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Daily Current Affairs 31st May 2024 Daily GK Update
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National News
NHAI launches initiative to attract the UAE’s investments for India’s highway expansion
- The National Highways Authority of India (NHAI) has launched an initiative to monetize its infrastructure, seeking investments from the UAE to sustain and enhance India’s expanding national highway network.
- NHAI’s delegation is conducting high-level meetings and roadshows in Dubai and Abu Dhabi to attract foreign investment via NHAI Infrastructure Investment Trusts (InVITs).
- At a Dubai roadshow with the Consulate General of India and SBICAPS UAE, Yadav highlighted India’s highway expansion from 70,000 to 140,000 kilometres in a decade, driven by significant government investment.
Mines Ministry organizes Workshop on Granites and Marble Mining
- Ministry of Mines organized a workshop on Granite and Marble mining in Bengaluru.
- V L Kantha Rao addressed the inaugural session of workshop. Additional Chief Secretary & Development Commissioner, Government of Karnataka, Dr. Shalini Rajneesh delivered the keynote address on the occasion.
- This initiative, driven by data collected from central agencies, aims to enhance transparency and efficiency in the mining sector.
Sourav Ganguly became Chief Guest for Supply Chain Conference 2024
- Sourav Ganguly, ex-BCCI President, has been named the Chief Guest for the International Procurement and Supply Chain Conference in Mumbai, 2024.
- The conference will host 400+ delegates, focusing on “India Tomorrow: Economic Supremacy” to enhance India’s economy.
- The prestigious IPSC Awards 2024 will be presented, recognizing excellence in supply chain management.
Armed Forces Medical Services & IIT Hyderabad ink MoU for Collaborative Research and Training
- The Armed Forces Medical Services (AFMS) has signed an MoU with the Indian Institute of Technology (IIT) Hyderabad to collaborate on research and training.
- The MoU aims to foster innovation and research in developing novel medical devices and addressing health issues specific to soldiers serving in varied terrains.
- IIT Hyderabad, with its departments of Biotechnology, Biomedical Engineering, and Bioinformatics, will provide the necessary technical expertise to tackle the diverse medical challenges faced by the Armed Forces.
- Additionally, the MoU will facilitate student exchange programs, short-term courses for undergraduates, and faculty exchange initiatives.
Government raises Retirement & Death Gratuity Limits to 25 Lakh
- The maximum limit of retirement gratuity and death gratuity has been revised by the government from 20 lakh to 25 lakh rupees.
- Ministry of Personnel, Public Grievances and Pensions has issued an official memorandum in this regard. The revised limit will come into effect from 1st January 2024.
What is gratuity?
- Gratuity is a defined benefit plan given by the employer to the employee for rendering services continuously for five years or more.
- According to the Payment of Gratuity Act, 1972, an employee can receive gratuity if he has rendered continuous service for at least five years with an organisation.
- This gratuity is payable to the employee:
- a) On his superannuation, or
- b) On his retirement or resignation
- However, there is an exception where the condition of working continuously for five years with an organisation is not applicable.
Banking and Financial
RBI imposes Rs 36.38 lakh penalty on HSBC for violating Fema regulations
- The Reserve Bank has imposed a fine of Rs 36.38 lakh on foreign lender HSBC for Foreign Exchange Management Act (FEMA) violations.
- The central bank said reporting requirements under the Liberalised Remittance Scheme of FEMA, 1999 were not followed by HSBC.
Foreign Exchange Management Act (FEMA) 1999
- The Foreign Exchange Management Act (FEMA) was enacted in 1999 and was implemented on 1 January 2000. It replaced the Foreign Exchange Regulation Act (FERA)1973.
- The FEMA Act lays down the rules and regulations regarding foreign exchange transactions. Certain sections of the Foreign Exchange Management Act (FEMA) 1999 empower the RBI regarding transactions and management of foreign exchange in India.
ADB approves $2.6 billion in Sovereign lending to India in 2023
- The Asian Development Bank (ADB) has sanctioned $6 billion in sovereign lending to India in the calendar year 2023.
- The loan sanctioned by ADB in 2023 will be used to finance urban development projects, promote the power sector, support industrial corridor development, support horticulture, enhance connectivity and build India’s climate resilience.
- Sovereign means supreme power, and in India the government of India is sovereign. Thus, a sovereign loan means a loan given to the government of India. It includes a loan the ADB gives for a project in a particular state.
- The loan is given to the government of India, and the repayment of the loan is the responsibility of the government of India, even though it may be used to implement a project in a state.
About Asian Development Bank (ADB)
- Founded – 19 December 1966
- Headquarters – Mandaluyong, Metro Manila, Philippines
- President – Masatsugu Asakawa
- Vice President – Ashok Lavasa
- Director of ADB for India – Mio Oka (replace Takeo Konishi)
- Executive Director – Vikas Sheel
- Adviser to the Executive Director – Smita Sarangi
- Member Countries – 68 (Niue)
Capital Small Finance Bank, ICICI Lombard enter into bancassurance tie-up
- Capital Small Finance Bank (CSFB) has forged a bancassurance tie-up with ICICI Lombard General Insurance Company Ltd.(ICICI Lombard), a private general insurer.
- Through this collaboration, CSFB will leverage its network and customer base to distribute ICICI Lombard’s suite of general insurance products, including health, motor, home, travel and rural insurance.
- This partnership will empower the bank’s customers to be adequately risk covered and access our wide suite of innovative and tech-driven insurance solutions.
- Currently, CSFB has 177 branches spread over 5 States and 1 Union Territory.
- Bancassurance is an insurance distribution model where insurance companies partner with banks to sell policies. Both the bank and insurance companies get to benefit from this arrangement.
- While the bank earns a commission from the insurance company, the insurer gains from the distribution network of the bank.
Recent MoUs Signed in Banking Sector
- Airbus Helicopters, SIDBI sign MoU for helicopter financing in India
- SBI General Insurance signs bancassurance partnership with Jana SFB to increase insurance penetration
- Tata Motors’ arms partner with Bajaj Finance to provide financing to passenger
- PhonePe has partnered with LankaPay to allow its users to pay using UPI across Sri Lanka
- Aurm partnered with Tata AIG General Insurance to provide comprehensive insurance coverage to its customers for their valuables.
South Indian Bank and Northern Arc Capital join hands to set new benchmarks in the financial sector
RBI projects 7% Real GDP growth in current financial year
- The Reserve Bank of India has projected a 7 percent GDP growth in the current financial year.
- In its annual report, RBI said the real GDP growth for 2024-25 is projected to grow at 7 per cent with risks evenly balanced.
- The Indian economy expanded at a robust pace in fiscal 2024, with real GDP growth accelerating to 7.6 percent from 7 percent in previous year.
- On May 22, the RBI’s Central Board of Directors approved the transfer of Rs 2.11 lakh crore as surplus to the government for FY 2023-2024.
- The income of the Reserve Bank of India (RBI) in the financial year 2023-24 rose around 17 percent year-on-year due to a significant rise in interest income from foreign securities, as per the central bank’s report.
South Korea launches its First Space Agency
- South Korea plans to make a Mars landing by 2045 and spend 100 trillion won ($72.6 billion) until then on space exploration, President Yoon Suk Yeol said at the launch of the country’s first space agency.
- The Korea Aerospace Administration (KASA) will lead the country’s “space economy,” with hundreds of businesses and enterprises working to catapult South Korea into the ranks of the world’s top five space powers.
- The country’s first lunar lander is planned for 2032. South Korea plans at least three more space launches by 2027 and has plans to launch military satellites
- South Korea became the seventh country to own an indigenous space launch vehicle and satellite development technology with the launch of the Nuri rocket in May last year that put a commercial grade satellite in orbit.
- The agency is aimed at streamlining policy and development functions shared among different government ministries and will bring under its structure the aerospace research institute that developed the Nuri and its precursor space launch vehicles.
- In January, Japan became the fifth country to place a lander on the moon. Last year, India became the fourth nation to land on the moon, after Russia failed in an attempt the same month.
Appointment
Shah Rukh Khan appoints brand ambassador of Muthoot Pappachan Group
- Muthoot Pappachan Group (MPG), popularly known as Muthoot Blue, has roped in Shah Rukh Khan as its brand ambassador.
- This strategic collaboration represents a significant milestone for MPG, reinforcing its brand presence, and a new way of connecting with a diverse audience across the country.
- Muthoot Pappachan Group is the promoter of leading NBFCs including Muthoot FinCorp Limited (flagship Company of the Group), Muthoot Microfin Limited, Muthoot Capital Services Limited and Muthoot Housing Finance Company Limited.
- Chairman of the Muthoot Pappachan Group – Thomas John
Recent Brand Ambassador
- Kareena Kapoor Khan – UNICEF India National Ambassador
- MS Dhoni – French carmaker Citroen
- Sanjana Sanghi – SPACE India
- Neeraj Chopra – Eveready Batteries
- Nayanthar – Slice (the popular mango-flavored drink)
- Neeraj Chopra – BPCL’s Speed Petrol Variant
IRDAI approves Sandeep Batra as ICICI Prudential Board chairman
- The Insurance Regulatory and Development Authority of India (IRDAI) has approved the appointment of Sandeep Batra, as Chairman of the Board of Directors of ICICI Prudential.
- The appointment of Batra will be effective from June 30, 2024.
- Batra has been associated with ICICI group since September 2000 and is currently an Executive Director on the Board of ICICI Bank since July 2018, incharge of Corporate Centre.
- Batra has also served as Executive Director, CFO at ICICI Prudential life and Group Compliance officer at ICICI Bank.
- He is a Chartered Accountant and Company Secretary by qualification.
Recent Appointment in Banking & Insurance Sector
- MD & CEO of NARCL – P Santhosh (replace N Sundar)
- Part-time Chairman of ICICI Bank – Pradeep Kumar Sinha (replace G. C. Chaturvedi)
- CRO of Mahindra & Mahindra Financial Services – Mahesh Rajaraman (replace Mallika Mittal)
- MD & CEO of IndiaFirst Life Insurance – Rushabh Gandhi (replace R.M. Vishakha)
- Advisor of Mizuho Bank India – Sanjay Nayar
Awards
PFC receives CSR Champion Award 2024
- Power Finance Corporation Limited (PFC) has been honoured with the Corporate Social Responsibility award in the Non-Fossil Fuel (NF) business category at the Outlook Planet Sustainability Summit & Awards 2024 held in Goa.
- PFC’s Chairperson & Managing Director (CMD) Parminder Chopra received the award from the Department of Administrative Reforms and Public Grievances’ Secretary V Srinivas in presence of officials from Department of Public Enterprises, IIT Goa and Outlook.
- The Outlook Planet Sustainability Summit & Awards 2024 brought together senior government policymakers and top management of Central Public Sector Enterprises (CPSEs) to discuss and showcase exemplary initiatives in sustainability.
Recent Award
- UN Military Gender Advocate of the Year Award – Major Radhika Sen
- Economic Times HR World Future Ready Organization Award 2024-25 – NHPC
- 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)
Science
Agnikul launches Agnibaan with India’s first 3D-printed rocket engine
- India’s private space industry, Agnikul Cosmos successfully launched its SOrTeD mission, a single-stage launch vehicle demonstration powered by a semi-cryogenic 3D-printed engine.
- The mission, which lasted approximately two minutes, marked a major achievement for the company and the country in the development of indigenous space technology.
- The mission featured a 6.2-meter-tall single-stage launch vehicle with an elliptical nose cone and was equipped with advanced avionics architecture and autopilot software developed in-house.
- The Agnilet engine, the world’s first single-piece 3D-printed semi-cryogenic rocket engine, powered the vehicle.
- The mission included a series of precise manoeuvres, including a pitch-over manoeuvre and wind biasing, before splashing down in the Bay of Bengal.
Important day
31 May – World No-Tobacco Day
- World No-Tobacco Day is observed every year on 31 May.
- Objective – To raise awareness about the dangers of tobacco use and advocate for effective policies to reduce consumption.
- Theme 2024 – Protecting Children from Tobacco Industry Interference
- In 1987, Member States of the World Health Organization designated 31 May as World No Tobacco Day. This was done to draw attention to the global tobacco epidemic, and the preventable death and disease it causes.
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