Daily Current Affairs – May 29, 2024
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Daily Current Affairs - Banking - May 29, 2024
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National News
Indian Mountaineer Satyadeep Gupta Becomes First Person To Scale Mt. Everest And Mt. Lhotse Twice In One Season
- Indian mountaineer Satyadeep Gupta has scripted history by becoming the first person to scale Mt. Everest and Mt. Lhotse twice in one season.
- He also set another record by being the first Indian to traverse from Mt. Everest to Mt. Lhotse in 11 hours and 15 minutes.
- This historic achievement marks the first Double Dual Ascent of the world’s highest and the fourth highest peaks in a single season.
- He was accompanied by climbing guides Pastemba Sherpa and Nima Ungdi Sherpa.
Banking and Finance
RBI Unveils PRAVAAH Portal, Retail Direct App, And Fintech Repository for Enhanced Public Access
- Reserve Bank of India Governor launched three major initiatives of the Reserve Bank of India, namely the PRAVAAH portal, the Retail Direct Mobile App and a FinTech Repository.
- These three initiatives were earlier announced as part of RBI’s bi-monthly Statement on Development and Regulatory Policies in April 2023, April 2024 and December 2023
- The PRAVAAH (Platform for Regulatory Application, Validation, and Authorisation) portal is a secure and centralized web-based platform for individuals and entities to apply online for various regulatory approvals from the RBI.
- The portal streamlines the process of seeking authorizations, licenses, or regulatory approvals by providing a single point of contact for applicants.
- It is expected to improve the efficiency of the RBI’s regulatory approval and clearance processes.
- The Retail Direct Mobile App offers retail investors easy access to the Retail Direct platform and facilitates transactions in government securities (G-Secs).
- The app enables retail investors to open Retail Direct Gilt accounts with the RBI, participate in primary auctions for G-Secs, and buy and sell G-Secs in the secondary market.
- The app is available for download on the Play Store for Android users and the App Store for iOS users.
- The Fintech Repository is a comprehensive database containing information on the Indian fintech sector.
- The repository aims to provide a better understanding of the sector from a regulatory perspective and facilitate the design of appropriate policy approaches.
- It includes information on Indian fintech companies, their products and services, and the regulatory framework applicable to them.
- The RBI has also launched a related repository called the EmTech Repository meant for RBI-regulated entities (banks and NBFCs).
- The EmTech Repository contains information on the adoption of emerging technologies such as artificial intelligence (AI), machine learning (ML), cloud computing, distributed ledger technology (DLT), and quantum computing by these entities.
Business and Economy
SBI Research Says, India’s GDP Growth Likely to Touch 8 % In Financial Year 2024
- According to the report released by State Bank of India (SBI) Economic Research department, India’s GDP growth 7.4% in the Q4 of the financial year 2023-24, while the overall growth could touch 8%.
- The report highlights the potential impact of global economic resilience on India’s growth trajectory and identifies a consistent growth trend across both urban and rural sectors in India.
- Urban economic momentum is indicated by strong performance in passenger vehicle sales, airport passenger traffic, GST collections, credit card transactions, petroleum consumption, and toll collection.
- On the other hand, Rural economic indicators also show a positive trend, with diesel consumption and two-wheeler sales increasing.
Crisil: Credit growth to slip 200 bps to 14% in FY25 on revision in risk weights, slower GDP growth
- According to the Crisil rating, Bank credit growth in FY25 is expected to moderate 200 basis points (bps) to 14% from an estimated growth of 16% in FY24 due to a high base effect, a revision in risk weights and a somewhat slower pace of gross domestic product (GDP) growth.
- However, a revival in private corporate capital expenditure (capex), especially towards the second half of the current year could provide a tailwind.
- Growth in corporate credit will be supported by private sector industrial capex in fiscal 2025, underpinned by expectations that GDP growth will remain solid at 6.8%, although lower than an estimated 7.6% in FY24.
Agreements and MoUs signed
Nel ASA has signed a licensing agreement with Reliance Industries limited
- Nel Hydrogen Electrolyser AS, a fully owned subsidiary of Nel ASA (Nel, OSE: NEL) (Norwegian company) has entered into a technology licensing agreement with Reliance Industries Limited (RIL).
- The agreement provides RIL with an exclusive license for Nel’s alkaline electrolysers in India and also allows RIL to manufacture Nel’s alkaline electrolysers for captive purposes globally.
- Through the agreement, Reliance gets access to Nel’s leading, proven technology platform for manufacturing electrolysers.
- RIL has successfully built multiple businesses of truly global scale.
- This partnership of Nel’s robust technology platform with RIL’s execution prowess – will further add to the success story for both partners.
- Both partners will also collaborate on future performance improvements and cost optimization through research and development (R&D), value engineering, standardization and modularization to improve the competitiveness of the alkaline technology platform.
- According to the agreement, Nel can procure equipment from Reliance for its own projects.
- Norway – Oslo (Capital) – Norwegian krone (Currency) – Harald V (Monarch) – Jonas Gahr Støre (Prime Minister) – Norwegian & Sámi (Official Language)
Appointments
Apurva Chandra Appointed as Chairperson of Committee A Of 77th WHA Event
- Union health secretary Apurva Chandra has been appointed as the Chairperson of the Committee A at the 77th World Health Assembly (WHA), announced by the World Health Organisation (WHO).
- Committee A is tasked with facilitating crucial discussions on a range of programmatic topics.
- These include universal health coverage, public health emergency preparedness and response, antimicrobial resistance, climate change, and sustainable financing for the World Health Organization (WHO).
- India’s leadership in Committee A underscores its growing influence in global health governance.
- The World Health Assembly features sessions from three main committees: Plenary, Committee A, and Committee B.
- India’s chairmanship of Committee A will continues until June 1.
- World Health Organization (WHO) – 07/04/1948 (Founded) – Geneva, Switzerland (HQ) – Tedros Adhanom (Director-General)
IAS Pradip Kumar Tripathi Appointed as Secretary to Lokpal till July 30
- IAS Pradip Kumar Tripathi has been appointed as Secretary to Lokpal till July 30.
- The Appointment Committee of the Cabinet has also approved the appointment of IAS Rakesh Ranjan as Chairman of Staff Selection Commission (SSC).
- IAS Amit Yadav of 1991 batch has been appointed as Officer on Special Duty in the department of Social Justice and Empowerment department.
- He will take over as Secretary after superannuation of incumbent secretary Saurabh Garg on July 31.
- IAS Raj Kumar Goyal of 1990 batch has been transferred as Secretary of the department of Justice in the Ministry of Law and Justice from Secretary of Department of Border Management in the Ministry of Home Affairs.
- The committee approved the appointment of IAS Rajendra Kumar of 1992 batch as Secretary in the Department of Border Management.
Awards and Recognitions
REC wins ‘Sustainability Champion – Editor’s Choice Award’ at Outlook Planet Sustainability Summit & Awards 2024
- REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading NBFC, has been honoured with the ‘Sustainability Champion – Editor’s Choice Award’ at the ‘Outlook Planet Sustainability Summit & Awards 2024’.
- The Award ceremony was organised by Outlook Group, in collaboration with IIT Goa.
- This award recognizes REC’s commitment to sustainability initiatives and its efforts in driving progress towards a greener future.
- The award highlights the corporation’s pledge to sustainability initiatives, leading the path toward a greener future.
- The Outlook Planet Sustainability Summit & Awards is a prominent platform that brings together industry leaders, policymakers, and sustainability advocates to celebrate and promote excellence in sustainable practices.
- This year’s summit featured insightful discussions, innovative ideas, and recognized the remarkable achievements of organizations dedicated to sustainability.
Sports News
Indian Arm Wrestlers Contingent Wins Seven Medals At Asian Championship 2024
- In Arm Wrestling, the Indian contingent has clinched a total of 7 medals including 1 gold and 6 bronze at the Asian Championship, 2024 held in Tashkent, Uzbekistan.
- Shrimant Jha, who participated in two categories, was the top performer for India.
- He won the gold medal in the left-hand para category, while he won the bronze medal in the right-hand para category.
- In the Masters category, Laxman Singh Bhandari secured two bronze medals, while Sachin Goyal won the bronze medal in the competitive right-hand Senior category.
- Meanwhile, in the Women’s Right and Left-hand categories, Ibi Lollen from Arunachal Pradesh clinched two bronze medals.
- The Indian contingent was competing under the banner of the People’s Armwrestling Federation of India (PAFI), led by President Preeti Jhangiani.
- PAFI is the sole Indian organisation in affiliation with the Asian Armwrestling Federation (AAF) and the World Armwrestling Federation (WAF) which has its headquarters in Haryana.
- World Armwrestling Federation (WAF) – 1977 (Founded) – Sofia, Bulgaria (HQ) – Assen Hadjitodorov (President)
Bharat Grand Prix cancelled in 2024, shifts to March 2025
- Bharat Grand Prix, the Indian round of the MotoGP championship will not take place in September 2024 and has been moved to March 2025 as per the promoters of the race.
AIFF launches Blue Cubs Development Centre programme
- The All India Football Federation (AIFF) has launched the Blue Cubs Development Centre Programme earlier this month, a very important step towards developing grassroots and youth football in India.
- The initiative was launched on May 15 as part of the celebrations of the AFC Grassroots Day.
- The initiative aims to bridge the gap between grassroots and youth football in India in such a way a robust system is created, leading to the overall betterment of both grassroots and youth level football in the country.
- Blue Cubs is an elite grassroots programme to broad base football across the nation, while also aiming to develop technical skills amongst the youth players. The elite youth players that come through the Blue cubs programme then proceed to play at the various age group leagues.
- The Blue Cubs program also has the Blue Cubs League, an initiative that offers age-appropriate game formats for children aged 4 to 12.
- The league recognizes that children develop physically, mentally, and emotionally at different rates and thus tailors playing formats accordingly.
- For children aged 4 to 6 years, the program implements game formats of 2v2 and 3v3.
- These formats are specifically designed to cater to the developmental needs and abilities of young children, fostering fundamental skills such as coordination, spatial awareness, and teamwork.
Important Days
World Hunger Day 2024 is observed on May 28
- World Hunger Day is annually celebrated on May 28.
- This day raises awareness about the urgent issue of global hunger and serves as a platform to advocate for sustainable solutions that address the root causes of hunger, promote food security, and empower communities.
- In 2011, The Hunger Project, a global organisation dedicated to ending hunger and poverty, established World Hunger Day as a yearly event.
- Theme – “Thriving Mothers, Thriving World”
Menstrual Hygiene Day 2024 is observed on May 28
- Menstrual Hygiene Day is annually observed on May 28.
- The day is a global initiative aimed at breaking the silence and raising awareness about the importance of good menstrual hygiene management.
- The day was initiated by the German-based NGO WASH United in 2013 and observed for the first time in 2014.
International Day of Action for Women's Health 2024 is observed on May 28
- International Day of Action for Women’s Health is annually observed on May 28.
- The day serves as a reminder that women have the fundamental right to live a healthy and happy life, free from abuse, discrimination, and violations of their rights.
- In 1987, during the Women’s meeting in Costa Rica, the Latin American and Caribbean Women’s Health Network (LACWHN) decided that every year, May 28 should be observed as International Day of Action for Women’s Health.
- Theme – “Mobilising in Critical Times of Threats and Opportunities”
International Day of UN Peacekeepers 2024 is observed on May 29
- International Day of UN Peacekeepers is annually observed on May 29.
- The day pay tribute to all the men and women who have served and continue to serve in United Nations peacekeeping operations for their high level of professionalism, dedication, and courage and to honour the memory of those who have lost their lives in the cause of peace.
- The day was so designated by United Nations General Assembly Resolution 57/129, on December 11, 2002, after an official request of the Ukrainian Peacekeepers Association and the Government of Ukraine to the UN General Assembly and first celebrated in 2003.
- The day marks the anniversary of the creation of the United Nations Truce Supervision Organization (UNTSO) in 1948 to monitor the ceasefire after the 1948 Arab-Israeli War, which was the first ever UN peacekeeping mission.
- Theme – “Fit for the future, building better together”
Daily Current Affairs - May 29, 2024 - Consolidated
- Indian Mountaineer Satyadeep Gupta Becomes First Person To Scale Mt. Everest And Mt. Lhotse Twice In One Season
- RBI Unveils PRAVAAH Portal, Retail Direct App, And Fintech Repository for Enhanced Public Access
- SBI Research Says, India’s GDP Growth Likely to Touch 8 % In Financial Year 2024
- Crisil: Credit growth to slip 200 bps to 14% in FY25 on revision in risk weights, slower GDP growth
- Nel ASA has signed a licensing agreement with Reliance Industries limited
- Apurva Chandra Appointed as Chairperson of Committee A Of 77th WHA Event
- IAS Pradip Kumar Tripathi Appointed as Secretary to Lokpal till July 30
- REC wins ‘Sustainability Champion – Editor’s Choice Award’ at Outlook Planet Sustainability Summit & Awards 2024
- Indian Arm Wrestlers Contingent Wins Seven Medals At Asian Championship 2024
- Bharat Grand Prix cancelled in 2024, shifts to March 2025
- AIFF launches Blue Cubs Development Centre programme
- World Hunger Day 2024 is observed on May 28
- Menstrual Hygiene Day 2024 is observed on May 28
- International Day of Action for Women’s Health 2024 is observed on May 28
- International Day of UN Peacekeepers 2024 is observed on May 29
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