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CURRENT AFFAIRS: BANKING AND ECONOMY

RBI authorises Bandhan Bank to disburse pensions on behalf of Indian Railways

Bandhan Bank has been authorised by RBI to disburse pensions on behalf of Indian Railways.
With this authorisation, Bandhan Bank will be allowed to give pensions to all former employees of the Ministry of Railways.
It will have access to nearly 50,000 Indian Railways retirees every year on average across all offices of Indian Railways.
The bank will quickly work with the Ministry of Railways to begin the process of giving out pensions.
The net profit of Bandhan Bank more than tripled for the quarter ended September 2023 to Rs 721 crore.
The net profit increased by a huge 245%.

About Bandhan bank

Bandhan Bank is a private-sector bank.
It is headquartered in Kolkata.
Anup Kumar Sinha is its current chairman.
Chandra Shekhar Ghosh is its MD and CEO.

The presence of Indian banks via subsidiaries increased to 417 in FY23

Indian banks increased their overseas presence through the subsidiaries route to 417 during 2022-23, from 399 at the end of the preceding fiscal, as per Reserve Bank data.
Reserve Bank of India (RBI) survey on International Trade in Banking Services 2022-23 showed their employee strength, too, rose 0.5 per cent and 6.2 per cent for foreign branches and subsidiaries, respectively, during 2022-23, the
The survey covers 14 Indian banks having overseas branches or subsidiaries and 44 foreign banks having branches or subsidiaries in India.
On the other hand, the number of branches and employees of foreign banks in India contracted during 2022-23 to 774 from 858 in 2021-22.
Shifting of retail business of a major foreign bank in India to a domestic private sector bank led to decline in aggregate deposits and credit of foreign banks, whereas their capital and investments increased during 2022-23.
The consolidated balance sheet of foreign banks in India increased 5.7 per cent in US dollar terms.
The tightening global monetary policy cycle during the year led to a substantial rise in interest income and expenses across bank groups.
Total income to assets ratio of overseas branches of Indian banks increased to 3.9 per cent in 2022-23 (1.6 per cent in 2021-22), but it remained lower vis–vis that of 6.9 per cent for foreign banks in India.
Branches of Indian banks in the UAE generated the highest fee income, followed by those in the UK, Hong Kong, and Singapore.

Bain Capital sells a 1.1% stake in Axis Bank for over Rs 3,700 cr

Private equity firm Bain Capital has offloaded a 1.1% stake in Axis Bank through the open market raking in a profit of more than Rs 3,700 crore.
This is the second time in 2023 that Bain Capital has sold a stake in the private sector lender.
In June, it sold a 0.7% stake in Axis Bank at an average price of Rs 968 apiece, aggregating Rs 2,178 crore.
Prior to this, the private equity firm had sold a 1.2% stake in October 2022.
Meanwhile, several foreign portfolio investors (FPIs) picked up stakes in Axis Bank through separate block deals.
Prominent names include Fidelity International, Goldman Sachs, Morgan Stanley, UBS Funds, and pension funds such as the Government Pension Fund Global, Oman Ministry of Defence Pension Fund.

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister Narendra Modi inaugurates Diamond Bourse & New Integrated Terminal Building of Surat Airport

In Gujarat, Prime Minister Narendra Modi has dedicated the newly Built Diamond Bourse, the World’s largest corporate office hub in Surat.
It will emerge as a global centre for trading rough and polished diamonds and jewellery.
The newly built Diamond Bourse will be the World’s largest and most modern centre for international diamond and jewellery business.
Earlier, the Prime Minister inaugurated the New Integrated Terminal Building of Surat Airport.
The new terminal building is equipped to handle 1,200 domestic passengers and 600 international passengers during peak hours with annual handling capacity increasing to 55 lakh passengers.
The new building is also equipped with various sustainability features i.e. double insulated roofing system, rainwater harvesting and a solar power plant.
The upgraded terminal building aims to enrich the passenger experience with the rich and traditional woodwork of the old houses of the ‘Rander’ region of Surat City.

Key Highlights

Prime Minister Narendra Modi will also inaugurate the second edition of Kashi Tamil Sangamam 2023 at Namo Ghat in Varanasi.
He will be on a two-day visit to his parliamentary constituency started.
Apart from launching many development projects worth around 20 thousand crore rupees, he will flag off another Vande Bharat express train from Varanasi.
Prime Minister will also flag off the Kanyakumari – Varanasi Tamil Sangamam train.
The second edition of Kashi Tamil Sangamam will commence from today to 30th December.
The first batch of the Tamil delegation which had left from Chennai on the 15th December reached Varanasi. They were welcomed in a traditional manner there.
Nearly 1400 people from different walks of life will be travelling from different parts of Tamil Nadu in the next two weeks. During their stay in Kashi, as per their tour itinerary, they will also visit Prayagraj and Ayodhya.
The first edition of the Kashi Tamil Sangamam was organized from 16th November to 16th December 2022, by the Ministry of Education working as the nodal agency.
Leveraging the experience of the first edition, IIT Madras will be acting as the implementing agency in Tamil Nadu and Banaras Hindu University (BHU) in Uttar Pradesh.

Amrit Technology For Removal Of Arsenic And Metal Ions From Water

IIT Madras developed ‘AMRIT’ for removing Arsenic and Metal ions from water.
‘AMRIT’ (Arsenic and Metal Removal by Indian Technology) uses nano-scale iron oxy-hydroxide. It removes arsenic when water is passed through it.
This water purifier technology has been developed for both domestic as well as community levels.
This technology has been recommended by the ‘Standing Committee’ of the Department of Drinking Water and Sanitation for the examination of the best technologies related to water and sanitation.
Government is committed to provide a safe & potable tap water supply to all rural households.
Government launched the Jal Jeevan Mission (JJM) for the planning, approval, implementation, operation, and maintenance of drinking water supply schemes.
The government is working with academic institutions such as IITs to resolve issues related to water supply and water quality.

The Barracuda: India’s fastest solar-electric boat sets sail for sustainable future

In a move towards eco-friendly maritime transportation, the Barracuda, India’s fastest solar-electric boat, was ceremoniously launched at the Navgathi Panavally Yard in Alappuzha.
This cutting-edge vessel was jointly developed by Mazagon Dock Shipbuilders and Navalt.
The Barracuda, named after the swift long fish, is designed by Naval for workboat purposes.
With a top speed of 12 knots and a range of 7 hours on a single charge, the 14-metre long and 4.4-metre wide vessel harnesses twin 50 kW electric motors, a marine-grade LFP battery, and 6 kW solar power.
Engineered to navigate through waves towering up to 4 metres, the Barracuda excels in challenging marine environments.
Certified under IRS, it can accommodate 12 passengers, offering a noise-free, vibration-free, and pollution-free journey.
Mazagon Dock plans to introduce this entirely eco-friendly vessel to cater to their needs at its Mumbai dock under the name Saur Sakthi.
Navalt Solar and Electric Boats, the country’s prominent marine tech company specialising in the manufacturing of solar electric vessels and decarbonising the maritime sector, was awarded the world’s best start-up under the Mobility and Transportation category at the Berlin Start-up Energy Transition Awards 2023.

CURRENT AFFAIRS: AWARDS AND HONOURS

Activist Ali Abu Awwad and pianist Daniel Barenboim win the Indira Gandhi Peace Prize

2023 Indira Gandhi Prize for Peace, Disarmament, and Development awarded to Ali Abu Awwad and Daniel Barenboim.
The award has been given for their efforts in bringing together the youth and peoples of Israel and the Arab World for a non-violent resolution of the Israel-Palestine conflict.
Former Chief Justice of India T.S. Thakur chaired the International Jury of the Indira Gandhi Prize for Peace, Disarmament and Development.
Maestro Barenboim is an Argentine-born, distinguished classical pianist and conductor, renowned for performing with and directing some of the world’s leading orchestras.
Awwad is a distinguished Palestinian peace activist who has been working tirelessly with the people of Palestine and Israel for a peaceful resolution to the ongoing conflict in the Middle East.
This award is given to doctors, nurses, paramedics, and karamchari for their selfless service, unwavering dedication, and perseverance in the face of adversity.
The award, instituted after one of the most remarkable leaders of the twentieth century, aims to honour women, men, and institutions who have done exemplary work in the service of humanity.
The award is given annually by the Indira Gandhi Memorial Trust to individuals or organizations.
The award carries a cash award of 2.5 million Indian rupees and a citation.

CURRENT AFFAIRS: SCIENCE AND TECHNOLOGY

Nasa Pace mission is set to unravel how smoke, dust shape Earth’s climate

NASA is gearing up to enhance our understanding of Earth’s atmosphere with the upcoming Plankton, Aerosol, Cloud, ocean Ecosystem (PACE) mission, scheduled for launch in early 2024.
The mission will employ advanced polarimeters to study the interplay of light, aerosols, and clouds, contributing to a deeper comprehension of their impact on air quality and climate.
Aerosols, which include tiny particles like smoke, dust, and pollutants, may seem inconspicuous, but they play a crucial role in influencing our climate.
The PACE mission will not only analyze aerosols but also delve into studying the color of the ocean.
The primary science instrument for PACE is the Ocean Color Instrument (OCI), designed to measure the ocean’s color across a spectrum from ultraviolet to shortwave infrared.
Additionally, PACE will feature two polarimeters – the Spectro-polarimeter for Planetary Exploration (SPEXone) and the Hyper Angular Research Polarimeter (HARP2).
NASA explained that SPEXone and HARP2, working together, will offer complementary spectral and angular sampling, polarimetric accuracy, and spatial coverage.

CURRENT AFFAIRS: RANKING AND INDEX

For the 6th time, Hyderabad emerges as the best city to live in India

As per Mercer’s survey, Hyderabad has the best ‘quality of living’ in India.
According to the Quality of Living Index 2023 released by Mercer, Hyderabad is in the top spot in terms of ‘quality of living’ in India. Hyderabad attained the 153rd spot in the Quality of Living Index 2023.
Pune has the second-best ‘quality of living’ in India. It has secured the 154th position in Mercer’s Quality of Living City Index.
Bengaluru (156th) Chennai is the fourth Indian city in the list at 161 spot followed by Mumbai at 164. Kolkata (170) and New Delhi (172).
Vienna (Austria), Zurich (Switzerland) and Auckland (New Zealand) Copenhegan (Denmark) Geneva (Switzerland) are the top five cities in the Quality of Living Index 2023.
Seven European countries were in the top 10.
This index evaluates the quality of life for employees working abroad. It has taken data from more than 500 cities all over the world.
Quality of Living Index is based on different factors like Water Potability, Waste Removal, Sewage, Air Pollution, Water availability, Traffic Congestion.
In a similar index prepared by the Ministry of Housing and Urban Affairs called Ease of Living Index 2023, Pune ranked second among cities with a population over a million.
In 2018, Pune achieved the top rank.

CURRENT AFFAIRS: IMPORTANT DAYS

Goa’s Liberation Day: 19th December

Goa’s Liberation Day 2023 is observed on the 19th of December 2023.
Goa was still in disrepair after 450 years of Portuguese rule on August 15, 1947, when India attained freedom.
One of the first nations to colonize sections of India was Portugal, which continued to cling onto Goa and other Indian regions even after India gained her freedom.
The former Indian prime minister, Jawaharlal Nehru, believed that military intervention was their only choice after numerous fruitless conversations and diplomatic attempts with the Portuguese.
Action Vijay, which translates to “Operation Victory,” was a 36-hour military operation that began on December 18, 1961, and by the combined forces of the Indian Navy, Air Force, and Army.
451 years of Portuguese rule in the region officially came to an end and the territory was taken back by India on December 19, 1961.

Daily CA One- Liner: December 19

Bandhan Bank has been authorised by the RBI to disburse pensions on behalf of Indian Railways
Indian banks increased their overseas presence through the subsidiaries route to 417 during 2022-23, from 399 at the end of the preceding fiscal, as per Reserve Bank data
Private equity firm Bain Capital has offloaded a 1.1% stake in Axis Bank through the open market raking in a profit of more than Rs 3,700 crore.
In Gujarat, Prime Minister Narendra Modi has dedicated the newly Built Diamond Bourse, the World’s largest corporate office hub in Surat
IIT Madras developed ‘AMRIT’ for removing Arsenic and Metal ions from water.
In a move towards eco-friendly maritime transportation, the Barracuda, India’s fastest solar-electric boat, was ceremoniously launched at the Navgathi Panavally Yard in Alappuzha
2023 Indira Gandhi Prize for Peace, Disarmament, and Development awarded to Ali Abu Awwad and Daniel Barenboim
NASA is gearing up to enhance our understanding of Earth’s atmosphere with the upcoming Plankton, Aerosol, Cloud, ocean Ecosystem (PACE) mission, scheduled for launch in early 2024
As per the Mercer’s survey, Hyderabad has the best ‘quality of living’ in India
Goa’s Liberation Day 2023 is observed on the 19th of December 2023.

Daily Current Affairs December 19 2023 | Latest News | Download PDF