Current Affairs by Kush Pandey: 1st February 2024

Revision Questions  The RBI directive prohibits Paytm Payments Bank

1. In January 2024, the International Monetary Fund (IMF) raised from accepting fresh deposits, credit transactions,
the growth projection of India for 2024-25 (FY25) by 20 basis or top-ups in customer accounts, including prepaid
points (bps) to _________ in its World Economic Outlook (WEO). instruments such as wallets and FASTags, after
A. 6.2% February 29.
B. 4.6.%  The nodal accounts of Paytm’s parent company,
C. 7.1% One97 Communications Ltd., and Paytm Payments
D. 6.9% Bank Ltd., have been terminated by the central bank
E. 6.5% as part of the regulatory measures.
Ans: E  The RBI’s decision is rooted in the findings of a
Comprehensive System Audit report and
2. In January 2024, which of the following organizations has subsequent compliance validation report by
acquired a 100% equity stake in Vidal Healthcare Services (VHC) external auditors, highlighting persistent non-
Private Limited? compliances and ongoing supervisory concerns.
A. Indraprastha Medical Corporation Ltd.  After February 29, 2024, Paytm Payments Bank is
B. Bajaj Finserv Health Limited restricted from providing any banking services
C. Healthcare Global Enterprises Ltd. beyond the withdrawal or utilization of balances.
D. ANG Lifesciences India Ltd. This includes fund transfers, BBPOU, and UPI
E. Apollo Hospitals Enterprise Ltd. facilities.
Ans: B  The payments bank is mandated to settle all
pipeline transactions and nodal accounts by March
3. In January 2024, The wholly-owned subsidiary of Bank of 15, with no further transactions permitted beyond
Baroda for cards i.e. BOB Financial Solutions Limited has been this date.
rebranded as ‘BOBCARD Limited’ with the tagline ____________. 2. Finance Minister Nirmala Sitharaman to present interim
A. Credit Reimagined budget in Lok Sabha
B. Creditor's Heaven  Finance Minister Nirmala Sitharaman is set to
C. Don't Stop Yourself present the Interim Budget 2024-25 at Parliament
D. Reimagine the world on Thursday, February 1, a day after the
E. Aapka Saathi commencement of the Budget Session.
Ans: A  The interim budget will provide estimates of the
government's expenditure, revenue, fiscal deficit,
4. In January 2024, the military regimes in Burkina Faso, Mali, and financial performance, and projections for the
Niger announced their immediate withdrawal from the West upcoming months.
African bloc. What is the name of West African Bloc?  The full budget is scheduled to be presented after
A. CMESA the Lok Sabha elections by the newly elected
B. WAEMU government.
C. ASEAN
 In the financial year 2023-24, the education sector
D. ECOWAS received its highest-ever allocation of ₹1.12 lakh
E. IGDA crore, compared to the ₹1.04 lakh crore budget
Ans: D allocation in FY 2022-23.
 The FY 2023-24 budget included ₹68,804 crore for
5. According to the Transparency International's Corruption
school education, ₹44,094.62 crore for higher
Index 2023, what is the rank of India?
education and ₹37,453 crore for the Samagra
A. 85
Shiksha Abhiyan.
B. 93
3. GST collection in January this year rises 10.4% to Rs 1.72
C. 101
lakh crore
D. 123
 The gross GST revenue collected in January 2024 is
E. 76
one lakh 72 thousand 129 crore rupees, which
Ans: B
shows a 10.4% year-on-year growth over the
revenue collected in January 2023.
Banking & Finance News
1. RBI imposes major business restrictions on Paytm  This is the second-highest monthly collection ever
and marks the third month in this financial year
Payments Bank
with a collection of 1.70 lakh crore rupees or more.
 The Reserve Bank of India (RBI) has imposed major
 The Government has settled 43 thousand 552 crore
business restrictions on Paytm Payments Bank,
rupees to CGST and 37 thousand 257 crores to SGST
effective from February 29, 2024.
from the IGST collection.
 The regulatory action comes in response to persistent
 During the April 2023-January 2024 period,
non-compliance and material supervisory concerns
cumulative gross GST collection witnessed 11.6%
identified during a comprehensive external audit of
year-on-year growth, reaching 16.69 lakh crores, as
the bank’s systems.
against 14.96 lakh crores collected in the same
 Key Developments:
period of the previous year.
 Current Affairs by Kush Pandey: 1st February 2024
4. RBI's digital payments index jumps to 418.77 in Sept
2023 from 395.57 in March 2023
 The Reserve Bank of India’s (RBI) Digital Payments
Index, a measure of the extent of digitization of
payments across the country, increased to 418.77 in
September 2023 from 395.57 in March 2023.
 The RBI-DPI index has increased across all
parameters and was driven particularly by growth
in payment enablers, payment performance, and
consumer centricity across the country over the
period.
 The RBI-DPI has been constructed with March 2018
as the base period, that is, the DPI score for March
2018 is set at 100.
 In September 2019, the index stood at 173.49,
which rose to 217.74 in September 2020, and to
304.06 in September 2021.
 The RBI-DPI comprises five broad parameters that
measure the penetration of digital payments in the
country over different time periods.
 These parameters include Payment Enablers
(weight 25 per cent), Payment Infrastructure –
Demand-side factors (10 per cent), Payment
Infrastructure – Supply-side factors (15 per cent),
Payment Performance (45 per cent), and Consumer
Centricity (5 per cent).
5. Ugro Capital raises Rs 250 crore in debt from Asian
Development Bank
 MSME-focused non-banking lender Ugro Capital
raised Rs 250 crore in debt from the Asian
Development Bank (ADB).
 The funding from the developmental lender through
subscribing to its non-convertible debentures will
be used for on-lending.
 The company had raised a similar amount of debt in
December 2023 through a similar debt sale from the
Dutch entrepreneurial development bank FMO.
 Over the last five years, it has raised a total of Rs
9,137.8 crore in equity and debt from diverse
institutional sources.
 Ugro founder and managing director: Shachindra
Nath
6. Six Indian markets listed by US in the Notorious Markets
List
 Three Indian markets in three cities, including one
in New Delhi, and three online markets have figured
in the annual notorious market list of the US Trade
Representatives released, in which China continues
on the number one spot.
 The three Indian markets are: Heera Panna in
Mumbai, Tank Road in Karol Bagh in New Delhi and
Sadar Patrappa Road Market in Bengaluru.
 The 2023 Notorious Markets List identifies 39
online markets and 33 physical markets that are
reported to engage in or facilitate substantial
trademark counterfeiting or copyright piracy.
 This includes continuing to identify the China-based
e-commerce and social commerce markets Taobao,
WeChat, DHGate, and Pinduoduo, as well as the
cloud storage service Baidu Wangpan.
 USTR first identified notorious markets in the
Special 301 Report in 2006.
 Since February 2011, USTR has published annually
the Notorious Markets List separately from the
Special 301 Report, to increase public awareness
and help market operators and governments
prioritize intellectual property enforcement efforts
that protect US workers and businesses.
International News
1. Scottish 2-Year-Old Sets Record: Youngest To Reach
Everest Base
 Two-year-old Carter Dallas from Scotland etched
his name into the annals of mountaineering history
by becoming the youngest person to reach the
Mount Everest base camp.
 He was accompanied by his parents, Ross and Jade.
 Carter Dallas climbed to the south side of Nepal, at
an altitude of 17,598 feet above the sea level, on his
father Ross' back.
National News
1. Andhra tops in creating ABHA ids for its population,
Tamil Nadu at bottom
 More than 529 million uniq-ue health IDs or
Ayushman Bharat Health Account numbers created,
top of the list is Andhra Pradesh with 78 per cent of
its population registered.
 At the bottom of the list is Tamil Nadu which has
covered only 12.2 per cent of its population.
 The data from the Ayushman Bharat Digital Mission
dashboard shows that Andhra Pradesh is followed
by Himachal Pradesh (74.7 per cent) and
Chhattisgarh (66.7 percent) coverage respectively.
2. Electronics, engineering goods among six focus sectors
for $1 trillion exports target
 India has identified 6 key sectors – electronics,
engineering goods, textiles, marine & agriculture,
toys, and pharmaceuticals.
 These sectors could help the country achieve almost
70% of its $1 trillion goods export target by fiscal
year 2030.
 These sectors have the potential to reach $670
billion in exports by FY2030, compared to India’s
total goods exports of $451 billion in FY2023.
 Engineering Goods: Expected to grow from $107
billion in FY2023 to $300 billion in exports by
FY2030
 Pharmaceuticals: Pharma exports focused on
biosimilars and innovation drugs could rise from
$25 billion presently to $57 billion by FY2030.
 Electronics: Exports estimated to reach $100 billion
by FY2030, driven by categories like mobile phones,
laptops, wearables and electronic accessories.
 Textiles: Total textile exports, including readymade
garments and technical/man-made fiber textiles,
expected to touch $97.7 billion by FY2030.
 Marine & Agriculture: Marine and agri product
exports estimated to reach $118 billion by FY2030.
 Toys: Niche sector but seen remarkable growth,
with focus on promoting toy clusters for exports.
 Current Affairs by Kush Pandey: 1st February 2024
3. Government appoints Members of the Sixteenth Finance
Commission
 The Sixteenth Finance Commission was constituted
on 31st December 2023 with Arvind Panagariya,
former Vice-Chairman, NITI Aayog as its Chairman.
 Now the following members are appointed to the
Commission with the approval of the President of
India.
 Ajay Narayan Jha, former member, 15th Finance
Commission and former Secretary, Expenditure:
Full time Member
 Annie George Mathew, former Special Secretary,
Expenditure: Full time Member
 Dr. Niranjan Rajadhyaksha, Executive Director,
Artha Global: Full time Member
 Dr. Soumya Kanti Ghosh, Group Chief Economic
Advisor, State Bank of India: Part time Member
 The Sixteenth Finance Commission has been
requested to make its recommendations available
by October, 31, 2025, covering an award period of 5
years commencing 1st April, 2026.
 The Finance Commission in India is a constitutional
body established under Article 280 of the Indian
Constitution.
 Its primary function is to recommend the
distribution of financial resources between the
central government and the state governments.
 The Fifteenth Finance Commission was constituted
on 27th November, 2017.
 It made recommendations covering six years
commencing on 1st April 2020 through its Interim
and Final Reports.
 The recommendations of the Fifteenth Finance
Commission are valid up to the financial year 2025-
26.
4. Government Cuts Import Duty on Phone Components Cut
to 10% from 15%
 The Centre has announced a significant reduction in
import duties on mobile phone components.
 The import duty on parts used for mobile phone
manufacturing has been slashed to 10% from the
earlier 15%.
 This decision aligns with India’s broader objectives
to enhance its role in global supply chains and
increase exports.
 Despite the growth, a substantial portion of mobile
phone components is still imported.
 High import duties on these components have
previously been a challenge for manufacturers,
impacting the cost-effectiveness and
competitiveness of locally produced mobile phones.
 The recent government notification outlines the
reduction in import duties for various mobile phone
components.
 These include battery covers, main lens, back cover,
antennae, SIM sockets, and other mechanical items
made of plastic and metal.
5. India increases its tally of Ramsar sites to 80 by adding
Five more wetlands to the list
 Union Minister for Environment, Forest and Climate
Change and Labour and Employment Bhupender
Yadav said on the eve of World Wetlands Day 2024
(2nd February 2024), that India would increase its
tally of Ramsar sites (Wetlands of International
Importance) to 80 from the existing 75 by
designating five more wetlands as Ramsar sites.
 5 new wetland sites are:
 Karaivetti Bird Sanctuary, Tamil Nadu
 Magadi Kere Conservation Reserve, Karnataka
 Longwood Shola Reserve Forest, Tamil Nadu
 Ankasamudra Bird Conservation Reserve,
Karnataka
 Aghanashini Estuary, Karnataka
 The theme of WWD-2024 is ‘Wetlands and Human
Wellbeing’ which underscores the critical role
wetlands play in enhancing our lives.
 India is one of the Contracting Parties to Ramsar
Convention, signed in Ramsar, Iran, in 1971.
 World Wetlands Day (WWD) is celebrated across
the globe to commemorate the adoption of this
international agreement on wetlands on 2nd
February 1971.
 India ratified this Convention on 1st February 1982.
6. Indian Institute of Mass Communication declared as a
deemed to be University
 Indian Institute of Mass Communication (IIMC), a
leading institution for Journalism and Mass
Communication, has been declared as a deemed to
be University under a distinct category by the
Education Ministry on the advice of the University
Grants Commission (UGC).
 The declaration extends to IIMC New Delhi and its
five regional campuses located in Jammu,
Maharashtra's Amravati, Mizoram's Aizawl,
Kerala's Kottayam, and Odisha's Dhenkanal.
 With this new status, IIMC is now authorised to offer
degrees, including doctoral degrees.
State News
1. ‘Ungalai Thedi, Ungal Ooril’ Scheme lanched by Tamil
Nadu Govt
 The Tamil Nadu government has introduced
guidelines for the “Ungalai Thedi, Ungal Ooril”
(Come Look For You, In Your Village) outreach
program.
 It is an initiative spearheaded by Chief Minister M.K.
Stalin aimed at strengthening public services and
scheme implementation across the state.
 Collectors and senior district officials will spend 24
hours in one taluk (sub-district) every month to
inspect infrastructure, review project functioning,
and collect public feedback.
 Focus on: Assessing primary healthcare centers,
ration shops, cooperatives, schools, government
offices, and other facilities.
Defense News
1. Defence Secretary Giridhar Aramane co-chaires 12th
Joint Military Cooperation Committee meeting in
Muscat
 Defence Secretary Giridhar Aramane co-chaired the
12th Joint Military Cooperation Committee meeting
with the Secretary-General, Ministry of Defence,
 Current Affairs by Kush Pandey: 1st February 2024
Oman Dr. Mohammed Bin Naseer Bin Ali Al Zaabi in
Muscat.
 Both sides reviewed and appreciated the robust
defence cooperation between India and Oman.
MoUs
1. NHAI Collaborates with GSI for Geotechnical Consultancy
Services to Build Robust National Highway Network
 NHAI has signed a Memorandum of Understanding
(MoU) with the Geological Survey of India (GSI) to
provide services to NHAI for site-specific geotechnical
consultancy and assist in vetting Detailed Project
Reports (DPR) from geotechnical point of view.
 The MoU was signed in presence of NHAI Chairman
Shri Santosh Kumar Yadav and Dr. Saibal Ghosh,
Deputy Director General, Geological Survey of India
along with other senior officials from NHAI and GSI.
 Geological Survey of India will provide site-specific
geotechnical consultancy services related to
preparation of geological map of the area providing
detailed geological features, preparation of slope
stability study of the road and providing necessary
recommendations etc.
 In addition, GSI will also undertake detailed analysis
of DPRs prepared by NHAI consultants.
Appointments/Obituaries
1. Champai Soren to be the new Chief Minister of Jharkhand
 Chief Minister Hemant Soren of Jharkhand has
tendered his resignation as Chief Minister.
 JMM’s senior leader and Transport Minister Champai
Soren will be the new Chief Minister of Jharkhand.
 He is also known as the ‘Jharkhand Tiger'.
2. BCCI secy Shah reappointed as ACC chairman for third
successive year
 Indian Cricket Board (BCCI) secretary Jay Shah was
appointed as the president of the Asian Cricket
Council for a third consecutive term.
 His extension was proposed by the Sri Lanka Cricket
president Shammi Silva for the second time and the
nomination was unanimously backed by all the
members of the ACC at its annual general meeting in
Bali.
 He initially assumed the role in January 2021,
succeeding Bangladesh Cricket Board President
Nazmul Hassan.
 Under his leadership, the ACC successfully organized
the Asia Cup in T20 format in 2022 and the ODI format
in 2023.
3. Justice Pradeep Kumar Srivastava Judge of Jharkhand HC
Appointed
 The Ministry of Law and Justice has published a
notification stating that the appointment of an
additional judge, Justice Pradeep Kumar Srivastava,
has been made permanent at the Jharkhand High
Court.
 The appointment has been made in exercise of the
power conferred by clause (1) of Article 217 of the
Constitution of India.
4. Historian R. Champakalakshmi Passes Away
 Historian R. Champakalakshmi, former president of
Indian History Congress and professor in the Centre
for Historical Studies, Jawaharlal Nehru University,
passed away.
 R. Champakalakshmi’s career was distinguished by
her deep and varied expertise in subjects such as
archaeology, iconography, ideology, statecraft, and
trade
 He was previously serving as an Additional Judge of
the High Court of Jharkhand.
 The appointment will be effective from the date he
assumes charge of his office.
Awards / Books
1. WHO awards countries for progress in eliminating
industrially produced trans fats for first time
 The World Health Organization (WHO) has issued its
first-ever certificates acknowledging advancements
in eliminating trans fatty acids (TFA), both
industrially produced and naturally occurring.
 WHO’s global initiative to eliminate TFA has shown
remarkable progress.
 While the ambitious target set in 2018 to fully
eradicate TFA from the global food supply by the end
of 2023 was not met, significant strides have been
made globally.
 WHO recommends two primary best-practice policy
options for TFA elimination: mandating a national
limit of 2 grams of TFA per 100 grams of total fat in all
foods or imposing a national ban on the production or
use of partially hydrogenated oils, a major source of
TFA.
Science & Technology
1. SARVATRA: Indian Army’s Mobile Bridge System
 The Indian Army, under the Ministry of Defence,
stands vigilant against external threats, prioritizing
cutting-edge equipment like SARVATRA – a Multispan
Mobile Bridging System.
 It is crafted by Armament and Combat Engineering
Systems (ACE) under the Defence Research and
Development Organisation (DRDO).
 SARVATRA epitomizes innovation in bridging
solutions, ensuring seamless connectivity for the
Indian Army.
 It emerges as a beacon of innovation, designed to
bridge gaps swiftly, especially over water bodies,
enhancing connectivity and logistical efficiency for
the Indian Army.
 It is developed in collaboration with Bharat Earth
Movers Limited (BEML).
 SARVATRA epitomizes the synergy between
government agencies and the private sector in
bolstering national defense.
Sports
1. Khelo India games: Maharashtra bagged overall
championship for 4th time in six editions
 Maharashtra bagged the overall championship for the
fourth time in six editions with 57 gold, 48 silver and
53 bronze for a total of 158 medals at the Khelo India
Game, held in Tamil Nadu
 Tamil Nadu ended second in the medal tally with a
total of 97 medals, including 38 gold, 20 silver, and 39
bronze
 Current Affairs by Kush Pandey: 1st February 2024
 Haryana finished third with 35 gold, 22 silver and 46
bronze.
 Maharashtra bagged the overall championship for the
fourth time in six editions with 57 gold, 48 silver and
53 bronze for a total of 158 medals at the Khelo India
Game, held in Tamil Nadu
News Connector
 RBI = imposes = major = business = restrictions = on =
Paytm = Payments = Bank
 Finance = Minister = Nirmala = Sitharaman = to =
present = interim = budget = in = Lok = Sabha
 GST = collection = in = January = this = year = rises =
10.4% = to = Rs = 1.72 = lakh = crore
 RBI's = digital = payments = index = jumps = to = 418.77
= in = Sept = 2023 = from = 395.57 = in = March = 2023
 Ugro = Capital = raises = Rs = 250 = crore = in = debt =
from = Asian = Development = Bank
 Six = Indian = markets = listed = by = US = in = the =
Notorious = Markets = List
 Scottish = 2-Year-Old = Sets = Record: = Youngest = To =
Reach = Everest = Base
 Andhra = tops = in = creating = ABHA = ids = for = its =
population, = Tamil = Nadu = at = bottom
 Electronics, = engineering = goods = among = six = focus
= sectors = for = $1 = trillion = exports = target
 Government = appoints = Members = of = the = Sixteenth
= Finance = Commission
 Government = Cuts = Import = Duty = on = Phone =
Components = Cut = to = 10% = from = 15%
 India = increases = its = tally = of = Ramsar = sites = to =
80 = by = adding = Five = more = wetlands = to = the =
list
 Indian = Institute = of = Mass = Communication =
declared = as = a = deemed = to = be = University
 ‘Ungalai = Thedi, = Ungal = Ooril’ = Scheme = lanched =
by = Tamil = Nadu = Govt
 Defence = Secretary = Giridhar = Aramane = co-chaires
= 12th = Joint = Military = Cooperation = Committee =
meeting = in = Muscat
 NHAI = Collaborates = with = GSI = for = Geotechnical =
Consultancy = Services = to = Build = Robust = National
= Highway = Networksz
 Champai = Soren = to = be = the = new = Chief = Minister
= of = Jharkhand
 BCCI = secy = Shah = reappointed = as = ACC = chairman
= for = third = successive = year
 Justice = Pradeep = Kumar = Srivastava = Judge = of =
Jharkhand = HC = Appointed
 Historian = R. = Champakalakshmi = Passes = Away
 WHO = awards = countries = for = progress = in =
eliminating = industrially = produced = trans = fats = for
= first = time
 SARVATRA = Indian = Army’s = Mobile = Bridge =
System
 Khelo = India = games = Maharashtra = bagged = overall
= championship = for = 4th = time = in = six = editions