Daily Current Affairs December 12 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

RBI Monetary Policy : Repo rate kept unchanged at 6.5%, FY24 GDP estimate hiked to 7%              

• The Reserve Bank of India’s Monetary Policy Committee (MPC) kept the repo rate unchanged for the fifth time in a row at 6.5%.

Key Highlights :

• The real GDP growth projection for the fiscal year 2023-24 has been revised upward to 7% from the previous estimate of 6.5%.
• The inflation forecast for the fiscal year 2023-24 remains unchanged at 5.4%.
• The policy repo rate under the liquidity adjustment facility (LAF) has been kept steady at 6.50%.
• The standing deposit facility (SDF) rate is maintained at 6.25%, and the marginal standing facility (MSF) rate, along with the Bank Rate, remains at 6.75%.
• Despite a general easing in core inflation, the RBI highlights persistent risks in food inflation.
• The central bank warns of a possible increase in inflation figures in the months of November and December, primarily attributed to food inflation.
• The years 2020 to 2023 are characterized as a period of significant volatility, reflecting the challenges and uncertainties during this timeframe.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : Swaminathan Janakiraman, Michael Patra, M. Rajeshwar Rao, T Rabi Sankar

RBI Increases UPI Payment Limits for Hospitals and Educational Institutions to Rs 5 Lakhs per Transaction, Up from Rs 1 Lakh

• The Reserve Bank of India (RBI) has increased the transaction limits for United Payments Interface (UPI) payments for hospitals and educational institutions from Rs 1 lakh to Rs 5 lakhs per transaction.
• The decision was announced by RBI Governor Shaktikanta Das during the bi-monthly Monetary Policy Committee (MPC) meeting.
• The higher UPI payment limits aim to assist consumers in making transactions of larger amounts for educational and healthcare purposes.

Key Highlights :

• The RBI has also proposed to enhance the limits of e-mandates for recurring online transactions to Rs 1 lakh per transaction from Rs 15,000 per transaction for mutual fund subscriptions, insurance premium subscriptions, and credit card repayments.
• The transaction limit for UPI payments for capital markets (AMC, broking, mutual funds, etc.), collections (credit card payments, loan repayments, EMI), insurance, etc. was limited to Rs 2 lakh.
• In December 2021, the transaction limit for UPI payments for Retail Direct Scheme and IPO subscriptions was increased to Rs 5 lakh.
• Another announcement regarding UPI which was made was that, no additional factor of authentication (AFA) will be required for transactions of Rs 1 lakh for recurring payments of mutual fund subscriptions, insurance premium subscriptions and credit card repayments.

What is UPI?

• The Unified Payments Interface (UPI) is a real-time payment system in India that allows seamless, instant transactions between different banks using smartphones.
• Launched by the National Payments Corporation of India (NPCI), UPI transformed digital transactions by providing a unified platform for various banking services.
• It operates by linking bank accounts to a mobile number, enabling users to make payments, transfer funds, and perform other financial activities through UPI-enabled apps.
• Users create a unique UPI ID, which acts as an identifier for transactions, eliminating the need for sharing sensitive bank details.
• UPI offers unparalleled convenience, allowing transactions 24/7, including peer-to-peer payments, bill splitting, and online shopping.
• Its interoperability between banks simplifies money transfers, leading to widespread adoption across businesses and individuals.
• Additionally, UPI facilitates government initiatives, such as direct benefit transfers and promoting a cashless economy.

RBI to Develop Regulatory Framework for Oversight of Loan Aggregators  

• The Reserve Bank of India (RBI) announced that it will soon release a regulatory framework aimed at overseeing web-based loan comparison platforms known as web-aggregators of loan products (WALP).

Definition of WALP :

• WALP offers the service of aggregating loan offers from multiple lenders on an electronic platform which allows borrowers to easily compare different offers and choose the most suitable loan option available from the participating lenders.
• Objective of the Framework : The RBI aims to create a structured system for loan aggregation services provided by lending service providers (LSPs).
• The framework aims to enhance transparency in the operations of WALPs or digital lending.
• It focuses on increasing customer centricity and enabling borrowers to make informed choices.

Key Highlights :

• The decision to establish a regulatory framework is based on the recommendations of the Working Group on Digital Lending, chaired by Jayant Kumar Dash.
• The recommendations were accepted by the RBI in August 2022.
• The digital lending ecosystem comprises services that aggregate loan offers from lenders (called web-aggregation of loan products) for the guidance of customers.
• Several concerns relating to web-aggregation of loan products harming consumers’ interest have come to our notice.

RBI Announces Plans to Set Up Cloud Facility for the Financial Sector to Strengthen Data Security

• The Reserve Bank of India (RBI) is actively working on establishing a dedicated cloud facility for the financial sector in India
• The primary objective of the proposed cloud facility is to significantly enhance the security, integrity, and privacy of data within the financial sector.

Key Highlights :

• The cloud facility will be set up and initially operated by Indian Financial Technology & Allied Services (IFTAS), a wholly-owned subsidiary of RBI.
• Over time, the cloud facility will be transitioned to a separate entity, with ownership vested in financial sector participants.
• This move aims to promote independence and collaboration within the sector.
• The implementation of the cloud facility is planned to occur in a phased and calibrated fashion over the medium term, ensuring a systematic and controlled deployment.
• The Reserve Bank Innovation Hub is set to operationalize the repository associated with the cloud facility by April 2024, indicating a specific timeline for the project’s completion

RBI Permits Reversal of Liquidity Facilities under Standing Deposit Facility and Marginal Standing Facility on Weekends and Holidays

• The Reserve Bank of India (RBI) has decided to allow the reversal of liquidity facilities under both SDF (standing deposit facility) and MSF (marginal standing facility) even during weekends and holidays with effect from December 30, 2023, to address the situation arising out of simultaneous high utilisation of both these facilities by banks .
• This move is expected to facilitate better fund management by the banks.

Key Highlights :

• At present, the standing facilities of the Reserve Bank under the LAF (liquidity adjustment facility) – the SDF and the MSF – can be availed from 17:30 hours to 23:59 hours on all days including weekends and holidays.
• However, the reversal of the facilities – withdrawal of deposited funds for SDF and repayment of borrowed funds for MSF – for the transactions over the weekends and holidays, is available only on the next working day in Mumbai.
• The LAF corridor is symmetric around the policy repo rate (of 6.50%), with the MSF rate (of 6.75%) as the ceiling and the SDF rate (of 6.25%) as the floor.
• Under SDF, eligible entities can place deposits with the RBI on an overnight basis and earn 6.25% interest.
• Under MSF, eligible entities can avail overnight funds at 6.75%.

DICGC report: Banks witness drop in insured deposits

• The ratio of insured deposits to assessable deposits in the banking system declined to 46.31% in FY2023 from 49% in FY2022 as customers, lured by attractive deposit rates, placed larger deposits (over and above the Rs 5 lakh deposit insurance cover) with banks, going by latest Deposit Insurance and Credit Guarantee Corporation (DICGC) data.
• This means that bank customers preferred to place larger quantum (Rs 5 lakh and above) of deposits (accounting for 53.69% of the deposits by value), which remained uninsured.
• In the preceding year, 51% of the deposits were uninsured.
• Deposit insurance cover is available on deposits up to Rs 5 lakh.
• This development comes even as interest rates on term deposits of over one year tenor rose to 6.00-7.25 per cent range as at March-end 2023 from 5.00-5.60 per cent as at March-end 2022 in the backdrop of RBI upping its policy repo rate and tight liquidity conditions.
• Fully protected and partially protected accounts accounted for 98.1 per cent and 1.9 per cent, respectively, of the total number of accounts (300.10 crore), per DICGC’s FY2023 annual report.
• At present, DICGC collects premiums at a uniform rate.
• The current maximum limit is 15 paise.
• However, as per the amendment to Section 15 (1) of the DICGC Act made in August 2021, the Corporation may raise the limit of 15 paise per annum per ₹100 of deposits on insurance premiums with the prior approval of RBI, considering its financial position and the interests of the banking sector in the country as a whole.
• DICGC insures all bank deposits except

(i) deposits of foreign governments

(ii) deposits of Central/State Governments

(iii) interbank deposits

(iv) deposits received outside India,

(v) deposits specifically exempted by the Corporation with the prior approval of RBI.

About DICGC :

• Founded: 1978
• Headquarters: Mumbai,Maharashtra, India
• Chairperson: Michael Patra
• Deposit Insurance and Credit Guarantee Corporation is a specialised division of Reserve Bank of India which is under the jurisdiction of Ministry of Finance, Government of India.

CURRENT AFFAIRS: NATIONAL NEWS

India to host four-day 27th WAIPA World Investment Conference in New Delhi

• India will host four-day 27th WAIPA World Investment Conference in New Delhi.
• National Investment Promotion and Facilitation Agency of the Government of India, and World Association of Investment Promotion Agencies are organizing the conference at the India International Convention & Expo Centre – Yashobhoomi, New Delhi.
• Under the aegis of the Department for Promotion of Industry and Internal Trade, it will be the largest World Investment Conference ever.
  Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Piyush Goyal will deliver the keynote address on the Role of Trade and Investment in the Decade of Action.
• Mr Goyal will also launch the Experience India Centre (EIC), showcasing the best of India’s offerings across services, technology, and products through a variety of technologies, including virtual reality, augmented reality, interactive touch screens, and projection mapping.
  World Investment Conference is being held in India for the first time.
• Over 1000 attendees, 50 Investment Promotion Agencies (IPAs) and various multilateral agencies will attend the conference.

India to spend 57 lakh crore rupees on adaptation to climate change over next 7 years

• India spent about Rs 13.35 lakh crore in 2021-22, just over 5.5% of its GDP, on climate adaptation and expects to incur another about Rs 57 lakh crore over the next seven years for this purpose.
• But this is only in the business-as-usual scenario, that is only if climate vulnerability does not deteriorate during this period.
• Climate-induced damage could escalate this amount by another Rs 15.5 lakh crore.
• The Central government informed the UN Framework for Climate Change Convention (UNFCCC), recently.
• The UNFCCC secretariat (UN Climate Change) is the United Nations entity tasked with supporting the global response to the threat of climate change.
• The secretariat is located in Bonn, Germany.
• Under the global climate change framework, countries are sup  posed to measure their annual greenhouse gas emissions every few years, and submit it to UNFCCC for maintaining a global inventory.
• This used to be called National Communication (NATCOMs), under the 1997 Kyoto Protocol mechanism.
• Under the Paris Agreement (2015) that has replaced Kyoto Protocol, this submission is called Biennial Update Reports, or BURs.
• India submitted its third NATCOM which will finish its obligations under the Kyoto Protocol.
• It has also submitted three Biennial update report under the Paris Agreement so far, and that will continue.
• The third NATCOM contains detailed inventory of India’s greenhouse gas emissions for the year 2019.
• It shows that India’s total emissions in 2019 was 3.13 billion tonnes of carbon dioxide equivalent.
• India said its expenditure on adaptation-relevant activities, both in absolute amount as well as in proportion to the GDP, had been rising, up from about Rs 5 lakh crore and 3.7 per cent of GDP in 2015-16 to Rs 13.35 lakh crore and 5.6 per cent of GDP in 2021-22.
• Recently, India’s first Adaptation Communication was submitted along with the third NATCOM.
• The Adaptation Communication provides a detailed description of India’s vulnerability to climate change, its adaptation requirements, and actions being taken or envisaged.

PM Formalization of Micro Food Processing Enterprises Scheme

• PM Formalisation of Micro food processing Enterprises (PMFME) Scheme is a centrally sponsored scheme launched in 2020.
• The scheme is operational for a period of five years from 2020-21 to 2024-25 with an outlay of Rs. 10,000 Crore for supporting 2 lakh micro food processing enterprises.
• Funding: 90:10 ratios with North Eastern and Himalayan States.
• 60:40 ratios with UTs with legislature, and 100% by Centre for other UTs.
• 60:40 ratios between Central and State Governments for other states.
• Under this scheme micro-enterprises will get credit-linked subsidy at 35% of the eligible project cost with a ceiling of Rs.10 lakh.
• The beneficiary contribution will be minimum of 10% and the balance from the loan.
• Seed capital will be given to SHGs (at Rs. 4 lakhs per SHG) for loans to members for working capital and small tools.
• Grant for backward/ forward linkages, common infrastructure, packaging, marketing & branding.
• Nodal Ministry: Ministry of Food Processing Industries.

Jammu Student-Led National Movement for Energy Conservation named 4E Wave Launched

• 4E Wave has been launched by Union Minister for Power and New & Renewable Energy Shri R. K. Singh.
• It is a student-led National Movement for Energy Conservation.
• It was launched in the presence of Lieutenant Governor of Jammu & Kashmir Shri Manoj Sinha.
• The movement aims to raise awareness of energy conservation among communities and individuals, as well as to encourage sustainable activities.
• 4E Wave comprises four essential components.
• Eco-friendliness, economy, education, and empowerment are these components.
• It’s a youth-led initiative that encourages people all throughout the country to support energy conservation.
• With assistance from the J&K Power Development Department, the Government of J&K, and the Bureau of Energy Efficiency (BEE), the Ministry of Power, the Government of India, it was started by the students of the Government College of Engineering & Technology (GCET), Jammu.
• Participation in this campaign is open to all Indian citizens.
• Additionally, participants will get a dynamic platform for exchanging essays about energy saving for possible publication in the quarterly e-magazine “e-kshitij.”

CURRENT AFFAIRS : INTERNATIONAL NEWS

Sweden and United States Ink Defence Cooperation Agreement in Washington                                 

• Sweden signed a defence cooperation agreement with the United States in Washington.
• It will allow the US to access all of the military bases in the Scandinavian country which is about to join the trans-Atlantic security alliance, North Atlantic Treaty Organization (NATO).
• Swedish Defense Minister Pal Jonson stated that the deal will create better conditions for Sweden to be able to receive support from the US in the event of a war or crisis.
• US Secretary of States, Lloyd Austin, remarked that by adding the capabilities of the Swedish armed forces to NATO, will make them stronger.
• The US struck a similar deal with Sweden’s neighbour, Norway, in 2021 and is currently negotiating such an agreement with two other Nordic countries, Finland and Denmark.
• Sweden and Finland decided to drop their long-standing policy of non-alignment and apply for NATO membership following Russia’s full-scale invasion of Ukraine last year. Finland joined NATO in April, 2023.

About Sweden :

• Prime Minister : Ulf Kristersson
• Capital : Stockholm
• Currency : Swedish krona

Argentina’s Entry into BRICS Postponed; Not Joining Developing Economies Bloc Next Year as Planned                                              

• Argentina’s entry into the BRICS bloc of developing economies, originally scheduled for January 1, 2024, has been postponed.
• The decision is seen as a precursor to a significant foreign policy shift in Argentina under the leadership of right-wing populist Milei, indicating potential changes in diplomatic priorities.
• Argentina was one of six countries invited in August to join BRICS, comprising Brazil, Russia, India, China, and South Africa.
• The move aimed to expand the bloc to an 11-nation alliance.
• Initially, President Alberto Fernández expressed enthusiasm about the invitation, believing it would open up new markets for Argentina.
• BRICS, initially formed by Brazil, Russia, India, and China in 2009, expanded with the inclusion of South Africa in 2010.
• The bloc represents a significant alliance of major emerging national economies.

CURRENT AFFAIRS : STATE NEWS

Telangana Chief Minister launches free bus rides for women and enhanced Aarogyasri Scheme

• Chief Minister of Telangana, Revanth Reddy launched Maha Lakshmi Scheme and Rajiv Aarogyasri Scheme enhanced to ₹10 lakh in Hyderabad.
• These two are among the six guarantees of Congress.

About Maha Lakshmi Scheme :

• The scheme allows girls, women, and transgender persons of all ages, domiciled in Telangana, to travel free of cost in TSRTC buses.
• According to the guidelines issued for the implementation of the scheme by the State government, these sections can travel free of cost anywhere within the borders of the State in PalleVelugu and Express buses with effect from Saturday.
• As for travel in inter-State buses, free travel facilities would be applicable up to the borders of the State.

About Rajiv Aarogyasri Scheme :

• The Rajiv Arogyasri Scheme provides financial protection to families living below the poverty line.
• It offers up to ₹10 lakh in a year for the treatment of serious ailments requiring hospitalisation and surgery and also financial coverage up to ₹10 lakh for high end procedures, according to the Rajiv Aarogyasri Health Care Trust.

About Telangana:

• Capital: Hyderabad
• Governor: Tamilisai Soundararajan
• Chief minister : Anumula Revanth Reddy

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

World Radiocommunication Conference 2023 appoints UAE’s Mohammed Al Ramsi as Chairman

• The United Arab Emirates’s (UAE) Mohammed Al Ramsi appointed as the Chairman of the World Radiocommunication Conference (WRC) 2023.
• This appointment marks the fulfilment of the decision taken by the WRC during its last session in Sharm El Sheikh, Egypt in 2019.
• This conference started from 20th November and will continue till 15th December in Dubai, UAE.
• This year, more than 4,000 government officials and 900 international organisations from 193 countries are attending the conference.
• This decision underscores the prominent global position of the UAE, particularly in the ICT sector – a pivotal force driving development across diverse domains.
• It further attests to the proficiency and capability of the Emiratis in steering and presiding over major international forums and events.
• As the host of this session, the UAE stands as the sole country globally to have hosted and chaired all conferences and events of the ITU, noting that this is the second occasion the UAE has chaired the WRC, with the initial instance occurring in 2012.

Key Highlights :

• The International Telecommunication Union (ITU) organises the World Radiocommunication Conference every three to four years.
• The objective of organizing the conference is to review the global use of radio frequency spectrum, geostationary satellites, and non-geostationary satellites in orbit.

About UAE :

• President : Mohamed bin Zayed Al Nahyan
• Prime Minister : Mohammed bin Rashid Al Maktoum
• Capital : Abu Dhabi
• Currency : UAE dirham

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

UltraTech to Purchase Kesoram’s Cement Business in Acquisition Deal

• UltraTech, part of the Aditya Birla Group, is set to acquire the cement business of Kesoram Industries in an all-stock deal.
• The estimated enterprise value of the deal is approximately ₹7,600 crore, including the assumption of debt.

Key Highlights :

• Demerger of Cement Business : Kesoram Industries, a flagship company of the BK Birla Group, has decided to demerge its cement business.
• The cement business includes two integrated cement units located in Karnataka and Telangana, boasting a combined installed capacity of 10.75 million tonnes per annum.
• Integration into UltraTech Cement : As per the deal, the demerged cement business from Kesoram Industries will be integrated into UltraTech Cement.
• UltraTech Cement is the flagship company in the cement sector for the Aditya Birla Group, led by Kumar Mangalam Birla.
• Transaction Timeline : The anticipated timeline for the completion of the transaction is within the next 9-12 months.
• The successful conclusion of the deal is contingent upon obtaining regulatory approvals.
• In October 2023, UltraTech had announced a third round of capex of ₹13,000 crore to expand capacity to 160 million tonnes (mt).

About UltraTech Cement Limited :

• Founded : 1983
• Headquarters : Mumbai, Maharashtra, India
• Managing Director : K. C. Jhanwar
• UltraTech Cement Limited is an Indian multinational cement company.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Clean Ganga Mission signs pact with Mississippi River Initiative

• The National Mission for Clean Ganga (NMCG) recently signed a Memorandum of Common Purpose (MoCP) with the Mississippi River Cities and Towns Initiative (MRCTI), which represents 124 cities/towns situated along the banks of the Mississippi River, the United States.
• This significant agreement positions NMCG a step closer to the imminent launch of the Global River Cities Alliance (GRCA), as the current River Cities Alliance (RCA) has now expanded its strength to the membership of 267 global river-cities including India, USA and Denmark.
• The official launch of GRCA is scheduled with expectations of additional global river-cities joining the global alliance.
• National Mission for Clean Ganga (NMCG) is a registered society under the Ministry of Jal Shakti, Government of India, to take measures for the prevention, control and abatement of environmental pollution in the river Ganga and to ensure continuous adequate flow of water so as to rejuvenate the river Ganga.
• It acted as the implementation arm of the National Ganga River Basin Authority (NGRBA), which was constituted under the provisions of the Environment (Protection) Act (EPA), 1986.
• NGRBA has since been dissolved with effect from 2016, consequent to the constitution of the National Council for Rejuvenation, Protection and Management of River Ganga (referred to as National Ganga Council).
• River Cities Alliance (RCA): In November 2021, NMCG and the National Institute of Urban Affairs (NIUA) under the Housing and Urban Affairs Ministry started an RCA.
• River Cities Alliance comprises 142 Indian River cities and Aarhus of Denmark as members.
• It is intended to serve as a specialised forum for Indian riverbank cities for coordinated dialogues and capacity building on issues linked to improving the condition of urban rivers.

CURRENT AFFAIRS: RANKING AND INDEX

Climate Change Performance Index (CCPI) 2024:

• The Climate Change Performance Index (CCPI) 2024 was released on the sidelines of the ongoing COP28 in Dubai.
• India ranked 7th in this year’s Climate Change Performance Index, up one spot from the previous one.
• CCPI is a scoring system that measures the climate protection performance of countries. It was first published in 2005.
• It is designed to improve transparency in international climate politics.
• The CCPI uses a standardized framework to compare the climate performance of 63 countries and the EU, which together account for over 90% of global greenhouse gas emissions.
• The CCPI assesses each country’s performance in four categories: Greenhouse Gas (GHG) Emissions (40%), Renewable Energy(20%), Energy Use(20%), Climate Policy (20%).
• Germanwatch, the New Climate Institute and the Climate Action Network publish the index annually.
• India’s climate actions were rated the fourth strongest in an annual performance index released by Germanwatch.
• Denmark retained the top spot with a score of 75.59 per cent.
• It should be noted that none of these countries have been able to achieve a very high rating over the last few years.
• Hence, the first three ranks are left vacant.
• Estonia and the Philippines occupied the second and third ranks respectively, with 72.07 and 70.70. India followed closely with 70.25 per cent.
• Saudi Arabia is at the bottom (67th) in the performance list, Islamic Republic of Iran occupied the 66th position while the host country United Arab Emirates occupied the 65th position.
• CCPI countries must have an emissions peak by 2025 to keep the 1.5°C goal in reach.
• India was ranked 9th in GHG Emissions and 10th in Energy Use among assessed countries.
• In Climate Policy, India was ranked 10th.
• In Renewable Energy, India is ranked 37th, barely remaining within the ‘high’ performance category.
• India on track to meet a benchmark of well below 2°C in per capita GHG category.
• It said that while India is trying to meet its Nationally Determined Contribution (NDC) but India’s growing energy needs are still being met by its heavy reliance on coal, along with oil and gas.
• This dependence is a major source of GHG emissions and causes severe air pollution, especially in the cities.
• India is among the most air-polluted countries of the world.

CURRENT AFFAIRS: SPORTS NEWS

Union Minister Anurag Singh Thakur formally inaugurates first-ever Khelo India Para Games in New Delhi

• Union Minister of Youth Affairs and Sports Anurag Singh Thakur formally inaugurated the first-ever Khelo India Para Games (KIPGs) in New Delhi.
• Mr Thakur said that the event is not just the celebration of our spirit of sportsmanship but it is a light that will bring inclusivity and empowerment in India.
• He further pointed out that KIPGs will further reiterate the PM’s vision of “Kheloge to Khiloge”.
• More than 1,400 participants from across 32 states and Union Territories including Services Sports Control Board are participating in the 8-day event.
• The Para athletes will compete for honours in 7 disciplines including para athletics, para shooting, para archery, para football, para badminton, para table tennis and para weight lifting.
• Khelo India Para Games aim to provide opportunity for aspiring para-athletes to showcase their skill and develop their career in para sports.
• Youth Affairs and Sports Ministry has that athletes participating in the Khelo India Para Games will receive comprehensive medical coverage.
• The medical coverage includes emergency medical services, on-site medical teams and access to necessary healthcare facilities.

India’s Ashwini Ponnappa and Tanisha Crasto win women’s doubles title at Guwahati Masters badminton tournament

• India’s Ashwini Ponnappa and Tanisha Crasto won the women’s doubles title at the Guwahati Masters 2023 badminton tournament.
• Ashwini Ponnappa and Tanisha Crasto, the second seeds at the BWF Super 100 tournament, beat Taipei’s Sung Shuo Yun and Yu Chien Hui 21-13, 21-19 to win what was their second title as a pair.
• Results at the Guwahati Masters 2023 badminton tournament will count towards players’ qualifying rankings for the Paris 2024 Olympics.
• The Indian badminton duo won the Abu Dhabi Masters Super 100 tourney earlier this year.
• Ashwini Ponnappa and Tanisha Crasto also made the final of the Syed Modi International Super 300 tournament last week in Lucknow but lost the title decider to Japan’s Rin Iwanaga and Kie Nakanishi.

CURRENT AFFAIRS: IMPORTANT DAYS

Universal Health Coverage Day: 12th December

• Universal Health Coverage Day 2023 is observed on the 12th of December 2023.
• The first healthcare system was established by a German named Chancellor Otto von Bismarck in 1883.
• The insurance model, called the ‘Bismarckian system’, required everyone to have insurance for their medical expenses, which was similar to the current-day non-profit health insurance companies.
• Universal Health Coverage Day was originally promoted by the World Health Organization.
• The World Health Organization is part of the United Nations and is responsible for international public health.
• In December 2012, the United Nations General Assembly approved a resolution demanding countries to fast-forward universal healthcare progression.

CURRENT AFFAIRS : OBITUARIES

Veteran Communist and CPI Kerala secretary Kanam Rajendran passed away         

• The state secretary of the ruling Communist Party of India (Marxist) Kanam Rajendran passed away at the age of 73 in Kochi, Kerala.

About Kanam Rajendran :

• Kanam Rajendran was born on 10 November 1950 in Koottikkal village of Kerala’s Kottayam district.
• He entered politics at a tender age and became the state secretary of the Communist Party of India’s (CPI’s) youth wing All India Youth Front (AIYF) at 23.

Political Career :

• He represented Vazhoor constituency in the Kerala Legislative Assembly from 1982 to 1991.
• In March 2015, he was elected the Secretary of Communist Party of India Kerala State Council.
• He was serving as the national executive and central secretariat member of the party.
• Leadership and Contributions : He is a two-time MLA, well-known trade unionist and an accomplished organiser
• He was considered as one of the strongest leaders of the ruling Left Democratic Front after Chief Minister Vijayan.
• Known for his strong political stands which he adopted during the time of various controversies that hit the first and second LDF governments under Vijayan, Rajendran was described by political observers as a corrective force in the Left front.
• He was also a leader who showed keenness to maintain the unity of the LDF, in which CPI is the second-largest coalition partner

Daily CA One-Liner: December 12

• The Reserve Bank of India’s Monetary Policy Committee (MPC) kept the repo rate unchanged for the fifth time in a row at 6.5%.
• The Reserve Bank of India (RBI) has increased the transaction limits for United Payments Interface (UPI) payments for hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh per transaction.
• The Reserve Bank of India (RBI) announced that it will soon release a regulatory framework aimed at overseeing web-based loan comparison platforms known as web-aggregators of loan products (WALP).
• The Reserve Bank of India (RBI) is actively working on establishing a dedicated cloud facility for the financial sector in India
• The Reserve Bank of India (RBI) has decided to allow reversal of liquidity facilities under both SDF (standing deposit facility) and MSF (marginal standing facility) even during weekends and holidays with effect from December 30, 2023, to address the situation arising out of simultaneous high utilisation of both these facilities by banks .
• The ratio of insured deposits to assessable deposits in the banking system declined to 46.31% in FY2023 from 49% in FY2022 as customers, lured by attractive deposit rates, placed larger deposits (over and above the Rs 5 lakh deposit insurance cover) with banks, going by latest Deposit Insurance and Credit Guarantee Corporation (DICGC) data.
• India will host a four-day 27th WAIPA World Investment Conference in New Delhi.
• India spent about Rs 13.35 lakh crore in 2021-22, just over 5.5% of its GDP, on climate adaptation and expects to incur another about Rs 57 lakh crore over the next seven years for this purpose.
• PM Formalisation of Micro food processing Enterprises (PMFME) Scheme is a centrally sponsored scheme launched in 2020
• 4E Wave has been launched by Union Minister for Power and New & Renewable Energy Shri R. K. Singh.
• The National Mission for Clean Ganga (NMCG) recently signed a Memorandum of Common Purpose (MoCP) with the Mississippi River Cities and Towns Initiative (MRCTI), which represents 124 cities/towns situated along the banks of the Mississippi River, the United States
• The Climate Change Performance Index (CCPI) 2024 was released on the sidelines of the ongoing COP28 at Dubai
• Union Minister of Youth Affairs and Sports Anurag Singh Thakur formally inaugurated the first-ever Khelo India Para Games (KIPGs) in New Delhi
• India’s Ashwini Ponnappa and Tanisha Crasto won the women’s doubles title at the Guwahati Masters 2023 badminton tournament.
• Sweden signed a defence cooperation agreement with the United States in Washington.
• Argentina’s entry into the BRICS bloc of developing economies, originally scheduled for January 1, 2024, has been postponed.
• Chief Minister of Telangana, Revanth Reddy launched Maha Lakshmi Scheme and Rajiv Aarogyasri Scheme enhanced to ₹10 lakh in Hyderabad.
• The United Arab Emirates’s (UAE) Mohammed Al Ramsi appointed as the Chairman of the World Radiocommunication Conference (WRC) 2023.
• UltraTech, part of the Aditya Birla Group, is set to acquire the cement business of Kesoram Industries in an all-stock deal.
• The state secretary of the ruling Communist Party of India (Marxist) Kanam Rajendran passed away at the age of 73 in Kochi, Kerala.
• Universal Health Coverage Day 2023 is observed on the 12th of December 2023