Current Affairs - December 14, 2024 Current Affairs

The primary goal of the upgraded 'Rajmarg Saathi' initiative by the National Highways Authority of India (NHAI) is to enhance highway safety. The initiative focuses on improving road safety and emergency response through upgraded Route Patrolling Vehicles (RPVs). These vehicles are equipped with closed cabinets for organized storage and AI-enabled dashboard cameras to identify cracks, potholes, and infrastructure issues. The collected data on road conditions will be integrated into the NHAI One application, which will further improve road safety measures.

BOBCARD has launched the TIARA Credit Card, a premium financial product designed specifically for women. This card empowers modern women with exclusive perks in travel, health, dining, and lifestyle. It offers rewards like 15 points for every ₹100 spent on select categories, complimentary health packages, personal accident coverage, and lifestyle vouchers worth ₹31,000. Additional benefits include free OTT memberships, domestic lounge access, and reduced forex mark-ups. TIARA is powered by the RuPay network and aims to inspire financial autonomy with its slogan, ‘Your Woman Card is Your Power Move.’

Shyam Singh Rana, the Haryana Agriculture Minister, launched the 21st livestock census at the government veterinary hospital in Radaur, Haryana. The livestock census, which is conducted every five years, aims to collect detailed data on domestic animals and poultry through a state-wide door-to-door survey. Initiated in 1919, this census plays a crucial role in helping the government formulate and implement policies for the livestock sector, making it an essential tool for agricultural development and planning in the state.

The Kumbh Sah'AI'yak chatbot, designed to enhance the experience of the Maha Kumbh Mela 2025 in Prayagraj, is powered by Bhavish Aggarwal's Krutrim AI. This AI chatbot provides real-time updates on events, guides devotees, and ensures a seamless experience for millions of pilgrims. It exemplifies the integration of advanced technology with cultural traditions, leveraging AI to support one of India's most significant and globally recognized religious events.

Switzerland has decided to suspend the Most-Favored-Nation (MFN) clause in its Double Taxation Avoidance Agreement (DTAA) with India, starting from January 1, 2025. This decision will increase tax rates on dividends and royalties to 10%. The suspension was triggered by a ruling from India’s Supreme Court, which stated that the application of the MFN clause requires formal notification under the Income Tax Act. This change is expected to impact tax burdens for both Indian and Swiss companies, potentially affecting their bilateral trade relations.

The Prime Minister chaired the 4th National Conference of Chief Secretaries in New Delhi. The conference aimed to strengthen the partnership between the Centre and State Governments, focusing on cooperative federalism and enhanced coordination for accelerated growth. The theme of the conference was ‘Promoting Entrepreneurship, Employment and Skilling – Leveraging the Demographic Dividend,’ emphasizing the importance of skilling and employment in driving national development.

Manish Jain has been appointed as the Executive Director (Whole-Time Director) of YES Bank for a three-year term from December 11, 2024, to December 10, 2027. This appointment was approved by the Reserve Bank of India under Section 35B of The Banking Regulation Act, 1949. Jain, who has been with YES Bank since September 2023 as the Country Head of Wholesale Banking, brings over three decades of experience in corporate and wholesale banking, including a long tenure at Standard Chartered Bank. His educational background includes a Post Graduate Diploma in Management from IIM Bangalore and a B.Tech from IIT Delhi.

National Energy Conservation Day is celebrated annually on December 14, a tradition started in 1991. Spearheaded by the Bureau of Energy Efficiency (BEE) under the Ministry of Power, this day is dedicated to raising awareness about reducing energy consumption and enhancing energy efficiency. The day also includes the presentation of the National Energy Conservation Awards, recognizing exemplary efforts by industrial units, institutions, and establishments in conserving energy and promoting sustainable practices.

The Reserve Bank of India (RBI) has increased the collateral-free agricultural loan limit from ₹1.6 lakh to ₹2 lakh, effective January 1, 2025. This initiative is aimed at benefiting farmers and allied activities by reducing borrowing costs and improving credit access, especially for small and marginal farmers. The increase in loan limits also enhances the uptake of Kisan Credit Card (KCC) loans, allowing farmers to avail loans up to ₹3 lakh at a 4% effective interest rate. This move supports agricultural growth and financial inclusion.

Max Life Insurance has rebranded to Axis Max Life Insurance following regulatory and corporate approvals. As part of the rebranding, Axis Bank increased its stake in Max Life to 19.99%, while Max Financial Services Ltd's stake was reduced from 87% to 81%. The rebranding also includes a new logo that incorporates Axis Bank's 'A' and a burgundy shade, symbolizing the strengthened partnership between the two entities. This move reflects the growing collaboration and alignment between Axis Bank and Max Life Insurance.