Current Affairs 19 January 2024

We are here for you to provide the important Recent and Latest Current Affairs 19 January 2024, which have unique updates of Latest Current Affairs 2024 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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NATIONAL AFFAIRS

Overview of PM Narendra Modi’s Visit to MaharashtraPrime Minister (PM) Narendra Modi was on an official visit to Maharashtra on January 12, 2024.
i.During his visit, PM Modi inaugurated  Atal Bihari Vajpayee Sewri-Nhava Sheva Atal Setu in Navi Mumbai, Maharashtra
ii.He also inaugurated and laid the foundation stone of various development projects worth Rs 12,700 crore.
iii.PM Modi inaugurated Bharat Ratnam which is a Mega Common Facilitation Center (CFC) for the gems and jewellery sector at Santacruz Electronic Export Processing Zone- Special Economic Zone (SEEPZ- SEZ) in Mumbai.
About Maharashtra:
Chief Minister(CM)– Eknath Shinde
Governor– Ramesh Bias
National Park– Navegaon National Park; Chandoli National Park
Wildlife sanctuaries– Bhimashankar Wildlife Sanctuary; Bhamragarh Wildlife Sanctuary
>> Read Full News

Union Minister Rao Inderjit Singh launched Mobile App for MPLADS SchemeThe Union Minister of State(MoS)(Independent Charge) Rao Inderjit Singh, Ministry of Statistics and Programme Implementation (MoSPI) has launched the MPLADS e-SAKSHI Mobile Application (app) in New Delhi, Delhi.

• The app aims to enhance transparency, accessibility, and efficiency in the execution of Member of Parliament Local Area Development (MPLAD) Scheme-2023.

About the App:
i.The new eSakshi app will provide an interface to capture the entire MPLAD scheme cycle thereby making the MPLAD fund cycle more efficient.
ii.Through the app the Members of Parliament (MPs) can track and oversee the projects in the real time which is being implemented under MPLAD Scheme.
iii.The application will streamline the communication between MPs and relevant authorities.
iv.The app offers instant updates on the status and progress of proposed projects; The app also offers features for budget management.
About MPLAD:
i.The MPLADS was launched on 23rd December 1993, to provide a mechanism for the MP to recommend works.
ii.The MoSPI is the nodal Ministry responsible for policy formulation, the release of funds and monitoring the implementation of MPLADS.
iii.The scheme enables MPs to recommend works of developmental nature with emphasis on the creation of durable community assets based on locally felt needs.
iv.For the purpose, Rs 5 crore will be available to each MP at the start of the financial year.
v.The scheme was revised in February 2023.
Additional Info:
The entire process of recommendation under the revised guidelines will operate through the web portal as well as mobile application.

Indian-Thai Navy’s First Bilateral Exercise “Ex-Ayutthaya” Conducted The Indian Navy (IN) and Royal Thai Navy (RTN) conducted a maiden bilateral exercise, named ‘Ex-Ayutthaya’ from 20th to 23rd December 2023.

• The 36th edition of India-Thailand Coordinated Patrol (Indo-Thai CORPAT) was also conducted along with the Exercise Ayutthaya.

Significance of the Exercise Name:
i.The word ‘Ayutthaya’ translates to ‘The Invincible One’ or ‘Undefeatable’,
ii.The exercise is named symbolises two of the oldest cities – Ayodhya (Uttar Pradesh) in India and Ayutthaya in Thailand.
About the Exercise:
Participants:
i.Indigenously built Indian Naval Ships (INS) Kulish and  Indian Navy Landing Craft Utility-56 (IN-LCU 56) participated in the exercise.
ii.The RTN side was represented by His Thai Majesty’s Ship (HTMS) Prachuap Khiri Khan.
iii.Maritime patrol aircraft from both navies also participated in the sea phase of the exercise.
Key Points:
i.Both the navies conducted surface and anti-air exercises including weapon firing, seamanship evolutions and tactical manoeuvres.
ii.Both navies also took steps towards strengthening operational synergy and progressively increasing the exercise complexity.
Additional Info:
i.IN has been proactively engaging with countries in the Indian Ocean Region towards enhancing regional maritime security.
ii.This is in line with India’s vision of Security And Growth for All in the Region (SAGAR).
About Indian Navy(IN):
Chief of the Naval Staff (CNS) – Admiral Radhakrishnan Hari Kumar
Headquarters – New Delhi, Delhi
Established in –  1950

NHAI Launches ‘One Vehicle One FASTag’ Initiative to Enhance National Highway ExperienceThe National Highway Authority of India (NHAI) launched the ‘One Vehicle, One FASTag’ initiative to discourage user behavior of using a single FASTag for multiple vehicles or linking multiple FASTags to a particular vehicle.
About the ‘One Vehicle, One FASTag’ initiative:
i.Under the new initiative, FASTag users must discard all the earlier issued FASTags through their respective banks.

• Only the latest FASTag account shall remain active, as previous tags will be deactivated or blacklisted after January 31, 2024, even though they have a valid balance.
• The FASTag users must register the latest FASTag with the completion of ‘Know Your Customer’ (KYC) process as per Reserve Bank of India (RBI) guidelines.

ii.NHAI has taken up a new initiative after following reports of violations:

• Issuance of multiple FASTags for a particular vehicle.
• FASTags are issued without KYC in violation of RBI mandate.

iii.The new initiative will help to make toll operations more efficient and ensure seamless & comfortable journeys for the National Highway users.
About FASTag:
i.FASTag is an electronic toll collection system, operated by NHAI.

• It was first introduced in India in 2014 and has a fixed validity period of 5 years, from the date of issuance.The NHAI made it mandatory for every vehicle in February 2021.

ii.It uses Radio Frequency Identification (RFID) technology that provides users with a smooth and effortless cross-over at toll plazas without waiting or halting.
iii.FASTag (RFID Tag) is affixed on the windscreen of the vehicle and enables a customer to make toll payments directly from the account which is linked to FASTag.

India’s First National Highway Steel Slag Road Section on NH66 Unveiled
Dr. V.K. Saraswat, Member (S&T), NITI Aayog (National Institution for Transforming India), inaugurated India’s 1st National Highway Steel Slag Road section on National Highway(NH)-66 connecting Mumbai-Goa.
The four lane road stretches for about 1 kilometre on Indapur-Panvel Section of NH-66.

• The road was constructed by Mumbai (Maharashtra) based JSW Steel, under the guidance of New Delhi (Delhi) based Council of Scientific & Industrial Research (CSIR) – Central Road Research Institute (CRRI).
• The project was sponsored by the Ministry of Steel (MoS) and supported by the National Highways Authority of India (NHAI).
• Around 80,000 tons of CONARC Steel slag were converted as processed steel slag aggregates at JSW Steel Dolvi, Raigad plant for the construction of this road.

INTERNATIONAL AFFAIRS

India Signs Agreement for Lithium Exploration and Mining Project in ArgentinaKhanij Bidesh India Limited (KABIL) signed an agreement with Argentina’s state-owned enterprise Catamarca Minera y Energética Sociedad del Estado (CAMYEN SE) at Catamarca, Argentina to explore and develop 5 lithium brine blocks.

• The agreement is worth about Rs. 200 crores and is the 1st-ever lithium exploration and mining project by a Government of India-owned enterprise.
• The 5 lithium brine blocks are namely Cortadera-I, Cortadera-VII, Cortadera-VIII, Cateo-2022-01810132, and Cortadera-VI

Key Points:
i.KABIL will start the exploration and development of the 5 lithium brine blocks spread across an area of about 15,703 hectares.
ii.KABIL also plans to set up a branch office in Catamarca, Argentina.
iii.With this agreement, KABIL has obtained exploration and exclusivity rights for the commercial production of lithium from the 5 mineral blocks.
iv.The agreement will allow KABIL to evaluate, prospect, and explore.

• Upon subsequent discovery of lithium minerals, exploitation rights for commercial production have also been granted.

v.It aims to bring in technical and operational experience for Brine-type lithium exploration, exploitation, and extraction.
Key People:
i.The signing ceremony was virtually attended by the:

• Union Minister Pralhad Joshi, Ministry of Mines, Government of India;
• V. L. Kantha Rao, Secretary, Ministry of Mines;
• Sridhar Patra, Chairman of KABIL and Chairman and Managing Director (CMD) of NALCO.

ii.The Agreement was signed in the presence of the Governor of Catamarca Lic. Raul Jalil; Vice Governor of Catamarca, Eng. Ruben Dusso; and Minister of Mines Catamarca, H. E. Marcelo Murua and Ambassador of India to Argentina, H. E. Dinesh Bhatia.
Points to note:
i.Argentina is part of the “Lithium Triangle” along with Chile and Bolivia with more than half of the world’s total lithium resources.
ii.Argentina has the distinction of having the:

• 2nd-largest lithium resources; 3rd-largest lithium reserves; and 4th-largest production in the world.

About Khanij Bidesh India Limited (KABIL):
Chairman– Sridhar Patra
CEO– Sadashiv Samantaray
Headquarters– New Delhi, Delhi
KABIL was incorporated on 2019 under the Companies Act 2013.

• KABIL is a joint venture (JV) of public sector enterprises National Aluminium Company Limited (NALCO), Hindustan Copper Limited (HCL), and Mineral Exploration and Consultancy Limited (MECL) in the ratio of 40:30:30, under the aegis of the Ministry of Mines, Government of India.

BANKING & FINANCE

Max Life launches first-of-its-kind Midcap Momentum Index Fund in ULIP Segment Max Life Insurance Company Limited has introduced the Midcap Momentum Index Fund, a first-of-its kind in the Unit Linked Insurance Plan (ULIP) segment.

• The new fund offering (NFO) aims to invest in a basket of stocks drawn from the constituents of NSE Midcap 150 Momentum 50 index.

About Midcap Momentum Index Fund:
i.The NFO will invest in stocks which have witnessed 175% Compound Annual Growth Rate (CAGR) in asset under management (AUM) over the last three financial years (FY20-FY23).
ii.NFO targets the growth potential of mid-cap companies.
iii.The fund provides broad diversification benefits by investing in proven, high-performing Midcap stocks, minimizing reliance on fund managers.
iv.During the launch period, the fund is available with the Max Life Online Savings Plan with zero allocation and admin charges.

• It is also offered with Max Life Fast Track Super and capital guarantee solutions that offer OSP as the market-linked product.

v.Investors can participate in the NFO until 29th January 2024.
What is NFO?
i.NFO is the first subscription offering for any fund being launched by an investment company.
ii.During an NFO, investors can purchase units of the mutual fund scheme at the face value, which is typically set at a fixed price usually of Rs. 10 per unit.
Mid-Caps: 
i.According to the Securities and Exchange Board of India (SEBI), companies that are ranked from 101 to 250 in terms of market capitalization are known as mid-cap companies.

• Mutual funds that hold stocks from the mid-cap are called ‘Mid-cap funds’.

ii.Mid-cap funds are involved with more risk than large-cap funds but will yield good returns in the long run.
iii.Mid-cap stocks can complement both high-risk and low-risk investment strategies, offering investors a balance of stability and growth.
Note- ULIPs offer the double benefit of investment and life insurance.
About Max Life Insurance Company Limited:
Max Life Insurance Company Limited is a Joint Venture between Axis Bank Limited (holding 30% stakes) and Max Financial Services Limited (holding 70% stakes)
Managing Director (MD) & Chief Executive Officer (CEO) –  Prashant Tripathy
Headquarters – Gurugram, Haryana
Established in – 2000

Google Pay India signs MoU with NPCI International to expand UPI GloballyOn January 17, 2024, a Memorandum of Understanding (MoU) was signed between the Google India Digital Services (P) limited (Google Pay India) and NPCI International Payments Ltd (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI) to expand the Unified Payments Interface (UPI) globally.

• This MoU has three main goals viz. Expand UPI payments for Indian travelers globally, facilitate the establishment of UPI-like systems in other countries, and simplify cross-border remittances using UPI infrastructure.

Key Points:
i.This MoU enhances UPI’s global reach by establishing UPI-like systems in other countries, and providing foreign merchants access to Indian customers.
ii.Indian travellers can now use UPI-powered apps, like Google Pay, for digital payments globally instead of relying only on foreign currency and/or, credit or forex cards for international transactions.
iii.This also simplifies cross-border  remittances by reducing dependence on traditional money transfer channels.
iv.As of April 30, 2023, international mobile numbers from these countries can access the UPI transaction facility: Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the United States of America(USA), Saudi Arabia, the United Arab Emirates (UAE), and the United Kingdom (UK).

• The feature allows Non-Resident Accounts that have international mobile numbers to transact with UPI.

Click Here for Official Notification
About NPCI International Payments Ltd (NIPL):
CEO– Ritesh Shukla
Headquarters– Mumbai, Maharashtra
Establishment– 2020

IndusInd Bank & EazyDiner partners to launch EazyDiner IndusInd Bank Platinum Credit CardIndusInd Bank Limited, in collaboration with EazyDiner, has launched the ‘EazyDiner IndusInd Bank Platinum Credit Card,’ offering a unique and enhanced dining experience with no joining fees, making it accessible to all.
Note: Gurugram(Haryana) based EazyDiner is India’s leading food discovery, table reservation, and restaurant payment platform.
Key Features:
Complimentary EazyDiner Prime Membership:
i.This co-branded card comes with a joining bonus of 500 EazyPoints with a complimentary EazyDiner Prime membership for 3 months.

• The card provides an additional discount of Rs 500 for payments through the EazyDiner App via PayEazy for both dining and takeaway at select restaurants.
• It would enable up to 50% discount on every dining experience.

ii.This 3-month membership provides guaranteed discounts from 25% to 50% at over 2000 premium restaurants.

• No joining or annual fees for Prime membership.

iii.Cardholders can renew their Prime membership upon spending Rs. 30,000 every 90 days.
Reward Benefits:
i.The card offers to earn up to 2 reward points on every Rs. 100 spent.
ii.The reward points can be instantly redeemed against dining bills on the EazyDiner app.
iii.Additionally, cardholders can earn 2,000 reward points upon spending Rs. 30,000 every 90 days.
Additional info: In 2023, the Indian Foodservice Market size is estimated at USD 69.78 billion and it is estimated to reach USD 125.06 billion by 2029.
About IndusInd Bank Limited:
MD & CEO– Sumant Kathpalia
Headquarters– Mumbai, Maharashtra
Established in– 1994
Tagline– We Make You Feel Richer

ECONOMY & BUSINESS

IFSC GIFT City signs MoU with IGX, GSPC for Global Hydrogen Trading MechanismOn January 17, 2024, the International Financial Services Centre (IFSC) at GIFT City (Gujarat International Finance Tec-City) in Gandhinagar, Gujarat has signed a Memorandum of Understanding (MoU) with the Indian Gas Exchange (IGX) and Gujarat State Petroleum Corporation (GSPC) to establish a global hydrogen trading mechanism.

• The MoU was signed during the 10th Vibrant Gujarat Global Summit 2024 held from January 10-12, 2024 in Gandhinagar, Gujarat.
• It was signed in the presence of Chief Minister (CM) Bhupendra Patel, IGX Managing Director (MD) and Chief Executive Officer (CEO) Rajesh K Mediratta, GSPC MD Milind Torawane and GIFT City’s IFSC Department Head Sandip Shah.

What will be done under the collaboration?
There will be introduction of global hydrogen trading mechanism i.e. Global Hydrogen Price Index, which will be the second-of-its-kind globally after Hydrix by European Energy Exchange (EEX) in Leipzig, Germany, which world’s first green Hydrogen price index.

• The Global Hydrogen Price Index will act as key benchmark for price discovery and market insights for green hydrogen market in India.
• This will aid in improving transparency, increase investor confidence, and facilitate the expansion of the green hydrogen market globally.

Key Points:
i.GIFT IFSC goal to lead in setting global commodity prices through the promotion of international securities and commodities trading, and creating a sustainable international financial hub.

• It should be noted that GIFT City’s Special Economic Zone (SEZ) is recognized as IFSC in India.
• It hosts operational segments such as banking, insurance, capital markets, asset management, and FinTech.

ii.IGX is India’s first automated national-level gas exchange for physical delivery of natural gas.
iii.The Government of India (GoI) has set a policy target of increasing the share of natural gas in India’s energy basket from current 6.5% to 15% by 2030.
About Indian Gas Exchange (IGX):
It operates under the regulatory framework of Petroleum and Natural Gas Regulatory Board (PNGRB).
Managing Director & CEO– Rajesh Kumar Mediratta
Headquarters– Noida, Uttar Pradesh (UP)
Establishment– 2020

AWARDS & RECOGNITIONS

Best FIFA Football Awards 2023: Lionel Messi and Aitana Bonmati Won Best Men’s & Women’s Player AwardThe Best FIFA (International Federation of Association Football) Football Awards ceremony 2023 was held in London (United Kingdom) on 15th January 2024.

• Lionel Messi (Argentina) won the Best FIFA Men’s Player 2023 Award, while Aitana Bonmati (Spain) won the Best FIFA Women’s Player 2023 Award.
• Marta(Brazil)has been awarded the FIFA Special Award for her outstanding career achievements.
• Guilherme Madruga(Brazil)has won the FIFA Puskás Award 2023 for his astonishing overhead kick.
• The world ‘Dream Team’ known as the FIFA FIFPRO Men’s World 11 and FIFA FIFPRO Women’s World 11 were also announced.

About Fédération Internationale de Football Association(FIFA):
President – Gianni Vincenzo Infantino
Headquarters– Zürich, Switzerland
Established – 1904
>> Read Full News

APPOINTMENTS & RESIGNATIONS

RBI Approves Appointment of Praveen Achuthan Kutty as MD & CEO of DCB BankThe Reserve Bank of India (RBI) has approved the appointment of Praveen Achuthan Kutty as the Managing Director (MD) and Chief Executive Officer (CEO) of DCB Bank Limited (formerly known as Development Credit Bank) for 3 years with effect from April 29, 2024.
He will succed Murali M Natrajan, the incumbent MD and CEO of DCB bank, whose tenure is set to end on 28th April 2024. He has been holding the post since 2009.
About Praveen Achuthan Kutty:
i.He has over 32 years of experience in all aspects of Retail and Small and Medium-sized Enterprises (SME) banking.
ii.He joined the DCB bank in 2007 as Executive Vice President and Head of Consumer Banking. Currently, he is overseeing Retail, Small and Medium-sized Enterprises (SME), and agri-banking operations.
iii.Before joining DCB Bank, he served at Citibank as Area Director for Non-Resident Indian (NRI) Business in North America.

• His worked as the Head of NRI Business, for the United States of America (USA) and Canada.

About DCB Bank Limited:
DCB Bank was established in 1930 as “Development Credit Bank Limited” and was renamed as DCB bank limited w.e.f 2013.
MD & CEO– Murali M Natrajan
Headquarters– Mumbai, Maharashtra

Frederik X Proclaimed as New King of Denmark; Queen Margrethe II Abdicated
Frederik André Henrik Christian (Frederik X) (55 years), Crown Prince of Denmark, was proclaimed as the new king of Denmark by it’s Prime Minister (PM) Mette Frederiksen.

• King Frederik X takes throne after the abdication of his mother Queen Margrethe II at Christiansborg Palace on 14 January 2024.
• He served at the Danish Embassy in Paris (France) and at Denmark’s United Nations (UN) mission in New York, the United States of America (USA).

Note- Queen Margrethe II has become Denmark’s first monarch to abdicate the throne in nearly 900 years.
About Denmark:
Prime Minister(PM)- Mette Frederiksen
Capital – Copenhagen
Currency – Danish Krone

ACQUISITIONS & MERGERS

CCI Approves Amalgamation of Shriram LI Holdings with Shriram Life InsuranceThe Competition Commission of India (CCI) has approved the proposed amalgamation of Shriram LI Holdings Private Limited (SLIH) with Shriram Life Insurance Company Limited(SLIC).

• The primary objective of SLIH is to undertake investment business of SLIC.

CCI approves Amalgamation of Shriram GI Holdings with Shriram General Insurance
The Competition Commission of India (CCI) has approved the proposed amalgamation of Shriram GI Holdings Private Limited (SGIH) with Shriram General Insurance Company Limited (SGIC).
SGIH:
i.SGIH is involved in the business of investments, facilitating strategic, private equity, and third-party investors.
ii.The approval also extends to SGIC’s consultancy business, particularly in relation to the general insurance products sector.
About Shriram General Insurance Company Limited (SGIC):
SGIC is a joint venture(JV) between Shriram Capital Limited and Sanlam Limited (South Africa).
Managing Director(MD) and Chief Executive Officer(CEO) – Anil Kumar Aggarwal
Headquarters – Jaipur, Rajasthan
Established in – 2006
About Shriram Life Insurance Company Limited (SLIC):
Managing Director(MD) and Chief Executive Officer(CEO) – Casparus Jacobus Hendrik Kromhout
Headquarters – Hyderabad, Telangana
Established in – 2005

SCIENCE & TECHNOLOGY

BHISHM, 25T BP Tug,  launched at Titagarh Rail Systems Ltd in West Bengal
On 14th January 2024, Commodore S Sreekumar, Warship Production Superintendent (Kolkata, West Bengal) launched the 25T Bollard Pull(BP) Tug, named Bhishm, at M/s Titagarh Rail Systems Limited (TRSL) in Kolkata.

• The Tug was built under the classification rules of Indian Register of Shipping (IRS).
• With the launch, the contract for construction and delivery of six 25T BP Tugs was concluded with TRSL.
• The tug will improve the operational commitments of the Indian Navy(IN) by facilitating assistance to Naval ships and submarines during berthing and un-berthing, turning and manoeuvring in confined waters.
• This will also provide afloat firefighting assistance to ships and will have capability to conduct limited Search and Rescue Operations.

BOOKS & AUTHORS

VP Jagdeep Dhankhar unveils new Book ‘Fertilising the Future” by Mansukh Mandaviya
Jagdeep Dhankhar, Vice President (VP) of India, has released a new book titled ‘Fertilising the Future: Bharat’s March Towards Fertilizer Self-Sufficiency’ authored by Union Minister Mansukh Mandaviya, Ministry of Health and Family Welfare (MoH&FW) and Ministry of Chemicals and Fertilizers (MoC&F).
i.The Hindi version of the book is titled ‘Urvarak-Atmanirbharta ki Raah’.
ii.The book is published by Rupa Publications India.
iii.The book portrays the journey of making India self reliant in the fertilizer sector under the leadership of Prime Minister (PM) Narendra Modi.

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