Current Affairs Quiz 8th May 2024 Quiz

Exp. IAF conducts Bambi Bucket Operation in response to the forest fires in Uttarakhand

The Indian Air Force had deployed its Mi17 V5 helicopters to undertake Bambi Bucket operations to douse the forest fires near Nainital, Uttarakhand.

These helicopters efficiently transported and released over 4,500 liters of water over the affected areas, a crucial effort made in close coordination with the Uttarakhand government.

The swift and coordinated action by the Indian Air Force played a pivotal role in supporting the ground-based firefighting crews.

Other Operations in News

• Operation True Promise – Iran launches against Israel
• Operation Ajay – To evacuate Indians from Israel
• Operation Kaveri – To evacuate Indians from Sudan
• Operation Karuna – To help Myanmar affected by cyclone Mocha
• Operation Dost – Help to earthquake affected Turkey

Exp. IIT Madras startup Mindgrove launches first India-made microcontroller chip

India is finally set to have a made-in-India microcontroller chip powering electronic device.

Mindgrove Technologies, incubated by IIT Madras Pravartak Technologies Foundation and IIT Madras Incubation Cell, and supported by Peak XV Partners, has launched Secure IoT, India’s debut high-performance SoC (system on chip).

A system-on-chip (SoC) combines many electronic parts into one chip, like a mini-computer. It goes into the printed circuit board (PCB) and is used in various devices, making them smaller and more efficient.

The new, indigenous chip comes at a 30 percent lower cost than other chips in a similar segment and is the only Indian chip commercially available in this segment.

IITs in News

• Innovative 3D Printed Dummy Ballot Unit unveiled by IIT Guwahati
• ADIF and IIT Guwahati incubation center sign MoU to boost startup ecosystem
• C-DOT and IIT Jodhpur sign agreement for “Automated Service Management in Network of 5G
• BEL signs MoU with IIT-Mandi for co-operation in research
• AFMS partnered with IIT Kanpur to Address Healthcare Challenges for Soldiers
• Lightstorm signed with IIT Madras to launch employment skilling initiative

Exp. IRDAI imposes a fine of Rs 1 crore on IPO-bound Go Digit Insurance

The Insurance Regulatory and Development Authority of India (Irdai) imposed a penalty of Rs 1 crore on Go Digit General Insurance for non-disclosure of a change in the conversion ratio of compulsorily convertible preference shares (CCPS).

The company had not furnished the full particulars of the revision to the regulator, violating Section 26 of the Insurance Act.

The insurance regulator had earlier issued a show cause notice after noticing that Go Digit had changed its conversion ratio of 63,00,000 CCPS issued by Go Digit Infoworks Services Pvt Ltd (GDISPL), the parent company of the general insurer, to FAL Corporation, owned by Fairfax Group.

It was changed from “1 CCPS for 2.324 equity shares” to “2.324 CCPS for each equity share.

Exp. DBS Bank India recognized as ‘Best Employer’ 2023 by Kincentric

DBS Bank India has been recognized as a ‘Best Employer’ 2023 by Kincentric for the fourth consecutive year.

The award acknowledges organizations with exceptional employee experiences and a strong culture of engagement.

The Kincentric Best Employers study is one of the most respected annual studies with a robust evaluation methodology designed to understand alignment across business objectives, people process, and employee experience.

The jury evaluates shortlisted organizations and selects the Best Employers, who are recognized by Kincentric.

About DBS

• DBS is a leading financial services group in Asia with a presence in 19 markets.
• Headquartered and listed in Singapore.
• DBS is in the three key Asian axes of growth: Greater China, Southeast Asia, and South Asia.
• The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.
• In 2024, CRISIL Ratings reaffirmed its ‘CRISIL AAA/Stable’ rating on the corporate credit facility of DBS Bank India Ltd (DBIL).
• The rating on the certificate of deposits programme was also reaffirmed at ‘CRISIL A1+’.

Exp. Infibeam’s CCAvenue partners with Shivalik SFB to improve merchant access

CCAvenue, the payments platform of fintech firm Infibeam Avenues, will partner with Shivalik Small Finance Bank to provide merchants registered with it to access to SFB’s customer base.

The partnership would integrate Shivalik SFB’s internet banking service with its payment platform.

Account holders with the bank will be able to make payments on websites “powered” by CCAvenuee, the payments platform of fintech firm Infibeam Avenues, will partner with Shivalik Small Finance Bank to provide merchants registered with it to access to SFB’s customer base.

Recent MoUs Signed in Banking Sector

• Tata Motors partners with South Indian Bank for commercial vehicle finance
• NABARD & RBI Developed Innovation Hub to fasten digital Agri lending
• Indian Bank ties up with Tata Solar Power to finance Central Rooftop Solar scheme
• SIDBI inks MOU with Jeevika Bihar, UMED Maharashtra to extend Prayaas to rural livelihood mission
• Bank of India signed with IMGC for mortgage guarantee on home loans
• Karnataka Bank partnered with FISDOM to offer 3-in-1 accounts (savings, demat, and trading) through its mobile banking app, KBL Mobile Plus.

Exp. ICICI Pru Life launches ULIP having fund value-based distributor payouts

ICICI Prudential Life Insurance has launched ICICI Pru Platinum, a Unit Linked Investment Plan (ULIP) that ties the distributor’s commission to their customers’ Assets Under Management (AUM).

According to the product specifications, customers have unlimited free switches between asset classes without any cost or tax implications.

Customers can choose from an array of 21 funds under this product, which includes 13 equity funds, four debt funds, and four balanced funds. Additionally, they can choose from four portfolio strategies.

According to the insurer, this product, which provides a cost- and tax-efficient way to build long-term wealth, will also incentivise distribution partners to encourage their customers to stay invested throughout the policy term.

Recent Facilities Launched in Banking & Insurance Sector

• HDFC Life launched ‘No Jhanjhat Life Insurance Fatafat’ campaign
• YES Bank collaborates with ANQ to launch Pi and Phi credit cards
• AU SFB launches 2 credit cards AU SPONT Rupay Credit Card and Secured Credit Card – NOMO (No Missing Out)
• NABARD unveils Climate Strategy 2030
• SBI Card introduced its inaugural travel-centric core credit card, ‘SBI Card MILES’

Exp. QuantPower Emerges as Best Trading Platform in India

QuantPower, the most innovative AI-enabled trading platform, has secured the prestigious title of Best Trading Platform in India for the second consecutive year.

This milestone reaffirms QuantPower’s position as the preferred software for Indian investors, offering an unparalleled suite of features that consolidate various trading tools into one comprehensive solution.

Under the umbrella of Wisdom Tree Ventures Pvt Ltd., QuantPower.tech has revolutionized the trading landscape by providing a unified platform that caters to diverse trading styles.

By seamlessly integrating advanced features such as Strategy Builder, Algo Bots, and Backtesting for algorithmic traders, alongside Advanced Charting, Trading from Charts, and Chart Alerts for manual traders, QuantPower empowers investors to make informed decisions with confidence.

Deb Mukherjee, the Group CEO of Wisdom Group, also celebrated the recognition of Wisdom Tree Ventures as the Top Fintech Company of the Year 2024 by Entrepreneur India.  

Exp. Visa appoints Sujai Raina as India Country Manager

Digital payments platform Visa has appointed Sujai Raina as the country manager for India.

Besides, Sandeep Ghosh will continue in his role as Group Country Manager for India and South Asia.

He will oversee operations in India and other markets in the subcontinent, including Bangladesh, Sri Lanka, Nepal, Bhutan and the Maldives.

Raina will be responsible for the India business, leading and executing Visa’s strategic initiatives for the market, partnering with clients and the payments ecosystem.

Recent Appointment 

• DG of National Institute of Solar Energy – Mohammad Rihan
• Head of GST Appellate Tribunal – Sanjaya Kumar Mishra (for 4 years)
• MD of Raymond -Gautam Hari Singhania
• Secretary of National Jute Board – Shashi Bhushan Singh
• DG of Akashvani News aka All India Radio – Maushumi Chakravarty (replace Vasudha Gupta

Exp. Bhavi Mehta won Oxford Bookstore Book Cover Prize 2024

The Oxford Bookstores named Bhavi Mehta as the winner of the 9th edition of Oxford Bookstore Book Cover Prize 2024 for “The Book Beautiful” by Pradeep Sebastian, published by Hachette India.

Mehta received a trophy, certificate, and a cash prize of INR 1 lakh.

The Oxford Bookstore Book Cover Prize has come of age in bringing and showcasing the detailing, interest, and engagement of the writer, the designer, and the publisher.

Recent Awards

• UNESCO’s Guillermo Cano World Press Prize 2024 – All Palestinian journalists
• Whitley Gold Award (Green Oscar) 2024 – Dr Purnima Devi Barman (Assam)
• Grandmaster title by FIDE – Vaishali Ramesh Babu
• Goldman Environmental Prize 2024 – Alok Shukla
• Honorary Doctorate by Manipal Academy of Higher Education-V. Kamath
• 2024 Cambridge Dedicated Teacher Awards – Gina Justus

Exp. Manipur launches “School on Wheels” Initiative for Students

Manipur government has launched the “School on Wheels” initiative aiming to impart education to students sheltered in relief camps in the state following the year long ethnic strife in the state.

Manipur Governor Anusuiya Uikey launched the “School on Wheels” initiative.

Under this the school bus, equipped with a library, computers, and sports items, would visit different camps accompanied by a teacher.

The incidents which started on May 3 last year affected thousands of people, especially a huge number of students of Manipur.”The ‘School on Wheels’ scheme would reach out to students staying in the relief camps and impart them with required teaching.

The Manipur government currently runs around 320 relief camps, housing more than 59,000 men, women, and children. Around 18,000 students are currently staying in relief camps.

At least 220 people have been killed, 1,500 injured and 60,000 displaced since violence broke out between the Meitei and Kuki-Zomi communities on May 3 last year.

About Manipur

• Capital – Imphal
• Chief Minister – Biren Singh
• Governor – Anusuiya Uikey

Exp. Subodh Kumar appoints as Director in Ministry of Ayush

Subodh Kumar (IAS) has been appointed as Director in the Ministry of Ayush.

Kumar has been selected for the appointment to the post with effect from the date of taking over charge of the post for a period upto October 8 or until further orders, whichever is earlier.

Kumar is a 2010- batch Indian Administrative Service (IAS) officer of Tamil Nadu cadre. Presently, he is on ‘Compulsory wait’ in the Ministry of Food Processing Industries.

Recent Appointment 

• Director of the Department of Promotion of Industry and Internal Trade (DPIIT) – Pratima Singh
• President of Indian Vaccine Manufacturers Association (IVMA) – Krishna Ella
• Presiding Officer of the Securities Appellate Tribunal (SAT) – Retired Justice Dinesh Kumar
• Director in Department of Land Resources – Sarvadanand Barnwal
• CVO of Jawahar Lal Nehru Port Authority – Manoj Kumar

Exp. 8- 9 May – Time of Remembrance and Reconciliation for Those Who Lost Their Lives During the Second World War

On May 8 and 9, the day is set aside as ‘The Time of Remembrance and Reconciliation for Those Who Lost Their Lives during the Second World War.’

These two days recognise the sacrifices and loss of military and civilians during the second world war.

As an observance, non-governmental organisations and individuals are urged to pay tribute to the victims of World War II.

On May 8, 1945, World War II Allies accepted the unconditional surrender of Nazi Germany. The anniversary is also known as Victory in Europe or VE Day.s

Exp. BRO celebrates its 65th Raising Day

The Border Road Organization (BRO) celebrated its 65th raising day on 7 May 2024.

A ceremony was organised in New Delhi on the occasion, presided over by the Union Defence Secretary Giridhar Aramane.

The Border Road Organization was set up on 7 May 1960 by the Pt Nehru government to execute crucial road projects vital for the Army.

It started its operation in May 1960 with two projects: Project Tuskar in the East and Project Beacon in the West.

Project Tuskar, now renamed Project Vartak job, was to build a road between Bhalukpong and Tenga in Arunachal Pradesh.

Project Beacon was launched to build and maintain roads in the strategically important Kashmir region for the Indian Army.

The Border Road Organization is part of the Union Ministry of Defence and is always headed by an Army officer.

DG of BRO – Lt Gen Raghu Srinivasan

Exp. 8 May – World Red Cross Day

World Red Cross Day is observed on 8 May every year.

This day is dedicated to the people who are suffering from various natural calamities, armed conflicts, and other crises.

The day also serves as an opportunity to highlight the humanitarian values of the Red Cross and Red Crescent Movement.

Theme 2024 – I give with joy, and the joy I give is a reward

World Red Cross Day, an annual celebration that commemorates the birth anniversary of Henry Dunant, the visionary founder of the Red Cross and the International Committee of the Red Cross (ICRC).