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Daily Current Affairs 28th May 2024 Daily GK Update
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National News
First Hydrogen plant of GAIL inaugurated in Vijaipur, MP
- The government of India-owned GAIL(India) Limited’s first green hydrogen plant has become operational at Vijaipur in Madhya Pradesh.
- This marks the entry of India’s largest natural gas transmission and distribution company in the green fuel business.
- The 10-megawatt proton exchange membrane electrolyser for the green-hydrogen producing unit at the Vijaipur complex has been imported from Canada.
- The plant will produce about 4.3 tonnes of green hydrogen per day, with a purity of about 99.999 per cent by volume. It uses electricity produced from renewable sources such as the sun’s solar energy, to split water to produce green hydrogen.
- The plant was in line with the National Green Hydrogen mission that has set out a goal of 5 million tons of annual green hydrogen production capacity for the country by 2030.
Ghana ties up with Reliance Jio arm, others for building 4G, 5G telecom infra
- Ghana has signed deals with a Reliance Jio subsidiary, Tech Mahindra and other vendors to build 4G and 5G infrastructure as the African country aims to enhance its telecom capabilities.
- Ghana’s state-backed Next-Gen Infrastructure Company (NGIC) has partnered with Jio’s arm Radisys, Tech Mahindra and Nokia to build the necessary infrastructure for delivering affordable 5G mobile broadband services.
- NGIC has been allocated 5G spectrum and local telcos will be utilising the shared infrastructure to roll out the services in the next six months. As per reports, the overall contract is over $200 million.
- Ghana is a part of the 33-nation Smart Africa alliance, and other countries in the continent will be closely watching the rollout to see whether they can also emulate the same locally.
About Ghana
- Capital- Accra
- Currency- Ghanaian Cedi
- President -Nana Akufo-Addo
- Official language- English
Telangana government enforces Statewide ban on gutka and pan masala
- The Telangana government has issued a one-year ban on the manufacture, storage, distribution, transportation and sale of gutka and pan masala containing tobacco and nicotine throughout the State, effective immediately.
- The restriction has been imposed in light of a legitimate concern for public well-being. As indicated by the order from the Food Safety Commissioner, the restriction will be upheld under Food Safety and Standards Act, 2006.
- The order passed by the Food Safety Commissioner stated that, “Telangana state hereby prohibits the manufacture, storage, distribution, transportation and sale of Gutkha/Pan masala which contains tobacco and nicotine as an ingredient which are packed in sachets/pouches/package/containers etc., or by whatever name it is called in the entire State of Telangana for a period of one year with effect from May 24, 2024″.
About Telangana
- Established – 2 June 2014
- Capital – Hyderabad
- Chief Minister – Revanth Reddy (replace K. Chandrashekar Rao)
- Deputy CM – Mallu Bhatti Vikramarka
- Governor – P. Radhakrishnan
International News
WHO launches first-ever investment round for sustainable funding
- The World Health Organization (WHO) has launched its first investment round to sustainably finance its Health for All mandate.
- The move comes as the organization seeks to transform the way it is funded by 2028.
- The investment round is part of a broader plan to reform the WHO’s funding architecture and make it more sustainable amid an era of climate change, mass migration, pandemics, an ageing world population, and turbulent geopolitics.
- The high-level event, which was held alongside the G20, will help member states and donors declare their support for the strategy and make commitments.
About World Health Organization (WHO)
- Formation – 7 April 1948
- Headquarters – Geneva, Switzerland
- First President – Andrija Štampar
- Director General – Tedros Adhanom (Ethiopia)
- Deputy Director General – Soumya Swaminathan (Indian)
- Member Countries – 194
Banking and Financial
TCS gets core banking transformation deal from Kuwait’s Burgan Bank
- Tata Consultancy Services (TCS) has bagged a deal to modernize the core banking technology of Burgan Bank, a leading commercial bank in Kuwait.
- TCS will help Burgan Bank consolidate multiple standalone legacy applications into a contemporary universal banking solution that drives innovation and strengthens customer relationships.
- Burgan Bank is one of the youngest commercial banks in Kuwait, with a regional network of over 160 branches and 360 ATMs.
Goldman Sachs raises India’s GDP growth forecast to 6.7 percent for FY24
- Global investment bank Goldman Sachs has raised India’s GDP growth forecast to 6.7 percent for calendar year 2024.
- The latest data released by the bank said, they expect a sustained growth momentum with additional fiscal space on account of a bumper dividend transfer from the RBI.
- In India, growth momentum remains strong and core inflation is expected to bottom out in April-June.
Updated GDP List
- Goldman Sachs – 6.7% (FY24)
- UN – 6.9% (FY24), 6.6% (FY25)
- 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)
RBI imposes ₹1-crore penalty on ICICI Bank, ₹91 lakh on YES Bank
- The Reserve Bank of India has imposed a penalty of ₹1 crore on ICICI Bank for non-compliance with certain directions on ‘Loans and Advances – Statutory and Other Restrictions’.
- The statutory inspection of the bank for FY22 revealed that the bank had sanctioned term loans to certain entities in lieu of or to substitute budgetary resources envisaged for certain projects, and without undertaking due diligence on the viability and bankability of the projects to ensure that revenue streams from the projects were sufficient to take care of the debt servicing obligations.
- The regulator also fined Yes Bank ₹91 lakh, for violation of certain norms on ‘Customer Service in Banks’, and ‘Un-authorised Operation of lnternal/Office.
- The bank inspection for FY22 showed that the private sector lender had levied charges for non-maintenance of minimum balance in certain savings accounts having insufficient/zero balance and had opened and operated certain internal accounts in the name of its customers for unauthorised purposes like parking funds and routing customer transactions.
Recent Penalties imposed on Banks by RBI
- Hero Fincorp Ltd (3.10 lakh) – For rule violations
- Lokmangal Co-operative Bank (5 lakh) – For rule violations.
- The Satara Sahakari Bank (2 lakh) – For rule violations
- The Udgir Urban Co-operative Bank (1 lakh) – For rule violations
- Rajkot Nagarik Sahakari Bank (43.30 lakh) – for non-compliance with RBI direction
Govt to get Rs 3,662 crore from LIC as dividend
- The Government of India will get Rs 3,662 crore as dividend for being Life Insurance Corporation (LIC) of India’s largest shareholder.
- This comes after the country’s largest insurer declared an interim dividend of Rs 6 per share.
- The government owns 96.5 percent stake in the insurer or 6,10,36,22,781 shares.
- Gross non-performing asset (GNPA) stood at 2.01. percent against 2.56 percent in the year-ago period, LIC said
Appointment
Gitanas Nauseda elected as the president of Lithuania
- Lithuanian President Gitanas Nauseda has won re-election, securing about 75% of the vote against PM Ingrida Simonyte.
- This marks the second presidential victory over Simonyte, having previously defeated her in 2019 with 66% of the votes.
- Lithuania is a country in the Baltic region of Europe.
About Lithuania
- Capital: Vilnius
- Official language: Lithuanian
- Prime minister: Ingrida Šimonytė
- President: Gitanas Nausėda
Newly Appointed Prime Minister & President
- PM of Chad – Allamaye Halina
- President of Taiwan – Lai Ching-Te
- PM of Singapore – Lawrence Wong
- President of Russia – Vladimir Putin (5th time)
- Presidential of Panama – Jose Raul Mulino
- PM of Solomon Islands – Jeremiah Manele
DRDO chairman Samir V. Kamat gets one year extension
- The tenure of Defence Research and Development Organization (DRDO) chairman Dr Samir V Kamat was extended for another year by the Centre.
- As per a government order, Dr Kamat will continue in his present position as the DRDO chief till May 31, 2025.
- He was appointed to the highest post in the DRDO in August 2022 and was slated to retire on May 31, 2024.
- Dr Kamat completed his B.Tech (Hons) in Metallurgical Engineering from IIT-Kharagpur in 1985 and PhD in Materials Science and Engineering from The Ohio State University, USA in 1988 and joined DRDO in 1989.
About Defence Research and Development Organization (DRDO)
- Founded – 1 January 1958
- Headquarters – New Delhi
- Motto – “Strength’s Origin is in Knowledge”
- Chairman – Samir V Kamat
Awards
Payal Kapadia Scripts History; All We Imagine as Light Wins Grand Prix at Cannes
- Indian filmmaker Payal Kapadia made history by winning the country’s first ever Grand Prix Award at the 77th Cannes Film Festival.
- Her Malayalam-Hindi film All We Imagine as Light stars Kani Kusruti and Divya Prabha as nurses working in Mumbai. The movie also stars Chhaya Kadam and Hridhu Haroon.
- The Grand Prix is the festival’s second-highest honour after the Palme d’Or which went to Sean Baker’s Anora.
- After Shaji Karun’s Swaham, which competed for the Palme d’Or at the 1994 Cannes, Kapadia’s film was the first Indian title in 30 years to be selected for the prestigious Competition section. Kapadia is also the first Indian woman to be nomination in the category.
NHPC honoured with ‘The Economic Times HR World Future Ready Organization Award 2024-25’
- NHPC, India’s premier hydropower company has been conferred with the prestigious ‘The Economic Times HR World Future Ready Organization Award 2024-25’.
- The Award was received by Uttam Lal, Director (Personnel), NHPC along with Lucas Guria, Executive Director (HR) and a team of NHPC officers at the Awards Ceremony held in Mumbai.
- The Award has been given to NHPC in recognition for its future preparedness in the areas of upskilling of its employees, ESG interventions, DE&I initiatives, constant technological upgradations, Employee Engagement processes, robust Corporate Governance strategies etc. which establishes it as a trusted brand amongst all its stakeholders.
Recent Award
- UK’s Women’s Empowerment Award – Arti (from UP)
- Shaw Prize 2024 in astronomy – Srinivas R. Kulkarni
- International Booker Prize 2024 – Jenny Erpenbeck and Michael Hofmann (Kairos)
- ATD BEST Award 2024 for Talent Development – NTPC Ltd (3rd Rank)
- Global Excellence Award 2024 – Chandrakant Satija
Sports
Classic Football Academy bag AIFF U17 title
- Classic Football Academy retained the All-India Football Federation Under 17 Elite Youth League 2023-24 Title beating Sudeva Delhi FC 2-1 at the Nagoa Panchayat Ground, Goa.
- Played on the well-maintained turf of Nagoa in Goa, the two teams dished out a lively display of attacking football, much to the delight of the sparse crowd.
Ravi Shastri joins Cricket Australia’s Multicultural Initative
- Cricket Australia named former Pakistan and Indian stars Wasim Akram and Ravi Shastri among the 54 representatives of its ‘Multicultural Ambassadors Program’.
- Cricket Australia is proud to launch its Multicultural Ambassador Program, naming 54 people with diverse background and experience across government, business, sport, media and community as the as the inaugural representatives.
- Inaugural ambassadors include Usman Khawaja, Mel Jones, Wasim Akram, Ravi Shastri, Lisa Sthalekar, Kishwar Chowdhury, Alana King, Peter Varghese, Swati Dave and Fawad Ahmed.
Important day
28 May – World Hunger Day
- World Hunger Day is observed every year on 28 May.
- This day raises awareness about the urgent issue of global hunger. It’s time to acknowledge the millions suffering from malnutrition and the need for sustainable solutions to end hunger for good.
- Theme 2024 – Thriving Mothers, Thriving World
- In 2011, The Hunger Project, a global organisation dedicated to ending hunger and poverty, established World Hunger Day as a yearly event.
- This day serves as a platform to advocate for sustainable solutions that address the root causes of hunger, promote food security, and empower communities.
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