Topic: Banking System
1. UPI transaction value reached new high level at ₹17.4 lakh crore in November.
- UPI transaction volume declined slightly to 1,124 crore from 1,141 crore in October.
- UPI transaction value was ₹17.16 lakh crore in October. UPI transactions fell slightly by 1.5% to 1,124 crore from 1,141 crore in October.
- According to the data by National Payments Corporation of India (NPCI), in percentage terms, the value of transactions was 1.4% higher on month and 46% on year.
- In October, the value of transactions increased 8.6% and the number of transactions by 8.1%.
- Growth in UPI transactions has remained over 40% for the value of transactions and above 50% for volume in FY24 so far.
- In FY23, 8,376 crore transactions aggregating ₹139 lakh crore were processed on UPI platform.
- In FY22, 4,597 crore transactions worth ₹84 lakh crore were processed.
Topic: Reports and Indices
2. Services PMI decreased to a year low of 56.9 in November.
- Services PMI decreased due to lower demand. Despite decrease, new business intakes and output remain robust.
- In November, India’s service sector saw a decline in demand.
- Services Purchasing Managers Index (PMI) decreased to a year-low of 56.9 from 58.4 of October.
- The services sector has a share of around 54% in Gross Value Added (GVA).
- As per the participants in the survey, the charge inflation declined to the weakest in eight months during November.
- Consumer Services firms recorded the highest rate of input cost inflation.
Topic: Indian Economy/Financial Market
3. Over the past five years, all Scheduled Commercial Banks (SCBs) have written off around Rs 10.6 lakh crore.
- Out of this, 50 per cent belong to large industrial houses.
- Government said that nearly 2300 borrowers wilfully defaulted around Rs 2 lakh crore.
- These borrowers are having a loan amount of Rs 5 crore or more.
- Write-offs do not result in waiver of liabilities of borrowers to repay.
- Write-off does not benefit the borrower. The process of recovery of dues from the borrower in written-off loan accounts continues.
- Minister of State in the Finance Ministry Bhagwat Karad said that all SCBs have collected an aggregate amount of Rs. 5,309.80 crore as penal charges.
- According to Karad, the Central Repository of Information on Large Credits (CRILC) receives specific credit information from Scheduled Commercial Banks (SCBs) and All India Financial Institutions about all borrowers with an aggregate exposure of at least Rs. 5 crore.
- According to the CRILC database, as of 31.3.2023, 2,623 distinct borrowers had an aggregate amount owed by SCBs of more than Rs 1.96 lakh crore and were categorised as wilful defaulters.
Topic: Summits/Conferences/Meetings
4. On 5 December, the India Internet Governance Forum 2023 (IIGF-2023) held in New Delhi.
- The Internet Governance Forum (IGF) is a multi-stakeholder forum that brings together representatives of diverse groups to discuss public policy issues related to the Internet.
- After successfully organizing the first two editions of IIGF in 2021 and 2022, the 3rd edition of the IIGF was conducted.
- The theme of the forum was “Moving Forward – Calibrating Bharat’s Digital Agenda”.
- The event is an effort to create an in-depth discussion on issues such as creating a secure, trusted, and resilient cyberspace for India, enabling innovation for India's development goals, bridging divides, and global digital governance.
- India Internet Governance Forum is an initiative related with United Nations Internet Governance Forum (UN IGF).
- The Indian chapter of the United Nations IGF is called India IGF or IIGF, was formed in the year 2021.
- It is supported by a 14-member multi-stakeholder committee representing government, civil society, industry, technical community, think tanks, and industry associations.
Topic: Appointments
5. Insolvency and Bankruptcy Board of India (IBBI) has appointed Jitesh John as the new Executive Director.
- Jitesh John took charge of his new role at IBBI on 01 December 2023.
- He previously served as an Economic Advisor in the Ministry of Power.
- He is a 2001-batch Indian Economic Service Officer.
- The Ministry of Corporate Affairs has given post facto approval to appoint Sandip Garg as a Whole Time Member of IBBI.
- His appointment is valid for five years since taking the charge or until age 65, whichever is earliest.
- Five years are effective from October 27, 2023, when Sandip Garg assumed office as IBBI Whole Time Member.
- Garg had also served as a member of the Indian Revenue Service. He had also served as Executive Director in IBBI.
Topic: RBI
6. RBI and Bank of England inked a pact to exchange information related to CCIL.
- The Reserve Bank of India (RBI) and the Bank of England signed a MoU for cooperation and exchange of information related to Clearing Corporation of India Ltd (CCIL).
- The MoU proposed to create a framework for the Bank of England (BoE) to place reliance on the RBI's regulatory and supervisory activities while safeguarding the UK's financial stability.
- The MoU also emphasizes the importance of cross-border cooperation for international clearing activities.
- RBI Deputy Governor T Rabi Sankar and BoE Deputy Governor for Financial Stability Sarah Breeden signed the MoU in London.
- In January 2023, CCIL sent an application to the Bank of England for recognition as third-country CCPs (TC-CCPs).
- This MoU will also help the Bank of England in assessing the application of CCIL for recognition as a third-country Central Counterparty (CCP).
- Clearing Corporation of India Ltd. (CCIL):
- It was set up in April 2001. It is a Central Counterparty (CCP).
- It was set up to provide clearing and settlement for transactions in Government securities, foreign exchange and money markets in the country.
Topic: Reports and Indices
7. Delhi has the highest cases of sexual violence making it most unsafe for women.
- According to the annual report of the National Crime Records Bureau (NCRB), Delhi is the most unsafe metropolis in the country for women, with an average of three rape cases reported every day.
- This is the third consecutive year that Delhi has the highest number among 19 metropolitan cities, with about 186.9 crimes reported per 1,00,000 women.
- On 3 December, the Crime in India Report released revealed that the city recorded 14,158 incidents of crime against women in 2022.
- According to NCRB data, this includes 1,204 rape cases.
- 3,909 incidents of kidnapping or abduction of women were also recorded in the national capital. A total of 129 cases related to dowry deaths were registered in the city.
- 4,847 incidents of cruelty by husbands or their relatives were recorded in Delhi.
- The incidence of crimes against senior citizens (aged 60 years and above) increased from 1,166 cases in 2021 to 1,313 cases in 2022.
- Cybercrime cases in the city doubled in 2022. The number increased from 345 cases in 2021 to 685 cases in 2022.
- A total of 501 incidents of murder were recorded in the city. 106 cases of human trafficking were also registered in this.
- At least 492 minor boys were trafficked in Delhi in 2022, compared to 113 girls.
Topic: Appointments
8. Manisha Padhi has been appointed as the first woman Aide-De-Camp (ADC) of India.
- Mizoram Governor Hari Babu Kambhampati appointed Squadron Leader Manisha Padhi as ADC from the armed forces at a brief ceremony at the Raj Bhawan in Aizawl.
- Padhi is a 2015-batch Indian Air Force officer. She is the first Indian woman to acquire the post.
- Squadron Leader Padhi formally joined her post and reported to the Governor on 29 November 2023.
- Kanchan Devi has become the first woman Director General of the Indian Council of Forestry Research Education (ICFRE).
- She is an Indian Forest Service officer from the 1991 batch of the Madhya Pradesh cadre.
- She played an important role in setting up of the Centre of Excellence on Sustainable Land Management.
- She also played a key role in the implementation of the World Bank-funded Ecosystem Services Improvement Project at ICFRE.
- Indian Council of Forestry Research Education is an autonomous organisation under the Ministry of Environment, Forest and Climate Change. It is located in Dehradun, Uttarakhand.
Topic: Summits/Conferences/Meetings
9. PM Modi proposed to host the COP33 Summit in India in 2028.
- He proposed this during his address at the World Climate Action Summit during the United Nations Climate Change Conference (COP28) in Dubai.
- During his COP28 address in Dubai, PM Modi said India’s goal is to reduce emissions intensity by 45% till 2030.
- He also said India has decided to increase the share of non-fossil fuel to 50%.
- PM Modi was the only leader who joined the opening plenary along with COP28 President Sultan Al Jaber and UN Climate Change President Simon Steill.
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