Daily Current Affairs December 20 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

LIC Announces Increase in Gratuity Limit for Agents from Rs 3 Lakh to Rs 5 Lakh                         

• Life Insurance Corporation (LIC) has notified an increase in gratuity limit to Rs 5 lakh from Rs 3 lakh for LIC agents with an aim to bring substantial improvements to the working conditions and benefits for them.
• The increase was affected by amending the Life Insurance Corporation of India (Agents) Regulations, 2017.
• These regulations may be called the Life Insurance Corporation of India (Agents) Amendment Regulations, 2023.
• These regulations came into force on the date of their publication in the Official Gazette dated December 6, 2023.
• It also enabled the reappointed agents to be eligible for renewal commission, thereby providing them with increased financial stability.
• Currently, LIC agents are not eligible for renewal commission on any business completed under the old agency.

About LIC:

• Established: 1st September 1956
• MD: Siddhartha Mohanty
• Headquarters: Mumbai, India

Reliance General Insurance Launches ‘Reliance Health Global’ Insurance Policy                            

• Reliance General Insurance Company introduced “Reliance Health Global“, a healthcare policy aimed at providing Indians with access to global healthcare.
• The policy offers extensive coverage both within India and worldwide, catering to individuals with a global lifestyle.

Key Highlights :

• Seamless Healthcare Experience : Designed for those seeking top-notch healthcare services globally, ensuring a seamless healthcare experience.
• Sum-Insured Coverage : Substantial sum-insured coverage up to $1 million, providing a robust sense of security for medical treatment abroad.
• Beyond Hospitalization Coverage : Aside from covering scheduled hospitalization, the policy includes provisions for travel, accommodation, and comprehensive Visa and assistance services, addressing unforeseen situations like lost passport or emergency cash needs.
• No Room Rent Limitations:No limitations on room rent, offering flexibility and choice in selecting healthcare facilities.
• Air Ambulance Services : Coverage includes air ambulance services, ensuring swift and efficient transportation during emergencies.
• Organ Donor Expenses Coverage : The policy covers expenses related to organ donors, providing financial support for critical medical procedures
• Travel Assistance Services : Extensive provisions for travel-related services, enhancing the overall support for policyholders during medical journeys.

About Reliance General Insurance :

• Founded : 17 August 2000
• Headquarters : Mumbai, Maharashtra
• CEO : Rakesh Jain
• Reliance General Insurance Company Limited is an India-based private insurance company and is part of Reliance Anil Dhirubhai Ambani Group, wholly owned through Reliance Capital.

IndusInd Bank Unveils Innovative ‘Indus Solitaire Program’ Community Banking Initiative for Diamond Cohorts                           

• IndusInd Bank has introduced the ‘Indus Solitaire Program,‘ a specialized community banking initiative tailored for the diamond industry.
• This curated banking program will be offered through Bank’s flagship branches in prime locations across various cities with concentration in Mumbai and Surat and will provide a range of exclusive benefits along with distinct features and enriched offerings to customers in the diamond industry.

Exclusive Benefits and Features :

• The program offers exclusive benefits such as 24*7 locker access, add-on family accounts, and membership benefits at top-tier hotels.
• Debit and credit cards under this program provide concierge services, complimentary golf lessons and movie tickets, zero cross-currency mark-up fee on foreign exchange, and complimentary lounge access.

Key Highlights :

• Furthermore, this program offers a dedicated relationship, service and wealth manager for hand holding customers and providing them assistance for their diverse financial needs.
• In alignment with the launch of its ‘Indus Solitaire program’, IndusInd Bank has also launched its new branch at the Surat Diamond Bourse, a diamond trade centre located in Surat and also the world’s largest diamond trading hub and largest office building.
• The flagship branch of IndusInd Bank will provide elite banking services to the diamond community in Surat, which will cater to their business needs as well as individual financial needs.

About IndusInd Bank :

• Founded : April 1994
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sumant Kathpalia.
• Tagline : We Make You Feel Richer

CURRENT AFFAIRS: NATIONAL NEWS

CCI approves scheme of arrangement involving Dhani Services Limited, Indiabulls Enterprises Limited, Savren Medicare Limited

• The Competition Commission of India (CCI) has approved the scheme of arrangement involving Dhani Services Limited, Indiabulls Enterprises Limited, Savren Medicare Limited, Auxesia Soft Solutions Limited, Gyansagar Buildtech Limited, Pushpanjli Finsolutions Limited, Devata Tradelink Limited, Evinos Developers Limited, Milky Way Buildcon Limited, Indiabulls Consumer Products Limited, Indiabulls Infra Resources Limited, Jwala Technology Systems Private Limited, Mabon Properties Limited, YDI Consumer India Limited, Indiabulls General Insurance Limited, Indiabulls Life Insurance Company Limited, Juventus Estate Limited, India Land Hotels Mumbai Private Limited, Indiabulls Pharmcare Limited, and Yaari Digital Integrated Services Limited.

The Proposed Combination contemplates the following:

(i) amalgamation of Dhani Services Limited (Dhani/DSL) and Indiabulls Enterprises Limited (IEL) (Dhani and IEL collectively referred to as Listed Amalgamating Companies) into and with Yaari Digital Integrated Services Limited (Amalgamated Company/Resulting Company 2/Yaari Digital);

(ii) amalgamation of Savren Medicare Limited (Sarven Medicare), Auxesia Soft Solutions Limited (Auxesia Software), Gyansagar Buildtech Limited (Gyansagar Buildtech), Pushpanjli Finsolutions Limited (Pushpanjali Finsolutions), Devata Tradelink Limited (Devata Tradelink), Evinos Developers Limited (Evinos Developers), Milky Way Buildcon Limited (Milky Way Buildcon), Indiabulls Consumer Products Limited (Indiabulls Consumer Products), Indiabulls Infra Resources Limited (Indiabulls Infra Resources), Jwala Technology Systems Private Limited (Jwala Technology Systems), Mabon Properties Limited (Mabon Properties), YDI Consumer India Limited (YDI Consumer India), Indiabulls General Insurance Limited (Indiabulls General Insurance)  and Indiabulls Life Insurance Company Limited (Indiabulls Life Insurance)  (aforesaid companies are collectively referred to as Unlisted Amalgamating Companies) into and with Yaari Digital;

(iii) Amalgamation of Juventus Estate Limited (Juventus Estate) with and into Yaari Digital; and

(iv) Demerger of the Real Estate Business Undertaking of India Land Hotels Mumbai Private Limited (Demerged Company) into Indiabulls Pharmacare Limited (Indiabulls Pharmcare/Resulting Company 1) and discharge of consideration thereof by way of issuance of shares by Yaari Digital, in the capacity of the holding company of Indiabulls Pharmacare.

NTPC Group achieves its fastest-ever 300 Billion Units Electricity Generation

• NTPC Group has achieved the fastest ever 300 Billion Units (BU) electricity generation.
• This milestone was achieved in just 262 days in FY 2023-24, which is 18 days early compared to the last financial year.
• In FY 2022-23, the company had crossed 300 BU generation on 5^thJanuary 2023.
• On a standalone basis, 256 BU generation has been recorded from NTPC stations in FY 2023-24.
• This accomplishment reinforces NTPC’s commitment to delivering reliable and affordable power to the Nation.
• While NTPC has an installed capacity of approximately 74 GW, over 18 GW capacity including 5 GW Renewables is under construction.
• The company is committed to achieve 60 GW of Renewable Energy capacity by the year 2032.
• Along with power generation, NTPC has also ventured into various new business areas including e-mobility, Waste-to-Energy, Green Hydrogen solutions and has participated in the bidding for power distribution of Union Territories.

About NTPC

• NTPC Ltd. is India’s largest integrated power utility, contributing 1/4th of the power requirement of the country. With a diverse portfolio of thermal, hydro, solar, and wind power plants, NTPC is dedicated to delivering reliable, affordable, and sustainable electricity to the Nation.
• The company is committed to adopting best practices, fostering innovation, and embracing clean energy technologies for a greener future.

CCI approves certain business undertakings of Ind Swift Laboratories Limited and Essix Biosciences Limited by Synthimed Labs Private Limited

• The Competition Commission of India (CCI) has approved the proposed acquisition of certain business undertakings of Ind Swift Laboratories Limited and Essix Biosciences Limited by Synthimed Labs Private Limited.
• The Proposed Combination involves slump sale of certain business undertakings (on a going concern basis) of Ind Swift Laboratories Limited (ISLL) and Essix Biosciences Limited (Essix) (collectively, “Target Business”) to Synthimed Labs Private Limited (Synthimed).
• Subsequently, ISLL will acquire a minority shareholding in the Acquirer.

Synthimed

• Synthimed is a recently incorporated company set-up to facilitate the Proposed Combination. Synthimed is not engaged in any business activities as on date. Synthimed forms part of the Bain Capital Group and Piramal Group.

Target Business

• The Target Business is engaged in the business of manufacturing and selling APIs and intermediates; providing contract research and manufacturing services; and supporting research & development.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

LIC Reduces Shareholding In Dixon Technologies From 5.012% To 3%

• Life Insurance Corporation of India (LIC) announced that Corporation’s shareholding in “Dixon Technologies India Limited” has decreased from 29,97,913 to 17,94,395 Equity Shares, decreasing its shareholding from 5.012% to 3.000% of the paid-up capital of the Company.
• There was a decrease of 2% in holding during the period from April 20, 2022 to December 15, 2023.
• The shareholding reduction was executed at an average cost of Rs 5,877.65 per share.

About Dixon Technologies :

• Founded : 1993
• Headquarters : Noida, Uttar Pradesh, India
• MD & CEO : Atul B Lall
• Dixon Technologies (India) Limited is the largest home grown design-focused and solutions company engaged in manufacturing products in the consumer durables, lighting and mobile phones/smart phones markets in India.

Infibeam Avenues acquires 49% stake in Pirimid Fintech                    

• Infibeam Avenues Limited (IAL), a Gandhinagar, Gujarat based fintech company, announces its strategic foray into the capital markets and digital lending software market by acquiring a significant 49% equity stake in Pirimid Fintech,a Ahmedabad, Gujarat based Financial Services Company investing Rs 25 crore to solidify this strategic partnership.
• This move is in direct response to the surging demand in the thriving global capital markets for cutting-edge secured and zero latency Artificial Intelligence (AI) backed software to streamline trading, research and investment processes.
• Artificial Intelligence (AI) is transforming the capital market, with stockbrokers, mutual funds, corporate treasuries, and investment banks using AI backed trading software for algorithmic trading strategies, which not only boosts performance, accuracy, and returns but also enhances compliance, fraud detection and prevention.
• Alongside its established presence in the capital markets technology space, Pirimid Fintech is also making significant strides in the digital lending sector with capabilities around modern loan origination systems, data sourcing and advanced business rule engine (BRE).
• Leveraging the expertise and technological foundation provided by Infibeam Avenues, Pirimid Fintech is poised to develop innovative digital lending solutions to streamline the lending process, offering faster and more efficient credit disbursement, enhanced customer experience, and improved risk management through advanced data analytics and AI algorithms.

CURRENT AFFAIRS : OBITUARIES

Kuwait’s ruling emir, Sheikh Nawaf Al Ahmad Al Sabah Passed away

• Kuwait’s ruling emir, Sheikh Nawaf Al Ahmad Al Sabah passed away at the age of 86.
• Kuwait’s deputy ruler and his half-brother, Sheikh Meshal Al Ahmad Al Jaber, now 83, had been the world’s oldest crown prince.
• Meshal, a longtime leader in the country’s security services, had been named new emir and now is one of the Gulf Arab countries’ last octogenarian leaders.

About Nawaf Al-Ahmad Al-Jaber Al-Sabah :

• Nawaf Al-Ahmed Al-Jaber Al-Sabah was born on 25 June 1937 in Kuwait City, Kuwait.
• He was appointed governor of Hawalli on 21 February 1962 and held the post until 19 March 1978
• He was minister of interior (1978–1988, 2003–2006), minister of defense (1988–1991) and deputy prime minister (2020–2023).
• Following the liberation of Kuwait in the Gulf War, Nawaf was appointed the acting minister of labour and social affairs on 20 April 1991 and held the post until 17 October 1992.
• On 16 October 1994, Nawaf was appointed deputy chief of the Kuwait National Guard and held that post until 2003.
• The same year, he reassumed the post of minister of the interior until an Amiri Decree was issued on 16 October 2003 making him first Deputy Prime Minister of Kuwait and Minister of Interior.
• Nawaf was nominated as crown prince on 7 February 2006, during the reign of his half-brother Sabah Al-Ahmad Al-Jaber Al-Sabah.
• During his three-year rule as emir, he grappled with internal political disputes
• He was Emir of Kuwait from 29 September 2020 until his death in 2023.

About Kuwait :

• Prime Minister : Ahmad Nawaf Al-Ahmad Al-Sabah
• Capital : Kuwait City
• Currency : Kuwaiti dinar

CURRENT AFFAIRS: SPORTS NEWS

Khelo India and Svayam collaborated to improve support for Para Athletes at Khelo India Para Games 2023

• Khelo India, the flagship program of the Ministry of Youth Affairs and Sports, and Svayam, India’s pioneering accessibility organisation, joined hands to ensure transportation and infrastructure are accessible in New Delhi during the Khelo India Para Games.
• Accessible transportation services were provided for more than participating 1400 para-athletes.
• More than 300 volunteers, and officials associated with the Games were sensitised at the beginning of this 8-day-long event.
• Accessible buses and minivans were kept ready for all the Para-Athletes, Para-Officials, and Para-Coaches from their arrival in the city to their departure, including from railway stations, bus stations, and the airport.
• Moreover, the transportation between accommodation (hotels/hostels) and the respective stadiums was also considered while making the arrangements.
• At the Khelo India Para Games 2023, more than 500 wheelchair-using players participated.
• Hence, providing them with accessible infrastructure had been the utmost priority, which entails not just ramps with handrails but also accessible toilets, accessible seating, and accessible parking for para players and spectators.
• Whether a player is using a wheelchair, has a visual impairment, or faces other challenges, with accessibility in place, they can compete and enjoy sports just like everyone else.
• Through accessibility, Khelo India allowed everyone to show their skills.

First-ever Khelo India Para Games conclude in New Delhi

• The first-ever Khelo India Para Games (KIPG) concluded in New Delhi with Haryana winning the inaugural title by securing 105 medals including 40 gold, 39 silver, and 26 bronze.
• KIPG 2023, which began on December 10, witnessed the participation of around 1,450 para-athletes from across the country.
• Uttar Pradesh came second with 62 medals including 25 gold, 23 silver, and 14 bronze, while Tamil Nadu finished third with 20 gold, eight silver, and 14 bronze medals.
• Athletes from 32 states and Union Territories participated in the Games.
• Union Sports and Youth Affairs Minister Anurag Thakur hailed the Khelo India Para Games as a celebration of human passion and spirit.
• The games mark a historic chapter in India’s sports history, where participation eclipses mere victory.
• Thakur expressed his gratitude to all the para-athletes, coaches, support staff, and various stakeholders for making this edition momentous.

75th Inter State-Inter Zonal Badminton Championship 2023: Maharashtra bags women’s and AAI wins men’s title events in Guwahati

• In team events of the 75th Inter State-Inter Zonal Badminton Championship 2023, Maharashtra bagged women’s and  Airport Authority of India (AAI) won the men’s title events in Guwahati.
  The prestigious national championship organized by Badminton Association of India is being held in Assam after four years.
• The dominant AAI team appeared in both the men’s and women’s team finals and managed to win the title in the men’s category as they outclassed Karnataka 3-0.
  In the women’s team event final, Maharashtra dominated AAI 3-0 with impressive displays from Shruti Mundada, Alisha Naik and the doubles pair of Simran Singhi and Ritika Thaker.

CURRENT AFFAIRS: IMPORTANT DAYS

International Human Solidarity Day: 20th December

• International Human Solidarity Day 2023 is observed on the 20th of December 2023.
• On December 22, 2005, the UN General Assembly recognized solidarity as one of the fundamental and enduring values of the twenty-first century by passing Revolution 60/209.
• Through the creation of the World Solidarity Fund to end poverty and the declaration of International Human Solidarity Day, the idea of solidarity was propagated.

Daily CA One- Liner : December 20

• The Competition Commission of India (CCI) has approved the scheme of arrangement involving Dhani Services Limited, Indiabulls Enterprises Limited, Savren Medicare Limited, Auxesia Soft Solutions Limited, Gyansagar Buildtech Limited, Pushpanjli Finsolutions Limited, Devata Tradelink Limited, Evinos Developers Limited, Milky Way Buildcon Limited, Indiabulls Consumer Products Limited, Indiabulls Infra Resources Limited, Jwala Technology Systems Private Limited, Mabon Properties Limited, YDI Consumer India Limited, Indiabulls General Insurance Limited, Indiabulls Life Insurance Company Limited, Juventus Estate Limited, India Land Hotels Mumbai Private Limited, Indiabulls Pharmcare Limited, and Yaari Digital Integrated Services Limited.
• NTPC Group has achieved the fastest ever 300 Billion Units (BU) electricity generation
• The Competition Commission of India (CCI) has approved the proposed acquisition of certain business undertakings of Ind Swift Laboratories Limited and Essix Biosciences Limited by Synthimed Labs Private Limited.
• The Competition Commission of India (CCI) has approved the proposed acquisition of certain business undertakings of Ind Swift Laboratories Limited and Essix Biosciences Limited by Synthimed Labs Private Limited.
• The first-ever Khelo India Para Games (KIPG) concluded in New Delhi with Haryana winning the inaugural title by securing 105 medals including 40 gold, 39 silver, and 26 bronze.
• In team events of the 75th Inter State-Inter Zonal Badminton Championship 2023, Maharashtra bagged women’s and  Airport Authority of India (AAI) won the men’s title events in Guwahati.
• Life Insurance Corporation (LIC) has notified an increase in gratuity limit to Rs 5 lakh from Rs 3 lakh for LIC agents with an aim to bring substantial improvements to the working conditions and benefits for them.
• Reliance General Insurance Company introduced “Reliance Health Global“, a healthcare policy aimed at providing Indians with access to global healthcare.
• IndusInd Bank has introduced the ‘Indus Solitaire Program,‘ a specialized community banking initiative tailored for the diamond industry.
• Life Insurance Corporation of India (LIC) announced that Corporation’s shareholding in “Dixon Technologies India Limited” has decreased from 29,97,913 to 17,94,395 Equity Shares, decreasing its shareholding from 5.012% to 3.000% of the paid-up capital of the Company.
• Infibeam Avenues Limited (IAL), a Gandhinagar, Gujarat based fintech company, announces its strategic foray into the capital markets and digital lending software market by acquiring a significant 49% equity stake in Pirimid Fintech,a Ahmedabad, Gujarat based Financial Services Company investing Rs 25 crore to solidify this strategic partnership.
• Kuwait’s ruling emir, Sheikh Nawaf Al Ahmad Al Sabah passed away at the age of 86.
• International Human Solidarity Day 2023 is observed on the 20th of December 2023