Exercise Surya Kiran
18th edition of Exercise SURYA KIRAN to be commenced soon.
- Joint military exercise between India and Nepal
- Conducted alternatively in 2 countries.
- Objective – To enhance interoperability in counter terrorism operations in mountains, and Humanitarian Assistance and Disaster Relief under United Nations Charter.
Kamarajar Port
Kamarajar Port records 154% surge in cargo handling capacity.
- Location – Tamil Nadu
- 12th major port of India, and the 1st port in India which is a public company.
- Formerly called – Ennore Port
- Operates under the Landlord Port Model, characterized by a public-private partnership approach.
Conjugal Visits in Prison
Delhi Government is reconsidering a proposal to allow conjugal visits for prisoners.
- A private family visit where inmates spend time, including intimate moments, with their legal spouses within the prison.
- Promotes inmate rehabilitation and long-term recovery, enhancing psychological well-being and sustaining marital ties of prisoners.
Committee for Ethical AI in Finance
RBI has established an 8-member committee to develop a Framework for Responsible and Ethical AI (FREE-AI) adoption in the financial sector.
- Objective – To recommend a governance framework for the ethical adoption of AI in financial institutions such as banks, Non-Banking Finance Companies (NBFCs), and FinTechs.
- Aligns with the RBI’s focus on incorporating AI responsibly within India’s financial ecosystem.
- FinTech Department at the Central Office of the Reserve Bank of India will offer secretarial assistance to the Committee.
REER
According to RBI data, REER Index of Rupee touched a record 108.14 in November 2024
- Effective Exchange Rate (EER) – Measures the value of a currency against a basket of other currencies.
- Helps in identifying a country’s international competitiveness in terms of its foreign exchange rates.
- Nominal EER (NEER) – It is calculated by taking the weighted average of the exchange rates of the country’s currency against the currencies of its major trading partners.
- It does not take into account inflation differences between countries.
- REER (Real Effective Exchange Rate) – An index that adjusts NEER for inflation differences between the home country and its trading partners.
- It provides a more accurate picture of the currency’s value by considering the purchasing power of the currency.
- Increase in REER implies indicates a loss in trade competitiveness.