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Daily Current Affairs 31st December 2023: Your guide for daily General Knowledge Preparation

Dear Readers,

This post contains important current affairs of 31st December2023. It includes all Major National, International, Business and Sports related current affairs of 31st 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 31st December2023 Current affairs test.


National News

1. Introduction of Unified Payments Interface (UPI) for Secondary Market by NPCI

  • The National Payments Corporation of India (NPCI) is set to launch a Unified Payments Interface (UPI) tailored for the secondary market. Its beta phase begins on January 1, 2024.
  • Initially focusing on the equity cash segment, the project involves key participants such as stock exchanges, banks, and UPI app providers, including Groww, BHIM, and YES PAY NEXT UPI apps.
  • Customers of HDFC Bank and ICICI Bank will be the first to access this feature, with plans to extend it to other banks and stakeholders.
  • This UPI service will allow investors to earmark funds for secondary market trades, eliminating the need for upfront transfers, and will include UPI mandate services for both single and multiple debits.
  • The beta phase of this service will be accessible to a limited group of users initially.

2. RBI Sets Redemption Price for Sovereign Gold Bonds

  • The Reserve Bank of India (RBI) has finalized the redemption price for early redemption of Sovereign Gold Bonds issued in January 2018 and January 2019 at ₹6,331 per unit.
  • Investors have the option for premature redemption after 5 years of issuance.
  • The redemption price is based on the average closing price of 999 purity gold in the three business days preceding the redemption date.
  • Sovereign Gold Bonds are substitutes for physical gold and are accessible to individuals, HUFs, educational, and charitable institutions.

3. Central Bank of India’s Partnership with Kisetsu Saison Finance for MSME Loans

  • The Central Bank of India collaborates with Kisetsu Saison Finance to provide loans to Micro, Small, and Medium Enterprises (MSME).
  • This partnership is expected to significantly enhance both entities’ loan portfolios.
  • In this co-lending arrangement, the Central Bank of India will cover 80% of the loan risk, while Kisetsu Saison Finance will assume at least 20%.

4. RBI Revises Reporting Norms for LRS

  • The RBI has updated the reporting requirements for resident individuals under the Liberalised Remittance Scheme (LRS).
  • Monthly and daily returns, previously submitted via the XBRL site, will now be done through the Centralised Information Management System (CIMS).
  • Authorized Dealer Category-I banks are now mandated to upload LRS monthly and daily returns on the CIMS portal.

5. RBI’s Financial Stability Report Highlights

  • As of September 2023, none of the top 100 borrower accounts in scheduled commercial banks (SCBs) were classified as Non-Performing Assets (NPAs).
  • The share of these top borrowers in SCBs’ loans has reduced to 15.9% from 17.2% in March 2023.
  • The Gross Non-Performing Asset (GNPA) ratio for large borrowers has decreased to 3.8%.

6. IRDAI Study on Women’s Participation in Life Insurance

  • According to a study by IRDAI, women held 34.2% of life insurance policies in the fiscal year 2022-23.
  • LIC had a larger share (35.81%) compared to private insurers (30.13%).
  • The study also observed state-wise distributions, with higher percentages in states like Karnataka and Kerala.
  • The claim settlement ratio slightly decreased to 98.45% in 2022-23.

7. RBI’s New Mandate for Customer Complaint Resolution

  • The RBI requires banks, NBFCs, and other regulated entities to resolve customer complaints within 30 days.
  • Customers must be informed of decisions made by their Internal Ombudsman within this period.
  • This directive aims to improve grievance resolution and customer service, involving an automated complaints management system and an escalation process to the IO.

8. Indian Government’s Actions on ‘Tehreeke-Hurriyat, J&K’ and Other Initiatives

  • The Indian government has declared ‘Tehreeke-Hurriyat, J&K’ as an ‘Unlawful Association’ under the UAPA, as announced by Union Home Minister Amit Shah.
  • The National Conference of Chief Secretaries, led by Prime Minister Narendra Modi, focused on ‘Ease of Living’ and collaborative governance.
  • The National Transit Pass System (NTPS) was launched to facilitate the transit of forest products under the ‘One Nation-One Pass’ initiative.

9. The 12th DIVYA KALA MELA in Surat

  • The Department of Empowerment of Persons with Disabilities is hosting the 12th DIVYA KALA MELA in Surat.
  • The event aims at the economic empowerment of Divyangjan (Persons with Disabilities) artisans and entrepreneurs from various states.

10. NDDB’s Expansion of Amul Model to Kenya and Sri Lanka

  • The National Dairy Development Board (NDDB) is replicating the Amul model of milk cooperatives in Kenya and Sri Lanka.
  • A joint venture in Sri Lanka, with NDDB and the Gujarat Cooperative Milk Marketing Federation holding a majority stake, is part of this international initiative.

11. InCred Financial Services Ltd Achieves Unicorn Status

  • InCred Financial Services Ltd, part of InCred Group, has attained unicorn status following a ₹500 crore investment in its Series D funding round.
  • With a valuation of $1.04 billion, InCred has become the second company to achieve unicorn status this year.
  • InCred Financial was formed by merging KKR India Financial Services Ltd with the former InCred Financial.

12. New Book Release: ‘Breaking the Mould: Reimagining India’s Economic Future’

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  • Former Reserve Bank of India governor Raghuram Rajan and economist Rohit Lamba have authored a book titled ‘Breaking the Mould: Reimagining India’s Economic Future’.
  • The book is published by Penguin Random House India.
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