MoRTH to Introduce Nationwide GPS-based Toll Collection System by March 2024Union Minister Nitin Jairam Gadkari, Ministry of Road Transport and Highways(MoRTH) announced that the Government of India plans to introduce a Global Positioning System (GPS)-based toll collection system to replace the existing highway toll-collection booths entirely.
The National Highways Authority of India (NHAI) will begin implementing this new system by March 2024.
Aim: To reduce traffic congestion and institute a system where motorists are charged accurately for the distance travelled on highways.
Points to Note:  
i.Currently, physical toll plazas on highways across India deduct toll fees through the Radio-Frequency IDentification (RFID)-base technology called FASTag.
ii.The implementation of the new GPS satellite-based toll-collection system doesn’t mean the removal of the existing FASTag system.
Pilot Projects with ANPR Systems:
i.The MoRTH has successfully conducted 2 pilot projects featuring Automatic Number Plate Recognition (ANPR) systems, specifically automatic number plate reader cameras.
ii.These trials aim to enable automated toll collection without stopping the vehicles.
Working:
i.The new GPS-based toll collection system will scan vehicle number plates and charge toll fees.
ii.The system calculates the distance the vehicle travels on a tolled road by monitoring its movement using GPS.
Waiting Time:
i.In the fiscal year 2018-19, vehicles faced an average waiting time of 8 minutes at toll plazas.
ii.With the introduction of FASTag during 2020-21 and 2021-22, the average toll plaza waiting time of the vehicles was reduced to 47 seconds.

SREC & Council for Leather Exports Signed MoU to Strengthen Indian Leather Sector
Solidaridad Regional Expertise Centre (SREC), New Delhi-based Charitable Trust, have signed a Memorandum of Understanding (MoU) with the Council for Leather Exports (CLE) under the Ministry of Commerce and Industry (MoCI) to strengthen the performance of the Indian leather industry in domestic and international markets.
i.The MoU signed in Delhi aim to introduce comprehensive training programmes and enrich the skills and knowledge of 150,000 workers in the leather industry.
ii.The MoU will be effective from 1st January 2024 till 31 December 2028.
Note: CLE has set an ambitious target of USD 47-billion business by 2030 for the Indian leather industry.

Angola Quits OPEC After Disagreements Over Production Targets 
The Republic of Angola announced its decision to withdraw from OPEC (Organization of the Petroleum Exporting Countries), with effect from January 2024, after disagreements regarding the OPEC’s production targets.
The decision was taken during the cabinet meeting and was approved by João Lourenço, President of Angola.
Note: 
i.OPEC is a permanent, intergovernmental Organization enabling the cooperation of leading oil-producing countries.
ii.OPEC+, formed in 2016, is a group consisting of OPEC members(13 members including  Angola) and top 10 oil-producing countries.
iii.Angola has been a member of OPEC since 2007.
Background:
i.In June 2023, OPEC and OPEC+ decided to reduce the overall production target from 2023 by 1.4 million barrels per day(bpd)
ii.In November 2023, OPEC agreed to a combined 2.2 million bpd in output cuts for the 1st quarter of 2024.
iii.Angola’s oil output target was reduced to 1.1 million barrels per day.

• Angola which sought a quota of 1.18 million bpd, did not agree to this target and decided to withdraw its membership.

With this, the total number of members of OPEC reduces to 12.
Organization of the Petroleum Exporting Countries(OPEC):
OPEC was created at the Baghdad Conference in 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
Secretary General of OPEC – Haitham Al Ghais(Kuwait)
Headquarters– Vienna, Austria
Current Member: Algeria; Angola; Congo; Equatorial Guinea; Gabon; Iran; Iraq; Kuwait; Libya; Nigeria; Saudi Arabia; United Arab Emirates(UAE) and Venezuela.
Note: Indonesia(2016); Qatar(2019) and Ecuador(2020) are the other countries that have left OPEC.
Additional info:
Angola is the 2nd largest oil producer of Africa after Nigeria. Oil and gas contribute to around 90% of Angola’s exports.

IndusInd Bank launches ‘eSvarna’, India’s First Corporate Credit Card on RuPay NetworkIndusInd Bank Limited has launched India’s first Corporate Credit Card ‘The eSvarna Card’ on RuPay network as part of a Corporate Liability program.

• With this launch, IndusInd Bank became the first entity in India  to integrate Unified Payments Interface (UPI) functionality with a Corporate Credit Card.

About the card:
i.The eSvarna Card is a Europay, Mastercard and Visa (EMV) chip based contactless Commercial Credit Card which can be used at all RuPay
accepting merchant establishments across the globe.
ii.The card is in alignment with National Payments Corporation of India (NPCI)‘s vision for a digitally inclusive society.
iii.The card simplifies expense management for the company with the exclusive rewards program.
iv.It also eases reconciliation and reimbursement claim processing for the corporates.
Benefits:
i.The eSvarna Card comes with waived joining fees and annual fees.
ii.The card offers 8 domestic & 2 international lounge visits in a year.
iii.A surcharge of 1% is waived off at all fuel stations on transactions between Rs. 400 to Rs. 4000.
iv.IndusInd bank offers  insurance coverage of upto Rs.15 lakh in case of counterfeit fraud happening on the card.
v.The bank also offers Travel Insurance and covers unauthorized transactions on the card (after reporting  theft or loss of card).
vi.The card can also be customised by embossing the company name onto it.
What is a Corporate credit card?
A corporate credit cards are credit cards are issued to employees by the company (in which they work) that let them charge business expenses (hotel stays, plane tickets etc) without having to use their own cards or cash.
About National Payments Corporation of India (NPCI):
NPCI is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.
Managing Director(MD) & Chief Executive Officer (CEO) – Dilip Asbe
Headquarters – Mumbai, Maharashtra
Established in – 2008
About IndusInd Bank Limited:
Managing Director(MD) & Chief Executive Officer (CEO) – Sumant Kathpalia
Headquarters – Mumbai, Maharashtra
Established in – 1994
Tagline – We Make You Feel Richer

Bank of Maharashtra unveils Comprehensive Suite of New Products and ServicesBank of Maharashtra (BoM) announced a new suite of products and services during Maha Parivartan Diwas on December 19, 2023 to improve the banking experience.

• This showcases the bank’s dedication to digital innovations for customer needs.
• The products and services were launched across diverse platforms like Mobile Banking, Internet Banking, WhatsApp Banking, Credit Card Services, and a spectrum of Digital Products.

Launched Products & Services:
i.The bank launched STP (Straight Through Process) in PMSVANidhi (Prime Minister Street Vendor’s AtmaNirbharNidhi) and Digital Mudra schemes and an Automated renewal of Working Capital Limits for MSME (Micro, Small & Medium Enterprise) borrowers up to Rs. 10lakhs to ease the credit renewal process for continuous financial support.
ii.BoM launched a virtual debit card, opening of e-FD (e-Fixed Deposits) and e-RD (e-Recurring Deposits) and Positive Pay System (PPS) on its mobile banking platform to enhance customber convenience.
iii.The bank also introduced,

• Online Dispute Resolution (ODR) platform through mobile and internet banking for swift dispute resolution of digital transactions;
• self-enrollment options for internet banking customers; Online Public Provident Fund (PPF) Account opening, KYC (Know Your Customer) updation, and insurance policy applications on Internet Banking platform.

iv.It has also enhanced the WhatsApp banking (+91-7066036640) features. Now customers can warmlist, hotlist, and modify debit card limits for various channels through whatsapp banking. Users can also access detailed information about existing FDs.
v.BoM has simplified the process of sending Domestic Letter of Credits (LCs) and Bank Guarantees (BGs) through SWIFT (Society for Worldwide Interbank Financial Telecommunications)
vi.It has also launched Mahabank Equipment Finance and a scheme for Lab Grown Diamonds to support MSMEs.
About Bank of Maharashtra (BoM):
MD & CEO– A S Rajeev
Headquarters– Pune, Maharashtra
Establishment– 1935
Tagline– One Family One Bank (Ek Parivaar Ek Bank)

RBI Releases Draft Licensing Framework for APs under FEMAOn December 26, 2023, the Reserve Bank of India (RBI) has released a draft ‘Licensing Framework for Authorized Persons (APs)‘ under Foreign Exchange Management Act (FEMA), 1999.
Focus of the draft norms:
i.Rationalize the authorization framework for money changers in view of the widespread availability of banking services.
ii.Improve the scope of services being offered by AD (Authorized Dealers)-Category II entities and review the regulatory framework for APs.
Note:  The licensing Framework for APs issued under FEMA, 1999, was last reviewed in March 2006.
Key Points:
i.Comments/feedback on the draft framework are invited from all stakeholders by January 31, 2024.
ii.The goal is to improve operational efficiency in delivering foreign exchange services to individuals, tourists, and businesses while maintaining necessary safeguards.
iii.In this framework, RBI proposed to introduce a scheme, i.e., FCS, based on a principal-agency model, where AD Category-I or AD Category-II acts as the principal for Forex Correspondents (FxCs), entering into agency agreements under the FCS.
iv.It also proposed to renew an existing authorisation as an AD Category-II on a perpetual basis, subject to conditions.
v.It is proposed to allow AD Category-II entities to additionally facilitate trade-related transactions up to a value of Rs 15 lakh (per transaction).

SBI signs USD 165 mn LoC with World Bank for Rooftop Solar Projects
In December 2023, the State Bank of India (SBI) signed a USD 165 million Line of Credit (LoC) with the World Bank (WB) to finance grid-connected rooftop Solar Photovoltaic projects in residential and institutional sectors.

• On December 21, 2023, SBI signed 200 million euro (~Rs 1,800 crore) LoC with the European Investment Bank (EIB) to support climate action projects in India.

The loan document will become operational once the necessary approvals are secured.

ATGL signs MoU with Flipkart to Reduce Carbon Footprint
Adani Total Gas Limited (ATGL) and Flipkart India Private Limited have signed a Memorandum of Understanding (MoU) to collaborate on decarbonising Flipkart’s supply chain.
i.This aims to reduce Flipkart’s carbon footprint in the primary, secondary, and tertiary movements of goods across sourcing locations, warehouses, and customer deliveries.
ii.Under this MoU,

• ATGL will provide decarbonising solutions to support Flipkart’s transition to cleaner fuel options, like natural gas, and the integration of EVs.
• Adani Total Energies E-Mobility Ltd (ATEL), a subsidiary of ATGL, will provide electric vehicles (EVs) charging infrastructure at Flipkart’s pan-India supply chain, encompassing warehouses and logistics locations.

Winners of Sahitya Akademi 2023 Announced: Total of 24 Indian Languages been AwardedThe Sahitya Akademi announced the winners of the Sahitya Akademi Awards 2023, the annual award that recognizes literary works in 24 Indian languages (including English).
i.The winners of the Sahitya Akademi Awards 2023 include 9 books of poetry, 6 Novels, 5 short stories, 3 Essays, and 1 Literary Study.
ii.The winners are recommended by the jury members in 24 languages and were approved by the executive board of the Sahitya Akademi under the chairmanship of Shri Madhav Kaushik, President, Sahitya Akademi.
iii.The Award is in the form of a casket containing an engraved copper plaque, a shawl, and a cash prize of Rs. 1 lakh.
About Sahitya Akademi:
The Sahitya Akademi Award is the second-highest literary honor by the Government of India, following the Jnanpith Award.
i.Sahitya Akademi was established by the government of India in 1954, is India’s National Academy of Letters. The first Sahitya Akademi awards were given in1955.
ii.The Akademi preserves and promotes the literature contained in 24 Indian languages(22 languages as per the 8th schedule of the Indian constitution and English and Rajasthan) through Awards, Fellowship, Grants, publications, and others
iii.The head office of the Sahitya Akademi is in New Delhi, Delhi.

SEBI approves Appointment of Pramod Agrawal as BSE Chairman The Securities and Exchange Board of India (SEBI) has approved the appointment of Pramod Agrawal as the Chairman of the BSE Limited (formerly Bombay Stock Exchange) with effect from 17th January 2024.

• He will be replacing Subhash Sheoratan Mundra (SS Mundra), the current Chairman of BSE, whose tenure is set to expire on 16th January 2024.
• He has been serving as the Public Interest Director of BSE since November 2023.

About Pramod Agrawal:
i.Pramod Agrawal is a retired Indian Administrative Service (IAS) officer of the 1991 batch belonging to the Madhya Pradesh (MP) cadre.
ii.He served as Chairman and Managing Director(CMD) of Coal India Limited (CIL) from 2020 to June 2023.
iii.Prior to that, he was a Principal Secretary in the Department of Technical Education, Skill Development & Employment and the Department of Labour, Government of MP.
About SS Mundra:
i.In 2022, BSE appointed SS Mundra as Chairman of the Board of Directors of the company by replacing Vikramajit Sen.
ii.However he joined BSE in 2018 as a Public Interest Director.
iii.He served as Deputy Governor of the Reserve Bank of India (RBI) from 2014-17.
iv.Prior to that, he served as CMD of the Bank of Baroda (BoB).
About BSE Limited:
Chairman – Subhash Sheoratan Mundra
Headquarters – Mumbai, Maharashtra
Established in  –  1875

IN Commissioned Stealth Guided Missile Destroyer INS Imphal in MumbaiOn 26th December 2023,the Indian Navy (IN) commissioned the Indian Naval Ship (INS) Imphal(Yard 12706), a Stealth Guided Missile Destroyer, at Naval Dockyard, Mumbai, Maharashtra in the presence of Union Minister Rajnath Singh, Ministry of Defence (MoD).
i.It is the third of four Project 15B ‘Visakhapatnam’ class destroyers designed by the IN’s Warship Design Bureau (WDB) and built by Mazagon Dock Shipbuilders Limited (MDL), Mumbai.
ii.The ship is 163 meters long, 17m in breadth, has a displacement of 7,400 tons, and is capable of attaining speed in excess of 30 knots (56 km/hour).
iii.This ship emphasizes ‘Aatmanirbhar Bharat’ with 75% indigenization.
About Indian Navy (IN):
Chief of the Naval Staff (CNS)– Admiral Radhakrishnan Hari Kumar
Headquarters– Integrated Defence Headquarters, Ministry of Defence, New Delhi, Delhi

ISRO Releases Book on ‘FEAST Software’ Written by FEA Experts of VSSCThe book titled “Introduction to Finite Element Analysis – A Textbook for Engineering Students” released by the Indian Space Research Organisation(ISRO)’s Vikram Sarabhai Space Centre (VSSC) offers insights into the fundamentals of Finite Element Analysis (FEA) method and how FEAST (Finite Element Analysis of Structures) software can be used for solving real-world problems.
i.The book was edited by S Somanath, Chairman of ISRO, and  Dr. Unnikrishnan Nair S, Director of  VSSC- Thiruvananthapuram(Kerala), and written by finite element analysis experts of VSSC.
ii.The book was launched by Professor TG Sitharam, Chairman of All India Council for Technical Education (AICTE) at the ISRO’s Headquarters in Bengaluru(Karnataka).

• It was published by Springer Publications.

About the Book:
i.The book is useful for the undergraduate engineering curriculum and is expected to promote and support widespread use of FEAST software.
ii.The book provides an overview of the fundamental principles of FEA, explaining concepts and problem-solving techniques through the utilization of FEAST software.
About FEAST software:
i.FEAST (Finite Element Analysis of Structures) software,indigenously developed by VSSC, is used to perform Finite Element Analysis (FEA) on a variety of structures, including rockets, aircraft, satellites, and buildings.
ii.FEA is a computerised method of predicting how a component or structure will react to real-world forces such as structural loads, thermal conditions, and other physical influences that a structure would encounter while in operation.
iii.FEAST software is available in four licensing options to accommodate the diverse spectrum of finite element analysis users.

• Standard
• Academic (for students and educational institutions)
• Premium (for small and medium scale industries)
• Professional (for general large scale applications)

iv.The National Finite Element Developers’/ FEAST Users’ Meet (NAFED) is organised each year to engage users and collect feedback on the software.

OYO partners with Khelo India and others to aid Differently-Abled Talent
Ahmedabad (Gujarat) based OYO Hotels and Homes Private Limited (OYO) has partnered with Khelo India Para Games and Divyang Kala Mela, to provide specialised and accessible accommodation for differently abled players across India.

• OYO has also partnered with Wheeling Happiness Foundation and other organizations to reach out to a larger group of differently-abled sportspersons

Under this, OYO will provide accessible accommodations for differently-abled players and urge its partner hotels to ensure wheelchair-friendly amenities.
Note:
Wheeling Happiness was founded by Padma Shri(2017 sports) and Arjuna Award(Athletics(Paralympics) Winner Deepa Malik,.  She was the 1st Indian female para-athlete to win a medal at the Paralympics. She won the silver in shot put at 2016 Paralympics held in Rio de Janeiro, Brazil.

Veer Bal Diwas 2022 – December 26Veer Bal Diwas is annually observed across India on 26 December to pay honour and tribute to the sacrifices of Sahibzada Zorawar Singh and Sahibzada Fateh Singh, the 3rd and 4th son(Chhote Sahibzadas) of Guru Gobind Singh, 10th and last Sikh Guru.
26 December 2023 marks the 2nd observance of Veer Bal Diwas.
Background:
i.On 9 January 2022, on occasion of the Prakash Purab (birth anniversary) of Guru Gobind Singh, PM Narendra Modi declared that December 26 would be observed as ‘Veer Bal Diwas’ to mark the martyrdom of the Chhote Sahibzadas.
ii.The first Veer Bal Diwas was observed on 26th December 2022.
Guru Gobind Singh and his 4 Sons:
i.He was the Sikh leader in Punjab during the Mughal reign and had 4 sons. They were know as the 4 Sahibzade Khalsa.
ii.He founded the Sikh warrior community called Khalsa in 1699, especially for the defence of Sikhism and Hinduism against the Mughals.
iii.On December 1704, Guru Gobind Singh’s eldest sons, Sahibzada Ajit Singh and Sahibzada Jujhar Singh were killed in the Battle of Chamkaur against Mughal
iv.His younger sons Sahibzada Zorawar Singh (9) and Sahibzada Fateh Singh (6), were murdered by Wazir Khan the Mughal Governor of Sirhind.
2023 Events:
PM Narendra Modi participated in the program marking the 2nd observance of ‘Veer Baal Diwas’ on 26th December 2023 at Bharat Mandapam in New Delhi, Delhi.
The event was also attended by Union Minister Smriti Zubin Irani, Ministry of Women and Child Development; Union Minister Dharmendra Pradhan, Ministry of Education; and Union Minister Anurag Singh Thakur, Ministry of Information and Broadcasting.
1st international Veer Baal Diwas.
i.The Sikh Diaspora from the United States of America (USA), United Kingdom (UK), New Zealand, United Arab Emirates (UAE), and Greece converged in a significant gathering to observe the 1st international Veer Baal Diwas.
ii.The programs were organised by the Indian Minorities Foundation (IMF) across the 5 nations along with the Sikh Diaspora of the respective countries.
iii.Chancellor of Chandigarh University & IMF Convener, Satnam Singh Sandhu, participated in the Veer Baal Diwas at the Sikh Religious Society of Wisconsin, USA.
iv.Similar observance also took place at the Begampura Sikh Temple in Auckland(New Zealand); Guru Teg Bahadur Gurudwara of Oinofyta in Greece; and Gurudwara Guru Nanak Darbar Ras Al Khaimah in Dubai (UAE).

International Day of Epidemic Preparedness 2023- December 27 The United Nations (UN)’s International Day of Epidemic Preparedness is annually observed across the globe on 27th December to highlight the significance of the prevention of, preparedness for, and partnership against epidemics.

• 27 December 2023 marks the observance of the 4th International Day of Epidemic Preparedness.

Background:
i.On 7 December 2020, the United Nations General Assembly (UNGA) adopted the resolution A/RES/75/27 and proclaimed the 27 December of every year as the International Day of Epidemic Preparedness.
ii.The first International Day of Epidemic Preparedness was observed on 27 December 2020.