Daily Current Affairs Capsules 16th February 2024

1. LIC Increases Stake in SBI Cards & Payments Services Limited

In the news:

• Life Insurance Corporation of India (LIC) has augmented its shareholding in SBI Cards & Payments Services Limited from 4.99% to 5.02% of the paid-up capital through open market purchases.
• Recent Acquisition: LIC purchased over three lakh shares of SBI Cards and Payments Services at an average cost per share of ₹716.
• Increase in Shareholding: This purchase elevates LIC’s shareholding in SBI Cards from 47,410,710 to 47,711,794 equity shares, constituting a rise from 4.99% to 5.02%.

2. Japan loses spot as third largest economy to Germany

In the news:

• New four largest economies: The US, China, Germany, and Japan
• Prediction: In October 2023, the International Monetary Fund (IMF) had forecast that Germany was likely to overtake Japan as the world’s third-largest economy when measured in US dollars.
• GDP of Japan: Contracted by a worse-than-expected 0.4 % in the last three months of 2023, compared to a year earlier.
• For 2023, Japan’s nominal GDP grew 5.7% over 2023 to reach 591.48 trillion yen, or $4.2 trillion based on the average exchange rate in 2023.
• Meanwhile, China retained second place with an estimated
• $19 trillion GDP in 2022 behind the United States at $25 trillion.

3. RBI restrains commercial card payments by a network

In the news:

• RBI issued orders restraining commercial transactions routed through intermediaries by a card network.
• The intermediary with an arrangement with the card network did not have the authorization to function under the Payment and Settlement Systems (PSS) Act.
• This led the regulator to suspend the arrangement till further notice.
• In India, fintech companies such as PayMate, and Enkash, among others process payments made via commercial cards.
• The card network had an arrangement that enables businesses to make card payments through certain intermediaries, to entities that do not accept card payments.

4. RBI Directs Visa and Mastercard to Halt Commercial Card Payments

In the news:

• Instructed to: Visa and Mastercard
• Warning: To cease card-based commercial payments by businesses, citing concerns over Know Your Customer (KYC) compliance
• This directive extends to transactions made by both small and large enterprises, with a focus on ensuring adherence to regulatory norms

5. Saudi Arabia’s first luxury train ‘Dream of the Desert’ set to launch first in the Middle East

In the news:

• Name of train: Dream of the Desert
• Launch in: Saudi Arabia
• It will be the first luxury train in the Middle East.
• This new venture is positioned to become a classic in its own right. Reservations for the train’s first ride will open by late 2024, before its planned launch in 2025.
• Journey: 800-mile journey, begins in Riyadh and winds its way northwest toward the border with Jordan
• Collab: Saudi Arabia Railways (SAR) and the Italian hospitality company Arsenale Group

6. UAE Launches New Generative AI Open-Source Foundation

In the news:

• Name of Foundation: Falcon Foundation
• Launched by: Technology Innovation Institute (TII) of the United Arab Emirates
• It is a non-profit organization dedicated to advancing open-source generative AI models.
• Backed by $300 million funding from TII
• Objective: To progress the development of open-source Generative AI models through collaborative initiatives.
• The Falcon Foundation will leverage TII’s homegrown Falcon AI models, creating an open ecosystem for stakeholders, developers, academics, and industry players to contribute and benefit.

7. Supreme Court declares electoral bonds scheme unconstitutional

In the news:

• Bench headed by: Chief Justice of India DY Chandrachud
• Verdict: Electoral bonds scheme unconstitutional
• The electoral bond system was set in place in 2017 and allowed individuals and companies to donate money to political parties anonymously and without any limits.
• It allowed a person or company can buy electoral bonds from the State Bank of India and donate them to a political party of their choice.
• Supreme Court issued three directions:
• All the electoral bonds within the 15-day validity period shall be returned by political parties to the purchasers.
• The Election Commission of India (ECI) will make all donations public within one week of the receipt of information.
• The State Bank of India (SBI) should stop issuing electoral bonds immediately and submit all details to the ECI by March 6

8. First-ever Digital India Future SKILLS Summit inaugurated in Guwahati

In the news:

• Event Name: Digital India Future SKILLS Summit
• Location: Guwahati
• Ministry: Ministry of Electronics and Information Technology (MeitY)
• Pivotal themes: Semicon India, IndiaAI, Cyber Security & Emerging Technologies, and Digital India’s Talent for the Global Workforce.
• Hosted by: National Institute of Electronics and Information Technology (NIELIT)
• Assam will soon have its first-ever semiconductor packaging plant worth nearly Rs 25,000 Crore.

9. President Approves New Anti-Cheating Law for Public Exams

In the news:

• Bill Name: Public Examinations (Prevention of Unfair Means) Bill, 2024
• Cover: Public examinations refer to examinations conducted by the Union Public Service Commission, Staff Selection Commission, Railway Recruitment Board, National Testing Agency, and Departments of the central government.
• Unfair meaning: Unauthorised access or leakage of question paper or answer key, assisting a candidate during a public examination, tampering with computer networks, conducting a fake examination, issuing fake admit cards and offer letters
• Jail: From six months up to two years
• Monetary fine: Between Rs 10,000 to Rs 5 lakh
• Ban: Six months to lifetime depending on the severity of ethical misconduct

10. Prime Minister to launch 300 MW Nokhra Solar Project of NTPC Green Energy Ltd

In the news:

• Launch of: 300 MW Nokhra Solar Project of NTPC Green Energy Limited
• Launched by: Prime Minister Narendra Modi
• Location: It is spread over 1,550 acres in the Bikaner district of Rajasthan
• Executed under: CPSU Scheme (Phase-II)
• Investment: Rs. 1,803 crores
• NGEL is a wholly-owned subsidiary of NTPC
• Aim: To be the flag bearer of NTPC’s Renewable Energy journey, with an operational capacity of over 3.4 GW and 26 GW in pipeline including 7 GW under implementation.
• NTPC Limited is India’s largest integrated power utility having 74 GW installed capacity that contributes 25% of total electricity produced in India.
• By 2032, NTPC is looking to expand its non-fossil-based power capacity to 45%-50% of the company’s portfolio which will include 60 GW of renewable energy capacity with a total portfolio of 130 GW.

11. Rajasthan Mukhyamantri Vishwakarma Pension Yojana 2024 launched

In the news:

• Scheme name: Mukhyamantri Vishwakarma Pension Yojana
• State Government: Rajasthan
• Beneficiary: Welfare of laborers and street vendors
• Eligible workers aged 60 or above
• Monthly pension: Rs. 2,000
• The primary objective of launching the Mukhyamantri Vishwakarma Pension Yojana is to ensure the welfare of laborers and street vendors in Rajasthan.
• Monthly pension: Rs. 2,000
• The primary objective of launching the Mukhyamantri Vishwakarma Pension Yojana is to ensure the welfare of laborers and street vendors in Rajasthan.