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Daily Current Affairs 28th and 29th December 2024 Daily GK Update
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National News
Health insurance claims rejection up 19.10% in FY24: IRDAI report
- India’s insurance companies rejected 11 per cent of health claims and had 6 per cent pending as of March 2024, according to the industry regulator’s annual report.
- Health policy claims worth Rs 26,000 crore were disallowed and “repudiated” by insurers in the year ending March 2024, marking a 19.10 per cent increase from the year before.
- The rejection amount was Rs 21,861 crore in the year ending March 2023, according to the Insurance Regulatory and Development Authority of India (IRDAI).
- A claim is rejected or disallowed when an insurance company refuses to process it due to specific issues with its validity. This means the insurer has not yet evaluated the claim for coverage but has rejected it outright due to errors or discrepancies in the policyholder’s documentation, terms, or procedures. On the other hand, claim repudiation occurs when the insurer denies the claim after a review, determining that it does not meet the terms and conditions of the policy.
Insurance penetration-
- The report highlighted that overall insurance penetration in India declined for the second consecutive year in 2023-24, dropping to 3.7 per cent. This marks a decrease from 4 per cent in 2022-23 and 4.2 per cent in 2021-22 during the pandemic.
Settlement ratios-
- Public sector insurers had a settlement ratio of 103.38 per cent in 2023-24, indicating that they paid out more than they collected in premiums. In contrast, private insurers maintained a ratio of 88.71 per cent, while standalone health insurers struggled with a low ratio of only 64.71 per cent.
Death claim ratio-
- Life insurance companies paid Rs 48,512 crore in death claims for the year ending March 2024, an increase from Rs 46,380 crore in the previous year. Rs 28,868 crore was paid for individual policies and Rs 19,644 crore for group policies.
NeGD and IPA Sign Landmark MoU to Drive Digital Transformation in India’s Maritime Sector
- The National e-Governance Division (NeGD) and the Indian Ports Association (IPA) signed a landmark Memorandum of Understanding (MoU) in New Delhi.
- This strategic partnership aims to drive digital transformation in India’s maritime sector by integrating NeGD’s technological expertise with IPA’s in-depth insights into the maritime sector.
- This initiative reflects a joint commitment to creating a smarter, technology-driven maritime digital ecosystem by fostering seamless integration and stakeholder collaboration.
- Through this partnership, both NeGD and IPA aim to address longstanding challenges such as fragmented logistics systems, outdated operational practices, and insufficient digital infrastructure.
Northeast Frontier Railway signs MoU with IRCON for maintenance of electrification infrastructure
- For the first time in Indian Railways, Northeast Frontier Railway has started a project to maintain electrification infrastructure, including Overhead Equipment (OHE) and Power Supply Installation (PSI), by partnering with IRCON International Limited through an agreement.
- IRCON is a reputed organisation well known for undertaking challenging infrastructure projects, especially in difficult terrains in India and abroad since 1976.
International News
China to Construct World’s Largest Dam in Tibet
- The Chinese government has given its green signal to the construction of the world’s largest dam on the river Yarlung Zangbo/Tsangpo (known as the Brahmaputra in India) on the eastern rim of the Tibetan plateau.
- The project has raised concerns among environmentalists as it will lead to the displacement of millions of people and the destruction of the natural ecosystem in Tibet.
- The construction of a dam on the Yarlung Zangbo River was announced by China in 2020. It will be the world’s largest dam in the world overtaking the Three Gorges Dam built on the Yangtze River in China.
- The total investment in the dam is over 1 trillion yuan (US$137 billion), making it the single largest infrastructure project in the world.
- The project is expected to generate nearly 300 billion kilowatt-hours (kWh) of electricity annually which is expected to meet the electricity needs of 30 crore people per year.
- Currently, the world’s largest installed hydel power capacity is the Three Gorges Dam which was designed to produce 88.2 billion kWh.
Banking and Financial
ICICI Prudential Rural Opportunities Fund launched
- ICICI Prudential Mutual Fund has launched the ICICI Prudential Rural Opportunities Fund, an open-ended equity scheme following Rural and allied theme. It opens on 9 January 2025 and closes on 25 January 2025.
- The scheme will predominantly invest in sectors contributing to and benefiting from rural India’s growth and development.
- Benchmark – Nifty Rural Index
- The Nifty Rural Index aims to track the performance of stocks from the Nifty 500 Index, which represent the rural theme.
- The largest 75 stocks from eligible basic industries are selected based on 6 month average free-float market capitalization. Sankaran Naren and Priyanka Khandelwal will manage the scheme.
ICICI Pru Life, RGA launch product to cover women-specific ailments
- ICICI Prudential Life Insurance has launched a first-of-its-kind health product catering to women-specific critical illnesses and surgeries.
- ICICI Pru Wish has been developed in collaboration with Reinsurance Group of America Inc., a leading global life and health reinsurer.
- The product offers an instant payout of up to 100 per cent of the health cover amount on diagnosis of critical illnesses such as breast, cervical, uterine cancers and heart ailments to name a few.
Recent Facilities Launched in Banking & Insurance Sector
- LazyPay Unveils ‘LazyPay EMI’ to Simplify High-Value Purchases
- Axis Bank launched the ARISE Women’s Savings Account, a specialized solution designed to cater to the financial needs of women.
- BharatPe launches ‘Shield’ to protect users from digital transaction frauds
- Paytm launches UPI Lite Auto Top-Up for Hassle-Free Recurring Daily Payment
- PNB MetLife introduces Smart Communications App to transform Agent-Customer Interactions
- Shriram Mutual Fund launches industry-first multi-sector rotation fund
SEBI fines Jaiprakash Power for misrepresenting co’s financial statements
- Markets regulator SEBI imposed a penalty totalling Rs 54 lakh on Jaiprakash Power Ventures, its MD and CEO Suren Jain and other top officials for misrepresenting the company’s financial statements.
- Others who have been penalised by Sebi are the company’s chairperson Manoj Gaur, executive directors — Sunil Kumar Sharma and Praveen Kumar Singh — chief financial officer R K Porwal and former whole-time member M K V Rama Rao.
- They have been directed to pay the fine within 45 days.
- This came after the regulator conducted an investigation in the matter of Jaiprakash Power Ventures Ltd (JPVL), a part of the Jaypee Group of companies, to ascertain the possible violations of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) and LODR (Listing Obligations and Disclosure Requirements) rules.
Appointment
Dr. Sandip Shah appointed as the Chairperson of NABL-QCI
- Sandip Shah, an eminent medical professional and visionary leader, has been appointed as the Chairperson of the National Accreditation Board for Testing and Calibration Laboratories (NABL), a constituent board of the Quality Council of India (QCI).
- NABL works to improve the quality of testing and calibration services, ensuring trust in the products and services used by consumers, businesses, and regulators.
- Shah, a Gold Medalist in MD Pathology and Bacteriology from B.J. Medical College, Ahmedabad, has an extensive academic and professional background in pathology, molecular biology, and transplant immunology.
About National Accreditation Board for Testing and Calibration Laboratories (NABL)
- Founder- Department of Science and Technology
- Founded- 1988
- Headquarters- Gurgaon
- NABL is one of the constituent boards of Quality Council of India (QCI), an autonomous body under Department for Promotion of Industry & Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India.
Awards
President Murmu Confers Pradhan Mantri Rashtriya Bal Puraskar on 17 Children
- President Droupadi Murmu conferred the Pradhan Mantri Rashtriya Bal Puraskar on 17 children (10 girls and 7 boys) at a ceremony held at the Rashtrapati Bhavan Cultural Centre, New Delhi. The award was announced and conferred on the occasion of the Veer Baal Diwas.
- Since 2022, December 26 has been observed in the country as Veer Bal Diwas to honour and recall the sacrifice of the tenth Sikh guru Guru Gobind Singh’s youngest sons Zorawar Singh and Fateh Singh.
- The winner of the Pradhan Mantri Rashtriya Bal Puraskar is awarded a Medal, a Certificate, and a Cash prize of Rs. One Lakh.
- The Pradhan Mantri Rashtriya Bal Puraskar is administered by the Union Ministry of Women and Child Development. The award was instituted by the government of India in 1996.
- About the Pradhan Mantri Rashtriya Bal Puraskar
- It is awarded to children aged between 5-18 years for their exceptional performance! abilities and outstanding achievements. In a year a maximum of 25 children are honoured.
- The award is given in seven categories broadly divided into Child Bravery and Child Excellence.
- The Child Excellence Award is given to children with exceptional abilities and outstanding achievements in : (i) innovation (ii) Arts & Culture (iii) Science & Technology (iv) Environment (v) Social Service (vi) Sports.
Sports
Vijayveer Sidhu wins Men’s 25m rapid fire Pistol title at 67th National Championship
- Punjab’s Vijayveer Sidhu beat fellow Olympian Gurpreet Singh of the Army Marksmanship Unit to clinch his maiden men’s 25m rapid-fire pistol (RFP) title at the ongoing 67th National Shooting Championship Competitions (NSCC) for pistol events.
- Taking aim at the Dr Karni Singh Shooting Range (DKSSR) Finals Hall, Paris Olympian Vijayveer got the better of Rio Olympian Gurpreet 28-25 in the title round.
- Air Force’s Shivam Shukla finished third with a score of 23.
33 medals for India at Asian Youth and Junior Weightlifting Championship 2024
- The young Indian weightlifters finished their campaign at the Asian Youth and Junior Weightlifting Championships 2024 with a credible 33 medals – 7 gold,16 silver, and 10 bronze medals. Jyoshna Sabar of Uttar Pradesh stood out with three gold medals and a new Asian record.
- In the 2023 Asian Youth and Junior Weightlifting Championships held in Greater Noida, Uttar Pradesh, the Indian weightlifting contingent finished with a total of 42 medals.
- The Asian Youth and Junior Weightlifting Championships 2024 was organised by the Asian Weightlifting Federation in Doha, Qatar.
- The Youth Championship was open for weightlifters in the age category of 13-17 years while weightlifters between the ages of 15-20 years were eligible for the Asian Junior Championship.
India’s medal winners in Asian Junior Weightlifting Championships 2024
Silver Medal winners
- Sanjana – women’s 76kg (clean and jerk)
- Sanjana – women’s junior 76kg (total)
- Nilam Devi – women’s Junior 55kg (snatch)
- Nilam Devi – women’s Junior 55kg (clean and jerk)
- Nilam Devi – women’s Junior 55kg (total)
- Maibam Martina Devi – women’s junior +87kg (total)
- Maibam Martina Devi – women’s junior +87kg (clean and jerk)
- Valluri Ajaya Babu – men’s junior 81kg (snatch)
Bronze medal winners
- Payal – women’s junior 45kg (total)
- Payal – women’s junior 45kg (clean and jerk)
- Shankar Lapung – men’s junior 61kg (total)
- Maibam Martina Devi – women’s junior +87kg (snatch)
India’s medal winners in Asian Youth Weightlifting Championships 2024
Gold medal winners
- Jyoshna Sabar – women’s youth 40kg (total)
- Jyoshna Sabar – women’s youth 40kg (snatch)
- Jyoshna Sabar – women’s youth 40kg (clean and jerk)
- Payal – women’s youth 45kg (total)
- Payal – women’s youth 45kg (snatch)
- Koyel Bar – women’s youth 55kg (clean and jerk)
- Sairaj Pardeshi – men’s youth 81kg (total)
Silver medal winners
- Preetismita Bhoi – women’s 45kg (clean and jerk)
- Koyel Bar – women’s 55kg (total)
- Sanjana – women’s 76kg (total)
- Sanjana – women’s 76kg (snatch)
- Sanjana – women’s 76kg (clean and jerk)
- Sairaj Pardeshi – men’s 81kg (snatch)
- Sairaj Pardeshi – men’s 81kg (clean and jerk)
- K Oviya – women’s 81kg (clean and jerk)
Bronze medal winners
- Payal – women’s 45kg (clean and jerk)
- Babulal Hembrom – men’s 49kg
- Asmita Dhone – women’s 49kg (clean and jerk)
- Koyel Bar – women’s 55kg (snatch)
- Parv Chaudhary – men’s 96kg (clean and jerk)
- Parv Chaudhary – men’s 96kg (total)
M Raghu & Devika Sihag crowned 2024 Senior National Badminton Champion
- Karnataka’s M. Raghu and Haryana’s Devika Sihag won the men’s and women’s singles titles, respectively, at the 86th Senior National Badminton Championships 2024.
- The tournament was organized by the Badminton Association of India and hosted by the Karnataka Badminton Association in Bengaluru from December 20 to 24, 2024.
- In the men’s singles final, M. Raghu defeated former champion Mithun Manjunath of Karnataka with a score of 14-21, 21-14, 24-22, claiming his first senior national championship title.
Important day
27 December – International Day of Epidemic Preparedness
- International Day of Epidemic Preparedness is observed every year on 27 December.
- The day raises awareness about the importance of global preparedness and response to epidemics and pandemics.
- The first-ever International Day of Epidemic Preparedness, held on 27 December 2020 was called for by the United Nations General Assembly to advocate the importance of the prevention of, preparedness for and partnership against epidemics.
Obituary
Richard Parsons, prominent Black executive who led Citigroup, dies at 76
- Richard Parsons, one of corporate America’s most prominent Black executives who held top posts at Time Warner and Citigroup, died. He was 76.
- Parsons, a Brooklyn native who started college at 16, was named chairman of Citigroup in 2009. He steered Citigroup back to profit after financial turmoil from the subprime mortgage crisis, which upended the economy in 2007 and 2008.
- Parsons was named to the board of CBS in September 2018 but resigned a month later because of illness.
- In 2001, after AOL used its fortunes as the leading provider of Internet access in the US to buy Time Warner for $106 billion in stock, Parsons became co-chief operating officer with AOL executive Robert Pittman.
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