Daily Current Affairs 25th January, 2024

Daily Current Affairs 25 January 2024 for Banking/Insurance/SSC and other related exams.

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NATIONAL NEWS

MoD inks contract, worth over Rs 1070 cr, with Mazagon Dock Shipbuilders Ltd for 14 Fast Patrol Vessels for Indian Coast Guard
The Ministry of Defence has signed Contract with Mazagon Dock Shipbuilders Ltd (MDL), Mumbai, for acquisition of 14 Fast Patrol Vessels (FPVs) for the Indian Coast Guard (ICG). The value of the contract is Rs 1070.47 cr. These multi role FPVs will be indigenously designed, developed and manufactured by MDL under Buy (Indian-IDDM) Category and will be delivered in total 63 months.

• Along with several high tech advanced features and equipment, these FPVs will be equipped with multipurpose drones, wirelessly controlled remote water rescue craft lifebuoy and AI capability etc. enabling greater flexibility and operational edge to the ICG to face new age multidimensional challenges.

UNICEF join hands with NIUA to empower young people for urban governance through civic participation on National Youth Day
The Urban Youth Unit at NIUA and YuWaah – UNICEF have come into a partnership to solidify their commitment to empowering young people for urban governance. The Statement of Intent was exchanged between Lovlesh Sharma, Head, Urban Youth Unit and Abhishek Gupta, COO, YuWaah at the National Youth Day celebrations hosted by NIUA.

• Over the next three years, the organizations will co-create and implement scalable youth-driven solutions to address the challenges faced by cities. The primary focus of this partnership is enhancing youth leadership, participation and action research towards strengthening civic behaviours and urban governance.
• The collaboration aims to ensure youth-centric development by utilizing interactive and gamified civic leadership modules.The goal is to enhance civic awareness and social responsibility of the youth and equipping them with 21st-century skills and progressive ideas.

Cabinet approves viability gap funding of ₹8,500 crore for coal gasification
The Cabinet chaired by  Prime Minister  Narendra Modi approved the scheme for the promotion of coal/lignite gasification projects of government PSUs and private sector with an outlay of Rs.8,500 crore towards incentive for coal gasification projects under three categories.

• Total outlay of Rs.8,500 crore will be provided as financial assistance for coal gasification projects under three categories.
• In category I, Rs.4,050 crore provisioned for Government PSUs in which upto 3 projects will be supported by providing a lump-sum grant of Rs.1,350 crore or 15% of capex, whichever is lower.
• In category II, Rs.3,850 crore is provisioned for the private sector as well as Government PSUs in which a lump-sum grant of Rs.1,000 crore or 15% of capex, whichever is lower provided for each project.
• In category III, Rs.600 crore provisioned for demonstration Projects (indigenous technology) and/or small-scale product-based Gasification Plants under which a lump-sum grant of Rs.100 crore or 15% of capex, whichever is lower, will be given to the selected entity that will have a minimum Capex of Rs. 100 Crore and minimum production of 1500 Nm3/hr Syn gas.

INTERNATIONAL NEWS

USA: Alabama conducts first nitrogen gas execution
Alabama, a US state with 165 people on death row, night carried out the first-ever execution by an untested method known as nitrogen hypoxia. 

• Only two years after a botched execution attempt on him, Kenneth Eugene Smith was killed through an experimental technique that pumps pure nitrogen gas into a person’s lungs instead of the regular air that has the oxygen humans need to breathe.

BANKING & FINANCE

Zomato secures RBI approval for Payment Aggregator Business
Zomato Payments, a wholly owned subsidiary of Zomato Limited, has received the certificate of authorisation from the Reserve Bank of India to operate as an online payment aggregator. 

• In an exchange filing, the food delivery platform said the central bank has allowed it to carry out the business as payment aggregator with effect from January 24, 2024.

LIC gets RBI nod to buy 9.99% stake in HDFC Bank
HDFC Bank Ltd said the Reserve Bank of India (RBI) has allowed the Life Insurance Corp. of India (LIC) to acquire up to 9.99% stake in the bank.

• LIC currently holds 5.19% stake in HDFC Bank, the country’s largest private sector lender. In a stock exchange filing, HDFC Bank said RBI has advised LIC to acquire the additional HDFC Bank shares within a year.
• The central bank approved LIC’s application, subject to its compliance with the provisions of the Banking Regulation Act, 1949, the RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies, the Foreign Exchange Management Act,1999, and the regulations issued by Securities and Exchange Board of India.

BUSINESS & ECONOMY

India’s ACME signs deal to supply green ammonia to Japan
Leading renewable energy company ACME Group in India and Japanese integrated heavy industry group IHI Corporation have signed an offtake term sheet. The agreement, signed by Manoj Upadhyay, Founder and Chairman of Acme Group, and Hiroshi Ide, President and CEO of IHI Corporation, paves the way for the supply of 0.4 million metric tons per annum (MMTPA) of green ammonia from Odisha, India, to Japan.

• The term sheet encompasses a long-term partnership covering various aspects of the value chain, from production to logistics and supply to Japanese customers. The collaboration aims to create a market for green ammonia, specifically for applications in power generation and diverse industrial uses in Japan, with the ultimate goal of reducing overall emissions.

Ola founder’s Krutrim becomes India’s first AI unicorn
Ola founder Bhavish Aggarwal has said that his artificial intelligence startup Krutrim has raised $50 million in funding at a $1 billion valuation. Krutrim has now India’s first AI stratup to reach the unicorn status.

• The investor’s in Krutrim’s latest funding round include Matrix Partners India. Interestingly, Krutrim has hit the billion-dollar valuation just a month after its debut as a large language AI model.
• Krutrim, which means “artificial” in Sanskrit, is also in the process of developing data centres across the country, aiming to create supercomputer ecosystem for AI development in India.

India overtakes Hong Kong as world’s fourth-largest stock market by market capitalisation
India’s stock market has overtaken Hong Kong’s to rank as fourth-biggest equity market globally for the first time, Bloomberg reported.

• The combined value of shares listed on Indian exchanges reached $4.33 trillion, versus $4.29 trillion for Hong Kong, according to data compiled by Bloomberg.
• India’s stock market capitalization had crossed $4 trillion for the first time on December 5. The rally in the Indian stock market came on the back of a rapidly growing retail investor base, sustained inflows from foreign institutional investors (FII), strong corporate earnings and robust domestic macroeconomic fundamentals.

SPORTS

At 43, Rohan Bopanna makes history as oldest World No. 1 in doubles
Indian tennis star Rohan Bopanna, at the age of 43, has become the oldest player to claim the No. 1 spot in the men’s doubles rankings.

• Bopanna, paired with Australia’s Matthew Ebden secured this historic achievement by defeating the Argentine duo Máximo González and Andrés Molteni in straight sets, 6-4, 7-6, during the quarter-finals of the 2024 Australian Open.
• The Indo-Australian pairing, seeded second in the tournament, displayed  teamwork and resilience, setting the stage for an eagerly awaited semi-final clash. Bopanna and Ebden are set to face the unseeded duo of Tomas Machac and Zhizhen Zhang in a thrilling encounter.

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