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Daily Current Affairs 15th May 2024 Daily GK Update
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National News
Ramcharitmanas, Panchatantra, and Sahṛdayāloka-Locana enter ‘UNESCO’s Memory of the World Asia-Pacific Regional Register’
- The Ramcharitmanas, Panchatantra and Sahṛdayāloka-Locana have been included in ‘UNESCO’s Memory of the World Asia-Pacific Regional Register’.
- The ‘Ramcharitmanas’, ‘Panchatantra’, and ‘Sahṛdayaloka-Locana’ are such timeless works that have deeply influenced Indian literature and culture, shaping the nation’s moral fabric and artistic expressions.
- The decision to include Ramcharitmanas, Panchatantra and Sahṛdayāloka-Locana was taken at the 10th General Meeting of the Memory of the World Committee for Asia and the Pacific (MOWCAP) held in Ulaanbaatar, capital of Mongolia.
- The 10th General Meeting of MOWCAP was hosted by the Mongolian government’s Ministry of Culture, the Mongolian National Commission for UNESCO, and the Bangkok Regional Office of UNESCO.
- The meeting was attended by 38 representatives from member states convened alongside 40 observers and nominees.
About Ramcharitmanas
- Ramcharitmanas was written by Tuslidas in the 16th century AD in the Awadhi dialect.
- It is different from Ramanaya which was written by Sage Valmiki in Sanskrit language.
- The Ramcharitmanas is written in Chaupai form.
About Panchatantra
- It was probably composed around 300 BCE. It was translated into Pahlavi (Iranian language) in 550 BCE.
- Panchatantra is one of the oldest collections of fables in the world, composed in Sanskrit.
- Vishnusharma, the court scholar of King Amar Shakti of Mahilaropya, is credited with compiling it.
About Sahṛdayaloka-Locana
- ‘Sahṛdayaloka-Locana’ has been composed by Acharya Anandvardhan in Sanskrit.
- He lived in Kashmir during the second half of the 10th century and the first half of the 11th century AD.
About United Nations Educational, Scientific and Cultural Organization (UNESCO)
- UNESCO (United Nations Educational, Scientific and Cultural Organization) is a specialized agency of the United Nations that promotes cooperation among nations through education, science, culture, and communication.
- Formation – 16 November 1945
- Headquarters – Paris, France
- Director General – Audrey Azoulay (France)
- Member countries – 193
International News
Maiden Indian Pavilion set up at the World Hydrogen Energy Summit
- India has set up its maiden pavilion at the World Hydrogen Summit and Exhibition 2024.
- The Pavilion was set up by the Union Ministry of New & Renewable Energy and inaugurated by the Secretary of the Ministry of New and Renewable Energy Bhupinder Singh Bhalla.
- The World Hydrogen Summit 2024 was held in Rotterdam, Netherlands. The Summit was attended by 15,000 delegates from around the world.
Banking and Financial
Warburg Pincus to acquire Shriram Housing Finance for Rs 4,630 crore
- New York-based private equity firm Warburg Pincus will acquire Shriram Housing Finance Ltd (SHFL) in a deal valued at ₹4,630 crore for equity and convertible instruments.
- Warburg Pincus will acquire the stake through its affiliate Mango Crest Investment Ltd.
- At present Shriram Finance Ltd holds a controlling stake in SHFL while private equity firm Valiant Partners L.P. (Valiant), Mauritius, holds the remaining ownership.
- As a part of this transaction, Valiant and Shriram Finance will completely divest its equity stake to Warburg Pincus.
- The company has a pan-India presence with 155 branches with an AUM of ₹13,762 crore, net worth of ₹1,924 crore and revenues of ₹1,430 crore, as of March 31, 2024.
Indian economy likely to grow at 6.6% in FY25: Moody’s
- Moody’s Ratings projected a 6% growth rate for the Indian economy in the fiscal year ending March 2025 (FY25).
- The forecast attributes the growth to strong credit demand and robust economic performance, which will support the profitability of non-bank finance companies (NBFCs).
- In comparison to Moody’s forecast, the Reserve Bank of India (RBI) and other agencies have higher growth projections.
- The RBI, Asian Development Bank (ADB), and Fitch Ratings each estimate a 7% growth rate for FY25, while S&P Global Ratings and Morgan Stanley predict a 6.8% growth rate.
Updated GDP List
- Moody’s – 6.6% (FY25)
- India Ratings – 7.1% (FY25)
- OECD – 6.6%(FY25), 6.6%(FY26)
- Fitch Rating –7% (FY25)
- SBI – 8% (FY25)
- World Bank – 6.6% (FY25), 6.5% (FY26)
- NCAER – over 7% (FY25)
- Deloitte – 6.6% (FY25)
- NIPFP – 7.1% (FY25)
- IMF – 6.8% (FY25), 6.5% (FY26)
- UNTCAD – 6.5% (FY24)
- Moody’s Analytics – 6.1% (FY24)
- ADB – 7% (FY25), 7.2%(FY26)
HDFC Bank launches virtual credit card ‘Pixel’
- The country’s largest private sector lender, HDFC Bank has launched PIXEL, its first virtual credit card with Visa’s network.
- The card is available in two variants: PIXEL Play and PIXEL Go and allows users to build their own cards with personalised benefits, offers, etc.
- Customers can register for the cards on the bank’s PayZapp mobile application which can be digitally managed. The PayZapp application will provide credit card users with features like card controls, rewards, EMI dashboard, notifications, statements, repayments, disputes, hotlisting, recent transactions, etc.
- Presently on the Visa network, Parag Rao, Country Head – Payments, Consumer Finance, Digital Banking and Technology at HDFC Bank, said that the bank will soon launch the card with other networks.
- In January 2024, HDFC Bank became the first bank to cross the milestone of 2 crore credit cards-in-force.
Recent Facilities Launched in Banking & Insurance Sector
- Thomas Cook India launches Digital Service TCPay for International Money Transfers
- Fintech platform Zeta has launched its ‘Digital Credit’ as a service for bank in India
- L&T Finance Ltd (LTF) has launched ‘The Complete Home Loan’,
- ICICI Pru Life launches ULIP having fund value-based distributor payouts
- HDFC Life launched ‘No Jhanjhat Life Insurance Fatafat’ campaign
- YES Bank collaborates with ANQ to launch Pi and Phi credit cards
India’s WPI inflation hits 13-month high of 1.26% in April
- India’s wholesale price index-based inflation accelerated to 1.26 per cent in April on an annual basis as against 0.53 per cent in March, at a 13-month high, data from the Commerce Ministry.
- This spike was due to both food and fuel inflation. In April last year, WPI inflation stood at (-) 0.8 per cent.
- Although WPI would not be relevant from the point of view of Monetary Policy Committee (MPC) decision, it does reflect about pricing power of companies, said economists.
- The Reserve Bank of India mainly takes into account retail inflation while framing the monetary policy.
Previous Months India’s WPI-based Inflation
- November 2023 – 39%
- December 2023 –86%
- January 2024 – 27%
- February 2024 – 20%
- March 2024 – 0.53%
- April 2024 – 1.26%
Public sector banks’ total profit crosses Rs 1.4 lakh crore in FY24
- Public sector banks’ cumulative profit crossed ₹1.4 lakh crore in the financial year ended March 2024, recording a growth of 35 per cent over the previous year on a high base of ₹1 lakh crore.
- The 12 public sector banks (PSBs) together had earned a net profit of ₹1,04,649 crore in 2022-23.
- Out of the total profit of ₹141,203 crore earned during the FY24, market leader State Bank of India (SBI) alone contributed over 40 per cent of the total earnings, as per the published numbers on exchanges.
- SBI earned a profit of ₹61,077 crore 22 per cent higher than the previous financial year (₹50,232 crore).
- In percentage terms Punjab National Bank had the highest net profit growth with 228 per cent to ₹8,245 crore, followed by Union Bank of India with a 62 per cent rise to ₹13,649 crore and Central Bank of India with a 61 per cent increase to ₹2,549 crore.
- Among the banks which recorded over 50 per cent jump in net profit included Bank of India with a 57 per cent growth to ₹6,318 crore while Bank of Maharashtra with a 56 per cent rise to ₹4,055 crore and Chennai-based India Bank recorded a 53 per cent improvement to ₹8,063 crore.
- During the year, the only public sector bank out of 12 reported drop in profit was Punjab & Sind Bank.
- Punjab & Sind Bank, headquartered in Delhi, reported a 55 per cent decline in annual net profit, dropping from ₹1,313 crore in 2022-23 to ₹595 crore in the fiscal year ending March 2024.
- The PSBs which reported an annual profit in excess of ₹10,000 crore are Bank of Baroda (₹17,788 crore) and Canara Bank (₹14,554 crore).
SBI becomes trading-clearing member of IIBX at GIFT City
- The State Bank of India (SBI) has secured the distinction of being the first bank to become a trading-cum-clearing (TCM) Member of India International Bullion Exchange at the GIFT City in Gujarat.
- This milestone enables SBI IBU Gift City to conduct trades on the IIBX platform and settle them on behalf of its clients.
- RBI guidelines permitted branches of an Indian Bank in GIFT IFSC to act as a trading member (TM)/trading and clearing member (TCM) of IIBX.
- The central bank also allowed special category clients (SCC) which are nominated banks in India to import gold through IIBX.
About State Bank of India (SBI)
- Founded – 1 July 1955
- Headquarters – Mumbai, Maharashtra
- Chairman – Dinesh Kumar Khara
- Tagline – (1) Pure Banking Nothing Else
(2) With you all the way
(3) A bank of the common man
(4) The banker to every Indian
(5) The Nation banks on us
Appointment
Andrei Belousov appointed as new defence minister of Russia
- President Vladimir Putin has nominated economist Andrei Belousov to replace long-serving defence minister Sergei Shoigu.
- For the first time in 12 years, Russia has a new minister of defence.
- He was appointed minister for economic development in 2012; the following year, he became an aide to Mr Putin.
- He was also a key backer of the VAT increase from 18 to 20% in 2019.
About Russia
- Capital – Moscow
- Currency – Rubel
- President – Vladimir Putin (5th time)
- Prime Minister – Mikhail Mishustin
Recent Appointment in Foreign
- UN Resident Coordinator in Indonesia – Gita Sabharwal (India)
- MD of International Monetary Fund – Kristalina Georgieva (2nd time)
- Pakistan’s Senate Chairman – Yousuf Raza Gillani
- Pakistan’s Senate Deputy Chairman – Saidal Khan Nasir
- Member in International Narcotics Control Board (INCB) – India’s Jagjit Pavadia (3rd time)
Awards
Chandrakant Satija honored with Global Excellence Award 2024
- Chandrakant Satija wins the Global Excellence Award 2024 for being the “Most Trusted Admission Consultant in Vidarbha Region”.
- He is the founder and CEO of Chandra Admission Consultants.
- The award was presented to him by the famous Bollywood actress Shilpa Shetty Kundra. He was adjudged as the Most Trusted Admissions Consultant in Vidarbha Region.
Recent Awards
- PSU Samarpan Award – Hemant Khatri (CMD of Hindustan Shipyard Limited)
- Global Pride of Sindhi Award 2024 – Pawan Sindhi (Social worker)
- Best Employer’ 2023 by Kincentric – DBS Bank India
- Oxford Bookstore Book Cover Prize 2024 – Bhavi Mehta (for The Book Beautiful)
- UNESCO’s Guillermo Cano World Press Prize 2024 – All Palestinian journalists
Sports
Abha Khatua Sets National Record Winning Gold In Women’s Shot Put
- Abha Khatua has set a national record and won gold medal in Women’s Shot Put with a massive throw of 18.41 metres at National Federation Cup Athletics Competition in Bhubaneswar.
- While Uttar Pradesh’s Kiran Baliyan finished second and Delhi’s Srishti Vig stood at third position.
- Representing Maharashtra at the event, Abha was the joint record holder of 18.06 metres with Manpreet Kaur before this event.
- Abha was the joint record holder of 18.06 metres with Manpreet Kaur before this event.
England cricketer James Anderson announced retirement
- England pace legend James Anderson has announced retirement from cricket.
- Having made his debut for England at Lord’s in 2003, Anderson will finish his career at the same ground playing his 188th Test.
- Anderson will play his 188th Test match — only India great Sachin Tendulkar has more with 200 — and gives him one more chance to add to his total of 700 Test wickets, comfortably the most by a pacer.
- Only spinners Muttiah Muralitharan (800) and Shane Warne (708) have more Test wickets.
Recently Retired Players
- Saurav Ghosal (India) – Professional Squash
- Collins Obuya (Kenya) – International cricket
- Matthew Wade (Australia) – First-class cricket
- Neil Wagner (New Zealand) – International cricket
- Manoj Tiwary (West Bengal) – All forms of cricket
Important day
15 May – International Day of Families
- International Day of Families is celebrated every year on May 15th.
- Objective – To raise awareness about the significance of families and the challenges they confront.
- The day also celebrates the diversity of families and promotes inclusivity.
- Theme 2024 – Families and Climate Change
- This year marks the 30th anniversary of the International Day of Families.
Mazagon Dock Shipbuilders Ltd celebrates 250th Foundation Day
- Mazagon Dock Shipbuilders Limited (MDL) celebrated its 250th Foundation Day on 14 May 2024.
- To mark the day, a series of events were organised in Mumbai, presided over by Defence Secretary Shri Giridhar Aramane.
- These included the inauguration of adjacent land acquired from the Mumbai Port Authority (MPA) and; the launch of a prototype of an indigenous midget submarine.
About MDL
- The Mazagaon Dock Limited started its journey as a dry dock in 1774, constructed in Mazagaon, Mumbai. In 1934, the company was incorporated as a private limited company. It was nationalized and taken over by the government of India in 1960.
- It is a premier naval shipyard under the Union Ministry of Defence.
- It was accorded Mini-Ratna 1 status by the government of India in 2006.
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