4th December Daily Current Affairs – English

Banking Laws Amendment Bill:

• The Banking Laws Amendment Bill, which will allow for the appointment of 4 nominees for a bank account, was passed in the Lok Sabha.
• Currently, a person holding a bank account can appoint only one nominee.
• Through this, if the person holding the bank account dies, the nominee can receive the money in his account.
• In this situation, according to the Banking Laws Amendment Bill, a person holding a bank account can nominate 4 people as his nominees.
• The central government has said that the purpose of this bill is to further strengthen the governance standards of the banking sector, protect depositors and investors in banks, improve the audit quality of public sector banks, and increase the tenure of directors of cooperative banks.
• The bill proposes to increase the tenure of directors of cooperative banks (except the chairman and whole-time director) from 8 years to 10 years.
• The bill also allows the Central Cooperative Bank Director to serve on the State Cooperative Bank Board.
• A total of 19 amendments have been proposed in the bill to bring changes in the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer) Act, 1970, and the Banking Companies (Acquisition and Transfer) Act, 1980.
• ‘The objective of the bill is to reduce the central government’s share in public sector banks from 51 percent to 26 percent and privatize those banks.

Justice Manmohan appointed as a Supreme Court judge:

• Delhi High Court Chief Justice Manmohan was appointed as a Supreme Court judge.
• The appointment was made by President Draupadi Murmu based on the recommendation of the Supreme Court Collegium to the Central Government.
• Out of the total sanctioned strength of 34 judges in the Supreme Court, 2 posts are currently vacant.
• It is noteworthy that the current retirement age of the Supreme Court and High Court judges is 65 and 62 respectively.
• The current Chief Justice of India is Justice Sanjiv Khanna, who has been in office since November 11, 2024.
• He is the 51st Chief Justice to hold this post.
• The Supreme Court of India was established on January 28, 1950.
• The maximum strength of the Supreme Court of India is 36.
• The Constitution provides that a judge can be removed from office only by an order of the President, based on a resolution passed in both Houses of Parliament.

Mahatma Gandhi National Rural Employment Guarantee Scheme:

• Union Rural Development Minister Chandrasekhar said that the state governments are responsible for removing names from the Mahatma Gandhi National Rural Employment Guarantee Scheme.
• The Mahatma Gandhi National Rural Employment Guarantee Act was enacted in September 2005.
• This scheme has been implemented in Krishnagiri district since 2008.
• Originally introduced as the National Rural Employment Guarantee Scheme, it was renamed as the Mahatma Gandhi National Rural Employment Guarantee Scheme on Gandhi’s birth anniversary in 2009.
• The rural people of Tamil Nadu call it 100 days of work.
• Under this scheme, rural adults who are willing to do public work will be provided with compulsory unskilled manual labour employment for 100 days in a financial year, with a minimum wage from the government.
• The right to work of the rural poor will be established.
• Rural socio-economic infrastructure facilities will be improved. The livelihood of the people in rural areas will be enhanced.
• Individual household toilets will be created and rural areas will achieve improved hygiene.
• The migration of people in rural areas will decrease and their purchasing power will increase.
• Natural resources will be improved by planting shade trees and fruit trees.

PSLV C-59 rocket:

• The PSLV C-59 rocket is being launched with the European Space Agency’s ‘Proba 3’ satellites, which were created to study the outer space of the Sun.
• The rocket will be launched from the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh.
• ‘New Space India Limited’, a company operating under the Indian Space Research Organisation, is carrying out commercial operations to launch foreign satellites into space.
• So far, New Space has successfully launched more than 430 foreign satellites.
• While ISRO is contributing to the space exploration activities of most of the countries of the world, New Space India recently signed a new agreement with the European Space Agency.
• The PSLV C-59 rocket will launch two ESA satellites called ‘Propa-3’ to an altitude of 60,500 km from Earth. The outer solar radiation will be studied by positioning it in a distant orbit. The two satellites will travel side by side at a distance of 150 meters, conducting research activities around the outer solar atmosphere and transmitting data to the control room.

Oil Fields Amendment Bill:

• The Oil Fields (Regulation and Development) Amendment Bill was passed in the Rajya Sabha.
• The bill, which amends the existing law governing oil and gas exploration and production, was introduced in the Rajya Sabha last August.
• The Bharatiya Vayuyan Vidheyak Bill, 2024, was passed in the Lok Sabha last August to replace the 90-year-old Aviation Act, to attract investments and promote ease of doing business in the aviation sector.

December 4: Indian Navy Day

• Indian Navy Day is celebrated on December 4 every year.

Important Facts:

1. “Education” from the State List was transferred to the Concurrent List during the Emergency in 1976.
2. Chennai has become the first state government to implement 100 percent of the three new criminal laws.
3. India will accept a mutually acceptable solution to end the border dispute with China, External Affairs Minister S. Jaishankar said in the Lok Sabha.
4. Ancient beads and conch bracelets were found in the 3rd phase of excavation near Vembakottai.
5. Australian cricket legend Sir Don Bradman’s ‘Baggy Green’ cap was bought for Rs. 2.63 crore.
6. Dutch player and Red Bull driver Max Verstappen won the Qatar Grand Prix.