Current Affairs Quiz 5th December 2024 Quiz

Exp. SBI Mutual Fund Unveils SBI Quant Fund

SBI Mutual Fund has launched the SBI Quant Fund, an open-ended equity scheme designed around a quant-based investing approach.

 The scheme aims to generate long-term capital appreciation through equity and equity-related instruments selected using an in-house quant model.

The SBI Quant Fund will predominantly allocate:

80%-100% to equity and equity-related instruments selected through the quant model.

0%-20% to other equity instruments and debt instruments.

0%-10% to REITs and InvITs, in line with SEBI limits.

Additionally, the scheme may invest up to 20% in mutual fund units and 35% in overseas securities, including ADRs, GDRs, ETFs, and foreign equity.

The fund will be managed by Sukanya Ghosh and Pradeep Kesavan (dedicated fund manager for overseas securities).

Exp. NASSCOM and DIFC Ink MoU to Strengthen Cross-Border Tech Collaborations

Indian tech industry body Nasscom has partnered with the Dubai International Financial Centre (DIFC) to foster cross-border collaborations in fintech, artificial intelligence (AI), and innovation.

The two organizations signed a Memorandum of Understanding (MoU) aiming to create synergies between India’s burgeoning tech ecosystem and Dubai’s dynamic financial hub.

The MoU will facilitate the exchange of sectoral insights and development strategies, enabling Nasscom’s 3,000-plus member companies to access DIFC’s innovation ecosystem.

This partnership is set to unlock opportunities for global collaboration through activities such as webinars, roadshows, roundtables, and workshops.

Exp. Hyundai Motor Group ties up with IITs to advance battery, electrification research

Hyundai Motor Group has tied up with three IITs to establish a collaborative research system in the fields of batteries and electrification entailing an investment of USD 7 million over five years.

The South Korean group, which has presence across multiple segments including mobility, has tied up with IIT Delhi, IIT Bombay and IIT Madras.

Hyundai Motor Group plans to invest around USD 7 million over five years, from 2025 to 2029, to jointly conduct battery and electrification-related research with the IITs.

As part of the collaboration, the Hyundai Center of Excellence (CoE), will be set up within IIT Delhi and would operate through sponsorships from Hyundai Motor Group.

Exp. China’s first atmospheric monitoring station in Antarctica begins operations

China has officially inaugurated its first overseas atmospheric background station in Antarctica, marking a major milestone in global climate research.

The National Atmospheric Background Station began operations, offering critical data to support international efforts in addressing climate change.

The station will carry out continuous, long-term monitoring of atmospheric components in the Antarctic. Its primary goal is to track shifts in concentrations of atmospheric elements and provide an accurate depiction of the region’s atmospheric composition.

The station features a cutting-edge monitoring system encompassing seven meteorological categories, including ozone and aerosol measurements. This initiative builds on China’s existing network of nine national atmospheric background stations, with additional pilot stations beginning trial observations earlier this year.

Exp. Chennai to host the World Maritime Conference 2024

The World Maritime Conference 2024 will hold in Chennai from the 4th to 6th December. The Director General of Shipping Shyam Jagannathan will be the Guest of Honour.

Internationally reputed speakers and panellists will discuss the future of the Global maritime scenario. The US, UK, Germany, Spain, and Asia Pacific Countries will participate in the discussions.

This conference will be conducted in India after 15 years and will discuss various futuristic developments and present challenges in the Maritime World.  The conference will be attended by more than 300 delegates from all over the World.

Exp. Bharat Forge honoured with IGBC Green Champion award

Bharat Forge Ltd., India’s leading manufacturing powerhouse and a global provider of high-performance, innovative components, has been honoured with the prestigious IGBC Green Champion Award at the Green Building Congress 2024, held at the Bangalore International Exhibition Centre in Bengaluru.

This recognition celebrates Bharat Forge’s ground breaking efforts in transforming villages into IGBC-certified Green Villages.

As part of its CSR initiatives, Bharat Forge has driven remarkable advancements across 108 villages, focusing on areas such as drinking water availability, reservoirs, irrigation infrastructure, healthcare, modern educational facilities, organic farming, livestock management, biodiversity conservation, rainwater harvesting, and energy-efficient solutions.

Recent Award

• OPCW The Hague Award 2024 – Indian Chemical Council
• JCB Prize 2024 – Upamanyu Chatterjee (for Lorenzo Searches for the Meaning of Life book)
• Global Peace Award For Indian-American Minority Welfare – Narendra Modi
• FABA Lifetime Achievement Award 2024 – Dr. Soumya Swaminathan
• Kamaladevi Chattopadhyay NIF Book Prize – Ashok Gopal (for A Part Apart: The Life and Thought of B R Ambedkar)

Exp. Former CBI director Vijay Shanker passes away

Former CBI director Vijay Shanker passed away at the age of 76.

A 1969-batch IPS officer of the Uttar Pradesh cadre, Shanker headed the Central Bureau of Investigation (CBI) from December 12, 2005 to July 31, 2008.

During Shanker’s tenure as CBI director, the agency took over the infamous Aarushi-Hemraj double murder case.

As additional director of CBI, he supervised the extradition of gangster Abu Salem and actor Monika Bedi from Portugal and the investigation into the Telgi scam.

Before being appointed CBI director, Shanker headed the National Disaster Response Force, and Civil Defence and Home Guards.

He served as inspector general in the Border Security Force and was posted in Jammu and Kashmir at the peak of militancy in the 1990s.a

Shanker also headed the Sashastra Seema Bal which guards the country’s borders with Nepal and Bhutan.

Exp. Nurse Maria Victoria Juan from Philippines Wins the Prestigious Aster Guardians Global Nursing Award 2024

Nurse Maria Victoria Juan from Philippines, a Consultant at Philippines Army Health Services and Colonel, Reserve Force of the Armed Forces of the Philippines, has been honoured with of the Aster Guardians Global Nursing Award 2024.

She was awarded USD 250,000 at a prestigious award ceremony held in Bengaluru, India.

Launched in 2021, the Aster Guardians Global Nursing Award recognizes the critical role of nurses in healthcare. This year, over 78,000 applications were received from 202 countries, marking a 50% increase from 2023.

About Aster DM Healthcare

Founded in 1987 by Dr. Azad Moopen, Aster DM Healthcare is a leading integrated healthcare provider, across seven countries

Exp. Mahindra Finance and Magma HDI General Insurance Partner to Boost Financial Access for Emerging India

Mahindra Finance, a leading non-banking financial company (NBFC), has entered into a strategic corporate agency agreement with Magma HDI General Insurance Company, a rising name in India’s general insurance sector.

 This collaboration aims to provide a diverse range of tailor-made insurance solutions to Mahindra Finance customers, spanning motor and non-motor segments.

By leveraging Mahindra Finance’s extensive rural reach and Magma HDI’s insurance expertise, the partnership aims to enhance customer experience etc.

MD & CEO of Mahindra Finance-  Raul Rebello

MD & CEO of Magma HDI General Insurance – Rajive Kumaraswami

Recent MoUs Signed in Banking Sector

• Razorpay Partners with MHA to Fortify India’s Digital Payments Ecosystem
• Liberty General Insurance Join Hands with Profectus Capital to Empower MSMEs
• IndusInd Bank and BFIL partnered with Ministry of Agriculture to Empower Farmer Producer Organizations
• IFC to partner with Bajaj Finance to pump in $400 mn for climate finance
• Tata Power Renewable, IndusInd Bank partner to finance solar projects
• Solex Energy partnered with SBI to offer solar financing options for commercial, industrial, and institutional customers.

Exp. Supply chain council formed under Indo-Pacific agreement with US as Chair, India Vice-Chair

India signed the Supply Chain Resilience Agreement (Pillar-II) in November 2023 under the Indo-Pacific Economic Framework for Prosperity (IPEF), a 14-member plurilateral grouping in the region.

The Agreement seeks to strengthen the supply chain crucial for national security and economic stability. The Agreement came into force on February 24, 2024.

Under the Agreement, a Supply Chain Council (SCC) has been set up with the US as Chair and India as Vice-Chair.

IPEF partners represent approximately 40 per cent of the global GDP, and 28 per cent of global goods and services trade, making it crucial for international trade dynamics.

The Agreement seeks to strengthen economic, commercial, and trade relationships among enterprises in the economies of the Parties and improve supply chain resilience in critical sectors. Article 6.10 of the Agreement also encourages private sector engagement to improve the resilience, efficiency, productivity, sustainability inclusivity etc. of IPEF supply chains.

Further, two MoUs have also been signed by the Department of Commerce with the USA in the last two years: one in the sector of semiconductors and the other in the sector of critical minerals both of which are a strong step towards securing India.

This information has been provided by the Union Minister of State for Commerce and Industry, Shri Jitin Prasada in a written reply in the Lok Sabha.

Exp. Over 43.30 lakh accounts opened under Mahila Samman Savings Certificate Scheme till Oct 31

The Mahila Samman Savings Certificate Scheme (MSSC) was launched in March 2023 exclusively for women and minor girls to promote financial independence by allowing attractive interest rates and to help achieve objectives of financial inclusion set by the government.

In a written response to a question in Rajya Sabha, Union Minister of State for Finance Shri Pankaj Chaudhary said that 43,30,121 accounts have been opened under the scheme as of October 10, 2024.

The scheme was launched by the Government to promote financial independence of the woman of the country by allowing attractive rate of interest and to also help in achieving objectives of financial inclusion as set by Government of India.

The account under this MSSC shall be opened by a woman for herself, or by the guardian on behalf of a minor girl, on or before 31st March, 2025.

Salient features of the schemes-

• The account may be opened with a minimum deposit of ₹1000/- and a maximum deposit of ₹2 Lakhs for a tenure of two years only.
• The interest rate for MSSC is 7.5% p.a. which is compounded quarterly and credited to the account.
• The facility of partial withdrawal and premature closure on compassionate grounds are also available under this Scheme.

Exp. Government Launches Training Program on Chemical and Petrochemical Industrial Safety

As part of the Viksit Bharat@2047 initiative, the Department of Chemicals and Petrochemicals has introduced its first training program on “Chemical and Petrochemical Industrial Safety” in Ahmedabad, Gujarat.

The program, themed “Safety First, Sustainability Always: Protecting People and Planet,” was held at the Central Institute of Petrochemical Engineering & Technology (CIPET): Institute of Petrochemicals Technology (IPT).

This program is part of a series of training initiatives organized by the Department of Industrial Chemical Safety to enhance safety and security across all identified Major Accident Hazard (MAH) units in the country. Currently, there are 2,393 such units.

Over the next five years, a total of 48 training sessions will be conducted to address the needs of these units, with eight scheduled for the remainder of the current financial year.

Exp. Bharti Airtel signs multi-billion deal with Ericsson for 4G, 5G expansion

Bharti Airtel, India’s second-largest telecom operator, has signed a multi-year, multi-billion-dollar agreement with Swedish telecom equipment provider Ericsson to extend its 4G and 5G contracts.

 As per the new contract, Ericsson will deploy centralised RAN and Open RAN-ready solutions for network transformation which will help customers with wider coverage and enhanced capacity on the network.

Ericsson will also undertake the software upgrade of its currently deployed 4G radios thereby enhancing the customer experience.

This move aligns with Airtel’s strategy to bolster its 4G and 5G infrastructure and upgrade feature phone users in critical regions, amid fierce competition from Reliance Jio and Vodafone Idea. Vodafone Idea is expanding its 4G services and preparing for a 5G rollout by March.

Exp. DRI to celebrate 67 yrs of service: Fortifying India’s economic frontlines

On December 4, the Directorate of Revenue Intelligence (DRI), India’s premier investigative agency tasked with safeguarding the nation’s economic interests, celebrates its 67th year of establishment.

Although the genesis of DRI can be traced to 1953 with the formation of the Central Revenue Intelligence Board, DRI was carved out as a specialised agency in 1957, with the primary objective of curbing the smuggling of goods, particularly contraband like gold, drugs, and other prohibited items.

Operating under the Department of Revenue (DoR) until June 1970, DRI was placed under the Ministry of Home Affairs for a brief period before being assigned to the Cabinet Secretariat.

 In 1977, it was once again brought under the Ministry of Finance (DoR), where it continues to function today.

The Directorate General of GST Intelligence (formerly the Directorate General of Anti-Evasion/Directorate General of Central Excise Intelligence), which oversees goods and services tax-related intelligence work, and the Narcotics Control Bureau, before being established as specialised agencies, were also carved out from DRI.

Exp. 4 December – International Day of Banks

International Day of Banks is observed every year on December 4.

The day draws attention to the key functions that the banking system performs for the sustainable development of the countries and the globe as a whole. It commemorates the 2015 United Nations General Assembly resolution 74/245 which was passed on December 19, 2019.

Theme 2024 – Empowering Sustainable Development Through Finance.

The banks play an essential role in financial SDG projects in areas that include decent work and economic growth (SDG 8), business innovation (SDG 9), reduced inequality (SDG 10), and partnership for the delivery of the goals (SDG 17).

It is common during financial crises for development banks to come in and provide all the funding that the private sector may lack.