Current Affairs Quiz 3rd April 2024 Quiz

Exp. HAL delivers two Dornier 228 planes to Guyana

The Hindustan Aeronautics Limited (HAL) has delivered two Dornier 228 planes to the Guyana Defence Force.

The planes arrived at Cheddi Jagan International Airport last evening aboard two Boeing C-17 Globemaster military transport planes.

The Dornier 228 aircraft is well-known for its versatility and reliability, making it an ideal choice for a wide range of military and civilian applications.

With its rugged design and superior performance capabilities, the Dornier 228 is well-suited for various missions, including surveillance, reconnaissance, medical evacuation, and transport operations.

About Guyana

• Capital – Georgetown
• Currency – Guyanese Dollar
• Prime Minister- Mark Phillips
• President- Mohamed Irfaan Ali
• Continent – South America

Exp. Mahindra Aerostructures inks $100-million supply contract with Airbus group

The Bengaluru-based Mahindra Aerostructures has signed a $100-million multi-year contract with an Airbus group entity.

Under the contract, Mahindra Aerostructures will supply close to 2,300 varieties of metallic components to Airbus Atlantic in France from its manufacturing base in India.

This new contract from Airbus Atlantic opens a new frontier in our existing relationship with the Airbus Group.

Recent MoU

• IOCL, Panasonic Energy ink pact for lithium-ion cell JV
• HPCL and Tata Join Forces to Build Nationwide EV Charging Network
• NHPC inks pct with JBIC for 20 billion for developing a 300 MW solar project in Bikaner, Rajasthan.
• Tech Mahindra collaborates with IBM to drive digital adoption
• ICAR and Krishi Jagran signed MoU for the dissemination & promotion of ICAR’s initiatives for the growth of Indian Agriculture

Exp. Tata AIA unveils payment solution system on WhatsApp

Tata AIA Life Insurance Co. Ltd. (Tata AIA), one of India’s leading life insurers, has launched a premium payment service on its WhatsApp platform marking the first-ever launch of its kind in the life insurance sector.

Previously limited to UPI-based transactions, Tata AIA consumers can now use a wide range of payment methods within WhatsApp.

Using WhatsApp, policyholders can now easily make renewal payments through credit card, debit card, and net banking options. Policyholders can now pay premium up to INR 1 crore, instead of the earlier limit of INR 2 lakh.

In June 2023, Tata AIA introduced industry-first digital payment feature provides an instant premium payment facility through WhatsApp and UPI-enabled payment options.

There are 27 services offered by Tata AIA on WhatsApp for its consumers. These include soft copies of the Policy document, premium certificate, claims initiation and updates, renewal premium payments, contact information update, service request tracking, NEFT update, unit statement, and fund value updates. The Company also has an interactive service bot called TASHA that responds to consumer queries 24 hours a day, 7 days a week.

Recent Facilities Launched in Banking & Insurance Sector

• Axis Bank launches Digital US Dollar Fixed Deposits for NRIs at GIFT City
• Federal Bank launched a RuPay smart key chain called ‘Flash Pay’ for contactless NCMC payments
• Airtel Payments Bank partners with Noise and Mastercard to unveil ‘A New Way To Pay’
• IndusInd Bank introduced Indus PayWear, a new wearable payment solution, available on Mastercard.
• Bank of Baroda launched BoB Earth Green Term Deposit Scheme with 7.15% interest

Exp. World Bank projects India’s economy to grow at 7.5% in 2024

The Indian economy is projected to grow at 7.5 per cent in 2024, the World Bank has said, revising its earlier projections for the same period by 1.2 per cent.

According to the report, South Asia is expected to remain the fastest-growing region in the world for the next two years, with growth projected to be 6.1 per cent in 2025.

According to the World Bank’s most recent South Asia Development Update, overall growth in South Asia is forecast to be strong at 6 per cent in 2024, driven mostly by robust development in India and recoveries in Pakistan and Sri Lanka.

Updated GDP List

• S&P – 7.6% (FY24), 6.8% (FY25)
• CRISIL – 6.8% (FY25)
• Moody– 8% (FY24)
• Morgan Stanley – 6.8%(FY24), 6.8% (FY25)
• IMF – 6.7% (FY24), 6.5% (FY25), 5% (FY26)
• India Ratings – 6.7% (FY24)
• Goldman Sachs – 6.2% (FY24)
• Fitch Rating – 6.9% (FY24), 6.5% (FY25)

Exp. DR Congo president names Judith Suminwa Tuluka as first woman PM

President Felix Tshisekedi of the African country of the Democratic Republic of Congo (DRC) appointed Judith Suminwa Tuluka as the nation’s first female prime minister.

During his election campaign, President Felix Tshisekedi promised greater gender equality in the country, and this appointment is seen as a part of the fulfilment of his election promise.

The Democratic Republic of Congo is rich in natural resources and precious minerals like industrial-grade diamonds, cobalt, uranium, and copper.

About Democratic Republic of Congo (DRC)

• Capital -Kinshasa
• Currency – Congo franc
• President of Congo – Felix Tshisekedi

Newly Appointed Prime Minister & President

• President of Senegal – Bassirou Diomaye Faye
• Prime Minister of Portugal – Luis Montenegro
• 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)

Exp. SEBI launches New & More User-Friendly Version of Complaint Redress System – SCORES 2.0.

Market regulator Securities and Exchange Board of India (SEBI) launched the new version of SEBI Complaint Redress System (SCORES 2.0) on April 1.

The new version of SCORES strengthens the investor complaint redress mechanism in the securities market by making the process more efficient through auto-routing, auto-escalation, monitoring by the ‘Designated Bodies and reduction of timelines.

According to SEBI, the timeline for redressal of complaints in SCORES 2.0 has been reduced to 21 calendar days.

Besides, there will be two levels of review, first by the ‘Designated Body’ and if the investor is dissatisfied, SEBI will undertake a second review. The market regulator has enabled integration with the KYC Registration Agency database for easy registration of the investor on SCORES.

About Securities and Exchange Board of India (SEBI)

• Founded – 12 April 1988
• Act – 1992
• Headquarters – Mumbai
• Chairman – Madhabi Puri Buch
• Executive Director – G Ram Mohan Rao
• SEBI Set up – Uday Kotak committee

Exp. Fincare merges with AU Small Finance Bank

AU Small Finance Bank (AU SFB) amalgamated Fincare Small Finance Bank (Fincare SFB), marking the first such consolidation in the sector.

In an all-stock merger deal first announced on October 29, 2023, where the shareholders of Fincare SFB received 579 equity shares in AU SFB for every 2,000 equity shares held in Fincare SFB, the merger received final approval from RBI on March 4, 2024, with the effective date of April 1, 2024.

The merger is also expected to provide AU SFB with enhanced access to South India, significantly expanding its distribution network.

This increased presence will facilitate the distribution of the bank’s diverse range of products and services to a wider customer base, strengthening its market position in the region.

AU SFB has a franchise with a combined base of about 1 crore customers, 43,500 employees, and a network of 2,350 physical touchpoints across 25 states and union territories, having a deposit base of Rs 89,854 crore and a balance sheet size of Rs 1,16,695 crore.

About AU Small Finance Bank Limited

• Founded – 1996
• Founder – Sanjay Agarwal
• Headquarters – Jaipur, Rajasthan
• MD & CEO – Sanjay Agarwal
• Tagline – Chalo Aage Badhein

Exp. Sheyphali Sharan takes charge as Principal DG of PIB

Sheyphali B. Sharan has assumed charge as the Principal Director General of the Press Information Bureau upon the superannuation of Shri Manish Desai.

Ms. Sharan is an officer of the 1990 batch of Indian Information Service.

During an illustrious career spanning over three decades, she has held cadre portfolios of largely looking after media publicity work as Press Information Bureau officer for Ministries such as Finance, Ministry of Health and Family Welfare, Ministry of Information and Broadcasting.

She has also served as the Spokesperson for Election Commission of India.

Recent Appointment

• MD & CEO of Schaeffler India – Harsha Kadam
• CFO of Good Glamm Group – Kamal Lath
• Chairman of Automotive Tyre Manufacturers’ Association (ATMA) – Arnab Banerjee
• Judicial Member, Lokpal – Ritu Raj Awasthi
• Director in UPSC – Hansha Mishra

Exp. Atul Mehra Joins Axis Capital as MD & CEO

Axis Capital has appointed Atul Mehra as the new Managing Director (MD) and Chief Executive Officer (CEO).

Mehra will be overseeing both the investment banking and institutional equities businesses at Axis Capital.

Atul Mehra is an experienced dealmaker with over 30 years of experience in the industry. He was previously the Joint MD at JM Financial.

Recent Appointment in Banking & Insurance Sector

• CEO of Union Asset Management Company – Madhu Nair (replace G Pradeepkumar)
• Mortgage Business Head in HDFC Bank – Sumant Rampal
• ED at Union Bank of India – Pankaj Dwivedi
• CMD of New India Assurance Company – Girija Subramanian
• CMD of United India Insurance Company – Bhupesh Sushil Rahul

Exp. Sanjay Nayar takes over as Assocham President

Former KKR India Chief Executive Sanjay Nayar has assumed charge as President of industry chamber Assocham.

He has replaced Ajay Singh, Co-Founder of low-cost airline SpiceJet, who has completed his tenure at the apex industry chamber.

Nayar, who is now Founder and Chairman, Sorin Investment Fund, brings with him an  experience of four decades in global financial and capital markets, including 25 years at Citi and nearly 14 at KKR, before retiring last year.

He had established KKR India operations in 2009 after leaving Citigroup.

About Associated Chambers of Commerce and Industry of India (ASSOCHAM)

• ASSOCHAM is a non-governmental trade association and advocacy group. This organization represents the interests of trade and commerce in India.
• Established -1920
• Headquarters – New Delhi
• ASSOCHAM has more than 200 chambers and trade organizations across India. It has more than 450,000 members.

Exp. PTI joins Meta’s third-party fact-checking programme in India

Press Trust of India (PTI) has joined Meta’s Third-Party Fact-Checking Partnership (3PFC) programme to identify, review and rate content as misinformation across Facebook, Instagram and WhatsApp.

Meta announced the onboarding of India’s leading news agency as it seeks to expand its third-party fact-checking network just as electioneering for the Lok Sabha polls has picked up.

This collaboration will strengthen the fight against misinformation in India’s digital landscape and empower users to navigate the online world with greater confidence.

Exp. IAF’s 10-day mega exercise ‘Gagan Shakti’ begins

The Indian Air Force (IAF) is set to commence a 10-day exercise to test its capabilities and preparedness for high-intensity operations.

During the exercise, known as ‘Gagan Shakti-2024,’ the IAF will mobilize all its bases and assets across the country.

The Indian Army will provide logistics support for the mega exercise, facilitating a comprehensive pan-India movement of approximately 10,000 IAF personnel and ammunition in order to validate the Operational Rail Mobilisation Plan (ORMP) aspects of the IAF.

The exercise is being conducted at various locations across the country, including the Pokhran Field Firing Range in Jaisalmer.

It was last held in 2018, during which the IAF completed over 11,000 sorties during the two-phase air manoeuvres.

Exp. 1-7 April – Prevention of Blindness Week

The Indian government designates April 1 to April 7 as Prevention of Blindness Week.

This observance serves as a poignant call to individuals, emphasising the importance of prudent lifestyle choices and regular eye examinations to mitigate the risk of eye ailments, including age-related macular degeneration.

Jawaharlal Nehru and Raj Kumari Amrit Kaur founded the National Society for the Prevention of Blindness in 1960 under the Societies Registration Act of 1860.

It is an entirely voluntary organisation that accepts donations and contributions and actively collaborates with Sight Savers, Rotary International and other significant companies.

Exp. Veteran Actress Barbara Rush passes away at 97

Veteran Hollywood actor Barbara Rush died in Los Angeles.  She was 97.

Rush was known for her roles in ‘It Came from Outer Space’ and ‘Peyton Place’.

Rush won a Golden Globe Award in 1954 for the most promising newcomer in ‘It Came from Outer Space’.

Her career spanned across seven decades and has appeared in numerous films and television shows. She featured alongside actors such as Paul Newman, Rock Hudson, Dean Martin, Marlon Brando, Frank Sinatra and Richard Burton.