Current Affairs Today 4th and 5th May 2024 Daily GK Update

Daily Current Affairs 4th and 5th May 2024 Daily GK Update

Current Affairs Quiz 2024, Daily gk updates and Current affairs play a major role in any competitive exam. so here we are providing the current affairs quiz on a daily basis for Bank, SSC, Railway and Other Government Competitive Examinations.

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National News

India & Nigeria to finalise Local Currency Settlement System Agreement

  • India and Nigeria have agreed to an early conclusion of the Local Currency Settlement System Agreement to strengthen bilateral economic ties.
  • Under the local currency settlement system, the trade will be settled in India’s local currency and Nigerian local currency, Nigerian naira.
  • This was decided at the 2nd session of the India-Nigeria Joint Trade Committee held in Abuja, Nigeria.
  • Officials from the Reserve Bank of India (RBI), EXIM Bank of India, and the National Payments Corporation of India (NPCI) also accompanied the Indian delegation.
  • India established a Diplomatic House in Lagos, Nigeria, in November 1958; even before Nigeria gained independence, Nigeria gained independence from Britain in 1960.
  • Prime Minister Pandit Jawaharlal Nehru was the first prime minister of India to visit Nigeria in September 1962.
  • Two Nigerian Presidents have been the chief guests at the Republic Day celebration: President Shehu Shagari in 1983 and President Olusegun Obasanjo in 2000.

About Nigeria

  • Capital- Abuja
  • Currency- Nigerian naira
  • Continent- Africa
  • President– Bola Tinubu

International News

India at 159 among 180 countries in World Press Freedom Index

  • India ranked 159 among 180 countries in the latest annual World Press Freedom Index released by Reporters Without Borders (RSF, short for Reporters sans frontières in French), an international non-profit organization.
  • India had ranked 161 in the 2023 list.
  • Meanwhile, Pakistan ranked seven spots above India at 152. It had ranked 150 in 2023.
  • Norway topped the ranking, while Denmark was on the second rank in World Press Freedom Index. Sweden ranked third on the list.
  • While Eritrea was at the bottom, with Syria just ahead of it.

Recent index

  • World Cybercrime Index: India at 10th; topped by Russia followed by Ukraine
  • Henley Passport Index 2024 – India at 85th; topped by Germany, Italy, Japan, Singapore, and Spain, France
  • Corruption perception index 2023 – India ranked 93rd; topped by Denmark
  • Mercer’s Quality of Living City Index 2023 – Rank 1. Vienna (Austria), Rank 2. Zurich (Switzerland), Rank 3. Vancouver (Canada), Hyderabad (153rd), Pune (154th), Chennai (161st), Mumbai (164th), Kolkata (170th), New Delhi (172nd), Khartoum (Sudan) at the bottom-most position (241st spot).
  • Climate Change Performance Index 2023 – India ranked 7th

Banking and Financial

Adani Green Energy secures $400 Million Finance from International Banks

  • Adani Green Energy Ltd (AGEL) has secured USD 400 million finance from a consortium of five international banks for its under-construction solar projects of 750 MW in Gujarat and Rajasthan.
  • One of the projects is being developed in Rajasthan with 500 MW capacity and has a long-term power purchase agreement (PPA) with Solar Energy Corporation of India (SECI).
  • The second one, with 250 MW capacity, is a standalone merchant power project being implemented at the world’s largest RE cluster in Khavda, Gujarat.
  • The consortium of lenders includes Cooperative Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., and Sumitomo Mitsui Banking Corporation.

RBI imposes monetary penalty on three co-operative banks for rule violations

  • The Reserve Bank of India (RBI) has imposed monetary penalty of three co-operative banks for rule violations.
  • These banks are Lokmangal Co-operative Bank, The Udgir Urban Co-operative Bank, and The Satara Sahakari Bank.
  • The central bank imposed Rs 5 lakh penalty on Lokmangal Co-operative Bank, Rs 2 lakh on The Satara Sahakari Bank, and Rs 1 lakh on The Udgir Urban Co-operative Bank.

Recent Penalties imposed on Banks by RBI

  • Rajkot Nagarik Sahakari Bank (43.30 lakh) – for non-compliance with RBI direction
  • The Kangra Co-operative Bank, New Delhi (5 lakh) – For deficiencies in regulatory compliance
  • Rajdhani Nagar Sahkari Bank, Lucknow (5 lakh) – For deficiencies in regulatory compliance
  • Zila Sahakari Bank, Garhwal (5 lakh) – For deficiencies in regulatory compliance
  • District Co-operative Bank, Dehradun (2 lakh) – For deficiencies in regulatory compliance

OECD raises the Indian economy growth rate forecast to 6.6% in 2024-25

  • The Organisation for Economic Co-operation and Development (OECD) has raised its growth forecast for India by 40 basis points to 6.6 per cent for 2024-25.
  • In its earlier report, it had projected a growth rate of 6.2 per cent for the Indian economy in 2024-25.
  • It has also forecasted a growth rate of 6.6 % for 2025-26.
  • Recently International Monetary Fund raised the expected growth rate of the Indian economy in 2024-25 to 6.8%
  • The OECD expects the world economy to grow by 3.1 percent in 2024 and 3.2 percent in 2025.

Updated GDP List 9/3/24 (last Update) by Lavkush

  • 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)

Neobanking startup Fi secures NBFC License from RBI

  • Neobanking startup Fi, backed by investors such as Peak XV and Temasek, has secured a non-banking finance company (NBFC) licence from the Reserve Bank of India, enabling it to provide loans from its own books.
  • With this, Fi has joined the likes of Jupiter, Groww and Cred, all of which got into the lending business either by getting a fresh licence or by acquiring another NBFC.
  • Acquiring an NBFC licence empowers fintechs to offer loans from their own books, thus establishing an asset base.
  • Without this licence, they are limited to acting as intermediaries to connect borrowers with banks and other NBFCs.

About Fi

  • Founded by former Google executives, Narayanan and Sumit Gwalani in 2019.
  • Fi provides zero-balance savings accounts and other services like investments, payments and savings to its users.
  • The company has raised around $160 million in equity from major investors like Ribbit Capital, Alpha Wave Global, Temasek and others.

YES Bank collaborates with ANQ to launch Pi and Phi credit cards

  • YES Bank has partnered with Bengaluru-based financial services provider ANQ to unveil two new credit cards designed for Indian consumers.
  • The Pi and Phi co-branded cards aim to offer unique features and benefits.

ANQ Pi Credit Card

  • The YES BANK ANQ Pi Credit Card is a digital-only card that provides credit on Unified Payments Interface (UPI) for domestic transactions.
  • With no joining or annual fees, this card offers flexibility without additional costs.
  • Users can earn 8 reward points on UPI transactions above ₹2,000 and gain access to RuPay Platinum Benefits.
  • Additionally, the card provides accelerated rewards on UPI spending and allows users to convert purchases into EMIs.

ANQ Phi Credit Card

  • The YES BANK ANQ Phi Credit Card is a physical card catering to both domestic and international purchases.
  • The Phi card offers rewards across various categories including dining and travel, along with fuel surcharge waivers and international lounge access.
  • Users can earn 24 reward points on selected categories for spends of ₹200 and 4 reward points on other spends of ₹200.

About Yes Bank

  • Founded – 2004
  • Headquarters – Mumbai, Maharashtra
  • MD & CEO – Prashant Kumar
  • Chairman – Sunil Mehta
  • Tagline – Experience our Expertise

HDFC Life launched ‘No Jhanjhat Life Insurance Fatafat’ campaign

  • HDFC Life, a leading insurer in India, has unveiled its latest campaign, ‘No Jhanjhat Life Insurance Fatafat’.
  • This campaign promises a seamless and swift life insurance purchasing experience, tailored for today’s fast-paced world.
  • As the campaign’s protagonist navigates life’s challenges, each scene serves as an endearing analogy to the simplicity of purchasing insurance through HDFC Life’s online channel.
  • Bid farewell to cumbersome paperwork and lengthy waiting period – HDFC Life offers a range of benefits at your fingertips.
  • Through initiatives like the “No Jhanjhat Life Insurance Fatafat” campaign, HDFC Life is committed to contributing to the mission of ‘Insurance for All by 2047.

Recent Facilities Launched in Banking & Insurance Sector

  • 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’
  • Razorpay launches UPI Switch with Airtel Payments Bank
  • BharatPe launches all-in-one payment device BharatPe One

Appointment

Atanu Chakraborty reappointed as Chairman of HDFC Bank

  • The Reserve Bank of India has approved the re-appointment of Atanu Chakraborty as part-time Chairman of HDFC Bank for three years with effect from May 5.
  • Chakraborty has been the Part-Time Chairman and Independent Director of the Bank since May 2021.
  • He served the Government of India for 35 years as a member of Indian Administrative Service (IAS) in Gujarat cadre.
  • He retired as Secretary to Government of India in the Ministry of Finance- Department of Economic Affairs (DEA) in April 2020.

About HDFC Bank

  • Founded – August 1994
  • Founder – Hasmukhbhai Parekh
  • Headquarters – Mumbai, Maharashtra
  • MD & CEO – Sashidhar Jagdishan
  • Chairman – Atanu Chakraborty
  • Tagline – We understand your world

Recent Appointment in Banking & Insurance Sector

  • MD & CEO of Jio Financial Services – Hitesh Sethia
  • MD & CEO Axis Bank – Amitabh Chaudhry (reappointment for 3 years)
  • Independent Directors of Axis bank – Meena Ganesh and Gopalaraman Padmanabhan (reappointment for 4 years)
  • Deputy Governor of RBI – T Rabi Sankar (reappointment for One Year)
  • Chairman of HDFC Insurance Board -Keki Mistry

Gautam Singhania appointed as MD of Raymond

  • Raymond has re-appointed Gautam Hari Singhania as its managing director for a term of five years effective from July 1, 2024.
  • Singhania, a commerce graduate, assumed the role of chairman and managing director of Raymond in September 2000.
  • Over the years, he has been instrumental in strategically restructuring the Raymond Group, including the divestment of its non-core businesses of Steel, Cement, and Synthetics.

Recent Appointment 

  • Secretary of National Jute Board – Shashi Bhushan Singh
  • DG of Akashvani News aka All India Radio – Maushumi Chakravarty (replace Vasudha Gupta)
  • 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

Ujjivan SFB names Carol Furtado as Executive Director

  • Ujjivan Small Finance Bank has appointed Carol Furtado as executive director for three years with effect from May 1.
  • Ms Furtado has been with the bank since its inception and assumed various key positions including chief human resource officer, head of operations and service quality and chief business officer.
  • Furtado has over 29 years of banking experience in retail banking and non-banking finance company domains. She was instrumental in the organization’s transition from NBFC-MFI to a small finance bank.
  • A post graduate from Mount Carmel Institute of Management, Bangalore, she had previously worked with the ANZ group, Bank Muscat and Centurion Bank.

About Ujjivan Small Finance Bank

  • Founded- 1 February 2017
  • Headquarters- Bangalore, Karnataka
  • MD & CEO – Ittira Davis

Sanjaya Kumar Mishra appoints as head of GST Appellate Tribunal

  • The Appointment committee of Cabinet has approved the appointment of Sanjaya Kumar Mishra as President GST Appellate Tribunal (GSTAT) for 4 years.
  • Mishra is a former Chief Justice of Jharkhand High Court.
  • The selection was made on the recommendations of a Search-Cum-Selection Committee. This will speed up the process of making the GSTAT functional at earliest.
  • GSTAT will have one Principal Bench located at Delhi and 31 State benches located at various locations across States.
  • In February 2024, the Department of Revenue invited applications for appointments to the posts of the 63 posts of judicial members and 32 posts for the technical Members (Centre) in Principal Bench of GST Appellate Tribunal (GSTAT).
  • The eligibility criteria was being a judge of the High Court, or serving a retired District Judge or Additional District Judge with 10 years of combined experience, or Lawyer with 10 years of experience with substantial experience in litigation in matters relating to indirect taxes.

Important day

4 May – Coal Miners Day 

  • Coal Miners Day is observed annually on May 4 in India.
  • It honours the hard work and sacrifices of coal miners around the world. The day reminds us of its vital role in providing energy for homes, industries, and communities.
  • Coal mining is a really important job for lots of people. This day helps us understand the tough things coal miners deal with, like staying safe and healthy while they work.
  • Coal Miner’s Day started in 1952 when the Mines Act was made. This law aimed to help coal miners by giving them medical care, safety rules, and rescue places.
  • Later, in 1974, the Coal Mines Act was made to save coal and keep miners safe. But, even with these laws, many miners still get sick or hurt.
  • The first coal mine in India opened in 1774 by John Summer and Suetonius Grant Heatly. It was by the Damodar River in the Raniganj Coalfield.

4 May – International Firefighters Day

  • International Firefighters’ Day is observed every year on May 4.
  • It honour the brave men and women who risk their lives to keep communities safe from fires and other emergencies.
  • International Firefighter’s Day traces its origins back to a tragic event in Australia. On December 2, 1998, five firefighters lost their lives while battling a fierce blaze in Linton, Victoria.
  • This incident deeply affected the local community and prompted a movement to recognise and appreciate the efforts of firefighters worldwide.
  • In 1999, International Firefighters’ Day was established to commemorate the bravery of those firefighters and to express gratitude to all firefighters for their selfless service.

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