Indian Navy’s Modernization and Innovation Indian Navy has expanded its strategic outreach and operational horizons, focusing on modernization and innovation.• BRAHMOS supersonic cruise missile system has appreciably enhanced modern combat capabilities of the Navy.• BRAHMOS is a state-of-art universal precision-guided weapon designed for both antiship and land-attack roles.• The BRAHMOS naval variant has continued to evolve in lethality, maneuverability, and strike capability in the complicated maritime environment.• It has been integrated into modern combat suites of large guided missile destroyers and stealth frigates.• Test firings of the missile from the naval platforms have thus augmented the Navy’s firepower at sea.Major achievements by BrahMos Aerospace in the way of significant contracts are an advanced SSM variant of the versatile weapon system BRAHMOS and Next Generation Maritime Mobile Coastal Batteries which they are making for the Indian Navy.• The superior systems proved during test firings notable operating and performance characteristics and functionalities in their successful firings performed in 2023-24.• BRAHMOS Aerospace has developed a compact yet more powerful and agile version called BRAHMOSNG-its ‘nextgen’ product for being a top modern yet low-cost combat asset under future inventories of the Indian Navy.
BrahMos
Context: Ministry of Defence signs contract worth Rs 1700 crores with BrahMos Aerospace Pvt Ltd for additional dual-role capable BrahMos missiles. Key Highlights:
1. Reporting practices for banks set to change
Amendment of Banking Regulation Act to Facilitate Claim Handling and Succession Banking Regulation ActAllow up to four nominees from one, ensuring easier claim handling and minimal hassle for legal heirs. Amendments to be directed toward ensuring continuity and fewer disputes among legal heirs. As of March 2024, unclaimed amounts in banks have touched â‚ą 78,000 crore. A streamlined settlement mechanism is needed.• State Bank of India Act and the Banking Companies Act will be amended to enable transferring unclaimed shares, interest, and bond redemption amounts to the Investor Education and Protection Fund (IEPF).• Definition of “substantial interest” would be updated with an enhancement in the shareholding threshold from â‚ą 5 lakh to â‚ą 2 crore.• The reporting practices for banks would be changed, with the date of reference shifted from “reporting Friday” to the last day of fortnight, month, or quarter.• Tenure of directors of cooperative banks shall be increased from eight years to 10 years for excluding the chairman and wholetime director.• Director of a central cooperative bank can sit on the board of state cooperative bank.• Changes will enable PSBs to offer competitive remuneration to statutory auditors, enhancing audit standards and financial oversight.
3. National Archives of India organizes Exhibition “Naga-Land & People in Archival Mirror” at Kisama, Kohima during 25th Hornbill Festival
“Naga – Land & People in Archival Mirror” Exhibition • Curated by National Archives of India in collaboration with the Department of Arts and Culture, Government of Nagaland.• Was inaugurated on 1st December 2024 at the 2nd World War Museum Complex, Kisama, Kohima.• Has 12 thematic panels of displays of crucial happenings of Nagaland history.• Highlights include Naga-Land & People, Colonial Inroads, World War
2. Prime Minister’s Internship Scheme (PMIS) announced in the Budget 2024-25, aims to provide internship opportunities to one crore youth in top 500 companies in five years
Prime Minister’s Internship Scheme Launched in India
Mahila Samman Savings Certificate (MSSC) Scheme
Scheme for Women and Girls • Launched in Budget 2023. Available for two years up to March 2025.• Risk-free scheme for women and girls of all age groups.• Maximum deposit facility of up to Rs 2 lakh for a two-year term.• Encourages more women to adopt formal financial saving instruments.• Eligibility: Individual women or minor accounts can be opened by the guardian.• Amount of deposit: Minimum Rs 1000 and any amount in multiple of one hundred rupees.• Rate of interest at 7.5%, compounded quarterly.• The period of maturity: Two years from opening of account.• The facility of opening multiple accounts available with a gap of three months minimum.• Total deposits shall not exceed Rs 2 lakh.
1. India Organic Farming Programs
The Paramparagat Krishi VikasYojna (PKVY) and the Mission Organic Value Chain Development for North Eastern Region (MOVCDNER) of India focuses on organic farming in India. The total area under agricultural organic farming is 59.75 Lakh Ha.The Bhartiya Prakritik Krishi Paddhati (BPKP) is allocated to eight states by the PKVY with a total area of 4.09 lakh hectaresThe Government of India facilitates organic farming in India with support from PKVY and MOVCDNER to all farmers end to end.
PM-KISAN
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