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Daily Current Affairs 18th and 19th January 2025 Daily GK Update
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National News
PM Modi inaugurated Bharat Mobility Global Expo 2025
- Prime Minister Narendra Modi has inaugurated the ‘Bharat Mobility Global Expo 2025′, the largest mobility expo in the country, at Bharat Mandapam in New Delhi.
- The Expo, to be held from January 17-22 across three separate venues — Bharat Mandapam and Yashobhoomi in Delhi, and India Expo Center and Mart in Greater Noida — will host over nine concurrent shows, over 20 conferences and pavilions.
- In addition, the Expo will also feature states sessions to showcase policies and initiatives in the mobility sector to enable collaboration between industry and regional levels.
- It is an industry-led and government-supported initiative and is being coordinated by Engineering Export Promotion Council (EEPC) of India with the joint support of various industry bodies and partner organisations.
- Lokpal of India celebrates 1st Foundation Day on 16th January
- The Foundation Day of the Lokpal of India was held for the first time on 16th January at Manekshaw Centre, New Delhi in the august presence of the Chief Justice of India, Shri Justice Sanjiv Khanna.
- It is this day, the Lokpal of India was established by virtue of coming into force of Section 3 of the Lokpal and Lokayuktas Act, 2013, on 16.01.2014.
- The Lokpal is a vital instrumentality, in the ongoing mission of eradication of Corruption in public offices, Justice Khanwilkar underscored that “The challenges before the Lokpal are ever evolving. Because the model of corruption is evolving. The nexus between politicians, bureaucrats, and business interests has only grown stronger.
Cabinet approves the establishment of “Third Launch Pad”
- The Union Cabinet has approved the establishment of a Third Launch Pad (TLP) at the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh.
- The new launch pad aims to support the next generation of Indian Space Research Organisation’s (ISRO) launch vehicles and enhance the country’s capacity for human spaceflight missions.
- The TLP will be designed to support ISRO’s upcoming Next Generation Launch Vehicles (NGLV) and serve as a backup for the existing Second Launch Pad (SLP) at Sriharikota.
- The TLP will be adaptable to support not only the NGLV but also LVM3 vehicles, including those with semi-cryogenic stages, and future scaled-up versions of the NGLV. The project is expected to involve substantial industry participation, drawing on ISRO’s experience from the successful establishment of earlier launch pads, while maximizing the use of existing facilities.
- The TLP project is projected to take four years to complete, with a total cost of Rs. 3984.86 crore, which includes the establishment of the launch pad and related infrastructure.
- The new launch pad is expected to boost India’s space ecosystem by enabling higher launch frequencies, thus supporting the national capacity for both human spaceflight and future space exploration missions, including the Bharatiya Antariksha Station (Indian Space Station) by 2035 and a crewed lunar landing by 2040.
- Currently, ISRO relies on two existing launch pads: the First Launch Pad (FLP), operational for 30 years, and the Second Launch Pad (SLP), which has been in use for nearly 20 years. These pads have supported significant missions, including Chandrayaan-3 and commercial launches. The new TLP will help meet the growing demand for heavier and more advanced launch vehicles, addressing the expanding vision of India’s space program over the next few decades.
Dr. Mansukh Mandaviya chairs first-ever CSR round table for sports development
- With the objective of strengthening the Indian sports ecosystem in order to host the 2036 Olympic Games, Union Minister of Youth Affairs & Sports Mansukh Mandaviya urged corporates to adopt one sport during the first-ever corporate round-table conference in New Delhi.
- Mandaviya emphasized a vision to position India among the top five global sports performers by 2047, as the nation marks 100 years of independence.
- More than 40 corporate houses and organisations working in the sports ecosystem shared their knowledge and opinion in a first-ever Open House session with
Banking and Financial
India to grow by 6.4% in FY25: FICCI
- FICCI forecasts India’s GDP growth at 4 per cent for the financial year 2024-25.
- This marks a downward revision from the 7.0 per cent projection made in September 2024 and reflects a notable slowdown from the 8.2 per cent growth recorded in 2023-24.
- The agricultural sector, including allied activities, is expected to grow 3.6 per cent in 2024-25, according to FICCI Survey.
Updated GDP List
- FICCI – 6.4% (FY25)
- UN – 6.6% (CY25); 6.7% (CY26)
- SBI – 6.3% (FY25)
- NSO – 6.4% (FY25)
- RBI –6.6% (FY24)
- ADB – 6.5% (FY24), 7%(FY25)
- S&P – 6.8% (FY25), 6.9% (FY26)
PNB MetLife partners with Saraswat Co-operative Bank to offer insurance solutions
- PNB MetLife India Insurance Company Ltd (PNB MetLife) has forged a strategic bancassurance partnership with Saraswat Co-operative Bank Ltd, one of the largest urban co-operative banks in India.
- This collaboration aims to enhance financial inclusion by offering a comprehensive suite of life insurance solutions, including savings, protection, retirement, and group plans, to Saraswat Bank’s extensive customer base of approximately 30 lakh individuals, across 302 branches nationwide.
- Bancassurance is an insurance distribution model where companies partner with banks to sell insurance policies or products. This arrangement benefits both the bank and insurance companies. While the bank earns a commission from the insurance company, the insurer gains from bank’s distribution network.
- MD & CEO of PNB MetLife – Sameer Bansal
PFC signs 120 bn yen loan pact with Japan’s JBIC for RE project
- State-owned PFC has inked an agreement with Japan Bank for International Cooperation (JBIC) for 120 billion Japanese yen (around Rs 6,600 crore) loan facility.
- Under the agreement, JBIC will provide funding of JPY 72 billion, and the balance will be funded by commercial banks.
- This long-term (up to 20 years) loan to PFC will be provided under JBIC’s initiative ‘Global action for Reconciling Economic growth and Environmental preservation’ (GREEN).
- The funds will be utilized by PFC to finance its renewable energy portfolio, advancing India’s transition to non-fossil-fuel-based energy sources.
Shriram Housing Finance is now “Truhome Finance”
- Shriram Housing Finance (SHF) has rebranded itself as Truhome Finance following its acquisition by Warburg Pincus and its co-investors, including QIA (Qatar’s sovereign wealth fund), from Shriram Finance.
- Last month, Shriram Finance had announced completion of the sale of its entire stake (84.44 per cent of the shareholding on a fully diluted basis) in its affordable housing finance subsidiary SHF to Warburg Pincus for a sale consideration of ₹3,929 crores.
- MD & CEO of Truhome Finance – Ravi Subramanian
Shriram Life Insurance launches Sunishchit Laabh savings plan
- Shriram Life Insurance has launched Shriram Life Sunishchit Laabh, a non-participating individual savings plan that promises guaranteed returns of up to 668 per cent of the total premium paid.
- Designed for individuals aged 30 days to 60 years, the plan offers a minimum annual premium starting at ₹30,000, with flexible payment options of ₹15,500 half-yearly, ₹8,000 quarterly, and ₹3,000 monthly.
- The plan features tax-free maturity income payouts for up to 40 years, with a maximum age cap of 101 years, ensuring long-term financial security, including post retirement.
- It also provides death benefits up to 160 times the annualised premium, with flexible maturity income payout modes, enabling customers to adapt to changing financial needs.
Recent Facilities Launched in Banking & Insurance Sector
- Bank of Baroda launches ‘bob Liquid FD’ for enhanced liquidity and convenience
- IDBI Bank unveils Chiranjeevi Super Senior Citizen FD, offers 8.5% interest
- Bank of Baroda to provide AI-driven support, forex facility, ATMs, and coin vending machines for Maha Kumbh 2025
- RenewBuy launches Smart Term Plan for working professionals and small business owners
- Mirae Asset Investment Managers (India) Pvt. Ltd. launched its new Mirae Asset smallcap fund, an open-ended equity scheme focusing predominantly on smallcap stocks.
Amazon to acquire Bengaluru based digital lending firm Axio
- E-commerce major Amazon has signed an agreement to acquire fintech lending start-up Axio, formerly Capital Float,valuing the buy-now-pay-later (NBPL) at around $190-200 million.
- Axio has filed an application with the regulator (RBI) for a change in control to Amazon and is awaiting approval. Post approval, Amazon’s proposed acquisition of axio would be completed.
- Axio has assets under management of Rs 2,200 crore and 3 per cent gross non-performing assets (GNPA). It has served more than 10 million customers. In August last year, it raised $20 million in equity funding from the Amazon Smbhav Venture Fund to expand credit products.
- Amazon has acquired nine companies in India since 2016.
Appointment
Binod Kumar appointed as MD & CEO of Indian Bank
- Binod Kumar has assumed office as the Managing Director (MD) and Chief Executive Officer (CEO) of Indian Bank.
- Prior to this, he was serving as Executive Director of Punjab National Bank (PNB). At PNB, Kumar was holding the responsibility of Corporate Banking, Treasury Division, International Banking Division, Finance Division, Data Analytics & Data warehousing.
About Indian Bank
- Founded – 15 August 1907
- Headquarters – Chennai, Tamil Nadu
- MD & CEO – Binod Kumar
- Tagline – Your Own Bank
Ashok Chandra appoints as MD and CEO of Punjab National Bank
- Ashok Chandra has been appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of Punjab National Bank (PNB).
- Prior to these appointments, Chandra was an executive director at Canara Bank.
- Chandra, who joined Canara Bank as an executive director in November 2022, oversaw various verticals, including digital banking and information technology, strategy and planning, marketing and public relations, financial inclusion, micro, small, and medium enterprises (MSME), retail assets, agriculture, and priority sectors.
- Chandra began his banking career at the erstwhile Corporation Bank in September 1991 as a probationary officer.
Nripendra Mishra reappointed Chairperson of PM Museum & Library Society
- The Government of India has reconstituted the Executive Council of the Prime Ministers Museum and Library Society and reappointed Nripendra Mishra as the Chairperson of the Executive Council of the Society.
- Former Union Minister Smriti Irani, ex-NITI Aayog Vice-chairman Rajiv Kumar, retired Army General Syed Ata Hasnain, renowned filmmaker Shekhar Kapur, and Vasudev Kamath from Sanskar Bharati are among the prominent new members added to the PMML society.
- The Executive Council is the highest decision-making body of the Prime Ministers Museum and Library Society.
- The key decision-making body, led by Prime Minister Narendra Modi as its president and Defence Minister Rajnath Singh as vice-president, has also expanded. The executive council, which previously had 29 members, has now increased to 34 members.
- This expansion comes as part of a reconstitution order issued by the Ministry of Culture, ensuring the PMML’s society and executive council will serve for the next five years unless further instructions are issued.
- The Prime Minister Museum and Library Society was set up by the government of India on 1st April 1966 to manage the Nehru Memorial Museum and Library which is now known as the Prime Minister Museum and Library.
Recent Appointments
- Secretary of the Department of Higher Education under the Ministry of Education – Vineet Joshi
- Judge of the Supreme Court – K Vinod Chandran (before this CJ of Pata HC)
- Chairman of Reconstituted Atomic Energy Commission (AEC) – Ajit Kumar Mohanty
- Chairman of Indian Space Research Organisation (ISRO) – V Narayanan (replace S. Somanath)
- President of Athletics Federation of India (AFI) – Bahadur Singh Sagoo (replace Adille Sumariwalla)
Defence
India tests micro missile system Bhargavastra to counter Swarm drone
- Indigenously developed micro missile system Bhargavastra was successfully tested at the Gopalpur Seaward firing range, Odisha.
- The micro missile system has been developed to counter the threat of swarm drone attacks.
- The Bhargavastra has been developed by Economic Explosives Ltd (EEL), a subsidiary of the Nagpur-based Solar Group. It has been designed and developed indigenously and is said to be an effective low-cost weapon system against swarm drone attacks.
What is Swarm Drone Attack?
- The unmanned aerial vehicle (UAV) or drone is a remotely controlled aerial object which can be used for multiple purposes. The use of drones in the battlefield was first used by the Americans to kill top leaders of Al-Qaeda and Talibans in Afghanistan
- The swarm drone as a weapon was recently used by the Iranians to successfully breach the famous Iron Dome anti-missile system of Israel.
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