Topic: Regulatory Bodies/Financial Institutions
1. International Financial Centres Authority (IFSCA) approved 200th fund.
- An Indian financial services company's Alternate Investment Fund (AIF) has become the 200th fund to be approved in Gujarat's GIFT City.
- Motilal Oswal's Fund of Fund, a private equity fund, has become the 200th fund to be registered in GIFT IFSC.
- The funds in IFSC have raised $12 billion in commitments through IFSC, with $4.61 billion actually invested in India and other countries.
- As of December 2024, IFSCA has registered 141 Fund Management Entities (FMEs).
- These FMEs have launched a record 200 schemes with a cumulative targeted corpus of $45 billion from IFSC.
- To date, 13 funds have moved from different jurisdictions, such as Singapore, Mauritius, and Dubai, with pledges totalling more than $2.87 billion.
- This includes seven Singaporean funds with almost $2.3 billion in commitments.
- Five Mauritius-based funds totalling $554 million have committed to India, while one Dubai-based fund has committed $20 million.
- More than 100 investors have signed up for the Fund Management Entities' (IFSC) Portfolio Management Schemes (PMS).
Topic: Awards and Prizes
2. Afcons Infrastructure has won Most Innovative Knowledge Enterprise (MIKE) Award 2024.
- Afcons Infrastructure has won the Most Innovative Knowledge Enterprise (MIKE) Award 2024 for the 7th consecutive year at the Global and India levels.
- This award is a recognition of Afcons' commitment to innovation and excellence in knowledge management.
- International Global MIKE Study Group gives this award.
- International Global MIKE Study Group includes world experts in effective knowledge management and innovative practices.
- Afcons Infrastructure has won MIKE awards at both the India and Global levels from 2018 to 2024.
- Earlier, Afcons received the Most Admired Knowledge Enterprise (MAKE) award in 2016 and 2017 at India, Asia, and Global levels.
Topic: Appointments
3. Arunish Chawla has been appointed as new Revenue Secretary.
- He will succeed Sanjay Malhotra. Malhotra was appointed as RBI Governor earlier in December 2024.
- After appointment of Malhotra, Economic Affairs Secretary Ajay Seth was given Revenue Department’s additional charge.
- Finance Secretary and Secretary in the Department of Investment & Public Asset Management (DIPAM) will continue to have additional charge of Department of Public Enterprises.
- Chawla is an IAS officer from the Bihar cadre. He was working as Pharmaceutical Secretary, before his appointment as the Revenue Secretary.
- He would also be ex-officio Secretary to the GST Council. He will superannuate in July 2028.
- Chawla will be replaced by Amit Agrawal as Pharmaceutical Secretary.
- Agarwal is currently Chief Executive Officer at Unique Identification Authority of India.
- Neeraj Shekhar has been appointed as Director General in National Productivity Council.
Topic: Miscellaneous
4. Tata Power and Canara Bank have entered into partnership to offer loans for rooftop solar systems.
- Through the PM Surya Ghar Scheme, Tata Power Renewable Energy has partnered with Canara Bank to promote the adoption of rooftop solar systems.
- Loans for residential solar installations up to Rs 2 lakh are available for systems with a capacity of up to 3 kW (kilowatt).
- This requires a 10% margin and no collateral, with an interest rate of 7% per year and a 10-year repayment period.
- Loans of up to Rs 6 lakh are offered for larger systems, ranging from 3 kW to 10 kW, with a 20% margin, no collateral, and a 10% annual interest rate over ten years.
- PM Surya Ghar Scheme aims to make it easier for people to access clean energy solutions.
- India aims to achieve 500 GW of installed electric capacity from non-fossil sources by 2030.
- Tata Power Renewable Energy is a unit of Tata Power.
Topic: Appointments
5. Amitava Chatterjee’s appointment as MD and CEO has been approved by the board of Jammu and Kashmir (J&K) Bank.
- J&K Bank’s board has approved his appointment as managing director (MD) and chief executive officer (CEO) for three years effective from 30 December 2024.
- Amitava Chatterjee is presently deputy managing director, SBI. He has also served as MD&CEO of SBICAPS.
- Jammu & Kashmir Bank is a private sector scheduled commercial bank. It is headquartered in Srinagar, Jammu and Kashmir.
Topic: Reports and Indices
6. India has jumped from 60th position to 49th position in the 'Network Readiness Index'.
- India has achieved significant advancements in technology and innovation, climbing 11 positions to secure the 49th spot in the Network Readiness Index 2024 (NRI 2024) compared to the previous year.
- Released by the Washington DC-based Portulans Institute, the Index assesses countries on their utilization of technology to improve governance, foster citizen engagement, and create a broader impact.
- In the Network Readiness Index 2024, the USA ranked first with a score of 78.96, followed by Singapore in 2nd place with a score of 76.94 and Finland in 3rd place with a score of 75.76.
- Sweden ranks fourth with a score of 74.99, and the Republic of Korea ranks fifth with a score of 74.85.
- In 2023, India's position has advanced by 11 places, rising from 60th with 49.93 points.
- In 2024, the country improved the ranking and also improved its overall score to 53.63, reflecting its continued efforts in advancing technology, research, and digital infrastructure.
- India's progress in areas such as artificial intelligence, mobile networks, and broadband has been helpful in achieving this growth.
- The country is leveraging these technologies for global research and also using them to make the lives of its citizens easier.
Topic: Appointments
7. V. Ramasubramanian appointed as the Chairperson of the NHRC.
- On December 23, retired Supreme Court judge V. Ramasubramanian was appointed the new chairperson of the National Human Rights Commission (NHRC).
- Justice Ramasubramanian has been appointed by President Droupadi Murmu.
- Priyank Kanoongo and Dr. Justice Bidyut Ranjan Sarangi (Retd.) have also been appointed as members of the commission.
- Justice Ramasubramanian was appointed a Judge of the Supreme Court on September 23, 2019, and will retire on June 29, 2023.
- The appointment comes months after former Supreme Court judge (retired) Arun Kumar Mishra ended his term as NHRC chairperson on June 1 this year.
- Following Mishra's retirement, Vijaya Bharti Sayani became the acting chairperson of the human rights panel.
Topic: Miscellaneous
8. Madhya Pradesh has been recognized as one of the ‘Go-To Global Destinations for 2025’ by the Wall Street Journal (WSJ).
- The honour highlights the state's rich heritage, unique wildlife and exceptional natural beauty.
- This global recognition reinforces Madhya Pradesh's position as a world-class tourist destination.
- With UNESCO World Heritage Sites, Tiger Reserves and vibrant cultural experiences, our state offers unique experiences for every traveller.
- The renowned UNESCO World Heritage Sites Khajuraho, Panna and Bandhavgarh, have been featured in WSJ's recognition.
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