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Daily Current Affairs – May 21, 2024

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Daily Current Affairs - Banking - May 21, 2024

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National News

National Council for Cement and Building Materials Incubation centre inaugurated

  • Department for Promotion of Industry and Internal Trade (DPIIT) Joint Secretary Sanjiv inaugurated The National Council for Cement and Building Materials-Incubation Centre (NCB-IC).
  • At NCB-IC, the incubatee start-ups/entrepreneurs will be mentored by the scientists of NCB and experts from cement and building materials industry for further improvisation and development of market-ready products for commercialization.
  • The incubatee start-ups/ entrepreneurs will have support of advanced laboratories at NCB to carry out the development work.
  • National Council for Cement and Building Materials (NCB) is an apex Research and Development organization under the administrative control of DPIIT, Ministry of Commerce & Industry.
  • Department for Promotion of Industry and Internal Trade (DPIIT) – 1995 (Founded) – New Delhi (HQ)

India Held Two-Day “Chintan Shivir” to Formulate Strategy and SOPs for FTAs

  • Ministry of Commerce had organised a two-day “Chintan Shivir” for formulating strategies and standard operating procedures for free trade agreements (FTAs).
  • Chintan Shivir discussed various issues that include India’s trade strategy and vision for 2047, economic assessments and modelling of FTAs, inclusion of new disciplines like environment, labour, gender issues, and digital trade.
  • India is currently in negotiations with various countries and unions for free trade agreements.
  • It includes FTA talks with the UK, EU, Australia, Eurasian Economic Union and Peru.

International News

Amul partners with Michigan milk producers’ body to sell fresh milk in US

  • India’s largest dairy cooperative Amul has started selling fresh milk and other products in the United States in partnership with a century old local cooperative body, Michigan Milk Producers Association (MMPA) to sell fresh milk in East Coast and the Midwest markets.
  • Initially, the supplies will be in New York, New Jersey, Chicago, Washington, Dallas, and Texas, which would subsequently be expanded across all the major cities in the U.S.
  • The Gujarat Cooperative Milk Marketing Federation (GCMMF), an umbrella body of district-level milk cooperatives in Gujarat, that markets and sells dairy products under the brand Amul, will handle the marketing and branding of fresh milk products, while milk procurement and processing will be done by the MMPA.
  • As per details provided, Amul has unveiled its popular range of fresh milk in one-gallon (3.8 litres) and half-a-gallon (1.9 litres) packs under the Amul brand in the U.S.
  • This includes Amul Gold containing 6% fat, Amul Shakti with 4.5% milk fat, Amul Taaza with 3% milk fat and Amul Slim with 2% milk fat.

RITES to deliver 200 broad-gauge passenger carriages to Bangladesh Railways

  • RITES Limited (formerly known as Rail India Technical and Economic Service) has made an agreement with Bangladesh Railways to provide 200 broad-gauge passenger carriages to Dhaka.
  • RITES is the export division of Indian Railways, has secured a $11.26 million (approximately ₹915 crore) deal financed by European Investment Bank, via an international competitive bidding process.
  • The supply of coaches with a commission period of 36 months has been made and will have a two-year warranty period.
  • The deal also underlines the firm’s adherence to boosting development by exporting indigenously made world-class railway rolling stock.
  • RITES has supplied 36 BG locomotives, 10 Meter Gauge, and 120 BG Passenger Coaches to Bangladesh Railways till now.

Banking and Finance

Fusion Micro Finance gets $25 million loan from US International DFC

  • Fusion Micro Finance has entered into a loan agreement with the United States International Development Finance Corporation (DFC) for an overall facility of $25 million.
  • The micro financier has received an initial disbursement of $20 million as external commercial borrowing (ECB), which will be used for the expansion of business operations with the aim of advancing financial inclusion and economic access among rural women entrepreneurs.
  • The partnership will strengthen Fusion Micro Finance’s financial position and enhance its credibility and reputation within the global development financial landscape.
  • It will leverage the loan facility to improve its outreach and impact, and drive positive social change and economic development in underserved communities.

Agreements and MoUs signed

DAHD signs MoU with UNDP on Digitalization of Vaccine Cold Chain Management, Capacity Building, and Communication Planning

  • The Department of Animal Husbandry & Dairying (DAHD), Ministry of Fisheries, Animal Husbandry & Dairying signed a Memorandum of Understanding (MoU) with the United Nations Development Programme (UNDP) India on Digitalization of Vaccine Cold Chain Management, Capacity Building, and Communication Planning.
  • This strategic partnership aims to enhance the digitalization of vaccine cold chain management, capacity building, and communication planning in India.
  • Through this MoU, technical assistance will be extended to CEAH to enhance its capabilities in animal husbandry practices.
  • Other aspects of MoU covers support in planning and development of effective and inclusive livestock insurance programme and crafting and implementation of an effective communication plan for the department which will help in ensuring better propagation and outreach of the department’s activities.
  • The partnership will also work on extension services and skill development initiatives to improve the technical know-how and capacities of stakeholders in the animal husbandry sector.
  • This collaboration marks a significant step towards enhancing animal health and husbandry practices in India, leveraging UNDP’s global expertise and DAHD’s mandate.
  • Together, DAHD and UNDP aim to create a robust, efficient, and inclusive framework for managing animal health and welfare in the country.
  • United Nations Development Programme (UNDP) – 22/11/1965 (Founded) – New York (HQ) – Achim Steiner (Administrator)

SIDBI signs MoU with Airbus Heliopters for financing

  • Airbus Helicopters have signed a Memorandum of Understanding (MoU) with Small Industries Development Bank of India (SIDBI) for financing the purchase of Airbus’ helicopters in India.
  • The move is expected to boost the helicopter market especially in verticals of health and tourism as Airbus sources stated that though there is a potential in India it’s facing resource crunch.
  • The MoU will allow both Airbus Helicopters and SIDBI, the government’s principal financial institution for promoting, financing and developing the MSME sector, to identify potential civil helicopter operators in India interested in financing solutions for purchasing helicopters.
  • Small Industries Development Bank of India (SIDBI) – 02/04/1990 (Founded) – Lucknow,UP (HQ) – Sivasubramanian Ramann (Chairman & MD)

AIC signs MoU with CSC for distribution of its Retail Cattle Insurance across the country

  • Agriculture Insurance Company (AIC) has partnered with CSC e-Governance Services India Ltd. to extend its livestock insurance product, Sampoorna Pashudhan Kawach, to rural farmers nationwide through CSC’s extensive digital network.
  • Sampoorna Pashudhan Kawach is a comprehensive insurance product tailored specifically for cattle farming, designed to safeguard farmers’ livestock against unforeseen risks.
  • Through this memorandum of understanding, CSC will serve as a pivotal distribution channel, leveraging its extensive network of around 6 lakh Common Service Centres (CSCs) spread across the nation.
  • Agriculture Insurance Company of India Limited – 20/12/2002 (Founded) – New Delhi (HQ) – Girija Subramanian (Chairman & MD)

Science and Technology

Hanooman AI launched in India with ability to understand 98 languages

  • 3AI Holding Limited and SML India have announced the launch of ‘Hanooman’, a multilingual GenAI platform in 98 global languages, including 12 Indian languages.
  • The new AI is available to all users and you can register for the same using your phone number and is currently limited to creating text responses.
  • The platform aims to reach 200 million users within its first year.
  • SML India has partnered with HP, NASSCOM, and Yotta for this initiative.
  • Yotta will provide GPU cloud infrastructure, while the partnership with NASSCOM is aimed at supporting AI startups and engaging with 3000 colleges.
  • The company has also collaborated with the Government of Telangana and the Department of Administrative Reforms and Public Grievances (DARPG) for seamless translation between English and Telugu.

Acquisitions and Mergers

SBI acquires 6.125% stake in CCIL IFSC

  • State Bank of India (SBI) has executed transaction documents to acquire a 6.125 per cent stake in CCIL IFSC Limited for ₹6.125 crore.
  • CCIL IFSC, which will be incorporated with an authorised and paid-up capital of ₹200 crores and ₹100 crores, respectively, will operate the foreign currency settlement system and act as a clearing house and system operator at the International Financial Services Centre (IFSC) within the Gujarat International Finance Tec City (GIFT City).
  • The indicative period for completion of the transaction (acquisition of 61.25 lakh equity shares at ₹10 each) is up to six months from the date of execution of transaction documents.
  • The Clearing Corporation of India Ltd (CCIL) is promoting CCIL IFFSC.
  • CCIL will have a 57.125 per cent stake in the proposed company.
  • At the group level, SBI has 21.30 per cent stake in CCIL (SBI: 16.80 per cent and SBI-DFHI: 4.50 per cent).

Sports News

Jay Shah Lays Foundation Stone for BCCI’s Training Facilities In Northeast

  • The Board of Control for Cricket in India (BCCI) Secretary, Jay Shah laid the foundation stone for the board’s upcoming state-of-the-art training facilities in the north-eastern region of India.
  • The indoor cricket academies will serve players from Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland and Sikkim and will be based in Shillong, Itanagar, Kohima, Aizawl, Imphal and Gangtok.
  • These new facilities, which have been specifically designed to groom budding cricketers from the region, will feature world-class indoor nets, indoor swimming pools, and fitness centres, providing year-round training options for the athletes from these six states.
  • Board of Control for Cricket in India (BCCI) – December 1928 (Founded) – Wankhede Stadium,Mumbai (HQ) – Roger Binny (President) – Hemang Amin (CEO)

Cricket Scotland announces Nandini dairy as team's official sponsor for T20 WC

  • Cricket Scotland has announced India’s Karnataka-based Nandini dairy as the official sponsor of its national team in the upcoming T20 World Cup in the Americas.
  • The Nandini logo will be present on the leading arm of Scotland men’s playing shirts at the tournament.
  • Scotland – Edinburgh (Capital) – Pound sterling (Currency) – Charles III (Monarch) – John Swinney (First Minister) – Gaelic (Official Language)

Important Days

World Bee Day 2024 is observed on May 20

  • World Bee Day is annually celebrated on May 20.
  • The day to create awareness about the importance of bees and other pollinators, the threats faced by them and their role in sustainable development.
  • Bees play an important role in pollinating plants, which is crucial for producing fruits, vegetables and seeds.
  • Pollination by bees and other insects also helps maintain ecosystem health, food security and biodiversity.
  • In December 2017, the United Nation proclaimed May 20 as World Bee day and was observed first time in 2018.
  • Theme – “Engaging young people as future beekeepers and stewards of the environment”
  • United Nations (UN) – 24/10/1945 (Founded) – New York (HQ) – António Guterres (Secretary General) – 193 member states & 2 observer states

World Metrology Day 2024 is observed on May 20

  • World Metrology Day is annually celebrated on May 20.
  • The Day promotes the benefits of measurement science to a global audience, emphasizing metrology’s value for quality of life and environmental preservation – a mission in harmony with UNESCO’s goal of building a better world through science and education.
  • Metrology is the branch of science dedicated to measurement, which is defined as the process of comparing an unknown quantity, referred to as the measurand, with a standard of a known quantity.
  • In November 2023, UNESCO’s governing bodies proclaimed that May 20 would henceforth be celebrated as World Metrology Day (42 C/Resolution 21).
  • Theme – “Sustainability”
  • United Nations Educational, Scientific and Cultural Organization (UNESCO) – 16/11/1945 (Founded) – Paris, France (HQ) – Audrey Azoulay (Director-General)

World Day for Cultural Diversity for Dialogue and Development 2024 is observed on May 21

  • World Day for Cultural Diversity for Dialogue and Development is annually celebrated on May 21.
  • The day highlights not only the richness of the world’s cultures, but also the essential role of intercultural dialogue for achieving peace and sustainable development.
  • In 2001, UNESCO adopted the Universal Declaration on Cultural Diversity.
  • And in December 2002, the UN General Assembly, in its resolution 57/249, declared May 21 to be the World Day for Cultural Diversity for Dialogue and Development.

International Tea Day 2024 is observed on May 21

  • International Tea Day is annually celebrated on May 21.
  • The Day aims to raise awareness of the long history and the deep cultural and economic significance of tea around the world.
  • Tea is an aromatic beverage prepared by pouring hot or boiling water over cured or fresh leaves of Camellia sinensis.
  • The day was decided at the World Social Forum in 2004 and was named International Tea Day and in 2005, the first International Tea Day was celebrated in New Delhi.

Daily Current Affairs - May 21, 2024 - Consolidated

  • National Council for Cement and Building Materials Incubation centre inaugurated
  • India Held Two-Day “Chintan Shivir” to Formulate Strategy and SOPs for FTAs
  • RITES to deliver 200 broad-gauge passenger carriages to Bangladesh Railways
  • Fusion Micro Finance gets $25 million loan from US International DFC
  • DAHD signs MoU with UNDP on Digitalization of Vaccine Cold Chain Management, Capacity Building, and Communication Planning
  • SIDBI signs MoU with Airbus Heliopters for financing
  • AIC signs MoU with CSC for distribution of its Retail Cattle Insurance across the country
  • Hanooman AI launched in India with ability to understand 98 languages
  • SBI acquires 6.125% stake in CCIL IFSC
  • Jay Shah Lays Foundation Stone for BCCI’s Training Facilities In Northeast
  • Cricket Scotland announces Nandini dairy as team’s official sponsor for T20 WC
  • World Bee Day 2024 is observed on May 20
  • World Metrology Day 2024 is observed on May 20
  • World Day for Cultural Diversity for Dialogue and Development 2024 is observed on May 21
  • International Tea Day 2024 is observed on May 21

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