Current Affairs Quiz 18th December 2024 Quiz

Exp.  WPI inflation falls to 3-month low of 1.89% in November on softer food Prices

Wholesale price index (WPI)-based inflation hit a three-month low of 1.89 per cent in November 2024 from 2.4 per cent recorded in October 2024.

This fall in WPI was largely due to the softening of primary food inflation, which moderated to 8.63 per cent in November 2024 compared to 13.54 per cent in October 2024.

For the April-November 2024 period, WPI inflation stood at 2.1 per cent as against a contraction of 1.29 per cent inthe  same period last year.

Recent WPI-based Wholesale inflation in India

• June 2024 – 36%
• July 2024 –04%
• August 2024 – 31%
• September 2024 – 84%
• October 2024 – 36%
• November 2024 – 89%

Exp. Ayodhya’s Ram Temple honored with the prestigious ‘Sword of Honour’ for safety excellence

 The ‘Ram Temple project’ of the Shri Ram Janmaboomi Temple in Ayodhya has been awarded the ‘Sword of Honour’ by the British Safety Council.

This award was one of the highest recognitions in safety management and that the British Safety Council evaluates the safety processes, practices, and on-site activities during its audits, and only those who receive a five-star assessment were eligible for the ‘Sword of Honour’ award.

Larsen and Toubro, the company responsible for the construction of the temple, was also awarded a ‘Golden Trophy’ by the National Safety Council for its safety measures during the construction process.

The temple has been built under close coordination between Larsen and Toubro and Tata Consulting Engineers, with effective supervision by the Construction Committee of Shri Ram Janmbhoomi Teerth Kshetra Trust.

The construction of the first and second floors, including the Shikhar (spire) of the temple, was in its final phase, with completion expected by June 2025.

The temple is being built using Bansi Paharpur stone from Rajasthan, with a total of approximately 15 lakh cubic feet of stone, along with significant marble cladding.

Exp. Delhi airport becomes India’s first airport to connect 150 destinations

The New Delhi airport has become the first airport in India to connect 150 destinations.

Notably, DIAL, operates and manages the IGI Airport in New Delhi.

As per DIAL, Thai AirAsia X launched direct flights between Delhi and Bangkok-Don Mueang (DMK), marking the 150th destination connected to Delhi Airport.

 The ongoing induction of wide-body aircraft by Indian carriers is set to transform Delhi Airport into a super-connector hub, reinforcing its position as a leading choice for international and long-haul travel.

Exp. C-DOT and Silizium Circuits signs agreement for “Design and Development of LEO Satellite Components and GNSS RF Front End ASIC”

The Centre for Development of Telematics (C-DOT), the premier Telecom R&D centre of the Department of Telecommunications (DoT), GoI has signed an agreement with Silizium Circuits Pvt Ltd a fabless Semiconductor IP & SoC Startup under FABCI(Fabless Chip Design Incubator) IIT Hyderabad for the “Design and Development of LEO Satellite Components, and GNSS RF Front End ASIC”.

The agreement is signed under the Telecom Technology Development Fund (TTDF) scheme of the Department of Telecommunications, Government of India.

This scheme, designed to fund Indian startups, academia, and R&D institutions, is a crucial enabler for designing, developing, and commercializing telecommunication products and solutions.

It aims to enable affordable broadband and mobile services, playing a significant role in bridging the digital divide across India.

This initiative aims to drive innovation in India’s satellite communication ecosystem by addressing key challenges such as power efficiency, high-speed data transmission, and robust signal integrity.

Exp. Gati Shakti Vishwavidyalaya and Indian Navy sign MoU for Logistics related Education, Research and Training

Gati Shakti Vishwavidyalaya, Vadodara has signed an MoU with the Indian Navy in New Delhi. The MoU aims at enhancing logistics-related education, research, and training for the Indian Navy.

The collaboration is set to strengthen the Indian Navy’s logistical framework by focusing on supply chain management, multimodal transportation, and sustainability in logistics. It also aligns with national development initiatives such as the PM Gati Shakti National Master Plan 2021 and the National Logistics Policy 2022.

The MoU facilitates the exchange of expertise and case studies in areas such as AI applications, predictive analytics, and blockchain technology to elevate logistics practices.

Recent MoU

• Gati Shakti Vishwavidyalaya and Indian Navy sign MoU for Logistics related Education, Research and Training
• MoD inks contract worth ₹1207 Cr with Cochin Shipyard Limited for Short Refit and Dry Docking of INS Vikramaditya
• Mines Ministry signs MoU with International Energy Agency on Cooperation in the Area of Critical Mineral
• NTPC and Indian Army Join Hands for Round-the-Clock Power Supply using Green Hydrogen
• Reliance, Nvidia partner to build large-scale AI infrastructure in India
• IIM Shillong signs MoU with SIDBI to launch entrepreneurship training and incubation programme
• Government and Meta join forces for “Scam se Bacho” Campaign to tackle rising online scams
• BHP signed MoU with SAIL to accelerate potential pathways to steel decarbonisation

Exp. RBI’s Foreclosure Guidelines on MSME Loans Implications for NBFCs

The Union Budget 2024 incorporates numerous initiatives for MSMEs, particularly for manufacturing units, to boost the sector’s long-term growth and profitability.

One of these initiatives is the Credit Guarantee Scheme, where MSMEs in manufacturing can access collateral-free loans with a guarantee of up to INR 100 crore, shared Jugal Mantri, CEO, Anand Rathi Global Finance, in an exclusive interaction with Srajan Agarwal of Elets News Network (ENN).

In the recent MPC meeting of the RBI, it was stated that banks and NBFCs cannot levy foreclosure charges or pre-payment penalties on MSMEs. A draft circular on this matter is also expected to be issued for public consultation.

As per the present RBI guidelines, NBFCs are not permitted to charge any pre-payment penalties or foreclosure charges on floating-rate term loans given to Individual borrowers for nonbusiness purposes.

For NBFCs, foreclosure charges or prepayment charges are one of the important aspects of managing its liquidity and commitment to the funds raised for onward lending.

NBFCs will also have to forgo future income in the event of a greater foreclosure if there is no urgent need for financing. Besides, NBFCs will also forgo the foreclosure charges which is a source of income for them.

Exp. ₹12.3 lakh crore: Indian banks’ loan write-off in past 10 years

Indian commercial banks wrote off Rs 12.3 lakh crore in loans between the 2014-15 and 2023-24 financial years, according to government data presented in Parliament.

Public sector banks accounted for Rs. 6.5 lakh crore of these write-offs in the last five years (FY20-24).

Write-offs peaked at Rs. 2.4 lakh crore in FY19 following an asset quality review. They dropped to Rs. 1.7 lakh crore in FY24, representing 1% of the total outstanding bank credit. Public sector banks hold a 51% share of new loans, down from 54% in FY23.

As of September 30, 2024, gross non-performing assets (NPAs) for public sector banks were ₹3,16,331 crore (3.01% of outstanding loans), and ₹1,34,339 crore (1.86% of outstanding loans) for private sector banks.

State Bank of India wrote off ₹2 lakh crore during the ten-year period, while Punjab National Bank wrote off ₹94,702 crore. Public sector banks wrote off ₹42,000 crore in the first half of the current fiscal year.

Exp. LazyPay Unveils ‘LazyPay EMI’ to Simplify High-Value Purchases

 LazyPay, a leading digital financial services provider by PayU, has launched ‘LazyPay EMI’ in partnership with its partner lender, PayU Finance.

This innovative solution is designed to make high-value online purchases more affordable and accessible for consumers across India.By eliminating the need for a credit card, the feature offers a hassle-free way for users to finance their purchases.

Consumers can finance purchases between Rs. 5,000 to Rs. 1 lakh with flexible repayment options ranging from 3 to 12 months. This launch reinforces LazyPay’s commitment to providing a streamlined checkout experience across a broader range of merchants and consumers.

Exp. RBL Bank Reappoints R Subramaniakumar as MD & CEO for 3 Years

RBL Bank’s Board of Directors has approved the reappointment of R Subramaniakumar as the Managing Director and Chief Executive Officer (MD & CEO) for a further period of three years, effective June 23, 2025.

The reappointment is subject to approval from the Reserve Bank of India (RBI).

The bank confirmed that it will seek regulatory approval by submitting an application to the RBI under Section 35B of the Banking Regulation Act, 1935.

Subramaniakumar, who was initially appointed as MD & CEO in June 2022, became the second public sector banker after Prashant Kumar to head a private sector bank.

Recent Appointment in Banking & Insurance Sector

• Executive Director of YES Bank – Manish Jain
• MD & CEO of TransUnion CIBIL – Bhavesh Jain (replace Rajesh Kumar)
• Governor of RBI – Sanjay Malhotra;26th (replace Shaktikanta Das)
• RBI representative at IBBI board – Vaibhav Chaturvedi
• MD & CEO of SBI Funds Management – Nand Kishore (replace Shamsher Singh)

Exp. CCI approves the acquisition of certain stake of Speed JVco S.à r.l. (Target) by Ramon Investments Pte. Ltd. (Acquirer)

The Competition Commission of India has approved the acquisition of certain stake of Speed JVco S.à r.l. (Target) by Ramon Investments Pte. Ltd. (Acquirer). The Proposed Combination involves the acquisition of certain stake of the Target by the Acquirer.

Acquirer is an investment holding company and does not engage in any business operation other than holding investments. It is an indirect wholly owned subsidiary of Temasek Holdings (Private) Limited (Temasek).

Temasek is an investment company headquartered in Singapore. Temasek’s global portfolio covers a broad spectrum of industries including transportation; financial services; telecommunications,media & technology; consumer & real estate; life sciences & agri-food; and multi-sector funds.

Exp. PM Modi inaugurates projects worth ₹46,300 crore in Rajasthan

Prime Minister Narendra Modi has inaugurated and laid the foundation stone of 24 projects related to power, road, railway and water worth more than Rs 46,300 crore in Jaipur.

He inaugurated 9 projects worth more than Rs 11,000 crore, which include 7 projects of the Central Government and 2 projects of the State Government.

These projects also include the Parvati, Kalisindh, Chambal Link Project, which is important for Rajasthan and Madhya Pradesh.

The MOA for this project was signed between Madhya Pradesh and Rajasthan in the presence of the Prime Minister.

Exp. Riya Shirish Thatte clinches Gold medal in Women’s 25m Pistol Final of 67th National Shooting Championship Competitions

In Shooting, Riya Shirish Thatte of Aurangabad has clinched the gold medal in the women’s 25m pistol final of the 67th National Shooting Championship Competitions in New Delhi.

She defeated Punjab’s Simranpreet Kaur Brar 7-2 in a shoot-off after both had tied at 31 hits in the eight series of five-shots decider. This is Riya’s first senior national title.

Olympian and former Asian Games champion Rahi Sarnobat was third with 25 hits.

The shotgun and pistol competitions of the National Shooting Championship are being held in New Delhi, while Bhopal is holding the rifle nationals.

Exp. Team Asia of Manika Batra wins inaugural TT Waldner Cup 2024 in Norway

Team Asia won the inaugural Waldner Cup 2024 Table Tennis tournament, defeating Team World 14-10.

Manika Batra was the only Indian player to be included in the Team Asia team. World no.25 ranked Manika Batra lost her singles and doubles match in the Waldner Cup. She lost her singles match to Adriana Diaz of Puerto Rico.

In the doubles, she paired with Shin Yubin of South Korea but lost the match against the pair of Adriana Diaz and Romania’s Bernadette Szocs.

Exp. Hardik Pandya most Searched Indian Sportsperson

Indian cricketer Hardik Pandya was the most searched Indian sportsperson across the globe, as per Google Year in Search 2024, ranking seventh among the most searched sportspersons world-wide.

It has been a career-defining year for Hardik Pandya, who experienced the extreme highs and lows of sports in a matter of months.

The IPL was the top trending overall search in India ahead of the T20 World Cup. The Olympics (5th), Pro Kabaddi League (9th) and Indian Super League (10th) were the other sporting events present in the top 10 overall trends.

In sports trends in India, the IPL, T20 World Cup and the Olympics occupied the top three slots.

Five of the top 10 trending people in India were sportspersons – Vinesh Phogat (1st), Hardik Pandya (4th), Shashank Singh (6th), Abhishek Sharma (9th) and Lakshya Sen (10th).

Vinesh Phogat topped the trending people list in India for 2024. Earlier this year, Vinesh made it to the final of the women’s 50kg wrestling event at the Paris 2024 Olympics but was disqualified later for being overweight. Lakshya Sen, who narrowly missed out on an Olympic medal in badminton, also featured in the top 10

Exp. Assam CM attends Bhutan’s 117th National Day

Assam Chief Minister Himanta Biswa Sarma attended Bhutan’s 117th National Day celebration on 17 December 2024 at Thimphu, the capital of Bhutan.

Assam shares an international boundary with Bhutan, and the Himanta Biswa Sarma visit is intended to strengthen the cultural and regional ties between Bhutan and Assam.

 Assam, Arunachal Pradesh, West Bengal and Sikkim share a land border with Bhutan. India shares a 699 km long international boundary with Bhutan.

Every year, 17th December is observed as a National Day in Bhutan. This day marks the coronation of the first King of Bhutan, Druk Gyalpo Ugyen Wangchuck, on December 17, 1907.

About Bhutan

• Capital- Thimphu
• Currency- Nagultram
• Language spoken in Bhutan-Dzongkha
• King- Jigme Khesar Namgyel Wangchuck
• Prime Minister- Tshering Tobgay