Daily Current Affairs – April 24 & 25, 2024
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Daily Current Affairs - Banking - April 24 & 25, 2024
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10th Round of India-Japan Consultations On Disarmament, Non-Proliferation And Export Control Held In Tokyo
- The 10th Round of India-Japan Consultations on Disarmament, Non-Proliferation and Export Control was held in
- The two sides exchanged views on developments in the areas of disarmament and non-proliferation relating to nuclear, chemical and biological domains, outer space security, non-proliferation issues, conventional weapons and export control.
- The Indian delegation was led by the Joint Secretary (Disarmament and International Security Affairs), Ministry of External Affairs, Muanpuii Saiawi.
- The Japanese delegation was led by the Director General for Disarmament, Non-proliferation and Science Department, Ministry of Foreign Affairs, Katsuro Kitagawa.
Banking and Finance
PayU gets RBI's in-principle nod to operate as payment aggregator
- Fintech firm PayU has received an in-principle approval from the Reserve Bank to operate as a payment aggregator.
- With in-principle approval in place, PayU can now onboard new merchants to provide them digital payment services.
BharatPe launches all-in-one payment device BharatPe One
- Indian fintech major BharatPe launched BharatPe One, an all-in-one payment product that integrates POS (point of sale), QR code, and speaker into one device.
- The company in a statement said it plans to launch the product in about 100 cities in the first phase.
- It will further scale it to around 450 cities over the course of the next 6 months.
- BharatPe One is designed to streamline transactions for merchants, it further said, offering versatile payment acceptance options including dynamic and static QR code, tap-and-pay and traditional card payment options, across a wide range of debit and credit cards.
Indian Bank ties up with Tata Power Solar to boost solar energy adoption
- Indian Bank has entered into a strategic partnership with Tata Power Solar Systems Ltd. (TPSSL) to boost solar energy adoption by providing financial support to residential consumers for installations.
- The collaboration aims to provide financial support under the PM Surya Ghar Muft Bijli Yojana scheme for installations up to 3 KW, and from 3-10 KW under the regular scheme.
- Residential consumers can avail loans up to ₹2 lakh at an annual interest rate of 7%, with a nominal margin money requirement of 10% and collateral-free financing.
- The repayment tenure is 10 years.
- For installations exceeding 3-10 KW, eligible applicants can avail loans up to ₹6 lakh with a margin money requirement of 20%.
- Interest rate ranges from 4% to 10.8% per annum.
- Indian Bank – 15/08/1907 (Founded) – Chennai (HQ) – Shanti Lal Jain (MD & CEO) – “Your Own Bank”
REC Limited to extend term loan of ₹1, 869 crores for Kiru Hydro Electric Project in Kishtwar, J&K
- REC Limited, a Maharatna Central Public Sector Enterprise and leading NBFC under the Ministry of Power, has signed an agreement with Chenab Valley Power Project Private Limited (CVPPPL), under which REC will provide CVPPL with a financial assistance of ₹1,869.265 crores as Term Loan.
- The loan will be utilized for Development, Construction and Operation of the Greenfield 4 x156 MW Kiru Hydro Electric Project on River Chenab, in Kishtwar district of Jammu & Kashmir.
- The 624 MW Kiru Hydro Electric Project is a run-of-river scheme, which envisages construction of dam of height 135 metres and an underground Power House with 4 units of 156 MW each.
- CVPPPL is a Joint Venture Company between NHPC (51%) and JKSPDC (49%), a joint initiative of the Government of India and the Government of J&K, formed to harness the vast hydro potential of Chenab river.
- The company has been incorporated in
- REC Limited (Rural Electrification Corporation Limited) – 25/07/1969 (Founded) – New Delhi (HQ) – Vivek Kumar Dewagan (CMD)
Business and Economy
India becomes the largest electric 3W market globally in 2023
- According to a report by the International Energy Agency (IEA), India surpassed China to become the largest market for electric three-wheelers in
- Total electric 3W sales in India sales stood at 8-lakh plus units in 2023, an increase of 65 per cent over 2022 volumes, while China experienced an 8 per cent decline in electric 3W sales, totalling 3.2 lakh units, making it the second-largest market.
- Globally, the 3W market expanded 13 per cent in 2023, reaching 4.5 million sales, of which 21 per cent were electric, compared with 18 per cent in 2022.
- International Energy Agency (IEA) – November 1974 (Founded) – Paris, France (HQ) – Fatih Birol (Executive Director)
Agreements and MoUs signed
AFMS signed MoU with ICMR to undertake biomedical research for Armed Forces
- Armed Forces Medical Services (AFMS) signed a Memorandum of Understanding (MoU) for collaborative research and training with Indian Council of Medical Research (ICMR).
- The aim of the MoU is to undertake cooperative and collaborative activities, in the field of biomedical research and academics, which will address multidisciplinary scientific, technological and educational problems of relevance to the country and the Armed Forces.
- AFMS and ICMR have joined hands for health research in High Altitude, Battle related trauma/Post-traumatic stress disorder, Aerospace medicine, Infectious diseases and other health issues faced Armed Forces Personnel.
- Under the ambit of this MoU, various joint academic activities are also planned, including opportunity for AFMS officers to register for PhD under ICMR-AcSIR PhD programme.
C-DOT sign agreement with IIT Jodhpur for “Automated Service Management in Network of 5G and beyond Using AI”
- C-DOT, the premier Telecom R&D Centre of the Department of Telecommunications (DoT), Government of India and Indian Institute of Technology, Jodhpur (IIT-J) signed an agreement for “Automated Service Management in 5G and Beyond Networks Using AI”.
- The agreement is signed under the Telecom Technology Development Fund (TTDF) of the DoT, which is designed for providing funding support to domestic companies and institutions involved in technology design, development, commercialization of telecommunication products and solutions to enable affordable broadband and mobile services in rural and remote areas.
- The primary objective is to develop AI frameworks for automated network management, fault detection, and diagnostic techniques by utilizing continuous information generated within the network like 5G.
- The service will establish a real time 5G and Beyond testbed (in compliance with O-RAN) for the demonstration of the developed automated network management and slicing techniques in conjunction with specific application use-cases such as smart metering, remotely operated vehicles, etc.
KABIL signs MoU with CSIR-NGRI for Advancing Geophysical Investigations in Critical and Strategic Minerals Sector
- Khanij Bidesh India Limited (KABIL) signed a Memorandum of Understanding (MoU) with the Council of Scientific and Industrial Research – National Geophysical Research Institute (CSIR-NGRI) to foster a long-term collaboration in the field of geophysical investigations to bolster its ongoing projects and activities in critical and strategic minerals.
- The MoU was signed by Sadashiv Samantaray, Director (Commercial), NALCO & CEO, KABIL and Prakash Kumar, Director, CSIR-NGRI at NALCO Corporate Office in Bhubaneswar.
- This collaboration will focus on Geophysical, Geochemical and Geological surveys, data analysis, interpretation and modelling, scientific knowledge sharing, technical support and advisory services.
- This collaboration will pave the way for driving innovation and actionable insights towards the ongoing KABIL projects.
- KABIL is a Joint Venture company of three public sector undertakings – National Aluminium Company Limited (NALCO), Hindustan Copper Limited (HCL) and Mineral Exploration and Consultancy Limited (MECL), under the aegis of Ministry of Mines, Government of India.
Science and Technology
NASA confirms Dragonfly Rotorcraft Mission to Saturn’s Moon Titan
- NASA has confirmed its Dragonfly rotorcraft mission to Saturn’s organic-rich moon
- The decision allows the mission to progress to completion of final design, followed by the construction and testing of the entire spacecraft and science instruments.
- Dragonfly is confirmed with a total lifecycle cost of $3.35 billion and a launch date of July 2028.
- This reflects a cost increase of about two times the proposed cost and a delay of more than two years from when the mission was originally selected in
- The rotorcraft, targeted to arrive at Titan in 2034, will fly to dozens of promising locations on the moon, looking for prebiotic chemical processes common on both Titan and the early Earth before life developed. Dragonfly marks the first time NASA will fly a vehicle for science on another planetary body.
- The rotorcraft has eight rotors and flies like a large drone.
- Dragonfly is being designed and built under the direction of the Johns Hopkins Applied Physics Laboratory (APL) in Laurel, Maryland, which manages the mission for NASA.
- Elizabeth Turtle of APL is the principal investigator.
- The team includes key partners at NASA’s Goddard Space Flight Center in Greenbelt, Maryland; Lockheed Martin Space in Littleton, Colorado; NASA’s Ames Research Center in Silicon Valley, California; NASA’s Langley Research Center in Hampton, Virginia; Penn State University in State College, Pennsylvania; Malin Space Science Systems in San Diego, California; Honeybee Robotics in Pasadena, California; NASA’s Jet Propulsion Laboratory in Southern California; CNES (Centre National d’Etudes Spatiales) in Paris; the German Aerospace Center (DLR) in Cologne, Germany; and JAXA (Japan Aerospace Exploration Agency) in Tokyo.
- Dragonfly is the fourth mission in NASA’s New Frontiers Program, managed by NASA’s Marshall Space Flight Center in Huntsville, Alabama, for the agency’s Science Mission Directorate in Washington.
- New Horizons, Juno and OSIRIS-REx were the first three missions of NASA’s New Frontiers Program.
- National Aeronautics and Space Administration (NASA) – 29/07/1958 (Founded) – Washington DC (HQ) – Bill Nelson (Administrator)
Power
NABARD unveils Climate Strategy 2030 to mobilise green financing
- National Bank for Agriculture and Rural Development (NABARD) on the occasion of Earth Day unveiled its Climate Strategy 2030 document which aims to address India’s need for green financing.
- India requires approximately $170 billion annually to reach a cumulative total of over $2.5 trillion by 2030, the current green finance inflows are critically insufficient.
- As of 2019-20, India garnered about $49 billion in green financing, merely a fraction of what is needed.
- With the majority of funds earmarked for mitigation, only $5 billion was allocated towards adaptation and resilience, reflecting the minimal private sector engagement in these areas due to challenges in bankability and commercial viability.
- National Bank for Agriculture and Rural Development (NABARD) – 12/07/1982 (Founded) – Mumbai (HQ) – Shaji K V (Chairman)
Appointments
Narpat Singh appointed as Railway Adviser in High Commission of India, Dhaka, Bangladesh
- The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Ministry of Railways for the appointment of Narpat Singh (IRTS) to the post of Railway Adviser in the High Commission of India, Dhaka, Bangladesh for a period of three years from the date of assumption of charge of the post or until further orders, whichever is earlier.
- Previously, he was posted as Director (Traffic Transpiration) in the Railway Board.
- Bangladesh – Dhaka (Capital) – Taka (Currency) – Mohammed Shahabuddin (President) – Sheikh Hasina (Prime Minister) – Bengali (Official Language)
Narsingh Yadav elected as chairman of WFI's seven-member athletes' panel
- Former Commonwealth Games gold-medallist Narsingh Pancham Yadav was elected chairman of the Wrestling Federation of India’s Athletes’ Commission.
- The other elected members of the athletic commission were Sahil (Delhi), Smitha AS (Kerala), Bharti Bhaghei (UP), Khushboo S Pawar (Gujarat), Nikki (Haryana), and Sweta Dubey (West Bengal).
- Narsingh Pancham Yadav is an Arjuna awardee and Asian Championships gold medallist in 2010, competed at the 2012 London Olympic Games and lost the opening bout in the 74kg category.
Axis Bank re-appoints Amitabh Chaudhry as MD & CEO for three more years
- Axis Bank’s board approved the re-appointment of Amitabh Chaudhry as the Managing Director & Chief Executive Officer of the company for another three years with effect from January 1, 2025 up to December 31, 2027.
- HE joined Axis Bank as its MD & CEO w.e.f. January 1, 2019 having led HDFC Standard Life Insurance Company (HDFC Life) for over nine years.
- Axis Bank – 03/12/1993 (Founded) – Mumbai (HQ) – Amitabh Chaudhry (MD & CEO) – “Badhti Ka Naam Zindagi” (Tagline)
Reports
India ranks 4th in global military spending at $83.6 billion in 2023
- According to the Stockholm International Peace Research Institute (Sipri) report, India was the world’s fourth-largest military spender in 2023, making an expenditure of $83.6 billion to modernise a range of weapons and combat systems.
- The United States (US), China, and Russia were the top three spenders in that order.
- India’s military spending saw a 2 per cent increase compared to 2022.
- India also held the fourth position in 2022, when military spending reached $81.4 billion.
- This marked a 6 per cent increase from 2021 and a substantial 47 per cent rise since 2013.
- Globally, total military expenditure reached $2443 billion in 2023, marking a 8 per cent increase from 2022.
Awards and Recognitions
Novak Djokovic Bags Sportsman Of The Year For 5th Time
- Novak Djokovic bagged the sportsman of the year title for the record-equalling fifth time as the historic Palacio de Cibeles in the heart of Madrid hosted the 25th Laureus Awards for the year
- He had also won in 2012, 2015, 2016 and 2019.
-
Category
Winner
Sport
World Sportswoman of the Year
Aitana Bonmati
football
World Sportsman of the Year
Novak Djokovic
tennis
World Team of the Year
Spain women’s team
football
World Breakthrough of the Year
Jude Bellingham
football
World Comeback of the Year
Simone Biles
gymnastics
World Sportsperson of the Year with a Disability
Diede de Groot
wheelchair tennis
World Action Sportsperson of the Year
Arisa Trew
skateboarding
Laureus Sport for Good
Rafa Nadal Foundation
HAL conferred Outstanding PSU of the Year award by AIMA in Delhi
- Hindustan Aeronautics Limited (HAL) has been conferred with the Outstanding Public Sector Undertaking (PSU) of the Year award at the All India Management Association (AIMA) Managing India Awards
- The award was given by Vice-President Jagdeep Dhankhar in Delhi.
- AIMA is the voice of India’s leaders and managers, and the apex body of the management profession in India was established in 1957.
- Hindustan Aeronautics Limited (HAL) – 22/12/1940 (HQ) – Bangalore (HQ) – CB Ananthakrishnan (Chairperson & MD)
Sports News
ICC ropes in Usain Bolt as T20 World Cup ambassador
- The International Cricket Council (ICC) on named sprint legend Usain Bolt as the ambassador of the upcoming T20 World Cup to be played in the West Indies and USA from June 1 to 29.
- He was born in Jamaica and had created history at the 2008 Olympic Games in Beijing where he won the 100m, 200m and 4x100m races in world record times.
- He currently holds world records in the 100m, 200m and 4x100m with times of 58 secs, 19.19 secs and 36.84 secs respectively.
- International Cricket Council (ICC) – 15/06/1909 (Founded) – Dubai,UAE (HQ) – Greg Barclay (Chairman) – 108 countries
Important Days
National Panchayati Raj Day 2024 is observed on April 24
- National Panchayati Raj Day is annually observed on April 24 in India by Ministry of Panchayati Raj.
- In 1993, by the 73rd Constitutional Amendment Act, the Panchayat system came to be implemented in the rural regions to consider improvement to occur at grassroot level.
- India’s three-tiered administrative structure is known as the Panchayati Raj system.
- It is a decentralised formation of governance, where local bodies or Gram Panchayats are empowered through self-governance and independence in decision making.
- Secretary, Ministry of Panchayati Raj Vivek Bharadwaj and Secretary, Department of Rural Development Shailesh Kumar Singh inaugurated a National Colloquium on “Governance at the Grassroots after Three Decades of the 73rd Constitutional Amendment” at New Delhi to mark National Panchayati Raj Day.
International Day of Multilateralism and Diplomacy for Peace is observed on April 24
- International Day of Multilateralism and Diplomacy for Peace is annually observed on April 24.
- On 12 December 2018, the United Nations General Assembly adopted the resolution, “International Day of Multilateralism and Diplomacy for Peace” (A/RES/73/127) by a recorded vote of 144 in favour to 2 against.
- Multilateralism is when at least three governments participate in a particular issue or to try to solve a problem.
- Multilateralism is an example of cooperation among world governments and used in contrast with unilateralism.
World Malaria Day 2024 is observed on April 25
- World Malaria Day is annually observed on April 25 around the world.
- Malaria is caused by plasmodium parasite-infected mosquitoes, is a life-threatening disease.
- According to the World Health Organization (WHO), there were an estimated 249 million malaria cases and 608,000 malaria deaths in 85 countries in 2022 globally.
- The day was instituted by WHO Member States during the World Health Assembly of 2007.
- Theme – “Accelerate the fight against malaria for a more equitable world.”
- World Health Organization (WHO) – 07/04/1948 (Founded) – Geneva, Switzerland (HQ) – Tedros Adhanom (Director-General)
Defence
IAF successfully tests air-launched ballistic missile in Andaman and Nicobar Island
- The Indian Air Force (IAF) has achieved a significant milestone with the successful test firing of an air-launched ballistic missile capable of hitting targets over 250 kilometers
- The missile, known as ROCKS or Crystal Maze 2, is of Israeli origin and was test-fired from a Su-30 MKI fighter jet in the Andaman and Nicobar Islands.
- The Crystal Maze 2 is an extended stand-off range air-to-surface missile designed to strike high-value stationary and relocatable targets, including long-range radars and air defence systems.
- Indian Air Force (IAF) – 26/01/1950 (Founded) – New Delhi (HQ) – Airforce Day (October 08) – Air Chief Marshal Vivek Ram Chaudhari (Chief of Air Staff) – ‘Touch the sky with Glory’ (Motto)
DRDO develops Lightest Bullet Proof Jacket for protection against highest threat Level 6 of BIS
- DRDO’s Defence Materials and Stores Research and Development Establishment (DMSRDE), Kanpur has successfully developed the lightest Bullet Proof Jacket in the country for protection against 7.62 x 54 R API (Level 6 of BIS 17051) ammunition.
- Recently, this bullet proof jacket was successfully tested at TBRL, Chandigarh as per BIS 17051-2018.
- This jacket is based upon new design approach, where novel material along with new processes have been used.
- The front Hard Armour Panel (HAP) of this jacket defeats multiple hits (06 shots) of 7.62 x 54 R API (Sniper rounds) in both ICW (In-conjunction with) and Standalone design.
- The ergonomically designed front HAP is made up of monolithic ceramic plate with polymer backing which enhances the wear-ability and comfort during the operation.
- The areal density of ICW Hard Armour Panel (HAP) and standalone HAP is less than 40 kg/m2 and 43 kg/m2
- Defence Research and Development Organisation (DRDO) – 1958 (Founded) – New Delhi (HQ) – Dr Sameer V Kamath (Chairman)
Indian Army conducts seminar on the theme “Year of Technology Absorption - Empowering the Soldier”
- Indian Army conducted a seminar cum exhibition on the theme “Year of Technology Absorption – Empowering the Soldier”.
- The event was conducted by the Centre for Land Warfare Studies (CLAWS), on behalf of the Indian Army in Manekshaw Centre.
- The seminar brought together technology experts and industry professionals to deliberate on the adoption of modern technologies like Artificial Intelligence and advanced hardware in the military domain.
- It aimed at fostering a collaborative environment for academia and the defence industry to fast-pace the ongoing initiatives for technological absorption in the military.
- The seminar was conducted in three sessions, with first session focussed on “Contemporary Technology and Industry Capabilities” was moderated by Lieutenant General Vineet Gaur, Director General Capability Development.
- The second session was moderated by Lieutenant General Subrata Saha (Retired) and focussed on “Empowering Soldiers: Amplifying Impact Through Modern Technologies”.
- The final session on “Maximising Technology Effectiveness & Soldier Preparedness” was moderated by Lieutenant General PR Shankar (Retired).
- Indian Army – 26/01/1950 (Founded) – New Delhi (HQ) – Army Day (January 15) – General Manoj Pande (Chief of Army Staff) – “Service Before Self” (Motto)
Indian Coast Guard & Royal Oman Police Coast Guard officials meet in New Delhi
- The 5th Annual High-Level Meeting between the Indian Coast Guard (ICG) and the Royal Oman Police Coast Guard (ROPCG) took place in New Delhi marking a significant milestone in the collaborative efforts to combat transnational illegal activities at sea and promote regional cooperation.
- The discussions were led by Director General Rakesh Pal from the ICG.
- The ROPCG delegation was headed by Assistant Officer Commanding Colonel Abdul Aziz Mohammed Ali Al Jabri.
- The meeting focused on bolstering bilateral engagements through a capacity-building programme, cross ships’ visit, implementation of Sea Rider programme, establishing professional linkages between pollution reporting centers and other collaborative arrangements.
- Both sides expressed their commitment to enhancing mutual cooperation in addressing maritime challenges, thereby strengthening the maritime safety and security framework in the region.
- Oman – Muscat (Capital) – Omani rial (Currency) – Haitham bin Tariq (Sultan) – Theyazin bin Haitham (Crown Prince) – Arabic (Official Language)
Daily Current Affairs - April 24 & 25, 2024 - Consolidated
- 10th Round of India-Japan Consultations On Disarmament, Non-Proliferation And Export Control Held In Tokyo
- PayU gets RBI’s in-principle nod to operate as payment aggregator
- BharatPe launches all-in-one payment device BharatPe One
- Indian Bank ties up with Tata Power Solar to boost solar energy adoption
- REC Limited to extend term loan of ₹1, 869 crores for Kiru Hydro Electric Project in Kishtwar, J&K
- India becomes the largest electric 3W market globally in 2023
- AFMS signed MoU with ICMR to undertake biomedical research for Armed Forces
- C-DOT sign agreement with IIT Jodhpur for “Automated Service Management in Network of 5G and beyond Using AI”
- KABIL signs MoU with CSIR-NGRI for Advancing Geophysical Investigations in Critical and Strategic Minerals Sector
- NASA confirms Dragonfly Rotorcraft Mission to Saturn’s Moon Titan
- NABARD unveils Climate Strategy 2030 to mobilise green financing
- Narpat Singh appointed as Railway Adviser in High Commission of India, Dhaka, Bangladesh
- Narsingh Yadav elected as chairman of WFI’s seven-member athletes’ panel
- Axis Bank re-appoints Amitabh Chaudhry as MD & CEO for three more years
- India ranks 4th in global military spending at $83.6 billion in 2023
- Novak Djokovic Bags Sportsman Of The Year For 5th Time
- HAL conferred Outstanding PSU of the Year award by AIMA in Delhi
- ICC ropes in Usain Bolt as T20 World Cup ambassador
- National Panchayati Raj Day 2024 is observed on April 24
- International Day of Multilateralism and Diplomacy for Peace is observed on April 24
- World Malaria Day 2024 is observed on April 25
- IAF successfully tests air-launched ballistic missile in Andaman and Nicobar Island
- DRDO develops Lightest Bullet Proof Jacket for protection against highest threat Level 6 of BIS
- Indian Coast Guard & Royal Oman Police Coast Guard officials meet in New Delhi
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