Daily Current Affairs December 24 & 25 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

State Bank of India (SBI) Set to Ink $165 Million Line of Credit (LoC) Agreement with World Bank for Rooftop Solar Projects

• State Bank of India (SBI) has signed a $165 million (over Rs 1,300 crore) Line of Credit (LoC) with the World Bank for promoting rooftop solar projects in India.
• The LoC is specifically aimed at supporting grid-connected rooftop solar photovoltaic (PV) projects in both residential and institutional sectors.
• The SBI has outstanding forex loans of $2.3 billion from various multilateral agencies, including the World Bank, the Asian Development Bank, and Germany’s KfW.
• In September 2023, SBI announced that it plans to make home loans with rooftop solar installations mandatory for residential projects funded from the bank’s long-term climate action funds drawn down from multilateral agencies.
• SBI is planning to make it mandatory for builders to make rooftop solar installations if the project is funded from the bank’s green funds.
• On December 21,2023 SBI announced it is signing Rs 1,800 crore in LoC with the European Investment Bank (EIB) to support climate action projects in the country. On December 14, SBI signed Rs 630 crore in LoC with German Development Bank KfW to promote solar projects in India.
• SBI registered a 9.13% growth in consolidated net profit in the September quarter to Rs 16,099.58 crore as against Rs 14,752 crore in the year-ago period.

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti

About World Bank :

• Established : July 7, 1944
• Headquarters : Washington, D.C., United States
• President : Ajay Banga
• The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects.

Bandhan Bank Receives Mandate to Collect Revenue on Assam Government’s e-GRAS Portal

• Bandhan Bank has obtained a mandate to oversee revenue collection on the Assam government’s e-GRAS portal.

Key Highlights :

• This will enable people of Assam to make their tax payments as well as non-tax payments through the Government Receipt Accounting System Portal (GRAS).
• This initiative aims to streamline transactions, making them more accessible and paperless for the people of Assam.
• Through Assam e-GRAS portal, a citizen can pay to 70 various departments for a range of services offered by them.
• In the fiscal year 2022-23, the total collection through the Assam e-GRAS portal reached nearly Rs 16,000 crore.
• Government Receipt Accounting System (GRAS) is a web application, which provides facility to the citizens, business community to pay taxes and non-tax receipts to the government electronically.
• Assam eGRAS provides 24 X 7 facility and the citizens of Assam can generate e-challan for required services and make online payments anytime from anywhere.

About Bandhan Bank :

• Founded : 2015
• Headquarters : Kolkata, West Bengal, India
• MD & CEO : Chandra Shekhar Ghosh
• Tagline : Aapka Bhala. Sabki Bhalai. ‘, (Your benefit. Everyone’s welfare.)

International Financial Services Centres Authority Establishes Expert Panel for Transition Finance

• The International Financial Services Centres Authority (IFSCA) has constituted an expert committee on transition finance to formulate a regulatory framework to promote green and sustainable debt securities.

Key Highlights :

• Committee Composition : The committee, which includes representatives from corporates, banks, standard setters, exchanges, consultants, and think tanks, will be chaired by Dhruba Purkayastha, the India Director for Climate Policy Initiative.
• Committee’s Mandate : The committee has been tasked to assess the trends in the segment and identify the best practices for transition finance in India by
• Responsibilities of the Committee : Along with providing a roadmap and timeline for developing this ecosystem in India’s maiden IFSC, GIFT City, the committee will recommend policy decisions to the government to address taxation, legal, and regulatory affairs.
• Ongoing Initiatives at IFSC : Several ongoing initiatives towards developing IFSC as the hub for sustainable finance instruments have led to significant issuance.
• These initiatives have led to the listing of $10.1 billion ESG-labelled debt securities, issuance of more than $700 million in green/sustainable loans, and the setup of an ESG Engagement Fund at IFSC.
• Impact on India Inc : The additional regulatory and policy measures will help India Inc to fund its transition to net-zero carbon emissions through transition bonds and transition loans.

About IFSCA :

• Established : April 27, 2020 (under the International Financial Services Centres Authority Act, 2019)
• Headquarters : Gujarat
• Chairman : K Rajaraman
• The IFSCA is the regulatory body for the Indian special economic zones such as the GIFT International Financial Services Centre for International Financial Services and commodity markets under the ownership of the Government of India.

Axis Bank Collaborates with American Express to Introduce Axis Bank Privilege Credit Card on Amex Network

• Private sector lender Axis Bank has tied up with American Express and launched an Axis Bank Privilege Credit Card on the American Express network.
• With this partnership, Axis Bank customers can now enjoy the local and global benefits of the American Express network.

About  Axis Bank Privilege Credit Card :

• The Axis Bank Privilege Credit Card on American Express network is packed with a host of attractive benefits such as activation benefit worth Rs 5000 and two complimentary domestic lounge access per calendar quarter.
• To be eligible for the card, you must be a resident of India with an annual net income of at least Rs 600,000.
• The joining fee is Rs 1500, but it is free for priority customers.
• The annual fee of Rs 1500 is reversed on achieving spends of Rs 2.5 lakh in the previous year
• On achieving milestones you can avail vouchers worth Rs 5000 by converting earned EDGE points on achieving spends of 2.5 lakh.

Features and benefits :

• Card members can get activation vouchers from marquee merchants on defined spend thresholds on the card, and instant discounts on online merchants including Swiggy, Blinkit and
• It also offers access to a host of local and global benefits like dining discounts, and privileges at hotels and retail outlets around the world, and Card member experiences including pre-ticketing access to sporting and entertainment events
• Axis Privilege Credit Card offers bonus reward points as a welcome benefit, which are redeemable against multi-brand vouchers.
• Cardholders must make the first transaction within 30 days of card setup to avail of this benefit.

About Axis Bank :

• Established : 3 December 1993
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi

Kotak Mahindra Life Insurance Unveils T.U.L.I.P, a New Term with Unit-Linked Insurance Plan (ULIP)              

• Kotak Mahindra Life Insurance Company has introduced a new insurance product known as U.L.I.P – Term with Unit Linked Insurance Plan.
• This is a unit-linked term insurance plan designed to provide life coverage up to 100 times the annual premium, allowing customers to potentially earn returns similar to a unit-linked insurance plan (ULIP).
• In addition to life coverage, it offers extra protection against critical illnesses and accidental death.

The notable features of T.U.L.I.P include:

• Loyalty additions of up to 30% of the fund value, incorporated by the company as part of maturity benefits.
• Refund of two times the premium allocation charges in the 10th, 11th, 12th, and 13th year.
• Refund of one to three times the mortality charges from the 11th policy year onward.
• Flexibility to withdraw funds in case of a financial emergency.
• Accidental Death Benefit and Critical Illness rider.
• A choice of eight fund options for investing one’s money.
• The customers also have the flexibility to withdraw money in case of a financial emergency along with other benefits ranging from accidental death and critical illness rider.
• U.L.I.P offers policyholders the flexibility of selecting from eight fund options that encompass equity, including mid-cap, debt, and hybrid categories.
• This flexibility empowers individuals to customize their investment strategy based on their risk tolerance and financial objectives.

About Kotak Mahindra Life Insurance Company :

• Established : 2001
• Headquarters : Mumbai, Maharashtra
• Managing Director : Mahesh Balasubramanian

Bank of Baroda Faces ₹5 Crore Penalty from RBI Over Shortage in Soiled Note Remittances                       

• Bank of Baroda informed, in an exchange filing, that the Reserve Bank of India had imposed a penalty of ₹5 crore on the bank, in light of a shortage in the soiled note remittances.
• The RBI also imposed an additional penalty of ₹2,750 on the bank after it detected “fake and mutilated” notes in the soiled note remittances.

Definition of ‘Soiled Note’ :

• A ‘soiled note’ is a “note which has become dirty due to normal wear and tear and also includes a two piece note pasted together wherein both the pieces presented belong to the same note and form the entire note with no essential feature missing.
• Clean Note Policy Mandate : India’s central bank Reserve Bank of India (RBI) imposes these penalties in keeping with a Clean Note Policy, which mandates that a “penalty be levied immediately on detection of shortage in soiled note remittances/chest balances, irrespective of the number of pieces detected.”

About BoB :

• Established : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand
• Tagline : India’s International Bank

PFRDA Permits NPS Subscribers to Make Contributions via UPI QR Code for D-Remit                           

• Pension fund regulator, the Pension Fund Regulatory and Development Authority (PFRDA) allowed National Pension System (NPS) subscribers to deposit their contributions directly under the D-Remit proc ess through the Unified Payments Interface (UPI) QR code.
• This advancement aims to simplify the contribution process, making it more accessible and efficient for NPS participants.

Key Highlights :

• The D-remit ID, comprising 15 digits, must be added as a beneficiary in internet banking when transferring voluntary contributions from the subscribers’ savings bank accounts.
• NPS subscribers should be aware that only those who have activated their D-remit ID can utilise QR code-based contributions for NPS.
• Subscribers can generate a D-remit ID/Virtual ID on the CRAs’ websites.
• The National Pension System (NPS) has long been a reliable savings avenue for those looking to secure their financial futures.
• Under the NPS, subscribers make voluntary contributions to their NPS Tier I and II accounts.
• However, the process of directly depositing these contributions, known as D-Remit or Direct Remittance, has just become more user-friendly.
• The introduction of QR code – UPI for D-Remit is a positive & revolutionary step towards making NPS contributions more accessible, efficient, and flexible.
• This initiative by PFRDA empowers NPS subscribers to take control of their retirement savings and benefit from the advantages of systematic investment planning.

D-Remit Virtual Account with UPI QR code :

• Under this new mechanism, subscribers will utilise the UPI QR Code to transfer their contributions.
• It is important to note that the D-Remit virtual account is distinct from the Permanent Retirement Account Number (PRAN).
• Furthermore, the virtual account numbers differ for Tier I and Tier II NPS accounts and so do the QR codes.

Key Benefits of D-Remit QR code

• Same-Day Investment: Contributions received by the Trustee Bank (TB) before 9:30 AM will be invested on the same day, optimizing returns.
• Periodical Auto Debit: Subscribers can set up periodical auto-debit payments, such as monthly, quarterly, or half-yearly, providing a convenient way to build their retirement corpus.
• One-Time or Regular Contribution: The flexibility to choose between one-time or regular contributions based on individual preferences and financial goals.
• Optimised Investment: The D-Remit process leverages standing instructions and rupee cost averaging for long-term retirement wealth creation.

About PFRDA : 

• Headquarters : New Delhi, Delhi
• Chairman : Deepak Mohanty
• PFRDA is the regulatory body for the overall supervision and regulation of pensions in India.
• It operates under the jurisdiction of the Ministry of Finance in the Government of India.
• It is a statutory regulatory body set up under the PFRDA Act, 2013.
• Its objective is to promote old age income security by establishing, developing, and regulating pension funds and to protect the interests of subscribers to schemes of pension funds and related matters.
• Composition: It consists of a Chairperson and not more than six members, of whom at least three shall be whole-time members, to be appointed by the Central Government.

About National Pension System (NPS) :

• NPS is a social security initiative by the Central Government.
• This pension programme is open to employees from the public, private, and even unorganised sectors, except those from the armed forces.
• The scheme encourages people to invest in a pension account at regular intervals during the course of their employment.
• After retirement, the subscribers can take out a certain percentage of the corpus.
• As an NPS account holder, people will receive the remaining amount as a monthly pension after your retirement.
• Earlier, the NPS scheme covered only Central Government employees.
• With effect from 1st May, 2009, NPS has been provided for all citizens of the country, including the unorganised sector workers, on a voluntary basis.
• NPS is mandatorily applicable to Central Government employees; including Central Autonomous Bodies (except Armed Forces) recruited on or after January 2004.
• It is based on the unique Permanent Retirement Account Number (PRAN) allotted to every subscriber.
• The scheme is portable across jobs and locations, with tax benefits under Section 80C and Section 80CCD.

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Bhagwat Karad, Pankaj Choudhar

CURRENT AFFAIRS: NATIONAL NEWS

Govt gives Rs 5,228 crore subsidy to incentivize 11.53 lakh EVs in 2023

• The government has given 5,228 crore rupees subsidy to incentivise 11.53 lakh Electric Vehicles in the country in 2023.
• The government has also sanctioned 800 crore rupees to PSU Oil marketing companies for setting up seven thousand 432 public fast-charging stations across the country.
• Ministry of Heavy Industries said that a total of 148 Electronic Vehicles Public Charging Stations are currently working in the country.
• The Ministry said that the government is committed to providing clean and green public transport in the country.
• The Ministry said that it is implementing Phase II of the Faster Adoption and Manufacturing Electric Vehicles (FAME-II) scheme to reduce dependence on fossil fuels and address the issue of vehicular emissions.

Home Minister Amit Shah inaugurates and lays foundation stone of several projects worth over Rs 3500 crore in Chandigarh

• Union Home Minister Amit Shah inaugurated 9 projects worth 368 crore rupees and laid the foundation stone of three projects worth 3200 crore rupees in Chandigarh.
• He also flagged off the fleet of Chandigarh Police cars worth 3.75 crore rupees and a state-of-the-art police control vehicle ‘Eagle’.
• The Home Minister also handed over appointment letters to newly recruited 700 constables and 44 ASI in Chandigarh police today and congratulated them.
• Cyber Operation and Security Centre (CENCOPS) has also been inaugurated.
• On the next day after the passing of the three new criminal laws by the Parliament, the Union Home Minister reviewed the implementation of the laws today at the Cyber Operation and Security Centre (CENCOPS) in Chandigarh.
• Union Home Minister and Minister of Cooperation, that by December 2024, the work of infrastructure, software, training of human resources, and complete computerization of courts will be done for implementation of these three laws in all the Union Territories.

Centre releases ₹72,961 crore as tax devolution to States bl-premium-article-image

• The Centre has released ₹72,961 crore in the form of tax devolution to States.
• Out of the ₹72,961.21 crores installment disbursed, the largest share has gone to Uttar Pradesh.
• Uttar Pradesh is followed by Bihar at ₹7,338.44 crore, Madhya Pradesh at ₹5,727.44 crore and West Bengal ₹5,488.88 crore.

KeY Highlights

• Maharashtra’s share is ₹4,608.96 crore, Rajasthan’s share is at ₹4,396.64 crore and Odisha’s at ₹3303.69 crore.
• The remaining States’ share has been lower than ₹3,000 crore.
• The remaining States’ share ranged from ₹281.63 crore (Goa) to ₹2,976.10 crore (Tamil Nadu).
• An instalment of ₹ 72,961.21 crore was already released on December 11, 2023.
• As of now, tax devolution is being administered by the recommendations of 15th Finance Commission chaired by N.K.Singh.
• As per the recommendations of 15th Finance Commission, states are to be given 41% of the Centre’s divisible tax pool during five years from 2021-22 to 2025-26.
• The Terms of Reference (ToR) of the 16th Finance Commission has been recently approved by the Union Cabinet.
• The 16th Finance Commission would submit its report for the five-year period (2026-27 to 2030-31).
• It would submit its report to the President by October 31, 2025.

ICAI unveils new CA India logo

• Vice-President of India, Jagdeep Dhankhar launched this new logo of the Institute of Chartered Accountants of India (ICAI).
• The new logo has been unveiled at a recently held Global Professional Accountants Convention (GloPAC), in Gandhinagar.
• It is made up of the letters ‘CA’ in blue with a tricolour tick mark (upside down) on a white background.
• The blue colour denotes innovativeness, creativity, knowledge, trust, integrity, stability, truth, and depth.
• The upside-down tick mark in tricolor has been included to symbolise the wisdom and value of the professionals.
• ‘India’ is added to the logo, which epitomizes the Institute’s commitment to the India First approach.
• It also epitomizes the Institute’s commitment to serve the Indian economy in the public interest.

Union Minister Smriti Irani inaugurates National Programme on Anganwadi-cum-Crèches in New Delhi

• Union Minister Smriti Irani inaugurated the National Programme on Anganwadi-cum-Creches in New Delhi.
• The government is planning to open 17 thousand creches all around the country.
• The objective of Anganwadi-cum-Creches is to provide quality Creche facilities in a safe and secure environment for children aged between 6 months to 6 years.
• These crèches will provide nutritional support, health and cognitive development of children.
• It will also ensure immunization, education etc. of children’s.
• The central government has also directed state and district officials to identify groups of women construction workers and women farm labourers who can take the benefit of the National Programme on Anganwadi-cum-Creches.
• Women who work in self-help groups and form cooperatives can play a key role in Childcare.
• The Women and Child Development Ministry will also provide a framework regarding this segment.
• Women who right now run self-help groups and cooperatives can also run creches as an economic activity.
• Palna, a sub-scheme under Mission Shakti, was launched in April 2022 to provide daycare facilities and protection to children.

Union Minister Bhupender Yadav launches a NITI Aayog report, ‘A Green and Sustainable Growth Agenda for the Global Economy

• Union Minister Bhupender Yadav launched a NITI Aayog report, ‘A Green and Sustainable Growth Agenda for the Global Economy’.
• A report titled ‘A Green and Sustainable Growth Agenda for the Global Economy’ has been released in the presence of Amitabh Kant, Sherpa, G20 India, and Suman Bery, Vice Chairman, NITI Aayog.
• NITI Aayog published this report in partnership with the International Development Research Centre (IDRC) and the Global Development Network (GDN).
• It is based on the proceedings of the G20 international conference held in New Delhi on 28-29 July 2023, featuring 40 leading experts from 14 countries across the world.
• This report has been released to enable the transfer of knowledge that came out of the G20 international conferences.
• Union Minister Bhupender Yadav said that “India has pledged to make climate action a collaborative process, based on common but differentiated responsibilities”.
• The G20 New Delhi Leaders’ Declaration states that implementing of the climate agenda requires several trillion dollars by 2030.

CBDT notifies ITR Forms ITR-1 and ITR-4 for AY 2024-25

• The Central Board of Direct Taxes (CBDT) has notified two new return forms, ITR-1 (SAHAJ) and ITR-4 (SUGAM), for the Assessment Year 2024-25. These forms will come into effect from April 1, 2024.
• ITR-1 (SAHAJ) is to be used by individuals with total income up to Rs 50 lakh, having income from salaries, one house property, other sources (like interest) and agricultural income up to Rs 5,000.
• On the other hand, ITR-4 (SUGAM) is applicable to individuals, HUFs and firms (other than LLPs) with total income up to Rs 50 lakh and income from business and profession computed under Sections 44AD, 44ADA or 44AE.
• July 31, 2024 is the last date to file ITR for FY 2023-24 (AY 2024-25), unless it gets extended.
• Individuals, besides Hindu Undivided Families (HUFs), firms having income up to Rs 50 lakh and those having earnings from business and profession in the current fiscal (April 2023-March 2024) can commence filing returns for the income earned this financial year.

CURRENT AFFAIRS : INTERNATIONAL NEWS

United Kingdom to Implement Climate Levy on Imported Steel from 2027

• The United Kingdom government follows the European Union in deciding to enforce a carbon border tax on specific commodities such as iron, steel, aluminium, ceramics, and cement, starting in 2027.
• The tax amount will be determined by the volume of carbon emissions associated with the production of the imported goods and the disparity between the carbon price in the UK and the originating country.

Key Highlights :

• Objective of the Tax Levy : The introduction of this tax aims to ensure that carbon-intensive products like steel and ceramics from other nations face a carbon price comparable to those produced within the UK.
• The measure is designed to create a level playing field in terms of carbon pricing.
• Confidence for UK Industry: The carbon border tax is expected to instill confidence in the UK industry to invest in decarbonization efforts, aligning with the country’s commitment to environmental sustainability.
• India’s Opposition to EU’s CBAM: India has expressed opposition to the European Union’s carbon border adjustment mechanism (CBAM) and has formally protested at the World Trade Organization (WTO).
• WTO Rules and UN Framework Argument: India contends that the EU’s CBAM goes against the differentiated approach for developing countries and is inconsistent with the rules of the WTO and the United Nations framework.
• Trade Dispute: The dispute at the WTO reflects tensions over the perceived fairness and compatibility of carbon border measures with established international trade regulations.
• Global Policy Landscape: The UK’s adoption of a carbon border tax aligns with a global trend of countries exploring mechanisms to address carbon emissions in international trade.

About UK :

• Prime Minister: Rishi Sunak
• Capital: London
• Currency: Pound sterling

Colorado Supreme Court Rules to Exclude Donald Trump from State’s 2024 Presidential Election Ballot

• The top court in the United States (US) state of Colorado ordered former US President Donald Trump to be taken off the ballot in the state for the Presidential elections next year.

Key Highlights :

• Basis of Disqualification: The Colorado Supreme Court cited Section Three of the Fourteenth Amendment to the United States Constitution as the grounds for disqualifying Trump from holding the office of President.
• This section pertains to individuals involved in insurrection or rebellion being barred from future office.
• Section Three of the Fourteenth Amendment: The court’s ruling is based on Section Three of the Fourteenth Amendment, which states that individuals who participated in an insurrection or rebellion are ineligible to hold public office.
• January 6, 2021 Attacks: The court’s judgement is connected to Trump’s alleged involvement in the January 6, 2021, attacks on the US Capitol by his supporters during the certification of the Electoral College results.
• Contestation by Trump: Donald Trump has expressed his intention to contest the ruling. The case is anticipated to be elevated to the United States Supreme Court for further legal consideration.
• Unprecedented Application of Section Three: This marks the first instance where Section Three of the Fourteenth Amendment has been invoked concerning a former President.
• Limited Impact on Electoral Prospects: Even if the U.S. The Supreme Court upholds the Colorado judgement, it would only prevent Trump from being included in the ballot in Colorado for the 2024 election.
• The ruling is not perceived as significantly detrimental to Trump’s overall electoral chances, particularly as Colorado traditionally leans toward the Democratic party.
• Historical Context: The application of Section Three of the Fourteenth Amendment in this case is described as a rare occurrence, highlighting the unique circumstances surrounding the events of January 6, 2021.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

IIT Guwahati Researchers Introduce BRAHMA-2D Model for Comprehensive Understanding of Large Braided River Flow                              

• Researchers at the Indian Institute of Technology Guwahati (IIT Guwahati) developed an indigenous river model, BRAHMA-2D.

About BRAHMA-2D :

• BRAHMA-2D (Braided River Aid: Hydro-Morphological Analyzer) is a mathematical model to gauge the flow of large braided rivers like the Brahmaputra.
• It is a quasi-3D river flow model which helps to understand how fast the water moves at different depths inside a river and its circulation around a structure like a spur installed to prevent river bank erosion.
• It can help engineers in the design of sustainable hydraulic structures like spurs, reverent, and other river bank protection measures in order to check river bank erosion.
• It was developed by the researchers at IIT Guwahati in collaboration with the Brahmaputra Board under the Union Ministry of Jal Shakti.
• It was successfully validated on the Brahmaputra River near Majuli Island, the second largest freshwater River Island in the world, in Assam, which is prone to river bank erosion.
• It integrates a two-dimensional model of water movement with a theory about entropy, a measure of disorder or randomness.
• Specifically, it observes a dip phenomenon near spurs where the flow of water underneath increases, a phenomenon absent at points away from these structures.
• It has also been applied to understand the habitat suitability of aquatic species, especially endangered species, based on the availability of the required depth and flow velocity

NASA and IBM Unveil watsonx.ai AI Tool on Open-Source Platform Hugging Space at COP28                         

• At the COP28, National Aeronautics and Space Administration (NASA) and International Business Machines Corporation (IBM) announced that an Artificial Intelligence (AI) tool called ai would be available on the open-source AI platform Hugging Space.

About watsonx.ai :

• It is an Artificial Intelligence tool jointly built by IBM and NASA.
• It will help users monitor the Earth from space, measuring environmental changes that have already happened while also making predictions about the future.
• The model is also designed to be extremely simple to use.
• A user would merely need to select a location and a date, and the model will highlight changes in floodwater, reforestation efforts and other relevant factors.

How does watsonx.ai work?

• It is built on a foundation model -it’s trained on a broad set of uncategorised data allowing the model to apply information about one situation to another.
• In the case of watsonx.ai, NASA provides the datasets (in terms of satellite images instead of words,) and IBM created the foundation model to interpret them.
• In order to train the model to comprehend visual sequences that unfold over time, scientists filled in blank areas in each image and asked the model to piece it back together.

What is watsonx.data?

• It is a fit-for-purpose data store optimised for governed data and AI workloads.
• It is designed to enable enterprises to scale AI workloads by harnessing their entire data landscape.

What is watsonx.governance?

• It is an end-to-end toolkit encompassing both data and AI governance.
• It helps clients create responsible, transparent and explainable AI workflows by providing AI governance capabilities like model management throughout the AI lifecycle.

About NASA :

• Established : July 29, 1958
• Headquarters : Washington, D.C, United States of America
• Administrator : Bill Nelson

About IBM:

• Established : 16 June 1911
• Headquarters : New York, United States
• CEO : Arvind Krishna

CURRENT AFFAIRS: SPORTS NEWS

Sakshi Malik: India’s Olympic medal winner quits wrestling

• Olympic bronze medalist Sakshi Malik announced her retirement from wrestling in New Delhi.
• Sakshi Malik last participated in the Commonwealth Games in 2022 in Birmingham.
• The Indian wrestler won the gold medal in the women’s 62 kg category but has not participated in international events since then.

About Sakshi Malik

• Sakshi was born on 3 September 1992 in the Rohtak district of Haryana.
• At the age of just 17, she won a silver medal in the 59 kg freestyle at the 2009 Asian Junior World Championships, followed by a bronze medal at the 2010 World Junior Championships.
• She won a bronze medal at the 2013 Commonwealth Championships.
• Sakshi Malik played her first Commonwealth Games in Glasgow in 2013 and won a silver medal in the 58 kg final.
• Sakshi Malik won six medals at the Senior Asian Championships – three silver and three bronze.
• She emerged from the shadows of Geeta Phogat to qualify for the Rio 2016 Olympics and clinched the bronze medal on her Games’ debut. It was India’s first Olympic medal won by a female wrestler.

CURRENT AFFAIRS: IMPORTANT DAYS

National Consumer Rights Day: 24th December

• National Consumer Rights Day 2023 is observed on the 24th of December 2023
• When India’s Consumer Protection Act of 1986 was passed, consumer rights were given serious consideration.
• The purpose of this legislation was to protect consumers against unfair commerce, the sale of subpar goods, fraud, and inadequate service.
• India’s economy has changed tremendously throughout the years, greatly impacting how many Indians shop and travel.
• As a result, the consumer’s tried-and-true habits have been altered, necessitating a revision and overhaul of the Consumer Protection Act.
• On August 6, 2019, India’s parliament passed the amended Consumer Protection Bill, taking into account this dynamic and modern economy.
• The Right to Information Act, which made India’s governance procedures open to the public and had significant ramifications for consumer rights, is a supplement to the Consumer Protection Acts of 1986 and 2019.
• The rights to safety, information, freedom of choice, and consumer education are a few of these.

Christmas Day: 25th December

• Christmas Day 2023 is observed on the 25th of December 2023.
• The truth is that nobody is certain of the date and location of Jesus’ birth.
• The apostles Matthew, Mark, Luke, and John share comparable narratives in the New Testament of the Bible, although they never specify the time of Jesus’ birth.
• Sextus Julius Africanus, the earliest Christian historian, is largely responsible for the creation of December 25.
• Historians hold that the early church wished to connect the Son of God’s birth with the “rebirth of the sun,” which occurs after the winter equinox, which is one theory as to why December 25 was picked as the official date for Christmas.
• Another perspective based the date on March 25, which is the spring equinox, as the day of Jesus’ conception.
• The birth of Jesus would take place exactly nine months later, on December 25.

Good Governance Day: 25th December

• Good Governance Day 2023 is observed on the 25th of December 2023.
• Good Governance Day 2023 is observed for the birth anniversary of Former prime minister Atal Bihari Vajpayee.
• Atal Bihari Vajpayee, a former prime minister, and Pandit Madan Mohan Malaviya were both named as recipients of the Bharat Ratna, the country’s highest civilian honor, on December 23, 2014.
• Following the declaration, the newly-elected Prime Minister Narendra Modi declared that December 25 would be observed as Good Governance Day.
• Three times, Atal Bihari Vajpayee led India as prime minister.
• In 1996, his first term lasted just 13 days.
• He completed his second term from 1999 to 2004 after serving it for a total of thirteen months from March 1998 to April 1999.
• In 1962, he made his debut appearance in the Rajya Sabha.
• He won seven elections for the Lok Sabha. Mr. Vajpayee received the Bharat Ratna, the highest civilian honor in India, in 2015.

Daily CA One- Liner: December 24 & 25

• The government has given 5,228 crore rupees subsidy to incentivise 11.53 lakh Electric Vehicles in the country in 2023
• Union Home Minister Amit Shah inaugurated 9 projects worth 368 crore rupees and laid the foundation stone of three projects worth 3200 crore rupees in Chandigarh
• The Centre has released ₹72,961 crore in the form of tax devolution to States.
• Vice-President of India, Jagdeep Dhankhar launched this new logo of the Institute of Chartered Accountants of India
• Union Minister Smriti Irani inaugurated the National Programme on Anganwadi-cum-Creches in New Delhi
• Union Minister Bhupender Yadav launched a NITI Aayog report, ‘A Green and Sustainable Growth Agenda for the Global Economy’
• The Central Board of Direct Taxes (CBDT) has notified two new return forms, ITR-1 (SAHAJ) and ITR-4 (SUGAM), for the Assessment Year 2024-25. These forms will come into effect from April 1, 2024
• Olympic bronze medalist Sakshi Malik announced her retirement from wrestling in New Delhi
• State Bank of India (SBI) has signed a $165 million (over Rs 1,300 crore) Line of Credit (LoC) with the World Bank for promoting rooftop solar projects in India.
• Bandhan Bank has obtained a mandate to oversee revenue collection on the Assam government’s e-GRAS portal.
• The International Financial Services Centres Authority (IFSCA) has constituted an expert committee on transition finance to formulate a regulatory framework to promote green and sustainable debt securities.
• Private sector lender Axis Bank has tied up with American Express and launched an Axis Bank Privilege Credit Card on the American Express network.
• Kotak Mahindra Life Insurance Company has introduced a new insurance product known as U.L.I.P – Term with Unit Linked Insurance Plan.
• Bank of Baroda informed, in an exchange filing, that the Reserve Bank of India had imposed a penalty of ₹5 crore on the bank, in light of a shortage in the soiled note remittances.
• Pension fund regulator, the Pension Fund Regulatory and Development Authority (PFRDA) allowed National Pension System (NPS) subscribers to deposit their contributions directly under the D-Remit process through the Unified Payments Interface (UPI) QR code.
• The United Kingdom government follows the European Union in deciding to enforce a carbon border tax on specific commodities such as iron, steel, aluminium, ceramics, and cement, starting in 2027.
• The top court in the United States (US) state of Colorado ordered former US President Donald Trump to be taken off the ballot in the state for the Presidential elections next year.
• Researchers at the Indian Institute of Technology Guwahati (IIT Guwahati) developed an indigenous river model, BRAHMA-2D.
• At the COP28, National Aeronautics and Space Administration (NASA) and International Business Machines Corporation (IBM) announced that an Artificial Intelligence (AI) tool called ai would be available on the open-source AI platform Hugging Space.
• National Consumer Rights Day 2023 is observed on the 24th of December 2023
• Christmas Day 2023 is observed on the 25th of December 2023.
• Good Governance Day 2023 is observed on the 25th of December 2023.