Daily Current Affairs- 4 December

Author : Palak Khanna

Updated On : December 6, 2022

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Today's Current Affairs-4th December 2022

National

India, US successfully conclude 18th edition of joint military exercise 'Yudh Abhyas'

  • India and the US have successfully concluded the 18th edition of joint military exercise 'Yudh Abhyas' in the Auli district of Uttarakhand.
  • Exercise Yudh Abhyas, conducted annually between India and USA with the aim of exchanging best practices, tactics, techniques and procedures between the Armies of the two nations. The previous edition of the exercise was conducted at Joint Base Elmendorf Richardson, Alaska (USA) in October 2021.

Power Min waives inter-state transmission charges for new hydro projects

  • The Power Ministry announced a waiver of inter-state transmission charges on wheeling electricity for 18 years for new hydropower projects.
  • The waiver is already available to solar and wind power projects. The government has set an ambitious plan to have 500 GW of generation capacity from non-fossil energy-based sources by 2030.
  • Hydropower projects, being clean, green and sustainable will be of paramount importance in our clean energy transition journey.

 International

Paris Club proposes 10-year moratorium on Sri Lankan debt

  • Paris Club creditor nations are proposing a 10-year moratorium on Sri Lankan debt and another 15 years of debt restructuring as a formula to resolve the Sri Lankan debt crisis. The Paris club is a group of officials from 22 countries who find sustainable solutions for challenges faced by debtor countries.
  • The Paris club has also called upon the Global north and south to take a similar haircut in restructuring of Sri Lankan debt. So far no official proposal has been made by Paris club to China or India.

Banking and Economy

UPI volume cap deadline extended by 2 yrs in relief for PhonePe, Google Pay

In a major relief to payment firms like PhonePe and Google Pay, the National Payments Corporation of India (NPCI) extended the volume cap deadline for third-party application providers (TPAPS) by two years, until December 31, 2024.

In November 2020, NPCI came up with a directive capping the share of transactions a TPAP could process at 30 per cent of the volume of transactions handled on UPI, effective January 1, 2021, which was to be calculated on the basis of the volume of transactions processed during the preceding three months (on a rolling basis).

However, it gave the existing TPAPs, such as PhonePe and Google Pay, which exceed the desired market cap, two additional years, starting January 2023, to comply with the directive. According to the latest data released by NPCI, PhonePe processed over 47.26 per cent of the transactions done through UPI in October.

Google Pay processed about 34 per cent of transactions through the UPI. Both these players have a combined market share of over 81 per cent in volume terms of total transactions processed on UPI.

 NSE Launches New Nifty Bharat Bond Index

  • The National Stock Exchange’s subsidiary NSE Indices has launched one more index under the Nifty Bharat Bond Index series.
  • The Bharat Bond Index series follows a target maturity date structure wherein each index in the series measures the performance of a portfolio of ‘AAA’ rated bonds issued by government owned entities maturing in a specific year.
  • Nifty Bharat Bond Index — April 2033 - has been launched within the Nifty Bharat Bond Index series. In December 2019, NSE Indices launched the first two indices in the Bharat Bond Index with maturities in April 2023 and April 2030, and in July 2020, further two indices with maturities in April 2025 and April 2031 were launched.

 Sports

Shooter Rudrankksh Patil clinches ISSF President’s Cup in Egypt 

  • Indian shooter Rudrankksh Patil has clinched the International Shooting Sport Federation President’s Cup held in Cairo, Egypt. He defeated Italy’s Danilo Sollazzo in the 10-metre rifle play-off by 16-8.
  • Rudrankksh Patil bagged India's first quota for the 2024 Paris Olympics, when he clinched a gold in the men’s 10-metre air rifle in the ISSF Rifle-Pistol World Championship. 

Anish Thoppani clinches silver medal in U for app_20201213 -15 category at Badminton Asia Junior Championships

  • Indian shuttler Anish Thoppani clinched a silver medal in the under-15 category at the Badminton Asia Junior Championships in Nonthaburi, Thailand on Sunday.
  • Anish lost the men's singles final against Chinese Taipei's Chung-Hsiang Yih 8-21, 24-22, 19-21 to settle for silver.
  • India’s under-17 men’s duo Arsh Mohammad and Sanskar Sraswat also lost the final to secure a silver medal.

Appointments and Resignations

Hansraj Ahir assumes charge as NCBC chairperson

  • Former Union Minister Hansraj Gangaram Ahir assumed charge as Chairperson of the National Commission for Backward Classes (NCBC).
  • Hansraj Gangaram Ahir had been elected four times Member of Parliament from Parliamentary Constituency Chandrapur, Maharashtra and also he was Member of the Maharashtra Legislative Council. He had been Union Minister of State for Home Affairs.

 Days

Indian Navy Day

  • India observes Navy Day on December 4 every year to recognise the role and achievements of the Indian Navy. It also commemorates the launch of Operation Trident in the Indo-Pakistan War in 1971.
  • The Indian Navy is all set to demonstrate India’s combat prrowess and capability through an ‘Operational Demonstration’ at Visakhapatnam.

International Day of Banks 

  • On 19 December 2019, the UN General Assembly adopted a resolution, which designated 4 December as the International Day of Banks in recognition of the significant potential of multilateral development banks and other international development banks in financing sustainable development and providing know-how; and also in recognition of the vital role of the banking system.

Daily Current Affairs- 4 December

Author : Palak Khanna

December 6, 2022

SHARE

Today's Current Affairs-4th December 2022

National

India, US successfully conclude 18th edition of joint military exercise 'Yudh Abhyas'

  • India and the US have successfully concluded the 18th edition of joint military exercise 'Yudh Abhyas' in the Auli district of Uttarakhand.
  • Exercise Yudh Abhyas, conducted annually between India and USA with the aim of exchanging best practices, tactics, techniques and procedures between the Armies of the two nations. The previous edition of the exercise was conducted at Joint Base Elmendorf Richardson, Alaska (USA) in October 2021.

Power Min waives inter-state transmission charges for new hydro projects

  • The Power Ministry announced a waiver of inter-state transmission charges on wheeling electricity for 18 years for new hydropower projects.
  • The waiver is already available to solar and wind power projects. The government has set an ambitious plan to have 500 GW of generation capacity from non-fossil energy-based sources by 2030.
  • Hydropower projects, being clean, green and sustainable will be of paramount importance in our clean energy transition journey.

 International

Paris Club proposes 10-year moratorium on Sri Lankan debt

  • Paris Club creditor nations are proposing a 10-year moratorium on Sri Lankan debt and another 15 years of debt restructuring as a formula to resolve the Sri Lankan debt crisis. The Paris club is a group of officials from 22 countries who find sustainable solutions for challenges faced by debtor countries.
  • The Paris club has also called upon the Global north and south to take a similar haircut in restructuring of Sri Lankan debt. So far no official proposal has been made by Paris club to China or India.

Banking and Economy

UPI volume cap deadline extended by 2 yrs in relief for PhonePe, Google Pay

In a major relief to payment firms like PhonePe and Google Pay, the National Payments Corporation of India (NPCI) extended the volume cap deadline for third-party application providers (TPAPS) by two years, until December 31, 2024.

In November 2020, NPCI came up with a directive capping the share of transactions a TPAP could process at 30 per cent of the volume of transactions handled on UPI, effective January 1, 2021, which was to be calculated on the basis of the volume of transactions processed during the preceding three months (on a rolling basis).

However, it gave the existing TPAPs, such as PhonePe and Google Pay, which exceed the desired market cap, two additional years, starting January 2023, to comply with the directive. According to the latest data released by NPCI, PhonePe processed over 47.26 per cent of the transactions done through UPI in October.

Google Pay processed about 34 per cent of transactions through the UPI. Both these players have a combined market share of over 81 per cent in volume terms of total transactions processed on UPI.

 NSE Launches New Nifty Bharat Bond Index

  • The National Stock Exchange’s subsidiary NSE Indices has launched one more index under the Nifty Bharat Bond Index series.
  • The Bharat Bond Index series follows a target maturity date structure wherein each index in the series measures the performance of a portfolio of ‘AAA’ rated bonds issued by government owned entities maturing in a specific year.
  • Nifty Bharat Bond Index — April 2033 - has been launched within the Nifty Bharat Bond Index series. In December 2019, NSE Indices launched the first two indices in the Bharat Bond Index with maturities in April 2023 and April 2030, and in July 2020, further two indices with maturities in April 2025 and April 2031 were launched.

 Sports

Shooter Rudrankksh Patil clinches ISSF President’s Cup in Egypt 

  • Indian shooter Rudrankksh Patil has clinched the International Shooting Sport Federation President’s Cup held in Cairo, Egypt. He defeated Italy’s Danilo Sollazzo in the 10-metre rifle play-off by 16-8.
  • Rudrankksh Patil bagged India's first quota for the 2024 Paris Olympics, when he clinched a gold in the men’s 10-metre air rifle in the ISSF Rifle-Pistol World Championship. 

Anish Thoppani clinches silver medal in U for app_20201213 -15 category at Badminton Asia Junior Championships

  • Indian shuttler Anish Thoppani clinched a silver medal in the under-15 category at the Badminton Asia Junior Championships in Nonthaburi, Thailand on Sunday.
  • Anish lost the men's singles final against Chinese Taipei's Chung-Hsiang Yih 8-21, 24-22, 19-21 to settle for silver.
  • India’s under-17 men’s duo Arsh Mohammad and Sanskar Sraswat also lost the final to secure a silver medal.

Appointments and Resignations

Hansraj Ahir assumes charge as NCBC chairperson

  • Former Union Minister Hansraj Gangaram Ahir assumed charge as Chairperson of the National Commission for Backward Classes (NCBC).
  • Hansraj Gangaram Ahir had been elected four times Member of Parliament from Parliamentary Constituency Chandrapur, Maharashtra and also he was Member of the Maharashtra Legislative Council. He had been Union Minister of State for Home Affairs.

 Days

Indian Navy Day

  • India observes Navy Day on December 4 every year to recognise the role and achievements of the Indian Navy. It also commemorates the launch of Operation Trident in the Indo-Pakistan War in 1971.
  • The Indian Navy is all set to demonstrate India’s combat prrowess and capability through an ‘Operational Demonstration’ at Visakhapatnam.

International Day of Banks 

  • On 19 December 2019, the UN General Assembly adopted a resolution, which designated 4 December as the International Day of Banks in recognition of the significant potential of multilateral development banks and other international development banks in financing sustainable development and providing know-how; and also in recognition of the vital role of the banking system.

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