Daily Current Affairs Capsules 5th January 2024

1. RBI revises definition of politically-exposed persons for KYC purpose

In the news:

• The Reserve Bank of India (RBI) has changed the definition of Politically-Exposed Persons (PEPs) under its norms.
• Reason: To make it easier for those individuals to carry out various banking transactions, including availing loans
• The earlier norms about PEPs were open-ended and there was a lack of clarity on the definition, apparently leading to issues for bankers, parliamentarians, and others.
• There were also concerns in certain quarters that PEPs were finding it difficult to get loans or open bank accounts.

2. India’s forex reserves jump $2.75 bn to $623.2 bn: RBI data

In the news:

• India’s forex reserves jumped by $2.759 billion to $623.2 billion in the week ended December 29, 2024.
• In the previous reporting week, the overall reserves had increased by $4.471 billion to $620.441 billion.
• Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
• Gold reserves were up by $853 million to $48.328 billion during the week.
• The Special Drawing Rights (SDRs) were up by $38 million to $18.365 billion.

3. Uganda to Host 19th NAM Summit

In the news:

• The 19th edition of Non-Aligned Movement (NAM) Summit will be held in Uganda.
• Attended by: India’s External Affairs Minister S. Jaishankar will be visiting Uganda from January 15-20, 2024
• Aim: To strengthen ties with African countries and other nations of the Global South will be a key focus during the visit
• Chair of NAM for 2024-2027: Uganda
• 18th Summit of NAM: Azerbaijan

4. ₹26,400 cr on the cards for FAME-III

In the news:

• The ministry of heavy industries is working on broad contours of the third phase of Faster Adoption and Manufacturing of Electric Vehicles or FAME-III.
• The ministry is proposing to allocate Rs 26,400 crore for FAME-III subsidy alone with electric two wheelers getting around Rs 8,158 crore, electric buses Rs 9,600 crore and electric three-wheelers Rs 4,100 crore
• Setting up an innovation fund and money for testing , the total allocation could cross Rs 33,000 crore, estimates suggest.
• The third phase proposed allocation is much higher than FAME-I and FAME-II at $₹ 895$ crore and ₹10,000 crore, respectively.

5. AIIMS New Delhi starts country’s first smart lab in its OPD block

In the news:

• All India Institute of Medical Science (AIIMS) New Delhi has started the country’s first smart lab in its OPD block to provide test facilities under one roof.
• This facility is seamlessly integrated, offering a wide range of laboratory testing services including hematology, biochemistry, coagulation, serology, endocrinology, and various immunoassays.
• The smart lab of AIIMS gets the report of 90 percent on the same day the sample is received.

6. Flipkart partners Fireblocks to support Web 3.0 users

In the news:

• E-commerce firm Flipkart has formed a strategic partnership with Fireblocks to manage digital asset operations and build innovative businesses on blockchain technology.
• Aim: To support the way consumers safely and easily interact with the Web 3.0 ecosystem.
• This collaboration will also provide avenues for brands to innovate and enhance customer experiences, as being explored via the FireDrops platform.
• FireDrops is an endeavour to create a safe and scalable brand engagement programme on the blockchain

7. Uttar Pradesh’s ‘Paying Guest’ Scheme to Promote Tourism in Ayodhya

In the news

• The Uttar Pradesh government launched ‘Paying Guest’ Scheme to promote tourism in Ayodhya.
• The state government is transforming Ayodhya under its ‘Navya Ayodhya’ project.
• Aim: To upgrade accommodation and cuisine experiences for visitors
• Focus: Enabling local residents to offer paying guest facilities and homestays for tourists, devotees and travelers

8. Cabinet approves MoU between Isro, MRIC on joint small satellite

In the news:

• The Union Cabinet has approved an MoU between the Indian Space Research Organisation (ISRO) and the Mauritius Research and Innovation Council (MRIC)
• Reason: Concerning cooperation on the development of a joint small satellite.
• Aim: To establish a framework for cooperation between Isro and MRIC on the development of a joint satellite as well as for cooperation on the use of the MRIC’s Ground Station
• The estimated cost for the realisation of the joint satellite is Rs 20 crore, which the government of India will bear.

9. Ratle Hydroelectric Project will provide power to Rajasthan Urja Vikas

In the news:

• An agreement was signed between Ratle Hydroelectric Project of Jammu and Kashmir, and Rajasthan Urja Vikas and IT Services Limited.
• Under this, RHP will provide electricity to Rajasthan Urja Vikas and IT Services Limited for 40 years.
• About Ratle Hydro Electric Power Corporation Limited (RHPCL):
• Headquarter: Faridabad
• Ratle Hydropower Project (RHP) is located in Kishtwar, Jammu and Kashmir.
• It is a public company incorporated on June 1, 2021.
• It is a joint venture company of NHPC Limited and Jammu and Kashmir State Power Development Corporation.
• Both have equity stakes of 51% and 49%, respectively, in RHPCL.
• The company has been incorporated to implement the 850 MW Ratle Hydroelectric Project.
• About Ratle Hydropower Project (RHP):
• Situated on: Chenab River, Kishtwar district, J&K
• Foundation laid by: Former The Indian Prime Minister, Dr. Manmohan Singh

10. Canara Bank CGM P Santhosh Appointed as MD of NARCL

In the news:

• P Santhosh, Chief General Manager at Canara Bank, has been appointed as the Managing Director of National Asset Reconstruction Company (NARCL).
• He succeeded Natarajan Sundar
• About NARCL:
• It has been incorporated under the Companies Act.
• It has applied to the Reserve Bank of India for a license as an Asset Reconstruction Company (ARC).
• It will acquire stressed assets worth about Rs 2 lakh crore from various commercial banks in different phases.
• Public Sector Banks (PSBs) will maintain 51% ownership in NARCL.