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Daily Current Affairs – March 29,30 & 31, 2024

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Daily Current Affairs - Banking - March 29,30 & 31, 2024

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State News

Arunachal CM among 10 BJP candidates elected unopposed in Assembly polls

  • Arunachal Pradesh Chief Minister Pema Khandu and his deputy Chowna Mein are among 10 BJP candidates who were elected unopposed in the state assembly polls.

World’s First Om-Shaped Temple Inaugurated in Rajasthan

  • The world’s first-ever temple designed in the iconic Om shape has been inaugurated in the village of Jadan, Pali district, Rajasthan.
  • The temple spans across a vast expanse of 250 acres and built in Nagara Style.
  • Towering at a height of 135 ft, the temple stands supported by 2,000 pillars, with provisions made for 108 rooms on its premises.
  • The central feature of the temple complex is the tomb of Guru Madhavanand ji.
  • It will be able to accommodate 1,008 idols of Lord Mahadev and 12 Jyotirlingas within its sacred precincts.

Banking and Finance

Bank of India to raise ₹10,000 crores through long-term infrastructure bonds

  • Bank of India (BoI) board has given approval to raise ₹10,000 crore through long-term infra bonds to fund infrastructure projects.
  • The fund would be raised in 2024-25.
  • These bonds help in building roads, bridges, airports, power plants, and telecommunications networks etc and addressing the infrastructure deficit of the country.

Bank of India gets ₹564 crores I-T penalty order

  • The Income Tax department has levied a penalty of ₹564.44 crore on Bank of India.
  • The bank has received the order under Section 270A of the Income Tax Act, 1961 from the Income Tax Department, Assessment Unit pertaining to AY2018-19, wherein the penalty of ₹564.44 crore has been imposed on various disallowances made.
  • Bank of India – 07/09/1906 (Founded) – Mumbai (HQ) – Atanu Kumar Das (MD & CEO) – “Relationship Beyond Banking”

CareEdge: GNPA ratio of scheduled commercial banks projected to improve to 2.1-2.4 pc by FY25 end

  • According to the CareEdge ratings, the GNPA (gross non-performing asset) ratio of scheduled commercial banks (SCBs) is projected to improve from the expected 5-2.7 per cent in FY24 to 2.1-2.4 per cent by FY25 end.
  • This will be driven by moderation in slippages, elevated PCR (provision coverage ratio) levels resulting in lower incremental credit costs, corporate deleveraging leading to improved financials, some level of slippage from the retail book, a declining trend in the stock of GNPAs and sustained retail GNPA levels in spite of high levels of unsecured loans.

PFRDA mandates two-factor Aadhaar authentication for CRA access from April 1

  • Pension regulator PFRDA has mandated 2-Factor Aadhaar Authentication for access to the Central Recordkeeping Agency (CRA) system for conducting National Pension System (NPS) related activities.
  • CRAs are responsible for centralised recordkeeping, administration, and customer service functions for all NPS subscribers.
  • As on date, there are three licensed CRAs (National Pension System – KFin Technologies Private Limited, NSDL e-Governance Infrastructure Limited and CAMS) in the country.
  • Currently, Nodal Offices under Central and State Governments, including their underlying Autonomous bodies, use a password-based login to access the CRA for NPS transactions.
  • This new regime will be effective from April 1.
  • About 1,600 Government offices across the Centre and States would have to implement the new regime from April 1.
  • The additional security layer is being compulsorily implemented for all password-based users logging into the CRA system.
  • The new regime is expected to particularly impact the Government NPS sector as two-factor Aadhaar authentication has so far not been introduced till date for this segment.
  • Pension Fund Regulatory and Development Authority (PFRDA) – 23/08/2003 (Founded) – New Delhi (HQ) – Deepak Mohanty (Chairman)

Business and Economy

India needs 2 lakh company secretaries by 2047: ICSI

  • The president of the Institute of Company Secretaries of India (ICSI), B Narasimhan, said that when the Indian economy reaches $30 trillion by 2047 as per the expectations, the country will need two lakh company secretaries.
  • The country currently, has 72,000 company secretaries.
  • ICSI recently entered into an MoU with The National Institute of Securities Markets (NISM), a public trust established by the regulator of securities markets in India, Securities and Exchange Board of India (SEBI).
  • The MoU marked the continuation of the long-term association between the two institutes that will facilitate and enhance institutional collaboration in the area of capacity building and collaborative programmes in the areas of compliance, securities markets, law and governance.
  • ICSI has pacts with 141 universities across India.
  • Institute of Company Secretaries of India (ICSI) – 04/10/1968 (Founded) – New Delhi (HQ) – B Narasimhan (President)

CareEdge expects India's GDP to grow 7.6 percent in current financial year 2023-24

  • CareEdge Ratings expects India’s GDP to growth at 6 per cent in 2023-24 ending on March 31, and around 7 per cent in the next financial year 2024-25.
  • CARE Ratings Ltd (CareEdge Ratings) – 1993 (Established) – Mumbai (HQ) – Saurav Chatterjee (Director & CEO)

Agreements and MoUs signed

SIA-India signed a MoU with ABRASAT

  • SIA-India, India’s leading space association, and ABRASAT, Brazil’s prominent Satellite Communications Association, have forged a partnership through a Memorandum of Understanding (MoU).
  • This collaboration aims to enhance cooperation and progress in the space sector of both countries.
  • The MoU signifies the mutual commitment of both associations to strengthen their strategic collaboration in space.
  • It lays the groundwork for innovative projects and technological collaboration.
  • This partnership is anticipated to facilitate business expansion and mutual cooperation between India and Brazil across various domains such as satellite communication, rocket launches, payload development, and ground instrumentation.
  • Brazil – Brasília (Capital) – Real (Currency) – Lula da Silva (President) – Portuguese (Official Language) 

Science and Technology

C3iHub, IIT Kanpur launches startup cohorts to drive cybersecurity innovation and foster entrepreneurship

  • C3iHub, a National Technology Innovation Hub (TIH) for Advanced Cybersecurity at the Indian Institute of Technology Kanpur (IITK), launched startup cohorts III, IV, and V at the Hyatt Regency, New Delhi.
  • Funded by the Department of Science and Technology (DST) under the NM-ICPS Mission, C3iHub presented 19 startups in the Startup Incubation Programme, specialising in specific cybersecurity areas including application security, integrated SOC solutions, cyberforensics, blockchain technology, UAV security, IoT security, and cyber insurance.
  • Under the flagship programme of the Startup Incubation Programme, C3iHub has provided support to fifty startups across five cohorts that are actively engaged in critical cybersecurity domains such as cyber forensics, application security, blockchain technology, deception technology, threat intelligence, and cyber insurance.
  • Many of these startups have successfully launched and commercialised products, while several others are currently in the process of scaling up their operations.

Over 100 molecular species discovered in starburst galaxy NGC 253

  • Using the Atacama Large Millimeter/submillimeter Array (ALMA) in Chile, astronomers observed the center of a nearby starburst galaxy, NGC 253.
  • Located about 10 million light-years away, this galaxy is known for its remarkable rate of star production, significantly outpacing our own Milky Way (Called starburst galaxies).
  • Following over 300 hours of observation, the researchers found more than one hundred molecular species, a number far surpassing previous detections in extragalactic studies.
  • These include molecules that have been detected for the first time beyond the Milky Way, such as ethanol and the phosphorus-bearing species PN.
  • This ALMA Comprehensive High-resolution Extragalactic Molecular Inventory (ALCHEMI) survey, led by Sergio Martín of the European Southern Observatory/Joint ALMA Observatory, Nanase Harada of the National Astronomical Observatory of Japan, and Jeff Mangum of the National Radio Astronomy Observatory (NRAO), provides a new understanding of phenomena related to star birth in a starburst galaxy.
  • The study reveals that high-density molecular gas will likely promote active star formation in this galaxy.
  • The researchers found high concentration of dense molecular gas in NGC 253’s center, which is more than ten times that found in the Milky Way, a critical factor driving star formation in this galaxy.
  • Chile – Santiago (Capital) – Chilean peso (Currency) – Gabriel Boric (President) – Spanish (Official Language)

Nature

UNESCO names 18 new Global Geoparks

  • The UN’s Educational, Scientific and Cultural Organization (UNESCO) has endorsed the addition of 18 new sites from around the world to its network of outstanding Geoparks, showcasing some of the most beautiful sites of natural beauty around the globe.
  • The UNESCO Global Geopark designation was created in 2015, and recognizes “geological heritage of international significance”.
  • Geoparks serve local communities by combining the conservation with public outreach and a sustainable approach to development.
  • The 18 new designations brings the total up to 195 Geoparks, covering a total surface area of 486,709 km2, equivalent to twice the size of the United Kingdom.
  • Two UNESCO Member States are joining the network for the first time: New Zealand and the Philippines.
  • Caçapava UNESCO Global Geopark, BRAZIL
  • Quarta Colônia UNESCO Global Geopark, BRAZIL
  • Lavreotiki UNESCO Global Geopark, GREECE
  • Ijen UNESCO Global Geopark, INDONESIA
  • Maros Pangkep UNESCO Global Geopark, INDONESIA
  • Merangin Jambi UNESCO Global Geopark, INDONESIA
  • Raja Ampat UNESCO Global Geopark, INDONESIA
  • Aras UNESCO Global Geopark, IRAN
  • Tabas UNESCO Global Geopark, IRAN
  • Hakusan Tedorigawa UNESCO Global Geopark, JAPAN
  • Kinabalu UNESCO Global Geopark, MALAYSIA
  • Waitaki Whitestone UNESCO Global Geopark, NEW ZEALAND
  • Sunnhordland UNESCO Global Geopark, NORWAY
  • Bohol Island UNESCO Global Geopark, PHILIPPINES
  • Jeonbuk West Coast UNESCO Global Geopark, REPUBLIC OF KOREA
  • Cabo Ortegal UNESCO Global Geopark, SPAIN
  • Khorat UNESCO Global Geopark, THAILAND
  • Mourne Gullion Strangford UNESCO Global Geopark, UNITED KINGDOM of Great Britain and Northern IRELAND
  • United Nations Educational, Scientific and Cultural Organization (UNESCO) – 16/11/1945 (Founded) – Paris, France (HQ) – Audrey Azoulay (Director-General)

Acquisitions and Mergers

Standard Chartered Bank sold 7.18% stake in CDSL

  • Standard Chartered Bank sold its entire 18% stake in Central Depository Services (India) Ltd for ₹1,266 crore through an open market transaction.
  • Standard Chartered Bank offloaded 75 lakh shares of Central Depository Services (India) Ltd.
  • The shares were disposed of at an average price of ₹1,688.64 apiece, taking the transaction value to ₹1,266.48 crore.
  • Central Depository Services (India) Ltd. (CDSL) – February 1999 (Founded) – Mumbai (HQ) – Nehal Vora (MD & CEO)

Appointments

Joyshree Das Verma takes over as President of FICCI Ladies Organisation (FLO)

  • Ms Joyshree Das Verma took over as the 41st National President of FICCI Ladies Organisation (FLO), the oldest women-led and women centric business chamber of South East Asia for the year 2024-25.
  • She holds the position of Honorary Consul of Israel, Northeast India.
  • She served as Director of Kaapro Management Solutions Pvt Ltd, her pan India entrepreneurial HR Consulting company in which she is a Co-promoter.
  • Federation of Indian Chambers of Commerce & Industry (FICCI) – 1927 (Founded) – New Delhi (HQ) – Anish Shah (President)

Kamal Kishore appointed as UN secy-general's special representative

  • India’s National Disaster Management Authority has been appointed by United Nations Secretary-General António Guterres as his special representative for disaster risk reduction.
  • Kamal Kishore has been appointed as assistant secretary-general and special representative of the secretary-general for disaster risk reduction, United Nations Office for Disaster Risk Reduction (UNDRR).
  • His current position at the National Disaster Management Authority (NDMA), holds the rank of secretary to the government of India.
  • He succeeds Mami Mizutori of Japan at UNDRR.
  • United Nations Office for Disaster Risk Reduction (UNDRR) – 22/12/1999 (Founded) – Geneva, Switzerland (HQ) – Kamal Kishore (secretary-general)

Pankaj Dwivedi takes charge as ED at Union Bank of India

  • Pankaj Dwivedi has taken charge as an Executive Director at Union Bank of India (UBI).
  • Following his appointment, the bank now has four Executive Directors (EDs). Besides Dwivedi, the other EDs are – Nitesh Ranjan, Ramasubramanian S and Sanjay Rudra. A Manimekhalai is helming the bank as MD & CEO.
  • Prior to joining UBI, Dwivedi was General Manager in Punjab & Sind Bank (P&SB).
  • He has more than 31 years banking experience, having worked at P&SB branches, zonal office and various departments at head office.
  • Union Bank of India – 11/11/1919 (Founded) – Mumbai (HQ) – A. Manimekhalai (MD & CEO) – “Good People to Bank with”

Nidhu Saxena appointed as MD & CEO of Bank of Maharashtra

  • Bank of Maharashtra announced the appointment of Nidhu Saxena, Executive Director, Union Bank of India as its Managing Director and Chief Executive Officer (MD & CEO) for a period of three years with effect from the date of assumption of office, that is, from March 27, 2024 or until further orders, whichever is earlier.
  • She will replace S. Rajeev.
  • Bank of Maharashtra (BoM) – 16/09/1935 (Founded) – Pune, Maharashtra (HQ) – Nidhu Saxena (MD & CEO) – “One Family One Bank” (Tagline)

Indian hockey goalkeeper PR Sreejesh appointed co-chair of FIH Athletes Committee

  • Indian men’s hockey team goalkeeper PR Sreejesh will co-chair the FIH Athletes Committee along with Chile’s Camila Caram.
  • While Caram has been assigned Athletes Committee Representative in the Executive Board, PR Sreejesh will lead the planning and meetings along with Caram in their roles as co-chairs.
  • The FIH Athletes Committee serves as a consultative body and makes recommendations to the FIH Executive Board, FIH Committees, Advisory Panels and other bodies.
  • Fédération Internationale de Hockey (International Hockey Federation) – 07/01/1924 (Founded) – Lausanne, Switzerland (HQ) – Dato Tayyab Ikram (President) 

Arnab Banerjee elected as ATMA Chairman

  • Arnab Banerjee, Managing Director & CEO of CEAT Ltd, has been elected as the new Chairman of Automotive Tyre Manufacturers’ Association (ATMA), the national industry body for the automotive tyre sector in India.
  • He joined CEAT in the year 2005 as Vice President-Sales and Marketing and was also the Chief Operating Officer at CEAT since 2018 prior to taking over his current role.
  • Set up in 1975, ATMA is amongst the most active national industry bodies in the country representing ₹90,000 crore ($11 bn) automotive tyre industry.
  • Eight large tyre companies comprising a mix of Indian and International tyre majors and representing over 90 per cent of production of tyres in India are members of the Association.
  • ATMA members include Apollo Tyres, Bridgestone India, Ceat, Continental India, Goodyear India, JK Tyre & Industries, MRF and TVS Tyres.
  • Automotive Tyre Manufacturers’ Association (ATMA) – 1975 (Founded) – New Delhi (HQ)

Reports

India TB Report-2024: Missing cases shrinking, 95% got treatment in 2023

  • According to the India TB Report 2024 released by the Union Health ministry, the gap between the estimated number and actual cases of tuberculosis (TB) is
  • This is an important marker as the “missing cases” are assumed to not have received treatment, continuing to spread the infection to others.
  • There were only 2.3 lakh missing cases in 2023, as compared to 2 lakh the year before, the report states.
  • This gap has been reducing over the years, especially with the government’s Ni-kshay portal tracking all TB patients.
  • The majority of the TB cases are still reported by the government health centres, even as there has been an uptick in notifications by the private sector.
  • Nearly 33% or 8.4 lakh of the 25.5 lakh cases reported in 2023 came from the private sector.
  • To compare, only 1.9 lakh cases were reported by the private sector in 2015, the year considered to be the baseline by the programme that is geared towards the elimination of the disease.
  • The estimated incidence of TB in 2023 increased slightly to 8 lakh from the previous year’s estimate of 27.4 lakh.
  • The mortality due to the infection remained the same at 2 lakh as per the data.
  • These estimates are based on a new methodology that India developed and has since been accepted by the World Health Organisation.
  • India’s TB mortality dropped from 94 lakhs in 2021 to 3.31 lakhs in 2022.
  • The number of cases reported in a year also went down from 4 lakh in 2021 as per the previous method to 27.4 lakh in 2022.
  • India reached its 2023 target of initiating treatment in 95% of patients diagnosed with the infection.
  • It says 58% of those diagnosed were offered a test to check whether their infection was resistant to the first line drugs, an increase from 25% in 2015.
  • The programme recommends drug susceptibility treatment to ensure that people who may have drug resistant TB are able to access e therapies from the get go instead of being treated with the first-line therapy initially.

Awards and Recognitions

President confers Bharat Ratna on Charan Singh, Narasimha Rao, Karpoori Thakur & Swaminathan

  • Former Prime Ministers Chaudhary Charan Singh and PV Narasimha Rao, ex-Bihar Chief Minister Karpoori Thakur and agronomist MS Swaminathan were posthumously conferred with the country’s highest civilian honour, Bharat Ratna, by President Droupadi Murmu.
  • The government also announced Bharat Ratna for veteran BJP leader and former Deputy Prime Minister LK Advani.

Books and Authors

Zoological Survey of India published a book

  • The Zoological Survey of India published a book entitled, ‘An illustrated guide to the Lepidoptera of India: taxonomic procedures, family characters, diversity and distribution’.
  • The Book is authored by Dhriti Banerjee, Director, Zoological Survey of India (ZSI) along with Dr. Navneet Singh, Dr. Rahul Joshi and Dr. P. C. Pathania, Scientists of ZSI and a Lepidoptera expert from Hong Kong, Dr. R.C. Kendrick.
  • The diversity of global Lepidoptera is updated to 166,320 species, 143 families and 43 superfamilies, of which 13,124 species, 101 families and 31 superfamilies occur in India.
  • Importantly, in this book, the authors rectified a taxonomic glitch and described a new family of Lepidoptera i.e.,
  • Zoological Survey of India (ZSI) – 01/07/1916 (Founded) – Kolkata (HQ) – Dr. Dhriti Banerjee (Director)

Obituary

Oscar-winning actor Louis Gossett Jr passes away

  • Louis Gossett Jr, who won an Emmy for ‘Roots’ and an Academy Award for ‘An Officer and a Gentleman’, has passed away at 87.

Important Days

International Day of Zero Waste 2024

  • International Day of Zero Waste is annually observed on March 30.
  • The day highlights both the importance of bolstering waste management globally and the need to promote sustainable consumption and production patterns.
  • On December 14 2022, the United Nations General Assembly adopted a resolution at its seventy-seventh session to proclaim March 30 as International Day of Zero Waste, to be observed annually.
  • United Nations General Assembly – 1945 (Founded) – New York City (HQ) – Dennis Francis (President)

World Backup Day 2024

  • World Backup Day is annually observed on March 31.
  • The day is a reminder for everyone to save and back up their digital stuff, like photos and documents.
  • The Day was first observed in 2011 by a group of Reddit (Reddit is a social news aggregation, web content rating, and discussion website) users who wanted to promote the importance of data backup.
  • Theme – “Save Digital Memories”

Daily Current Affairs - March 29,30 & 31, 2024 - Consolidated

  • Arunachal CM among 10 BJP candidates elected unopposed in Assembly polls
  • World’s First Om-Shaped Temple Inaugurated in Rajasthan
  • Bank of India to raise ₹10,000 crores through long-term infrastructure bonds
  • Bank of India gets ₹564 crores I-T penalty order
  • CareEdge: GNPA ratio of scheduled commercial banks projected to improve to 2.1-2.4 pc by FY25 end
  • PFRDA mandates two-factor Aadhaar authentication for CRA access from April 1
  • India needs 2 lakh company secretaries by 2047: ICSI
  • CareEdge expects India’s GDP to grow 7.6 percent in current financial year 2023-24
  • SIA-India signed a MoU with ABRASAT
  • C3iHub, IIT Kanpur launches startup cohorts to drive cybersecurity innovation and foster entrepreneurship
  • Over 100 molecular species discovered in starburst galaxy NGC 253
  • UNESCO names 18 new Global Geoparks
  • Standard Chartered Bank sold 7.18% stake in CDSL
  • Joyshree Das Verma takes over as President of FICCI Ladies Organisation (FLO)
  • Kamal Kishore appointed as UN secy-general’s special representative
  • Pankaj Dwivedi takes charge as ED at Union Bank of India
  • Nidhu Saxena appointed as MD & CEO of Bank of Maharashtra
  • Indian hockey goalkeeper PR Sreejesh appointed co-chair of FIH Athletes Committee
  • Arnab Banerjee elected as ATMA Chairman
  • India TB Report-2024: Missing cases shrinking, 95% got treatment in 2023
  • President confers Bharat Ratna on Charan Singh, Narasimha Rao, Karpoori Thakur & Swaminathan
  • Zoological Survey of India published a book
  • Oscar-winning actor Louis Gossett Jr passes away
  • International Day of Zero Waste 2024
  • World Backup Day 2024

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