LIC Latest News

LIC Agents Protest Against New Insurance Rules

About LIC

• Life Insurance Corporation of India (LIC) is the largest public sector life insurance company and institutional investor in India.
• Headquartered in Mumbai, it plays a crucial role in India’s financial market.
• Motto: "Yogakshemam Vahamyaham" (From the Bhagavad Gita) – "Your welfare is our responsibility."
• Established in 1956 through the Life Insurance of India Act, which nationalized the insurance sector by merging 245 private insurers and provident societies into a single entity.
• LIC operates through 8 zonal offices in Delhi, Chennai, Mumbai, Hyderabad, Kanpur, Kolkata, Bhopal, and Patna.

Historical Background of the Indian Insurance Industry

• 1818: Oriental Life Insurance Company, the first life insurance company in India, was established.
• 1870: Bombay Mutual Life Assurance Society, the first Indian-owned life insurance company, was founded.
• 1912: Indian Life Assurance Companies Act was enacted to regulate life insurance businesses.
• 1928: Indian Insurance Companies Act was passed to enable the government to collect statistical data on life and non-life insurance companies.
• 1938: Insurance Act, 1938, was enacted to protect policyholders' interests and regulate the sector.
• 1956: LIC was formed by merging 245 Indian and foreign insurance companies with an initial capital of ₹5 crore from the Government of India.
• Meanwhile, General Insurance in India began with the Triton Insurance Company Ltd. in 1850, established by the British in Calcutta.

Financial Services Institutions Bureau (FSIB)

• Established in 2022 by the Union Government to recommend appointments of whole-time directors and non-executive chairpersons in public sector financial institutions.
• Also advises on personnel management policies in these institutions.
• Vision: To promote corporate governance excellence in public sector financial institutions.
• Secretariat: Consists of a Secretary and four officers.

Insurance Regulatory and Development Authority of India (IRDAI)

• Statutory body formed under the IRDAI Act, 1999 for the supervision and regulation of the insurance sector.
• Powers & Functions:
  • Promotes competition to enhance consumer choice and fair pricing.
  • Ensures financial security of the insurance market.
  • Regulates entities under the Insurance Act, 1938, which is the primary law governing the insurance sector.
  • Other relevant laws include:
    • Marine Insurance Act, 1963 (governing marine insurance).
    • Public Liability Insurance Act, 1991 (covering liability insurance).

LIC FAQs

Q1. What is the Life Insurance Corporation of India (LIC)?

Ans. LIC is a state-owned insurance company established in 1956 after the nationalization of private insurance companies. It is the largest insurer in India, offering life insurance and investment services.

Q2. Why was LIC established?

Ans. LIC was created under the Life Insurance Corporation Act, 1956 to provide life insurance services and promote financial security for citizens.

Q3. Who regulates LIC?

Ans. LIC is regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and operates under the Ministry of Finance, Government of India.

Source: TH

Sansad Bhashini Initiative Latest News

The Lok Sabha Secretariat and the Ministry of Electronics and Information Technology (MeitY) signed a Memorandum of Understanding (MoU) to develop the Sansad Bhashini initiative recently.

About Sansad Bhashini Initiative

• It is an initiative jointly undertaken by the Lok Sabha Secretariat and Ministry of Electronics and Information Technology (MeitY) for the development of a package of in-house AI.
• It is designed to integrate AI-powered tools that will facilitate multilingual support, optimize documentation, and improve overall parliamentary operations.
• The initiative will deploy cutting-edge AI applications such as real-time speech-to-text transcription, speech-to-speech translation, and interactive AI chatbots. 
• These technologies will ensure seamless translation of parliamentary debates, committee reports, and legislative documents into multiple Indian languages, thereby fostering inclusivity and broader public engagement.
• It will leverage AI to transcribe spoken debates into text in real-time, making parliamentary discussions more accessible and easier to reference. 
• This transcription system will incorporate features such as background noise reduction, customizable vocabulary, and efficient documentation tools to enhance accuracy and usability. 
• Additionally, AI-enabled automatic summarization of extensive debates will facilitate quicker decision-making and streamlined record-keeping.

Sansad Bhashini Initiative FAQs

Q1. The Sansad Bhashini Initiative is a joint effort of which two entities?

Ans. Lok Sabha Secretariat and Ministry of Electronics and Information Technology (MeitY)

Q2. What is the primary purpose of the Sansad Bhashini Initiative?

Ans. To introduce AI-powered multilingual support and optimize documentation in Parliament

Q3. What is one of the key features of the transcription system under the Sansad Bhashini Initiative?

Ans. Background noise reduction and customizable vocabulary

Source: DD

Exercise Bongosagar Latest News

The India-Bangladesh naval exercise 'Bongosagar 2025' and a 'Coordinated Patrol (CORPAT)' took place in the Bay of Bengal recently.

About Exercise Bongosagar

• It is a bilateral naval exercise between India and Bangladesh.
• It is designed to develop high-level interoperability and operational expertise through a broad spectrum of maritime operations. 
• Commenced in the year 2019, Bongosagar 2025 is the fifth edition of the exercise.
  • The exercise saw participation of INS Ranvir from the Indian Navy and BNS Abu Ubaidah from Bangladesh Navy.
  • The exercise enhanced interoperability between the two navies, facilitating collaborative responses to shared maritime security challenges.
  • The exercise involved a range of complex operations encompassing surface firing, tactical manoeuvres, underway replenishment, Visit-Board-Search-Seizure (VBSS) cross boarding, communication drills, quiz for Ops team and junior officers on professional topics, and steam past.
  • The exercise provided the opportunity for both navies to develop closer links in tactical planning, coordination, and information sharing for undertaking seamless maritime operations.

Key Facts about INS Ranvir

• It is a Rajput-Class guided missile destroyer which has undergone upgrade with state-of-art weapons and sensors, majority being indigenous.
• It is the fourth of the five Rajput-class destroyers built for the Indian Navy, which was commissioned on 28 October 1986.

Exercise Bongosagar FAQs

Q1. What is Exercise Bongosagar?

Ans. A bilateral naval exercise between India and Bangladesh.

Q2. In which year did Exercise Bongosagar first commence?

Ans. 2019

Q3. Which Indian Navy ship participated in Exercise Bongosagar 2025?

Ans. INS Ranvir, a Rajput-Class guided missile destroyer, participated in Exercise Bongosagar 2025.

Source: BS

Sonic Weapons Latest News

Serbia’s government has been accused of using a banned ‘sonic weapon’ to disperse protesters in Belgrade.

What are Sonic Weapons?

• Sonic weapons (Acoustic Weapons) are devices that deliver loud, painful sounds over long distances.
• They can emit audible or inaudible sound waves to disrupt, disorient, or incapacitate people.
• Some versions act as voice amplifiers, allowing authorities to issue commands over large distances.
• First developed for military and crowd control purposes, they were used in Iraq (2004) by the U.S. military.

How Do Sonic Weapons Work?

• They use hundreds of transducers (electronic devices that convert energy into sound waves).
• The highly concentrated and amplified sound can be directed at specific targets.
• Authorities control the frequency, volume, and duration of the sound.
• The narrow sound beam can cause extreme discomfort, pain, and disorientation to those exposed.

Types of Sonic Weapons

• Long-Range Acoustic Device (LRAD): Used by law enforcement and military for crowd control. Can project sound over 8,900 meters at up to 160 decibels (dB).
  • Causes ear pain, hearing damage, nausea, and dizziness.
• Mosquito Device: Emits a high-pitched sound that only younger people (below 30 years) can hear. Used to deter loitering in public areas.
  • Causes irritation and discomfort in young individuals.
• Infrasonic Weapon: Emits low-frequency sounds that are inaudible to humans but cause physical pain and disorientation. Still under research.
  • Potential to cause headaches, nausea, vertigo, and internal organ damage.

Sonic Weapons FAQs

Q1. What are sonic weapons?

Ans. Sonic weapons, also known as acoustic weapons, use sound waves to cause discomfort, disorientation, pain, or damage to targets. They can be used for crowd control, military defense, or non-lethal deterrence.

Q2. How do sonic weapons work?

Ans. Sonic weapons emit high-intensity sound waves, either in audible or infrasonic/ultrasonic ranges. These waves can affect human balance, cause nausea, disorient enemies, or even damage eardrums and internal organs.

Q3. Are sonic weapons lethal?

Ans. Most sonic weapons are designed as non-lethal tools for deterrence. However, at extreme intensities and prolonged exposure, they can cause serious harm, including permanent hearing loss or internal injuries.

Q4. Who uses sonic weapons?

Ans. Sonic weapons are used by military forces, law enforcement agencies, and security personnel. Countries like the U.S., China, and Russia have developed or deployed them for riot control, area denial, and crowd management.

Source: IE

Neglected Tropical Diseases Latest News

India is progressing towards eliminating Neglected Tropical Diseases (NTDs) through political support, community involvement, and regional cooperation.

About Neglected Tropical Diseases 

• NTDs are a diverse group of conditions caused by a variety of pathogens (including viruses, bacteria, parasites, fungi, and toxins) and associated with devastating health, social, and economic consequences.
•  NTDs are mainly prevalent among impoverished communities in tropical areas, although some have a much larger geographical distribution.
• They are widespread where people in vulnerable situations live, where water safety, sanitation, and access to health care are inadequate or suboptimal. 
• These diseases are called “neglected” because they have historically ranked very low on the global health agenda, when they have appeared at all, receiving little attention and funding.
• NTDs include Guinea worm, Chikungunya, Dengue, Kala Azar (Visceral Leishmaniasis), and Elephantiasis (Lymphatic Filariasis), among others. India is home to about 12 NTDs.
• The epidemiology of NTDs is complex; some have animal and/or human reservoirs, many are vector-borne, and most are associated with intricate life cycles. Preventing or eliminating NTDs is therefore challenging.
• It is estimated that NTDs affect more than 1 billion people, while the number of people requiring NTD interventions (both preventive and curative) is 1.5 billion.
• Every year on 30th January, the Global community comes together to mark World NTDs Day and renew its commitment to eliminating its burden worldwide.

Neglected Tropical Diseases FAQs

Q1. How many NTDs are there in India?

Ans. India is home to about 12 NTDs.

Q2. What is Kala Azar?

Ans. It is a severe form of leishmaniasis caused by the protozoan parasite Leishmania donovani.

Q3. What is Chikungunya?

Ans. It is a viral disease transmitted to humans through the bites of mosquitoes infected with the chikungunya virus.

Source: TOI

Merchant Discount Rate Latest News

As per the recently introduced incentive scheme to promote low-value BHIM-UPI transactions, small merchants will pay no merchant discount rate (MDR) and banks will receive an incentive of 0.15% per transaction.

About Merchant Discount Rate 

• MDR (alternatively referred to as the Transaction Discount Rate or TDR) is a fee that merchants and other businesses must pay to a payment processing company for accepting payments from customers via digital modes like credit cards, debit cards, UPI, etc.
• MDR compensates the bank issuing the card, the bank which installs the PoS (Point of Sale) terminal and network providers, and payment gateways for their services.
• The MDR sums up all the charges and taxes that electronic or digital payments entail.
• The MDR typically comes in the form of a percentage of the transaction amount. It is typically between 1% and 3%.
• The rates are dependent on the level of business transactions being processed, the types of cards (debit or credit) used by customers, and the value of the average transaction (also known as average tickets or average sales).
• Before accepting debit and credit cards, merchants must set up this service and agree to the rate.
• Merchants must consider these fees as part of managing their business costs and setting their prices.
• MDR charges are automatically deducted from the merchant’s account at the time of settling the transaction batch.
• Under the rules laid down by RBI, business owners cannot pass on the MDR charges to their customers.

Merchant Discount Rate FAQs

Q1. Who should pay MDR charges?

Ans. MDR is the fee merchants pay to banks and service providers for accepting digital payments.

Q2. What is a Payment Gateway?

Ans. It is a software service that connects your bank account to the platform where you need to transfer your money.

Q3. What is a PoS (Point of Sale) terminal?

Ans. A Point of Sale (PoS) terminal is a device or system used by merchants to process payments from customers.

Source: TOI

QUAD Latest News

Senior defence officers from Quad nations have expressed concerns over China’s growing assertiveness in the Indo-Pacific during a panel on “Deepwater Perils: Securing Trade”.

What is the Quad?

• Quadrilateral Security Dialogue (QUAD) is a strategic forum involving India, the US, Japan, and Australia, focusing on maritime security and economic cooperation in the Indo-Pacific.
• Not a military alliance but a diplomatic partnership aimed at maintaining a free, open, and rules-based Indo-Pacific.
• Quad operates through annual summits, foreign ministers’ meetings, and six working groups covering: Health, Climate, Critical & Emerging Technology, Space, Infrastructure and Cybersecurity.

Evolution of the QUAD

• 2007: Japan’s Shinzo Abe proposed the Quad during an informal ASEAN meeting.
• 2012: The Concept of the ‘Democratic Security Diamond’ (India, US, Japan, Australia) was introduced.
• 2017: Quad revitalised due to China’s growing influence; first formal meeting held in Manila.
• 2020: Malabar naval exercises expanded to include Australia, marking the first joint military exercise of Quad.
• 2021: Quad leaders met virtually and released the joint statement "The Spirit of the Quad".

Functioning of the QUAD

• Not a formal alliance like NATO, but a strategic grouping.
• Engagement through summits, meetings, intelligence sharing, and military drills.
• Key Summits:
  • March 2021: First virtual meeting.
  • September 2021: First in-person Quad Summit.
  • Ongoing meetings to enhance security and economic cooperation.

What is the Indo-Pacific Region?

• The Indo-Pacific refers to the interconnected waters of the Indian Ocean and the Pacific Ocean, a region of strategic, economic, and geopolitical significance.
• It serves as a major trade route, facilitating 60% of global maritime trade.

QUAD FAQs

Q1. What is the QUAD?

Ans. The Quadrilateral Security Dialogue (QUAD) is a strategic partnership between India, the United States, Japan, and Australia, focusing on regional security, economic cooperation, and a free and open Indo-Pacific.

Q2. When was the QUAD formed?

Ans. The QUAD was first conceptualized in 2007 but became more active in 2017 due to rising geopolitical challenges in the Indo-Pacific region.

Q3. Is QUAD a military alliance?

Ans. No, QUAD is not a formal military alliance like NATO. It is a strategic grouping focused on economic and security cooperation. However, QUAD members conduct joint military exercises like the Malabar Exercise.

Source: IE

Sagareshwar Wildlife Sanctuary Latest News

The Sagreshwar wildlife sanctuary, located in the Sangli district, has 536 sambars and 295 cheetals (spotted deer), making the sanctuary one of the highest in deer population, especially among manmade wildlife sanctuaries. 

About Sagareshwar Wildlife Sanctuary

• It is located in the Sangli district of Maharashtra.
• It is India’s first manmade wildlife sanctuary. 
• It is an artificially cultivated forest without a perennial supply of water, and most of the wildlife species were artificially introduced.
• It has an area of 10.87 sq.km.
• The sanctuary derives its name from an ancient Sagareshwar temple. The sanctuary houses numerous temples dedicated to Lord Shiva.
• Vegetation: The forests are southern dry mixed deciduous and southern thorn forest. 
• Flora: Major flora includes Tamarind, Neem, Eucalyptus, Acacia, Agave, and Khair trees.
• Fauna: 
  • Large animals found in the sanctuary include several types of deer (Sambar Deer, Blackbucks, Muntjac, Chital) as well as wild boar and peacocks. 
  •  Small carnivores like hyena, fox, and porcupines are also found in the area.

Sagareshwar Wildlife Sanctuary FAQs

Q1. Where is the Sagareshwar Wildlife Sanctuary located?

Ans. Maharashtra

Q2. What is unique about Sagareshwar Wildlife Sanctuary in India?

Ans. It is India's first manmade wildlife sanctuary.

Q3. What type of vegetation is found in the Sagareshwar Wildlife Sanctuary?

Ans. Southern dry mixed deciduous and southern thorn forest.

Source: TOI

APAAR ID Latest News

APAAR ID: A Digital Student Identification System in India

What is APAAR ID?

• APAAR stands for Automated Permanent Academic Account Registry.
• It is part of the National Education Policy (NEP) 2020 to streamline student records.
• The initiative is based on the 'One Nation, One Student ID' concept.
• It is linked to Aadhaar and stored in DigiLocker for easy access.
• APAAR is generated through Unified District Information System for Education Plus (UDISE+).

Objectives of APAAR

• To accumulate and store students' academic achievements in a central database.
• To facilitate seamless transfer between institutions.
• To provide standardized digital records for mark sheets and institutional affiliations.
• To help in educational policymaking and analysis.

Is APAAR Mandatory?

• Officially, APAAR is voluntary, as per government documents.
• However, CBSE and certain state governments (e.g., Uttar Pradesh) are pushing for 100% student enrollment.
• Many parents are not explicitly informed about the voluntary nature of the program.
• Parliament confirmed in December 2024 that APAAR registration is not legally mandated.

Relation to Other Digital Initiatives

• Academic Bank of Credits (ABC): Introduced under NEP 2020 for credit transfer across institutions. Students' credits are stored digitally and linked to APAAR ID.
• DigiLocker: Cloud-based platform for storing and verifying educational certificates. Recognised as legally valid under IT Rules, 2016.

APAAR ID FAQs

Q1. What is APAAR ID?
Ans. APAAR ID is a unique academic identifier introduced by the Government of India to track a student’s educational journey from school to higher education.

Q2. Who is eligible for an APAAR ID?
Ans. All students enrolled in Indian educational institutions, from school to university level, are eligible for an APAAR ID.

Q3. How can I apply for an APAAR ID?
Ans. Students can apply through their respective schools, colleges, or universities. The process is usually facilitated by the institution and linked to the DigiLocker system.

Q4. Is APAAR ID mandatory?
Ans. While not mandatory, APAAR ID is recommended as it helps maintain a digital record of academic achievements and supports various government education initiatives.

Q5. Can Parents Opt-Out?

Ans. Yes, parents can opt-out by submitting a written request to schools. The Software Freedom Law Centre (SFLC) has provided an opt-out template.

Source: TH

Directorate General of Trade Remedies Latest News

Trade Ministry Recommends 12% Duty on Steel Imports Amid ‘Trade Diversion’ Concerns

About Directorate General of Trade Remedies (DGTR)

• Established: May 17, 2018 (formerly Directorate General of Anti-Dumping and Allied Duties).
• Nodal Ministry: Department of Commerce, Ministry of Commerce and Industry.
• Purpose: Acts as India’s anti-dumping watchdog, ensuring a level playing field for domestic industries against unfair trade practices like dumping, subsidization, and import surges.

Functions of DGTR

• Conducts anti-dumping investigations and makes recommendations to the Government of India (GoI).
• Handles anti-subsidy (Countervailing Duty - CVD) investigations and advises the GoI.
• Examines safeguard measures to protect Indian industries.
• Manages litigation in CESTAT, High Courts, and the Supreme Court of India.
• Engages with WTO on trade-related matters.
• Conducts outreach programs to spread awareness of trade remedies.

Reasons for the Proposed 12% Steel Import Duty

• Global trade restrictions: The US imposed a 25% additional tariff on steel imports (effective March 12, 2025), revoking earlier exemptions.
  • 129 trade remedy measures have been adopted by the EU, Canada, the UK, and other countries.
  • This has led to excess steel being diverted to India, threatening domestic producers.
• Overcapacity in Steel-Producing Countries:
  • Japan, South Korea, and China produce steel far beyond their domestic consumption.
  • Excess production is likely to flood export markets, undermining Indian steel prices

Directorate General of Trade Remedies FAQs

Q1. What is the Directorate General of Trade Remedies (DGTR)?

Ans. The DGTR is an agency under the Ministry of Commerce and Industry, Government of India, responsible for investigating and recommending trade remedial measures like anti-dumping duties, countervailing duties, and safeguard measures to protect domestic industries from unfair trade practices.

Q2. How long does an anti-dumping duty remain in force?

Ans. Typically, anti-dumping duties last five years, but they can be reviewed and extended based on necessity.

Q3. Does DGTR handle trade disputes with other countries?

Ans. DGTR primarily deals with trade remedy investigations but works closely with the Ministry of Commerce and the WTO Dispute Settlement Mechanism for international trade disputes.

Q4. What is the role of DGTR in the WTO framework?

Ans. DGTR ensures that India’s trade remedial actions comply with WTO rules on anti-dumping, countervailing duties, and safeguards while protecting domestic industries.

Source: IE