Daily Current Affairs – April 01, 2024
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Daily Current Affairs - Banking - April 01, 2024
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National News
Over 60 products from across India earn GI tags
- Over 60 products from across India, including the famous Banaras Thandai, have been given the Geographical Indication (GI) tag.
- This is the first time such a large number of GI tags have been given at a go.
- Six traditional crafts from Assam — Asharikandi terracotta craft, Pani Meteka craft, Sarthebari metal craft, Jaapi (bamboo headgear of rural Assam), Mishing handloom products, and the Bihu dhol — have bagged the GI tag.
- Thirteen other products from Assam have been given tags, including the Bodo Dokhona, the traditional attire of Bodo women; and Bodo Eri silk, referred to as the fabric of peace or ahimsa (non-violence), which comes from the silkworm Samia ricini that feeds mostly on the leaves of the castor plant (Ricinus communis), and
- Bodo Jwmgra (a traditional scarf), Bodo Gamsa (traditional dress of Bodo men), Bodo Thorkha (a musical instrument), and Bodo Sifung (a long flute) are also on the list.
- Six prestigious GI Tags have been granted to traditional crafts with support from NABARD, RO Guwahati, and facilitated by Padma Shri Dr. Rajani Kant, GI Expert.
- This includes iconic items like Assam Bihu Dhol, Japi, Sarthebari Metal Craft, and more.
Government extends validity of FCRA registration of NGOs till June 30
- The Ministry of Home Affairs (MHA) extended the validity of Foreign Contribution (Regulation) Act (FCRA) registration of non-government organisations (NGOs) and associations till June 30.
- Registrations of many NGOs are up for renewal since September 29, 2020.
- The registration, mandatory to receive foreign funds, is renewed every five years.
- The Ministry has extended the validity of NGOs at least nine times since 2020 as the applications could not be processed within the stipulated time frame.
METOC (Meteorological and Oceanographic) seminar _'Meghayan-24'
- The World Meteorological Day is commemorated every year on March 23.
- As part of the World Meteorological Day celebrations, a METOC (Meteorological and Oceanographic) seminar _’Meghayan-24′_ was conducted by School of Naval Oceanology & Meteorology (SNOM) and Indian Naval Meteorological Analysis Centre (INMAC) at Southern Naval Command.
- The seminar was based on the theme _*’At the Frontline of Climate Action’*_ as promulgated by WMO for the year 2024.
- On this occasion an indigenous mobile application INDRA (Indian Naval Dynamic Resource for Weather Analysis) to disseminate weather related information and forecasts empowering optimal & quick decision making was also launched.
- The application has been developed by BISAG (Bhaskaracharya National Institute for Space Applications and Geo-informatics) in coordination with Directorate of Naval Oceanology and Meteorology, Indian Navy.
Schemes
Government notifies bonus for Postal Life Insurance, Rural Postal Life Insurance schemes for FY25
- The Centre has approved a simple reversionary bonus for Postal Life Insurance Scheme and Rural Postal Life Insurance Scheme for fiscal year 2024-25.
- There is no change in the rate.
- According to a notification, under the Postal Life Insurance Scheme, rate of bonus will be ₹76 per thousand of sum assured for whole life assurance (WLA).
- Similarly, for endowment assurance (EA) (including joint life and children policies), it will be ₹52 per thousand of sum assured.
- Anticipated endowment assurance (AEA) will fetch ₹48 per thousand of sum assured.
- In case of convertible whole life assurance (CWLA), whole life bonus rate would be applicable, but on conversion, endowment assurance bonus rate will be applicable.
- Rate of terminal bonus will be ₹20 per sum assured of ₹10,000, subject to maximum of ₹1,000 for WLA and EA policies with term of 20 years or more.
Banking and Finance
No new change in income tax regime from April 1
- The Finance Ministry said there is no change in the new income tax regime for individuals for the current fiscal year and individual taxpayers can opt out of the regime at the time of filing their income tax return (ITR).
- The old tax regime which is still in force and offers a host of deductions and exemptions, exempts income up to ₹2.5 lakh from taxes.
- Income from ₹2.5-5 lakh attracts 5% tax, and 20% for income between ₹5 lakh and ₹10 lakh.
- A 30% is levied on income above ₹10 lakh.
Microfinance industry’s loan portfolio grows by 21% to touch ₹3.93 lakh crore
- The microfinance industry’s loan portfolio grew robustly 21 per cent as December 2023 to touch ₹3.93 lakh crores.
- According to this RBI-approved Self Regulatory Organisation (SRO), Microfinance Institutions (MFIs) continued to occupy the largest share in the pie, with 40 per cent, followed by banks at 32 per cent, and SFBs at 18 per cent, NBFCs at 11 percent, and Non-Profit MFIs at 18 percent.
RBI imposes ₹74 crores fine on 64 lenders amid heightened supervision in FY24
- Reserve Bank of India (RBI) imposed a monetary penalty on 64 banks and NBFCs during the financial year, for a cumulative amount of ₹74.1 crore.
- In comparison, 41 lenders had been fined for a total amount of ₹33.1 crore in FY23.
- Of the penalties imposed in FY24, 35 regulatory actions were on banks including 16 PSU banks, 13 private banks, four foreign banks and one small finance bank and payments bank each.
- 23 of the penalties were of ₹1 crore or above.
RBI imposes ₹75,000 penalty on Rajapalayam Co-operative Urban Bank for non-compliance
- The Reserve Bank of India (RBI) has imposed a ₹75,000 penalty on the Rajapalayam Co-operative Urban Bank for non-compliance with directions relating to loans and advances to directors, their relatives, and firms and concerns in which they are interested.
- The penalty was imposed on the bank for failing to comply with the statutory inspection report submitted by RBI on March 31, 2022.
- The bank had extended loans to the relatives of directors and sanctioned loans to nominal members in excess of the prescribed ceiling.
Business and Economy
Union Finance Minister: India’s GDP Expected To Grow By More Than 8 % In Fourth Quarter Of Current Fiscal
- Finance Minister Nirmala Sitharaman has said that India’s gross domestic product (GDP) will grow by 8 per cent or more in the fourth quarter of the current fiscal year.
Tamil Nadu accounts for 30% of India’s electronics exports
- Tamil Nadu, India’s largest exporter of electronic goods in FY23, accounted for 30% of all electronic goods exports from India in FY24.
- The State is in fact a late bloomer in this sector, with Uttar Pradesh and Karnataka dominating electronic goods exports until FY22.
- However, in recent years, among the top exporters of electronics, only Tamil Nadu’s numbers have consistently risen, while the figures of other States have either dropped or become stagnant.
- The share of the electronic goods sector in India’s overall exports has more than doubled — mostly due to the rise in Tamil Nadu’s contribution — in recent years.
- At the core of this rise is the surge in exports of smartphones, which currently forms close to 40% of India’s electronics exports.
- In the last two fiscal years, close to 40% of smartphones in India were sent out from just one district, Kancheepuram, located in the northeastern part of Tamil Nadu.
- Most of these electronic goods, mostly dominated by mobile phones, were exported to the United States, followed by the United Arab Emirates, and the Netherlands.
Government raises ₹16,500 crores by selling stakes in companies in FY23-24
- The Indian government has raised ₹16,500 crores ($1.98 billion) in 2023/24 by selling its stakes in about 10 state-run companies, official data showed, about 9 per cent lower than its internal target of ₹18,000 crores.
- In 2023/24, the government received about ₹63,000 crores as dividends, above its target of ₹50,000 crores.
Agreements and MoUs signed
Tejas Networks signs MoU with Telecom Egypt
- Tejas Networks has signed a Memorandum of Understanding (MoU) with Telecom Egypt (TE), ITIDA (Information Technology Industry Development Agency) and NTI (National Telecom Institute) to replicate its experience of implementing Bharatnet (Rural Broadband Project) and NKN (National Knowledge Network) projects in Egypt.
- Other broad areas of cooperation include capacity building of Egyptian engineers and technicians on state-of-the-art telecom and networking technologies, establishing local manufacturing and R&D facilities for Fiber-to-theHome (FTTH) products, and setting up technical support services in Egypt both for customers within the country as well as for the larger Africa and Middle East region.
- Egypt – Cairo (Capital) – Egyptian pound (Currency) – Abdel Fattah el-Sisi (President) – Moustafa Madbouly (Prime Minister) – Arabic (Official Language)
Science and Technology
UNICEF India with IIHMR Delhi and IIT Mumbai launch digital health course to bridge tech-knowledge gaps
- UNICEF India, the International Institute of Health Management Research (IIHMR) Delhi, and the Indian Institute of Technology Bombay (IIT Bombay) jointly launched a comprehensive health course.
- Rolling out from April 17 2024, the ‘Digital Health Enterprise Planning Course’ will equip healthcare professionals, including doctors, nurses, pharmacists, healthcare administrators, and allied health professionals with the skills to support the digital transformation of the healthcare sector.
- Policymakers, IT professionals, and individuals involved in healthcare technology implementation too can take the course.
- The course is a major step toward fulfilling UNICEF India’s commitment to the Global Initiative on Digital Health (GIDH), launched during India’s G20 Presidency in 2023.
- It aims to improve healthcare delivery by using digital technologies effectively, in line with the Sustainable Development Goals (SDGs) and the GIDH.
- The course is designed to address the growing demand for digital health education and to bridge the gap in training among healthcare professionals.
- The 10-week course includes nine modules and covers a range of topics crucial to digital health implementation.
- It starts with understanding the link between digital technology and healthcare, progresses through planning national digital health systems, integrating digital interventions into health systems, and executing digital health initiatives using an enterprise approach.
- Participants will learn to develop digital health strategies, implement enterprise plans, establish digital health platforms, execute interventions, manage costing and procurement, as well as address governance, policies, regulations, and workforce issues.
- The course concludes with a module on the future of digital health.
- United Nations International Children’s Emergency Fund (UNICEF) – 11/12/1946 (Founded) – New York (HQ) – Catherine Mary Russell (Executive Director)
Power
Indian Oil, Panasonic Energy sign binding term sheet for manufacturing lithium-ion cells in India
- Indian Oil Corporation Limited and Panasonic Energy Company Limited, have signed a binding term sheet to draw a framework for formation of a joint venture (JV) for manufacturing cylindrical lithium-ion cells in India.
- This move aims to empower the transition to clean energy in India and is in anticipation of expanding demand for batteries for two- and three-wheel vehicles and energy storage systems in the Indian market.
- The two companies are engaged in a feasibility study regarding the utilisation of battery technology to facilitate the transition to clean energy in India, with the aim of finalising details of their collaboration by the summer of this year.
- Indian Oil Corporation Limited (IOCL) – 30/06/1959 (Founded) – New Delhi (HQ) – Shrikant Madhav Vaidya (Chairman)
Appointments
Sheyphali Sharan takes charge as Principal Director General, Press Information Bureau
- Mrs Sheyphali B. Sharan has assumed charge as the Principal Director General, Press Information Bureau upon superannuation of Manish Desai.
- She is an officer of the 1990 batch of Indian Information Service.
- In addition, she has worked on Central Staffing Scheme Deputations as Director in Ministry of Health (Department of Traditional Systems of Medicine/AYUSH (2002-2007)) and Ministry of Finance (Department of Economic Affairs 2013-2017) besides working on cadre post of OSD (Information Policy at Ministry of Information and Broadcasting, 2000-2002) as also as Director Administration and Finance at LSTV, Lok Sabha Secretariat in 2007-2008.
UN picks Saudi Arabia to lead women’s rights forum
- Saudi Arabia has been chosen as the chair of the UN commission that is supposed to promote gender equality and empower women around the world, after an unopposed bid for leadership condemned by human rights groups because of the kingdom’s “abysmal” record on women’s rights.
- The Saudi ambassador to the UN, Abdulaziz Alwasil, was elected as chair of the Commission on the Status of Women (CSW), by “acclamation”, as there were no rival candidates and no dissent at the CSW’s annual meeting in New York.
- Saudi Arabia – Riyadh (Capital) – Saudi riyal (Currency) – Salman (King) – Mohammed bin Salman (Crown Prince & Prime Minister) – Arabic (Official Language)
Awards and Recognitions
Hockey India Awards 2023
- The sixth annual Hockey India awards saw a total prize pool of ₹7.56 crores, the awards saw teams and individuals felicitated for their achievements in the past year.
- Interestingly, even the 2016 Junior World Cup winning men’s team was honoured at the event, eight years since the triumph.
- Hardik Singh, who was also the FIH Player of the Year, was presented the Balbir Singh Sr. Trophy and a cash prize of ₹25 lakhs.
- ₹5 lakhs each: P.R. Sreejesh (Goalkeeper of the Year); Harmanpreet Singh (Defender of the Year); Hardik Singh (Midfielder of the Year); Abhishek (Forward of the Year).
- ₹10 lakhs each: Deepika Soreng (Women’s U-21 Player of the Year); Araijeet Singh Hundal (Men’s U-21 Player of the Year).
- ₹25 lakhs each: Salima Tete (Player of The Year, Women); Hardik Singh (Player of The Year, Men).
- ₹30 lakhs: Ashok Kumar (Major Dhyan Chand Lifetime Achievement Award).
Category
Winner
Hockey India Men’s Player of the Year
Hardik Singh
Hockey India Women’s Player of the Year
Salima Tete
Hockey India Major Dhyan Chand Lifetime Achievement Award
Ashok Kumar
Hockey India Balbir Singh Sr Award for Player of the Year (Men)
Hardik Singh
Hockey India Balbir Singh Sr Award for Player of the Year (Women)
Salima Tete
Hockey India Baljit Singh Award for Goalkeeper of the Year
PR Sreejesh
Hockey India Pargat Singh Award for Defender of the Year
Harmanpreet Singh
Hockey India Ajit Pal Singh Award for Midfielder of the Year
Hardik Singh
Hockey India Dhanraj Pillay Award for Forward of the Year
Abhishek
Hockey India Asunta Lakra Award for Upcoming Player of the Year (Women – Under 21)
Deepika Soreng
Hockey India Jugraj Singh Award for Upcoming Player of the Year (Men – Under 21)
Araijeet Singh Hundal
Sports News
Jannik Sinner Clinches Men’s Single Title Of Miami Open Tennis
Category | Winner | Runner |
Women’s Single | Danielle Collins (The US) | Elena Rybakina (Kazakhstan) |
Men’s Single | Jannik Sinner (Italy) | Grigor Dimitrov (Bulgaria) |
Women’s Double | Sofia Kenin (The US) & Bethanie Mattek-Sands (The US) | Gabriela Dabrowski (Canada) & Erin Routliffe (New Zealand) |
Men’s Double | Rohan Bopanna (India) & Matthew Ebden (Australia) | Ivan Dodig (Croatia) & Austin Krajicek (The US) |
Important Days
April Fools' Day 2024
- April Fools’ Day is annually celebrated on April 01.
- This is a day dedicated to unlimited laughter, jokes, and happiness when people fool around with their loved ones through harmless pranks.
- The origin of April Fools’ Day is not known but it is believed that the practice dates back to 1582 when Pope Gregory XIII introduced the Gregorian Calendar.
- This day started being celebrated after Pope Gregory XIII introduced the Gregorian calendar, and confirmed that the new calendar would start on January 1.
- However, in the older version of the calendar, the year started around April 1.
- So, when the calendars were switched, some people continued to celebrate the new year from the last week of March through April 1.
- People then started mocking those who stuck to the old calendar and this is how the practice of April Fools’ Day began.
Odisha Foundation Day 2024
- Odisha Day, or Utkala Dibasa is annually celebrated on April 01.
- The occasion is joyously celebrated throughout the state, with individuals adorning their homes and public spaces with flags, banners and flowers in the colours of the state flag, symbolising the vibrant culture and heritage of Odisha.
Daily Current Affairs - April 01, 2024 - Consolidated
- Over 60 products from across India earn GI tags
- Government extends validity of FCRA registration of NGOs till June 30
- METOC (Meteorological and Oceanographic) seminar _’Meghayan-24′
- Government notifies bonus for Postal Life Insurance, Rural Postal Life Insurance schemes for FY25
- No new change in income tax regime from April 1
- Microfinance industry’s loan portfolio grows by 21% to touch ₹3.93 lakh crore
- RBI imposes ₹74 crores fine on 64 lenders amid heightened supervision in FY24
- RBI imposes ₹75,000 penalty on Rajapalayam Co-operative Urban Bank for non-compliance
- Union Finance Minister: India’s GDP Expected To Grow By More Than 8 % In Fourth Quarter Of Current Fiscal
- Tamil Nadu accounts for 30% of India’s electronics exports
- Government raises ₹16,500 crores by selling stakes in companies in FY23-24
- Tejas Networks signs MoU with Telecom Egypt
- UNICEF India with IIHMR Delhi and IIT Mumbai launch digital health course to bridge tech-knowledge gaps
- Indian Oil, Panasonic Energy sign binding term sheet for manufacturing lithium-ion cells in India
- Sheyphali Sharan takes charge as Principal Director General, Press Information Bureau
- UN picks Saudi Arabia to lead women’s rights forum
- Hockey India Awards 2023
- Jannik Sinner Clinches Men’s Single Title Of Miami Open Tennis
- April Fools’ Day 2024
- Odisha Foundation Day 2024
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