Daily Current Affairs 12th December, 2023

Daily Current Affairs 12th December 2023: Your guide for daily General Knowledge Preparation

Dear Readers,

This post contains important current affairs of 12th December2023. It includes all Major National, International, Business and Sports related current affairs of 12th December2023. A brief explanation of every current affair is provided to further enhance your general knowledge. Once you have gone through these current affairs we would recommend to you to try 12th December2023 Current affairs test.

National News

1. RBI’s Monetary Policy Update:

• The RBI’s Monetary Policy Committee has maintained the repo rate at 6.5% for the fifth time in a row.
• The forecast for India’s GDP growth for the fiscal year 2023-24 has been increased to 7%, up from the earlier projection of 6.5%.
• Inflation expectations remain at 5.4%, with ongoing concerns about sustained food price inflation.
• Rates for liquidity adjustment, the standing deposit facility, and the marginal standing facility remain unchanged.

2. Enhanced UPI Limits for Educational and Medical Transactions:

• The limit for UPI transactions for hospitals and educational institutions has been raised from Rs 1 lakh to Rs 5 lakhs.
• Plans are in place to increase e-mandate limits for certain types of transactions.
• Transactions up to Rs 1 lakh for mutual funds, insurance, and credit card repayments will not require additional authentication.

3. Regulation of Online Loan Aggregators:

• The RBI plans to introduce a regulatory framework for internet-based loan aggregators.
• The focus is on improving transparency, customer focus, and informed decision-making.
• This comes as a response to the recommendations made by the Working Group on Digital Lending.

4. RBI’s Cloud Infrastructure for Financial Sector:

• The RBI is developing a dedicated cloud infrastructure specifically for the financial sector.
• Initially managed by IFTAS, there are plans to transition this to an independent entity.
• The deployment will be phased to ensure better security, integrity, and privacy.

5. RBI Authorizes Weekend Reversals of Liquidity Facilities:

• The RBI now permits the reversal of liquidity facilities like SDF and MSF during weekends and holidays.
• This move is aimed at improving banks’ fund management.
• It addresses the issues banks face due to the simultaneous high usage of SDF and MSF.

6. DICGC’s Report on Insured Deposit Ratios:

• The ratio of insured deposits to assessable deposits has decreased to 46.31% in the fiscal year 2023.
• A trend is observed where customers are placing larger deposits, resulting in a rise in uninsured deposits.
• The DICGC is contemplating an increase in the premium limit for deposit insurance.

DICGC Overview:

• Established in 1978 and headquartered in Mumbai, it is chaired by Michael Patra.
• It functions as a specialized division of the RBI under the Ministry of Finance.
• The DICGC insures all bank deposits, excluding some specific exceptions.

National News:

7. 27th WAIPA World Investment Conference in New Delhi:

• India is set to host the largest World Investment Conference to date.
• Organized by India’s National Investment Promotion and Facilitation Agency and the World Association of Investment Promotion Agencies.
• Union Minister Piyush Goyal will give the keynote speech about the Role of Trade and Investment.
• The event will feature the launch of the Experience India Centre, highlighting India’s capabilities through technological displays.

8. India’s Expenditure on Climate Change Adaptation:

• In the fiscal year 2021-22, India allocated Rs 13.35 lakh crore for climate adaptation measures, with a projected expenditure of Rs 57 lakh crore over the next seven years.
• This expenditure may increase due to damages caused by climate change.
• India has submitted its third National Communication (NATCOM) and third Biennial Update Report under the Paris Agreement.

9. Scheme for Micro Food Processing Enterprises:

• Launched in 2020, this centrally sponsored scheme has an allocation of Rs. 10,000 Crore.
• It offers credit-linked subsidies to micro-enterprises, seed capital to Self Help Groups (SHGs), and grants for establishing linkages and infrastructure.
• The Ministry of Food Processing Industries is the nodal agency for this scheme.

10. Inauguration of the 4E Wave in Jammu:

• Union Minister R. K. Singh launched a student-driven National Movement for Energy Conservation.
• The campaign focuses on eco-friendliness, economy, education, and empowerment.
• It is supported by J&K’s Power Development Department and the Bureau of Energy Efficiency.

International News:

11. Sweden-USA Defence Cooperation Agreement:

• Sweden has signed an agreement granting the USA access to its military bases.
• The agreement aims to bolster Sweden’s position to receive US support during wars or crises.
• Sweden has similar agreements with Norway and is in negotiations with Finland and Denmark.

12. Argentina’s Delayed Entry into BRICS:

• Argentina’s admission to BRICS has been postponed from its initial date of January 1, 2024.
• The delay is attributed to potential shifts in foreign policy under a new right-wing government.
• Argentina was invited as part of an expansion to create an 11-nation BRICS alliance.

State News:

13. Initiatives by Telangana’s Chief Minister:

• Chief Minister Revanth Reddy launched the Maha Lakshmi Scheme for free bus travel and expanded the Rajiv Aarogyasri Scheme to ₹10 lakh.
• The Maha Lakshmi Scheme offers free bus travel to girls, women, and transgender individuals on TSRTC buses.
• The Rajiv Aarogyasri Scheme provides financial aid to families below the poverty line.

Appointments & Resignations:

14. Chair of World Radiocommunication Conference 2023:

• Mohammed Al Ramsi from the UAE has been appointed as the Chair of the WRC 2023.
• The conference, held in Dubai, hosted over 4,000 participants from 193 countries.

Acquisitions & Mergers:

15. UltraTech’s Acquisition of Kesoram’s Cement Business:

• UltraTech is set to acquire the cement division of Kesoram Industries through an all-stock transaction.
• The deal, including debt, is valued at approximately ₹7,600 crore.
• The demerger of Kesoram’s cement business is expected to be completed within 9-12 months.

MoUs and Agreements:

16. NMCG’s Agreement with Mississippi River Initiative:

• The National Mission for Clean Ganga signed an MoCP with the Mississippi River Cities and Towns Initiative.
• This is a step towards establishing the Global River Cities Alliance.
• The NMCG and the National Institute of Urban Affairs initiated the River Cities Alliance in 2021 to foster dialogues among Indian cities along riverbanks.

Ranking and Index:

17. Climate Change Performance Index (CCPI) 2024:

• India achieved the 7th position in the CCPI 2024, focusing on factors like greenhouse gas emissions, renewable energy, energy use, and climate policy.
• Denmark continues to hold the top position, while Saudi Arabia is ranked at the bottom.

Sports News:

18. Inaugural Khelo India Para Games:

• Union Minister Anurag Singh Thakur inaugurated the first Khelo India Para Games in New Delhi.
• The event saw participation from over 1,400 athletes across 32 states and Union Territories in seven sports disciplines.
• Medical facilities were provided for the athletes throughout the event.

19. Badminton Triumph for Ashwini Ponnappa and Tanisha Crasto:

• The Indian pair won the women’s doubles title at the Guwahati Masters badminton tournament.
• Their victory aids in their qualification for the Paris 2024 Olympics.

Important Days:

20. Universal Health Coverage Day:

• Celebrated on December 12, 2023, the day highlights the importance of universal access to quality healthcare services.

Obituaries:

21. Demise of Communist Leader Kanam Rajendran:

• Kanam Rajendran, a prominent Communist leader and CPI Kerala secretary, passed away at 73 in Kochi, Kerala.