Daily Current Affairs – May 28, 2024
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Daily Current Affairs - Banking - May 28, 2024
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National News
Ministry of Ayush in Collaboration with AIIA Hosts Sensitization Program
- The Ministry of Ayush, in collaboration with the All India Institute of Ayurveda (AIIA), hosted a sensitization program at the AIIA campus in New Delhi.
- The event aimed to facilitate information sharing between the insurance sector and Ayush healthcare providers and included the presence of CEOs and CMDs of General Insurance Companies as well as Ayush Hospital owners.
- It encouraged collaborations that enhance the accessibility and affordability of Ayush treatments for the public and promote holistic health and wellness across the country.
International News
Union Health Secretary Chairs High-Level WHO South-East Asia Meeting
- Apurva Chandra, Union Health Secretary, chaired a high-level meeting on “Advancing Health and Well-Being of Billions in WHO South-East Asia Region” at the 77th World Health Assembly in Geneva.
- The meeting was co-hosted by WHO SEARO and the Government of India, focused on strategizing actions to address key public health issues in the region.
- He introduced the BHISM cube, a compact medical aid developed under India’s Aarogya Maitri Project, designed for disaster response and capable of treating up to 200 casualties.
- Discussions included enhancing cooperation on vaccination, non-communicable diseases, health system preparedness, post-pandemic recovery, climate crisis, ageing population, mental health, and decentralization of health issues.
- Strengthening pandemic preparedness and health security were also key topics.
- World Meteorological Organisation(WMO) – 23/03/1950 (Founded) – Geneva, Switzerland (HQ) – Dr Abdulla Al Mandous (President)
Purnima Shrestha Sets Record as First Woman to Summit Mt. Everest Three Times in 13 Days
- Purnima Shrestha, a 32-year-old mountaineer from Gorkha, Nepal, and a photojournalist by profession has made history as the first woman in the world to climb Mount Everest three times in the same season, all in just 13 days.
- She has climbed Everest four times, with a prior summit in
- In October 2021, Purnima Shrestha with Pasang Lhamu Sherpa Akita both became the first women to successfully climb, the 7th highest mountain in the world.
- On 26 September 2017, Shrestha started her mountaineering career with Manaslu, the 8th highest mountain in the world and in 2018, she summited Mount Everest for the first time.
India-Libya Energy Talks: Both Countries Aim to Revitalize Energy Sector Cooperation
- Ministry of Petroleum and Natural Gas, Secretary, Pankaj Jain held a bilateral discussion with Deputy Minister for Political Affairs of Libya, Mohamed Khalil Issa and his delegation during their visit to New Delhi.
- The two sides discussed on enhancing collaboration in the energy sector, including increased crude oil trade and the resumption of exploration and production projects in Libya, where Indian Public Sector Undertakings including Indian Oil Corporation Limited, ONGC Videsh Limited and Oil India Limited have invested.
- Libya – Tripoli (Capital) – Libyan dinar (Currency) – Abdul Hamid Al-Dbeibeh (Prime Minister) – Arabic (Official Language)
Ghana Ties Up with Reliance Jio Arm, Others for Building 4G, 5G Telecom Infra
- Ghana has signed deals with a Reliance Jio subsidiary, Tech Mahindra and other vendors to build 4G and 5G infrastructure as the African country aims to enhance its telecom capabilities.
- Ghana’s state-backed Next-Gen Infrastructure Company (NGIC) has partnered with Jio’s arm Radisys, Tech Mahindra and Nokia to build the necessary infrastructure for delivering affordable 5G mobile broadband services.
- NGIC has been allocated 5G spectrum and local telcos will be utilising the shared infrastructure to roll out the services in the next six months.
- As per reports, the overall contract is over $200 million.
- The country is a part of the 33-nation Smart Africa alliance.
- The Smart Africa Alliance is a partnership among African countries adhering to the Smart Africa Manifesto.
- Ghana – Accra (Capital) – Cedi (Currency) – Nana Akufo-Addo (President) – English (Official Language)
Banking and Finance
RBI imposes ₹1-crore penalty on ICICI Bank and also fines YES Bank ₹91 lakh
- The Reserve Bank of India imposed a penalty of ₹1 crore on ICICI Bank for non-compliance with certain directions on ‘Loans and Advances – Statutory and Other Restrictions’.
- The central bank also fined ₹91 lakhs on Yes Bank, for violation of certain norms on ‘Customer Service in Banks’, and ‘Un-authorised Operation of lnternal/Office Accounts’.
Government to get ₹3,662 crores from LIC as dividend
- Life Insurance Corporation of India (LIC) will give a dividend of ₹3,662 crores to the Government of India, which is the largest shareholder in the company.
- This follows LIC’s declaration of an interim dividend of ₹6 per share.
- The government holds a 96.5 percent stake in LIC, totalling 6,10,36,22,781 shares.
- LIC reported a net profit of ₹13,782 crores for the quarter ended March 31, 2024, up by 4.5 percent, compared to ₹13,191 crores reported in the corresponding period of the last financial year.
Gross direct premium income of general insurers set for a 32% increase to ₹3.7 trillion by FY26
- According to the report by ICRA, Gross direct premium income (GDPI) of general insurers in India is expected to touch ₹3.7 trillion by 2025-26, which will be an increase of 32% from the ₹2.8 trillion registered in 2023-24.
- In the current fiscal, GDPI of the general insurance companies is likely to increase 15.5% on the back of continued strong growth in the health segment.
- Health segment was also behind the robust growth of the insurance sector in FY24.
- Besides the health segment, the more than 15% increase in GDPI of general insurers last fiscal was aided by a growth in the motor segment, which in turn was driven by the increase in the new vehicle sales – two-wheelers by 13.3% and passenger vehicles by 8.4%.
CRISIL: Bank credit growth to moderate to 14% in FY25 after robust growth
- According to CRISIL Ratings, Bank credit growth is expected to moderate to 14 per cent in the current financial year (FY25) after an estimated robust growth of about 16 per cent year-on-year (Y-o-Y) in FY23 and FY24.
- The growth in FY25 will be tempered by a high base effect, a revision in risk weights and a somewhat lower pace of expansion in gross domestic product (GDP).
- The strong economic activity and retail credit demand drove loan growth in the financial year FY24.
- The fundamental drivers of credit demand are broadly intact and a revival in private capital expenditure (capex), especially towards the second half of FY25, can provide tailwinds.
- The pace of deposit growth may also keep a check on credit growth, even though the differential between the two has reduced over the past year.
- The pace of deposit mobilisation gathered steam in FY24.
- It grew 13 per cent in FY24 against 10 per cent in FY23.
- The gap between deposit growth and credit growth narrowed to 3 per cent in FY24 from almost 6 per cent in FY23.
- Within the overall credit mix, the corporate segment, which has 45 per cent share in bank advances, would see steady growth of 13 per cent in FY25.
Poonawalla Fincorp along with IndusInd Bank launches co-branded RuPay credit card
- Poonawalla Fincorp Limited, in association with IndusInd Bank, has launched the co-branded ‘IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card’.
- The new card will offer customers rewards and other benefits.
- The card has no joining or annual fee and customers will earn rewards for every ₹100 spent, including UPI transactions.
- It offers 2.5 times reward points on e-commerce transactions and cash credit of ₹0.40 per reward point.
- Other benefits include a buy-one-get-one movie ticket offer through BookMyShow, a 1 per cent fuel surcharge waiver, and additional rewards for milestone achievements.
Business and Economy
TATA AIG launches Surety Insurance Bonds
- TATA AIG General Insurance, a private general insurer, has rolled out Surety Insurance Bonds to support the government’s ambitious agenda on infrastructure development, which has been allocated 3 percent of the GDP in FY 2024.
- A Surety Insurance Bond covers the project owner or beneficiary against losses arising from the contractor’s non-performance, non-fulfilment, or breach of contractual obligations as stipulated in the agreement or bidding documents.
India’s farm input subsidies spike to $48.13 billion in 2022-23
- At World Trade Organization (WTO) India announced that, country’s farm input subsidies, including sops for fertilizers, electricity and irrigation, have increased a sharp 50 per cent to $48.13 billion in 2022-23 from $32.07 billion in 2021-22.
- This prompted several countries such as the EU, the UK and the US, to raise concerns and call for greater transparency at a recent peer group review meeting of the
- World Trade Organization (WTO) – 01/01/1995 (Founded) – Geneva, Switzerland (HQ) – Ngozi Okonjo-Iweala (Director General) – 164 members (160 UN member states, the European Union, Hong Kong, Macao, and Taiwan) – English, French, Spanish (Official Language)
Indian Government fixes record 447 lakh tonnes target for oilseeds production in 2024-25
- The Indian Government has fixed a 447.5 lakh tonnes (lt) record target of oilseeds production for the 2024-25 crop year (July-June).
- However, the focus has remained confined to top producing States whereas experts suggest area expansion in non-traditional States to raise production.
- The State-wise distribution of targets for the major three oils — mustard, soyabean and groundnut — shows that the top producers will have to ensure that they realise their potential which got disturbed in the last few years due to floods and drought.
- According to the Agriculture Ministry’s target for oilseeds production during 2024-25, an estimated 106.45 lt of groundnut (including 90.45 lt from the kharif season), 158 lt of soyabean, 138 lt of mustard, 25.30 lt of castor, 11.70 lt of seasmum and 4.51 lt of sunflower may be produced.
Science and Technology
TCS & IIT-Bombay to develop quantum imaging tool for microchip quality control
- Tata Consultancy Services has partnered with Indian Institute of Technology, Bombay, to develop a quantum diamond microchip imager for precision examination of semiconductor chips to reduce failures and improve the energy efficiency of electronic devices.
- The partnership focuses on creating a quantum imaging platform for non-destructive examination of chips.
- The project is aligned with the Government of India’s National Quantum Mission, which aims to position India as a global leader in quantum technology.
- Over the next two years, experts from the company will collaborate with Dr Kasturi Saha, Associate Professor in the Department of Electrical Engineering at IIT-Bombay, to develop the imaging platform at the PQuest Lab.
- The platform is expected to aid quality control of semiconductor chips, enhancing the reliability, safety, and energy efficiency of electronic devices across industries, including communications, computing, healthcare, military systems, and transportation.
Wipro teams up with Centre for Brain Research at IISc on AI-driven health behaviour innovations
- Wipro announced a partnership with the Centre for Brain Research (CBR) to leverage the power of Artificial Intelligence (AI), Machine Learning (ML), and big data analytics for health behaviour innovations.
- CBR is an autonomous, non-profit research organisation, hosted at the Indian Institute of Science (IISc).
- The partnership will “focus on harnessing the power of AI, ML and big data analytics to develop new technologies that will provide precision support towards the prevention and management of long-term health disorders”.
- Wipro’s Research & Development (R&D) team will design and develop a personal care engine, an AI that will take into account an individual’s health history, desired health state, and other behavioural responses to promote healthy ageing, positive lifestyle changes, and psycho-social wellbeing to meaningfully improve an individual’s health over time.
Power
GAIL inaugurates 10 MW green hydrogen plant in Madhya Pradesh
- GAIL (India) Ltd’s maiden green hydrogen plant at Vijaipur in Madhya Pradesh has been commissioned, making a major step for the nation’s largest natural gas transmission and distribution firm’s foray into new and alternate energy,
- The 10-megawatt proton exchange membrane electrolyser for the green-hydrogen producing unit at the Vijaipur complex has been imported from Canada.
- The plant will produce about 4.3 tonnes of green hydrogen per day, with a purity of about 99.999 per cent by volume.
- It uses electricity produced from renewable sources, such as the sun’s solar energy, to split water to produce green hydrogen.
- The plant was in line with the National Green Hydrogen mission, which has set out a goal of 5 million tons of annual green hydrogen production capacity for the country by
- GAIL (India) Limited (formerly known as Gas Authority of India Ltd.) – 1984 (Founded) – New Delhi (HQ) – Sandeep Kumar Gupta (Chairman & MD)
Appointments
Appointment Committee of Cabinet approves one-year extension in service of Secretary, Department of Defence R&D and Chairman DRDO Dr Samir V Kamat
- The Appointment Committee of Cabinet approved the extension in service of Secretary, Department of Defence R&D and Chairman DRDO Dr Samir V Kamat for a period of one year, beyond his normal age of superannuation (May 31, 2024), i.e. up to May 31, 2025.
- He was appointed to this post on August 25, 2022.
- Prior to the appointment of Secretary DDR&D and Chairman DRDO, he served as Director General (Naval Systems and Materials).
Awards and Recognitions
Major Radhika Sen to receive prestigious 2023 UN Military Gender Advocate of the Year Award
- Major Radhika Sen, an Indian woman peacekeeper, who served with the United Nations Organisation Stabilisation Mission in the Democratic Republic of the Congo (MONUSCO), will receive the prestigious ‘2023 United Nations Military Gender Advocate of the Year Award’ from UN Secretary-General Antonio Guterres describing her as a “true leader and role model.”
- She served in the East of the Democratic Republic of the Congo (DRC) from March 2023 to April 2024 as the Commander of MONUSCO’s Engagement Platoon for the Indian Rapid Deployment Battalion (INDRDB).
- She is the second Indian peacekeeper to receive this prestigious award after Major Suman Gawani, who had served with the UN Mission in South Sudan (UNMISS) and was honoured with the 2019 United Nations Military Gender Advocate of the Year Award.
Sports News
Charles Leclerc won Monaco Grand Prix
Position | Player | Country | Company |
1st | Charles Leclerc | Monaco | Ferrari |
2nd | Oscar Piastri | Australia | McLaren |
3rd | Carlos Sainz Jr. | Spain | Ferrari |
Defence
Indian Army receives first hydrogen bus
- Indian Army has collaborated with Indian Oil Corporation Limited (IOCL) for demonstration trials of Hydrogen Fuel Cell Bus technology.
- A Memorandum of Understanding (MoU) was signed between the Indian Army and the IOCL in presence of General Manoj Pande, Chief of the Army Staff (COAS) and Mr Shrikant Madhav Vaidya, Chairman of Indian Oil.
- During the event, one Hydrogen Fuel Cell Bus was received by the Indian Army.
- This marks the commencement of mutually beneficial partnership between Indian Army and IOCL.
- The MoU emphasised the commitment to fostering innovation and advancing sustainable transport solutions for the future.
- The Hydrogen Fuel Cell Bus has a seating capacity of 37 passengers and promises an impressive mileage of 250-300 km on a full 30 kg onboard tank of Hydrogen fuel.
- On 21 March 2023, the Indian Army became the first government entity to ink an MoU with National Thermal Power Corporation Renewable Energy Limited for installation of Green Hydrogen based Microgrid Power Plants along the Northern Borders.
- A pilot project is being setup at Chushul, where a 200 Kilo Watt Green Hydrogen based Microgram will provide 24×7 clean electricity to troops deployed in inhospitable terrain and extreme climatic conditions.
Daily Current Affairs - May 28, 2024 - Consolidated
- Ministry of Ayush in Collaboration with AIIA Hosts Sensitization Program
- Union Health Secretary Chairs High-Level WHO South-East Asia Meeting
- Purnima Shrestha Sets Record as First Woman to Summit Mt. Everest Three Times in 13 Days
- India-Libya Energy Talks: Both Countries Aim to Revitalize Energy Sector Cooperation
- Ghana Ties Up with Reliance Jio Arm, Others for Building 4G, 5G Telecom Infra
- RBI imposes ₹1-crore penalty on ICICI Bank and also fines YES Bank ₹91 lakh
- Government to get ₹3,662 crores from LIC as dividend
- Gross direct premium income of general insurers set for a 32% increase to ₹3.7 trillion by FY26
- CRISIL: Bank credit growth to moderate to 14% in FY25 after robust growth
- Poonawalla Fincorp along with IndusInd Bank launches co-branded RuPay credit card
- TATA AIG launches Surety Insurance Bonds
- India’s farm input subsidies spike to $48.13 billion in 2022-23
- Indian Government fixes record 447 lakh tonnes target for oilseeds production in 2024-25
- TCS & IIT-Bombay to develop quantum imaging tool for microchip quality control
- Wipro teams up with Centre for Brain Research at IISc on AI-driven health behaviour innovations
- GAIL inaugurates 10 MW green hydrogen plant in Madhya Pradesh
- Appointment Committee of Cabinet approves one-year extension in service of Secretary, Department of Defence R&D and Chairman DRDO Dr Samir V Kamat
- Major Radhika Sen to receive prestigious 2023 UN Military Gender Advocate of the Year Award
- Charles Leclerc won Monaco Grand Prix
- Indian Army receives first hydrogen bus
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