Daily GK One Liners: January 4, 2025
Stay updated with today’s top headlines across International, National, Business, Banking, and more. 🌟
International News 🌍
- Mike Johnson Re-Elected as U.S. House Speaker: Johnson, backed by President-elect Trump, retains his position amidst GOP divisions, marking a pivotal moment for U.S. legislative priorities.
National News 🇮🇳
- India’s First Glass Bridge Inaugurated in Kanniyakumari: Tamil Nadu CM MK Stalin unveils the ₹37-crore project connecting Vivekananda Rock Memorial and the Thiruvalluvar Statue.
- EPFO Rolls Out Centralized Pension Payment System (CPPS): The system benefits 68 lakh pensioners by enabling access to pensions from any bank branch.
- Chhattisgarh Adopts Green GDP Model: First Indian state to include ecological contributions like biodiversity and clean air in economic metrics.
- Assam Reports Increase in Elephant Population: Elephant numbers rise to 5,828, highlighting stability despite habitat challenges and human-wildlife conflicts.
Business News 📈
- Committee Formed to Revise WPI Base Year: An 18-member team set to update the Wholesale Price Index base year to 2022-23, reflecting current economic realities.
- India Updates GDP Base Year to 2022-23: Change aims to incorporate structural shifts in the economy over the last decade.
- Nomura Lowers India’s FY25 GDP Growth Forecast to 6.7%: Adjustment reflects slower-than-expected April-June quarter growth.
Schemes News 📜
- Telangana Expands Rythu Bharosa Scheme: Financial aid of ₹7,500 per acre extended to approximately 70 lakh farmers each crop season.
Banking News 💰
- BharatPe to Sell Stake in Unity Small Finance Bank: Plans to offload up to 25% of its stake, raising ₹6,500 crore, to meet RBI compliance norms.
- RBI Approves National and Cosmos Co-operative Bank Merger: Effective January 6, 2025, the move consolidates the banking sector under Cosmos Co-operative Bank.
- SBI Launches ‘Har Ghar Lakhpati’ and ‘SBI Patrons’ Schemes: A recurring deposit plan aims to help customers accumulate ₹1 lakh or more, while promoting financial literacy.
Appointments News 🏢
- Faiz Ahmed Kidwai Appointed DGCA Director General: Senior IAS officer takes charge to address critical aviation challenges, including pilot duty norms.
Important Days 📅
- World Braille Day Celebrated on January 4: Honors Louis Braille and emphasizes inclusivity and accessibility for visually impaired individuals.
📚 Daily Current Affairs January 4, 2025 Explore the full article and stay updated.
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Quick Summary: BharatPe to Sell Stake in Unity Small Finance Bank 🏦
- Stake Sale Plans: BharatPe plans to sell up to 25% of its 49% stake in Unity Small Finance Bank, targeting approximately $800 million (Rs 6,500 crore) in funds.
- Reason for Sale:
- Compliance with RBI’s mandate to reduce its stake to 10% by 2029.
- Strategic move to raise capital for growth and innovation.
- Consultant: The transaction will be managed by Rothschild & Co.
Unity Small Finance Bank
- Background: Established in November 2021 as a joint venture between Centrum Financial Services and BharatPe.
- Achievements: Acquired the struggling PMC Bank.
- Performance:
- Q2 FY24 net profit: Rs 187 crore (up from Rs 138 crore in Q2 FY23).
- Total income growth: 77%, reaching Rs 640 crore.
- Business Model: Operates a digital-first banking approach serving individuals and small businesses.
BharatPe’s Vision
- Company Overview: Founded in 2018, backed by Tiger Global, Peak 15 Partners, Dragoneer, and Insight Partners.
- Strategic Use of Funds:
- Strengthen financial services.
- Launch innovative, tech-driven products.
- Expand its offerings to maintain a competitive edge.
Summary Table
Aspect | Details |
---|---|
Why in the News? | BharatPe’s plan to sell a 25% stake in Unity Bank. |
Estimated Funds | $800 million (Rs 6,500 crore). |
Reason for Sale | RBI compliance and capital for growth. |
Key Achievement | Unity Bank’s acquisition of PMC Bank. |
Q2 FY24 Profit | Rs 187 crore. |
Growth in Income | 77%, reaching Rs 640 crore. |
Investors | Tiger Global, Peak 15 Partners, Dragoneer, Insight Partners. |
Why Read the Full Article?
- Understand BharatPe’s Strategy: Learn how this stake sale supports compliance and business growth.
- Explore Unity Bank’s Role: See how Unity Bank’s performance aligns with BharatPe’s broader goals.
- Gain Fintech Insights: Discover how BharatPe plans to innovate and expand in India’s fintech ecosystem.
🌐 Click here to explore the full article and understand BharatPe’s pivotal move in the evolving financial landscape.
Quick Summary: Sai Paranjpye Honored with Padmapani Lifetime Achievement Award 🏆
- Award and Event: Sai Paranjpye, celebrated filmmaker and writer, will receive the Padmapani Lifetime Achievement Award at the 10th Ajanta-Ellora International Film Festival (AIFF) in Chhatrapati Sambhajinagar on January 15, 2025.
- Significance of the Award:
- Recognizes her outstanding contributions to Indian cinema and Marathi literature.
- Includes a Padmapani memento, a letter of recognition, and a monetary prize of Rs 2 lakh.
- Career Highlights:
- Directed iconic films such as Sparsh, Chashme Buddoor, and Katha, central to India’s parallel cinema movement.
- Recipient of four National Film Awards.
- Served as Chairperson of the Children’s Film Society of India (CFSI) twice.
- Honored with the Padma Bhushan in 2006.
About the Award and Festival
- Selection Committee: Chaired by Latika Padgaonkar, with members like Ashutosh Gowariker and Sunil Sukthankar.
- Event Venue: Rukmini Auditorium at MGM University, hosting the festival from January 15 to 19, 2025.
Why This Matters
- Cinematic Legacy: Paranjpye’s contributions to socially conscious storytelling and Marathi literature have left an enduring mark.
- Inspiration for Artists: The recognition of her work at AIFF highlights the importance of authentic, impactful narratives in art and cinema.
- Cultural Celebration: The award reinforces AIFF’s mission to honor excellence in the arts and inspire future creators.
🌐 Click here to explore the full article and celebrate the legacy of Sai Paranjpye, a pioneer of Indian cinema and literature.