Current Affairs Quiz 28th March 2024 Quiz

Exp. SARL partners with IIT Madras to establish €100 million startup hub

French aerospace and defence firm Starburst Accelerator SARLhas partnered with the Indian Institute of Technology Madras (IIT Madras) to set up an innovative hub for start-ups with €100 million in funding support.

Through this collaboration, IIT Madras will enable Starburst to set up accelerator programs to boost the Aviation, Space, and Defence (ASD) ecosystem in India.

A key focus of this partnership will be entrepreneurs, research parks, investors (public and private), government, and corporate firms.

The aim is to create innovative startups and help them grow rapidly to work in tandem with future aerospace and New Space worldwide programs.

IITs in News

• IIT Madras develops customisable ‘Electric Standing Wheelchair’
• Indian Navy & IIT Kharagpur signed a MoU to drive innovation through research partnership
• Max India’s subsidiary partners with IIT Delhi for senior citizen care
• MoRD partners with IIT Delhi to work collaboratively in Geospatial Technology and Artificial Intelligence
• NICDC joined hands with IIT Delhi to enhance development of greenfield smart cities

Exp. Adani Ports acquires 95% of Odisha’s Gopalpur Port from SP Group

Billionaire Gautam Adani-run Adani Ports and Special Economic Zone will buy a 95% stake in Odisha’s Gopalpur Port (GPL) for an equity value of Rs 1,349 crore and enterprise value of Rs 3,080 crore to boost its east coast presence.

Furthermore, in addition to the enterprise value, the company said there is a contingent consideration of Rs 270 crore which is likely to be payable after 5.5 years, subject to certain conditions.

APSEZ, India’s largest private port operator, will be acquiring a 56 per cent stake in Gopalpur Port from real-estate conglomerate Shapoorji Pallonji Group (SP Group) and a 39 per cent stake from Orissa Stevedores.

The port, located on India’s east coast, can handle around 20 MMTPA. The Odisha government in 2006 awarded a 30-year concession to GPL, with the provision of two extensions of 10 years each.

The port currently handles a diverse mix of dry bulk cargo, including iron ore, coal, limestone, ilmenite, and alumina.

Exp. NTPC secures USD 200 million Loan from JBIC for Renewable Projects

State-run NTPC group has inked foreign currency loan agreements worth JPY 30 billion, or roughly $200 million, with the Japan Bank for International Co-operation (JBIC).

The loan facility of around ₹1,650 crore extended by the Japanese Government’s policy-based financial institution, is divided into two equal halves for NTPC and its clean energy solutions arm NTPC Renewables Energy (NREL).

JBIC has provided 60 per cent of the facility amount and the balance of the facility amount has been provided by other commercial banks under JBIC guarantee.

The facility has been extended under JBIC’s initiative, Global action for reconciling economic growth and environment preservation (GREEN), for projects that ensure conservation of the global environment.

Exp. Government to borrow ₹7.5-lakh crore in April-Sept

The government will borrow ₹7.5-lakh crore between April 1 and September 30.

The interim Budget has set a target of ₹14.13-lakh crore of gross borrowing during FY25 to bridge the deficit between expenditure and Income.

This means 53 per cent of the yearly target is to be borrowed during the first half of the current fiscal, which is lower than the previous years’ number of 60 per cent or more.

Exp. Innoviti Payments, Concerto Software get RBI payment aggregator licences

Offline point-of-sales deploying company Innoviti Payments and payment gateway Vegaah, which is run by Concerto Software and Systems, have secured the online payment aggregator (PA) licence from the Reserve Bank of India, joining the likes of MSwipe, Razorpay, Cashfree, and Zomato.

CCAvenue, which is run by listed fintech company Infibeam Avenues, also received its PA licence from the RBI earlier this month.

As PAs, these companies are authorised to settle ecommerce transactions. The licence also brings these payment companies directly within the purview of RBI regulations.

Bengaluru-based Innoviti has around 2,500 online merchants who are using its online payment system named ‘Innoviti Link’.

MSwipe is another point-of-sales (PoS) player that received the PA licence recently. MSwipe offers online payment service to its offline customers who seek an omnichannel experience for their customers.

Exp. S&P Global raises India’s FY25 GDP growth forecast to 6.8%

S&P Global has raised India’s gross domestic product (GDP) growth forecast for Financial Year 2024-25 (FY25) by 40 basis points to 6.8 per cent or lower than the central bank and government’s projection of 7 per cent.

The Indian economy is estimated to have clocked a growth of 7.6% in the current fiscal.

In November, last year, the U.S.-based agency had projected India’s growth to be 6.4% in 2024-25 fiscal on robust domestic momentum.

Updated GDP List

• S&P – 7.6% (FY24), 6.8% (FY25)
• CRISIL – 6.8% (FY25)
• Moody– 8% (FY24)
• IMF – 6.7% (FY24), 6.5% (FY25), 6.5% (FY26)
• World Bank – 6.3% (FY24), 6.4% (FY25), 6.5% (FY26)
• India Ratings – 6.7% (FY24)
• Goldman Sachs – 6.2% (FY24)
• Fitch Rating – 6.9% (FY24), 6.5% (FY25)

Exp. Ujjivan SFB partners with Veefin Solutions for MSME growth

Ujjivan Small Finance Bank has partnered with Veefin Solutions Ltd to enhance supply chain finance offerings for MSMEs, addressing the sector’s working capital needs.

it aims to provide end-to-end solutions, bridging the credit gap in the MSME sector and fostering inclusive growth.

The collaboration underscores the commitment of both entities to leverage technology and innovative solutions to address the long-standing challenges faced by MSMEs in accessing timely and affordable credit.

Recent MoUs Signed in Banking Sector

• Star Housing Finance partnered with Tata Capital Housing Finance to leverage domain of Star HFL in low ticket affordable housing finance space
• Airtel Payments Bank partners with Noise and Mastercard to unveil ‘A New Way To Pay’
• YES Bank partners with Indian Olympic Association for Paris Olympics 2024
• SANY India signs MoU with J&K Bank to give finance solution
• L&T Finance Holdings Ltd signed a financing pact with Japan International Cooperation Agency (JICA) for $125 million to support financing in rural and peri-urban areas in India, particularly women borrowers

About Ujjivan Small Finance Bank

• Founded- 1 February 2017
• Headquarters- Bangalore, Karnataka
• MD & CEO – Ittira Davis

Exp. RBI imposes Rs 59.90 lakh fine on Nashik’s Janalaxmi Cooperative Bank

The Reserve Bank has imposed a penalty of Rs 59.90 lakh on Nashik-based Janalaxmi Cooperative Bank for non-compliance with regulations.

The bank had failed to constitute a board of management within the extended timeline granted by RBI, sanctioned credit facilities to its nominal members in excess of the prescribed limit, and, opened/renewed term deposits at interest rates higher than those offered by the State Bank of India for the same tenor.

The bank was served with a show cause notice, after which the penalty was imposed in exercise of powers under the sections of the Banking Regulation Act.

The central bank also imposed a penalty of Rs 28.30 lakh on Solapur Janata Sahakari Bank for appointing a member on its board of management who did not satisfy the ‘fit and proper’ criteria and failure to reconstitute the panel within the specified time and contravention of Supervisory Action Framework by the lender by sanctioning fresh loans carrying risk weights of more than 100 per cent in FY22.

It also imposed a fine of Rs 50,000 on Chikkamagaluru District Cooperative Central Bank, Karnataka for delay in reporting of frauds to National Bank for Agriculture and Rural Development (NABARD).

The RBI has also imposed a monetary penalty of Rs 25,000 on The Dindigul Urban Co-operative Bank from Tamil Nadu for sanction of loans to nominal members in excess of the prescribed ceiling.

Recent Penalties imposed by RBI on banks

• DCB Bank (63.6 lakh) – for non-compliance with certain directions related to ‘interest rate on advances’
• Tamilnad Mercantile Bank (1.31 crore) – for non-compliance with certain directions related to ‘interest rate on advances’.
• Bank of India (1.4 crore) – for non-compliance with certain regulatory norms.
• Bandhan Bank (29.55 lakh) – for non-compliance with certain directions
• Dhanlaxmi Bank (1.20 crore) – for non-compliance with certain directions on ‘Loans and Advances’

Exp. Ritu Raj Awasthi sworn in as Judicial Member, Lokpal

Justice Ritu Raj Awasthi was sworn-in as the judicial member, Lokpal. The oath was administered by Justice A. M. Khanwilkar, Chairperson, Lokpal of India.

Additionally, Pankaj Kumar and Ajay Tirkey took oath as member, Lokpal.

The new appointments took place as two existing Judicial Members namely Justice P. K. Mohanty and Justice Abhilasha Kumari and three Members namely D. K. Jain, Archana Ramasundaram and Mahender Singh completed their tenure in Lokpal on March 26, 2024.

Justice Ritu Raj Awasthi, before joining as Judicial Member, Lokpal of India, was serving as the Chairperson of 22nd Law Commission of India. Before that, he was Chief Justice of Karnataka HC.

Pankaj Kumar is a 1986 batch IAS officer from Gujarat cadre. Before joining as Member of Lokpal of India, he was serving as Chief Secretary of Gujarat.

Exp. Luis Montenegro named Portugal’s Prime Minister

Portugal’s president has named Luis Montenegro, head of the centre-right Democratic Alliance (AD), as the country’s new prime minister and invited him to form a minority government after eight years of Socialist rule.

The long-awaited results of the March 10 elections were published late on Wednesday after votes from abroad were counted, and saw AD win 80 seats in the 230-member parliament, while the Socialist Party and the far-right Chega party clinched 78 and 50 seats, respectively.

Montenegro, a 51-year-old lawyer and longtime parliamentarian, will succeed the Socialist Party’s Antonio Costa, who held office since 2015 and was forced to resign in November following corruption allegations.

Newly Appointed Prime Minister & President

• President of Indonesia – Prabowo Subianto
• PM of Palestinian – Mohammad Mustafa
• President of Pakistan – Asif Ali Zardari (14th)
• Prime Minister of Pakistan – Shehbaz Sharif (2^nd term)
• President of Indonesia – Prabowo Subianto

About Portugal

• Capital- Lisbon
• Currency – euro
• Prime minister- Luis Montenegro
• Official language- Portuguese
• Continent- Europe, Africa

Exp. Hansha Mishra appointed as Director in UPSC

Hansha Mishra (IA&AS) has been selected for the appointment as Director in the Union Public Service Commission (UPSC).

He has been selected for the appointment under the Central Staffing Scheme for a period of five years from the date of taking over charge of the post or until further orders, whichever event takes place earlier.

Mishra is an Indian Audit and Accounts Service (IA&AS) officer of 2010 batch.

Recent Appointment

• Chairman of Surat Diamond Bourse – Govind Dholakia (replace Vallabh Lakhani)
• Chairperson of Digital News Publishers Association (DNPA) – Mariam Mammen Mathew (replace Tanmay Maheshwari)
• President of Indian Steel Association (ISA) – Naveen Jindal (replace Dilip Oommen)
• Mumbai Municipal Commissioner – Bhushan Gagrani
• CEO of P&G India – Kumar Venkatasubramanian

Exp. Michel Talagrand awarded Abel Prize 2024

The Norwegian Academy of Science and Letters has decided to award the Abel Prize for 2024 to Michel Talagrand of the French National Center for Scientific Research (CNRS) Paris, France.

Talagrand received the prestigious prize “for his groundbreaking contributions to probability theory and functional analysis, with outstanding applications in mathematical physics and statistics.”

The common theme in Michel Talagrand’s groundbreaking discoveries is working with and understanding the random processes we see all around us.

It has now become apparent that a thorough understanding of random phenomena is essential in today’s world. The Abel Prize is named after Niels Henrik Abel, Norway’s greatest mathematician throughout the times.

The Abel Prize was established by the Norwegian Parliament (The Storting) in 2002, on the occasion the 200-year anniversary of his birth. The Prize is 7,5 million Norwegian Kroner.

Recent Awards

• 29th Devi Shankar Awasthi Award 2023 – Nishant (for Kavita Pathak Aalochna)
• GEEF Global Environment Award 2024 – THDC India Limited
• Sangita Kalanidhi award 2024 – Thodur Madabusi Krishna
• PV Narasimha Rao Memorial Award – Ratan Tata
• Diana Memorial Award – Uday Bhatia & Manasi Gupta

Exp. Abhay Thakur Appointed as Next Envoy to Myanmar

Senior diplomat Abhay Thakur has been appointed as the country’s next envoy to Myanmar.

Abhay Thakur is a 1992-batch officer of the Indian Foreign Service (IFS). He is currently working as an Officer on Special Duty in the Ministry of External Affairs.

He had served as the sous-sherpa (deputy representative) for the G20 process during India’s presidency of the influential group of 20 major economies.

Recent Appointment

• Soumendu Bagchi appointed as India’s Ambassador to Iraq
• Abhilasha Joshi appointed as India’s Ambassador to Chile
• Vinay Kumar appointed as India’s Ambassador to Russia

Exp. Tamil Actor Lakshmi Narayanan Seshu passes away

Actor Lakshmi Narayanan Seshu, lovingly called Lollu Sabha Seshu, died at the age of 60 in Chennai.

Seshu made his film debut with the 2002 Dhanush film, Thulluvadho Ilamai. He became a household name after his character grew popular in hit comedy show, Lollu Sabha.

Some of his memorable films include titles such as A1, Dikkiloona, Gulu Gulu, Naai Sekar Returns, Draupathi and Vadakkupatti Ramasamy among others.