EPFO extends Deadline to Upload Wage Details for Higher Pension Options till May 31On January 3, 2024, the Employees’ Provident Fund Organisation (EPFO) has approved a five months extension for employers for uploading wage details of higher pension options online i.e. till 31st May, 2024 from 31st December 2023.

• The information for the same was provided by Ministry of Labour and Employment.

Reason behind the extension:
With over 3.6 lakh pending applications for the Validation of Options/ Joint Options, the EPFO has approved an extension to facilitate employers in processing these outstanding submissions.
Background:
i.In response to a Supreme Court order in October 2022, EPFO introduced an online application facility for pension option validation in February 2023, with an initial deadline of May 3, 2023.
ii.Following the representations from the employees, the deadline was extended to June 26, 2023 with subsequent extensions till July 11, 2023.
iii.The deadline was further extended till December 31, 2023 after receiving more representations from Employers & Employers’ Associations.
About Employees’ Provident Fund Organisation (EPFO)
EPFO works under the administrative control of the Ministry of Labour and Employment(MoLE).
Chief Executive Officer– Neelam Shami Rao
Headquarters– New Delhi, Delhi
Establishment– 1952

NHAI & NRSC Entered into MoU to Develop and Report Green Cover Index for National Highways in IndiaThe National Highways Authority of India (NHAI) signed a Memorandum of Understanding (MoU) with the National Remote Sensing Centre (NRSC), one of the primary centres of the Indian Space Research Organization (ISRO), for 3 years to develop and report a “Green Cover Index” for the vast National Highways network in India.
Green Highways Policy:
Ministry of Road Transport and Highways (MoRTH) and NHAI has prioritised greening Highway Corridors since initiation of the Green Highways Policy in 2015.
At present, the monitoring of plantations is based on site visits by field personnel.
Comprehensive Pan-India Estimation:
i.By using high-resolution satellite imagery, NRSC will undertake a comprehensive pan-India estimation of green cover referred to as the ‘Green Cover Index’ for National Highways.

• This approach not only enhances in-situ data collection but also supplements plantation management and monitoring, including performance audits conducted by NHAI.

ii.This innovative approach aims to streamline the assessment process and facilitate targeted interventions where green cover is insufficient.
Benefits: It promises a time-saving and cost-effective solution for generating macro-level estimates of greenness along National Highways.
Capturing Green Cover Index Region-Wise:
i.The primary goal of the project is to capture the Green Cover Index region-wise for National Highways in the initial assessment cycle.
ii.Subsequent annual cycles will focus on utilizing scientific techniques to estimate the growth patterns of green cover for National Highways.
iii.The findings of the Green Cover Index will enable the comparison and ranking of various National Highways.

• This information will support timely and periodic interventions to enhance green cover.

Granular Metrics for Individual Projects:
Green cover will be estimated for every 1 kilometer (km) length of National Highways, allowing for the generation of granular metrics for individual projects/packages as well.
About National Remote Sensing Centre (NRSC):
NRSC has been converted into full-fledged centers of ISRO since September 1, 2008. Earlier, it was an autonomous body called the National Remote Sensing Agency (NRSA) under the Department of Space (DOS).
Director– Dr. Prakash Chauhan
Headquarters– Hyderabad, Telangana
Established in– 1974

President Droupadi Murmu Gives Assent to Two Bills on December 2023President of India Droupadi Murmu gave assent to two bills including The Chief Election Commissioner and Other Election Commissioners (Appointment, Conditions of Service and Term of Office) Bill, 2023, and The Press and Registration of Periodicals (PRP) Bill, 2023
i.The Chief Election Commissioner and Other Election Commissioners (Appointment, Conditions of Service and Term of Office) Bill, 2023

• The key purpose of the bill is to put in place a mechanism for the appointment of the Chief Election Commissioner (CEC) and other Election Commissioners (ECs).
• The Bill replaces the Election Commission (Conditions of Service of Election Commissioners and Transaction of Business) Act, 1991

ii.The Press and Registration of Periodicals Bill, 2023 replaces the Press and Registration of Books Act, 1867

• The Ministry of Information and Broadcasting is the concerned ministry Highlights of Bill.
• The bill aims to modernize and simplify the registration and declaration process. It will help publishers in easing up the procedures and reducing the number of declarations and fillings.

About Ministry of Information and Broadcasting
Union Minister: Anurag Singh Thakur(Lok Sabha- Hamirpur, Himachal Pradesh)
Minister of State: Dr. L. Murugan (Rajya Sabha – Madhya Pradesh)

3 Products from Arunachal Pradesh gets GI tag: Adi Kekir, Handmade Carpets & Wancho CraftChennai, Tamil Nadu (TN) based Geographical Indications Registry has awarded the Geographical Indication (GI) tag 3 indigenous products from Arunachal Pradesh (AR) namely Adi Kekir (ginger), Handmade Carpet (by Tibetan settlers), and Wancho Wooden Craft.
i.With the addition of 3 new GI products, Arunachal Pradesh now has a total of 8 GI products. 
ii.The other 5 products are: Arunachal (Wakro) Orange;  Idu Mishmi Textile;  Khaw Tai (Khamti Rice); Yak Churpi and Tangsa Textile
About the 3 New GI products:

About:
i.Adi Kiker is a flavourful ginger variant produced in the East Siang, Siang, and Upper Siang districts of AR.
ii.Handmade Carpet made by the Tibetan refugees across AR are known for their designs, motifs and texture.
iii.Wancho Wooden Craft featuring human head includes tobacco pipes with head-shaped bowls and drinking mugs with warriors carrying heads.

• The wooden items made by the Wancho community also includes sculptures of Lord Buddha, animals, and dolls with intricate details.

Points to note:
National Bank for Agriculture and Rural Development (NABARD) supports and provides financial assistance to the initiatives of the AR government under ‘vocal for local’.
So far, 6 out of the 18 such products supported by NABARD have received GI registration.

QCI & KVIC Signed MoU to Enhance Quality of Khadi Products; Introduce Made-in-India Khadi Labels
The Quality Council of India (QCI) and the Khadi and Village Industries Commission (KVIC) signed a Memorandum of Understanding (MoU) at Kochrab Ashram in Ahmedabad (Gujarat) to improve the quality of Khadi products, introduce Made-in-India label for khadi, and empower khadi artisans.
The MoU was exchanged in the presence of Manoj Kumar, Chairman of KVIC; and Jaxay Shah, Chairman of QCI.

• As per the MoU, QCI will assist KVIC in various activities, including training for enhanced product quality, improving productivity, and marketability of Khadi and Village Industries products domestically and internationally.
• This collaboration will give a new identity to Khadi as a ‘Made in India’ label, and aims to position Khadi products as a symbol of quality globally, fostering increased production and sales.
• This will also provide new employment opportunities to Khadi artisans with greater productivity and efficiency by empowering them with enhanced skills and knowledge.

RBI Issues Master Direction on Commercial Paper & Non-Convertible Debentures 2024i.On January 3, 2024, the Reserve Bank of India (RBI) issued Master Direction – RBI (Commercial Paper and Non-Convertible Debentures of original or initial maturity upto one year) Directions, 2024 which will come into effect from April 01, 2024.
ii.These Directions have been issued in exercise of the powers conferred under section 45J, 45K, 45L and 45W of RBI Act, 1934 read with section 45U of the Act and of all the powers enabling it in this behalf.
iii.Non-Convertible Debenture (NCD) means a secured money market instrument with a tenor between 90 days and one year.
iv.Commercial Paper (CP) means an unsecured money market instrument issued in the form of a promissory note with maturity between a minimum of 7 days and a maximum of up to one year from the date of issue.
v.The minimum credit rating, assigned by a Credit Rating Agency (CRA), for the issuance of CPs and NCDs is ‘A3’.
About Reserve Bank of India (RBI):
Governor– Shaktikanta Das
Deputy Governors–Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar, and
Swaminathan Janakiraman
Establishment– 1st April 1935
Headquarters– Mumbai, Maharashtra

Bajaj Finserv launched India’s First Credit Pass, Powered by CIBIL Bajaj Finserv Limited has launched a Credit Pass, a first-of-its-kind subscription in India,  that enables its customers to get real-time access to their credit dashboard to track and monitor credit health.

• The credit pass is powered by TransUnion CIBIL Limited (formerly Credit Information Bureau (India) Limited), a credit information company (CIC) operating in India.

Eligibility:
Any customer who has applied for a loan or credit card in the past or anyone who is looking to apply for a loan in the future is eligible to apply for the Credit Pass.
Credit pass:
i.The credit pass account can be accessed through a 12-digit unique number.
ii.The pass offers access to the credit dashboard which gives information such as credit enquiries & repayment history.
iii.The credit pass comes with interactive tools like the Credit Score Simulator and Equated Monthly Instalment (EMI) Calculator.
iv.Monthly CIBIL Score checks, Credit Health Report, and Tracking Credit factors are some of the features of credit pass.
What is the CIBIL score?
i.CIBIL score introduced in 2007 was India’s 1st generic risk scoring model for banks and financial institutions.
ii.A CIBIL score is a three-digit number between 300-900, 300 being the lowest, that represents an individual’s credit-worthiness.
iii.A higher CIBIL score suggests a good credit history and responsible repayment behaviour.
Bajaj Finance Ltd announces Digital FD with Interest Rate of 8.85%
Bajaj Finance Limited (BFL), a Non-Banking Financial Company (NBFC), and a subsidiary of Bajaj Finserv Limited, has launched digital Fixed Deposit (FD) which offers interest rates of up to 8.85%.
About the FD:
i.The digital FDs can be booked through the Bajaj Finserv mobile application and website.
ii.The revised rates will be applicable on fresh deposits and renewals of maturing deposits of up to Rs 5 crore for a tenure of 42 months (3.5 years).
iii.Senior citizens (above 60 years) will be offered 8.85% interest rates whereas other depositors(below 60 years) will be paid interest rates of 8.6%.
Additional Info:
At present there are 4 CICs regulated and authorized by the Reserve Bank of India(RBI). They are,
i.TransUnion CIBIL Limited
ii.Equifax Credit Information Services Private Limited,
iii.Experian Credit Information Company of India Private Limited and
iv.CRIF High Mark Credit Information Services Private Limited
About Bajaj Finserv Limited:
Bajaj Finserv Limited is the financial arm of the Bajaj group.
Chairman and Managing Director(CMD) – Sanjiv Bajaj
Headquarters – Pune, Maharashtra
Established in – 2007 

AU SFB Collaborated With Mastercard To Launch Platinum Debit CardOn 3rd January 2024, AU Small Finance Bank (SFB) Limited in partnership with United States of America (USA) based Mastercard has launched ‘Mastercard Platinum Debit Card’ designed for Corporate Salary Customers. The card was introduced under the theme #Swipe&Save.
About the card:
i.The contactless Platinum Debit Card provides exclusive and convenient benefits to Corporate Salary class people in their daily lives.
ii.The card aims to transform every purchase into a rewarding experience.
iii.The card comes with entertainment offers, dining offers, online food delivery offers along with providing offers on purchase of  groceries, travel bookings and online shopping.
Features:
i.The cardholders can withdraw and make purchases upto Rs 2 lakh per day.
ii.The Automated Teller Machine (ATM) fund transfer limit made by the card is limited to Rs.20,000 and contactless transactions are limited to Rs.5000.
Insurance Coverage:
i.The card offers a personal accident insurance cover of Rs.2 lakh and purchase protection benefits up to Rs.25,000.
ii.The cardholder can also avail card liability cover of Rs.2 lakh.
Additional Info:
With the launch of this card, AU SFB has expanded its card offerings in all the payments network (MasterCard, Rupay and Visa) in India.
About Au Small Finance Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Sanjay Agarwal
Headquarters – Jaipur, Rajasthan
Established in – 1996
Tagline – Badlaav Humse Hai

WB Issued Bonds in Three Currencies to Finance Social Projects
The World Bank (WB) has raised funds by issuing bonds in three different currencies namely Canadian dollars (CAD), Australian dollars(AUD), and United States Dollars (USD) to support the financing of green and social projects, programs and activities in the member countries.

• World Bank’s arm International Bank for Reconstruction and Development (IBRD) acts as the issuer.

Launched Bonds:
i.5-year AUD Sustainable Development Bond – AUD 2 billion
ii.7-Year USD Sustainable Development Bond – USD 5 billion
iii.5-year CAD Sustainable Development Bond – CAD 1.4 billion
About World Bank:
World Bank Group President – Ajay Banga
Headquarters – Washington DC, United States of America (USA)
Established in – 1944

India Ratings raises India’s GDP growth forecast for FY24 to 6.7% from 6.2% On January 3, 2024, India Ratings and Research (Ind-Ra) Private Limited, part of the Fitch Group, increased India’s Gross Domestic Product (GDP) growth estimate for 2023-2024(FY24) to 6.7% from 6.2%.
Factors:
The increase in GDP forecast is led by various factors like,
i.The resilience of the Indian economy, which grew 7.6% yoy in second quarter growth (Q2FY24), after growing 7.8% yoy in 1QFY24.
ii.sustained government (Capital Expenditure).
iii.the prospect of a new private corporate capex cycle.
iv.sustained momentum in business and software services exports, along with remittances from the rest of the world.
Key Points:
i.Indian economy faces challenges from slowing exports due to weaker global trade and economic growth.
ii.Ind-Ra raised GDP growth projection for FY24 to 6.2% from 5.9% in October 2023.
iii.India Ratings expects current account deficit to narrow to 1.3% of GDP in FY24 from 2.0% in FY23.
iv.Merchandise exports expected to fall 9.3% YoY (Year-on-Year) in FY24; goods imports to fall 7.9% YoY.
viTrade deficit estimated at $260.7 billion (7.3% of GDP) due to uncertain external demand.
Global Scenario:
i.There is risk to the global growth amid the monetary policy tightening in advanced economies.

• This may result in global inflation declines to 6.9% in 2023 and 5.8% in 2024 (2022: 8.7%).

ii.The volatile geopolitical situation, may impact global growth and trade, especially through disruptions in the supply chain
iii.The World Trade Organization (WTO) expects the world merchandise trade volume to have grown only 0.8% as against the expected 1.7% in 2023.
iv.The International Monetary Fund (IMF) expects the global growth to slow down to 2.9% in 2024 (2023: 3 per cent), lower than the pre-pandemic average growth of 3.8% (2000-19).

SpaceX launches its first ‘direct-to-cell’ Starlink satellitesOn 2nd January 2024, SpaceX’s Falcon 9 launched the 21 Starlink satellites, including its first six “direct-to-cell” satellites, to Low-Earth orbit(LEO) from Space Launch Complex 4 East (SLC-4E) at Vandenberg Space Force Base in California, the United States of America(USA).
Direct to cell satellites: 
i.Direct to cell satellites aims to provide seamless global access to text, call, and browse across all-terrain and location coverage without changing hardware or firmware.
ii.These starlink satellites uses advanced eNodeB modem that acts as a cellphone tower in the space.

• eNodeB – refers to the base station equipment that handles the radio interface with the mobile devices.

iii.This will eliminate deadzones (a place that doesn’t receive a cell signal) with network integration similar to a standard roaming partner.
Services: 
i.Text functions using direct to cell will become active in 2024 and voice, data and Internet of Things (IOT) service will become active from 2025.
ii.This technology will work with Long Term Evolution (LTE) phones.
Additional info: 
The global cellular providers which are currently using Direct to cell includes T-Mobile in the USA, Rogers in Canada, KDDI in Japan, Optus in Australia, One NZ in New Zealand, Salt in Switzerland, and Entel in Chile and Peru.
Starlink: 
i.Starlink is the world’s first and largest satellite constellation using a LEO to deliver broadband internet to all its users.
ii.The first 60 Starlink satellites were launched in May 2019.
iii.At present, it has more than 5,000 active satellites transmitting relatively low-latency internet from orbit.
About SpaceX:
SpaceX (Space Exploration Technologies Corporation) is a space transportation and aerospace manufacturer.
Founder & CEO– Elon Musk
Founded in 2002
Headquarters– Hawthorne, California, USA

World Braille Day 2024 – January 4 The United Nations (UN) World Braille Day is annually observed across the globe on 4 January to raise awareness about the significance of Braille as a communication medium for people who are blind or partially sighted.

• The Day commemorates the birth anniversary of Louis Braille, a 19th-century French educator, who invented the Braille script for the blind and visually impaired in 1824.

4 January 2024 marks the observance of the 6th World Braille Day and the 215th birth anniversary of Louis Braille.
Background:
i.On 17 December 2018, the United Nations General Assembly (UNGA) adopted the resolution A/RES/73/161 and proclaimed the 4 January of every year as World Braille Day.
ii.The 1st ever World Braille Day was observed on 4 January 2019.

WB Govt Declared Poila Baisakh as State Day & Tagore’s Banglar Mati Banglar Jal as State SongThe Government of West Bengal(WB) declared Poila Baisakh, the Bengali New Year, as the State day and Nobel laureate Rabindranath Tagore’s 1905 ode to Bengal, “Banglar Mati, Banglar Jal” (The soil of Bengal, the water of Bengal) as the State Song.

• The state day will be celebrated as “Bangla Divas”.
• Poila Baisakh is celebrated on the first day of the Baisakh month, the first month of the Bengali calendar year which usually falls on the 14th or 15th of April.

Points to note:
i.The State Day shall be celebrated every year by all the people of West Bengal with respect and dignity.
ii.The 1-minute-59-seconds State Song shall be played compulsorily at the commencement of all official functions in West Bengal and the National Anthem shall be played compulsorily after the function.

• All dignitaries/persons should stand at attention when the State Song and National Anthem are played and mass singing of it should be encouraged.

Background:
In September 2023, the West Bengal Assembly passed a resolution declaring the 1st day of the Bengali calendar, ‘Poila Baisakh’, as statehood day and Rabindranath Tagore’s song ‘Banglar Mati Banglar Jal’ as the state anthem.

• Subsequently, the State Cabinet gave its approval for the development.

Note: The order was issued by the former chief secretary of West Bengal HK Dwivedi on 30 December 2023, who retired on 31 December 2023.
About Banglar Mati, Banglar Jal:
The patriotic song Banglar Mati, Banglar Jal was written in 1905 in the context of Viceroy George Nathanial Curzon’s (1859-1925) partition of Bengal.

• Rabindranath Tagore had penned the song in support of the Bangabhanga Rodh movement to oppose Bengal’s partition.

Note:  Rabindranath Tagore won the Nobel Prize in Literature in 1913 and became the 1st Indian and 1st Asian to win the award.

PFC signs MoU with Gujarat Govt for Power Projects Worth Rs 25,000 CrThe Power Finance Corporation Limited (PFC) has signed a Memorandum of Understanding (MoU) worth Rs 25,000 crore with the Government of Gujarat (GoG) in Gandhinagar to provide financial backing for power generation, transmission, and distribution projects.

• PFC is a Schedule-A Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Power (MoP).

Attended Delegates:
The MoU has been signed by Parminder Chopra, Chairperson & Managing Director (CMD) of PFC and Jai Prakash Shivhare (MD) of  GUVNL in the presence of Bhupendra Patel, Chief Minister (CM) of Gujarat.
About the MoU:
i.As per the MoU, PFC supports various projects undertaken by GoG-owned firms such as

• Gujarat Urja Vikas Nigam Limited (GUVNL)
• Gujarat State Electricity Corporation Limited (GSECL)
• Gujarat Energy Transmission Corporation Limited (GETCO)
• Dakshin Gujarat Vij Company Limited (DGVCL)
• Madhya Gujarat Vij Company Limited (MGVCL)
• Paschim Gujarat Vij Company Limited (PGVCL)
• Uttar Gujarat Vij Company Limited (UGVCL)

ii.PFC also provides funding for the expansion of power infrastructure projects of these entities.
iii.The MoU will also create employment generation in Gujarat.
About Power Finance Corporation (PFC):
Power Finance Corporation (PFC) is a Non-Banking Financial Company (NBFC) in the power sector.
Chairman and Managing Director (CMD) – Parminder Chopra
Headquarters – New Delhi, Delhi
Established in – 1986
About Gujarat:
Chief Minister – Bhupendra Rajnikant Patel
Governor – Acharya Devvrat
Airports – Shyamji Krishna Verma Bhuj Airport, Porbandar Airport
UNESCO World Heritage Site –  Champaner-Pavagadh Archaeological Park, Rani-ki-Vav (the Queen’s Stepwell)