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Daily Current Affairs - Banking - May 30, 2024

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National News

Sanjay Kumar inaugurates Summer Fiesta 2024 at National Bal Bhavan, New Delhi

  • Sanjay Kumar, Secretary, Department of School Education & Literacy, Ministry of Education, inaugurated the month-long “Summer Fiesta 2024” at the National Bal Bhavan, New Delhi.
  • Summer Fiesta is a month-long camp comprising over 30 types of different activities for children aged between 5 to 16 years.
  • Summer Fiesta 2024, which runs from May 29 to June 28 of 2024, promises a myriad of engaging and innovative activities in the fields of Creative and Performing Arts, Science, and more, ensuring that every child finds something intriguing to explore and learn.
  • During the Summer Fiesta, special workshops and programs will be conducted weekly, including sessions on Odissi dance, Yoga, Calligraphy, Music recitals, Games etc.
  • These workshops are designed to provide children with opportunities to develop and showcase their skills and talents.

International News

India and Bangladesh Hold Fourth Round of Consular Dialogue In New Delhi

  • The 4th Round of the India-Bangladesh Consular Dialogue was held in New Delhi.
  • Joint Secretary, Consular, Passport and Visa Division, Aman Puri led the Indian delegation, while the delegation from Bangladesh side was led by Director General (South Asia), Ministry of Foreign Affairs, Rokebul Haque.
  • The two sides held wide-ranging discussions on mechanisms to strengthen coordination and cooperation on consular issues, visa matters, repatriation, MLAT and Extradition cases.
  • The two sides also agreed to further strengthen the bilateral Revised Travel Arrangement to facilitate the movement of nationals from both sides.
  • Both sides reiterated their commitment to continue promoting people-to-people exchanges and agreed to hold the next Round of the Dialogue in Dhaka on a mutually convenient date.
  • The India-Bangladesh Consular Dialogue mechanism was instituted in 2017 with a purpose to strengthen people to people contacts by having a regular channel of communication on consular, visa and mutual legal assistance cooperation matters between India and Bangladesh.
  • Bangladesh – Dhaka (Capital) – Taka (Currency) – Mohammed Shahabuddin (President) – Sheikh Hasina (Prime Minister) – Bengali (Official Language)

Banking and Finance

RBI annual report 2023-2024

  • The Reserve Bank of India (RBI) has released its Annual Report for 2023-24, shedding light on India’s strong performance in attracting foreign direct investment (FDI) and maintaining the stability of the Indian Rupee (INR) amidst a volatile global economic environment.
  • RBI had a net income of ₹2.11 lakh crore in the financial year 2024, up from ₹87,420 crores in the previous year with a jump in interest income from foreign securities.
  • The Reserve Bank of India saw a gain of ₹83,616 crores from foreign exchange transactions during the year, while interest income from foreign securities rose to ₹65,328 crores, which allowed it to increase the size of its contingency fund.
  • The RBI’s balance sheet size increased by 11.08% during the financial year to ₹70.48 lakh crore.
  • India witnessed resilient gross FDI flows amounting to $ 71.0 billion during 2023-24, comparable to the previous year’s $ 71.4 billion.
  • However, net FDI flows moderated to $ 10.6 billion from $ 28.0 billion, largely due to increased repatriation.
  • Despite this moderation, India’s ability to attract substantial FDI highlights its robust economic fundamentals and favourable investment climate.
  • Notably, the year saw a significant turnaround in net foreign portfolio investment (FPI) flows, which reached $ 41.6 billion, the second-highest inflow recorded since 2014-15.
  • This surge underscores strong investor confidence, positioning India as the top recipient of net FPI inflows among emerging market economies (EMEs).
  • The INR displayed remarkable stability in 2023-24, depreciating by only 1.4 percent compared to the previous year’s 7.8 percent depreciation.

IRDAI revamps health insurance norms

  • The Insurance Regulatory and Development Authority of India (IRDAI) has announced a major revamp of regulatory norms, in a significant move towards the empowerment of policyholders and bolstering inclusive health insurance.
  • The regulator has issued a comprehensive Master Circular on Health Insurance Products repealing 55 circulars.
  • The master circular gives operational effect to a slew of regulatory changes announced by IRDAI last month in health cover including the removal of upper cap on age and brings in new features such as customer information sheet to provide transparency and the option to distribute claim amount from multiple policies one may have from different companies.
  • All the entitlements in a health insurance policy available to a Policyholder have been brought in one place in the Master Circular.
  • The repeal of previous circulars has been done to provide for new norms and also to make a single point reference on the total norms for policyholders as well as the insurers.
  • It also emphasised measures towards providing a seamless, faster, and hassle-free claims experience to a policyholder procuring a health insurance policy and ensuring enhanced service standards across the health insurance sector.
  • The major norms spelled out by IRDAI include a wider choice for the policyholders to be provided by the insurers by making available products/add-ons/riders by offering diverse insurance products catering to all ages, regions, occupational categories, medical conditions/ treatments, all types of Hospitals and health care providers.
  • This is aimed at providing suitability and affordability.
  • The insurers will also need to provide a Customer Information Sheet (CIS) along with every policy document.
  • Customers are also to be provided with the flexibility to choose products/add-ons/riders as per their medical conditions/specific needs.
  • A policyholder with multiple health insurance policies gets to choose the policy under which he/she can get the admissible claim amount.

Business and Economy

Morgan Stanley predicts India's GDP at 6.8% for FY24

  • Morgan Stanley in its latest report ‘2024 Global Economic Midyear Outlook’, attributed India’s firm growth to three megatrends -global offshoring, digitalization and energy transition.
  • Morgan Stanley forecasts 6.8 per cent growth in FY24 and 6.5 per cent in FY25.
  • Retail inflation clocked 4.83 per cent in April 2024, the lowest in the past 11 months.
  • India’s GDP grew at a massive 8.4 per cent during the October-December quarter of the financial year 2023-24, and the country continued to remain the fastest-growing major economy.
  • India’s economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22, respectively.
  • The size of India’s GDP is currently ranked 5th, after the US, China, Germany, and Japan, it overtook the UK in 2022.
  • Just a decade ago, Indian GDP was the 11th largest in the world.
  • Currently, India’s GDP is estimated to be around $3.7 trillion.

S&P raises India’s outlook to ‘positive’, affirms ‘BBB-’ long-term rating

  • S&P Global Ratings revised outlook on India’s economy to ‘positive’ from ‘stable’.
  • However, it retained the sovereign rating as ‘BBB Minus’.
  • The rating has been on BBB- since January 30, 2007 (when it was upgraded from BB+).
  • It has been on BBB-/stable since September 26, 2014 (it was placed on negative outlook on April 25, 2012).
  • Meanwhile, it is the first agency which has revised the outlook.
  • Earlier in January, relying on a robust medium-term GDP growth outlook and sound external finances, Fitch Ratings affirmed India’s sovereign rating at ‘BBB Minus’ with stable outlook.
  • ‘BBB Minus’ is the lowest investment grade rating offered.

Agreements and MoUs signed

NSDC signs MoU with ILO to enhance Skill Development and Lifelong Learning

  • National Skill Development Corporation (NSDC) under the aegis of the Ministry of Skill Development & Entrepreneurship (MSDE) signed a MoU with the International Labour Organization (ILO) to advance skill development and lifelong learning in India and globally.
  • This collaboration aims to empower individuals across the globe, by equipping them with essential competencies and qualifications, thereby enhancing employability and sustainable economic growth.
  • The MoU was signed by Ved Mani Tiwari, CEO, NSDC and MD, NSDC International, and Sangheon Lee, Director, Employment Policy, Job Creation and Livelihoods Department, ILO, reaffirming both organizations’ commitment to leveraging their strengths and expertise in talent development.
  • This partnership is dedicated to developing effective policies, governance and financing structures which will enhance skill development, both nationally and internationally.
  • A key aspect of the partnership is the implementation of the Skill India Digital Hub (SIDH).
  • This digital transformation will streamline skill development initiatives, enhancing their efficiency, accessibility, and global impact.
  • The partnership aims to facilitate public-private partnerships and knowledge exchange to enhance Sector Skill Councils (SSCs), develop micro-credentials, and promote Recognition of Prior Learning (RPL) through a global knowledge-sharing platform.
  • By strengthening the comparability of skills and qualifications, digital tools will be developed and deployed to assess and compare the skills and qualifications of Indian workers with those required in potential destination countries, improving mobility and global employability prospects for Indian workers.
  • International Labour Organization – 11/04/1919 (founded) – Geneva, Switzerland (HQ) – Gilbert Houngbo (Director General)

MEA, MeitY and CSC e-Governance Services India Ltd sign MoU to provide eMigrate services through Common Services Centres

  • A Memorandum of Understanding (MoU) is entered into between Ministry External Affairs (MEA), Ministry of Electronics and Information Technology (MeitY) and CSC eGovernance Services India Limited to create a synergy between CSC SPV & MEA to provide the eMigrate services through CSCs in the country.
  • eMigrate project is undertaken to assist mainly the blue-collar workers going to Emigration Check Required (ECR) countries.
  • The project was conceptualized to address issues faced by the migrant workers by making emigration process online seamless and also to bring foreign employers and registered recruitment agents and insurance companies on one common platform aimed at promoting safe and legal migration.
  • The MoU has been signed during the conference of National Workshop on “Powering Transformation through UI/UX for Digital Governance” by Bramha Kumar, Joint Secretary (OE & PGE) Division, MEA; Sanket Bhondve, Joint Secretary (DigiGov), MeitY and Akshay Jha, COO, CSC eGovernance Services India Limited.
  • Under this MoU, eMigrate Portal of MEA would be integrated with CSC’s portal, to provide following eMigrate services to the citizens through CSCs:
  • Facilitate registration of applicants on eMigrate portal through CSCs.
  • Facilitation of uploading and processing the required documents for the applicants on eMigrate portal through CSCs.
  • Facilitate and supporting booking for medical and other services required by migrant workers or applicants registered on eMigrate portal through CSC.
  • Creating awareness about eMigrate services amongst citizens across India.

Summit & Conference

FICCI Organises Cold Chain & Logistics Summit in New Delhi

  • The Cold Chain and Logistics Summit is being organised by the FICCI (Federation of Indian Chambers of Commerce & Industry) in New Delhi.
  • Dr Surendra Ahirwar, Joint Secretary of DPIIT, Ministry of Commerce and Industry addressed the summit.
  • The summit aim is to foster collaboration and innovation in developing an integrated, sustainable, and efficient cold chain ecosystem for India’s perishable goods industry.
  • The discussion will also help to redefine logistics mechanisms of the wider sector including Pharma, Food, Oil and Flowers.
  • Over 250 delegates of different industry sectors from all over the country are participating in the summit.
  • Federation of Indian Chambers of Commerce & Industry (FICCI) – 1927 (Founded) – New Delhi (HQ) – Anish Shah (President)

Science and Technology

Space Startup Agnikul Launches India’s Second Privately Built Rocket

  • Agnikul Cosmos launched its Agnibaan rocket for the first time, powered by the only Indian rocket engine to use both gas and liquid fuel in the country’s second flight of a privately built rocket.
  • The Agnibaan’s first flight had been called off four times in the last two months because of technical issues.
  • Agnibaan is a customisable, two-stage launch vehicle that can carry a payload of up to 300 kg (661 lb) into orbit of about 700 kilometres (435 miles).
  • Driven by LOX/Kerosene engines in all its stages, Agnibaan is configurable by the customer.
  • The mission, the satellite and the launch port itself would decide how many engines go on the first stage.
  • India’s first privately developed rocket, from the company Skyroot, flew in
  • Agnikul, whose name is derived from the Hindi and Sanskrit word for fire, was founded in 2017 and runs India’s first private Launchpad and mission control centre.
  • All other Launchpad’s are operated by ISRO.
  • Indian Space Research Organisation (ISRO) – 15/08/1969 (Founded) – Bangalore, India (HQ) – Sreedhara Somanath (Chairman)

Acquisitions and Mergers

Shinhan Bank receives CCI approval to acquire 11% stake in HDFC Credila

  • The Competition Commission of India (CCI) has cleared South Korea-based Shinhan Bank’s proposed acquisition of an 11 per cent stake in HDFC Credila Financial Services.
  • Part of the Shinhan Financial Group, Shinhan Bank Co Ltd is a multinational bank, which commenced operations in India in
  • HDFC Credila Financial Services, is a Reserve Bank of India (RBI)-registered non-deposit taking non-banking financial company and is primarily engaged in the business of providing education loans in India and overseas.
  • South Korea – Seoul (Capital) – Korean (Official Language) – Yoon Suk-yeol (President) – Han Duck-soo (Prime Minister) – South Korean won (Currency)

Appointments

Dr Emmanuelle Soubeyran elected as new Director General of the World Organisation for Animal Health

  • During its 91st General Session, the World Organisation for Animal Health elects its new Director General, Dr Emmanuelle Soubeyran, for a 5-year mandate (2024-2029).
  • World Organisation for Animal Health (WOAH) – 1924 (Founded) – Paris, France (HQ) – Dr Emmanuelle Soubeyran (DG)

India Assumes Chair of Colombo Process for 2024-26

  • India assumed the Chair of Colombo Process for 2024-26, for the first time since its inception.
  • India looks to promote safe, orderly and legal migration.
  • Colombo Process is a Regional Consultative Process of migrant worker origin countries from South and South East Asia.
  • It serves as a forum for exchange of best practices on overseas employment.
  • There are 11 Member States: Afghanistan, Bangladesh, China, India, Indonesia, Nepal, Pakistan, the Philippines, Sri Lanka, Thailand and Vietnam.
  • The inaugural meeting of the Colombo Process (CP) took place in 2003 in Colombo, Sri Lanka.

Ranks and Indices

London-based Indian-origin artist Anish Kapoor tops the Hurun India Art List 2024

  • For the 6th consecutive year, London-based Indian origin artist Anish Kapoor has topped the Hurun India Art List of the most successful Indian artists alive, released by the Hurun Research Institute with sales of ₹79.9 crore.
  • The list ranks the top 50 living Indian artists according to the sales of their works sold at public auctions as of January 1, 2024.
  • The oldest artist on the list is 98-year-old Krishen Khanna, ranked at number five, whose works cumulatively fetched ₹18 crores in sales.
  • The youngest is London-based 27-year-old Raghav Babbar, who is ranked eighth with ₹12 crore cumulative sales.
  • Ranked at number two is Baroda-based artist-pedagogue Gulammohammed Sheikh, whose 2015 canvas Ark Kashmir sold for ₹21 crores last year.
  • Number three on the list is Delhi-based Arpita Singh, who also retains her position as the most successful woman artist.

Awards and Recognitions

PFC receives “CSR Champion Award” at Outlook Planet Sustainability Summit & Awards 2024

  • Power Finance Corporation Ltd. (PFC) has been honoured with the Corporate Social Responsibility award in the NF (Non-Fossil Fuel) business category at the Outlook Planet Sustainability Summit & Awards 2024, held in Goa.
  • Chairperson & Managing Director, PFC, Parminder Chopra received the Award from Secretary, Department of Administrative Reforms and Public Grievances.

Sports News

Chennai to host second Indian Grand Prix

  • The second Indian Grand Prix, organised by the Tamil Nadu Athletic Association (TNAA) under the aegis of the Athletic Federation of India (AFI), will be held at the Jawaharlal Nehru Stadium, Chennai, Tamil Nadu.
  • Chief guest Adille Sumariwalla, vice president — World Athletics, will flag off the competition.
  • Top athletes from across the country, as well as athletes from the Indian camp, will be competing for the honours in nine events: 200m, 400m, 400m Hurdles, 1500m, 5000m, pole vault, triple jump, shot put, and javelin throw.
  • The competition is one of the selection trials for this year’s Paris Olympics.
  • There are a total of four Grand Prix competitions, and the first one has already taken place in Bengaluru.

Important Days

International Everest Day 2024 is observed on May 29

  • Mount Everest Day or International Everest Day is annually observed on May 29.
  • The day aims to commemorate those individuals who climbed Mount Everest after battling many obstacles.
  • The day is committed to honouring the two brave climbers named Sir Edmund Hillary and Tenzing Norgay Sherpa who were the first to climb the highest mountain in the world on 29 May 1953.
  • Mt Everest stands tall at 29,029 feet.
  • It was declared the tallest mountain on the planet in 1841 by a British survey team which was led by Sir George Everest.
  • The mountain was named after him 24 years
  • Nepal Celebrates 71st International Sagarmatha (Everest) Day 2024.
  • The Nepal Mountaineering Association organised the programs in collaboration with the Ministry of Culture, Tourism and Civil Aviation and the other organizations associated with tourism.
  • Lhakpa Sonam Sherpa, a climber and tourism entrepreneur, has been awarded the Sagarmatha International Award 2024.
  • Khimlal Gautam was honoured with the Baburam Acharya Sagarmatha Award 2024 for contributing to the accurate measurement of Mt Everest.
  • In Tenzing-Jillary Everest Marathon, winners in male and female categories were awarded.

International Potato Day 2024 is observed on May 30

  • International Potato Day is annually observed on May 30.
  • The day is celebrated to highlight the significance of potatoes from the Andean region to the world.
  • In December 2023, the General Assembly announced that May 30 will be observed as International Potato Day every year and observed for the first time in 2024.
  • Potatoes rank among the top five staple food items used throughout the world.

Defence

RudraM-II air-to-surface missile successfully flight-tested by DRDO from Su-30 MK-I off the Odisha coast

  • Defence Research & Development Organisation (DRDO) successfully flight-tested the RudraM-II air-to-surface missile from Su-30 MK-I platform of the Indian Air Force (IAF) off the coast of Odisha.
  • The flight-test met all the trial objectives, validating the propulsion system and control & guidance algorithm.
  • The performance of the missile has been validated from the flight data captured by range tracking instruments like electro-optical systems, radar and telemetry stations deployed by Integrated Test Range, Chandipur at various locations, including the on-board ship.
  • RudraM-II is an indigenously-developed solid-propelled air-launched missile system meant for Air-to-Surface role to neutralise many types of enemy assets.
  • A number of state-of-the-art indigenous technologies developed by various DRDO laboratories have been incorporated in the missile system.

‘Ammunition Cum Torpedo Cum Missile Barge, LSAM 20’ delivered to Indian Navy

  • The delivery of ‘Ammunition Cum Torpedo Cum Missile Barge, LSAM 20’, 6th Barge of 11 x ACTCM Barge Project, built by MSME Shipyard, M/s Suryadipta Projects Pvt Ltd, Thane for Indian Navy at Naval Dockyard, Mumbai for NAD (Karanja).
  • The contract for building 11 X ACTCM Barge was signed between MoD and M/s Suryadipta Projects Pvt Ltd, Thane on 5 March 2021.
  • Induction of these Barges would provide impetus to operational commitments by facilitating Transportation, Embarkation and Disembarkation of articles/ ammunition to IN Ships both alongside jetties and at outer harbours.
  • These Barges are indigenously designed and built under relevant Naval Rules and Regulation of Indian Register of Shipping.
  • The model testing of the Barge during the design stage was undertaken at Naval Science and Technological Laboratory, Visakhapatnam.
  • These Barges are proud flag bearers of Make in India initiative of Government of India.

Daily Current Affairs - May 30, 2024 - Consolidated

  • Sanjay Kumar inaugurates Summer Fiesta 2024 at National Bal Bhavan, New Delhi
  • India and Bangladesh Hold Fourth Round of Consular Dialogue In New Delhi
  • RBI annual report 2023-2024
  • IRDAI revamps health insurance norms
  • Morgan Stanley predicts India’s GDP at 6.8% for FY24
  • S&P raises India’s outlook to ‘positive’, affirms ‘BBB-’ long-term rating
  • NSDC signs MoU with ILO to enhance Skill Development and Lifelong Learning
  • MEA, MeitY and CSC e-Governance Services India Ltd sign MoU to provide eMigrate services through Common Services Centres
  • FICCI Organises Cold Chain & Logistics Summit in New Delhi
  • Space Startup Agnikul Launches India’s Second Privately Built Rocket
  • Shinhan Bank receives CCI approval to acquire 11% stake in HDFC Credila
  • Dr Emmanuelle Soubeyran elected as new Director General of the World Organisation for Animal Health
  • India Assumes Chair of Colombo Process for 2024-26
  • London-based Indian-origin artist Anish Kapoor tops the Hurun India Art List 2024
  • PFC receives “CSR Champion Award” at Outlook Planet Sustainability Summit & Awards 2024
  • Chennai to host second Indian Grand Prix
  • International Everest Day 2024 is observed on May 29
  • International Potato Day 2024 is observed on May 30
  • RudraM-II air-to-surface missile successfully flight-tested by DRDO from Su-30 MK-I off the Odisha coast
  • ‘Ammunition Cum Torpedo Cum Missile Barge, LSAM 20’ delivered to Indian Navy

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