DAILY GK 7 DEC 2024
1. POLICY CONFERENCE OF CENTRAL BANKS
FROM GLOBAL SOUTH
·
The
Reserve Bank of India (RBI) hosted the “High-Level
Policy Conference of Central Banks from the Global South” in
Mumbai, Maharashtra.
·
The
conference was inaugurated by RBI Governor Shaktikanta Das.
·
The
theme of the conference is “Building Synergies
across the central banking fraternity of the Global South“.
·
The focus of the conference was on sharing experiences and perspectives on
issues of contemporary relevance to foster mutually beneficial partnerships
for a more prosperous, stable and sustainable future for the Global South.
·
Central
bank governors, deputy governors, and officials from 18 Global
South countries attended, along with senior RBI officials,
including Directors of the RBI Central Board and Deputy Governors.
·
Global South term, first used in 1969 by political
activist Carl Oglesby, refers to the developing and
underdeveloped countries of Asia, Africa, and Latin America.
·
It
contrasts with the Global North, which includes wealthy, industrialized nations
like North America, Europe, and parts of Asia-Pacific.
2. RBI INFUSED RS
25,000 CRORE TO BOOST SYSTEM LIQUIDITY
·
The Reserve Bank of India (RBI) infused
funds worth Rs 25,000 crore through a Variable Repo Rate (VRR) into
the banking system as the weighted average call rate, a parameter for
short-term borrowing costs, increases 23
basis points (bps) above the policy repo rate
(6.50%) at 6.73%.
·
This
move aims to ensure that recent overseas outflows
from local debt and equity do not drive up banks’ cost of funds.
·
This
marked 2nd such auction that the RBI has conducted
post change in its stance to neutral from the withdrawal of accommodation.
·
As
per RBI data, surplus liquidity as measured by absorption of funds by the RBI,
has declined to a one-month low of Rs 84,154.75 crore.
·
RBI
aims to keep liquidity surplus and roughly about 1% to 1.2% of
Net Demand and Time Liabilities (NDTL), to ensure that the call rates don’t
move away from the repo rate.
·
RBI
received bids worth Rs 35,420 crore from banks
against the notified amount of Rs 25,000 crore, reflecting the need for funds
from lenders.
·
As
in November 2024, the Indian Rupee (INR) has depreciated nearly 0.5% to Rs
84.45 against 1 United States Dollar (USD) and foreign investors
have sold USD 4 billion from Indian stocks and bonds.
·
VRR: It acts as means to infuse short-term liquidity into the banking
system. It is a process through which RBI allows banks to borrow at rate
determined by the market generally lower than Repo rate for maximum period of
14 days.
·
Repo rate: It is the rate at which RBI lends money to commercial
banks in the event of any shortfall of funds. It is an important part of RBI’s
monetary policy to keep inflation under control.
3. PUNJAB NATIONAL BANK BECOMES A
PCAF SIGNATORY
·
Punjab National Bank (PNB) has
become a signatory to the Partnership for Carbon Accounting
Financials(PCAF), reaffirming its commitment to climate responsibility
and sustainability.
·
PCAF
is a global initiative founded in 2015 by 14 Dutch
financial institutions under the leadership of The Hague
(Netherlands)-based ASN Bank.
·
It provides a standardized framework for
financial institutions to measure and disclose GHG emissions from their lending
and investment activities, helping them identify climate risks and align with
global climate goals.
·
Union Bank of India was
the first major Indian bank to sign the PCAF.
4. RBI BUYS NET USD 8.52
BILLION IN 1ST HALF OF FY25
·
In the first half of the Fiscal Year
2024-2025 (April-September 2025/H1FY25), the Reserve Bank of India (RBI)
in its ‘RBI Bulletin – November 2024’ reported a net purchase of USD 8.52 Billion in
foreign currency assets as compared to USD 17.68 Billion in
H1FY24.
·
As of September 2024, the RBI had bought a
net USD 32.27 billion, including USD 9.6
billion in September.
5. RBI IMPOSES FINE ON RBL BANK FOR KYC
VIOLATIONS
·
The
RBI in exercise of its powers conferred under the provisions of Section
47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act,
1949 has imposed a fine of Rs 61.40 lakh on
RBL Bank Limited for failing to comply with Know Your Customer (KYC)
regulations.
·
RBI Deputy Governors – SwaminathanJanakiraman, Michael
DebabrataPatra, M. RajeshwarRao, T. Rabi Sankar
·
Establishment– 1st April 1935
·
Headquarters– Mumbai, Maharashtra
6. HDFC BANK
LAUNCHES PRAGATI SAVINGS ACCOUNT FOR SEMI-URBAN AND RURAL INDIA
·
The India’s leading private sector
(Housing Development Finance Corporation Limited) HDFC Bank,
announced the launch of Pragati Savings Account which
was designed specifically to support farmers with a wide range of features and
benefits in order to meet the banking needs of rural and semi-urban (SURU) people
across India.
·
Pragati Savings Account aims to build a
comprehensive banking ecosystem for India’s agricultural sector, including
farmers, those in cattle breeding, fisheries, poultry, dairy farming,
self-employed individuals, rural residents, self-help groups, and cooperatives.
·
It was previously known as the Farmer
Savings Account that provides access for exclusive discounts,
personalised services and financial support through preferential loan rates.
·
HDFC Bank continues to
support rural economies and drive financial inclusion with 51% of
its branches in semi-urban and rural areas.
·
“Vishesh” program by HDFC Bank is a retail
banking initiative designed to serve high-net-worth individuals (HNIs) in
semi-urban and rural areas (SURU).
7. WB APPROVES USD 225.5MN FOR
ELEMENT PROJECT IN TRIPURA, NAGALAND
·
The World Bank (WB) has
approved USD 225.5 million funding for the
Enhancing Landscape and Ecosystem Management (ELEMENT) Project,
aimed at improving forest management and enhancing economic opportunities in Tripura and Nagaland.
·
The funding comprises a loan from the
International Bank for Reconstruction and Development (IBRD)
with a maturity period of 12 years, including a grace
period of 4.5 years.
·
It
will conserve and restore 100,000 hectares of forest
for biodiversity and tribal livelihoods.
·
World Bank (WB) President– Ajay Banga
·
Headquarters– Washington D.C.
·
Establishment– 1944
·
Member Countries– 189
8. RBI INJECTS RS 6,956
CRORE AMID LIQUIDITY DEFICIT
·
The Reserve Bank of India (RBI)
injected Rs 6,956 crore into the banking system
to manage the increasing liquidity deficit, following a surplus liquidity of Rs 1.4 lakh crore that lasted more than two
months.
·
The liquidity deficit has arisen due to a
negative balance of payments in Q3FY25, totaling USD 23 billion,
driven by continued outflows from foreign portfolio investors (FPI) and the
RBI’s dollar sales in the market to stabilize the rupee.
·
The
core liquidity dropped from a peak surplus of Rs 4.6 trillion on September 27
2024 to Rs 1.6 trillion by November 15 2024.
·
India’s
foreign exchange reserves declined by USD 17.8 billion in the week ending
November 15, reaching a 4-month low of USD 657.9 billion.
·
Foreign exchange reserves or Forex
reserves are foreign
assets that the central bank of a country holds.
·
India ranks 4th largest
forex reserves worldwide after China,
Japan, and Switzerland.
9. 75 YEARS OF HINDI DIWAS: A DIAMOND
JUBILEE CELEBRATION AT THE UN
·
The Permanent Mission of India the United
Nations (UN) hosted a significant event in New York, the United
States of America (USA) to mark the 75th
anniversary (Diamond Jubilee) of Hindi Diwas On 22 November
2024,, emphasizing the global significance of Hindi.
·
Hindi Diwas is annually celebrated
on September 14th to commemorate the adoption of
Hindi as an officiall language of India in 1949.
·
The celebration also brought together representatives from over 40
countries, including Permanent Representatives (PRs), Deputy PRs, UN
officials, academics, members of the Indian diaspora.
·
United Nations (UN) Secretary-General (SG)– Antonio Guterres
·
Permanent Representative (PR) of India to the UN– Parvathaneni (P) Harish
·
Headquarters– New York
·
Founded– 24 October 1945
10. 76TH NCC RAISING DAY 2024 – NOVEMBER
24
·
The National Cadet Corps (NCC),
the largest uniformed youth organization in the world celebrates its raising
day on the 4th Sunday of November.
·
The 24 November 2024 marks
the observance of the 76th NCC Raising Day.
·
NCC is a voluntary youth organization in India that aims to develop
leadership, discipline, and patriotism among young people.
·
It functions under the Ministry of
Defence (MoD),
and its motto is “Unity and Discipline”which was adopted
on 23 Dec 1957.
11. NATIONAL CONSTITUTION DAY “SAMVIDHAN
DIVAS” 2024 – NOVEMBER 26
·
National Constitution Day
also known as ‘Samvidhan Divas’, is annually observed
across India on 26th November to commemorate
the adoption of the Indian Constitution in 1949 by the constituent Assembly of
India.26 November 2024 marks the 75th Anniversary of
adopting the Constitution of India.
·
A commemorative coin and stamp were
released to mark the 75th anniversary of the adoption of the Constitution of
India.
·
Two books titled “Making
of the Constitution of India: A Glimpse“ and “Making
of the Constitution of India & its Glorious Journey“ were
launched.
·
A booklet dedicated to the Art
of the Constitution of India was also unveiled, along with the
Constitution of India in both language of Sanskrit and
Maithili.
·
The
theme of this year’s National Constitution Day is “HumaraSamvidhan,
HumaraSwabhimaan.”
·
2015
marked the 125th birth anniversary of Dr. B. R. Ambedkar,
chairman of the drafting committee of the Indian Constitution. Previously
this day was celebrated as Law Day.
·
He is known as the Father of the Indian Constitution for his pivotal role in its
drafting.
·
2024
marks the 133rd birth anniversary of Dr B.R. Ambedkar, the chief architect of
the Indian Constitution.
12. WORLD AIDS DAY 2024 – DECEMBER 1
·
The United Nations (UN’s)
World Acquired Immune Deficiency Syndrome (AIDS) Day is
annually observed across the globe on 1st December to
raise awareness about Human Immunodeficiency Viruses (HIV)/ AIDS and foster
unity in the fight against the pandemic.
·
The
theme of World AIDS Day 2024 is “Take the Rights
Path: My Health, My Right!”
·
In
August 1987, World AIDS Day was proposed by James W. Bunn and Thomas Netter,
two public information officers for the Global Programme on AIDS at the World
Health Organization (WHO) in Geneva, Switzerland.
·
UNAIDS was officially established in 1994
through a UN resolution and became operational in 1996.
·
Headquarters – Geneva, Switzerland
13. NATIONAL POLLUTION CONTROL DAY 2024-
DECEMBER 02
·
National Pollution Control Day or National
Pollution Prevention Day is annually observed across India on 2
December in the memory of those who lost their lives in the
disastrous 1984 Bhopal Gas Tragedy.
·
2
December 2024 marks the 40th Anniversary
of the Bhopal Gas Tragedy.
·
The
theme for 2024 is ‘Clean Air, Green
Earth: A Step Towards Sustainable Living.’
·
Bhopal
Gas Tragedy was India’s first major industrial disaster that took place on the
intervening night of December 2 and 3 1984 in
Bhopal, Madhya Pradesh (MP).
·
It
is considered as one of biggest industrial pollution disasters.
·
The
gas leak at the Union Carbide pesticide
plant in Bhopal, Madhya Pradesh, led to thousands of deaths and caused
long-term health problems for many others.
·
Almost 45 tonnes of the
hazardous gas – Methyl Isocyanate (MIC) as well as
several other poisonous gases leaked from a pesticide plant, Union Carbide
(India) Limited (UCIL).
·
UCIL
was a chemical plant owned by the Indian unit of (a subsidiary of) the Union
Carbide Corporation (UCC), an American chemical company.
14. INTERNATIONAL DAY FOR THE ABOLITION
OF SLAVERY 2024 – DECEMBER 2
·
The United Nations (UN’s) International
Day for the Abolition of Slavery was annually observed across the
globe on 2nd December to about eradicating
modern slavery, such as human trafficking, sexual exploitation, severe child
labour, forced marriages, and the recruitment of children for armed conflicts.
·
International Labour Organisation (ILO):
·
Director General – Gilbert F.Houngbo
·
Headquarters – Geneva, Switzerland
·
Established – 1919
15. INTERNATIONAL DAY OF PERSONS WITH
DISABILITIES 2024 – DECEMBER 03
·
·
The
theme of IDPwD 2024 is “Amplifying the leadership
of persons with disabilities for an inclusive and sustainable future”
