Daily Current Affairs 6 December, 2024 International Affairs 1. Presidency of South Africa in the G20: inaugurated 2. Attempt to appoint ‘Facilitator’ at WTO Context: India, Sri Lanka and Pakistan have raised concerns at the World Trade Organization (WTO) on attempts to appoint facilitators to oversee the resumption of the stalled agriculture negotiations. What is Facilitator? A facilitator-led process in agriculture is a proposal to guide discussions on agricultural topics at the World Trade Organization (WTO) with facilitators appointed by the chair of the agriculture negotiations. The idea is to encourage focused and interactive engagement among members on the various topics under negotiation. Key Highlights: National Affairs 1. Aadhaar-enabled payment system (AePS) Context: It intends to enhance the onboarding process for service providers of Aadhaar-enabled payment systems under the Reserve Bank of India and formulate further guidelines for positing anti-fraud risk measures. Read more… 2. Indian Space Research Organization (ISRO) Launches the ESA Proba-3 Mission Launch Details Mission Achievements Mission Components Commissioning and Operational Phase Also read: PROBA-3 Mission 3. Gaganyaan Mission Advances and Socio-Economic Benefits Context: STATUS OF GAGANYAAN MISSION Human Rated Launch Vehicle: Orbital Module Systems: Gaganyatri Training: Ground Infrastructure: Gaganyaan First Uncrewed Mission: Government Initiatives: 4. CHANDRAYAAN Missions and Accomplishments of ISRO Chandrayaan Upcoming Chandrayaan Missions: Cost Effectiveness Goals: Indian Space Policy 2023: Major Landmarks Achieved by ISRO: Main Accomplishments: 5. Single brand, 30,000 Krishi Sakhis and ‘easier’ certification for farmers: What’s new in natural farming guidelines Essentials and Details of the National Mission on Natural Farming (NMNF): Guidelines The National Mission on Natural Farming (NMNF) initiated its operations on 25 November 2024 for chemical-free farming across the country. It aims at reducing the dependence on chemical inputs along with soil health for the farmers, input cost reduction, climate resilience, and improvement of livelihood for the farmers. The details of the key components under this mission are provided as guidelines below. An Overview of the Mission Focus Areas: Operational Guidelines for NMNF The National Mission on Natural Farming operational guidelines have been issued and include several strategies to make the adoption and promotion of natural farming easier throughout India. Salient Features of the Guidelines Also read: Organic Farming 6. Shri Pralhad Joshi has launched ‘Anna Chakra’ Context: Shri Pralhad Joshi has launched ‘Anna Chakra’, a tool for optimizing the Public Distribution System supply chain and a portal for Subsidy Claim Application for NFSA. Launch of ‘Anna Chakra’ and SCAN Portal The Union Minister of Consumer Affairs, Food and Public Distribution and New & Renewable Energy, Shri Pralhad Joshi, recently unveils two major public initiatives for reforming the PDS-and-subsidy claim systems: The highlights of these initiatives are: ‘Anna Chakra’ – PDS Supply Chain Optimization: Benefits of ‘Anna Chakra’: Route Optimization Results: Major Integrations in ‘Anna Chakra’: 7. National Library Mission National Mission on Libraries Scheme of Ministry of Culture 8. Ashtalakshmi Mahotsav 2024 Context: Ashtalakshmi Mahotsav 2024: The Celebration of Culture and Economies of Northeast India Culture-History of Northeast India Mascot of Mahotsav: Purvi The Event Highlights: More than 250 artisans with their unique handicrafts, handlooms, agri-horti products which include 34 GI tagged products. Technical sessions shall cover the areas of development such as women’s leadership, IT, energy, healthcare, etc. In the Investors Roundtable, discussion possibilities are going to be with respect to the sectors handicrafts, agriculture, and tourism. The Design Conclave and Fashion Show will integrate traditional and modern fashion. Ashtalakshmi Grameen Haat will recreate a traditional market atmosphere. Investment Opportunities in Northeast India 9. PM-Vidyalaxmi scheme: to provide financial support to meritorious students PM Vidyalaxmi: A Central Sector Scheme for Meritorious Students Introduction Eligibility Loan Features Implementation Policy Alignment Supplementary Initiatives Banking/Finance 1. Monetary Policy Review: RBI’s Liquidity Management Context: Liquidity management will be the main theme of the Monetary Policy review on behalf of central bank Key Highlights: 2. RBI Monetary Policy Meeting outcome: Shaktikanta Das-led MPC keeps repo rate unchanged at 6.5%, cuts CRR by 50 bps to 4% RBI Cuts CRR, Maintains Repo Rate Major Policy Decisions CRR Reduction: Economic Growth & Inflation Forecast Reasons Behind CRR Cut Liquidity Infusion for Banks: 3. RBI to deploy AI for hunting down mule accounts Context: Central bank of India has developed an AI/ML based open-source tool known as MuleHunter.AI to trace killer accounts used in financial frauds. Key Highlights: Successful Pilot: The two state-run banks that piloted it succeeded in more collaboration within the Reserve Bank Innovation Hub (RBIH) for the development of the tool. Ongoing RBI Efforts Against Digital Frauds: RBI has launched numerous initiatives such as strengthening cyber security, issuance of fraud prevention guidelines, and transaction monitoring among many others to tackle digital fraud in the financial sector. Mule Accounts and Financial Frauds: In the financial fraud world, mule accounts serve as a transfer point for fraudsters, who use it to channel illegal transactions. The RBI is working on a hackathon on Zero Financial Frauds specifically around mule accounts. Increasing Mule Account Activity: The mule account activity in India is on the rise. Cities such as Bhubaneswar, Lucknow, and Navi Mumbai are the top three with the highest numbers. Encouraging Innovation: The hackathon is also an initiative by RBI to encourage development efforts of such innovative solutions fighting against mule accounts and frauds. Industry Support: The CEO of KiyaAi, Rajesh Mirjankar, termed MuleHunter.AI as an “AI-driven initiative,” which is very significant for the “detection and prevention of fraud,” specifically mule accounts fraud. Collaborative Approach: According to RBI, enhanced collaboration among regulators, banks, and fintechs will build a secure and tech-driven financial ecosystem. 4. RBI raises interest rate ceiling on FCNR(B) deposits to attract capital flows RBI Raises Interest Rate Cap on FCNR Accounts (Banks)/FCNR(B) Deposits for Foreign Currency Non-residents. Agri Business 1. Indian government encouraging fruits, vegetables, maize to reduce stubble burning A High-Value Crop Initiatives Indian Govt. 2. Collateral-free agriculture loans limit upped from ₹1.6 lakh to ₹2 lakh  Context: RBI Increases Collateral-Free Agriculture Loan Limit Highlights:• RBI increases the limit of agriculture loans that are collateral-free to the borrower from