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Daily Current Affairs – May 19 & 20, 2024

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Daily Current Affairs - Banking - May 19 & 20, 2024

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International News

Artara’24 Fine Arts Exhibition & Competition Makes Its Mark In Dubai

  • The Artara’24 Fine Arts Exhibition and Competition has made its mark in Dubai as a platform for discovering and nurturing emerging artistic talents from the country, held at the Al Jalila Cultural Center, a venue under the Dubai Cultural Centre.
  • The event aimed to discover hidden artistic gems, with a particular focus on the Indian talent residing in Dubai.
  • The event aimed to provide a prestigious stage for lesser-known artists, students, and art enthusiasts to showcase their extraordinary abilities and connect with fellow creative minds.

India, UAE Commence Talks On India-Middle East-Europe Economic Corridor

  • A high-level Indian delegation concluded its first round of talks with UAE officials on developing the ambitious India-Middle East-Europe Economic Corridor (IMEEC), just three months after the two nations inked a framework agreement for the project.
  • The inter-ministerial team from India, comprising top Officials from shipping, Ministry of Shipping, Ports & Waterways, Ministry of Commerce and Industry, Central Board of Excise and Customs and Deendayal Upadhyay Port, Kandla.

Banking and Finance

TReDS platform RXIL crosses ₹1 lakh crore in MSME invoice financing

  • The Trade Receivables Discounting System (TReDS) platform, the Receivables Exchange of India Ltd (RXIL), has financed over 50 lakh invoices totalling ₹1 lakh crore.
  • The joint venture between SIDBI, NSE, State Bank of India, ICICI Bank, and YES Bank, provides working capital solutions for MSMEs by facilitating invoice financing on the platform.
  • In FY24, RXIL saw monthly invoice financing volumes grow to over ₹6,000 crores.
  • The platform is now targeting financing for ₹75,000 crore worth of invoices in FY25.
  • RXIL has more than 25,000 registered MSMEs and has forged strategic partnerships with many state governments, ensuring MSMEs get timely payments at competitive rates.

Bank of Maharashtra tops among PSU banks in business growth in FY24

  • Bank of Maharashtra recorded the highest growth rate last fiscal in terms of total business and deposit mobilisation among public sector lenders at a time when most banks are facing difficulty in achieving double-digit growth.
  • The bank has registered a 15.94 per cent rise in the total business (domestic) in FY24, followed by State Bank of India (SBI) with 13.12 per cent growth.
  • However, SBI’s total business (deposit and advances) was about 16.7 times higher at ₹79,52,784 crore compared to ₹4,74,411 crore of Bank of Maharashtra (BoM) in absolute terms.
  • Similarly, BoM continued to maintain its top spot in terms of growth in deposit mobilisation, with a 15.66 per cent rise in FY24.
  • It was followed by SBI (11.07 per cent), Bank of India (11.05 per cent) and Canara Bank (10.98 per cent).
  • Out of 12 public sector banks, only these four lenders could log a double-digit growth in deposits in the financial year 2023-24.
  • In terms of low-cost CASA deposits, the Bank of Maharashtra continued to top the chart with 52.73 per cent growth, followed by the Central Bank of India with a 50.02 per cent rise at the end of March 2024.
  • With regard to loan growth, the Kolkata-based UCO Bank was a tad higher at 16.38 per cent, followed by BoM at 16.30 per cent.
  • On the asset quality side, the Bank of Maharashtra and SBI reported the lowest gross non-performing assets with 1.88 per cent and 2.24 per cent, respectively, as of March 31, 2024.
  • In terms of net NPAs, BoM and Indian Bank reported the lowest numbers, with 0.2 per cent and 0.43 per cent, respectively.
  • In terms of capital adequacy ratio, the Bank of Maharashtra was leading PSBs at 17.38 per cent, followed by Indian Overseas Bank at 17.28 per cent and Punjab & Sind Bank at 17.16 per cent at the end of FY24.

Business and Economy

Ind-RA: GDP growth likely to be 6.7% in Q4, around 7% in FY24

  • India Ratings and Research expects the country’s GDP growth rate for the Q4 at 6.7 per cent and around 6.9-7 per cent for the 2023-24 fiscal.

Summit & Conference

World Hydrogen Summit 2024 held in Netherlands

  • India has set up its pavilion at the 2024 World Hydrogen Summit, currently underway in Rotterdam, Netherlands.
  • The Pavilion was organized by the Ministry of New and Renewable Energy.
  • India launched its National Green Hydrogen Mission in January 2023 with an overall outlay of ₹19,744 crores.
  • It targets to achieve green hydrogen production capacity of 5 million tonnes by the end of
  • Netherlands – Amsterdam (Capital) – Euro & United States dollar (Currency) – Willem-Alexander (Monarch) – Mark Rutte (Prime Minister) – Dutch (Official Language)

Science and Technology

Mangalyaan-2 unveiled: India poised to become third nation to land on Mars

  • India’s renowned space agency, the Indian Space Research Organisation (ISRO), is on the verge of a historic milestone: a mission to land a rover and helicopter on
  • This ambitious endeavour, a feat so far accomplished only by the USA and China, aims to firmly establish India’s place as a significant player in the realm of space exploration.
  • The details about the upcoming ambitious project by ISRO, named Mangalyaan-2, were made public during a presentation on National Technology Day at the Space Application Centre.
  • The ground-breaking mission will be blasted off from the surface using India’s heaviest rocket developed by ISRO yet – the Launch Vehicle Mark-III (LVM3).
  • Indian Space Research Organisation (ISRO) – 15/08/1969 (Founded) – Bangalore, India (HQ) – Sreedhara Somanath (Chairman)

Appointments

Sanjiv Puri assumes office as President of CII

  • Sanjiv Puri, Chairman and Managing Director of ITC Limited has assumed office as the President of Confederation of Indian Industry (CII) for 2024-25.
  • He takes over from R Dinesh, Chairman of TVS Supply Chain Solutions.
  • R Mukundan managing director and CEO of Tata Chemicals Limited takes over as Vice President of CII for the year 2024-25.
  • Confederation of Indian Industry (CII) – 1895 (Founded) – New Delhi (HQ) – Sanjiv Puri (President)

RBI approves Pradeep Natarajan as Whole Time Director of IDFC First Bank

  • The Reserve Bank of India (RBI) has approved Pradeep Natarajan’s joining IDFC First Bank Ltd. as Whole Time Director for three years.
  • IDFC First Bank – October 2015 (Founded) – Mumbai (HQ) – V. Vaidyanathan (MD & CEO) – “Always You First” (Tagline)

Lai Ching-Te take oath as President of Taiwan

  • Lai Ching-te took oath as President of Taiwan who won the election in January 2024.
  • He will be the 8th President and would replace Tsai Ing-wen.
  • He has served as Vice President for the past four years during incumbent President Tsai Ing-wen’s second term.
  • Taiwan – Taipei City (Capital) – New Taiwan dollar (Currency) – Lai Ching-te (President) – Standard Chinese (Official Language)

Obituary

Iranian President Ebrahim Raisi Killed in Helicopter Crash

  • Iranian President Ebrahim Raisi, a hardliner long seen as a potential successor to Supreme Leader Ayatollah Ali Khamenei, was killed at the age of 63 in a helicopter crash.
  • He was elected president in 2021.
  • He was the 8th President of Iran and also 7th chief justice of Iran.
  • Iran – Tehran (Capital) – Iranian rial (Currency) – Ali Khamenei (Supreme Leader) – Persian (Official Language)

Naturals Ice Cream founder Raghunandan Kamath passes away

  • Raghunandan Kamath, the founder of Naturals Ice Cream, passed away.
  • Natural Ice Cream is an Indian ice cream brand owned by Mumbai-based Kamaths Ourtimes Ice Creams Pvt. Ltd. was founded in 1984.

Narayanan Vaghul, the banking doyen, passes away

  • Narayanan Vaghul was an Indian banker and philanthropist, who served as chairman and managing director of ICICI Bank passed away at 88.
  • He previously worked in State Bank of India, director at Central bank of India and also as Chairman and MD in Bank of India.
  • In 2010, he was awarded with Padma Bhushan. 

Sports News

Iga Swiatek & Alexander Zverev won Italian Open

  • Alexander Zverev won his sixth Masters title when he beat first-time finalist Nicolas Jarry in the Italian Open final.
  • Iga Swiatek beat Aryna Sabalenka to win her third Italian Open title.
  • She became the first woman since Serena Williams in 2013 to win on the clay surface at Madrid and Rome in the same season.

Majestic Manchester City Celebrate Record Fourth Successive League Title

  • Manchester City won an unprecedented fourth straight English top flight title with a 3-1 win over West Ham United on the final day of a thrilling Premier League season.
  • Manchester City Football Club is a professional football club based in Manchester, England, that competes in the Premier League, the top flight of English football.
  • Founded in 1880 as St. Mark’s (West Gorton), they became Ardwick Association Football Club in 1887 and Manchester City in 1894.

Barcelona wins women’s Spanish cup to keep quadruple charge alive

  • In Football, Barcelona (Futbol Club Barcelona) hammered Real Sociedad (Real Sociedad de Fútbol) to win the women’s Copa de la Reina for a record-extending 10th time and continue its pursuit of a quadruple.
  • The Copa de la Reina is an annual cup competition for Spanish women’s association football teams organized by the Royal Spanish Football Federation.

Bayer Leverkusen become first Bundesliga team to go all season without defeat

  • In football, Champions Bayer 04 Leverkusen edged past FC Augsburg to become the first team in the history of the Bundesliga (Germany’s primary football competition) to complete a full season without a loss.

Satwiksairaj Rankireddy and Chirag Shetty Win Men’s Double of the Thailand Open

  • Satwiksairaj Rankireddy and Chirag Shetty have won the Men’s double title at Thailand Open, beating the Chinese pair of Chen Bo Yang and Liu Yi.
  • Both won gold at 2022 Asian Games, gold at 2022 Commonwealth Games and bronze at 2022 BWF World Championships in Men’s double category.
  • They were the only doubles pair from India to become World No. 1 in BWF World Ranking, win BWF World Tour 1000 series, and became the first Indians to win a gold at the Asian games in badminton.
  • Both of them were awarded with Arjuna Award at 2020 and Major Dhyan Chand Khel Ratna at 2023.

Nikhat Zareen and Minakshi Clinch Gold Medals at Elorda Cup

  • In Boxing, India’s reigning world champion, Nikhat Zareen and another boxer Minakshi clinched gold medals at women’s 52 kg category and women’s 48 category event at the Elorda Cup 2024 held in Astana, Kazakhstan.
  • The Indian pugilists concluded their Elorda Cup 2024 campaign with 12 medals, including two gold, two silver and eight bronze medals.

Usyk beats Fury to become undisputed champion

  • Oleksandr Usyk of Ukraine became boxing’s first four-belt undisputed heavyweight champion by defeating Tyson Fury in Saudi Arabia.
  • He is the undisputed heavyweight champion, holding the World Boxing Association (WBA) (Super), International Boxing Federation (IBF) and World Boxing Organization (WBO) titles since 2021, the Ring magazine title since 2022, and the World Boxing Council (WBC) title since
  • He also won gold at 2022 Summer Olympics held in London.

Max Verstappen won Emilia Romagna Grand Prix

Position

Winner

Country

Company

1

Max Verstappen

Belgium

Red bull

2

Lando Norris

United Kingdom

McLaren

3

Charles Leclerc

Monaco

Ferrari

Australia announced as host country for 2026 Women's Asian Cup

  • Australia has been named the host country of the 2026 edition of the AFC Women’s Asian Cup.
  • The 2023 Women’s FIFA World Cup was co-hosted by Australia and New Zealand.
  • Asian Football Confederation (AFC) – 07/05/1954 (Founded) – Kuala Lumpur, Malaysia (HQ) – Salman bin Ibrahim Al Khalifa (President) – 47 members

Important Days

International Day Against Homophobia, Transphobia and Biphobia 2024 is observed on May 17

  • International Day Against Homophobia, Transphobia and Biphobia is annually celebrated on May 17.
  • The day aims to coordinate international events that raise awareness of LGBT rights violations and stimulate interest in LGBT rights work worldwide.
  • Theme – “No one left behind: Equality, freedom and justice for all.”

International Day for Women in Maritime 2024 is observed on May 18

  • International Day for Women in Maritime is annually celebrated on May 18.
  • The day celebrates women in the industry and is intended to promote the recruitment, retention and sustained employment of women in the maritime sector, raise the profile of women in maritime, strengthen IMO’s commitment to the United Nations Sustainable Development Goal 5 (gender equality) and support work to address the current gender imbalance in maritime.
  • Theme – “Safe Horizons: Women Shaping the Future of Maritime Safety”

Defence

Indo-Russian joint venture handed over 27,000 Ak-203 assault rifles to Indian Army

  • The Indian Army has started receiving the Russian AK-203 assault rifles after the deal with Russia saw back-to-back delays.
  • As many as 27,000 rifles have been handed over to the Army so far by the Indo-Russian joint venture established at Korwa in Uttar Pradesh.
  • Another 8,000 will be handed over in the next two weeks.
  • Under an over ₹5,000-crore contract signed in July 2021, over 6.1 lakh AK-203 assault rifles are to be manufactured in India with technology transfer from Russia, by a joint venture Indo-Russian Rifles Private Limited (IRRPL).
  • The IRRPL was set up in 2019 between the erstwhile Ordnance Factory Board [Now Advanced Weapons and Equipment India Limited (AWEIL) and Munitions India Limited (MIL)] from India and Rosoboronexport (RoE) and Kalashnikov concern of Russia.
  • As per contractual terms, the first 70,000 rifles will be produced in India with a phased increase in the extent of localisation from 5% to 70%.
  • The remaining rifles will be produced with 100% localisation.
  • The full-scale production of the Ak-203 rifles is expected to be reached within 2-3 years.

Daily Current Affairs - May 19 & 20, 2024 - Consolidated

  • Artara’24 Fine Arts Exhibition & Competition Makes Its Mark In Dubai
  • India, UAE Commence Talks On India-Middle East-Europe Economic Corridor
  • TReDS platform RXIL crosses ₹1 lakh crore in MSME invoice financing
  • Bank of Maharashtra tops among PSU banks in business growth in FY24
  • Ind-RA: GDP growth likely to be 6.7% in Q4, around 7% in FY24
  • World Hydrogen Summit 2024 held in Netherlands
  • Mangalyaan-2 unveiled: India poised to become third nation to land on Mars
  • Sanjiv Puri assumes office as President of CII
  • RBI approves Pradeep Natarajan as Whole Time Director of IDFC First Bank
  • Lai Ching-Te take oath as President of Taiwan
  • Iranian President Ebrahim Raisi Killed in Helicopter Crash
  • Naturals Ice Cream founder Raghunandan Kamath passes away
  • Iga Swiatek & Alexander Zverev won Italian Open
  • Majestic Manchester City Celebrate Record Fourth Successive League Title
  • Barcelona wins women’s Spanish cup to keep quadruple charge alive
  • Bayer Leverkusen become first Bundesliga team to go all season without defeat
  • Satwiksairaj Rankireddy and Chirag Shetty Win Men’s Double of the Thailand Open
  • Nikhat Zareen and Minakshi Clinch Gold Medals at Elorda Cup
  • Usyk beats Fury to become undisputed champion
  • Max Verstappen won Emilia Romagna Grand Prix
  • Australia announced as host country for 2026 Women’s Asian Cup
  • International Day Against Homophobia, Transphobia and Biphobia 2024 is observed on May 17
  • International Day for Women in Maritime 2024 is observed on May 18
  • Indo-Russian joint venture handed over 27,000 Ak-203 assault rifles to Indian Army

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