Current Affairs Today 1st January 2025 Daily GK Update

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02/01/2025

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Daily Current Affairs 1st January 2025 Daily GK Update

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National News

India’s first glass bridge over sea inaugurated in Kanyakumari

In Tamil Nadu, the iconic tourist destination Kanyakumari had added another jewel to its crown. India’s first glass bridge over sea was inaugurated.
Tamil Nadu Chief minister MK Stalin unveiled the classic glass bridge that connects the 133 ft tall Saint Tiruvalluvar statue and the Vivekananda rock Memorial.
The bridge would allow the tourists to enjoy a breezy walk between the landmarks while seeing through the wavy sea underneath. Constructed at 37 crores, the 77 metres bridge was inaugurated as part of silver jubilee celebration of the Tiruvalluvar statue, now renamed as statue of Wisdom by the state government.

About Tamil Nadu

Formation – 26 January 1950
Capital – Chennai
Chief Minister – M K Stalin
Governor – R N Ravi

Ministry of Consumer Affairs & Gupshup introduce virtual assistant

The Ministry of Consumer Affairs has partnered with messaging platform Gupshup to introduce a web-based AI virtual assistant, Jagriti, to simplify the process of filing consumer complaints.
The announcement brings grievance redressal to consumers’ fingertips and marks a significant leap forward in empowering consumers across India. Once consumers authenticate with their mobile number, the virtual assistant’s interactive flow helps them file a complaint in less than a minute.
The adoption of Generative AI for the consumer complaint filing process is part of the Ministry of Consumer Affairs’ initiative of NCH 2.0. Besides easier complaint filing, consumers can also track the status of their complaints by sharing their complaint number with the AI assistant.

Banking and Financial

Economy exhibiting resilience, GDP to grow at 6.6 pc in FY25: RBI report

The Indian economy is exhibiting resilience and stability, and the gross domestic product (GDP) is projected to grow at 6.6 percent in 2024-25, aided by a revival in rural consumption, a pickup in government consumption and investment, and strong services exports, according to RBI.
The Reserve Bank has released the December 2024 issue of the Financial Stability Report (FSR), which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on the resilience of the Indian financial system and risks to financial stability.
The soundness of scheduled commercial banks (SCBs) has been bolstered by strong profitability, declining non-performing assets and adequate capital and liquidity buffers. Return on assets (RoA) and return on equity (RoE) are at decadal highs, while the gross non-performing asset (GNPA) ratio has fallen to a multi-year low.
It also said that macro stress tests demonstrate that most SCBs have adequate capital buffers relative to the regulatory minimum threshold even under adverse stress scenarios. Stress tests also validate the resilience of mutual funds and clearing corporations.
On the economy, FSR said during the first half of 2024-25, real GDP growth (y-o-y) moderated to 6 percent from, 8.2 per cent and 8.1 per cent growth recorded during H1 and H2 of 2023-24, respectively.
Despite this recent deceleration, structural growth drivers remain intact. Real GDP growth is expected to recover in Q3 and Q4 of 2024-25 supported by pick up in domestic drivers, mainly public consumption and investment, strong service exports and easy financial conditions.

RBI proposes lookup facility for NEFT, RTGS; banks to comply by April 1.

The Reserve Bank of India (RBI) proposed the introduction of a lookup facility for beneficiary accounts in the Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems to prevent fraud.
This facility will allow users to view and verify the name of the beneficiary before initiating a transaction, similar to the existing feature on India’s real-time payment systems, Unified Payments Interface (UPI) and Immediate Payments Service (IMPS).
Currently, remitters cannot see the beneficiary’s name before conducting a transaction on NEFT and RTGS. The RBI has directed member banks of these systems to implement the facility by April 1, 2025. The feature will be provided to customers free of charge.
The National Payments Corporation of India (NPCI) has been tasked with developing the facility and onboarding all banks to enable the feature.
Based on the account number and IFSC of the beneficiary entered by the remitter, the facility will fetch the beneficiary’s account name from the bank’s core banking solution.
The facility will be accessible to remitters through internet and mobile banking as well as at bank branches for in-person transactions. Beneficiary banks will be required to display the account name to the remitter.
Both the remitting and beneficiary banks will need to store data related to the lookup queries and responses as part of the process. However, the NPCI, while responsible for developing the facility, will not be permitted to store any data related to the lookup queries.

Income Tax extends Vivad Se Vishwas deadline to January 31

The Income Tax Department has extended the deadline for the Vivad Se Vishwas Scheme 2024, giving taxpayers a fresh opportunity to settle disputes at lower tax rates.
The new deadline, January 31, 2025, provides much-needed relief for those still evaluating the scheme. Initially set for December 31, 2024, the extension avoids a 10% additional tax, ensuring a smoother resolution process.
The Vivad Se Vishwas Scheme, announced in Budget 2024, allows taxpayers to settle pending disputes by paying a lower amount of disputed tax along with specified percentages. Applications filed by January 31, 2025, will follow reduced rates under column (3) of the scheme’s table. However, applications submitted from February 1, 2025, will incur a 10% higher tax rate.
The Vivad Se Vishwas Scheme simplifies dispute resolution by allowing taxpayers to settle cases with reduced financial liability. Applications submitted by January 31, 2025, will be charged rates under column (3) of the scheme’s table.
For instance, new appellants must pay 100% of disputed tax and 25% for disputed penalties or interest, if filing by the deadline. However, from February 1, 2025, these rates increase to 110% and 30%, respectively.

NPCI extends market cap deadline for UPI apps by two years to end of 2026

The National Payments Corporation of India (NPCI) has extended the deadline for implementing transaction volume cap on Unified Payments Interface (UPI) apps by two years till December 31, 2026. This is the second time that the NPCI has extended this deadline.
The latest development is expected to provide a much-needed relief to market leaders PhonePe and Google Pay, which process the lion’s share of UPI transactions in the country. The two processed about 47.8 per cent and 37.02 per cent of UPI transaction volumes, respectively, in November, according to data published by NPCI.
The apex payments body, “considering various factors”, extended the timeline for compliance of existing third-party application providers (TPAPs) by another two years. This comes at a time when the real-time payments system has seen euphoric growth in terms of transaction volumes.
UPI clocked 155.44 billion transactions this year as of November, a 32.2 per cent increase from 117.58 billion transactions in calendar year 2023 (CY23). The figures for December 2024 are yet to be published.
The NPCI had initially proposed a 30 per cent cap on the volume of transactions that UPI apps can process back in November 2020, and had given time to the existing players to adhere to the volume cap in two years’ time

NaBFID invests Rs 745 crore in long-term bonds issued by NDR InvIT

The National Bank for Financing Infrastructure and Development (NaBFID) has invested Rs 745 crore in long-term bonds issued by NDR InvIT.
NDR InvIT is an Infrastructure Investment Trust managed by NDR InvIT Managers and sponsored by NDR Warehousing Private Limited.
These 15-year bonds, rated AAA/Stable by India Ratings (FITCH) and CARE, underscore NDR InvIT’s key role in advancing India’s warehousing and industrial parks sector.

Appointment

RBI approves re-appointment of Anup Kumar Sinha as non-executive chairman of Bandhan Bank

The Reserve Bank of India (RBI) has approved the reappointment of Anup Kumar Sinha as the Non-Executive Chairman of Bandhan Bank.
Anup Kumar Sinha is the former Director of Heritage Business School (‘HBS’). He has also served on the Board of NABARD.
Sinha has taught at Presidency College and the Indian Institute of Management Calcutta (‘IIMC’). He served IIMC as a Professor of Economics for 25 years. He served three terms on the Board of Governors at IIMC and also as the Dean during 2003-06.

About Bandhan Bank

Founded – 2001
Founder – Chandra Shekhar Ghosh
Headquarters – Kolkata
Chairperson – Anup Kumar Sinha
Tagline – Aapka Bhala. Sabki Bhalai

Bhuvnesh Kumar takes charge as CEO of UIDAI

IAS officer Bhuvnesh Kumar took charge as the CEO of the Unique Identification Authority of India (UIDAI).
Kumar, a 1995 batch officer of the Uttar Pradesh cadre, is additional secretary at the Ministry of Electronics and Information Technology (MEITY), a post he will continue to hold after this appointment.
Kumar succeeds Amit Agrawal, a 1993 batch IAS officer of the Chhattisgarh cadre, who was also MEITY additional secretary prior to his June 2023 appointment.
Mr Agrawal was appointed Secretary of the Department of Pharmaceuticals under the Ministry of Chemicals and Fertilizers in a bureaucratic reshuffle.

Recent Appointment

First transgender woman as a guest lecturer at Karnataka University – K N Renuka Pujar (For Kannada Department)
Chairperson of the National Accreditation Board for Testing and Calibration Laboratories (NABL), a constituent board of the Quality Council of India (QCI) – Dr. Sandip Shah
Revenue Secretary in Finance Minsitry – Arunish Chawla
Textiles Secretary – Neelam Shami Rao
Secretary in the Department of Pharmaceuticals – Amit Agrawal

Air Marshal Mishra takes charge as Chief of IAF’s Western Command

Air Marshal Jeetendra Mishra took charge as the chief of Indian Air Force’s Western Air Command that looks after the security of the air space in the sensitive Ladakh sector as well as some other parts of north India.
Air Marshal Mishra, a fighter combat leader and an experimental test pilot, has more than 3000 hours of flying experience, according to the IAF.
He succeeds Air Marshal Pankaj Mohan Sinha, who superannuated after putting in more than 39 years of distinguished service.
Air Marshal Mishra was commissioned into the Indian Air Force (IAF) as a fighter pilot on December 6, 1986

Recent Appointment in Defence Sector

DG of Central Reserve Police Force (CRPF) -Vitul Kumar (replace Anish Dayal Singh)
DG of Medical Services (Navy) – Surgeon Vice Admiral Kavita Sahai
Director General of Indian Coast Guard – Paramesh Sivamani (26th)
Vice Chief of Air Staff – Air Marshal SP Dharkar (replace AP Singh)
First woman DG of Armed Forces Medical Services – Arti Sarin

Manish Singhal appointed Secretary General of ASSOCHAM

Associated Chambers of Commerce and Industry of India (ASSOCHAM), an apex business chamber, has a new Secretary General in Manish Singhal.
Singhal succeeds Deepak Sood, who recently after a five-year stint stepped down to pursue other interests.
Singhal, an industry leader with over 35 years of experience in Chamber and Corporate India, had earlier worked as Deputy Secretary General of The Federation of Indian Chambers of Commerce and Industry (FICCI).
He had also worked with various Indian transnational companies, including Tata Motors, Eicher (Volvo), Tata Auto Comp Systems, Moser Baer India and BEML to name a few.

About Associated Chambers of Commerce and Industry of India (ASSOCHAM)

ASSOCHAM is a non-governmental trade association and advocacy group. This organization represents the interests of trade and commerce in India.
Established -1920
Headquarters – New Delhi
Secretary General – Manish Singhal (replace Deepak Sood)
ASSOCHAM has more than 200 chambers and trade organizations across India. It has more than 450,000 members.

Science

ISRO successfully launches SpaDeX mission from Sriharikota

Indian Space Research Organisation (ISRO) successfully launched the Space Docking Experiment (SpaDeX) mission.
ISRO’s PSLV-C60 rocket carrying two spacecraft that would aid in demonstration of space docking lifted off from the Satish Dhawan Space Centre in Sriharikota.
PSLV-C60 successfully deployed two satellites SDX01 (the Chaser) and SDX02 (the Target) in low earth orbit shortly after its launch.
The two spacecraft will now be directed towards achieving space docking in the next 10 days. SpaDeX aims to demonstrate advanced in-space docking technology, a crucial capability for future missions, including lunar expeditions and the Bharatiya Antariksh Station (BAS).
The SpaDeX mission represents a critical step in advancing India’s capabilities in orbital docking. Successful completion of this mission will enhance ISRO’s ability to conduct complex operations in space and lay the groundwork for future interplanetary missions.

Defence

18th India -Nepal Military exercise Surya Kiran to commence in Nepal

The 334-strong Indian Army contingent has departed to Nepal to participate in the 18th edition of the bilateral military exercise Surya Kiran.
The exercise will be hosted by the Nepali Army in Saljhandi, Nepal from 31st December 2024 to 13th January 2025.
The annual bilateral military exercise Surya Kiran is alternatively hosted by the Indian Army and the Nepali Army. The 17th edition of the Surya Kiran was held in Pithoragarh, Uttarakhand from 24th November to 07th December 2023.

Recent Exercise

Naval Exercise SLINEX 2024 between Sri Lanka and India- Visakhapatnam
Joint Military Exercise Harimau Shakti 2024 between India and Malaysia – Bentong camp, Pahang district, Malaysia.
1^st edition of Joint Tabletop Exercise, CINBAX between India and Cambodia – Foreign Training Node, Pune, Maharashtra.
ICG conducted 11th National Maritime Search and Rescue Exercise (SAREX-2024) off the Kochi coast.
Indian Coast Guard conducts maritime search and rescue exercises off Kochi coast

Sports

Bengal beat Kerala 1-0 to win Santosh Trophy for an unprecedented 33rd time

The most successful team in the history of the Santosh Trophy, West Bengal added one more to its collection by defeating Kerala in the final of the 78th edition of the Santosh Trophy. It was the 33rd Santosh Trophy for the Bengal team.
The final of the 78th edition of the Santosh Trophy 2024-25 was played at the GMC Balayogi Stadium in Hyderabad, Telangana.
Santosh Trophy is a premier domestic state-level football tournament for men in India organised by the All India Football Federation.
The final at Hyderabad was the 47th final appearance for West Bengal in the Santosh Trophy while Kerala was appearing for the 16th time.

Award winners

Winners – West Bengal (Santosh Trophy & a cash prize of Rs 5 Lakhs).
Runners Up – Kerala (Kamla Gupta Trophy, & a cash prize of Rs 3 lakhs).
Peter Thangaraj Player of the Championship – Robi Hansda of West Bengal.
Tulsidas Balaram Player of the Final Match – Robi Hansda of West Bengal.

Important Days

1 January – Global Family Day

Global Family Day is observed annually on 1 January to promote peace, unity, and a sense of shared humanity across the globe.
Theme 2025 – Let’s Start The Year With Love, Unity, Appreciation
The day emerged from the United Nations Millennium celebration in 2000, emphasizing the need for global unity and fostering a sense of family among people worldwide.

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Current Affairs Today 1st January 2025 Daily GK Update