Daily Current Affairs – May 23, 2024
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Daily Current Affairs - Banking - May 23, 2024
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International News
Spain Becomes 99th Member of International Solar Alliance
- Spain has become the 99th member of the International Solar Alliance.
- The International Solar Alliance (ISA) is a collaborative platform for increased deployment of solar energy technologies as a means for bringing energy access, ensuring energy security, and driving energy transition in its member countries.
- Panama became the 97th member of ISA.
- Hungary became the 96th member of ISA.
- Chile became the 95th member of ISA.
- International Solar Alliance (ISA) – 30/11/2015 (Founded) – Gurugram, Haryana (HQ) – DR. Ajay Mathur (Director General)
India and UK hold 16th Joint Meeting On Counter-Terrorism in New Delhi
- India and the United Kingdom held the 16th meeting of their Joint Working Group on Counter-Terrorism in New Delhi
- Both countries strongly condemned all forms of terrorism, including the cross-border movement of terrorists.
- They emphasized the need for stronger international cooperation to fight terrorism in a comprehensive and sustained manner, in line with the UN charter and international law.
- The next meeting of the India-UK Joint Working Group on Counter-Terrorism will be held in the UK at a mutually convenient date.
- United Kingdom – London (Capital) – Pound Sterling (Currency) – Charles III (Monarch) – Rishi Sunak (Prime Minister) – English (Official Language)
State News
Sikkim Celebrates Saga Dawa Festival
- Sikkim is celebrating Saga Dawa, a festival that falls annually on the 15th day of the fourth month of the Northern Buddhist Calendar (Vaisakha or Vesakha).
- Saga Dawa is considered the most sacred Buddhist festival, commemorating the birth, enlightenment, and Mahaparinirvana (passing away) of Buddha Shakyamuni.
- This day is also known as the ‘Triple Blessed Occasion’.
Banking and Finance
RBI Approves Dividend of ₹2.11 Lakh Crore to Government for FY24
- The Reserve Bank of India (RBI) board approved the transfer of ₹2,10,874 crores as surplus to the Central Government for the accounting year 2023-24.
- The decision was taken at Apex Bank’s 608th meeting of the Central Board of Directors.
- Presided over by RBI Governor Shaktikanta Das, the board reviewed the global and domestic economic scenario, including risks to the outlook.
- The transferable surplus funds for the years 2023-24 were determined using the guidelines set by the Reserve Bank of India (RBI) in August 2019.
- These guidelines were recommended by a committee led by Bimal Jalan.
- The committee suggested that the RBI should keep aside funds for unexpected risks, known as the Contingent Risk Buffer (CRB), which should be between 5 per cent and 6.5 per cent of the RBI’s total assets.
- RBI has approved a dividend payment of ₹87,416 crores to the Government of India for the fiscal year 2022-23.
- The previous high was ₹1.76 lakh crore in 2018-19.
Mahindra Finance Bags Corporate Agency License from IRDAI
- Mahindra & Mahindra Financial Services Ltd. (Mahindra Finance) had obtained a Certificate of Registration (Corporate Agency License) from IRDAI to act as a ‘Corporate Agent (Composite)’ under the Insurance Act, 1938.
- This license would enable the company to offer tailored insurance plans to its customer base.
- Insurance Regulatory and Development Authority of India (IRDAI) – 1999 (Founded) – Hyderabad (HQ) – Debasish Panda (Chairman) – Ministry of Finance (Under)
Business and Economy
Goldman Sachs sees net financial savings of Indian households surge to 6% of GDP in FY23-24
- Foreign brokerage Goldman Sachs sees net financial savings of Indian households to have increased to 6 per cent of GDP in 2023-24, significantly higher than the 18-year low of 5.1 per cent of GDP in 2022-23.
- This stance has been mainly driven by its estimate of higher gross financial savings of 12.5 per cent of GDP (vs 11 per cent of GDP in FY23) owing to higher bank deposit growth (11 per cent y-o-y in FY24 vs 9.4 per cent y-o-y in FY23).
- Goldman Sachs estimates an increase in household liabilities to 6.6 per cent of GDP (vs 5.9 per cent of GDP in FY23).
- It may be recalled that the net financial savings of Indian households had declined to an 18-year low of 5.1 per cent of GDP in FY23, due to an increase in household liabilities.
Porter becomes India's 3rd unicorn of 2024
- Homegrown logistics services platform Porter has likely become the third unicorn (with valuation of $1 billion and above) in India this year after a fresh internal round.
- Separately, in January, Krutrim, an AI startup established by Ola founder Bhavish Aggarwal, became the first unicorn of 2024 after raising $50 million in its first funding round at a valuation of $1 billion.
Agreements and MoUs signed
VST signs MoU with Axis Bank to offer loan to farmers
- VST Tillers Tractors Limited (VST), a farm equipment manufacturer, signed a Memorandum of Understanding (MOU) with Axis Bank, to offer financial solutions to the farmers for purchasing tractors and Farm Mechanisation products.
- As per the agreement, Axis Bank will provide financial solutions to VST’s prospective customers through its network of 5370 branches.
- As per the MOU both the companies would leverage their extensive footprint to reach out to the farmer’s community to ensure that they have an easy access to credit facility for adapting farm mechanisation.
- This partnership is expected to enable farmers to avail hassle-free, affordable, and flexible credit facilities to transform the agricultural sector.
- The Bank would offer flexible repayment options, swift sanctions, and special benefits on EMI options to encourage the farmers to opt for adapting farm mechanisation.
Appointments
Vietnam’s Minister for Public Security Will Be President of Country
- Vietnam’s National Assembly approved To Lam, the Minister of Public Security, as the country’s next President following a vote at its headquarters in Hanoi.
- He would replace Vo Van Thuong.
- Vietnam – Hanoi (Capital) – Vietnamese dong (Currency) – To Lam (President) – Phạm Minh Chính (Prime Minister) – Vietnamese (Official Language)
Government appoints Ramesh Babu V as Member in Central Electricity Regulatory Commission
- Ramesh Babu V. has taken oath of office and secrecy as Member, Central Electricity Regulatory Commission.
- He held the post of Director (Operations), NTPC from May 2020 till his retirement, before which he served in various positions in NTPC.
- The Central Electricity Regulatory Commission (CERC) was established by the Government of India under the provisions of the Electricity Regulatory Commissions (ERC) Act, 1998.
- CERC is the Central Commission for the purposes of the Electricity Act, 2003 which has repealed the ERC Act, 1998.
- The Commission consists of a Chairperson and three other Members.
- Additionally, Chairperson, Central Electricity Authority is the ex-officio Member of the Commission.
- Jishnu Barua is the Chairperson of the Commission.
Awards and Recognitions
UAE Honours Indian Embassy Consulate at MoFA Excellence Awards
- India’s diplomatic missions in the UAE were recognized for their outstanding work at the 5th Minister of Foreign Affairs Excellence Awards ceremony held under the patronage of Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs of the United Arab Emirates.
- India became the only country to receive two honours, with the Indian Embassy in Abu Dhabi and the Consulate General of India in Dubai both awarded the prestigious Shield of Honour.
- The awards were received by the Indian Ambassador to the UAE Sunjay Sudhir and Consul General at CGI Dubai Satish Kumar Sivan.
POWERGRID conferred with ATD BEST Awards 2024
- Power Grid Corporation of India Limited (POWERGRID), a Maharatna Central Public Sector Enterprise under the Ministry of Power, has been conferred the prestigious ATD BEST Awards 2024 for its strategic approach to talent development driving business results.
- This is the third time POWERGRID has been honoured with the ATD BEST Award, having previously received it in 2021 and 2023.
- NTPC has achieved an impressive milestone by securing the 3rd rank globally at the ATD BEST Awards 2024, this being the highest ranking among all Indian companies.
- Notably, NTPC is the only PSU to have received this prestigious award seven times in the past eight years.
- The ATD BEST Awards, established by the Association for Talent Development (ATD), USA, is one of the most esteemed international recognitions in the field of Learning and Development (L&D).
- It honours organizations that leverage talent development as a strategic business tool and demonstrate enterprise-wide success through effective employee development practices.
- The ranking is said to be determined through a rigorous evaluation and assessment process conducted by international experts of high integrity and global eminence.
Sports News
Preetismita Bhoi wins gold at IWF World Youth Championships
- Indian weightlifter Preetismita Bhoi smashed the youth clean and jerk world record in the women’s 40kg category to win a gold medal at the IWF World Youth Championships held in Lima, Peru.
- And in the same category Jyoshna Sabar clinched the silver with a total effort of 125kg (56kg+69kg).
- Payal fetched a silver medal as she heaved a total of 147kg (65kg+82kg) in the women’s 45kg event.
- Babulal Hembrom lifted 193kg (86kg+107kg) to bag the bronze in the men’s 49 kg event.
- International Weightlifting Federation (IWF) – 1905 (Founded) – Lausanne, Switzerland (HQ) – Mohammed Hasan Jalood (President)
Important Days
World Turtle Day 2024 is observed on May 23
- World Turtle Day is annually observed on May 23.
- The day is celebrated to raise awareness about the lifestyle and habitat of turtles as well as tortoises and urge people to understand them better and contribute to their wellbeing.
- The day was first celebrated in the year 2000 by American tortoise Rescue.
- Tortoises live on land, while turtles live in water.
- Tortoises can live up to 300 years, while the lifespan of turtles is 40 years.
- However, despite the differences, both turtles and tortoises play significant roles in the ecosystem.
- Turtles feed on dead fish that wash up on the shore while tortoises dig up holes that are inhabited by other creatures.
- American Tortoise Rescue (ATR) – 1990 (Founded) – California, United States (HQ)
Defence
General Anil Chauhan attends Exercise Cyber Suraksha – 2024
- Chief of Defence Staff (CDS) General Anil Chauhan attended ‘Exercise Cyber Suraksha – 2024’, and underscored the importance of strengthening India’s cyber defence capabilities.
- The comprehensive cyber defence exercise is being conducted by Defence Cyber Agency.
- It aims to further develop Cyber Defence Capability of all Cyber security organisations and promote synergy amongst all stakeholders.
- It focusses on enhancing collaboration and integration among participants from various military and prominent national organizations.
- Exercise Cyber Suraksha – 2024 aims to empower participants by enhancing their cyber defence skills, techniques and capabilities; share best practices, and work towards a unified and robust cyber defence posture.
- It will promote jointmanship and synergy in planning and preparation of a Cyber Defence Framework.
- The event reaffirms the commitment of the Indian Armed Forces to safeguarding national security in the increasingly important cyber domain.
Daily Current Affairs - May 23, 2024 - Consolidated
- Spain Becomes 99th Member of International Solar Alliance
- India and UK hold 16th Joint Meeting On Counter-Terrorism in New Delhi
- Sikkim Celebrates Saga Dawa Festival
- RBI Approves Dividend of ₹2.11 Lakh Crore to Government for FY24
- Mahindra Finance Bags Corporate Agency License from IRDAI
- Goldman Sachs sees net financial savings of Indian households surge to 6% of GDP in FY23-24
- Porter becomes India’s 3rd unicorn of 2024
- VST signs MoU with Axis Bank to offer loan to farmers
- Vietnam’s Minister for Public Security Will Be President of Country
- Government appoints Ramesh Babu V as Member in Central Electricity Regulatory Commission
- UAE Honours Indian Embassy Consulate at MoFA Excellence Awards
- POWERGRID conferred with ATD BEST Awards 2024
- Preetismita Bhoi wins gold at IWF World Youth Championships
- World Turtle Day 2024 is observed on May 23
- General Anil Chauhan attends Exercise Cyber Suraksha – 2024
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