Daily Current Affairs Capsules 2nd January 2024

1. UPI transaction rules 2024 applicable from January 1, 2024

• UPI transaction limit hiked for hospitals, schools to Rs 5 lakh from Rs 1 lakh earlier.
• NPCI asked banks and mobile payment applications to deactivate the UPI IDs and numbers of the accounts that have been inactive for one year.
• UPI Lite wallet’s transaction limit increased from Rs 200 to Rs 500 (Maximum amount: Rs 2,000)
• UPI payments to Rs 1 lakh for credit card repayments, mutual fund subscriptions, and insurance premiums will no longer require an additional factor authentication.
• Interchange fee on UPI merchant payments:
• Imposition of a 1.1% interchange fee on UPI payments made by merchants.
• Fees will not be applicable if the money transferred is higher than Rs 2,000.

2. RBI proposes banks with less than 6% net NPAs to declare dividends

• As per the prevailing norms last updated in 2005, banks need to have an NNPA (Net NPA) ratio of up to 7% to become eligible for declaration of dividends.
• The Reserve Bank proposed allowing banks having net non-performing assets (NPAs) ratio of less than 6% to declare dividends.
• The new guidelines should come into effect from FY25 onwards.
• Commercial Bank: A minimum total capital adequacy of 11.5% to be eligible for declaring dividend
• Small Finance Banks and Payment Banks: 15%
• Local Area Banks and Regional Rural Banks: 9%
• Increasing the upper ceiling on dividend payout ratio: 50% from 40%

3. World’s largest lithium deposit discovered in California’s Salton Sea

• The US Department of Energy has discovered the world’s largest lithium deposit beneath California’s Salton Sea.
• It is containing an estimated 18 million tons of lithium.
• Total resources in the Salton Sea area could produce more than 3,400 kilotons of lithium, valued at upto $540 billion.
• This is enough to manufacture more than 375 million batteries for electric vehicles (EVs).
• Countries with the largest lithium reserves: Chile > Australia > Argentina
• Largest lithium-producing countries: Australia > Chile > China
• Use of Lithium:
• For making rechargeable batteries for mobile phones, laptops, digital cameras, and electric vehicles.
• To make non-rechargeable batteries for things like heart pacemakers, toys, and watches.

4. South Korea launches ‘workation’ visa for foreigners

• South Korea has introduced a new visa for foreigners allowing them to visit the country on a working holiday or workation.
• Its pilot project started on January 1, 2024.
• Eligible:
• Foreign nationals with an annual income twice as much as South Korea’s per capita gross national income will be eligible to apply for the visa. (Last year, the country’s GNI was $33,002.)
• The applicants must also have medical insurance of over 100 million won and must cover medical treatment and repatriation fees.
• They cannot be hired by any company in South Korea to work or undertake any profit-making activity.
• Valid for one year and can be extended for up to two years.

5. Govt to exempt Aadhaar-payment to MGNREGA workers in some cases

• The Centre would give specific exemptions from an Aadhaar-linked payment to the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) workers.
• Wage payments under the MGNREGA scheme will be paid only through the Aadhaar-Based Payment System (ABPS).
• The system requires a worker’s bank account and job card to be linked with Aadhaar.
• The Centre decided to make the wage payment of unskilled workers through ABPS mandatory to ensure the payment goes directly into the bank accounts of the beneficiaries, even in case of frequent change of bank accounts.

6. NEHHDC Established Ashtalaxmi Haat for Northeast Arts and Crafts

• Ashtlaxmi Haat, a dedicated marketplace and residency in Guwahati was established.
• Reason: Boost incomes for regional artisans
• Set up by: North Eastern Handicrafts and Handlooms Development Corporation (NEHHDC)
• Cost: ₹7.6 crore
• It aims to showcase handicraft diversity from Northeast India’s eight states.
• Government Initiatives for North Eastern States:
• PM-DevINE Scheme (Prime Minister’s Development Initiative for North East Region)
• Fund: 100% Central funding
• Nodal Ministry: Ministry of Development of the Northeast Region
• Tenure: 2022-23 to 2025-26
• Objectives:
• Fund infrastructure convergently, in the spirit of PM Gati Shakti;
• Support social development projects based on felt needs of the NER;
• Enable livelihood activities for youth and women;
• Fill the development gaps in various sectors.
• North East Special Infrastructure Development Scheme
• Fund: 100% central funding
• Outlay: Rs. 8139.50 crore
• Tenure: 2022-23 to 2025-26

7. Punjab: First State To Map Accident-Prone Sites On Navigation Platform

• Punjab has become the first Indian state to comprehensively map all 784 accident-prone areas as ‘black spots’ on the navigation system.
• Navigation system Mappls App.
• Launched as part of Punjab’s flagship project, ‘Road Safety Force’.
• It was developed by MapMyIndia.
• It provides voice alerts in Punjabi.
• Alert even before the black spot is 100 meters away.
• As per the WHO report, India’s death rate has seen an increase of 15%, which has increased from 1.34 lakh in the year 2010 to 1.54 lakh in the year 2021.
• WHO report titled Global State of Road Safety 2023

8. Prof B R Kamboj honoured with M S Swaminathan Award

• Chaudhary Charan Singh Haryana Agricultural University’s Vice Chancellor Prof. B.R. Kamboj has been honoured with the prestigious M.S. Swaminathan Award.
• Reason: For his contributions as a scientist and extension specialist in the field of agronomy
• M S Swaminathan Award:
• Instituted in 2004
• Aim: To recognise the lifetime contributions of eminent persons who have made great impacts and outstanding contributions to agricultural research and development
• Biennial award
• Constituted by the Retired Indian Council of Agricultural Research Employees Association (RICAREA) and Nuziveedu Seeds Limited (NSL)
• The award carries a Cash prize of Rs.2 lakhs (Rupees Two Lakhs only), a Medal, and a Citation

9. Felix Tshisekedi Named President of The Democratic Republic of Congo

• President Tshisekedi emerged victorious with approximately 73% of the vote, leaving his closest rival, Moise Katumbi, with 18%.
• French serves as the official language of Congo.
• Capital: Kinshasa
• Prime minister: Sama Lukonde
• Currency: Congolese Franc

10. Defence Minister inaugurates first all-girls Sainik School at Vrindavan

• Defence Minister Rajnath Singh inaugurated the first all-India Girls Sainik School at Vrindavan in Mathura, Uttar Pradesh.
• The name of Girls Sainik School Samvid Gurukulam Girls Sainik School.
• Target: Establishment of 100 new Sainik schools in partnership with NGOs/private/state government schools
• Achieved: 42 have already been set up
• Existing: 33