20th December, 2024

1. Mamata Banerjee Launches Banglar Bari Housing Initiative
2. Real Madrid Clinches Intercontinental Cup 2024 Victory Over Pachuca
3. Tom Cruise Receives US Navy’s Highest Civilian Honor
4. Good Governance Week to Begin on
5. Bhutan Confers Royal Honour on Indian Educationist Arun Kapur
6. Minorities Rights Day Celebrated Nationwide
7. Union Home Minister Amit Shah Visited Chhattisgarh from December 13 to 15, 2024.
8. Moldovan Deputy PM Mihail Popsoi visited India from December 15-17, 2024.
9. IEPFA and ACCA signed an MoU to boost financial literacy in India.
10. IIT Guwahati, IIT Mandi, and CSTEP Bengaluru released a district-level Climate Risk Assessment Report for India.
11. Bloomberg World’s Richest Families 2024: Waltons top with USD 432.4 billion, Ambani family ranked 8th.
12. Three Indian women on Forbes’ 2024 World’s 100 Most Powerful Women List, topped by Ursula von der Leyen.
13. GoI signed a Rs. 3,044 crore loan agreement with KFW Germany for Bengaluru Metro Rail Phase 2.
14. RBI canceled the registration of Zavron Finance due to non-compliance.
15. RBL Bank and Bajaj Finance launched their co-branded credit card partnership.
16. MoU signed by Amazon & DPIIT to boost India’s global manufacturing & exports.
17. LTF Partners with Amazon Finance India to enhance credit solutions for customers and merchants.
18. Rupan Roy elected as General Secretary of AISBOF.
19. China launched four PIESAT-2 remote-sensing satellites to enhance Earth observation capabilities.
20. Syed Mushtaq Ali Trophy 2024: Mumbai beat Madhya Pradesh to win 2nd title.
21. Renowned Indian tabla player Padma Awardee Zakir Hussain passed away.
22. UN Arabic Language Day: December 18.

National News

1. Nationwide Campaign for Public Grievance Redressal Launched
   • What:
     • The “Prashasan Gaon Ki Ore” campaign will run from December 19 to 24, 2024, as part of the Good Governance Week (December 19 to 25).
   • Why:
     • This initiative aims to address public grievances and improve service delivery across all districts in India.
   • Tell me more:
     • The campaign will take place in over 700 districts nationwide.
     • A dedicated portal for the campaign has been operational since December 10, 2024.
     • On December 23, all districts will conduct workshops focused on good governance.
     • A national-level workshop will be held in New Delhi, attended by senior officials from various ministries.
       Source: pib
2. Moldova’s Deputy PM Visits India for Bilateral Talks
   • What:
     • H.E. Mihail Popsoi, Deputy Prime Minister and Minister of Foreign Affairs of Moldova, visited India and inaugurated the newly opened Embassy of Moldova in New Delhi.
   • Tell me more:
     • A Declaration of Intent on a Migration and Mobility Partnership was signed between India and Moldova.
     • Moldova signed a Framework Agreement to join the International Solar Alliance.
     • An MoU was signed for cooperation in diplomat training between India’s Sushma Swaraj Institute of Foreign Service and Moldova’s Diplomatic Institute.
       Source: MEA

State News

1. West Bengal Launches ‘Banglar Bari’ Housing Scheme
   • What:
     • West Bengal Chief Minister Mamata Banerjee launched the ‘Banglar Bari’ scheme.
   • Why:
     • The initiative aims to support rural families in West Bengal by providing financial assistance for housing.
   • Tell me more:
     • The scheme is funded entirely by the state government due to the Centre’s failure to provide funds for the ‘Awas Yojana’ for three years.
     • In the first installment, Rs 60,000 was transferred to the bank accounts of 12 lakh beneficiaries.
     • The state conducted its own survey, identifying more beneficiaries than the Centre’s previous survey of 36 lakh families.
     • A total expense of Rs 14,773 crore will be incurred by the state for this scheme.
       Source: ET
2. Amit Shah Assures Commitment to Eradicate Naxalism in Chhattisgarh
   • What:
     • Union Home Minister Amit Shah stated the commitment of both the Centre and Chhattisgarh government to eradicate Naxalism in the state.
   • Tell me more:
     • The President’s Colour Award recognizes the Chhattisgarh Police for their 25 years of service and efforts in fighting Naxalism.
     • The ‘Bastar Olympics’ event was also part of his agenda, aimed at promoting sports among youth affected by Naxal activities.
     • The ‘Bastar Olympics’ is an annual event organized by the Chhattisgarh Sports and Youth Welfare Department.
       Source: ANI

International News

1. China Launches Two Radar Satellites for Remote Sensing
   • What:
     • China launched two radar satellites, SuperView Neo-2 03 and 04, for a state-owned firm using a Long March 2C rocket from the Jiuquan Satellite Launch Center.
   • Why:
     • The launch is part of building a 28-satellite remote sensing constellation to enhance capabilities in various sectors.
   • Tell me more:
     • The satellites are equipped with high-resolution synthetic aperture radar (SAR) technology and can provide images with a resolution of 0.50 meters.
     • They will operate in formation and are part of a larger plan that includes different types of satellites with varying resolutions.
     • This launch marks China’s 57th orbital launch attempt in 2024, as the country aims for around 100 launches this year.

Source: SN

Banking and Economy

1. RBI Cancels Registration of Zavron Finance for Violations
   • What:
     • The Reserve Bank of India (RBI) has cancelled the certificate of registration of Zavron Finance, a Nagpur-based company.
   • Why:
     • The cancellation was due to irregular lending practices and violations of RBI guidelines in its digital lending operations.
   • Tell me more:
     • Zavron Finance outsourced critical functions like credit appraisal, loan disbursal, interest rate fixing, and KYC verification.
     • The company did not provide loan agreements and sanction letters in the local language, which is a violation of RBI guidelines.
     • Following the cancellation, Zavron Finance cannot conduct business as a non-banking financial institution (NBFI).
       Source: ET
2. Bajaj Finance Exits Co-Branded Credit Card Business
   • What:
     • Bajaj Finance has decided to exit the co-branded credit card market.
   • Why:
     • Bajaj Finance could not manage collections, which it had built capabilities for over the years, leading to a strategic rethink.
   • Tell me more:
     • The company ended its partnerships with RBL Bank and DBS Bank India after an eight-year collaboration.
     • The RBI’s new guidelines restrict co-brand partners to only sourcing cards and providing access to goods/services.
     • Following the RBI circular in April 2022, collection responsibilities were returned to the banks.
       Source: BS
3. Amazon India Invests $120 Million in Startups
   • What:
     • Amazon India has announced a $120 million (about Rs 1,000 crore) investment for startups focused on domestic manufacturing and building global brands.
     • This initiative is part of a memorandum of understanding with the Department for Promotion of Industry and Internal Trade.
   • Why:
     • The investment aims to promote domestic manufacturing and support Indian startups in expanding their reach.
   • Tell me more:
     • Amazon previously launched the $250 million Smbhav Venture Fund in 2021, initially focusing on agriculture and healthcare, which has since expanded to other sectors.
     • The company plans to enable $80 billion worth of exports from India by 2030.
     • New capabilities, including Amazon Shipping and Amazon Freight, will be introduced to support businesses and direct-to-consumer brands.

4. L&T Finance Partners with Amazon Finance India
   • What:
     • L&T Finance Limited (LTF) has partnered with Amazon Finance India to create credit solutions during the ‘RAISE 2024’ event in Mumbai.
   • Why:
     • The partnership aims to improve affordability for Amazon’s eligible customers and merchants.
   • Tell me more:
     • The ‘RAISE 2024’ event is India’s leading AI-themed conference for the BFSI sector.
     • L&T Finance Limited is a prominent Non-Banking Financial Company (NBFC) in India.
     • Amazon has been expanding its services in India, focusing on small and medium businesses.
       Source: ET

Reports and Indices

1. Risk Assessment Identifies Flood and Drought Risks
   • What:
     • A climate risk assessment report reveals that at least 11 districts in India, including Patna, Alappuzha, and Kendrapara, are at “very high” risk for both floods and droughts.
   • Why:
     • The report aims to highlight the urgent need for interventions in vulnerable districts to mitigate the impacts of climate change.
   • Tell me more:
     • The report was compiled by IIT Guwahati and IIT Mandi, in collaboration with the Centre for Study of Science, Technology and Policy (CSTEP).
     • The study assessed over 600 districts, focusing on climatic hazards, exposure, and vulnerability.
     • It identifies a total of 51 districts facing “very high” flood risk and 91 districts with “very high” drought risk.
     • Key vulnerable regions include Assam, Bihar, Uttar Pradesh, West Bengal, Gujarat, Odisha, and Jammu and Kashmir.
       Source: IE

Awards

1. Tom Cruise Receives Navy’s Distinguished Public Service Award
   • What:
     • Tom Cruise was honored with the Department of the Navy Distinguished Public Service Award.
   • Why:
     • The award ceremony took place in London, recognizing Cruise’s contributions to the U.S. Navy through his films.
   • Tell me more:
     • This is the highest civilian honor awarded by the Navy to someone outside the department.
     • The original “Top Gun” movie significantly boosted military enlistment when it was released in 1986. The sequel, “Top Gun: Maverick,” was released in 2022 and grossed over $1 billion at the box office.
       Source: ET
2. Bhutan Honors Indian Educationist Arun Kapur
   • What:
     • Indian educationist Arun Kapur received the ‘Bura Marp’ (red scarf) and ‘Patang’ (ceremonial sword) from Bhutan.
   • Why:
     • The recognition celebrates Kapur’s contributions to education in India, Bhutan, and Oman.
   • Tell me more:
     • The honor was conferred by King Jigme Khesar Namgyel during the 117th Bhutanese National Day celebrations in Thimphu.
     • Kapur was awarded the title ‘Dasho’, which is rarely given to non-Bhutanese residents.
     • Arun Kapur is currently the director at The Druk Gyalpo’s Institute.
     • He was previously awarded the ‘Druk Thuksey’ in 2019 for his work on The Royal Academy school and the Bhutan Baccalaureate educational system.
     • Kapur led Delhi’s Vasant Valley School for 29 years until April 2020.
       Source: ET

3. Walmart Waltons Named World’s Wealthiest Family
   • What:
     • The Waltons of Walmart have reclaimed their position as the world’s wealthiest family with a net worth of $432.4 billion, as per Bloomberg’s World’s Richest Families 2024 report.
   • Why:
     • The report reflects a year of extraordinary financial growth for billionaires worldwide, with a collective gain of $406.5 billion.
   • Tell me more:
     • The top five families in the ranking include:
     1. The Waltons (US): $432.4 billion from Walmart.
     2. The Al Nahyan family (UAE): $323.9 billion, ruling family of the UAE.
     3. The Al Thani family (Qatar): $172.9 billion, with wealth from oil and gas.
     4. The Hermes family (France): $170.6 billion, owners of the luxury brand.
     5. The Koch family (US): $148.5 billion, involved in the oil industry.
     6. From India, the Ambani family ranked 8th with $99.6 billion, while the Mistrys ranked 23rd with $41.4 billion.

Source: BS

4. Three Indian Women Feature in Forbes’ Powerful Women List
   • What:
     • Forbes released its 2024 list of The World’s 100 Most Powerful Women.
   • Tell me more:
     • Three Indian women made the list: Nirmala Sitharaman is ranked 28th, Roshni Nadar Malhotra is 81st, and Kiran Mazumdar-Shaw is 82nd.
     • Nirmala Sitharaman: As India’s Minister of Finance and Corporate Affairs, she became the first woman to hold these roles full-time in 2019. She manages India’s $4 trillion economy and supports women’s financial empowerment.
     • Roshni Nadar Malhotra: She is the Chairperson of HCL Technologies and CEO of HCL Corporation. She is involved in various social initiatives through the Shiv Nadar Foundation.
     • Kiran Mazumdar-Shaw: Founder of Biocon, she expanded the company globally and has made significant contributions to cancer research.

Source: ET

Important Days

1. UN Official Languages Day

Sports

1. Real Madrid Wins 2024 Intercontinental Cup
   • What:
     • Real Madrid won the 2024 Intercontinental Cup with a 3-0 victory over Pachuca (Mexican professional football club).
   • Tell me more:
     • This victory marks Real Madrid’s second trophy of the season after winning the UEFA Super Cup.
     • The FIFA Intercontinental Cup is an international men’s association football competition organised by the Fédération Internationale de Football Association (FIFA), the sport’s global governing body. The first edition took place in 2024.
     • FIFA HQ: Zürich, Switzerland
       Source: IN

Memorandum of Understanding

1. IEPFA and ACCA Sign MOU to Enhance Financial Literacy
   • What:
     • The Investor Education and Protection Fund Authority (IEPFA) signed a Memorandum of Understanding (MOU) with the Association of Chartered Certified Accountants (ACCA).
   • Why:
     • The MOU aims to promote financial literacy, investor education, and investor protection in India.
   • Tell me more:
     • The MOU includes the implementation of ACCA’s “Financial Education for You” (FEFY) program, targeting schoolchildren in grades 6 to 9.
     • IEPFA will introduce the FEFY program in select schools, while ACCA will provide digital content free of charge.
     • The program will focus on interactive learning to influence positive financial decision-making among students.

Source: PIB

Appointments

1. Rupam Roy Becomes New General Secretary of AISBOF
   • What:
     • Rupam Roy has been appointed as the new general secretary of the All India State Bank Officers’ Federation (AISBOF).
   • Tell me more:
     • Rupam Roy is also the general secretary of the All India Bank Officers’ Confederation (AIBOC).
     • Arun Kumar Bishoyi, General Secretary of SBIOA, Bhubaneswar Circle, was elected as the new president of AISBOF during the same meeting.
       Source: TOI

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