Current Affairs Quiz 26th December 2023 Quiz

Exp. NIIF Plans To Invest Up To Rs 675 Crore Bhogapuram airport

National Investment and Infrastructure Fund (NIIF) is planning to invest up to Rs 675 crore on the upcoming greenfield international airport at Bhogapuram in Andhra Pradesh, which is being developed by the GMR group.

This marks NIIF’s second airport investment, after the GMR Goa International Airport Ltd, which operates Manohar International Airport in Goa.

GMR Airports Ltd (GAL) — a subsidiary of GMR Airports Infrastructure Ltd (GAIL) — and NIIF have entered into binding agreements for the NIIF to invest up to Rs 6.75 billion (Rs 675 crore) in GMR Visakhapatnam International Airport Ltd (GVIAL).

GVIAL — a special purpose vehicle to develop and operate the Bhogapuram International Airport — was in 2020 awarded the concession to develop and operate the Bhogapuram International Airport (BIA) to the north of Visakhapatnam under a 40-year design-build-finance-operate-and-transfer model.

Exp. UN announces 2024 as International Year of Camelids

The United Nations has declared 2024 the International Year Of Camelids.

The decision has been taken to highlight the significant importance of camelids in the lives of people across the world.

According to the Food and Agricultural Organization (FAO), camelids influence the lives of millions of households in more than 90 countries. As a group Camelids include alpacas, Bactrian camels, dromedaries, guanacos, llamas, vicuñas which together help in ensuring food security, nutrition and economic growth especially for Indigenous Peoples and local communities.

Camelids play an important role in meeting the Sustainable Development Goals (SDGs) envisaged by the United Nations.

Camelids are a source of milk and meat which helps people fight hunger. They also provide fibre which can be used for clothing and shelter.

Camelids are also used by people as a means of transportation. They also provide organic fertilizer which can be used in agriculture. Moreover, Camelids are known to survive in harsh conditions.

Exp. Digi Yatra, facial recognition tech, implemented at 13 Indian airports

To save time of passengers during security check at airports, Government is continuously making efforts by increasing security equipment, security manpower and using advance technologies.

Digi Yatra, which provides for seamless and hassle-free experience for passengers at airports through biometric-based travel using Facial Recognition Technology has also been implemented at 13 airports and other airports will be covered in phased manner.

This information was given by the Minister of State in the Ministry of Civil Aviation Gen. (Dr) V. K. Singh (Retd) in a written reply to a question in Lok Sabha.

Exp. UP to build India’s first AI city in Lucknow

Uttar Pradesh is set to establish the country’s first AI city in Lucknow.

This initiative aims to create a thriving hub for artificial intelligence, integrating cutting-edge technology, research centers, and educational institutions to foster innovation and nurture the workforce of the future.

A report by Grand View Research pegged the global AI market size at $137 billion in 2022 and is projected to expand at a compound annual growth rate of 37.3 percent from 2023 to 2030.

Lucknow houses Centres of Excellence in areas like AI and MedTech (with extensive AI integration). The AI COE (centre in IIIT Lucknow) alone supports more than 15 AI/ML start-ups, nurturing a culture of creativity and entrepreneurship.

The government will provide 40 acres in Nadarganj Industrial Area for the project, which is free from all encumbrances and supports land acquisition, zoning regulations, and other relevant clearances.

Financial support will be provided to the developer through attractive financial incentives, such as one-time Capex support of 25 percent up to ₹20 crore for IT Park and ₹100 crore for IT City, and 100 percent stamp duty exemption as per the IT and ITeS Policy, 2022.

About Uttar Pradesh

• Capital – Lucknow
• Chief Minister – Yogi Adityanath
• Governor – Anandiben Patel

Exp. SBI to sign $165 million LoC with World Bank for rooftop solar projects

The country’s biggest lender, State Bank of India (SBI) has signed a $165 million Line of Credit (LoC) from the World Bank in Delhi to support grid-connected rooftop solar photovoltaic projects in residential and institutional sectors.

In September, SBI said 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.

The lender has outstanding forex loans of $2.3 billion from multilateral agencies, including the World Bank, the Asian Development Bank, and KfW of Germany.

SBI is raising its exposure to green initiatives, including funding green buildings, battery recycling, and solar rooftop plans, among others.

SBI also signed 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.

Recent MoUs Signed in Banking Sector

• Karur Vysya Bank, HDFC Life enter into corporate agency tie-up
• Aditya Birla Sun Life collaborates with IDFC First Bank for financial solutions
• Kotak Mahindra Bank partners with IIT Kanpur to launch Kotak School of Sustainability
• ICICI Pru Life, Ujjivan SFB enter into Bancassurance tie-up
• SBI signed 70-million-euro LoC with Germany Bank’ KfW for solar projects

Exp. JICA extends ₹932 crore loan to India to implement Sustainable Development Goals

Japan International Cooperation Agency (JICA) has finalized a loan of approximately ₹932 Crore to support Sustainable Development Goals (SDGs) initiatives in India.

This loan will fund projects overseen by NITI Aayog. These projects are set to impact 112 aspirational districts and 500 aspirational blocks nationwide.

The initiatives will concentrate on promoting policy actions, implementing effective practices, and enhancing the Japan-India partnership through the exchange of human resources.

Based on consultations with NITI Aayog, policy actions in five fields, such as health and nutrition, education, agriculture and water resources, financial inclusion and skill development, and basic infrastructure are prioritized and identified as policy matrix pillars are set in those fields.

In January 2019, JICA had signed an initial loan agreement with India for about ₹950 crore, marking the first phase of the “Program for Japan-India Cooperative Actions towards Sustainable Development Goals in India.

As part of the second phase, running from April 2021 to March 2026, JICA will monitor and evaluate the quantitative and qualitative outcomes of these policy actions across three tranches.

Exp. NABARD and ADB jointly launch climate action initiative

Agri-lender National Bank for Agriculture and Rural Development (NABARD) and Asian Development Bank (ADB) have launched an initiative to facilitate climate action in India’s agriculture, natural resources, and rural development sector.

Under this initiative, a Technical Support Unit has been set up in Nabard with the partnership of Bill and Melinda Gates Foundation to enable the agri lender to address the challenges posed by climate change, particularly in the areas of agriculture and rural livelihood sectors in India.

NABARD is committed to not just support rural financial institutions in India to identify and abate climate risks but also channel global pools of climate capital into India’s ANR sector.

About National Bank for Agriculture and Rural Development (NABARD)

• Founded – 12 July 1982
• Headquarters – Mumbai, Maharashtra
• Chairman – K V Shaji
• NABARD established on the recommendations of B. Sivaramman Committee

Exp. Kotak Mahindra Life Insurance introduces the unveiling of T.U.L.I.P.

Kotak Mahindra Life Insurance Company has introduced a new insurance product known as T.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

TULIP offers our customers comprehensive protection like a term plan and also the opportunity to grow their wealth like a ULIP. It is aimed at taking care of our customer’s core financial needs.

MD of Kotak Mahindra Life Insurance Company – Mahesh Balasubramanian

Recent Facilities Launched in Banking & Insurance Sector

• RBL Bank Introduces Electronic Bank Guarantee on NeSL Platform
• Reliance General Insurance unveils ‘Reliance Health Global’
• IndusInd Bank introduces ‘Indus Solitaire Program’ for the Diamond Industry
• Canara HSBC Life Insurance launches ‘Alpha Wealth’ plan with option to alter premiums
• IDFC FIRST Bank, LIC Cards, and Mastercard to co-launch Credit card

Exp. SoftBank sells shares worth $310 mn in FirstCry

Japanese conglomerate SoftBank has sold shares worth $310 million in omnichannel retailer FirstCry, which is likely to file a draft paper for IPO this week.

SoftBank recently sold shares worth Rs 630 crore in FirstCry. It was picked up by a few high-net-worth individuals.

With this sale, SoftBank has realized $310 million from two rounds of stake sale in FirstCry.

SoftBank had invested $400 million in FirstCry at an enterprise valuation of $900 million and SoftBank is still left with shares valued in the range of $800-900 million which it will sell later.

Exp. North East SFB appoints Satish Kumar Kalra as interim MD & CEO

Merger-bound North East Small Finance Bank has appointed Satish Kumar Kalra as interim MD and CEO, following the approval of the bank’s board and the Reserve Bank of India.

Kalra was earlier MD, CEO (in-charge), and Executive Director at Andhra Bank, which was later merged with Union Bank of India.

RBI had granted its no-objection certificate (NOC) for the proposed merger of the small finance bank with Fintech Slice in October 2023.

Recent Appointment in Banking & Insurance Sector

• MD of State Bank of India – Vinay M. Tonse (till 2025; for 2 years)
• Director of Jio Financial Services – Isha Ambani, Anshuman Thakur, and Hitesh Kumar Sethia
• MD & CEO of Kotak Mahindra Bank – Ashok Vaswani (replace Dipak Gupta) effect from 1 Jan 2024
• Executive Director of Bank of Maharashtra – Rohit Rishi (replace Asheesh Pandey)

Exp. SEBI approves Pramod Agrawal’s appointment as BSE Chairman

The Securities and Exchange Board of India (SEBI) has approved the appointment of Pramod Agrawal as the new Chairman of the Bombay Stock Exchange (BSE).

Agrawal’s tenure will start on January 17, 2024, as per a regulatory filing by the stock exchange.

He will replace SS Mundra.

Agrawal, a former IAS officer, previously held the position of Chairman at Coal India till June 2023.

Recent Appointment in Banking & Insurance Sector

• Executive Director (ED) of ICICI Bank – Sandeep Batra
• CEO of Indifi Technologies – Sangram Singh
• Part-time member of PFRDA Board – Parama Sen (replace Anne George)
• Chairman of Max Life Insurance – Rajiv Anand (replace Analjit Singh)
• Executive Director of Insolvency and Bankruptcy Board of India (IBBI) – Jithesh John

Exp. Indian women records maiden historic Test win over Australia

India recorded their maiden victory against Australia in a women’s test match at Wankhede Stadium in Mumbai with their comprehensive eight-wicket win in the one-off contest.

India had taken control of the match with a commanding 187-run lead in the first innings. They needed just 75 runs to win the match after bowling Australia out for 261 in the second innings. India reached the target just after lunch losing two wickets.

This is India’s first victory against Australia in 11 tests since the teams first clashed in the longest format in 1977.

Off-spinner Sneh Rana was chosen player of the match for her seven-wicket haul.

Exp. INS Imphal, India’s first warship named after a northeastern state, commissioned

INS Imphal (Pennant D68), the third of four warships of Project 15B that together form the Visakhapatnam class stealth-guided missile destroyers, is set to be commissioned into the Indian Navy in Mumbai.

The move aimed at boosting its maritime capability amid China’s increasing forays into the Indian Ocean region.

Defence Minister Rajnath Singh was the Chief Guest at the event.

It is the first warship to have been named after a city from the Northeastern region, the approval for which was accorded by the President in April 2019.

The naming of the ship after the capital city of Manipur underlines the importance of the Northeastern region for national security and prosperity.

A guided missile destroyer with a displacement of 7,400 tonnes and overall length of 164 meters, Imphal is a potent and versatile platform equipped with state-of-the-art weapons and sensors, including surface-to-air missiles, anti-ship missiles and torpedoes.

Powered by Combined Gas and Gas (COGAG) propulsion, the ship is capable of achieving speeds in excess of 30 knots (56 km/hour).

The ship boasts of a high indigenous content of approximately 75 per cent that includes BrahMos surface-to-surface missiles, medium-range surface-to-air missiles, anti-submarine indigenous rocket launchers and 76mm super rapid gun mount.

What is Project 15B?

• Between 2014 and 2016, the Indian Navy commissioned three guided missile destroyers of Kolkata class under a project codenamed ‘15A’.
• The Kolkata class included INS Kolkata, INS Kochi and INS Chennai. These ships were a step ahead of their precursor Delhi class of ships, which included INS Delhi, INS Mysore and INS Mumbai, built under Project 15 and commissioned between 1997 and 2001.
• Mazagon Dock Shipbuilders Limited (MDSL), one of India’s key Defence Public Sector Undertakings (PSUs), has built all these ships. A ship class signifies a group of ships built with similar tonnage, usage, capabilities and weaponry.