MARCH 2024 – 23rd to 31st

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Contents
1 GA IN NEWS ........................................................................................................................................4
FIRST IN NEWS .......................................................................................................................................4
GOVERNMENT INITIATIVES .................................................................................................................5
SUMMITS AND CONFERENCES .............................................................................................................7
MOUs AND AGREEMENTS .....................................................................................................................7
BANKING AND FINANCE .......................................................................................................................8
DEFENCE EXERCISES/ INITIATIVES/ TECHNOLOGY.........................................................................8
SCIENCE & TECHNOLOGY .....................................................................................................................9
ENVIRONMENT ....................................................................................................................................11
SPORTS ..................................................................................................................................................11
AWARDS................................................................................................................................................12
APPOINTMENT .....................................................................................................................................14
PERSONS IN NEWS...............................................................................................................................16
BOOKS AND AUTHORS ........................................................................................................................17
PLACES IN NEWS .................................................................................................................................17
DAYS IN NEWS......................................................................................................................................18
MISCELLANEOUS .................................................................................................................................19
2 GA + ESI.............................................................................................................................................20

......................................................................................................................20
SOCIAL SECTOR - HEALTH ..................................................................................................................20
1.1 Poshan Pakhwada 2024 ..............................................................................................................20
INDIAN AGRICULTURE ........................................................................................................................20
1.2 International Year of Millets 2023 ..............................................................................................20
GLOBALIZATION ..................................................................................................................................21
1.3 G20 Group ...................................................................................................................................21
INDIAN POLITICAL SYSTEM ...............................................................................................................21
1.4 C-Vigil App ...................................................................................................................................21
UNION BUDGET AND ECONOMIC SURVEY ........................................................................................22
1.5 Central Borrowings in FY25 .........................................................................................................22
EMPLOYMENT GENERATION IN INDIA .............................................................................................23

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 1.6 Patent Rules, 2024 ......................................................................................................................23

..........................................................................................................23
INDIAN POLITICAL SYSTEM ...............................................................................................................23
1.7 Foreign Contribution (Regulation) Act (FCRA) ............................................................................23
MEASUREMENT OF GROWTH ............................................................................................................24
1.8 Government e-Marketplace (GeM) ............................................................................................24
3. GA + FINANCE .....................................................................................................................................24
RECENT DEVELOPMENTS IN FINANCIAL SECTOR ..........................................................................24
3.1 GIFT IFSC (Gujarat International Finance Tec-City International Financial Services Centre) .....24

..........................................................................................................25
PRIMARY AND SECONDARY MARKET ...............................................................................................25
3.2 International Mutual Fund (MF) Schemes ..................................................................................25
KEY DEVELOPMENTS IN FINANCIAL SECTOR ..................................................................................25
3.3 Foreign Institutional Investors (FIIs) ...........................................................................................25
3.4 Domestic Systemically Important Insurers (D-SIIs) .....................................................................25
3.5 IRDAI (Protection of Policyholders’ Interests and Allied Matters of Insurers) Regulations, 2024
26
3.6 Credit Cards .................................................................................................................................27
BANKING SYSTEM IN INDIA ...............................................................................................................28
3.7 Regional Rural Banks (RRBs) .......................................................................................................28
Quick Revision..........................................................................................................................................28

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 1 GA IN NEWS
FIRST IN NEWS

S.No News Key Facts

• Approved by: United Nations General Assembly (UNGA).

• Sponsored by: United States; Co-sponsors: 123 countries.
• Adopted by consensus with the support of all 193 U.N. members.
• European Union's approval of world's first comprehensive AI rules was
First Resolution on Artificial
1. highlighted.
Intelligence (AI)
• Objectives: To utilize AI in advancing the U.N.'s Sustainable development
goals for 2030.
o Resolution calls for support in helping developing countries access the
benefits of digital transformation and safe AI systems.

• Located at: Jadan Village, Pali district of Rajasthan.

World’s first Om-Shaped
2. • Swami Maheshwaranand Maharaj, founder of Om Ashram, is the visionary
Temple- ‘Om Aakar’ temple
behind this temple.

• It recently commenced operations; Set up by: 3F Oil Palm

India’s first integrated Oil • Location: Roing in lower Dibang Valley in Arunachal Pradesh.
3.
Palm Processing Unit • Set up under: National Mission on Edible Oils-Oil Palm (NMEO-OP)
Note: NMEO-OP will be covered in March 2024 SchemesTap Part-II.

• Launched by: Rajasthan Government.

• Launched under: National Hydrology Project.

First dedicated portal for real

4. time information on water in
dams, canals

• Launched by: Akums Drugs and Pharmaceuticals.

• Purpose: to treat sickle cell disease in children.

India’s first indigenous

5.
hydroxyurea oral solution

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First ever India-made swine
6.
fever vaccine
First Miss Universe
7.
Participant from Saudi Arabia
World's first genetically
8. edited pig kidney -to-human
kidney transplant
Amul fresh milk to be sold
9.
outside India for the first time
First Southeast Asian country
10.
to legalise same sex marriage
First Bangladeshi to be
11. included in the Emirates ICC
Elite Panel of Umpires
12. India's First AI-Based Film
India's first carbon fibre
13.
facility
First Indian company to be
certified with Aluminium
Stewardship Initiative (ASI)
14.
Performance Standard V3
Certification
GOVERNMENT INITIATIVES
S.No Initiative
BhashaNet Portal
1.
• Developed by: IIT Guwahati & Assam Agricultural University.
• It is a recombinant vector vaccine.
• IIT Guwahati has transferred the technology to BioMed Pvt Ltd. for
commercial production
• Rumy Alqahtani will represent Saudi Arabia for the first time in Miss
Universe 2024 pageant.
• Miss Universe 2024 pageant will be held at Mexico.
• Performed at: Massachusetts General Hospital in Boston, USA.
• Gujarat Cooperative Milk Marketing Federation (GCMMF), the brand owner
of Amul, to launch four variants of milk in the United States.
• Thailand has achieved this feat by passing marriage equality bill.
• It is the third country in Asia to recognize same-sex marriage, after
Taiwan and Nepal.
• Name of the umpire: Sharfuddoula Ibne Shahid
• He was also the first Bangladesh umpire to stand in an ICC Men’s Cricket
World Cup.
• Name of the film: IRAH; Directed by: Sam Bhattacharjee
• To be set up by: Jindal Advanced Materials (JAM) and Italy based MAE S.p.A.
through an MoU; Annual Capacity: 3,500 metric tonnes (MT)
• JAM will be investing Rs 2,700 crore towards the project.
• Milestone achieved by Bharat Aluminium Company Limited (BALCO), a unit
of Vedanta Aluminium, based in Korba, Chhattisgarh, India for making
primary aluminium products.
About ASI Performance Standard V3 Certification
• It is a comprehensive voluntary sustainability standard for the global
aluminium value chain.
• It outlines 11 principles and 62 criteria under three sustainability
pillars: Environment, Social, and Governance.
Key Facts
• Launched by: National Internet Exchange of India (NIXI) & Ministry of
Electronics and Information Technology (MeitY)
• Launched on: Regional Universal Acceptance (UA)Day event
o India hosted the Regional UA Day on 21st March at New Delhi
o Theme of the event: "BhashaNet: Impetus Towards Universal
Acceptance".
o Supported by: Internet Corporation for Assigned Names and Numbers
(ICANN).
• Aim: to advance digital inclusion and linguistic diversity in India; to enable
people from remote locations and different socioeconomic backgrounds to
access the multilingual Internet in India.
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New Database to Promote
2. Accountability for Crime
Against Peacekeepers
Key Amendments of
3. Cinematograph
(Certification) Rules, 2024
Media Facilitation Portal for
4. Information on General
Election 2024
5. Saksham App
Recommendations on ‘Usage
of Embedded SIM (eSIM) for
6.
Machine-to-Machine (M2M)
Communications’
7. Shiksha Reform
8.
The Armed Forces (Special
Powers) Act, 1958 [AFSPA]
Task Force on 'Use of Biochar
9. and Other Relevant Products
in Steel Making
• Sponsored by: India; Hosted on: Unite Aware platform
• Launched on: second meeting of Group of Friends (GOF)
• Objective: to serve as an online repository, empowering to monitor and
address cases of malicious acts against Peacekeepers.
About GOF for Promoting Accountability for Crimes Against Peacekeepers
• Launched in: 2022; Total Members: 40; Led by: India
• Notified by: Ministry of Information & Broadcasting
• Introduction of age-based categories of certification - the existing UA
category into three age-based categories, viz. seven years (UA 7+),
thirteen years (UA 13+), and sixteen years (UA 16+), instead of twelve
years.
• Increase in representation of women in the CBFC Board and CBFC’s Advisory
Panels, ensuring at least one-third of the members are women & and
preferably half shall be women.
• Launched by: Press Information Bureau (PIB).
• Launched by: Election Commission of India (ECI).
• Aim: to facilitate easier voting for PWDs and to avail facilities at Polling
Stations.
• Released by: Telecom Regulatory Authority of India (TRAI)
• Aim: enhancing the regulatory framework in light of the proliferation of 5G
services.
• M2M eSIM is designed for IoT sensors, meters, trackers, and devices that
often operate with minimal onsite human interaction.
• Launched by: Gujarat Government in collaboration with Microsoft and
Finland’s Kajaani University of Applied Sciences.
• Aim: to revolutionize education using technology with high-quality courses in
cutting-edge fields such as AI and cyber security.
• The Union Ministry of Home Affairs has extended AFSPA for six months
from April 1 in selected districts of Nagaland, Assam and Arunachal
Pradesh.
• AFSPA grants powers to the armed forces & Central Armed Police Forces
deployed in areas declared as “disturbed” to maintain public order and
national security.
o These powers include arrest without a warrant, search premises
without a warrant along with some other actions.
• Constituted by: Ministry of Steel; Constituted in: 2023
• Objective: to further aid the carbon reduction practices in the domestic steel
industry by the usage of biochar
• It is the 14th Task Force approved by the Ministry to identify action points
for each aspect of green steel production and the adoption of sustainable
manufacturing processes.
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 SUMMITS AND CONFERENCES
S.No Focus Area
MEGHAYAN 2024- a METOC
1. (Meteorological and
Oceanographic) seminar
MOUs AND AGREEMENTS
S.No Signing Entities
CBI, India & European Union
1. Agency for Law Enforcement
Cooperation (Europol)
NTPC & Japan Bank for
2.
International Cooperation (JBIC)
Tata Passenger Electric Mobility
3.
(TPEM) and HPCL
4. Indian Oil and Panasonic Energy
National Power Training
5.
Institute (NPTI) and PTC India
France based Starburst
6.
Accelerator SARL & IIT Madras
Key Outcomes
• Organized by: School of Naval Oceanology & Meteorology (SNOM) and Indian
Naval Meteorological Analysis Centre (INMAC) at Southern Naval Command
• Organized on: World Meteorological Day (23rd March)
• Theme of the event: "At the Frontline of Climate Action" (Theme of World
Meteorological Day).
• Initiative launched during the event
o Indian Naval Dynamic Resource for Weather Analysis (INDRA)
✓ Developed by: BISAG (Bhaskaracharya National Institute for Space
Applications and Geo-informatics) in coordination with Directorate of
Naval Oceanology and Meteorology, Indian Navy
✓ Objective: to disseminate weather related information and forecasts
empowering optimal & quick decision making.
Key Facts
• Purpose: To establish cooperative relations between the law enforcement
authorities of the CBI and Europol to combat various forms of crime.
• Loan Amount: JPY 30 billion (USD 200 million)
• Loan offered under: GREEN (Global action for reconciling economic
growth and environment preservation) initiative of JBIC.
• Loan will be divided half between NTPC and NREL.
• Purpose:
o to fund capital expenditure requirements of NTFC for Flue Gas
Desulphurization (FGD) technology.
o NREL will use the loan proceeds to fund capital expenditure for
renewable energy projects.
• Objective: to set up 5,000 EV charging stations across India.
• HPCL aims to install 5,000 EV charging stations by 2024.
• Aim of the JV: to manufacture cylindrical lithium-ion cells in India.
• Initiative aligned with Indian Oil’s effort to achieve net-zero operational
emissions target by 2046.
• Objective: to establish a Centre of Excellence (CoE) for Research &
Development in the Energy Domain, with a focus on promoting sustainable
development goals.
• Objective: To set up an innovative hub for startups in the Aviation, Space,
and Defence (ASD) sector with 100 million Euro in funding support.
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 • Objective: to provide 1,500 crore as concessionary financing Bhutan for
infrastructure development related to the GyalSung Infrastructure
Project.
• The first tranche ( Rs 500 crore) was released in January and the second
7. India & Bhutan tranche (Rs 500 crore) has been released recently.
About GyalSung Infrastructure Project
• It was initiated by the King of Bhutan.
• Objective: to empower the youth of Bhutan and build a strong foundation
for Bhutan’s future.

BANKING AND FINANCE

S.No Program / Initiative Key Facts

• Launched by: Federal Bank

• It is the first RuPay Smart Keychain designed for contactless payments,
leveraging NCMC (National Common Mobility Card) technology.
1. Flash Pay
• Contactless transactions can be done up to Rs 5000 without PIN
authentication.
• The daily transaction limit at POS terminals is Rs 1,00,000

Introduction of Digital US
2. Dollar Fixed Deposits (FD)
for NRIs
Downpayment EMI solution
3. for online retail
RBI bars Federal and South
4. Indian Bank from issuing co-
branded credit cards
5. Tata Sons' stake sale in TCS
6. ABHFL- Finverse
Standard Chartered Bank's
7.
divestment from CDSL
Payment Aggregator (PA)
8.
License
• Launched by: Axis Bank, in its IFSC Banking Unit (IBU) at GIFT City, Gujarat.
• It marks Axis Bank as the first bank to offer a fully digital journey for
opening GIFT City Deposits.
• NRI customers can access this service via 'Open by Axis Bank' app.
• Tenure: seven days to ten years
• Introduced by: PayU.
• For the first time, customers can make partial upfront payments for high-
ticket items and convert the remaining amount into easy Equated
Monthly Instalments (EMI).
• The directive was part of the Amendment to the Master Direction - Credit
Card and Debit Card – Issuance and Conduct Directions, 2022.
• Purpose: to ensure co-branded credit cards are correctly marketed and
labelled as products issued in partnership with another entity.
Note: The abovesaid amendment is discussed in RBI NewsTap-March 2024.
• Tata Sons will be selling 0.65% equity of TCS through a block deal.
• Deal Value: Rs 9,362.3 crore ($1.13 billion).
• Launched by: Aditya Birla Housing Finance (ABHFL)
• It is a unified digital lending platform for its home loan customers.
• Standard Chartered Bank sold its entire 7.18% stake in Central Depository
Services (India) Ltd for Rs 1,266 crore through an open market
transaction.
• RBI grants PA license to offline POS deploying company Innoviti Payments &
payment gateway Vegaah.
Who are Payment Aggregators?
• Payment Aggregators act as a bridge between e-commerce sites and
customers for payment transactions.

DEFENCE EXERCISES/ INITIATIVES/ TECHNOLOGY

S.No Exercise/ Technology Key Facts

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Light combat aircraft (LCA)
1.
Tejas Mark 1A fighter jet
Operation Sankalp (Op
Sankalp) of Indian Navy- an
2.
ongoing maritime security
operation
3. ICGS Samudra Paheredar
Subsidiary of Israel
4.
Aerospace Industries
SCIENCE & TECHNOLOGY
S.No Technology in News
1. Statio Shiv Shakti
PSLV Orbital Experimental
2.
Module-3 (POEM-3) Mission
Discovery of two ancient
3.
streams of stars
• HAL completed the first test fire of this aircraft.
• It will be supplied to the Indian Air Force (IAF) as a part of a contract between
HAL and the IAF.
• It recently completed 100 days.
• Venue: Gulf of Aden, Arabian Sea, and off the East Coast of Somalia.
• The Bulgarian Ship MV Ruen was rescued from Somali pirates under this
operation.
• It is on an overseas deployment to
Philippines, Vietnam, and Brunei.
• National Cadet Corps (NCC) cadets are
embarked on the ship as part of the
Puneet Sagar Abhiyan.
• Set up at: New Delhi
• AeroSpace Services India is the sole authorised OEM's Technical
Representative for the entire Medium Range Surface-to-Air Missile
(MRSAM) system.
Key Facts
• The International Astronomical Union (IAU) working group for
Planetary System Nomenclature approved the name 'Statio Shiv Shakti' for
the Vikram lander's landing site on the Moon.
Background
• Vikram is the lander module of Chandrayaan-3.
• Chandrayaan-3 includes a rover named Pragyan.
• Chandrayaan-3 was launched by ISRO from Satish Dhawan Space Centre in
Sriharikota.
• By soft landing Vikram, India became the first nation to land on Moon’s
South Pole & the fourth country after Russia, the U.S. and China to land on
the moon.
• Project cost of Chandrayaan: Rs 615 crore (approx. USD 75 million).
Additional Information
• The impact site of Chandrayaan-1 was named as 'Jawahar Point' or
'Jawahar Sthal'.
• The point where Chandrayaan-2 left its footprints has been named as
'Tiranga'
• The mission achieved zero debris in orbit by carefully planning the re-entry
of POEM-3 into the Earth's atmosphere.
About POEM-3
• Launched by: Indian Space Research Organisation (ISRO).
• It is India’s unique inexpensive space platform using the spent PS4 stage
of the PSLV-C58 vehicle.
• It is a three-axis-attitude controlled platform with power generation and
telecommand & telemetry capabilities.
• It carried nine distinct experimental payloads for technology
demonstrations and scientific research.
• Discovered by: Scientists from Germany based Max Planck Institute for
Astronomy, utilizing data from the European Space Agency's Gaia space
telescope.
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 • They have been named as Shakti and Shiva & formed 12-13 billion years
ago.
• They appear to be among the Milky Way's earliest building blocks
• ISRO has conducted the second landing test of Pushpak, its Reusable
4. Pushpak [(RLV) LEX 02]
Landing Vehicle (RLV) .

Space science and • Initiative of: ISRO

Technology Awareness • Aim: to attract youth to the fields of space science and technology.
5.
Training (START) 2024 • It comprises introductory level topics on various verticals of space science and
programme technology.
• It has recently completed 25,000th orbit around Mars.
• The latest image showcases the Tharsis region, a quarter of Mars's surface
known for its massive volcanoes.
6. Mars Express orbiter o It features Olympus Mons, the tallest volcano in the solar system.

About Mars Express

• Initiative of: European Space Agency (ESA); Launched in: 2003.

• Initiative of: scientist from National Institute for Astrophysics (INAF).

• The research marks the first-time scientists have been able to measure the
speeds of the steady jets launched from neutron stars

What are Neutron Stars?

Research on 'Vampire' • Neutron star refers to the remains of a massive dead star that encountered
7. Neutron Stars and a supernova explosion.
Astrophysical Jets • They can strip material from companion stars due to their strong gravitational
pull.
• This process can trigger thermonuclear explosions on the neutron star's
surface, leading to the emission of powerful astrophysical jets at near-light
speeds.
• This phenomenon has been dubbed "vampire neutron stars" .
• Skyroot Aerospace has successfully test-fired Kalam-250.
• Kalam-250 is a high-strength carbon composite rocket motor.
Kalam-250 (Stage-2 of • It is the first carbon-composite-built motor tested at ISRO & the largest
8.
Vikram-1 rocket) propulsion system ever designed and manufactured by the Indian
private sector so far.
• Now, Skyroot is close to India’s first private orbital rocket launch.
• Launched by: The World Health Organization (WHO).
• Aim: to assess the risk of emerging
coronaviruses of public health
importance, including SARS-CoV-2
and MERS-CoV.
• It builds on the WHO COVID-19
reference laboratory network
established in 2020 during the
CoViNet- a global network early days of the COVID-19.
9.
for coronaviruses • It incorporates animal health and
environmental surveillance.
• Members: 36 laboratories from 21 countries in all 6 WHO regions, including
three labs from India, viz,
o Council of Scientific and Industrial Research-National Environmental
Engineering Research Institute, Nagpur
o The Indian Council of Medical Research-National Institute of Virology in
Pune,
o The Translational Health Science and Technology Institute, Faridabad.

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 • Initiative of: Microsoft and OpenAI
• Aim: To develop a groundbreaking artificial intelligence supercomputer to
"Stargate" Supercomputer significantly advance AI data center capabilities.
10.
Project • Estimated cost: USD 100 billion.
• Microsoft is spearheading the financial backing.
• It is scheduled for launch in 2028.

Yunhai-2 meteorological • Launched by: China.

11.
satellite • China’s aim to achieve 100 orbital launches in 2024.

ENVIRONMENT

S.No News Key Facts

• Recently, UNESCO has endorsed the addition of 18 sites to the UNESCO

Global Geoparks network.
• Total number of geoparks has increased to 213 in 48 countries.

1. UNESCO Global Geopark About UNESCO Global Geoparks designation

• Established in: 2015
• It recognizes geological heritage of international significance.
• These sites are managed with a holistic concept of protection, education and
sustainable development.

• A new species of deep-sea isopod discovered off the Kollam coast.

• Discovered by: scientists from Hiroshima University; Regional Forensics
2. Brucethoa isro
Science Laboratory, Kannur; & University of Kerala
• Named after: Indian Space Research Organisation (ISRO).

Expert panel to balance

• Constituted by: Supreme Court of India
Bustard conservation with
• Need: endangerment of the Great Indian
sustainable energy goals
Bustard, primarily due to collisions with
high-powered power cables.
3.
• Mandate: to determine the feasibility of
underground and overhead electric lines
in areas identified as priority spots for the bustards in Rajasthan and
Gujarat.

SPORTS

S.No Sports Event and Venue Key Facts

• It is the first day-night Test (pink ball match) to be hosted by the MCG.
Women's Ashes Test • It will be the first women's Test to be played by the Australian women's
1. Host: Melbourne Cricket team at the MCG since 1949.
Ground (MCG), Australia • Significance: organized to mark the 90-year anniversary of the first women's
Test series, held in 1934, between Australia and England.
• Sunrisers Hyderabad (SH) scored the highest total in IPL history (277
Indian Premier League (IPL) runs) against Mumbai Indians.
2.
2024 • For the first time a team crossed the 275-run mark in IPL.
• SH also became the first team to score 150 runs in 10 overs in IPL.

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 • 2nd & 3rd highest total in IPL: RCB 263 runs (2013) & LSG 257 runs (2023)
respectively.

• India’s Sathiyan Gnanasekaran beat compatriot Manav Thakkar in the

WTT Feeder Beirut 2024
3. (Table Tennis)
Venue: Beirut, Lebanon
2024 Paris Olympic Games
4. (33rd Summer Olympic
Games)
6th Shaastra Rapid FIDE
5.
Rated Chess Tournament
final to win the men’s singles title.
o Sathiyan Gnanasekaran is the first-ever Indian to win a men's singles
title at a WTT Feeder Series event.
• India’s Sreeja Akula won the women’s single title.
• Appointments by the Indian Olympic
Association (IOA)
o India's flag bearer: Sharath Kamal
(table tennis)
o Chef de mission: MC Mary Kom
(boxing)
o Deputy chef de mission: Shiva
Keshavan (luge).
o Gagan Narang will oversee India's operations at the shooting range.
• India will send its largest-ever shooting contingent to the Paris Olympics,
with 19 quotas secured.
• To be hosted by: IIT Madras.

• Winner (Men’s doubles): Rohan Bopanna (India)/Matthew Ebden

Miami Open Tennis (Australia) (defeated Croatia's Ivan Dodic and America's Austin Krajicek)
6.
Tournament • Rohan Bopanna is the third Indian man in the Open Era to win a major
men's doubles title, following Leander Paes and Mahesh Bhupathi.

AWARDS

S.No Award/Milestone Key Facts

• Awardees: Bina Agarwal (University of Manchester) & James K. Boyce (University

of Massachusetts Amherst), for their work in the field of social and
environmental inequalities.
First edition of the
1. Global Inequality About GiRA
Research Award (GiRA) • Awarded by: The World Inequality Lab (WIL) and Sciences Po’s Center for
Research on Social Inequalities (CRIS)
• Purpose: to recognize every two years researchers from all disciplines who have
made contribution to the understanding of global inequalities

• Awarded to: Michel Talagrand, a retired French mathematician.

• Purpose: contributions to probability theory and functional
analysis
2. Abel Prize
About Abel Prize
• Awarded by: The Norwegian Academy of Science and Letters
• It is considered as the Nobel Prize in mathematics.
• Reward: 7.5 million Norwegian kroner

• Awarded to: Christopher Nolan (Knighthood), and his wife, Emma Thomas,
(Damehood) for their services to film.
Knighthood and • Christoper Nolan wrote the screenplay for Oscar-winning "Oppenheimer" and
3. Damehood produced it with Emma Thomas.

About Knighthood

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 • Awarded by: British Government
• Awarded for significant contributions to various fields, including the arts.
• Damehood is the female equivalent of a knighthood

• Awarded by: Hermes – Air

Transport Organisation and
ATN
2024 Air Transport
4. • Airline of the Year: IndiGo
Awards
• Airport of the Year: iGA
Istanbul Airport
• Held at: Athens, Greece.

• Awarded to: ISRO for Chandrayaan-3 mission (Space Category)

• Awarded by: Aviation Week Network, USA.
5. 66th Laureate Awards
Additional Information
• ISRO was also awarded Leif Erikson Lunar Prize from the Husavik Museum,
Iceland for Chandrayaan-3 mission.
• Indian of the Year: Women of India; Best Performing Small State: Goa
• The India First Award: Amitabh Kant (India's G20 Sherpa)
• Social Impact Influencer of the Year: Kusha Kapila
• Science Icons of the Year: Nigar Shaji (Project Director, Aditya L1), M Srikanth
(Mission Director, Chandrayaan-3), Dr P Veeramuthuvel (Project Director,
Chandrayaaan-3), K Kalpana (Associate Project Director, Chandrayaan-3)
NDTV India of the Year
6. • Climate Influencer of the Year: Prajakta Koli
Awards 2023-2024
• Actor of the Year: Vikrant Massey; Director of the Year: Atlee
• Sports Performance of the Year: Cricketers Radha Yadav, Shreyanka Patil, Sneh
Rana and Shafali Verma; Entertainer of the Year: Sunny Deol
• Innovator of the Year: Peyush Bansal (Founder, LensKart)
• Entrepreneur of the Year: Deepinder Goyal (Founder & CEO, Zomato)
• Business Leader of the Year: N Chandrasekaran (Chairperson, Tata Sons).
• Centre for Development of Telematics (C-DOT)'s “Mobile-enabled Disaster
Resilience through Cell Broadcast Emergency Alerting” has been qualified for
the WSIS Prizes 2024 in “Benefits in all aspects of life - E-environment”
World Summit on the category.
7. Information Society About WSIS Prize
(WSIS) Prizes 2024 • Purpose: to recognize projects / achievements that leverage the power of ICT to
accelerate achievement of sustainable development goals.
About WSIS
• Organizer: United Nations (UN); Co-hosts: ITU and the Swiss confederation.

Times Power Icon 2024 • Awarded to: Vijay Jain, Managing Director of Star Estate.
8. Award • Awarded by: The Times Group.

• Awarded to: Associated Press (AP) for Photo depicting the body of Shani Louk, a
German tourist, being paraded by Hamas.
Pictures of the Year
9. • Awarded under:"Team Picture Story of the Year" category.
Awards
• Awarded by: Donald W Reynolds Journalism Institute at the Missouri School of
Journalism, USA.
• Major Dhyan Chand Lifetime Achievement Award: Ashok Kumar
• Balbir Singh Sr Award for Player of The Year (Men): Hardik Singh
Hockey India Awards • Balbir Singh Sr Award for Player of The Year (Women): Salima Tete
10. 2023 (6th edition) • Baljit Singh Award for Goalkeeper of the Year: PR Sreejesh
• Asunta Lakra Award for Upcoming Player of the Year (Women – Under 21):
Deepika Soreng

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 • Jugraj Singh Award for Upcoming Player of the Year (Men – Under 21):
Araijeet Singh Hundal

APPOINTMENT
• The Financial Services Institutions Bureau (FSIB) has selected nine executive
directors for public sector general insurers for the first time.
o Rashmi Bajpai and Amit Misra for Oriental Insurance Company
o H J Joshi and Radhika C S for GIC Re
o T Babu Paul and C G Prasad for National Insurance Company
o Sunita Gupta and P C Gothwal for United India
o Dasarathi Singh for the Agriculture Insurance Company of India.
• New appointments in Life insurance companies by the FSIB.
o Girija Subramanian -CMD of the New India Assurance Company; Predecessor: Neerja Kapur
o Bhupesh Sushil Rahul - CMD of United India Insurance Company; Predecessor: Satyajit Tripathy.
• The United Nations Commission on the Status of Women (CSW) unanimously appointed Saudi Arabia
to chair its 69th session in 2025.
• Saudi ambassador to the UN, Abdulaziz Alwasil will act as the chair of CSW.
About CSW
• It is the principal global intergovernmental body exclusively dedicated to the promotion of gender Abdulaziz
equality and the empowerment of women. Alwasil
• Establishment: 1946; Headquarters: New York.
• Elected as the new President of the Federation of Indian Export Organizations (FIEO).
• Predecessor: A Sakthivel.

About FIEO
• Establishment: 1965; Set up by: The Ministry of Commerce and Industry
Ashwani Kumar • It is the apex body of the Government recognised Export Promotion Councils, Commodity
Boards and Export Development Authorities in India
• He has been appointed as the President of the Indian Steel Association (ISA).
• Predecessor: Dilip Oommen

Naveen Jindal
• He has been named as the new Prime Minister of Portugal.
• Predecessor: Antonio Costa

Luis Montenegro
• He has been appointed as the new head of Microsoft Windows and Surface.
• He is an Indian-American
• Predecessor: Panos Panay

Pavan Davuluri
• He has been appointed as the new Chairman of Prasar Bharati.
• Predecessor: A Surya Prakash

Navneet Kumar
Sehgal
• He has been appointed as the Co-Chair of the Digital Innovation Board of the International
Telecommunication Union (ITU).
• He is the Secretary in the Department of Telecommunications, Government of India.

14 | P a g e
About Digital Innovation Board of the ITU
• Launched under: Innovation and Entrepreneurship Alliance for Digital Development.
o Digital Innovation Board is one of the three main vehicles of this alliance, the other two
vehicles are Digital Transformation Lab & Network of Acceleration Centres.
• Members: Ministers and Vice Ministers of Telecom/ICT from 23 Member Countries of ITU. Dr. Neeraj Mittal
• Rahul Singh has been appointed as the new Chairperson of the Central Board of Secondary Education (CBSE).
o Predecessor: Nidhi Chhibber.
• Nidhi Chhibber has been appointed as the Advisor in the Niti Aayog.
About Niti Aayog
• It is the apex public policy think tank of the Government of India; Established in: 2015.
• He has been appointed as the new chairman of Surat
Diamond Bourse (SDB)
• Predecessor: Vallabh Lakhani

Govind Dholakia
• He has been appointed as the India’s new ambassador to Myanmar
• Predecessor: Vinay Kumar
• He served as sous-sherpa of the G20 during India’s presidency.
Abhay Thakur
• She has been appointed as the chairperson of the Digital News Publishers’ Association (DNPA).
• Predecessor: Tanmay Maheshwari

Mariam Mammen
Mathew
• He has been appointed as the chief of the National Investigation Agency (NIA).
• Predecessor: Dinkar Gupta.
About NIA
• Established in: 2008; Ministry: Ministry of Home Affairs; Headquarters: New Delhi
• India's premier investigating agency for probing terrorism and other national security-related Sadanand Vasant
crimes. Date
• He has been appointed as the Director General of the NDRR; Predecessor: Atul Karwal

About National Disaster Response Force (NDRF)

• Established in: 2006; Ministry: Ministry of Home Affairs
Piyush Anand
• He has been appointed as Director General of the Bureau of Police
Research and Development (BPRD).
• Predecessor: Balaji Srivastava
Rajeev Kumar
Sharma
• He has been appointed as the Assistant Secretary-General and Special Representative of the
Secretary-General for Disaster Risk Reduction at UNDRR.
o Predecessor: Mami Mizutori of Japan
• He is the head of Department of the National Disaster Management Authority (NDMA).
• He led the G20 Working Group on Disaster Risk Reduction under India’s G20 Presidency.
About United Nations Office for Disaster Risk Reduction (UNDRR)
Kamal Kishore • It is the UN agency mandated to lead and coordinate disaster risk reduction efforts.
• Established in: 1999; Headquarters: Geneva, Switzerland; Director: Paola Albrito

15 | P a g e
• They both have been appointed as the co-chairs of the International Hockey Federation's
(FIH) new FIH Athletes Committee.
• PR Sreejesh is the goalkeeper of the Indian Hockey Team.
• Camila Caram is the skipper of Chile Women’s Hockey Team. PR Sreejesh Camila
Caram
• He has been appointed as the Chairman of ATMA.
About Automotive Tyre Manufacturers’ Association (ATMA)
• It is the national industry body for the automotive tyre sector in India.

Arnab Banerjee
• She took-over as the 41st National president of FICCI Ladies Organisation (FLO) for 2024-
25.
About FLO
• FLO was established in 1983 & recently completed 40 years.
Joyshree Das Verma
• It is the oldest women-led and women-centric business chamber of South East Asia.

PERSONS IN NEWS

• Recently, he became the first Indian wicket keeper to score 7,000 runs in T20 cricket.
• He achieved this feat during a match between CSK and Delhi Capitals (DC) in IPL 2024.
• He also became the first wicketkeeper to execute 300 dismissals in T20 format by dismissing
Prithvi Shaw.
o Previous record held by Dinesh Karthik and Kamran Akmal ( 274 dismissals each).
MS Dhoni
• He recently became the first Indian cricketer to score 12,000 runs in T20 cricket matches
during the IPL 2024 opening match between CSK and RCB.
• He achieved this landmark after playing just 377 matches, making him the third-fastest batter to
reach 12,000 T20 runs.
• He is also the sixth batter worldwide to achieve this feat after Chris Gayle, Shoaib Malik,
Kieron Pollard, Alex Hales, and David Warner.
• In the same match, Kohli also completed 1,000 runs against CSK.

• He became the first Indian and the third player worldwide to score 100 fifty-plus scores in T20
Virat Kohli
cricket during an IPL 2024 match against Punjab Kings (PBKS).
• The first two positions are being held by Chris Gayle (110 fifty-plus scores) & David Warner
(109 fifty-plus scores) respectively.

• He recently announced to step down from his role as the Under-Secretary-General for
Humanitarian Affairs and Emergency Relief Coordinator of the Office for the Coordination of
Humanitarian Affairs (OCHA).
• He is a British diplomat.

About OCHA
• It is a UN Body established to strengthen the international response to complex emergencies Martin Griffiths
and natural disasters; Headquarters: Geneva and New York
• The International Astronomical Union (IAU) has named an asteroid after him, to honour his
contributions to space missions, ultraviolet astronomy, and the study of the interstellar medium.
• He is a Bengaluru based scientist & professor
• The asteroid, earlier known as 2005 EX296, has been renamed (215884) Jayantmurthy.
• The asteroid was discovered at the Kitt Peak National Observatory in Arizona, USA.
Jayant Murthy
About International Astronomical Union (IAU)
• Establishment: 1919; Headquarters: Paris, France

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• He recently announced his plans to resign as CEO of Boeing.

Dave Calhoun

OBITUARIES
• He was the President of Ramakrishna Math and Mission.
• He was born in Thanjavur, Tamil Nadu

Swami
Smaranananda
Maharaj
• He was an American Actor.
• He was the first Black man to win the Oscar for Best Supporting Actor for his role in “An Officer
and a Gentleman".

Louis Gossett Jr
• He was an Israeli American author and psychologist.
• He was awarded the Nobel Prize in Economics for his research into how ingrained neurological
biases influence decision making.

Daniel Kahneman
• He was a writer based out of Karnataka.
• He won Sahitya Akademi annual translation award for his Kannada book Ondu Putada Kathe
(A short story).

Gurulinga Kapse

BOOKS AND AUTHORS

S.No Book Title Author and Key Facts

• Author: Madhumita Murgia, an Indian-British journalist and commentator.
"Code Dependent: Living
1. • Madhumita Murgia has been shortlisted for the 2024 inaugural Women's
in the Shadow of AI"
Prize for Non-Fiction for this book.

PLACES IN NEWS

S.No Place Key Facts

Kutch Copper, a • Located at: Mundra in Gujarat.

1. subsidiary of Adani • It is the world's largest single-location copper manufacturing plant.
Enterprises Ltd • Total Capacity: 1 million tonnes
• To be built by: Border Roads Organisation (BRO).
Nimmu-Padam-Darcha
2. • It is the third and the shortest road (298-km) to connect Manali and Leh.
Road, Ladakh
• It will cross only one pass- Shinkun La (16,558 feet)
• The bridge collapsed following a collision with a cargo ship.
3. Francis Scott Key Bridge
• Located at: Baltimore, Maryland, United States.

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 • Location: Thimpu, Bhutan.
Gyaltsuen Jetsun Pema
• It was built with support from the Government of India.
4. Wangchuk Mother and
Additional Information
Child Hospital
• India to provide aid of Rs 10,000 crore to Bhutan over the next five years.
• ASI is excavating this village to find
India's oldest temple.
• The site is significant due to its
Nachne village, Panna
5. proximity to ancient temples such as a
district, Madhya Pradesh
Gupta-era Parvati temple and the
Chaumukhi temple built by the
Kalachuri Dynasty.
• A 900-year-old Kannada inscription from the Kalyana Chalukya dynasty was
6. Gangapuram Town discovered near Chowdamma temple in this town at Mahabubnagar district,
Telangana
• The Government of Jammu and Kashmir has announced plans to restore this
temple located at Anantnag, Jammu and Kashmir.
7. Martand Sun Temple • It was built by King Lalitaditya Muktapida of the Karkota dynasty in the 8th
century.
• It is an ASI protected monument.

DAYS IN NEWS
Sunday Monday Tuesday Wednesday Thursday Friday Saturday
1 2

3 4 5 6 7 8 9

10 11 12 13 14 15 16

17 18 19 20 21 22 23
World World Water World
Puppetry Day 2024 Meteorological
Day 2024 Day 2024
Theme: 'Water
Theme: “The for peace'. Theme: “At the
Climate” Frontline of
Climate Action.”
Earth Hour
2024 (8:30 pm
– 9:30 pm)
Shaheed Diwas

24 25 26 27 28 29 30
World World World Universal 70th Founders' International
Tuberculosis Purple Day Theatre Day Acceptance Day of the Day of Zero
(TB) Day (Epilepsy (UA) Day Indian Institute Waste 2024
Awareness Theme: of Public
Theme: “Yes! Day) ‘Theatre and Host: Administration
We can end a Culture of Belgrade, (IIPA), New
TB” Theme: “Lets Peace' Serbia Delhi
Talk About
Epilepsy”.
31

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S.No News
10-week Digital Health
1.
Enterprise Planning Course
Acquisition of Lanco
2.
Amarkantak Power
Allahabad High Court strikes
3.
down UP Madrasa Act
Florida Passes Law Banning
4. Social Media for Minors
Under 14
MISCELLANEOUS
Key Facts
• Launched by: UNICEF India, International Institute of Health Management
Research (IIHMR) Delhi, and IIT Bombay.
• Aim: to bridge technology knowledge gaps among healthcare professionals.
• The Competition Commission of India (CCI) has approved 100% acquisition
of Lanco Amarkantak Power by Adani Power.
• The Allahabad High Court declared this act as unconstitutional stating
it violated the principle of secularism & the following articles
o Article 14 (equality before law), Article 15 (prohibition of
discrimination on the grounds of religion and caste) and Article 21-A
(right to education).
• Under the law, Minors aged 14-15 require parental consent to have a social
media account.
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2 GA + ESI

SOCIAL SECTOR - HEALTH

1.1 Poshan Pakhwada 2024

Why in News?
• Ministry of Women and Child
Development has organized Poshan
Pakhwada (Nutrition Fortnight)
2024.

INDIAN AGRICULTURE
1.2 International Year of Millets 2023

Why in News
• Closing ceremony of International Year of Millets 2023 was held at the Food and Agriculture
Organization of the United Nations (FAO) headquarters in Rome, Italy.
About International Year of Millets 2023
• Launch Year: United Nations General Assembly at its 75th session declared 2023 as the
International Year of Millets in 2021, following a proposal by India supported by 72 countries.
• Objective: Promotion of millets as a 'Global Superfood' due to its sustainability and nutritional
benefits.
About Millets
• Millets are small-grained, annual, warm-weather cereals belonging to the grass family.
• Government of India notified millets as Nutri-Cereals in 2018, which includes:
o Major Millets: Sorghum (Jowar), Pearl Millet (Bajra), Finger Millet (Ragi/Mandua)
o Minor Millets: Foxtail Millet (Kangani/Kakun), Proso Millet (Cheena), Kodo Millet (Kodo),
Barnyard Millet (Sawa/Sanwa/ Jhangora), Little Millet (Kutki)
o 2 Pseudo -millets: Buckwheat (Kuttu) and Amaranthus (Chaulai)

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 GLOBALIZATION
1.3 G20 Group

Why in News
• 2nd Employment Working Group (EWG) meeting under G20, co-chaired by India, Brazil, and
South Africa, commenced in Brasilia to discuss labour, employment, and social issues.
Key Highlights
• India, as a member of G20 Troika along with Brazil and South Africa, co-chaired the meeting.
Note: Kindly refer to ‘February Month CurrentTap’ for more details on ‘G20 Group.’

INDIAN POLITICAL SYSTEM

1.4 C-Vigil App

Why in News
• C-Vigil app has emerged as a significant tool for
voters to report election code violations.
About C-Vigil
• Launch Year: 2018
• Objective: To leverage digital technology to
ensure free, fair, and inducement-free polls
by enabling voters to report election code
violations.
• Features:
o User-friendly interface connecting citizens with district control rooms, returning officers,
and flying squads.
o Real-time reporting of incidents with audio, photos, or videos (up to 2 minutes long).
o Automatic geo-tagging for precise location reporting.
o Anonymous complaint filing option.
o A 100-minute countdown feature for time-bound responses.
o Operational only in election-bound states, from the announcement of elections till a day after
the polls.

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 UNION BUDGET AND ECONOMIC SURVEY
1.5 Central Borrowings in FY25

Why in News
• Centre announces its borrowing plan for the
first half of FY25 (H1FY25).
Key Highlights
• Total Borrowing for FY25: ₹14.13 lakh crore.
• First Half Borrowing: ₹7.5 lakh crore, or
53.08% of the total market borrowing.
• Plan includes issuance of 91-day, 182-day, and
364-day treasury bills.
• RBI has set Ways and Means Advances (WMA)
limit at ₹1.50 lakh crore for H1FY25.
• First time, green bonds worth Rs 12,000

crore will be issued in 2 tranches of Rs 6,000

crore each during the first half of FY25, with a
maturity period of 10 years.
• A new 15-year tenor dated security replaces
the existing 14-year tenor paper.
• Government plans to sell Rs 67,000 crore of
the 50-year bonds, which were introduced in FY24.
o Before introduction of 50-year bond, longest tenor government bond was 40-year bond.
• Government will continue to reserve the right to exercise greenshoe option to retain an
additional subscription of up to ₹2,000 crore.

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 EMPLOYMENT GENERATION IN INDIA
1.6 Patent Rules,
2024

Why in News?
• Ministry of
Commerce and
Industry has
recently notified the
Patent Rules, 2024.

INDIAN POLITICAL SYSTEM

1.7 Foreign Contribution (Regulation) Act (FCRA)

Why in News
• Union Home Ministry has extended the validity of FCRA
registration for NGOs till June 30, 2024.
Key Highlights
• This also applies to NGOs with a 5-year validity
period expiring between April 1 and June 30, 2024,
allowing them to apply for renewal.
About FCRA
• FCRA mandates NGOs receiving foreign contributions to register under the act.
• 2020 Amendment:
o Banned transfer of foreign contributions to other persons or organizations.
o Reduced limit for administrative expenses from foreign contributions to 20% from 50%.

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 • FCRA registration valid for 5 years; renewal required within six months of expiry.
• Government can cancel FCRA registration for violations or inactivity over 2 years, with a 3-
year ban on re-registration.
• 2022 changes to FCRA rules raised the limit for foreign contributions from relatives requiring no
government intimation from Rs 1 lakh to Rs 10 lakh.

MEASUREMENT OF GROWTH
1.8 Government e-Marketplace
(GeM)

Why in News
• GeM has achieved a Gross
Merchandise Value (GMV) of ₹4
lakh crore in FY24, doubling from
FY23.
Key Highlights
• Services GMV crossed ₹2.05 lakh
crore.
• Out of the total GMV so far since inception of GeM in 2016, about 50% has gone to MSMEs and
startups (Much more than 25% mandated by the government).
• Highest procuring States: Gujarat, Uttar Pradesh, and Delhi.
• Highest procuring entities at the central level: Ministry of Coal, Ministry of Power and Ministry
of Petroleum & Natural Gas and their subsidiaries.
• Government organization contributed nearly 85 % of this ₹ 4 lakh crore milestone.
• In terms of GMV, GeM is the 2nd largest in the world after KONEPS of South Korea.
• In terms of number of people attached and the number of transactions, GeM is world’s number one.
• GeM has also started Startup Runway 2.0, where startups get an opportunity to showcase their
innovative products and services to government buyers and engage in public procurement.

3. GA + FINANCE

RECENT DEVELOPMENTS IN FINANCIAL SECTOR

3.1 GIFT IFSC (Gujarat International Finance Tec-City International Financial
Services Centre)

Why in News
• Expert Committee, chaired by the President of the Institute of Chartered Accountants of India
(ICAI) Ranjeet Kumar Agarwal, on developing GIFT IFSC as a 'Global Finance and Accounting Hub'
submitted its report to the IFSCA (International Financial Services Centre Authority).
Key Highlights

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 • Committee recommends that entities set up in IFSC to carry out Bookkeeping, Accounting,
Taxation, and Financial Crime Compliance Services should only be in the form of a company or a
Limited Liability Partnership.
o Branch of an Indian company or LLP may be
permitted only if the entity is regulated by any
of the 3 professional bodies - ICAI, ICSI or ICMAI.
o Any other entity established overseas may also
be permitted to set-up a branch in IFSC only if it
doesn’t have any presence in India.
• Mandate a principal officer and compliance officer
with specific qualifications for IFSC units.
• Develop specialized educational programs and
establish centres of excellence for skill enhancement.
• Adopt and modify the UN's Central Product Classification Version 2.1 to align with India's
regulations.
Note: Kindly refer to ‘January Month CurrentTap’ for more details on ‘GIFT IFSC’ and ‘IFSCA’.

PRIMARY AND SECONDARY MARKET

3.2 International Mutual Fund (MF) Schemes

Why in News
• International mutual fund schemes are directed by
SEBI to stop accepting fresh investments in schemes
that invest in overseas ETFs due to a near breach of the
$1 billion ETF investment limit.
Key Highlights
• International MF schemes are currently utilizing 84% of the $7 billion limit for direct
investments in stocks listed overseas and 95% of the $1 billion cap for investments in ETFs listed
on foreign bourses.
• International schemes are now taxed at investor’s slab rate, eliminating indexation benefits.

KEY DEVELOPMENTS IN FINANCIAL SECTOR

3.3 Foreign Institutional Investors (FIIs)

Why in News
• India has garnered the highest foreign funds flow in Asia in March since December 2023.
Key Highlights
• Domestic institutions have also invested around Rs 52,500 crore (Highest since 2020).

3.4 Domestic Systemically Important Insurers (D-SIIs)

Why in News

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 • Insurance Regulatory and Development Authority of India (IRDAI) has reaffirmed the status of Life
Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC Re) and the
New India Assurance Company as Domestic Systemically Important Insurers (D-SIIs) for the year
2023-24, continuing from their 2022-23 identification.
About Domestic Systemically Important Insurers (D-SIIs)
• D-SIIs are insurance companies which are perceived as
‘too big or too important to fail’ (TBTF) based on their
size, market importance, and domestic and global
interconnectedness.
o They are subjected to enhanced regulatory
oversight to address systemic risks and moral
hazard issues, including higher corporate
governance standards and comprehensive risk
management frameworks.
Miscellaneous Points
• State Bank of India, ICICI Bank and HDFC Bank have been classified as domestic systemically
important banks.
o Reserve Bank had issued the Framework for dealing with Domestic Systemically Important
Banks (D-SIBs) in 2014.
o D-SIB framework requires Reserve Bank to disclose the names of banks designated as D-SIBs
starting from 2015 and place these banks in appropriate buckets depending upon their Systemic
Importance Scores (SISs).

3.5 IRDAI (Protection of Policyholders’ Interests and Allied Matters of Insurers)

Regulations, 2024

Why in News
• Insurance Regulatory and Development Authority of India (IRDAI) has approved 8 new
regulations aimed at safeguarding policyholder interests.
Key Highlights
• Reduction of 34 regulations into 6, with 2 new introductions, aiming at clarity and coherence in
regulatory frameworks.
• Bima Sugam Marketplace: Aims to democratize and universalize insurance by 2047.
o Bima Sugam Portal renamed as 'Rashtriya Bima Sugam Nigam Ltd' and is designed as a not-
for-profit firm under Section 8 of the Companies Act, 2013, offering free services to consumers.
o Shareholding will be widely held among life, general, and health insurers with no single
entity having a controlling stake.
o Bima Sugam will have 2 IRDAI nominees on its board, in addition to its own chairman and
CEO, who will be appointed after consultation with the IRDAI.
• IRDAI has relaxed the proposed higher surrender value norms, making the surrender value
proportional to the policy years.
o Policyholders receive 30% of total premiums paid if policy is surrendered during 2nd year.
o 3rd Year surrender entitles policyholders to 35% of the total premiums paid.
o 4th to 7th Year Surrender: entitles policyholders to 50% of the total premiums paid.
o Last Two Years Surrender: Surrendering during the last two years of the policy term allows
policyholders to recover 90% of the total premiums paid.
o A guaranteed surrender value is provided after the continuous payment of premiums for at
least two years.

26 | P a g e
 • New Health Insurer: Registration of Galaxy Health and Allied Insurance Company, increasing
the total to 7 insurers in the health segment.
• IRDAI (Rural, Social Sector, and Motor Third Party Obligations) Regulations, 2024 while
consolidating existing norms has set Gram Panchayat as the new unit of measurement for
insurers’ rural obligations and prescribes unit of measurement for motor TP obligations to be
renewal of coverage to goods carrying vehicles, passenger carrying vehicles and tractors.
• Vision: "Insurance for all by 2047," aiming for widespread access and inclusion.
• IRDAI mandates all new insurance policies to be held in electronic format from April, 2024.
o E-Insurance Account (eIA): Policyholders can manage their insurance documents digitally
through an eIA.
✓ IRDAI stipulates that each policyholder can only
have one e-insurance account.
✓ No Cost for Opening e-Insurance Accounts.
o Every insurer must have a Board approved policy for
issuing insurance policies in electronic form.
o While e-insurance is the standard, policyholders can
request physical copies of their policy documents.

3.6 Credit Cards

Why in News
• Total number of credit cards issued in India has crossed 100 million (10 crore) mark as of February
2024.
Key Highlights
• The year-on-year growth rate of credit card transactions in February 2024: 26.27%.

27 | P a g e
 • HDFC Bank leads in credit card issuances, followed by
SBI Card, ICICI Bank, and Axis Bank.

BANKING SYSTEM IN INDIA

3.7 Regional Rural Banks (RRBs)

Why in News
• Government has allocated ₹6212.03 crore for the
recapitalization of RRBs to strengthen their financial
stability and support rural banking services.
Key Highlights
• Recapitalization support is provided to maintain the
minimum prescribed capital-to-risk (Weighted) Assets ratio
of 9%.
• This comes under a 3-year board-approved viability
plan (VP), introduced in FY23, with a well-defined
implementation mechanism aimed at achieving sustainable
viability.
• Consolidated Capital to Risk-weighted Assets Ratio (CRAR)
of RRBs: 13.83% (highest to date).
• RRBs have shown the highest ever consolidated net
profit in FY 2023-24.
• Credit-Deposit ratio reached 72.13% as of September,
2023. (Highest in last 15 years).
About Regional Rural Banks
• Established under the provisions of an Ordinance passed
in 1975 and RRB Act 1976.
• Objective: To provide basic banking and financial
services to rural areas.
• RRBs are Indian Scheduled Commercial Banks (Government
Banks) operating at regional level in different states of India.
• First Regional Rural Bank (RRB) came into existence on
Gandhi Jayanti in 1975 with the formation of a Prathama
Grameen Bank (sponsored by Punjab National Bank).
• RRBs may have branches set up for urban operations and their area of operation may include
urban area too.
o Area of operation of RRBs is limited to the area as notified by Government of India covering
one or more districts in the State.
• There are 43 RRBs sponsored by 12 scheduled commercial banks in India.

Quick Revision
• Indian government announces its borrowing plan for H1FY25, targeting ₹7.5 lakh crore or
53.08% of the total ₹14.13 lakh crore, including the issuance of treasury bills, ₹12,000 crore in
green bonds, a new 15-year security, and ₹67,000 crore in 50-year bonds, with provisions for a
greenshoe option.

28 | P a g e
• UN General Assembly approved its first non-binding resolution on AI, sponsored by the USA and
123 countries, aiming to achieve U.N.'s 2030 Sustainable Development Goals.
• Government e-Marketplace (GeM) recorded a GMV of ₹4 lakh crore in FY24, marking a
significant increase from FY23, with half of the total GMV since its 2016 inception benefiting
MSMEs and startups, making it the world's second-largest e-marketplace in GMV and the
largest in user engagement and transactions.
• Expert Committee chaired by ICAI President Ranjeet Kumar Agarwal submitted a report on
making GIFT IFSC a 'Global Finance and Accounting Hub'.
• SEBI has directed international mutual fund schemes to halt fresh investments into schemes
investing in overseas ETFs, citing a near breach of the $1 billion ETF investment cap.
• India attracted the highest foreign funds flow in Asia since December 2023 in March, with
domestic institutions also making significant investments of around Rs 52,500 crore, the highest
since 2020.
• IRDAI has reaffirmed LIC, GIC Re, and New India Assurance as Domestic Systemically
Important Insurers (D-SIIs) for 2023-24.
• IRDAI approves 8 new regulations for protecting policyholder interests, consolidating existing
regulations into 6 and introducing 2 new ones, including the launch of the Bima Sugam
Marketplace to democratize insurance access by 2047.
o Introduces relaxed surrender value norms offering a proportional return based on policy
years, mandates electronic insurance policies from April 2024, and establishes a vision of
"Insurance for all by 2047."
o Sets new rural and motor third-party obligations for insurers, introduces Galaxy
Health as a new health insurer, and mandates a single e-Insurance Account for
policyholders to manage their insurance documents digitally without cost.
• Indian government allocated ₹6212.03 crore for the recapitalization of Regional Rural Banks
(RRBs) to ensure financial stability and support rural banking, achieving a record CRAR of 13.83%
and the highest consolidated net profit and Credit-Deposit ratio in recent years.
• C-Vigil app, launched in 2018, enables voters to report election violations, with 73% of
complaints about illegal hoardings.
o It features a user-friendly interface, real-time reporting with geo-tagging, anonymous
complaints, and a 100-minute response time, but is active only during election periods
in election-bound states.
• International Year of Millets 2023 concluded in Rome, initiated by India and backed by 72
countries to highlight millets as sustainable superfoods.
o Millets, recognized as Nutri-Cereals by India in 2018, encompass major, minor, and
pseudo-millets, emphasizing their nutritional benefits.
• Ministry of Women and Child Development has organized Poshan Pakhwada (Nutrition
Fortnight) 2024 under the Poshan Abhiyaan.
• Patent Office has granted over one lakh patents in the last one year.

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