Daily Current Affairs 5 December for Banking/Insurance/SSC and other related exams.
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INTERNATIONAL NEWS
China Adopts ‘One Province, One Policy’ Approach to Financial Risk Management
China’s National Financial Regulatory Administration, led by Li Yunze, is introducing a groundbreaking ‘One Province, One Policy’ approach to tackle financial risks at the provincial level. This move comes in the wake of concerns about the country’s economic struggles, exacerbated by the lingering effects of restrictive Covid Zero policies and a persistent property crisis.
- In a recent interview, Li Yunze underlined the importance of a more targeted and flexible approach to financial risk management. Instead of a one-size-fits-all approach, provinces are encouraged to develop policies customized to individual difficulties and dangers.
BANKING & FINANCE
RBI Cancels License Of Kolhapur Based Shankarrao Pujari Nutan Nagari Sahakari Bank Limited
The Reserve Bank of India (RBI) has cancelled the licence of Shankarrao Pujari Nutan Nagari Sahakari Bank Limited in Kolhapur city. The Commissioner for Cooperation and Registrar Cooperative Societies, Maharashtra, has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.
- According to RBI, the licence was cancelled as the bank does not have adequate capital and earning prospects and it does not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949.
BUSINESS & ECONOMY
Bajaj Group Becomes Fifth Conglomerate to Breach ₹10 Lakh Crore in Mcap
Bajaj Group has become the fifth business house to cross the Rs 10-lakh-crore mark in market cap. Earlier, Tata Group, Mukesh Ambani Group, HDFC Bank and Adani Group have achieved this milestone.
- Among Bajaj Group company stocks, Bajaj Auto saw the highest surge, rising over 72 percent this year. Bajaj Finance and Bajaj Finserv surged 12 percent and 9 percent, while Bajaj Holdings and Investment and Maharashtra Scooters increased by 36 percent and 74 percent.
Bharti Airtel Becomes the 8th Company to Surpass ₹6 Lakh Crore Mcap
Bharti Airtel, one of India’s leading telecommunications companies, achieved a significant milestone by becoming the 8th company to surpass Rs.6 lakh crore.
- This surge was attributed to the positive market sentiment following the Bharatiya Janata Party’s resounding victory in state elections. The company’s stock witnessed a 2% increase during trade, contributing to a year-to-date gain of 28%.
India’s Services PMI Hits One-Year Low in November
The Services Purchasing Managers’ Index (PMI) in India revealed a decline to 56.9 in November, marking a one-year low compared to October’s 58.4. However, the sector maintained its expansion streak for the 28th consecutive month, remaining above the crucial 50-point threshold that separates expansion from contraction.
- The composite PMI also saw a one-year low at 57.4, down from October’s 58.4.A steeper decline was mitigated by an increase in the manufacturing index, rising to 56.0 from the previous month’s eight-month low of 55.5.
AWARDS
Bihar Garners International Recognition At COP-28 For Afforestation Efforts
Bihar garnered global recognition for its afforestation efforts under the Jal-Jeevan-Hariyali Abhiyan at the COP28 Climate Summit in Dubai, where senior officials presented detailed insights on the state’s green initiatives and its commitment to climate resilience.
- According to officials, the Bihar delegation’s participation at COP28 underscores the state’s commitment to sustainable practices and its role in addressing climate change challenges.Experts noted that Bihar has undertaken several pioneering measures for climate change resilience.
Sheetal Devi Wins Best Young Athlete At APC Conference
Indian para archer Sheetal Devi emerged victorious at the fourth edition of the Asian Awards in Riyadh securing the prestigious title of Best Youth Athlete. The Asian Awards, organized by the Asian Paralympic Committee, is a ceremony dedicated to honoring outstanding achievements of Asian para athletes and officials.
- Devi’s remarkable performance at the Hangzhou 2022 Asian Para Games in October played a pivotal role in earning her the coveted award. The 16-year-old para archer clinched gold in both the individual and team compound events, further adding a silver medal in the compound doubles category to her impressive tally.
- In addition to the award categories, the Asian Order was presented to six distinguished individuals for their exceptional contributions to Asian Paralympic sport. The recipients include Shaikh Mohamed Duaij Al Khalifa, President of NPC Bahrain; Mr. Manabu Aso from Japan; Mr. Mukhtorkhon Tashkhodjaev, President of NPC Uzbekistan, and the Executive Secretary General of HAPGOC, Mr. Chen Weiqiang.
- Additionally, two more Asian Orders were presented to Mr. Jung Jin Owan from the Republic of Korea and Mr. Yasushi Yamawaki from Japan, both of whom had previously received the Paralympic Order from the IPC.
Olympian M. Sreeshankar Clinches 35th Jimmy George Foundation Award
In a celebration of athletic excellence, Olympian M. Sreeshankar has been honored with the prestigious 35th Jimmy George Foundation Award for emerging as the best sportsperson of Kerala.
- This recognition comes as a testament to Sreeshankar’s outstanding achievements, including securing the long jump silver medal in both the Commonwealth Games and Asian Games.
- M. Sreeshankar’s triumph in being named the best sportsperson of Kerala in the 35th Jimmy George Foundation Award is a testament to his dedication, skill, and consistent excellence in the field of athletics.
Rizz crowned Oxford Word of the Year 2023
The Oxford Word of the Year for 2023 has been crowned, and this time, it’s a charismatic newcomer taking the spotlight. “Rizz,” derived from the term “charisma,” has claimed the top spot, defined by Oxford University Press (OUP) as a person’s ability to attract a romantic partner through style, charm, or attractiveness.
- The Oxford English Dictionary’s publisher noted that “rizz” can also function as a verb, as seen in the phrase “rizz up,” indicating the act of attracting or engaging in conversation with a person.
SCIENCE & TECHNOLOGY
ISRO and Team Chandrayaan-3 Honoured for Outstanding Contribution to Brand India
In a historic moment on August 23, India’s Chandrayaan-3 achieved remarkable lunar landing, making India the first country to reach the Lunar South Pole. The successful mission, a testament to India’s scientific prowess, has solidified its status as a space superpower.
- Notably, this achievement did not only resonate in the scientific community but also garnered recognition in the business world. The Indian Space Research Organization (ISRO) and the Chandrayaan-3 team were recently honored with the “Outstanding Contribution to Brand India” award at the 19th India Business Leader Awards (IBLA), held in Mumbai.