FEBRUARY 2024 – 16th to 22nd

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Contents
1 GA IN NEWS ........................................................................................................................................4
FIRST IN NEWS .......................................................................................................................................4
GOVERNMENT INITIATIVES .................................................................................................................4
SUMMITS AND CONFERENCES .............................................................................................................5
MOUs AND AGREEMENTS .....................................................................................................................6
BANKING AND FINANCE .......................................................................................................................8
DEFENCE EXERCISES/ INITIATIVES/ TECHNOLOGY.........................................................................8
SCIENCE & TECHNOLOGY .....................................................................................................................9
SPORTS ..................................................................................................................................................10
AWARDS................................................................................................................................................11
APPOINTMENT .....................................................................................................................................13
PERSONS IN NEWS...............................................................................................................................13
FAIRS AND FESTIVALS ........................................................................................................................14
PLACES IN NEWS .................................................................................................................................14
DAYS IN NEWS......................................................................................................................................15
MISCELLANEOUS .................................................................................................................................16
2 GA + ESI.............................................................................................................................................16

......................................................................................................................16
SOCIAL SECTOR - HEALTH ..................................................................................................................16
2.1 National Workshop on Mental Health ........................................................................................16
2.2 Global Initiative on Digital Health (GIDH) ...................................................................................17
2.3 Ayush Wellness Centre................................................................................................................18
2.4 Joint Initiative on Public Health of Tribal Students .....................................................................18
SUSTAINABLE DEVELOPMENT AND ENVIRONMENT .....................................................................19
2.5 Carbon Disclosure Project (CDP) .................................................................................................19
SOCIAL JUSTICE ....................................................................................................................................20
2.6 Centralized Public Grievance Redress and Monitoring System (CPGRAMS) ..............................20
GLOBALIZATION ..................................................................................................................................20
2.7 Bharat Mart .................................................................................................................................20
2.8 Foreign Direct Investment (FDI) policy on Space Sector.............................................................21

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 2.9 ASEAN-India Trade in Goods Agreement (AITIGA) .....................................................................21
INDIAN POLITICAL SYSTEM ...............................................................................................................22
2.10 Sagar Aankalan ........................................................................................................................22
2.11 16th National Youth Parliament Competition, 2019-20 .........................................................22
2.12 First Skill India Centre of India .................................................................................................22
2.13 'Viksit Bharat Viksit Jammu' program ......................................................................................23
2.14 Digi Yatra ..................................................................................................................................23

..........................................................................................................24
INDIAN POLITICAL SYSTEM ...............................................................................................................24
2.15 Expert Committee on Arbitration Reforms .............................................................................24
GLOBALIZATION ..................................................................................................................................24
2.16 IBSA (India, Brazil, and South Africa) Fund ..............................................................................24
3 GA + FINANCE ..................................................................................................................................25

...................................................................................................................25
RECENT DEVELOPMENTS IN FINANCIAL SECTOR ..........................................................................25
3.1 Financial Stability and Development Council (FSDC) ..................................................................25
3.2 Standing Committee of Voluntary Agencies (SCOVA) ................................................................25

..........................................................................................................26
KEY DEVELOPMENTS IN FINANCIAL SECTOR ..................................................................................26
3.3 IRDAI Regulations ........................................................................................................................26
3.4 Unified Payments Interface (UPI)................................................................................................27
3.5 Competition Commission of India (Lesser Penalty) Regulations (LPR), 2024 .............................27
3.6 Indian Accounting Standards (Ind AS) and International Financial Reporting Standards (IFRS) 28
3.7 IRDAI Regulations ........................................................................................................................29
Quick Revision..........................................................................................................................................29

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 1 GA IN NEWS
FIRST IN NEWS

S.No News Key Facts

• Tripura has achieved this milestone by launching Chief Minister Jan Aarogya
Yojana.
First North Eastern State to
• Tripura is also the 12th Indian state to launch the Chief Minister Jan Aarogya
1. launch Universal Health
Yojana.
Insurance Scheme- Tripura
• The scheme will a health cover of Rs 5 lakh per family annually, aligning with the
Pradhan Mantri Jan Aarogya Yojana (PM-JAY).

GOVERNMENT INITIATIVES

S.No Initiative Key Facts

YUva VIgyani KAryakram”

• Launched by: Indian Space Research Organisation (ISRO).
(YUVIKA) 2024 [Young Scientist
Programme] • It is a two week residential programme.
• Purpose: To impart basic knowledge on Space Science, Space Technology, and
Space Applications to young students, particularly focusing on students from rural
1. areas, with the overarching goal of fostering an interest in Science, Technology,
Engineering, and Mathematics (STEM) subjects.
• Aim: to "Catch them young" by encouraging students to engage with space science
and technology from an early age.
• Eligibility: students studying in Class 9 as of January 1, 2024, within India.

• Initiative of: Government of Bihar

• Formulated by: Department of Environment, Forest and Climate Change (DEFCC),
Government of Bihar and the Bombay Natural History Society (BNHS).
2. Patna Declaration • Objective: to strengthen bird conservation initiatives and to address the
challenges posed by illegal hunting in the South Asian region.
• The declaration recommends a task force on illegal killing, taking, and trade of
migratory birds in the South Asian region.

Expansion and establishment of
3. new All India Institutes of
Medical Sciences (AIIMS)
• The Prime Minister of India to lay foundation stone of Seven new AIIMS at
Rewari (Haryana), Jammu (Jammu & Kashmir), Rajkot (Gujarat), Bhatinda (Punjab),
Kalyani (West Bengal), Mangalagiri (Andhra Pradesh), and Rae Bareli (Uttar
Pradesh).
• Rs 6,800 crore allocated in the interim budget for FY25 for establishment
expenditure of new AIIMS.
• Each AIIMS will spread across 210 acres.
• With these new additions, the total number of AIIMS approved by the Central
Government reaches 22, along with 75 upgradation projects for existing
government medical colleges and institutions under the Pradhan Mantri
Swasthya Suraksha Yojana (PMSSY) scheme.

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 • In this regard, AIIMS Jammu was recently inaugurated at Vijaypur in Jammu.

• The Prime Minister of India laid foundation stone for the following projects at
Rewari, Haryana
o All India Institute of Medical Sciences (AIIMS), Majra Mastil Bhalkhi
village in Rewari district of Haryana.
o Gurugram Metro Rail project
Multiple Development Projects
4. o Other multiple railway projects
at Rewari, Haryana
• The Prime Minister of India inaugurated the following projects at Rewari
o Anubhav Kendra at Jyotisar, Kurukshetra
✓ It is an experiential museum to showcase the teachings of
Bhagavad Gita and Haryana's cultural heritage.
• The total investment in these projects exceeds Rs 9,750 crores.

• Initiative of: Government of Uttar Pradesh

• Held at: Indira Gandhi Pratishthan (IGP), Lucknow
Ground Breaking Ceremony 4.0
5.
(GBC 4.0 ) • During the event, the Prime Minister of India launched 14,000 projects across
Uttar Pradesh worth more than Rs 10 lakh crore for investment proposals
received during the UP Global Investors Summit.

• Initiative of: Government of Maharashtra

• Purpose: To provide an immersive virtual representation of the Mumbai
Metropolitan Region (MMR), showcasing its transformation and new amenities in
6. Mumbai Metropolis Metaverse
the coming years.
• The initiative includes a 3D map to offer residents a vision of the future MMR
with global city standards by 2025.

• Initiative of: Government of Sikkim and World Bank.

• It is the first direct partnership between the Government of Sikkim and the World
Bank.
Sikkim INSPIRES (Integrated
• Aim: fostering economic growth and inclusion, with a focus on providing better
Service Provision and
7. economic opportunities for women and youth through training and employment
Innovation for Revising
initiatives.
Economics)
• Programme Duration: five-year program
• Implementation: It will engage nine government departments to create an
ecosystem for economic prosperity.

• The authorized capital of the Food Corporation of India (FCI) has been increased
from Rs 10,000 Crore to Rs 21,000 Crore.
• Aim: to reduce the interest burden, economic cost, and ultimately affect the
Authorized Capital of Food subsidy of the Government of India positively.
8.
Corporation of India (FCI)
About FCI

• Establishment: 1965; Headquarters: New Delhi

• Ministry: Ministry of Consumer Affairs, Food and Public Distribution.

SUMMITS AND CONFERENCES

S.No Focus Area Key Outcomes

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 Start Up Forum for Aspiring
1. Leaders and Mentors (SUFALAM)
2024
MOUs AND AGREEMENTS
S.No Signing Entities
1. India & Colombia
Investor Education and
2. Protection Fund Authority
(IEPFA) & DBS Bank
Department of Fisheries (DoF) &
3. Open Network for Digital
Commerce (ONDC)
Indian Renewable Energy
Development Agency Ltd.
4.
(IREDA) & Punjab National Bank
(PNB)
Official Development Assistance
5.
(ODA) by Government of Japan
• Organized by: Ministry of Food Processing Industries
• Venue: New Delhi
Key Facts
• Purpose of the MoU: To promote digital transformation through the sharing of
India's successful digital solutions implemented at population scale, specifically
focusing on India Stack.
• Purpose of the MoU: to spread awareness about investment safety and fraudulent
schemes.
About IEPFA
• Establishment: 2016
• Ministry: Ministry of Corporate Affairs
• Objective: administering the Investor Education and Protection Fund for making
refunds of shares, unclaimed dividends, and matured deposits/debentures, among
other things, to investors.
• Purpose of the MoU: To provide a digital platform for stakeholders in the fisheries
sector, including traditional fishermen, fish farmers, producer organizations, and
entrepreneurs, enabling them to buy and sell products through an e-marketplace.
Additional Information
• With 8% share in global fish production, India is the 1st largest in cultured shrimp
producer, 2nd largest in aquaculture producer, 3rd largest fish producer and 4th
largest in exports of fish and fisheries products.
• Purpose of the MoU: To co-finance renewable energy projects, fostering the
growth of renewable energy across India.
• Relevance: The collaboration aligns with the Prime Minister of India’s COP26
announcement to achieve 500 GW Non-Fossil-based electricity generation
capacity by 2030.
• The Government of Japan has committed Official Development Assistance (ODA)
loan of an amount of JPY 232.209 billion for nine projects in various sectors.
• The ODA loan assistance has been committed to the following projects:
o The North East Road Network Connectivity Improvement Project (Phase
3) (Tranche II): Dhubri-Phulbari bridge (JPY 34.54 billion)
o The North East Road Network Connectivity Improvement Project (Phase
7): NH 127B (Phulbari-Goeragre section) (JPY 15.56 billion)
o The Project for Promoting Start-up and Innovation in Telangana (JPY 23.7
billion)
o The Project for the Construction of Chennai Peripheral Ring Road (Phase
2) (JPY 49.85 billion)
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Aeronautical Development
6. Agency (ADA) & Indian Air Force
(IAF)
International Centre for
Entrepreneurship and
7. Technology (iCreate), Microsoft
& Ministry of Electronics & IT
(MeitY)
NTPC Green Energy Limited
(NGEL) & Andhra Pradesh
8.
Industrial Infrastructure
Corporation (APIIC)
9. India and Taiwan
o The Project for Promoting Sustainable Horticulture in Haryana (Tranche I)
(JPY 16.21 billion)
o The Project for Climate Change Response and ecosystem Services
Enhancement in Rajasthan (JPY 26.13 billion)
o The Project for the Establishment of the Medical College Hospital at
Nagaland Institute of Medical Sciences and Research, Kohima (JPY 10
billion)
o The Project for the Improvement of Urban Water Supply System in
Uttarakhand (JPY 16.21 billion);
o The Dedicated Freight Corridor Project (Phase 1) (Tranche V) (JPY 40
billion)
• Additional Information
o The bilateral development cooperation between India and Japan started
from 1958.
• Purpose of the MoU: Integration of futuristic weapons and sensors for the LCA
Tejas aircraft to enhance its operational capability.
• Purpose: To boost AI startups in India
• Aim: to support and transform AI startups across India, including smaller towns
and villages.
• iMPEL-AI (iCreate-Microsoft Programme for Emerging Leaders in Artificial
Intelligence) program launched under the MoU
o The program will screen 1100 AI innovators across India to become AI
Most Valuable Players (MVPs).
o The program focuses on priority themes such as Healthcare, Financial
Inclusion, Sustainability, Education, Agriculture, and Smart Cities
o In the second stage, the program will select and scale 100 startups across
India to build with Azure OpenAI.
o The top 25 startups from the program will receive go-to-market support
from Microsoft’s Global Network.
• Microsoft and iCreate will also provide AI skilling opportunities to 11,000
innovators, startups, and young Indians from across India through Microsoft’s
Learning Management System.
• Both the entities have signed a land lease agreement.
• Purpose of the MoU: To develop an "Integrated Green Hydrogen Hub" as part of
NTPC's green energy objectives, contributing to India's energy transition efforts.
• The hub will be established on 1,200 acres of land near Pudimadaka village in
Atchutapuram Mandal, Visakhapatnam, Andhra Pradesh.
• The project includes constructing India's largest green hydrogen production
facility, with a capacity of 1,200 tons per day.
• This agreement aligns with the National Green Hydrogen Mission.
• Additional Information: NTPC, India's largest power utility, is expanding its
renewable energy portfolio through NGEL, targeting 60 GW of renewable energy
capacity by 2032.
• Both the entities have signed a Labor Cooperation Agreement.
• The agreement facilitates the hiring of Indian workers in Taiwan to address labor
shortages.
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 BANKING AND FINANCE

S.No Program / Initiative Key Facts

• Launched by: PayNearby

• Objective: To generate sustainable self-employment for women across India,
particularly in rural and semi-urban areas.
• Target: To onboard 1 lakh women as 'Lakhpati Didis' by the end of 2025, in
1. Digital Naari
alignment with the Government's ‘Lakhpati Didi’ initiative.
• Services Offered: The lady bankers, referred to as 'Didis', will provide a range of
financial and digital services including cash withdrawal, bank account opening,
money transfer, recharge, insurance, credit, and e-commerce.

• Recently, the Insurance Regulatory and Development Authority of India (IRDAI)

Upgradation of Policybazaar's
has granted in-principle approval to Policybazaar Insurance Brokers to upgrade
license to a composite
its license from a direct insurance broker (Life and General) to a composite
insurance broker
2. insurance broker.
• The upgradation will allow Policybazaar to sell reinsurance products in addition to
its current role as a platform focused on insurance buying.
• Policybazaar is a wholly owned subsidiary of PB Fintech.

DEFENCE EXERCISES/ INITIATIVES/ TECHNOLOGY

S.No Exercise/ Technology Key Facts

1. EXERCISE - VAYU SHAKTI-24
Successful integration and flight
of Digital Fly by Wire Flight
Control Computer (DFCC) in
Tejas Mk1A
2.
3. MILAN-2024 (12th edition)
• Organized by: Indian Air Force (IAF)
• Location: Pokhran range near Jaisalmer, Rajasthan.
• Theme: 'Lightning Strike from the Sky',
• Key Highlights:
o The Apache attack helicopter participated for the first time at the
exercise
o New capabilities of the indigenous Light Combat Helicopter 'Prachand'
were displayed for the first time.
o As another first, IAF Chinook helicopters demonstrated rapid
deployment of combat assets.
• The successful flight took place on prototype LSP7.
• Aeronautical Development Establishment (ADE), Bengaluru developed the DFCC
for the Tejas - Mk1A.
• This maiden flight of the Tejas Mk1A, which was integrated with the DFCC, was
piloted by Wing Commander Siddharth Singh KMJ (Retd) of National Flight Test
Centre.
• The Tejas-Light Combat Aircraft (LCA) has been type certified by the Aeronautical
Development Agency under the Department of Defence R&D and Ministry of
Defence.
• The Indian Air Force has operationalized Tejas LCA Mk1, with Tejas Mk1A being
an improved version.
• Venue: Visakhapatnam
• Theme for 2024: “Camaraderie Cohesion Collaboration”
• a biennial multilateral naval exercise held under the aegis of the Eastern Naval
Command, Indian Navy.
• Key Highlights

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 o NISHAR communication terminal, developed by the Indian Navy, was
inaugurated, to enhance interoperability among partner navies.
o MILAN Village was inaugurated, showcasing the culture, tradition, and
cuisine of participating nations, aimed at promoting camaraderie and
collaboration.
o The Maritime Technical Exposition MTEX-24, in association with
Federation Of Indian Chambers Of Commerce & Industry (FICCI), was
inaugurated to highlight advancements in naval technology and
promote self-reliance in the defense sector, with participation from
major Indian defense industry players and start-ups.

SCIENCE & TECHNOLOGY

S.No Technology in News Key Facts

• Recently, the Indian Space Research Organisation (ISRO) has launched the INSAT-
3DS satellite through GSLV-F14 mission from Satish Dhawan Space Centre (SDSC-
SHAR), Sriharikota.
• The GSLV-F14 mission marks ISRO's 16th GSLV mission.
• Aim: to deploy the INSAT-3DS satellite into Geosynchronous Transfer Orbit (GTO),
with subsequent maneuvers to position it in Geo-stationary Orbit.

About GSLV

1. GSLV-F14/INSAT-3DS mission • GSLV-F14 is a 51.7 m long, three-stage launch vehicle with a liftoff mass of 420
tonnes.

About INSAT-3DS satellite

• Funded by the Ministry of Earth Sciences (MoES).

• It is a follow-on mission of Third Generation Meteorological Satellite from
Geostationary Orbit (INSAT-3DR mission).
• It is designed for enhanced meteorological observations, weather forecasting, and
disaster warning, complementing the operational INSAT-3D and INSAT-3DR
satellites.

• Developed by: Indian Space Research Organisation (ISRO) and the National
Aeronautics and Space Administration (NASA).
Nasa-ISRO Synthetic Aperture
Radar (NISAR) • NISAR will be the first radar imaging satellite that will use dual frequencies. It will
have two radars-
o ‘L’ band radar, made by the US
o ‘S’ band radar, made by India.
2.
• NISAR is set to be launched in March 2024
• Primary Focus: to study Earth's surface changes influenced by climate change,
offering unparalleled insights into the impact on land and ice-covered areas.
• NISAR is designed to map the entire globe every 12-14 days, allowing for detailed
observations of water, agriculture, and vegetation coverage.
• The mission is expected to last three years.

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IM-1 mission by Intuitive
3.
Machines
4. OSIRIS-REx Mission
Airborne and Satellite
5. Investigation of Asian Air
Quality (ASIA-AQ) mission
S.No Sports Event and Venue
Badminton Asia Championships
Venue (Finals): Shah Alam,
Malaysia
1.
• Launched/Developed by: SpaceX, using its Falcon 9 rocket, for Intuitive Machines,
a Houston-based company.
• Launched from: Kennedy Space Center in Florida, USA
• The mission involves the launch of the "Odysseus" Nova-C lander towards the
Moon, aiming to achieve the first private moon lander soft landing.
• This mission is seen as a precursor to the Artemis 3 mission
• Additional Information: Artemis 3 is planned to be the first crewed Moon landing
mission of the Artemis program.
• Recently, OSIRIS-REx mission successfully retrieved rocky space material from the
asteroid Bennu, marking the first time NASA has collected samples from an
asteroid.
• The sample consists of 4.5 billion-year-old rocks from the early solar system,
potentially providing insights into the earliest signs of life.
About OSIRIS-REx Mission
• Initiative of: National Aeronautics and Space Administration (NASA)
• OSIRIS-REx is the first U.S. mission to collect a sample from an asteroid.
• Initiative of: NASA, Korea's National Institute of Environmental Research (NIER),
and other international organizations.
• Objective: To improve understanding of factors controlling air quality by collecting
detailed atmospheric data over several locations in Asia
• Implementation: NASA's DC-8 and G-III aircraft equipped with advanced
instruments will collect low-altitude and high-altitude data, respectively,
complementing satellite and ground-based observations.
SPORTS
Key Facts
• Winner: Indian Women's Team & Runner Up: Thailand Women's Team
• The Indian women's badminton team secured a historic gold medal by defeating
Thailand 3-2 in the final, marking India's first title in the event's history.
• Anmol Kharb, a 17-year-old Indian shuttler, played a pivotal role by winning the
decisive match against Thailand's Pornpicha Choeikeewong.
• PV Sindhu, a two-time Olympic medalist, contributed to India's victory by
winning her singles match against Supanida Katethong.
• The event also served as a qualifier for the BWF Thomas & Uber Cup Finals
2024.
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 • The event was recently inaugurated at Sarusajai stadium in Guwahati, Assam.
• The event is being organized for the first time in North Eastern States.
• Organized by: Government of Assam, in
association with the Sports Authority of India.
Khelo India University Games 2023 • Host: Guwahati, Assam
2. (Fourth Edition) • Mascot of Khelo India University Games –
2023: Ashtalakshmi.
• Venues: Total 18 venues in the northeastern
states of Assam, Arunachal Pradesh,
Meghalaya, Mizoram, Sikkim, Nagaland, and Tripura.
• Organized under: Khelo India Scheme
• Winner: Ashwath Kaushik, an eight-year-old chess prodigy.
• Runner Up: Grandmaster Jacek Stopa (Poland).
Highlights
• Ashwath Kaushik becomes the youngest to defeat a grandmaster.
Burgdorfer Stadthaus Open • Ashwath Kaushik is an Indian-born Singapore resident.
3.
Venue: Switzerland • After defeating the grandmaster, Ashwath finished the tournament in 12th
place, following a loss to International Master Harry Grieve.
• Ashwath broke the record set by Serbian chess player Leonid Ivanovic, who also
defeated a grandmaster at the age of eight but is five months older than
Ashwath.

• Organized by: Department of Youth Services and Sports

and Jammu and Kashmir Sports Council in collaboration
Khelo India Winter Games 2024- with the Tourism Department, Gulmarg Development
2nd Chapter Authority and other stakeholders.
4. • 1st Chapter of the event held already at Leh, Ladakh.
Venue: Gulmarg, Baramulla district,
• Mascot: 'Sheen-e She' (Snow Leopard).
Jammu and Kashmir
• Organized under: Khelo India Scheme

Men’s singles
• Winner: Stefano Napolitano (Italy)
• Runner Up: Seongchan Hong (Republic of Korea)
5. Bengaluru Open Tennis
Men’s double
• Winner: Saketh Myneni and Ramkumar Ramanathan (India)
• Runner-up: Constantin Kouzmine and Maxime Janvier (France)

AWARDS

S.No Award/Milestone Key Facts

32nd Ghanshyam Das (GD) • Awarded to: Professor Aditi Sen De

Birla Award for Scientific • Awarded for her contribution in the field of Physics.
1.
Research 2023 • Aditi Sen De is the first female scientist to receive this award.
• Awarded by: KK Birla Foundation

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 • Awarded to: Shashi Tharoor
• Recognized for his efforts to deepen the ties between India
and France, his commitment to international peace and
cooperation, and as a long-standing friend of France.

About Chevalier de la Legion d'Honneur

Chevalier de la Legion
d'Honneur (Knight of the • Instituted in 1802 by Napoleon Bonaparte.
2.
Legion of Honour) • It is the highest French order of merit for military and civil merits.
• It is awarded by the French Republic to individuals who have served the country,
regardless of their nationality.
• Award is divided into five degrees: Knight, Officer, Commander, Grand Officer, and
Grand Cross, with the Grand Cross being the highest rank.

Additional Information

• The Prime Minister of India was awarded the 'Grand Cross of the Legion of Honour' in
2023.

• Awardees:
o Urdu poet and Bollywood writer and director Gulzar
(Sampooran Singh Kalra)
o Sanskrit scholar Jagadguru Rambhadracharya.
• Purpose: Recognizing their monumental contributions to Indian
literature in Urdu and Sanskrit, respectively.
• This is the second time the award has been given for Sanskrit
and the fifth time for Urdu.
• Gulzar is known for his vast contributions to Hindi cinema and
Jnanpith Award (58th
3. Urdu poetry, including the Oscar-winning song "Jai Ho". He has
edition)
also innovated in poetry with the creation of 'Triveni'.
• Jagadguru Rambhadracharya is a revered Hindu spiritual
leader and prolific writer.

About Jnanpith Award

• India’s highest literary honor.

• Awarded by: Bharatiya Jnanpith
• The award includes a cash prize of Rs 11 lakh, a statue of Vagdevi, and a citation.
• First Jnanpith awarded to G. Sankara Kurup (Malayalam) in 1965.

• Awarded to: REC Limited.

Innovative Technology • Awarded at: 'Building India 2047: Technology for Better Tomorrow', an IIT Madras
4. Corporate Social Responsibility Summit.
Development Award
• Purpose: In recognition of REC's CSR initiative for the installation of a 2 MW rooftop
solar plant at Indian Institute of Technology (IIT) Madras.

• Awarded to: Swedish photographer Alex Dawson.

Underwater Photographer • Awarded for: for his exceptional photograph titled ‘Whale Bones’, capturing a breath-
5.
of the Year 2024 hold diver exploring the skeleton of a minke whale beneath the Greenland ice sheet.
• Award ceremony hosted by the Crown Estate at Mayfair, London.

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 APPOINTMENT

S.No Person Key Facts

• Why in News: He is the new President-elect of Indonesia.

1. Prabowo Subianto • He is presently serving as the Defence Minister of Indonesia.
• Predecessor: Joko Widodo

• Why in News: elected as the 72nd President of Institute of Chartered Accountants of

2. Ranjeet Kumar Agarwal India (ICAI).
• Charanjot Singh Nanda has been elected as the Vice President of ICAI.

Lieutenant General • Why in News: appointed as the Vice Chief of the Army Staff.
3.
Upendra Dwivedi • Predecessor: Lieutenant General MV Suchindra Kumar.

4. Ilham Aliyev • Why in News: elected as the President of Azerbaijan for the 5th consecutive term.

5. Rajeev Mantri • Why in News: appointed as the Chief Financial Officer of Bandhan Bank.

PERSONS IN NEWS

S.No Personality Key Facts

• He passed away recently.

1. Alexei Navalny • He was a Russian opposition leader, lawyer, anti-corruption activist, and political
prisoner.

• He passed away recently.

• He was a celebrated chef.
2. Imtiaz Qureshi
• He was renowned for reviving the dum pukht tradition of cooking.
• He was a Padma Shri awardee
• Recently, veteran spinner Ravichandran Ashwin became the fastest Indian to reach 500
Test Wickets.
• Ashwin became the second fastest man (98 matches) to 500 wickets, only second to
Muttiah Muralitharan (Sri Lanka) (87 matches).
• He reached this milestone during the third Test match against England at the Niranjan
Shah Stadium in Rajkot.
• It was his 98th Test appearance
• He dismissed Zak Crawley (England) to claim his 500th Test wicket.
3. Ravichandran Ashwin
• He is the second Indian, after Anil Kumble (619), to secure 500 wickets in Test cricket.
• Ashwin is the ninth bowler in the history of Test cricket to reach the 500-wicket mark.
• With this achievement, Ashwin also surpassed BS Chandrasekhar to become India's
leading wicket-taker against England in Test cricket.
• Ashwin is also the second-oldest after Courtney Walsh (West Indies) to reach 500 Test
wickets.
• Additional Information: With 800 wickets in 133 games, Sri Lanka's Muralitharan is the
all-time highest wicket-taker in Tests.

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 • She recently participated in a Supreme Court session in India alongside Chief Justice
D.Y. Chandrachud.
4. Hilary Charlesworth
• She is a judge at the International Court of Justice (ICJ).
• She is from Australia.
• He passed away recently.
• He was an eminent jurist and Senior Supreme Court Lawyer.
Fali S Nariman • Awarded the Padma Bhushan & Padma Vibhushan for his contributions to Indian legal
5.
history.
• Argued in several landmark cases, including the National Judicial Appointments
Commission case.
• He passed away recently.
• He was a former radio presenter .
6. Ameen Sayani
• Renowned for his show "Binaca Geetmala," which greatly contributed to popularizing
All India Radio in India.

• He has been selected as the Punjab 'state icon' for Lok Sabha polls.
7. Shubman Gill • He is a cricketer.
• Punjabi singer Tarsem Jassar was also selected as Punjab 'state icon' for Lok Sabha polls.

FAIRS AND FESTIVALS

S.No Name Key Facts

• Celebrated at: Medaram village in Mulugu District, Telangana

• Celebrated by: Koya tribes
Sammakka-Saralamma Jatara
1.
(Medaram Jatara)
• It is the biggest Tribal Festival in Asia.
• This biennial event is celebrated in honor of the mother-daughter duo,
Sammakka and Saralamma, who valiantly fought against the Kakatiya rulers.

PLACES IN NEWS

S.No Place Key Facts

• Recently the Prime Minister of India inaugurated the Banihal-Sangaldan section of

Udhampur-Srinagar- the Udhampur-Srinagar-Baramulla Rail Link,
1. Baramulla Rail Link (USBRL), • It is the first electric train service in the Kashmir valley.
Jammu and Kashmir • Banihal-Sangaldan section includes India's longest transportation tunnel (T-50)
between Khari and Sumber, spanning 12.77 km.

• Recently, the Prime Minister of India laid the foundation stone of the plant.
• Located at: Barsingsar, Bikaner District, Rajasthan.
• Initiative of: NLC India Limited (NLCIL)
300 MW Barsingsar Solar
2. • Plant set up under the Central Public Sector Undertaking (CPSU) Scheme, Phase-II,
Power Plant
Tranche-III
• Additional Information: NLCIL is the first CPSE to reach a 1 GW Solar capacity
milestone in the country.

14 | P a g e

300 MW Karnisar-Bhatiyan,
3.
Bikaner Solar Power Plant
• Recently, the Prime Minister of India laid the foundation stone of the plant.
• Located at: Karnisar-Bhatiyan vilage, in Poogal Tehsil, Bikaner, Rajasthan.
• Initiative of: NHPC Limited
• Plant set up under the Central Public Sector Undertaking (CPSU) Scheme, Phase-II,
Tranche-III.

• Recently, the Prime Minister of India dedicated the project to the nation.
• Located at: Bikaner, Rajasthan.
300 MW Nokhra Solar
4. • Initiative of: NTPC Green Energy Limited.
Project
• Plant set up under the Central Public Sector Undertaking (CPSU) Scheme, Phase-II,
Tranche-III.

• Recently, the Prime Minister of India laid the foundation stone for the Shri Kalki Dham
5. Shri Kalki Dham Temple temple in Sambhal, Uttar Pradesh.
• The temple construction is overseen by the Shri Kalki Dham Nirman Trust.

• Recently, Gupteswar Forest has been designated as Odisha's fourth Biodiversity

6. Gupteswar Forest,
Oil and Natural Gas
Corporation's
7. (ONGC)Mumbai High field
(previously Bombay High
field)
Heritage Site (BHS).
• It is located near the Gupteswar Shiva temple within the Dhondrakhol reserve forest
of the Jeypore forest division at Koraput District, Odisha.
• Recently, ONGC hosted the golden jubilee celebration (50th anniversary) of Mumbai
High Field.
• It is India flagship and largest oilfield.
• It lies some 160-kilometer in the Arabian Sea offshore the western coast of India.
• It was discovered in February 1974
• It was discovered by the Russian and Indian team from the seismic exploration vessel
Academic Arkhangelsky while mapping the Gulf of Cambay.

DAYS IN NEWS

S.No Days Themes & Misc.

• The day is observed annually on 3rd Saturday in February to raise awareness about
World Pangolin Day the Pangolin or scaly anteater.
1
(February 17) • The Indian Pangolin is protected under Schedule-I of the Indian Wildlife (Protection)
Act, 1972.

World Day of Social Justice • Theme: "Bridging Gaps, Building Alliances".

2
(February 20) • The day was established by the UNGA in 2007.

Statehood Day of Arunachal
3 Pradesh & Mizoram
(February 20)
• The 53rd amendment of the Indian Constitution granted statehood to both these
states.
• Both these states attained full statehood on this day in 1987.
• Mizoram became the 23rd state of the Indian Union.
• Arunachal Pradesh became the 24th state of the Indian Union.

International Mother
4 Language Day 2024 • Theme: “Multilingual education – a pillar of learning and intergenerational learning”
(February 21)

15 | P a g e
 • Theme: "Our World, Our Thriving Future,".
World Thinking Day 2024 • The day celebrates friendship, sisterhood, and the empowerment of girls and young
5 women globally.
(February 22) • The day was designated to honor the joint birthday of Lord Baden-Powell, the
founder of the Scout and Guide movement, and his wife Olave.

MISCELLANEOUS

S.No News Key Facts

Germany has surpassed Japan to
1. become the world's third-largest
economy, with Japan slipping to
fourth place
Japan is set to introduce a digital
2.
nomad visa in March
Assam Declares 'Kaji Nemu' As
'State Fruit'
• Japan's GDP stood at USD 4.2 trillion in 2023, while Germany's was USD 4.5
trillion.
• Japan slipped to fourth place due to recession.
• India is expected to surpass both Japan and Germany to become the world's
third-largest economy later this decade, following the United States and China.
• Aimed at citizens from 49 countries, allowing them to stay for up to six months.
• The visa targets citizens of countries that have a tax treaty with Japan or are
visa-exempt.
• It intends attracting individuals who can work remotely and is part of Japan's
effort to open up to global talent by offering them the opportunity to stay for
extended periods.
• India is currently not on the list.
• Eligibility: annual income of at least 10 million Japanese Yen (and private health
insurance coverage.

• 'Kaji Nemu' (Citrus limon) is a tangy fruit native to the Assam state of India.
3.
• Kaji Nemu has already got the geographical indication (GI) tag.

The Prime Minister of the United

Kingdom has banned mobile
4. --
phones across all schools in
England.

2 GA + ESI

SOCIAL SECTOR - HEALTH

2.1 National Workshop on Mental Health

Why in News
• A National Workshop on Mental Health was inaugurated by NITI Aayog.

16 | P a g e
Key Highlights
• Workshop aims to consolidate efforts from
various states and Union Territories (UTs) to
address mental health challenges.
• Merger of KIRAN Mental Health Rehabilitation
Helpline with TeleMANAS was announced to
optimize resources, improve service quality, and
meet the growing demand for mental health
support.
• Release of 3 manuals for implementing the
Mental Healthcare Act, 2017, tailored for legal aid
providers, caregivers, and mental healthcare
professionals.
About TeleMANAS
• Launched on World Mental Health Day on 10
October 2022.
About KIRAN Mental Health Rehabilitation Helpline
• Launched in 2020.
• Ministry: Ministry of Social Justice &
Empowerment.
• Implementing Agency: National Institute for the
Empowerment of Persons with Multiple
Disabilities (NIEPMD), Chennai, and National
Institute of Mental Health Rehabilitation (NIMHR),
Sehore.
• Professional support is provided by Indian
Association of Clinical Psychologists (IACP), Indian
Psychiatrists Association (IPA), and Indian
Psychiatric Social Workers Association (IPSWA).
• Technical coordination by BSNL (Bharat Sanchar
Nigam Limited).
• Objective: To provide mental health rehabilitation
services in 13 languages across India.

2.2 Global Initiative on Digital Health (GIDH)

Why in News
• Union Minister of Health and Family Welfare
addressed World Health Organization’s (WHO) public launch event of the GIDH.
About Global Initiative on Digital Health
• Launch Year: 2023, during the G20 Health Ministerial Meeting in Gandhinagar, India.
• Ministry: Launched in collaboration between the WHO and the Government of India.
• Implementing Agency: Managed by the WHO as a "Network of Networks."
• Objective: To consolidate gains in global digital health, enhance mutual accountability, and serve as a
vehicle for implementing the Global Strategy on Digital Health 2020 - 2025.
o It aims to establish digital public infrastructure for health, facilitating sustainable and evidence-
based national digital health transformation.

17 | P a g e
 • Vision: To empower countries towards achieving universal health coverage through digital health
transformation.

2.3 Ayush Wellness Centre

Why in News
• Chief Justice of India inaugurated Ayush Holistic Wellness Centre at the premises of the Supreme
Court of India.

About Ayush Holistic Wellness Centre

• Ministry: Ministry of Ayush.
• Implementing Agency: All-India Institute of Ayurveda (AIIA) under the aegis of Ministry of Ayush.
• Objective: To provide holistic care focusing on physical, mental, and emotional well-being, promoting the
overall health of the Supreme Court's judges and staff.

2.4 Joint Initiative on Public Health of Tribal Students

Why in News
• Ministries of Ayush and Tribal Affairs announced a joint national level project aimed at health screening
and management through Ayurvedic interventions for over 20,000 Tribal Students.
About Joint Initiative on Public Health of Tribal Students
• Launch Year: 2024
• Ministry: Ministry of Ayush and Ministry of Tribal Affairs.

18 | P a g e
 • Implementing Agency: Central Council for Research in Ayurvedic Sciences (CCRAS) in collaboration with
ICMR-NIRTH (Indian Council of Medical Research - National Institute of Research in Tribal Health)
Jabalpur.
• Objective: To screen and manage health conditions of tribal students, focusing on malnutrition, anaemia,
haemoglobinopathies, and tuberculosis, and to inculcate healthy lifestyle practices based on Ayurveda
principles.
• Beneficiaries: Tribal students aged 10-18 years and enrolled in
classes 6th to 12th in identified Eklavya Model Residential
Schools (EMRS).
• Territorial Coverage: 55 EMRS across 14 states of the country.
Miscellaneous Points
• A Memorandum of Understanding was signed between
Ministry of Ayush and Ministry of Tribal Affairs for collaboration
and synergy in tribal development, which led to the
development of 72 Poshan Vatikas in EMRS of 20 states.
Key Terminologies
• Poshan Vatikas: Through Poshan Vatikas, aim is to provide a fresh and regular supply of locally produced
fruits, vegetables and medicinal plants to women and children straight from a nutri-garden located
nearby.

SUSTAINABLE DEVELOPMENT AND ENVIRONMENT

2.5 Carbon Disclosure Project (CDP)

Why in News
• NTPC has been recognized for its advancements in water management, achieving a higher level in the
Carbon Disclosure Project Water Security Rating by moving from a 'D' rating in 2022 to a 'C' rating in
2023.
Key Highlights
• Objective: To encourage and facilitate global companies to measure, manage, disclose, and ultimately
reduce their water consumption and improve water security.
• CDP provides a rating system (A to D-) for companies
based on their water management practices.
• NTPC became a signatory of the CEO Water Mandate in
2021, reinforcing its dedication to sustainable water
management.
• NTPC's water conservation initiatives include the
implementation of Air-Cooled Condensers saving up to
75% of water, optimizing water consumption through
technology, and achieving "Zero Liquid Discharge"
status.
About Carbon Disclosure Project
• Launch Year: 2000.
• Governance and Funding: Operated by CDP Global, an international non-profit organization with
governance by a board of trustees and directors.

19 | P a g e
 • Expansion and Strategy: In 2021, CDP launched a new five-year strategy titled "Accelerating the Rate of
Change," expanding its ambit to cover all planetary boundaries, including biodiversity, plastics, and
oceans, highlighting the interconnectedness of nature and Earth’s systems.
• Global Reach: With regional offices and local partners across 50 countries, CDP now facilitates disclosure
from entities in over 90 countries.

SOCIAL JUSTICE
2.6 Centralized Public Grievance Redress and Monitoring System (CPGRAMS)

Why in News
• CPGRAMS Reforms are set to be further strengthened by significant technological advancements and
capacity-building measures, aiming for a full rollout of the CPGRAMS Mobile Application by March 2024.
Key Highlights
• January 2024 saw the highest monthly disposal of Public
Grievances in Ministries/Departments.
• Strengthening of Common Service Centres (CSC)-
CPGRAMS collaboration to improve access in rural areas.
• The Anuvadini AI Tool will be utilized for translating
CPGRAMS reports into regional languages, improving
accessibility and understanding.
About CPGRAMS
• Ministry: Department of Administrative Reforms and
Public Grievances (DARPG).
• Aim/Objective: To provide an effective and efficient
platform for redressal of public grievances with a focus on
citizen engagement.
Miscellaneous Points
• Training of Grievance Redressal Officers under the
Sevottam Scheme.
• CPGRAMS Reforms version 7.0, launched in phases
starting from 2019, aimed at making grievance lodging
more user-friendly and ensuring grievances reach the
correct redressal office directly.

GLOBALIZATION
2.7 Bharat Mart

Why in News
• Prime Minister of India virtually laid the foundation stone of Bharat Mart at Jebel Ali Free Trade Zone in
Dubai to be built by DP World.
Key Highlights
• Bharat Mart is designed as a warehousing and unified platform for Indian MSMEs (Micro, Small, and
Medium Enterprises) to showcase their products in Dubai, emulating China's Dragon Mart.

20 | P a g e
 • Aim: To contribute to achieving the $100 billion non-petroleum trade target between India and the UAE
by 2030 under the Comprehensive Economic Partnership Agreement (CEPA).
• Expected to be operational by 2025.
• Features: Includes plans for a digital platform to facilitate easy sourcing of goods for global buyers.

2.8 Foreign Direct Investment (FDI) policy on Space Sector

Why in News
• The Union Cabinet, led by the Prime Minister, has approved an amendment in the Foreign Direct
Investment (FDI) policy on the Space Sector to promote Atmanirbhar Bharat and liberalize the sector
for foreign investments.

2.9 ASEAN-India Trade in Goods Agreement (AITIGA)

Why in News
• 3rd meeting of the AITIGA Joint Committee took place to review the AITIGA.
Key Highlights
• India-ASEAN trade reached USD 131.58 billion in 2022-
23.
• Review of AITIGA is expected to conclude in 2025.
About ASEAN-India Trade in Goods Agreement (AITIGA)
• Launch Year: Signed in 2009 and came into effect in 2010.
• Ministry: Ministry of Commerce and Industry, India.
• Objective: To facilitate and expand trade between India
and ASEAN countries by making the agreement more
trade facilitative and mutually beneficial.

21 | P a g e
 • Developed by: India and ASEAN member states following the Framework Agreement on Comprehensive
Economic Cooperation established in 2003.
• Features: Includes 8 Sub-committees focusing on negotiations in different policy areas related to the
Agreement.

INDIAN POLITICAL SYSTEM

2.10 Sagar Aankalan

Why in News
• Union Minister of Ports, Shipping & Waterways launched ‘Sagar Aankalan’ guidelines.
Key Highlights
• ‘Sagar Aankalan’ aims to benchmark Indian ports' logistics
performance and efficiency against global standards.
• Guidelines are part of the Ministry's action plan to swiftly
implement MoUs signed at Global Maritime India Summit 2023
(GMIS 2023).
• Initiative is in line with the Maritime Amrit Kaal Vision 2047.
• GMIS Report as well as M.Tech in Drediging Technology course
at IIT, Chennai were also launched.

2.11 16th National Youth Parliament Competition, 2019-20

Why in News
• Ministry of Parliamentary Affairs recently felicitated winners of the 16th National Youth Parliament
Competition, 2019-20 for Universities/Colleges.
Key Highlights
• ‘The Running Shield’ and 1st Prize: University of Punjab, Bathinda.
• Group level winner trophies for standing 1st at Group level in the competition:
o DAV College, Jalandhar
o Jadavpur University, Kolkata
o University of Mumbai, Mumbai
o Chanakya National Law University, Patna
o Shivaji University, Kolhapur
• Competition showcased participation of 36 Universities/Colleges
across the country.
• Objective: To acquaint young people with parliamentary practices and procedures, debate techniques,
and develop qualities like leadership, discipline, and democratic ethos.

2.12 First Skill India Centre of India

Why in News
• Country's first Skill India Centre (SIC) was inaugurated in Sambalpur, Odisha.
Key Highlights
• Kaushal Rath initiative, launched earlier in 2024, offers skill training and certification across various
districts in Odisha through mobile vans.
About the First Skill India Centre of India

22 | P a g e
 • Launch Year: 2024
• Ministry: Ministry of Skill Development & Entrepreneurship.
• Implementing Agency: National Skill Development Corporation
(NSDC).
• Objective: To equip over 1200 students with employable skills in
demand-driven trades, thereby creating an industry-ready
workforce and promoting entrepreneurship.
• Features:
o It focuses on high-demand trades like Media &
Entertainment, Leather, Tourism & Hospitality, and IT-
ITeS, providing a mix of classroom and work-based
learning.
o A Centre Manager, designated by the NSDC, will ensure the seamless implementation of training
programs and adherence to quality standards.

2.13 'Viksit Bharat Viksit Jammu' program

Why in News
• Prime Minister inaugurated development initiatives in Jammu worth over Rs 32,000 crore.
Key Highlights of PM’s Visit
• 'Viksit Bharat Viksit Jammu' program showcased the engagement with beneficiaries of various
government schemes.
• PM inaugurated 3 Indian Institutes of Management, in Jammu, Bodh Gaya and Visakhapatnam.
• Inauguration of several important education institutes like IIT Bhilai, IIT Tirupati, IIITDM Kurnool, and
the Indian Institute of Skills (IIS) Kanpur.
• Inauguration of All India Institute of Medical Sciences (AIIMS), Vijaypur (Samba), Jammu, established
under the Central sector scheme Pradhan Mantri Swasthya Suraksha Yojana.
• Commissioning of Banihal-Khari-Sumber-Sangaldan rail line.
o India’s longest transportation tunnel T-50 (12.77 Km) lies in this portion between Khari-Sumber.
• Commissioning of electrified Baramulla-Srinagar-Banihal-Sangaldan section.
• Inauguration of the first electric train in the valley and also train service between Sangaldan station &
Baramulla station.

2.14 Digi Yatra

Why in News
• The Digi Yatra app's user base has significantly increased to
around 46 lakh users.
About Digi Yatra
• Ministry: Ministry of Civil Aviation (MoCA)
• Implementing Agency: DigiYatra Foundation in collaboration
with MoCA.
• Aim/Objective: To provide a seamless and hassle-free movement of passengers at airports through
biometric verification technology.
• Features:
o Biometric verification for entry gates to enhance security and convenience.
o Real-time tracking of passenger flow at airports.

23 | P a g e
 INDIAN POLITICAL SYSTEM
2.15 Expert Committee on Arbitration Reforms

Why in News
• An expert committee on arbitration reforms submitted its final report to the government.
Key Highlights
• Committee recommends amending the Arbitration law to
give courts the power to set aside or vary arbitration
awards.
• Committee, led by former law secretary Dr. T.K.
Viswanathan, was constituted in 2023 by the ministry of
law and justice.
• Objective: To review and recommend reforms for the
Arbitration and Conciliation Act, 1996, to make
arbitration a more viable and efficient alternative to court
litigation.
o To reduce court intervention in the arbitration
process, improve cost-effectiveness, and ensure
timely resolution of disputes.

GLOBALIZATION
2.16 IBSA (India, Brazil, and South Africa) Fund

Why in News
• India has contributed USD 1 million to the IBSA Fund.
Key Highlights
• India's cumulative contribution has exceeded USD 18 million since 2004.
About IBSA Fund
• Launch Year: Established in 2004 and operational since 2006.
• Ministry: Facilitated by the Ministry of External Affairs (India), along with equivalent entities in Brazil and
South Africa.
• UN Office for South-South Cooperation (UNOSSC) serves as the Fund Manager and Secretariat of the
IBSA Fund.
• Objective: To support South-South cooperation by funding projects that address poverty, hunger, and
achieve Sustainable Development Goals.
About IBSA
• Formalization: In Brasilia in 2003, under Brasilia Declaration.
• Leadership and Themes: India was the IBSA Chair in 2021 under the theme “Democracy for Demography
and Development.”

24 | P a g e
 o Brazil took over the rotating presidency in 2023, marking the 20th anniversary of the IBSA Forum
in 2023.

3 GA + FINANCE

RECENT DEVELOPMENTS IN FINANCIAL SECTOR

3.1 Financial Stability and Development Council (FSDC)

Why in News
• Union Finance Minister chaired the 28th meeting of the
Financial Stability and Development Council (FSDC).
Key Points Discussed
• Strengthening inter-regulatory coordination within the
financial sector.
• Initiatives to kickstart fund-raising by social enterprises
through social stock exchanges were discussed.
• Measures to check the spread of unauthorized lending
through online apps.

3.2 Standing Committee of Voluntary Agencies

(SCOVA)

Why in News
• Recently, 33rd meeting of SCOVA and 10th Nationwide
Pension Adalat were held by Union Ministry of Personnel,
Public Grievances & Pensions.
Key Highlights
• 60 percent of pensioner grievances from 12
Ministries/Departments were resolved on the spot during
the Pension Adalat.
• Innovations like the Jeevan Pramaan (Digital Life
Certificate) and the introduction of Face-Authentication
Technology for submitting Life Certificates were mentioned.
• Department of Pension & Pensioners’ Welfare organized 2 Pension Adalats in 2023, resolving a significant
number of cases on the spot.
• BHAVISHYA platform, is an integrated online pension sanction processing system made mandatory for
all Central Government Departments since 2017.
About Standing Committee of Voluntary Agencies (SCOVA)
• Launch Year: 1986.

25 | P a g e
 • Ministry: Department of Pension & Pensioners’ Welfare
(DoPPW).
• Objective: Serves as a crucial forum for consultations with
pensioners through their associations and various
ministries/departments.
• Membership Composition: 15 non-official members (5
standing group and 10 rotating group members) represented
by the Pensioners Associations from various
Ministries/Departments/Regions/States etc.
o Official members include representatives from various
ministries/departments of the Government of India.
Key Terminologies
• Pension Adalats: Forums organized by the Department of
Pension & Pensioners’ Welfare for on-the-spot resolution of
pensioners' grievances involving multiple stakeholders.

KEY DEVELOPMENTS IN FINANCIAL SECTOR

3.3 IRDAI Regulations

Why in News
• IRDAI proposes to extend the free look period for all insurance policies from 15 to 30 days, aiming to
enhance policyholder protection.
Key Highlights
• This is part of draft IRDAI (Protection of Policyholders' Interests and Allied Matters of Insurers)
Regulations, 2024, introducing several policyholder-friendly measures.
• Other Key Proposals:
o Electronic Payments: Insurers to collect bank account details at the proposal stage for electronic
refunds and claim settlements.
o Nomination Requirement: No policy to be issued without obtaining a nomination.
o Electronic Issuance: Policies meeting defined criteria to be issued in electronic form to promote
efficiency and accessibility.
o Nomination Fee: for registering cancellation or change of nomination shall not exceed ₹100.
• Provisions for Insurers:
o Insurers meeting specified criteria can open new places of business without prior approval.
o Insurers with specified solvency ratios, profitability in 3 out of 5 years, and a satisfactory track
record can open foreign branches, including offices at the International Financial Services Centre
Authority (IFSCA), without the need for prior approval and specified returns for foreign branch
offices are dispensed with.
o Requirement for insurers to file advertisements with the Authority has been removed.
o Existing requirement for reporting outsourcing activities is dispensed with.
✓ Instead, insurers are required to make necessary disclosures in their annual reports.

26 | P a g e
 • Time to convey underwriting decisions on policies will be reduced from 15 days to 7 days, and the refund
of premiums paid along with the proposal, if declined, will also be reduced from 15 days to 7 days.
Additional Information
• Bima Sugam:
o IRDAI has released draft regulations for Bima Sugam, a digital marketplace designed to facilitate
the sale, purchase, and servicing of life, health, and general insurance policies.
o This includes claim settlement and grievance
redressal, providing policyholders access to the
platform without any fee.
o It will operate as a not-for-profit company under
Companies Act, 2013, with widely held
shareholding among insurers to ensure no single
entity has a controlling stake.
o Board Composition: IRDAI will nominate 2
members.
✓ Appointment of Chairperson and CEO of
the company will require prior approval
from the Board.
✓ Board is tasked with constituting a Risk
Management Committee.
o Aims to achieve "Insurance for all by 2047".
• Market Potential: India to become the sixth-largest
insurance market by 2032.

3.4 Unified Payments Interface (UPI)

Why in News
• Reserve Bank of India (RBI) and Nepal Rastra Bank have signed terms of reference for integrating India's
Unified Payments Interface (UPI) with Nepal's National Payments Interface (NPI) to facilitate cross-border
remittances.

3.5 Competition Commission of India (Lesser Penalty) Regulations (LPR), 2024

Why in News
• Competition Commission of India (CCI) introduced the 'lesser penalty plus regulation 2024'.
About Lesser Penalty Regulation 2024
• Ministry: Corporate Affairs Ministry (MCA)
• Aim/Objective: To incentivize disclosures about cartels by offering a further reduction in penalties for
entities that provide information on additional undisclosed cartels.
• Features:
o Regulatory Framework: These regulations are governed by Competition Act, 2002, and replaces
the CCI (Lesser Penalty) Regulations, 2009.
o Penalty Imposed Currently:
✓ For committing contravention of certain provisions of the Act (including cartels), CCI may
impose upon an entity, penalty of upto 10% of the average of the turnover or income of
the infringer for the last 3 preceding financial years.

27 | P a g e
 ✓ Further, in cartel cases, such penalty may even go upto 3 times of the profit or 10% of the
turnover or income of the infringer for each year of the continuance of the cartel,
whichever is higher.
✓ In case of individuals, CCI may impose a penalty of upto 10% of the average of the income
of the infringer for the last three preceding financial years.
o Lesser Penalty Benefit:
✓ The first applicant to disclose evidence
of a cartel can receive up to a 100%
penalty reduction.
✓ Subsequent applicants providing
significant additional evidence may
receive up to 50% (second in priority)
and up to 30% (third in priority)
reductions.
o Lesser Penalty Plus Benefit: An applicant
disclosing an additional cartel after an initial
disclosure may receive up to an additional 30%
reduction for the first cartel and up to 100% for
the newly disclosed cartel.
o No Filing Fees: For applying for Lesser Penalty
or Lesser Penalty Plus.
o Non-anonymity: Anonymous applications for
Lesser Penalty are not accepted.
o Joint Applications: Enterprises and their
individuals may jointly apply for Lesser Penalty
and/or Lesser Penalty Plus.
o Application Withdrawal: Applicants have the option to withdraw their application any time
before the investigation report is received, with the caveat that CCI may use the submitted
information (except admissions) for its proceedings.
• Coverage: All entities involved in or aware of cartels under CCI scrutiny.

3.6 Indian Accounting Standards (Ind AS) and International Financial Reporting Standards
(IFRS)

Why in News
• Insurance Regulatory and Development Authority of India (IRDAI) has announced the reconstitution of
the Expert Committee on the implementation of Ind AS/IFRS.
Key Highlights
• Expert Committee comprises 13 members, including prominent figures such as the Member (Finance
and Investment) of IRDAI, the Chairman of the Accounting Standards Board (ASB) of ICAI, and the
President of the Institute of Actuaries of India (IAI).

28 | P a g e
 • Aim/Objective: To guide the transition towards the effective implementation of Ind AS/IFRS in the
insurance sector, ensuring compliance with global
financial reporting norms.
• Coverage: Targets the entire insurance sector in India,
aiming for alignment with global financial reporting
standards by 2025 as part of a broader move towards the
Risk-Based Capital (RBC) regime.

3.7 IRDAI Regulations

Why in News
• Insurance Regulatory and Development Authority of
India (IRDAI) has revised investment norms for insurers in
the Infrastructure Development Fund (IDF).
Key Highlights
• IRDAI's new circular eliminates the need for case-by-case
approval for investments in IDF by insurers, aiming to
simplify the process and encourage more investments
into infrastructure.
• New regulations specify conditions for investments, such as:
o IDF-NBFC is registered with RBI.
o Debt securities shall have residual tenure of not
less than 5 years.
o Minimum Credit Rating of AA or its equivalent by
a Credit Rating Agency registered with SEBI to be
eligible for approved investments.
o Exposure norms as per Regulation 9 of IRDAI
(investment) Regulations, 2016 shall be
applicable.

Quick Revision
• Bharat Mart Foundation: Virtually inaugurated by India's Prime Minister, located in Jebel Ali Free Trade
Zone, Dubai, developed by DP World.
o Aim: Boost India-UAE non-petroleum trade to $100 billion by 2030 under CEPA.
o Operational Target: Set to be functional by 2025.
• IRDAI Regulations
o Free Look Period Extension: 30 days for enhanced policyholder protection.
o Nomination Requirement: Mandatory for issuing any policy.
o Nomination Fee: Cancellation or change fee capped at ₹100.
o Advertisement and Outsourcing: No need for IRDAI approval for advertisements; outsourcing
reporting replaced by annual report disclosures.
o Underwriting and Refund Times: Reduced from 15 to 7 days.
• Draft Regulations for Bima Sugam Platform: A not-for-profit digital marketplace for buying, servicing, and
claim processing of insurance policies, ensuring open access and shared ownership among insurers.

29 | P a g e
 o It is part of the “Insurance Trinity,” along with Bima Vistaar (first of its kind all-in-one affordable
insurance product for life, health, and property cover) and Bima Vahak (a women-led field
distribution force).
• Reserve Bank of India (RBI) and Nepal Rastra Bank have signed terms of reference for
integrating India's Unified Payments Interface (UPI) with Nepal's National Payments Interface
(NPI) to facilitate cross-border remittances.
• The 3rd meeting of the ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee
recently convened to discuss the review of AITIGA.
o Initiated in 2009 and effective from 2010, AITIGA aims to enhance trade facilitation and
mutual benefits for India and the ASEAN member states.
o Review of AITIGA is set to conclude in 2025.
• The Union Minister of Ports, Shipping & Waterways recently unveiled the 'Sagar Aankalan'
guidelines, a significant step towards enhancing the logistics performance and efficiency of
Indian ports to match global standards.
o This initiative, part of the Ministry's comprehensive action plan following the Global
Maritime India Summit 2023 (GMIS 2023).
o Additionally, Maharashtra’s Vadhavan Port in Palghar has received environmental
clearance, setting the stage for its development in two phases under a landlord model, in
collaboration between the Jawaharlal Nehru Port Trust (JNPT) and the Maharashtra
Maritime Board.
• The Ministry of Parliamentary Affairs celebrated the winners of the 16th National Youth
Parliament Competition, 2019-20.
o The University of Punjab, Bathinda, clinched 'The Running Shield' and the 1st Prize, with
DAV College, Jalandhar; Jadavpur University, Kolkata; University of Mumbai, Mumbai;
Chanakya National Law University, Patna; and Shivaji University, Kolhapur winning group
level trophies.
o For over 27 years, the Ministry of Parliamentary Affairs has been organizing these
competitions to strengthen democratic values among the youth.
• The expert committee on arbitration reforms, established in 2023 under the leadership of
former law secretary Dr. T.K. Viswanathan and commissioned by the Ministry of Law and
Justice, has presented its final report to the government.
o The report recommends significant amendments to the Arbitration and Conciliation Act,
1996, aimed at enhancing and streamlining the arbitration process in India.
• A National Workshop on Mental Health, inaugurated by NITI Aayog, was recently held to
enhance mental health support across India, featuring the announcement of the merger
between the KIRAN Mental Health Rehabilitation Helpline and TeleMANAS.
o Additionally, 3 specialized manuals were released to aid in the implementation of the
Mental Healthcare Act, 2017, designed specifically for legal aid providers, caregivers, and
mental healthcare professionals.
• The Digi Yatra app, developed by the Ministry of Civil Aviation and DigiYatra Foundation to
streamline airport experiences through biometric verification, has expanded to 13 airports with

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 a user base of 45.8 lakh, showcasing its rapid adoption and effectiveness in enhancing air travel
security and convenience.
• The Prime Minister inaugurated development projects worth over Rs 32,000 crore in Jammu,
including India's longest transportation tunnel T-50 (12.77 Km) between Khari-Sumber,
enhancing connectivity and educational infrastructure in the region.
• India's first Skill India Centre, inaugurated in Sambalpur, Odisha in 2024 by the Ministry of Skill
Development & Entrepreneurship and implemented by the NSDC, aims to train over 1200
students in high-demand sectors, blending classroom learning with practical experience to
create an industry-ready workforce.
• CPGRAMS reforms aim for a comprehensive rollout by March 2024, enhancing public grievance
redressal through technological advancements like the CPGRAMS Mobile App and the
Anuvadini AI Tool for regional language translation, under the guidance of DARPG to improve
accessibility and efficiency in handling grievances.
• The 28th meeting of the Financial Stability and Development Council (FSDC), chaired by the
Union Finance Minister, focused on enhancing inter-regulatory coordination and discussed
measures for fund-raising by social enterprises and controlling unauthorized online lending,
underscoring the council's role in fortifying India's financial stability since its establishment in
2010.
• Launched in 2023 during the G20 Health Ministerial Meeting, the Global Initiative on Digital
Health (GIDH) is a collaborative effort between the WHO and the Government of India, aiming
to revolutionize global health systems by establishing a digital public infrastructure to support
evidence-based health transformations and achieve universal health coverage.
• NTPC has been recognized for its water management improvements, advancing from a 'D' to a
'C' rating in the Carbon Disclosure Project Water Security Rating from 2022 to 2023.
o The CDP, established in 2000 and governed by CDP Global, aims to drive environmental
transparency globally, covering all planetary boundaries with its "Accelerating the Rate of
Change" strategy.
o The CEO Water Mandate, a UN initiative, further supports corporate efforts towards
global water stewardship.
• The Chief Justice of India inaugurated the Ayush Holistic Wellness Centre at the Supreme
Court, established by the Ministry of Ayush and implemented by the All-India Institute of
Ayurveda (AIIA) to enhance the well-being of the court's judges and staff through holistic care.
• The Ministries of Ayush and Tribal Affairs launched a joint project for health screening and
Ayurvedic management for over 20,000 tribal students aged 10-18 years and and enrolled in
classes 6th to 12th in 55 EMRS across 14 states, aiming to address malnutrition, anaemia, and
other health issues while promoting Ayurvedic lifestyle practices.
• The CCI introduced the 'lesser penalty plus regulation 2024' under the Corporate Affairs
Ministry to encourage cartel disclosure by offering penalty reductions, including up to 100% for
initial evidence and additional benefits for reporting extra cartels, with no filing fees and
mandatory transparency for all entities.

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• IRDAI has reconstituted its Expert Committee for Ind AS/IFRS implementation, targeting the
entire Indian insurance sector's alignment with global financial reporting standards by 2025,
facilitating a transition to the Risk-Based Capital regime.
o The 13-member committee includes leading figures from IRDAI, ICAI, and IAI, aiming to
ensure the sector's compliance with international norms.
• 33rd SCOVA meeting and 10th Nationwide Pension Adalat, held by the Union Ministry of
Personnel, Public Grievances & Pensions, resolved 60% of pensioner grievances on the spot,
highlighting innovations like Jeevan Pramaan and Face-Authentication Technology for life
certificates.
o Established in 1986, SCOVA facilitates crucial consultations between pensioners'
associations and government departments, comprising 15 non-official and various
official members.
• India has contributed USD 1 million to the IBSA (India, Brazil, and South Africa) Fund, raising its
total contribution to over USD 18 million since 2004, to support projects combating poverty and
hunger under South-South cooperation, managed by the UNOSSC.
• IRDAI has updated investment norms for insurers in the Infrastructure Development Fund
(IDF), removing case-by-case approval requirements and setting conditions like RBI registration,
a minimum five-year residual tenure for debt securities, and a 'AA' minimum credit rating, aimed
at streamlining investments into infrastructure.

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