Daily Current Affairs and GK | 16 and 17 March 2025

Topic: Art and Culture

1. UNESCO's World Heritage Centre added six properties to India’s tentative list.

• These properties were added to list on 7 March. The newly added properties are given below.
  • Kanger Valley National Park (Chhattisgarh)
  • Mudumal Megalithic Menhirs (Telangana)
  • Ashokan Edict Sites (multiple states)
  • Chausath Yogini Temples (MP, Odisha)
  • Gupta Temples (multiple States)
  • Palace-Fortresses of the Bundelas (MP, UP)
• Addition of a property to tentative list of World Heritage Centre is mandatory for inscription to the World Heritage List in future.
• India now has total 62 sites on the tentative list. The tentative list includes properties that a country intends to consider for UNESCO nomination.
• As of now, total 43 Indian properties are inscribed on the UNESCO World Heritage List.
• These include 35 in the cultural category, seven in natural category and one in mixed category.
• A World Heritage Committee meeting was for the first time hosted by India in 2024.

Topic: Corporates/Companies

2. Insurance Regulatory and Development Authority of India (IRDAI) has granted a Certificate of Registration to Valueattics Reinsurance Ltd. 

• Valueattics Reinsurance Ltd. is the first company to be registered exclusively for reinsurance operations. 
• This registration has come within the newly revised regulatory environment. 
• IRDAI sees this as a major step in increasing competition in the reinsurance market. 
• Life Insurance Corporation of India (LIC), New India Assurance Company, and General Insurance Corporation of India have been identified as Domestic Systemically Important Insurers (D-SIIs) for FY 2024-25. 
• These designations were made by the IRDAI. During the 129th Authority meeting held on March 12, several key initiatives were discussed. 
• These included Bima Sugam, Indian Risk-Based Capital, Ind AS, and the Risk-Based Supervisory Framework. 

Topic: Important Days

3. World Consumer Rights Day: 15 March

• World Consumer Rights Day is observed annually on March 15.
• It reminds us of the need for consumer rights and protection.
• This day gives us an opportunity to promote the basic rights of all consumers and encourage those rights to be respected and protected.
• World Consumer Rights Day was first observed in 1983.
• The theme for World Consumer Rights Day 2025 is, ‘A Just Transition to Sustainable Lifestyles.’
• This theme reflects the urgent need to make sustainable and healthy lifestyle choices available, accessible, and affordable for all consumers.
• This year’s campaign highlights the ways to achieve sustainable lifestyles and calls for stronger consumer protection and empowerment worldwide.
• The Consumer Protection Act, 2019 provides for a three-tier quasi-judicial machinery at District, State and Central levels commonly known as “Consumer Commissions” for the protection of the rights of consumers.

Topic: Banking/Finance

4. RBI has been selected for the Digital Transformation Award 2025 by Central Banking at London in UK.

• Reserve Bank of India has been awarded for its digital initiatives named Pravaah and Sarthi.
• The awards committee noted that these digital initiatives have reduced the use of paper-based submissions, thus transforming RBI’s internal and external processes.
• Sarthi initiative was launched in January 2023. It enables RBI’s employees to store and share documents securely.
• It has improved record management and increased the options for data analysis through reports and dashboards.
• Sarthi has helped the RBI boost operational efficiency by automating processes. It allows task and performance tracking, improved collaboration, and integration with other RBI systems.
• Pravaah was launched in May 2024. It was created for external users to submit regulatory applications to the RBI.
• PRAVAAH (Platform for Regulatory Application, Validation, and Authorisation) portal is a secure and centralized web-based platform for individuals and entities to apply online for various regulatory approvals from the RBI.