Current Affairs Jan 14, 2024

Current Affairs Jan 14, 2024



1) Group (Term) Insurance Scheme for Casual Paid Laborers engaged by BRO has been approved by Defense Minister Rajnath Singh.

  • The proposal to launch a Group (Term) Insurance Scheme for Casual Paid Laborers (CPL) engaged by Border Roads Organisation/General Reserve Engineer Force for various ongoing project works has been approved.
  • Under this scheme, an insurance amount worth Rs 10 lakh will be provided to the families/close relatives of Casual
  • The scheme is being implemented keeping in mind hazardous workplaces, inclement weather, inaccessible areas, and occupational health hazards.

2) Renowned classical singer Dr. Prabha Atre passed away following a cardiac arrest at her residence in Pune at the age of 92 early on January 13. Atre, who represented the Kirana Gharana of Hindustani classical music, had been honored with all three Padma awards by the Indian government.

3) The New Generation Akash (Akash-NG) missile, being developed by the Defence Research and Development Organisation (DRDO), was on Friday successfully flight-tested from the Integrated Test Range (ITR), Chandipur, off the Odisha coast. The flight test was conducted against a high-speed unmanned aerial target at a very low altitude.


Important date: Makar Sankranti 2024 is on January 15, 2024. It is a major Hindu festival celebrated in India and Nepal. It marks the first day of the sun’s northward journey in the zodiac, which is also the beginning of the spring season. The festival is celebrated with bonfires, feasting, and other festivities.

  • Bonfires: Bonfires are a central part of Makar Sankranti celebrations. People gather around the bonfires to sing, dance, and roast delicacies. The bonfires are also seen as a way to ward off evil spirits and to welcome the sun.
  • Feasting: Makar Sankranti is a time for feasting. People eat a variety of delicacies, including sweets, savories, and fruits. Some popular Makar Sankranti delicacies include tilkut, gajak, and khichdi.
  • Festivals: Makar Sankranti is a time for festivals. In India, there are many different Makar Sankranti festivals, each with its unique traditions and customs. Some popular Makar Sankranti festivals include the Uttarayan kite festival in Gujarat and the Pongal festival in Tamil Nadu.

Appointments:The Appointments Committee of the Cabinet (ACC) has approved the reappointment of the Reserve Bank of India’s (RBI) Deputy Governor Michael Patra for one year. Patra was appointed as RBI Deputy Governor in January 2020; last year, he got an extension of one year. The three other Deputy Governors of the bank are M Rajeshwar Rao, T Rabi Sankar, and Swaminathan J.

Banking news:
1) State Bank of India has launched Green Rupee Term Deposit Green Rupee Term Deposit of 1,111 days, 1,777 days, and 2.722 days tenor have been launched by the State Bank of India (381)

  • These have been launched for resident Individuals, non individuals, and NRf customers
  • The deposit aims at mobilizing funds to support environment-fluently initiatives and projects
  • Presently, the deposit scheme is available through the branch network
  • It will soon be made available on YONO and internet  banking services

2) Headline: ISB’s DLabs Launches ‘Build for Billions’ Accelerator for Financial Inclusion

  • Initiative Overview: The Indian School of Business (ISB) through its business incubator, DLabs, introduces ‘Build for Billions,’ a startup accelerator program, in collaboration with Reserve Bank Innovation Hub (RBIH) and Union Bank of India.
  • Targeted Sector: The accelerator is designed to bridge the gap between financial services and the informal economy, with a specific focus on fintech solutions catering to gig workers, migrant workers, domestic workers, street vendors, carpenters, plumbers, electricians, and construction laborers.
  • Financial Inclusion Focus: ‘Build for Billions’ aims to assist fintech startups in developing solutions that address challenges faced by the informal economy, including low and volatile income, irregular income streams, limited access to credit, savings, and the absence of social security nets.
  • Strategic Partnerships: The program is established in partnership with the Reserve Bank Innovation Hub (RBIH) and Union Bank of India, indicating a collaborative effort to drive innovation and inclusivity in the financial services sector.
  • Target Audience Challenges: The accelerator program specifically targets the financial inclusion needs of those in the informal economy, acknowledging the unique hurdles faced by this demographic.
  • Holistic Approach: With a focus on developing comprehensive financial solutions, the initiative seeks to empower individuals in the informal sector and contribute to overall economic inclusivity.


Economy news: Headline: India’s Economic Snapshot – December 2023

  • Inflation Trends: Retail inflation in India reached a four-month high at 5.69% in December 2023, primarily driven by elevated food prices, particularly in vegetables and household staples.
  • Food Price Impact: Food prices, constituting half of the inflation basket, surged, with the overall inflation in the food category reaching 9.53% in December, up from 8.7% in November.
  • Vegetable Inflation: Notably, vegetable inflation soared to 27.64% in December from 17.7% in November, contributing significantly to the overall inflationary pressure.
  • RBI’s Tolerance Range: Despite the increase, retail inflation remained within the Reserve Bank of India’s (RBI) targeted range of 2-6%, as the central bank aims to maintain stability in inflation.
  • Industrial Production: Concurrently, India’s industrial production growth decelerated to an 8-month low of 2.4% in November 2023, mainly attributed to a lackluster performance in the manufacturing and mining sectors.
  • Government Concerns: The government faces challenges in managing inflationary pressures, especially in the food sector, and addressing the slowdown in industrial production to ensure economic stability.






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