Daily Current Affairs 29 December 2023 for Banking/Insurance/SSC and other related exams.
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Government To Market FCI Rice As Bharat Brand
In order to check rice inflation, the government is considering a proposal to sell the Food Corporation of India (FCI) rice under the ‘Bharat’ brand but the discounted rate has not yet been decided, a food ministry official said.
- The ministry’s efforts to check retail rice prices by boosting domestic availability through sale of FCI rice via e-auction under the Open Market Sale Scheme (OMSS) has received a lukewarm response.
- Under the OMSS, FCI is offering quality rice at a reserve price of Rs 29 per kg. “Whether to sell Bharat rice at the same rate or reduced rate, the decision has to be taken by the Group of Ministers
Jammu and Kashmir Panchayati Raj Act Amended to Incorporate OBC Reservation
The Jammu and Kashmir administration has approved amendments to the panchayati raj Act to ensure reservation for the other backward classes (OBCs) in the grassroots democratic institutions.
- The amendments aim to make the Act more effective by ensuring transparency in the functioning of panchayat bodies.
- The amendments include the incorporation of a definition of OBCs for providing reservation, the method of disqualification from membership, suspension and removal of sarpanch, naib sarpanch, and panch by the government, and the process for removal and conditions of service of the state election commissioner.
Praja Palana Program Launched By Telangana Govt To Address Citizens’ Needs
Telangana chief minister A Revanth Reddy kickstarted “Abhaya Hastam”, a programme to implement the six guarantees as promised by the Congress before the elections, and said his government was committed to implementing all the promises within 100 days.
- As part of the programme, the state government will take up a week-long exercise – “Praja Palana” (People’s governance) – starting December 28)l. The programme, aimed at receiving applications from the eligible beneficiaries of various schemes promised under Abhaya Hastam, will conclude on January 6.
BANKING & FINANCE
RBI Approves ICICI Pru Mutual Fund’s Acquisition of Stakes in Federal Bank, RBL Bank, and Equitas Small Finance Bank
Federal Bank said the Reserve Bank of India has accorded approval to ICICI Prudential Asset Management Company Ltd (ICICI AMC) for acquiring up to 9.95 per cent stake in the bank.RBI accorded the approval subject to conditions, Federal Bank said in a regulatory filing.
- The approval granted by the Reserve Bank of India (RBI) is subject to the compliance with the relevant provisions of the Banking Regulation Act, 1949, RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023.
BUSINESS & ECONOMY
India Makes First-Ever Rupee Payment for the Purchase of Crude Oil from UAE
India, the world’s third-largest energy consumer, recently made a significant move by conducting its first-ever payment in rupees for crude oil purchased from the United Arab Emirates (UAE).
- This move is seen as part of a broader strategy to diversify oil suppliers, reduce transaction costs, and position the Indian rupee as a viable trade settlement currency.
- The Reserve Bank of India’s decision in July 2022, allowing importers to pay in rupees and exporters to receive payments in the local currency, has set the stage for this initiative.
GCC Inks Free Trade Deal With South Korea
The Gulf Cooperation Council (GCC) has taken a significant stride in strengthening economic ties with major Asian partners by signing its second free trade agreement (FTA) this year.
- The recent accord, inked with South Korea, underscores the bloc’s commitment to fostering investment connections and diversifying its economic portfolio.
- As part of the newly established FTA, South Korea has committed to removing tariffs on nearly 90% of all items, including critical energy resources such as liquefied natural gas (LNG) and other petroleum products.On the other side, the Gulf states will reciprocate by scrapping tariffs on 76.4% of traded products and 4% of traded goods.
Wardwizard Foods Inks MoU With Gujarat Govt To Expand Operations
Wardwizard Foods and Beverages Limited recently witnessed a significant surge in its shares, rising by 9.98 per cent, following the company’s collaboration with the government of Gujarat. The strategic move was formalized through a Memorandum of Understanding (MoU) signed by DH Shah, Managing Director of Gujarat Agro Industries Corporation Limited, and Sheetal Bhalerao, Chairperson and Managing Director of Wardwizard Foods and Beverages Limited.
- The MoU underscores the commitment of both entities to promoting industrial development and employment generation. The Government of Gujarat has support in facilitating all necessary permissions, registrations, approvals, and clearances required for this venture by the state’s policies and regulations.
Nina Singh First Woman CISF Chief Rahul Rasgotra ITBP Chief
The central government appointed Nina Singh as the first woman Director General of the Central Industrial Security Force (CISF). The 1989-batch IPS officer of the Rajasthan cadre is currently working as the Special DG of the CISF.
- Meanwhile, Rahul Rasgotra, the Special Director of the Intelligence Bureau (IB), was appointed as the new Director General of the Indo-Tibetan Border Police (ITBP). He is also a 1989-batch IPS officer but from the Manipur cadre.
- The current ITBP chief, Anish Dayal Singh, was appointed as the Director General of the Central Reserve Police Force (CRPF). He worked for the country’s internal security and counter-intelligence agency, IB, for a long time.
- Furthermore, the Centre has appointed Vivek Srivastava, a 1989-batch IPS officer of the Gujarat cadre, as the Director General of the Fire Service, Civil Defence and Home Guards. Currently, he is a special director at the Intelligence Bureau.
Mr L P Hemanth K Srinivasulu Receives ‘Man of the Year 2023’ Award from Home Minister Shri Amit Shah
In recognition of his exceptional contributions to trade diplomacy and global economic relations, Mr. L.P. Hemanth K. Srinivasulu, the newly appointed Director of the Latin America and Caribbean Trade Council, was honored with the prestigious “Man of the Year-2023” award by Shri Amit Shah, the Home Minister of India.
- The award recognizes Mr. Hemanth’s outstanding contributions to trade diplomacy and global economic relations. His strategic influence is evident in shaping the direction of companies such as Advanced Biotech, Datadensity, and Celeb Media.
SCIENCE & TECHNOLOGY
ISRO To Launch India’s First X-Ray Polarimeter Satellite on Jan 1, 2024
The Indian Space Research Organisation (ISRO) is set to kick off the year 2024 with the launch of XPoSat (X-ray Polarimeter Satellite) on January 1, 2024. It is India’s first XPoSat which aims to investigate the polarization of intense X-Ray sources.
- XPoSat is India’s first dedicated polarimetry mission to study various dynamics of bright astronomical X-ray sources in extreme conditions. The satellite will be launched on board the Polar Satellite Launch Vehicle (PSLV).The spacecraft of the XPoSat will carry two scientific payloads in a low earth orbit.