Daily Current Affairs – May 31, 2024
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Daily Current Affairs - Banking - May 31, 2024
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National News
The Indian Government Raises Retirement & Death Gratuity Limits to ₹25 Lakh
- Ministry of Personnel, Public Grievances and Pensions has issued an official memorandum that the maximum limit of retirement gratuity and death gratuity has been revised by the government from ₹20 lakhs to ₹25 lakhs.
- The revised limit will come into effect from January 1 2024.
International News
India hosts side event on Women, Children and Adolescent Health at the 77th World Health Assembly at Geneva
- During the ongoing 77th World Health Assembly, India hosted a side event on Women, Children and Adolescent Health in collaboration with Norway, United Nations Children’s Fund (UNICEF), United Nations Population Fund (UNFPA) and Partnership for Maternal, New-born and Child Health (PMNCH).
- The purpose of the event was to share emerging evidence and discoveries, fostering dialogue on pivotal opportunities for investment in maternal, new-born, child, and adolescent health and well-being.
- It aimed to advocate for continued and augmented investment, prompting policy adjustments and their ramifications across diverse stakeholders and sectors, while prioritizing the needs of various population groups.
- The focus of the event was on adolescent health and various speakers spoke for various aspects of adolescent health including the need to invest more on this issue.
- United Nations International Children’s Emergency Fund (UNICEF) – 11/12/1946 (Founded) – New York (HQ) – Catherine Mary Russell (Executive Director)
- United Nations Population Fund (UNFPA) – 1969 (Founded) – New York (HQ) – Natalia Kanem (Executive Director)
Sharjah-India Business Forum
- Sharjah Chamber of Commerce and Industry (SCCI) hosted the “Sharjah-India Business Forum,” urging Indian companies to capitalize on Sharjah’s investment prospects and dynamic business climate.
- The forum highlighted investment opportunities in both regions, aiming to boost trade exchange and business interactions.
- It emphasized the robust economic relations between the UAE and India, built on shared visions for sustainable growth and enhanced economic competitiveness.
- United Arab Emirates – Abu Dhabi (Capital) – United Arab Emirates Dirham (Currency) – Mohammed bin Zayed Al Nahyan (President) – Arabic (Official Language)
India, Japan Hold Sixth Meeting of Joint Working Group On Counter-Terrorism
- India and Japan held the sixth meeting of the Joint Working Group on counter-terrorism.
- During the meeting both countries exchanged views on the terrorist threats in their respective regions and also discussed state-sponsored cross-border terrorism in South Asia, South East Asia, East Asia, and the Middle East, as well as terror activities in the Afghanistan and Pakistan region.
- The Indian delegation was led by K.D. Dewal, Joint Secretary (CT) of the Ministry of External Affairs of the Republic of India, and the Japanese delegation by Ambassador Hiroyuki Minami, in charge of International Cooperation for Countering Terrorism and International Organized Crime.
- Japan – Tokyo (Capital) – Japanese yen (Currency) – Naruhito (Emperor) – Fumio Kishida (Prime Minister) – Japanese (Official Language)
State News
"Jaya Jayahe Telangana" approved as the State song of Telangana
- The song “Jaya Jayahe Telangana” in two versions — the short one spanning two-and-a-half minutes and the full version of 3 minutes — has been approved as the State song
- The song written two decades ago inspired the struggle for separate statehood and it has been approved as the State song without any changes.
- Penned by Andesri, music for the song has been composed by Oscar award winner M. Keeravani.
Schemes
Bank of Maharashtra launches Maha Krishi Samrudhi Yojana (MKSY)
- Bank of Maharashtra introduces the Maha Krishi Samridhi Yojana (MKSY), offering financial assistance to food and agro-based industries, agri-infrastructure projects involved in processing activities, and the development of agricultural infrastructure facilities.
- MKSY scheme provides comprehensive solution for Individuals, Proprietary Firms, Partnership Concerns, Farmer Producer Companies (FPCs), Public and Private Limited Companies, LLPs working in food and agro-processing sector.
- Bank of Maharashtra understands the process of financing to agri-businesses and hence in order to encourage Agro Based Industries as well as attract New Farmers’ / Agri-Business entrepreneurs’ / borrower units to grow and expand, MKSY scheme is designed to meet the financial needs of all agri-businesses.
- The MKSY scheme extends finance to new as well as existing Food and Agro-processing units /Agri-Infrastructure Project (Including Take-over from Other Banks / FIs) under “Agriculture”.
- Under MKSY, scheme loans can be granted for financing new projects / expansion of existing units e. for acquisition or construction of Land & Building, Plant & Machinery etc. based on the project cost. It also includes takeover of an existing unit.
- The scheme adopts a cluster based approach on a PAN India basis to finance borrower units, providing various types of Fund based and Non-Fund based credit facilities such as Term Loans, Working Capital Facility, Export Credit like Pre-Shipment and Post-Shipment facility, Bill Purchase, Bill Discounting, Letter of Credit (LCs) and Bank Guarantees (BGs) with a maximum loan limit of upto ₹100.00 Crores.
- Nurturing Growth: MKSY’s Approach to Margins and Ratings
- Under the scheme, for Term Loans & Working capital limits, Bank extends finance at lower margins based on the project.
- For all accounts with aggregate exposure above Rs.25.00 lakhs, Internal Credit Rating is done by the Bank, and for all loan accounts having aggregate exposures of above ₹25.00 crores, External Credit rating is mandatory with minimum credit risk rating to be “BBB”.
- Savings and Support: Interest Rates and Concessions
- The Bank is offering loans under MKSY Scheme at competitive rates and are decided on various parameters such as Credit Risk Rating, Collaterals offered, CIBIL MSME Rank among others.
- Additionally, the Bank has also waived processing fees for borrowers with CIBIL MSME Rank of CMR-1 & CMR-2.
- The Bank has also extended concessions in processing fees for borrowers or units with CIBIL MSME Rank between CMR-3 to CMR-6 ranging from 25-50%.
- Under the scheme, the repayment period for terms loans is upto 10 years including the moratorium period which is decided on the basis of the purpose of investment, economic life of assets and cash flows from the business.
- For Working Capital loans annual review / renewal would be carried out.
- All Working Capital loans would be repayable on demand.
Banking and Finance
Monetary penalties imposed by RBI on regulated entities more than doubled to ₹86.11 crores in FY24
- The monetary penalties imposed by the Reserve Bank of India on regulated entities (REs) more than doubled to ₹86.11 crore in FY24 for contraventions/non-compliance with provisions of statutes and certain directions issued by the Reserve Bank from time to time.
- The central bank had slapped monetary penalties aggregating ₹40.39 crore in FY23.
- In FY24, the central bank imposed monetary penalties on 281 REs (public sector banks, private sector banks, foreign banks, payments banks, small finance banks, regional rural banks, co-operative banks, NBFCs, CICs and HFCs) against 211 in FY23.
Jio Financial Services launches ‘JioFinance’ app in beta version
- Reliance Industries Limited financial services arm Jio Financial Services announced the launch of a pilot version of ‘JioFinance’ app to offer UPI, digital banking and other services.
- This app seamlessly integrates digital banking, UPI transactions, bill settlements, insurance advisory, and offers a consolidated view of accounts and savings, all in one user-friendly interface.
- Designed for friction-less navigation, the ‘JioFinance’ app will cater to users of all levels of familiarity with financial technology, ensuring money management on finger-tips.
- Future plans include expanding loan solutions, starting with loans on mutual funds and progressing to home loans, demonstrating a commitment to evolving customer needs.
- It prioritises trust, relevance, and transparency, seeking user feedback for continual improvement towards redefining digital banking experience.
- Key features include instant digital account opening and streamlined bank management with the ‘Jio payments bank account’
SBI Research: Equally higher surplus transfer from RBI for FY25 expected, will help in achieving 4.5% fiscal deficit by FY26
- SBI research has projected equally higher surplus transfer for the current fiscal by the Reserve Bank of India (RBI) which will help the Centre’s efforts to achieve 4.5 per cent fiscal deficit by fiscal year 2025-26.
- The Reserve Bank of India (RBI) approved a ₹2.11 lakh crore dividend payout to the central government for 2023-24.
Business and Economy
Pharma exports to grow at a faster clip, touch $31 billion in FY25
- According to Pharmaceuticals Export Promotion Council, India’s pharmaceutical exports are expected to grow over 11% and touch record $31 billion in FY25 on the back of multiple factors, especially a shortage of drugs in the key U.S. market.
- For the fiscal ended March 2024, pharma exports, a mainstay in the country’s global trade, rose 9.6% to $27.8 billion.
- More than 50% of the exports last fiscal were to highly regulated markets such as North America and Europe.
- Pharmaceutical Export Promotion Council of India (Pharmexcil) – May 2004 (Founded) – New Delhi (HQ) – S V Veeramani (Chairman)
India’s maize exports in FY24 drop to 4-year low at 14.42 lakh tonnes
- The India’s maize exports declined to 14.42 lakh tonnes during 2023-24 from the previous year’s 34.53 lakh tonnes as per the official data with large buyers such as Bangladesh and Vietnam reducing their off-take and shifting to other cheaper origins.
- In dollar value terms, India maize or corn exports slipped by 60 per cent to $443 million during the period from the previous year’s $1116 million.
- In rupee value terms, the exports declined 59.2 per cent to ₹3660 crores from the previous year’s ₹8987 crores.
- Vietnam was the largest buyer of Indian maize during 2023-24 with purchases at over 6.88 lakh tonnes.
- However, the exports to Vietnam were down by about 23 per cent from the previous year’s 8.91 lakh tonnes.
- Nepal was the second largest buyer of Indian maize during 2023-24 with purchases of some 78 lakh tonnes.
- Exports to Nepal during the year were down by 3 per cent from previous year’s 3.91 lakh tonnes.
Agreements and MoUs signed
Armed Forces Medical Services signs MoU IIT Hyderabad for Collaborative Research and Training
- The Armed Forces Medical Services (AFMS) have signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology (IIT) Hyderabad to collaborate on research and training.
- The MoU was signed by Director General of Armed Forces Medical Services Lt Gen Daljit Singh, and Director of IIT Hyderabad Prof B S Murty.
- The MoU aims to foster innovation and research in developing novel medical devices and addressing health issues specific to soldiers serving in varied terrains.
- IIT Hyderabad, with its departments of Biotechnology, Biomedical Engineering, and Bioinformatics, will provide the necessary technical expertise to tackle the diverse medical challenges faced by the Armed Forces.
- Key areas of collaboration discussed include drone-based patient transport, telemedicine innovations, the application of Artificial Intelligence in the medical field, and advancements in nanotechnology.
- Additionally, the MoU will facilitate student exchange programs, short-term courses for undergraduates, and faculty exchange initiatives.
Summit & Conference
International Conference on Steel (ICONS-2024) held at Ranchi
- MECON Limited along with SAIL, under the aegis of Ministry of Steel, Government of India is organizing a two days International Conference on Steel (ICONS-2024): Focus on Capital Goods at Ranchi, Jharkhand.
- The objective of the conference is to bring together the brightest minds and leading stakeholders from across the steel industry, including technology providers, steel producers, manufacturers, academia and more to foster new partnerships, explore innovative solutions and to drive forward the future of steel industry.
- Steel Authority of India Ltd (SAIL) – 19/01/1954 (Founded) – New Delhi (HQ) – Amarendu Prakash (Chairman)
Appointments
IRDAI approves appointment of Sandeep Batra as ICICI Prudential Board chairman
- The Insurance Regulatory and Development Authority of India (IRDAI) has approved the appointment of Sandeep Batra, as Chairman of the Board of Directors of ICICI Prudential will be effective from June 30, 2024
- He has also served as Executive Director, CFO at ICICI Prudential life and Group Compliance officer at ICICI Bank.
Orient Electric appoints Ravinder Negi as MD & CEO
- Orient Electric Ltd, part of the diversified $3 billion CK Birla Group, announced the appointment of Ravindra Singh Negi as its Managing Director and CEO, effective May 31.
Awards and Recognitions
Indian American Bruhat Soma Wins 2024 Scripps National Spelling Bee
- Bruhat Soma, a seventh-grader, won the US National Spelling Bee champion title along with a Scripps Cup trophy and a $50,000 check after acing a 90-second spell-off against the second runner-up, 12-year-old Faizan Zaki from Texas.
- HE has become the 28th Indian-American to hold the prestigious title, having beaten over 228 other competitors, including 7 finalists.
Sports News
England's Ecclestone becomes fastest woman to take 100 ODI wickets
- England spin Bowler Sophie Ecclestone became the fastest woman to reach 100 wickets in One Day International (ODI) cricket after claiming three in their 178-run win over Pakistan.
- She has reached the 100-wicket mark after bowling in 63 matches, beating the previous record held by Australian fast bowler Cathryn Fitzpatrick, who took 64 innings to get to that total.
Important Days
International Week of Solidarity with the Peoples of Non-Self-Governing Territories is observed on May 25 to May 31
- The U.N. commemorates International Week of Solidarity with Peoples of Non-Self-Governing Territories annually from May 25 to May 31.
- The U.N. describes a Non-Self-Governing Territory as a territory “whose people have not yet gained a complete degree of self-government.”
- This day aims to request the administering Powers to protect and respect the rights of the peoples in these territories to their natural resources and their property rights.
- Currently, there are 17 non-self-governing territories left in the world.
- The U.N. General Assembly requested the yearly commemoration of International Solidarity Week with the Peoples of Non-Self-Governing Territories in its Resolution 54/91 on December 6, 1999.
World Vape Day 2024 is observed on May 30
- World Vape Day is annually observed on May 30.
- An electronic cigarette or vape is a device that simulates tobacco smoking.
- It consists of an atomizer, a power source such as a battery, and a container such as a cartridge or tank.
- Instead of smoke, the user inhales vapor.
- As such, using an e-cigarette is often called “vaping”.
- The choice of date is not coincidental and falls just one day before the World No Tobacco Day proclaimed by the WHO: precisely to showcase that vaping and other harm reduction tools are one of the most efficient ways to help smokers quit.
- Theme – “Misperception Epidemic”
World No Tobacco Day 2024 is observed on May 31
- World No Tobacco Day is annually observed on May 31.
- The day aims to inform the public on the dangers of using tobacco, the business practices of tobacco companies, what the World Health Organization (WHO) is doing to fight against the use of tobacco, and what people around the world can do to claim their right to health and healthy living and to protect future generations.
- In 1987, the World Health Assembly passed Resolution WHA40.38, calling for 7 April 1988 to be a “a world no-smoking day.”
- In 1988, Resolution 19 was passed, calling for the celebration of World No Tobacco Day, every year on 31 May.
- It is one of 11 official global public health campaigns marked by the WHO.
- Theme – “Protecting children from tobacco industry interference”
Daily Current Affairs - May 31, 2024 - Consolidated
- The Indian Government Raises Retirement & Death Gratuity Limits to ₹25 Lakh
- India hosts side event on Women, Children and Adolescent Health at the 77th World Health Assembly at Geneva
- Sharjah-India Business Forum
- India, Japan Hold Sixth Meeting of Joint Working Group On Counter-Terrorism
- “Jaya Jayahe Telangana” approved as the State song of Telangana
- Bank of Maharashtra launches Maha Krishi Samrudhi Yojana (MKSY)
- Monetary penalties imposed by RBI on regulated entities more than doubled to ₹86.11 crores in FY24
- Jio Financial Services launches ‘JioFinance’ app in beta version
- SBI Research: Equally higher surplus transfer from RBI for FY25 expected, will help in achieving 4.5% fiscal deficit by FY26
- Pharma exports to grow at a faster clip, touch $31 billion in FY25
- India’s maize exports in FY24 drop to 4-year low at 14.42 lakh tonnes
- Armed Forces Medical Services signs MoU IIT Hyderabad for Collaborative Research and Training
- International Conference on Steel (ICONS-2024) held at Ranchi
- IRDAI approves appointment of Sandeep Batra as ICICI Prudential Board chairman
- Orient Electric appoints Ravinder Negi as MD & CEO
- Indian American Bruhat Soma Wins 2024 Scripps National Spelling Bee
- England’s Ecclestone becomes fastest woman to take 100 ODI wickets
- International Week of Solidarity with the Peoples of Non-Self-Governing Territories is observed on May 25 to May 31
- World Vape Day 2024 is observed on May 30
- World No Tobacco Day 2024 is observed on May 31
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