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Daily Current Affairs - Banking - Mau 01 & 02, 2024

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National News

Fertilizer subsidy in FY24 exceeds Revised Estimates

  • The fertilizer subsidy in Fiscal Year 2023-24 (FY24) has exceeded Revised Estimates (RE) by over ₹6,500 crores, latest government data show.
  • However, this is unlikely to impact revised estimate of fiscal deficit.
  • In June 2023, the government extended urea subsidy scheme up to March 31, 2025.
  • For a period between FY 2022-23 and 2024-25, total estimated outlay pegged at over .
  • Under the urea subsidy scheme, urea is provided to farmers at a statutorily notified maximum retail price (MRP).
  • The MRP of 45 kg bag of urea is ₹242 per bag (exclusive of charges towards neem coating and taxes as applicable) while the cost, on some occasions, crossed ₹3,000 for 45 kg bag.
  • The difference between the delivered cost of urea at farm gate and net market realization by the urea units is given as subsidy to the urea manufacturer/importer by the government.

State News

India to Host Key Antarctic Treaty Meetings In Kochi

  • India is set to host the 46th Antarctic Treaty Consultative Meeting (ATCM 46) and the 26th Meeting of the Committee for Environmental Protection (CEP 26) from May 20 to 30 in Kochi, Kerala.
  • Organized by the Ministry of Earth Sciences (MoES) through the National Centre for Polar and Ocean Research (NCPOR), these meetings aim to facilitate global discussions on environmental conservation and scientific cooperation in Antarctica.
  • Enacted in 1959, the Antarctic Treaty designates Antarctica for peaceful purposes, scientific collaboration, and environmental protection.
  • Currently, 56 countries are signatories to this agreement.
  • India, a Consultative Party to the Antarctic Treaty since 1983, has been actively involved in Antarctic research and environmental protection efforts.
  • It operates two year-round research stations, Maitri and Bharati, facilitating scientific expeditions since 1981.
  • In 2022, India enacted the Antarctic Act to reaffirm its commitment to the Treaty.

Banking and Finance

RBI announces 8% interest on Floating Rate Bond 2034

  • The Reserve Bank of India (RBI) has announced an 8 per cent interest rate on the Floating Rate Savings Bond (FRSB) 2034.
  • This is a variable rate bond, and the interest rate will be reset every six months.
  • The interest rate is based on the average yield of recent auctions for short-term government debt (called Treasury Bills).
  • Basically, it moves with market conditions.
  • For the next six months (from April 30, 2024 to October 29, 2024), the interest rate on this FRB bond will be 8 percent.
  • These FRB bonds can be a good option for investors who want an interest rate that reflects current market conditions.
  • FRBs have a maturity period of 7 years.
  • The minimum investment amount for FRBs is ₹1,000, while there is no maximum limit.
  • FRBs are backed by the government of India, making it one of the safest investments.
  • Interest on these bonds is paid semi-annually on January 1 and July 1 each year, with no provision for cumulative interest payments.

UPI transaction worth ₹19.64 lakh crore done in April 2024

  • Unified Payments Interface (UPI) Transactions worth ₹19.64 lakh crore were processed during April 2024, 0.7 per cent lower than the record of ₹19.78-lakh crore seen in the previous month.
  • The number of transactions on the UPI network fell 1.0 per cent to 1,330 crore during the month from the March peak level of 1,344 crore transactions.
  • Y-o-Y, UPI transactions increased by 50 per cent in terms of volume and 40 per cent in value compared to April 2023.

NaBFID expects cumulative loan sanctions to top ₹2-lakh crores in FY25

  • The Government-owned National Bank for Financing Infrastructure and Development (NaBFID) expects its loan sanctions pipeline to swell to about ₹2 lakh crore by March-end 2025 against about ₹1 lakh crore as of March-end 2024.
  • To support loan growth, the development financial institution (DFI) is planning to mop up about ₹53,000 crore this year via bond market, bank and multilateral credit lines.
  • The All India Financial Institution was set up in 2022 under the NABFID Act, 2021, as the principal entity for infrastructure financing in the country.
  • It started operations in December 2022 and sanctioned ₹18,560 crores in the January-March 2023 quarter and ₹83,280 crores in FY24 and crossed the ₹1 lakh crore (cumulative) loan sanctions mark in March 2024.
  • National Bank for Financing Infrastructure and Development (NaBFID) – 19/04/2021 (Founded) – Mumbai (HQ) – K. V. Kamath (Chairman)

Business and Economy

NCAER: Indian economy expected to achieve higher than 7% growth in 2024-25

  • According to National Council of Applied Economic Research (NCAER), Indian economy is expected to achieve “higher” than 7 per cent growth in 2024-25.
  • National Council of Applied Economic Research (NCAER) – 1956 (Founded) – New Delhi (HQ) – Poonam Gupta (Director General)

GST revenue collection for April 2024 highest ever at ₹2.10 lakh crore

  • The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at ₹2.10 lakh crore.
  • This represents a significant 12.4% year-on-year growth, driven by a strong increase in domestic transactions (up 13.4%) and imports (up 8.3%).
  • After accounting for refunds, the net GST revenue for April 2024 stands at ₹1.92 lakh crore, reflecting an impressive 15.5% growth compared to the same period last year.
  • Central Goods and Services Tax (CGST): ₹43,846 crore;
  • State Goods and Services Tax (SGST): ₹53,538 crore;
  • Integrated Goods and Services Tax (IGST): ₹99,623 crore, including ₹37,826 crore collected on imported goods;
  • Cess: ₹13,260 crore, including ₹1,008 crore collected on imported goods.

SES ESG Research gets SEBI nod as ESG Rating Provider

  • SES ESG Research Private Ltd. (SES ESG), a wholly owned subsidiary of Stakeholders Empowerment Services (SES), said it had received the ‘Certificate of Registration as an ESG Rating Provider’ (ERP) from Securities and Exchange Board of India (SEBI) to commence the business of ERP.
  • The SEBI has approved SES ESG Research as a Category 2 provider of environmental, social and governance (ESG) ratings w.e.f. April, 25.
  • At present, ESG business is with SES, however, now upon receipt of SEBI Registration and to comply with SEBI Regulations for ERPs, SES will transfer all its ESG business to SES ESG.
  • SES started ESG Rating way back in 2018-19.
  • Its coverage has now increased to more than 500 companies which will gradually increase, also based on client requirements.
  • Securities and Exchange Board of India (SEBI) – 12/04/1988 (Founded) – Mumbai (HQ) – Madhabi Puri Buch, (Chairman) – Ministry of Finance (Parent)

Summit & Conference

Kathmandu Hosts Post-Investment Summit India-Nepal B2B Meet to Bolster Economic Ties

  • After the third Nepal Investment Summit in Kathmandu Valley, Post Investment Summit India-Nepal B2B Meet was organised by the Embassy of India, Kathmandu in collaboration with the Investment Board of Nepal (IBN) and Nepal India Chamber of Commerce and Industry (NICCI).
  • The B2B meeting was attended by 35 delegates from the Millenium India International Chamber of Commerce and Industry (MICCIA) and Nepal India Chamber of Commerce and Industry covering energy, agriculture, construction, tourism, cold chain, medical devices, finance, consultancy and law sectors.
  • More than 50 members of the Indian delegation from FICCI, CII, ICC, MICCIA and several individual businesses had productive meetings at the 3rd Nepal Investment Summit.
  • The B2B meeting witnessed the signature of an MOU for cooperation between MICCIA and NICCI.
  • Nepal – Kathmandu (Capital) – Nepalese rupee (Currency) – Ram Chandra Poudel (President) – Pushpa Kamal Dahal (Prime Minister) – Nepali (Official Language)

Science and Technology

ISRO study finds evidence of enhanced possibility of water ice in polar craters of Moon

  • According to the study carried out by scientists of ISRO’s Space Applications Centre (SAC), in collaboration with researchers of IIT Kanpur, University of Southern California, Jet Propulsion Laboratory, and IIT (ISM) Dhanbad, has found evidence of enhanced possibility of water ice occurrence in the polar craters of the Moon.
  • The research team used seven instruments comprising radar, laser, optical, neutron spectrometer, ultra-violet spectrometer, and thermal radiometer on board the NASA robotic spacecraft Lunar Reconnaissance Orbiter to understand the origin and distribution of water ice on the Moon.
  • The study suggests that the amount of sub-surface ice in the first couple of metres is about five to eight times larger than the one on the surface in both poles.
  • As such, drilling on the moon to sample or excavate that ice will be primordial for future missions and long-term human presence.
  • Moreover, the study also suggests that the extent of water ice in the northern polar region is twice that in the southern polar region.
  • As for the origin of this ice, the study confirms the hypothesis that the primary source of sub-surface water ice in the lunar poles is out-gassing during volcanism in the Imbrian period.
  • The results also conclude that the distribution of water ice is likely governed by mare volcanism and preferential impact cratering.
  • This result also supports a previous study of SAC-ISRO pointing out the possibility of the presence of water ice in some of the polar craters, utilising polarimetric radar data from Chandrayaan-2 Dual-frequency Synthetic Aperture Radar instrument.
  • This study is also crucial for supporting ISRO’s future in-situ volatile exploration plans on the Moon.

Power

India among top 5 developing countries in aviation emissions in 2019

  • According to the findings published in the journal ‘Environmental Research Letters’ by research team at the Norwegian University of Science and Technology.
  • For their analysis, the researchers used the model, called AviTeam, which computes the fuel burnt for individual flights for the entire envelope based on a given trajectory.
  • In 2019, India was among the top five economically developing countries in terms of carbon dioxide (CO2) emissions from aviation, a new research has found.
  • The US, China, Great Britain, UAE and India were the topmost contributors, with 22 per cent, 14 per cent, roughly 4 per cent, more than 3 per cent and nearly 3 per cent.
  • The countries with the highest absolute domestic aviation CO2 emissions (global percentage share in total CO2 aviation emissions in parentheses) are the USA (13.4 per cent), China (8.9 per cent), India (1.5 per cent), Russia (1.2 per cent), and Japan (1.1 per cent).

Appointments

Professor Mohammad Rihan Appointed as Director General NISE

  • Professor Mohammad Rihan, from the Electrical Engineering Department at AMU, has assumed the role of Director General at the National Institute of Solar Energy (NISE), an autonomous body under the Government of India’s Ministry of New and Renewable Energy (MNRE).

SAT gets new presiding officer and technical member

  • The government appointed a new presiding officer and a new technical member to the Securities Appellate Tribunal (SAT), after functioning with a single member for more than three months.
  • Justice PS Dinesh Kumar, former Chief Justice, High Court of Karnataka, has been appointed as the presiding officer for a period of 4 years.
  • Dheeraj Bhatnagar, retired Principal Chief Commissioner of Income Tax, Delhi has been appointed as the technical member for a period of 4 years.

Air Marshal Nagesh Kapoor Assumes Training Command Charge

  • Air Marshal Nagesh Kapoor assumed charge as Air Officer Commanding-in-Chief Training Command.
  • He was commissioned into the Fighter stream of the Indian Air Force on the December 6 1986.
  • He was awarded with Vayu Sena Medal in 2008 and the Ati Vishisht Seva Medal in 2022.

Vice Chief of Naval Staff - Vice Admiral Krishna Swaminathan

  • Vice Admiral Krishna Swaminathan, AVSM, VSM assumes charge as Vice Chief of Naval Staff.
  • On assuming charge, the Flag Officer paid homage to Bravehearts that made the supreme sacrifice in service of the nation by placing a floral wreath at the National War Memorial.
  • The Flag Officer was Commissioned into the Indian Navy on July 01 1987 and is a specialist in Communication and Electronic Warfare.
  • He is a recipient of Ati Vishisht Seva Medal and Vishisht Seva Medal, the Admiral has held several key operational, staff and training appointments in his naval career including the Command of missile vessels INS Vidyut and INS Vinash; the missile corvette INS Kulish; the guided missile destroyer INS Mysore and the aircraft carrier INS Vikramaditya.

Hitesh Sethia appointed as MD and CEO of Jio Financial Services

  • Ministry of Corporate Affairs (MCA) has given its nod for appointment of Hitesh Kumar Sethia as Managing Director and CEO of Jio Financial Services for three years period from November 15,2023.

Reports

ISRO releases ISSAR 2023 report on vulnerability of space assets to collisions

  • Indian Space Research Organisation (ISRO) has released its Indian Space Situational Assessment Report (ISSAR) 2023, evaluating the vulnerability of its space assets to environmental hazards and artificial space objects.
  • The report was compiled by ISRO System for Safe and Sustainable Space Operations Management.
  • The report highlights 1,37,565 close approach alerts and 3,033 alerts for close approaches within one kilometer.
  • Despite identifying 2,700 close approaches within 5 kilometers of other satellites, no critical collisions were predicted.
  • ISRO’s System for Safe and Sustainable Space Operations Management aims to enhance compliance with international space guidelines.
  • ISRO is actively engaged in international forums addressing space debris and long-term sustainability of outer space activities.
  • According to the report, about 1,37,565 close approach alerts were received from USSPACECOM.
  • Also, a total of 3,033 alerts for close approaches within the distance of one kilometre were deduced by the ISRO satellites.
  • The report also identified 2,700 close approaches with other operational satellites within 5 kilometres.
  • On certain occasions, coordination was carried out with other international agencies like SpaceX and EUMETSAT.
  • However, none of the close approaches were critical enough to warrant a collision avoidance manual, the report stated.
  • The report stated that ISRO regularly carries out analysis through IS4OM/ISTRAC to predict close approaches by other space objects to Indian space assets.
  • In case of any critical close approach, collision avoidance manuals (CAM) are carried out to safeguard the operational spacecraft.

Awards and Recognitions

35th Goldman Environmental Awards honours 7 extraordinary citizens

  • The Goldman Environmental Prize — also known as the Green Nobel Awards — was held at the War Memorial Opera in San Francisco.
  • It honours grassroots environmental activists from around the world.
  • The winners include Andrea Vidaurre from Califonia; Nonhle Mbuthuma and Sinegugu Zukulu from the Wild Coast in South Africa; Alok Shukla from Chhattisgarh, India; Teresa Vicente from Murcia, Spain; Murrawah Maroochy Johnson from Galilee Basin, Australia, and Marcel Gomes from Sao Paulo, Brazil.
  • Alok Shukla, convenor of the Chhattisgarh Bachao Andolan and founding member of the Hasdeo Aranya Bachao Sangharsh Samiti, has been awarded the 2024 Goldman Prize from Asia.
  • He has been declared winner for his efforts to save the forests of Hasdeo Aranya in Chhattisgarh.

International Chess Federation Awards Grandmaster Title to Indian Chess Prodigy Vaishali Ramesh Babu

  • Indian Chess Prodigy, Vaishali Ramesh Babu who has been awarded the title of Grandmaster by FIDE.
  • She is the third Indian female Grandmaster, joining Koneru Humpy and Harika Dronavalli and she completed the requisite 2500 ELO points at the Llobregat Open tournament in Spain, last year.
  • International Chess Federation or World Chess Federation (FIDE) – 20/07/1924 (Founded) – Lausanne, Switzerland (HQ) – Arkady Dvorkovich (President)

Important Days

International Labour Day 2024 is observed on May 01

  • International Labour Day is annually observed on May 01.
  • The Day helps us to recognise the contributions of the labours and the working class in development of the society and the country.
  • International Labour Day was first started in the late 19th-century labour movement in the United States.
  • In 1886, the specific date of May 1 was chosen to commemorate a nationwide strike for an eight-hour workday.
  • In 1889, a lot of socialist parties in Europe came together and decided to celebrate May 1 as International Labour Day.
  • Since then, the special day has been observed every year on the same day.

May 1 is celebrated as Maharashtra Day and Gujarat Day

  • May 01 is celebrated as Maharashtra Day and Gujarat Day in India.
  • On May 1 1960, Maharashtra and Gujarat came to be recognised as two different states.

World Tuna Day 2024 is observed on May 02

  • World Tuna Day is annually observed on May 02.
  • The day is celebrated to raise awareness about the critical importance of tuna conservation.
  • Tuna is popular for its numerous health benefits, as it provides Omega-3 fatty acids, protein and vital vitamins.
  • But, tuna populations face significant threats due to overfishing and unsustainable fishing practices.
  • The Day was initially proposed by the Parties to the Nauru Agreement (PNA) during a meeting of the Western and Central Pacific Fisheries Commission (WCPFC) in
  • In 2016, the United Nations General Assembly officially declared May 2 as World Tuna Day.

Defence

DRDO Successfully Tests SMART Missile System

  • The Defence Research and Development Organisation (DRDO conducted a successful flight test of the Supersonic Missile-Assisted Release of Torpedo (SMART) system from Dr APJ Abdul Kalam Island off the coast of Odisha.
  • The SMART system represents the next generation of missile-based light-weight torpedo delivery systems, designed to bolster the Indian Navy’s anti-submarine warfare capabilities beyond the conventional ranges of lightweight torpedoes.
  • The canister-based missile system comprises several advanced sub-systems, including a two-stage solid propulsion system, an electromechanical actuator system, a precision inertial navigation system, among others.
  • The system carries an advanced light-weight torpedo as its payload with a parachute-based release mechanism.
  • The missile was launched from a ground mobile launcher.
  • Several state-of-the-art mechanisms such as symmetric separation, ejection and velocity control were validated during the test.
  • Defence Research and Development Organisation (DRDO) – 1958 (Founded) – New Delhi (HQ) – Dr Sameer V Kamath (Chairman)

Royal Netherlands Navy’s HNLMS Tromp Engages In Maritime Partnership Exercise With Indian Navy

  • The Royal Netherlands Navy Ship HNLMS Tromp engaged in a Maritime Partnership Exercise with the Indian Navy’s guided missile frigate INS Trishul.
  • The exercise, comprising tactical maneuvers, helicopter operations, and Replenishment at Sea approaches, served as a platform for the exchange of expertise and experiences between the two naval force.
  • Netherlands – Amsterdam (Capital) – Euro & United States dollar (Currency) – Willem-Alexander (Monarch) – Mark Rutte (Prime Minister) – Dutch (Official Language)

Daily Current Affairs - January 01 & 02, 2024 - Consolidated

  • GI Tags 2023
  • ‘Vande Bharat’ train model showcased at rail museum in Pune
  • In Parliament
  • India-Romania pact on defence to help promote cooperation, says senion Romanian official Simona Cojocaru
  • India & Bhutan plan to set up first Integrated Check Post along border near Jaigaon
  • J&K announces Rs 560 crores project to create a robust market ecosystem
  • Jal Jeevan Mission achieves 60% of its target
  • Centre has releases Rs 22.74 crores to Arunachal Pradesh under the Pradhan Mantri Gram Sadak Yojana
  • PMJAY on Paytm
  • Over Rs 40,700 crore sanctioned to 1.8 lakh accounts under Stand-Up India Scheme
  • RBI imposes monetary penalty on two urban cooperative banks in Gujarat
  • Direct Tax Collections Exceeds Union Budget Estimates by 16.97%
  • Assam signs MoU with UNDP to “strengthen” health system
  • Skyroot Aerospace successfully tests rocket engine for Vikram II
  • NBHC appoints Vinod Kumar as Managing Director & CEO
  • Forbes’ 37th Annual World’s Billionaires List
  • Infertility Affects 1 In 6 People Worldwide, Says WHO Report
  • Sports Ministry approves financial assistance for 12 para shuttlers
  • National Maritime Day 2023
  • International Day of Conscience 2023

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