peace pact), with the government of India and Assam.

• The 29 member delegations of ULFA’s pro talks delegation (16 ULFA members, 13 civil society members) signed the agreement in the presence of Union Minister, Amit Shah, Ministry of Home Affairs(MoHA).

About ULFA: 
i.ULFA, the oldest insurgent group in the Assam, was formed in April 1979 after the agitation against undocumented immigrants from Bangladesh (erstwhile East Pakistan).
ii.In 2011, the group split into 2 factions after Arabinda Rajkhowa-led faction gave up violence and agreed to unconditional talks with the government.
iii.The pro-talk faction has sought constitutional and political reforms for the protection of the identity and resources of Assam’s indigenous people including their right to land.

INTERNATIONAL AFFAIRS

Overview of EAM Jaishankar’s Visit to Russia from 25 – 29 December 2023External Affairs Minister (EAM) S. Jaishankar was on a 5-day visit to Russia from 25-29 December 2023 as a part of the ongoing high-level exchanges between India and Russia.
Meetings: 
i.During his visit, EAM Jaishankar met with Vladimir Putin, President of Russia in Moscow.
ii.He also met with Denis Manturov, Deputy Prime Minister and Minister of Industry and Trade of Russia and discussed bilateral economic cooperation and met with Sergey Lavrov, the Foreign Minister of Russia and discussed bilateral, multilateral and international issues.
EAM Signed Documents on Kudankulam Nuclear Power Plants
During EAM’s visit to Russia, he signed agreements related to the construction of the power-generating units of the Kudankulam nuclear power plant in Tirunelveli, Tamil Nadu.
Key Points: 
i.Russia is providing technical assistance for the construction of the KudanKulam Nuclear power plants which began in 2002.
ii.Since 2016, The 1st power unit of the plant is operating at its design capacity of 1000 MW.
iii.The Nuclear Power plant will start operating at full capacity in 2027.
Note: An Inter-governmental agreement on the Kudankulam Nuclear Power Plant project was signed on 20 November 1988 by then Prime Minister of India, Rajiv Gandhi, and Mikhail Gorbachev, then President of the Soviet Union.
India and Russia Sign Protocol on Consultations for the Next Four Years
During his visit,  EAM Jaishankar and his Russian counterpart Sergey Lavrov signed the protocol on consultation for the next 4 years (2024-28) to make progress in economic cooperation, energy trade, connectivity, military-technical cooperation, and people-to-people exchange.

• Protocols promote relationship building and clarify the roles and responsibilities between governments for future consultation.

Other highlights: 
i.During the visit, EAM visited school No. 653, named after Gurudev Rabindranath Tagore in St. Petersburg, Russia and interacted with teachers and students. The school teaches Hindi as part of its regular curriculum.
ii.He also visited the Russian Industry and Trade exhibition with Denis Manturov.
iii.He also signed a memorandum of understanding (MoU) on cooperation in pharmaceuticals and healthcare
About Russia:
President– Vladimir Putin
Capital – Moscow
Currency- Russian Ruble

BANKING & FINANCE

Report on Trend and Progress of Banking in India 2023 : RBI
Recently, Reserve Bank of India (RBI) released the report titled “Report on Trend and Progress of Banking in India” (2022-2023).
The report provides comprehensive data about the state of banking system in India.
Small Finance Banks (SFBs) has the widest gap of remuneration between top executives and average employee
As per the RBI report, the gap in the remuneration between top executives and average employees is widest for Small Finance Banks (SFBs).
 i.It mentioned that remuneration of Managing Director(MD) and Chief Executive Officer(CEO) of SFBs was 58.1 times the average employee pay in 2022.
RBI flagged the interconnectedness of Small Finance Banks (SFBs) with Co-operative Banks
RBI in its report observed higher dependence of SFBs on deposits from the Co-operative banks at higher rate.
i.It showed the higher interconnectedness of SFBs with Co-operative Banks which means any shock to the Co-operative banks would directly impact the SFBs.
ii.One of the main reason for Small Finance Banks to borrow huge amount from cooperative bank is of low Current account and Savings Account(CASA) deposits.

• The Report highlighted by March-end2023, Total SFBs deposit is around 91 lakh crore and out of which 67.53% term deposits with balance being accounted for by CASA deposits.

>> Read Full News

Highlights of 28^th  Financial Stability Report by RBIRBI(Reserve Bank of India) has released the half-yearly publication of the Financial Stability Report 2023 (September 2023), which assesses risks to financial stability and the resilience of the Indian financial system.
Highlights:
None of the Top 100 Borrower Accounts in the NPA Category for Scheduled Commercial Banks(SCBs)
The Credit of large borrowers has improved and it is welcoming that the top 100 borrower accounts do not fall in the NPA(Non-Performing Assets) category.
RBI Report Finds Debt Fund AUM (Asset Under Management) of Rs.1.7- lakh Crore in Stress
According to a study by SEBI, Rs. 1.7 lakh crore of AUM of open-ended debt schemes of 17 mutual funds were under stress as of September.

• However, only 24 out of a total of 299 schemes were under stress as per the Financial Stability Report by RBI
• The survey was conducted for a total AUM of Rs.12.4 Lakh crore for all schemes, of which Rs. 1.7 Lakh crore are stressed AUM of the open-ended debt schemes.

>> Read Full News

RBI extends Deadline for Implementation of Instructions regarding Penal Charges in Loan Accounts to April 1, 2024On December 29, 2023, the Reserve Bank of India (RBI) extended the deadline for implementation of Instructions regarding Penal Charges in Loan Accounts by three months i.e. from January 1, 2024 to April 1, 2024, as a part of fair lending practices.

• In this regard, all Regulated Entities (REs) must implement the new penal charges instructions for fresh loans from April 1, 2024.
• In case of existing loans, the transition to the new regime should be ensured by the next review/renewal date on or after April 1, 2024, but no later than June 30, 2024.

Applicability:
This extension will be applicable to all Commercial Banks (including Small Finance Banks (SFBs), Local Area Banks and Regional Rural Banks (RRBs), excluding Payments Banks), All Primary (Urban) Co-operative Banks, All Non-Banking Financial Company-NBFC’s (including HFCs-Housing Finance Companies), and All India Financial Institutions.
Reason behind Extension:
In August 2023, the RBI issued guidelines for banks to impose penalties on loan accounts i.e. ‘Fair Lending Practice – Penal Charges in Loan Accounts’ starting from January 1, 2024. Due to the need for clarifications and additional time required by banks and NBFCs, the implementation date has been extended.
Click Here for Official Notification regarding Extension
Purpose behind these Guidelines:
Its purpose is to encourage credit discipline, not revenue enhancement beyond the contracted interest rate. The diverse practices among banks lead to customer disputes, therefore RBI instructs banks to avoid adding extra components to interest rates and strictly follow guidelines.
Click Here to Read about Guidelines

Bandhan Bank Introduces ‘Inspire’ Programme Exclusively for Senior Citizens Bandhan Bank Limited has launched a new scheme called ‘Inspire’ programme designed to cater to the specific needs and aspirations of senior citizens. It offers plans that focus on financial security, healthcare, and convenience of old age people.
Eligibility:
i.Individuals residing in India of age 60 years and above.
ii.Monthly Average Balance (MAB) should be Rs.1 lakh for Premium Savings Account and Rs.25,000 for Advantage Savings Account.
Benefits:
i.The Inspire programme offers benefits like preferential interest rates, priority banking services, and doorstep banking facilities to senior citizen customers.
ii.The programme offers Inspire Membership ID Card which carries the details of the customers.
iii.The programme also offers life care benefits such as exclusive discounts on medication purchases, diagnostic services, and medical treatments.
iv.In collaboration with ‘Oxxy’,  a New Delhi(Delhi) based health aggregator, the programme offers 360 Degree Health Care Plans.
v.It offers preferential rates on retail term deposits(upto 6.60% per annum) & high interest rates on savings account balance(upto 8.05% per annum)
Promoter of Bandhan Bank Limited:
Bandhan Bank Limited is promoted by HDFC Limited. As of September 2023, HDFC Ltd holds 39.98% of paid-up share capital in Bandhan Bank.
Promoters:
As per Section 2(69) of the Companies Act 2013, promoter means,
i.A person who is specifically named as a promoter in the company’s prospectus or identified by the company in its annual return.
ii.A person who controls the company affairs, indirectly or directly, whether as a director, shareholder or otherwise.
iii.A person in accordance with whose directions, advice or instructions the Board of Directors of a company are accustomed to act.

ECONOMY & BUSINESS

India’s GDP growth to Exceed 6.5% in FY24: DEAThe “Half-Yearly Economic Review 2023-24-November 2023” released by the Department of Economic Affairs (DEA), Ministry of Finance, mentioned that India’s real Gross Domestic Product (GDP) grew by 7.7% in the first half (H1)of financial year 2023-2024 (FY24). With this, India is expected to achieve a growth rate of over 6.5% in FY24.

• India’s real GDP grew by a 7.6% on a year-on-year (YoY) basis in 2nd quarter (Q2) of FY24

i.Continued growth momentum expected in Q3 and Q4 of FY24.
ii.Unemployment rate decreased to 6.6% in H1FY24 from 7% in H2FY23.
About Ministry of Finance:
Union Minister– Nirmala Sitharaman(RajyaSabha, Karnataka)
Minister of State– Bhagwat Kishanrao Karad; Pankaj Chaudhary
>> Read Full News

SCIENCE & TECHNOLOGY

USSF-52 Mission: SpaceX launches secretive U.S. military spacecraft on research mission
On 28th December 2023, SpaceX’s Falcon Heavy rocket carrying US military’s secretive X-37-B military space plane to the orbit was launched from Launch Complex 39A (LC-39A) at Kennedy Space Center in Florida, the United States of America(USA).

• The mission involves tests of ‘new orbital regimes, experimenting with future space domain awareness technologies.’
• The mission codenamed “USSF-52” is the 7th mission of X-37B. This mission includes multiple cutting-edge experiments.
• This is the first time the X-37B is launched using a Falcon Heavy rocket.

About X-37B: 
i.X-37B Orbital Test Vehicle, operating since 2010, was designed for the Air Force by United Launch Alliance, a joint venture between Boeing and Lockheed Martin.
ii.It is 30 feet (9 meters) long, has a 15-foot wingspan and is powered by solar panels.

SPORTS

FIDE World Rapid Chess Championship 2023: Magnus Carlsen Wins 5th title, Koneru Humpy wins SilverNorwegian Grandmaster (GM) and World No.1, Magnus Carlsen won 2023 International Chess Federation (FIDE) World Rapid Chess title (Men) held at Samarkand, Uzbekistan from 26 December to 28 December 2023. This title marks Magnus Carlsen’s 5th World Rapid Chess Championship title.

• He has totally won 16 World Championship titles, which include 5 rapid titles, 6 blitz titles, and 5 classical titles.

ii.Russian chess player Anastasia Bodnaruk (neutral Fide flag) won the 2023 FIDE World Rapid Chess Women’s title by defeating Indian Chess Grandmaster, Koneru Humpy in a tiebreaker match to secure first place.
Top 3 Men Medalist

Prize Money for Men Category:

• Winner: USD 60,000
• 1st Runner –up: USD 50,000
• 2nd Runner-up: USD 40,000

Top 3 Women Medalist

Prize Money for Women Category:

• Winner: USD 40,000
• 1st Runner –up: USD 30,000
• 2nd Runner-up: USD 20,000

Venue of 2023 FIDE (International Chess Federation):
2023 FIDE World Blitz Chess Championship will also held in Uzbekistan at the same venue. It is scheduled to be held from December29 to December 30, 2023.

• Magnus Carlson is the defending champion of Men’s Blitz title while Bibisara Assaubayeva (Kazakhstan) will defend her title in the women’s category of Blitz title.

Koneru at World Rapid Chess Championship:
Koneru Humpy won her 1st medal (bronze) at World Rapid Chess Championship in year 2012. She was crowned (Gold medal) World Rapid Championship title in year 2019, and Silver medal in 2023.
Additional Information:
About Federation International des Echecs or International Chess Federation(FIDE):
President – Arkady Dvorkovich
Deputy President – Vishwanathan Anand
Headquarters – Lausanne, Switzerland
Established – 1924
About Uzbekistan:
President – Shavkat Mirziyoyev
Capital– Tashkent
Currency – Uzbekistani Som

OBITUARY

Former Indian Football Defender Prabir Majumdar passed away
Former Indian footballer (defender) Prabir Majumdar, 77, passed away in Kolkata, West Bengal (WB). He played a significant role in the 1974 Asian Games (Tehran, Iran) as a member of the Indian team.

• In domestic football, he represented East Bengal and Eastern Railways and Bengal in the Santosh Trophy.
• Majumdar won several titles with East Bengal, which included the Calcutta Football League, IFA Shield, Durand Cup, Rovers Cup, DCM Trophy, Bordoloi Trophy, and many more.

STATE NEWS

Punjab CM Bhagwant Singh Mann launched website to support NRIs Bhagwant Singh Mann, Chief Minister(CM) of Punjab, launched Non-Resident Indians (NRI) Punjab website(nri.punjab.gov.in), under the Department of NRI Affairs to provide support and assistance to NRIs.
About the website:
The website was developed by the Department of Governance Reforms & Public Grievances (DGRPG), Government of Punjab in collaboration with National Informatics Centre (NIC), under Ministry of Electronics and Information Technology (MeitY).
Features:
i.The website includes detailed information related to the NRI Police wing, Punjab State Commission for NRIs, and NRI Sabha.
ii.The site also offers a helpline number: 1100 (+91-411-1905-1100), email addresses([email protected]), and a WhatsApp complaint number(9056009884).
iii.It also provides data on registered travel and immigration agents.
Other Initiative:
CM also announced a series of initiative to enhance the services for NRIs which includes.

• Organising NRI milnis (meets) for on-the-spot redressal of problems faced by the NRIs.
• Establishment of a 24×7 ‘Facilitation Center’ at the International Terminal at Indira Gandhi International Airport at New Delhi, Delhi to assist the NRIs arriving at the terminal.

About Punjab:
Chief Minister – Bhagwant Singh Mann
Governor – Banwarilal Purohit
Wildlife Sanctuary – Takhni-Rehmapur Wildlife Sanctuary, Abohar Wildlife Sanctuary
Zoological Park – Mahendra Chaudhary Zoological Park, Tiger safari zoo

Cultural Exchange and Tourism Collaboration Launched Between Vietnam’s Lam Dong and India’s Leh Ladakh
Lam Dong Province in Vietnam and the Leh region of Ladakh,India officially launched a cultural exchange and tourism cooperation initiative with the theme “Ladakh Unveiled” in Da Lat, Vietnam.

• This event signifies a crucial step towards strengthening the bonds between these two distinguished regions.

Attended Dignitaries:
Dignitaries present at the launch included Pham S (Vice Chairman of the People’s Committee of Lam Dong Province), Nguyen Trung Kien (Director of the Department of Culture, Sports, Vietnam’s Tourism), Advocate Tashi Gyalson (Chief Executive Councillor and Chairman of Ladakh Autonomous Hill Development Council, Leh Union Territory of Ladakh).
Key Points:
i.It was mutually agreed by both parties to promote each other’s unique destinations as premier tourist hubs.
ii.The Lam Dong Provinces is a potential tourist spot known for its temperate climate, natural landscapes, and rich cultural heritage.
iii.Samten Hills Dalat, a majestic Buddhist heritage construction showcase richness of Lam Dong,Vietnam is also present in this province.

• This space, the Spiritual & Cultural space of Vajrayana Buddhism certified by Vietnam Federation of UNESCO Associations, includes the world’s largest prayer wheel recognized by the Guinness World Record.

iv.This cultural exchange program lays the foundation for future cooperation and mutual prosperity.
About Ladakh:
Lieutenant Governor – B.D. Mishra
National Park – Hemis National Park
Wildlife Sanctuary – Changthang Wildlife Sanctuary, Karakoram Wildlife Sanctuary

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