Daily Current Affairs – April 27 & 28, 2024
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Daily Current Affairs - Banking - April 27 & 28, 2024
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National News
India to get its first Vande Bharat Metro soon
- The Indian Railways is planning to launch India’s first Vande Bharat Metro, aimed at revolutionising intra-city transportation
- The preparations for the Vande Bharat Metro are ongoing and its trail run will commence from July 2024.
- The Vande Metro is designed to optimise stoppage times, catering to the fast-paced urban lifestyle.
- Vande Metro will sport a distinctive coach configuration, with each unit comprising four coaches, and a minimum of 12 coaches forming a complete Vande Metro train.
- Initially, a minimum of 12 Vande Metro coaches will be introduced, with the possibility of expanding to 16 coaches based on route demand.
- Indian Railways – 06/05/1836 (Founded) – New Delhi (HQ) – V.K.Tripathi (Chairman & CEO)
Central Government accords AEO status to gem and jewellery sector
- Gem & Jewellery Export Promotion Council (GJEPC), the apex body of the sector announced that the central government has extended Authorised Economic Operator (AEO) status to the gem and jewellery sector.
- The AEO programme was introduced as pilot project in 2011 by the Customs department as part of a broader framework for ease of doing business, which has been instrumental in simplifying export operations across various sectors, resulting in significant time and cost savings for exporters.
- The AEO is a programme under the World Customs Organisation (WCO) SAFE Framework of Standards to secure and facilitate global trade.
- The aim is to enhance international supply chain security and facilitate movement of legitimate goods.
- Under this programme, an entity engaged in international trade is approved by the Customs as compliant with supply chain security standards, and granted AEO status and certain benefits.
- India’s AEO Programme is in sync with the commitments made under Article 7.7 of WTO TFA.
- AEO is a voluntary compliance programme.
- It enables the Indian Customs to enhance and streamline cargo security through close cooperation with the principal stakeholders of the international supply chain viz. importers, exporters, logistics providers, custodians or terminal operators, custom brokers and warehouse operators, according to the Central Board of Indirect Taxes (CBIC).
- World Customs Organisation (WCO) – 26/01/1953 (Founded) – Brussels, Belgium (HQ) – Ian Saunders (Secretary General) – English and French (Official Language)
Banking and Finance
RBI extends on-tap licensing to SFBs
- The Reserve Bank of India (RBI) said that eligible small finance banks (SFBs) can apply with the regulator to become universal banks in accordance with the on-tap licensing norms.
- SFBs are allowed to apply for a universal bank license after successful completion of five years of operations, but subject to fulfilling minimum paid-up voting equity capital, net worth requirement as applicable to universal banks.
- According to RBI’s guidelines, in order for a SFB to transition to universal bank, they must be listed on recognised stock exchange, have a minimum net worth of ₹1,000 crore as at the end of previous quarter, meet minimum capital requirements of SFBs and must post net profit in last two financial years.
- The SFBs must also have gross and net-non performing asset ratio (GNPA, NNPA) of not more than 3% and 1%, respectively, over the last two financial years.
Hitachi Payment Services launches India’s first upgradable ATM
- Hitachi Payment Services, one of the leading names in payments and commerce solutions, announced the launch of the “country’s first upgradable ATM.”
- The upgradable ATM can be transformed into a high-performance cash recycling machine (CRM) at any point in time.
- Manufactured under the Make in India initiative, these new upgradable ATMs provide more flexibility and efficiency to banks.
- Previously it had launched India’s first-ever UPI-ATM as a White Label ATM (WLA) named Hitachi Money Spot UPI ATM.
S&P Global Rating: Banks may have to slow down loan growth in FY25
- According to S&P global rating, Indian banks’ credit growth, profitability and asset quality would remain robust in current fiscal reflecting strong economic growth, but they may be compelled to slow down their loan growth as deposits are not growing at a similar pace.
- The agency expects the Asia-Pacific 2Q 2024 Banking sector’s strong credit growth to moderate to 14 per cent in FY25, from 16 per cent in FY24, if deposit growth, especially retail deposits, remain tepid.
Business and Economy
NIPFP predicts India’s GDP for FY25 by 7.1 – 7.4%
- According to the National Institute of Public Finance and Policy (NIPFP), Indian economy is expected to register a growth rate of 7.1-7.4 per cent in the current financial year.
Indian ecommerce market to grow to $325 billion by 2030
- The Indian e-commerce market is predicted to grow to a whopping $325 billion, and by the same year the country’s digital economy to reach an astounding $800 billion.
- With 881 million users, India has the second-largest Internet user base in the world, and by 2030, it is expected to rise to the third position in the online retail industry.
- With a growing digital economy and internet user base, India is poised to become a worldwide e-commerce powerhouse by 2030 and is expected to lead the way in online shopping with 500 million buyers.
- At present, the e-commerce market in India is valued at $70 billion, which accounts for around 7% of the nation’s overall retail market.
- The internet penetration has witnessed significant growth, with 52% of the Indian population, approximately 759 million people, accessing the internet in
- One of the primary drivers is the increasing internet penetration, with around 87% of Indian households expected to have internet connections by 2025.
- However, the duration of internet access through mobiles has seen a 21% rise compared to 2019.
Government says 448 infra projects hit by cost overrun of ₹5.55 lakh crores in Oct-Dec
- The Quarterly Project Implementation Status Report (QPISR) on Central Sector Projects (costing ₹150 crore and above) for the third quarter of 2023-24, contains detailed information on 1,897 projects.
- The QPISR is prepared by Ministry of Statistics and Programme Implementation.
- Out of 1,897 projects, 448 projects were having cost overrun of ₹5,55,352.41 crore, which is 65.2 per cent of their sanctioned cost.
- However, it stated that with regard to the latest approved cost, 292 projects had reported cost overrun of ₹2,89,699.46 crore.
- Further, 276 projects are having both time and cost overruns.
- Out of 1,897 projects, 56 projects were ahead of schedule, 632 projects were on schedule, 902 projects were delayed with respect to the original schedule of completion.
- Further, it stated that for 307 projects, either original or the anticipated date of completion was not reported or had lapsed.
- The anticipated completion cost of these 1,897 projects is reported to be ₹31,74,489.91 crore.
Adani Group's Vizhinjam Port gets ministry nod to run India's first transshipment operations
- Adani Group’s Vizhinjam Port in Kerala has received approval to operate as India’s first transshipment port, facilitating the transfer of cargo between ships. The shipping ministry’s nod allows customs to establish an office at the port.
- The project, started in 2015, aims to tap into India’s transshipment cargo, which is currently handled by foreign ports like Colombo.
- Vizhinjam Port’s advanced infrastructure can handle large vessels, with an initial capacity of one million twenty-foot equivalent units (TEUs), set to expand in subsequent phases.
Summit & Conference
Conference organized on ‘Challenges and Prospective Solutions in Inland Waterways and Shipbuilding’ at Kochi
- Ministry of Ports, Shipping and Waterways (MoPSW), along with Cochin Shipyard Limited (CSL) and Inland Waterways Authority of India (IWAI) recently organized a two-day conference in Kochi Kerala on ‘Challenges and Prospective Solutions in Inland Waterways and Shipbuilding’, bringing together various state departments, industry experts and stakeholders to delve into pressing issues within the maritime sector.
- The conference, which featured four insightful sessions, focused on the imperative of decarbonizing the maritime industry and addressed critical challenges in inland water transport and shipbuilding.
- Participants actively engaged in sharing key challenges faced by them and suggested possible interventions by the government in order to swiftly achieve the cargo modal shift to waterways, apart from boosting domestic shipbuilding.
- Cochin Shipyard Limited (CSL) – 29/04/1972 (Founded) – Kochi, Kerala (HQ) – Madhu S. Nair (Chairman & MD)
Appointments
Yuvraj Singh named as ICC Men’s T20 World Cup 2024 Ambassador
- The International Cricket Council (ICC) has announced India legend Yuvraj Singh as an ICC Men’s T20 World Cup 2024 Ambassador.
- Also named Sana Mir, who represented Pakistan in 226 international games, 137 of them as skipper, as the ambassador of the Women’s T20 World Cup Qualifier.
- International Cricket Council (ICC) – 15/06/1909 (Founded) – Dubai,UAE (HQ) – Greg Barclay (Chairman) – 108 countries
Awards and Recognitions
Indian Teacher from UAE Wins Prestigious Cambridge Teacher Award
- Gina Justus, a teacher at Our Own English High School, Sharjah Girls’ Branch, has been named the regional winner for the Middle East and North Africa (MENA) in the 2024 Cambridge Dedicated Teacher Awards.
- She was originally from Thiruvananthapuram, Kerala, has been working in the UAE since 2005 and was recognized for her outstanding mentorship and dedication to charity.
- This year’s competition saw a record-breaking number of nominations, with over 14,840 submissions from 141 countries.
- The Cambridge Dedicated Teacher Awards is a global competition that honors exceptional primary and secondary school teachers.
- Students, parents, and peers can nominate teachers who have made a significant impact on their educational journey.
- United Arab Emirates – Abu Dhabi (Capital) – United Arab Emirates Dirham (Currency) – Mohammed bin Zayed Al Nahyan (President) – Arabic (Official Language)
Important Days
World Penguin Day 2024 observed on April 25
- World Penguin Day is annually observed on April 25.
- The Day honors the Adélie Penguin, a species of penguin that begins its annual migration northward toward Antarctica on April 25.
- The day was first observed in 1972, When Gerry Wallace wrote the date on his wife’s (Aleta’s) calendar in Alamogordo, California.
World Design Day 2024 observed on April 27
- World Design Day is annually observed on April 27.
- The day is celebrated to recognise the value of design and its capacity to effect change.
- Until 2020, the day is celebrated as International Design Day.
- The day is celebrated since 1995, commemorating the founding of International council of Design.
- Theme – “is it kind?”
- International Council of Design – 27/04/1963 (Founded) – Montreal, Quebec, Canada (HQ) – Johnathon Strebly (President)
World Tapir Day 2024 is observed on April 27
- World Tapir Day is annually observed on April 27.
- The day is observed to raise awareness about the endangered species of Tapir.
- The day is celebrated since 2008.
- Tapirs are large, herbivorous mammals belonging to the family Tapiridae.
- They are similar in shape to a pig, with a short, prehensile nose trunk.
- Tapirs inhabit jungle and forest regions of South and Central America and Southeast Asia.
World Veterinary Day 2024 observed on April 27
- World Veterinary Day is celebrated every year on the last Saturday of April.
- This year the day falls on April 27.
- The day aims to mark the importance of veterinary doctors who work on improving animal lives.
- The Day was first celebrated on April 29, 2000 by the World Veterinary Association (WVA).
- Theme – “Veterinarians are essential health workers”
- World Veterinary Association (WVA) – 1863 (Founded) – Brussels, Belgium (HQ) – John de Jong (President)
World Day for Safety and Health at Work 2024 observed on April 28
- World Day for Safety and Health at Work is annually observed on April 28.
- The day is concerned about safe work and awareness of the dimensions and consequences of work-related accidents and diseases; to place occupational safety and health (OSH) on the international and national agendas; and to provide support to the national efforts for the improvement of national OSH systems and programmes in line with relevant international labor standards.
- It coincides with Workers’ Memorial Day and the Canadian National Day of Mourning.
- The day was first celebrated by the International Labour Organization in
- International Labour Organization – 11/04/1919 (founded) – Geneva, Switzerland (HQ) – Gilbert Houngbo (Director General)
Defence
Indian Coast Guard Delegation Participates In World Border Security Congress In Istanbul
- A two-member Indian Coast Guard delegation led by Additional Director General S Paramesh participated in the World Border Security Congress 2024 being conducted in Istanbul, Turkiye.
- The Indian Coast Guard presented a maritime perspective to the Congress on “Maritime Border Challenges” and discussed potential solutions.
- The event further highlighted the meeting of Coast Guards and Border agencies across the globe, aimed at fostering cooperation and addressing Maritime contemporary issues.
- Türkiye – Ankara (Capital) – Turkish lira (Currency) – Recep Tayyip Erdoğan (President) – Turkish (Official Language)
SCO Defence Ministers’ Meeting In Kazakhstan Endorses ‘One Earth, One Family, One Future’
- Defence Secretary Giridhar Aramane participated in the Shanghai Cooperation Organisation (SCO) Defence Ministers’ meeting held in Astana, Kazakhstan.
- During the meeting, a protocol was signed by the Defence Ministers of all SCO Member States.
- In the Joint Communiqué issued after the meeting, the SCO Defence Ministers agreed, among other initiatives, to develop the idea of ‘One Earth, One Family, One Future’, rooted in the ancient Indian philosophy of ‘Vasudhaiva Kutumbakam’.
- He highlighted India’s long-standing proposal for a Comprehensive Convention on International Terrorism at the United Nations.
- He also underscored the concept of ‘Security and Growth for All in the Region (SAGAR)’, proposed by India for the Indo-Pacific.
- Shanghai Cooperation Organisation (SCO) – 15/06/2001 (Founded) – Beijing, China (Secretariat) – Members (6 countries) – Zhang Ming (Secretary General) – Chinese & Russian (Official Language)
Daily Current Affairs - April 27 & 28, 2024 - Consolidated
- India to get its first Vande Bharat Metro soon
- Central Government accords AEO status to gem and jewellery sector
- RBI extends on-tap licensing to SFBs
- Hitachi Payment Services launches India’s first upgradable ATM
- S&P Global Rating: Banks may have to slow down loan growth in FY25
- NIPFP predicts India’s GDP for FY25 by 7.1 – 7.4%
- Indian ecommerce market to grow to $325 billion by 2030
- Government says 448 infra projects hit by cost overrun of ₹5.55 lakh crores in Oct-Dec
- Adani Group’s Vizhinjam Port gets ministry nod to run India’s first transshipment operations
- Conference organized on ‘Challenges and Prospective Solutions in Inland Waterways and Shipbuilding’ at Kochi
- Yuvraj Singh named as ICC Men’s T20 World Cup 2024 Ambassador
- Indian Teacher from UAE Wins Prestigious Cambridge Teacher Award
- World Penguin Day 2024 observed on April 25
- World Design Day 2024 observed on April 27
- World Tapir Day 2024 is observed on April 27
- World Veterinary Day 2024 observed on April 27
- World Day for Safety and Health at Work 2024 observed on April 28
- Indian Coast Guard Delegation Participates In World Border Security Congress In Istanbul
- SCO Defence Ministers’ Meeting In Kazakhstan Endorses ‘One Earth, One Family, One Future’
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