Daily Current Affairs and GK | 29 May 2024

Topic: Banking System

1. RBI launched the Pravaah portal, Retail Direct mobile app and FinTech repository.

• Reserve Bank of India (RBI) Governor Shaktikanta Das launched three major initiatives- the PRAVAAH portal, the RBI Retail Direct mobile application and the FinTech Repository.
• PRAVAAH (Platform for Regulatory Application, VAlidation and Authorization) is a secure and centralised web-based portal for any individual or entity seeking authorisation, license or regulatory approval on any reference made by it to the RBI.
• This portal will help in improving the efficiency of various processes related to granting regulatory approvals and clearances by the Reserve Bank.
• Its main aim is to enhance regulatory processes, facilitate retail investment, and provide comprehensive data on the fintech sector.
• The retail direct mobile app will provide ease of transacting in government securities (G-Secs).
• Now, retail investors can transact in G-Securities using the mobile app on their smartphones.
• The fintech repository will contain information on Indian fintech firms, which will provide a better understanding of the sector from a regulatory perspective.

Topic: International Appointment

2. Apurva Chandra has been appointed as the chairperson of the Committee A at 77th World Health Assembly (WHA).

• Apurva Chandra is the Union health secretary, Government of India.
• The Committee A of WHA is chaired by India. It is the event being held from May 27 to June 1 at Geneva.
• Committee A is tasked with facilitating crucial discussions on a range of programmatic topics.
• The World Health Assembly features sessions from three main committees.
• These are Plenary, Committee A, and Committee B.
• India’s chairmanship of Committee A will continue until June 1.

Topic: Reports and Indices

3. According to SBI report, India’s Q4 FY24 GDP growth is likely to be 7.4%.

• SBI report predicts India’s FY24 GDP growth rate at 8%. The report is titled SBI Ecowrap.
• It credits robust global economy, moderate inflation, and robust fourth-quarter results from more than 2,400 listed Indian companies for its growth optimism.
• Approximately 2,400 Indian Inc. listed firms recorded top line growth of 9% in Q4 FY24, according to the report.
• Earnings before interest, taxes, depreciation, and amortisation (EBIDTA) increased by almost 21%, according to the report.
• According to the report, PAT growth dropped from 42% in the preceding two quarters to approximately 12%.
• Corporate GVA increased by about 18% in Q4 FY24, compared to 20% in Q4 FY23 and 26% in Q3 FY24, according to the report.
• EBIDTA growth dropped slightly to 21% in Q4 FY24 from 26% in Q3.
• Global headline inflation is predicted by the report to decrease from an average of 6.8% in 2023 to 5.9% in 2024. It is then predicted to decrease to 4.5% in 2025 (based on an estimate from the IMF).
• According to NSSO's advanced forecasts, the GDP is expected to expand by 5.9% in the fourth quarter and 7.6% overall.
• The RBI has predicted 7.6% GDP growth in the fourth quarter.

Topic: National Appointments

4. Disney Star’s Gaurav Banerjee has been named by Sony Corporation as the new chief executive officer (CEO) of its India division.

• Banerjee will take over for NP Singh, who left the Sony Corporation last week after 25 years of service.
• Banerjee oversaw business for Star Bharat and oversaw programming for Disney+ Hotstar and Hindi entertainment at Disney Star.
• Banerjee is likely to join Sony by August. He will oversee 26 channels, including ones for sports, film, and general entertainment.
• He will also oversee SonyLiv, a streaming service. He was earlier a journalist for television.

Topic: Science and Technology

5. India's first semiconductor chip imaging tool will be jointly developed by TCS and IIT Bombay.

• IT services major Tata Consultancy Services has partnered with Indian Institute of Technology-Bombay to develop India's first quantum diamond microchip imager.
• The sensing device to be developed will have the potential to achieve new levels of precision in testing semiconductor chips, reduce chip failures and improve the energy efficiency of electronic devices.
• Over the next two years, TCS experts will develop the device in collaboration with Dr. Kasturi Saha, Associate Professor, Department of Electrical Engineering, IIT-Bombay.
• Semiconductor chips are an essential component of all modern electronic devices.
• In a variety of industries, including communications, computing, healthcare, military systems, transportation, clean energy, and others, these chips serve as the brains of devices.
• The quantum diamond microchip imager being developed can image magnetic fields, allowing non-invasive and non-destructive mapping of semiconductor chips, much like an MRI in a hospital.
• It uses defects in the diamond’s structure, known as nitrogen-vacancy (NV) centers, as well as other hardware and software to detect and characterize anomalies in semiconductor chips.
• Currently four semiconductor units are under construction, three in Gujarat and one in Assam.

(Source: DD News)

Topic: Government Schemes and Initiatives

6. “PRAGATI-2024”, an initiative to shape the future of Ayurveda, launched by the CCRAS.

• On May 28, “PRAGATI-2024” (Pharma Research in AyurGyan And Techno Innovation) was launched by the Central Council for Research in Ayurvedic Sciences (CCRAS) in New Delhi.
• CCRAS is an autonomous body under the Ministry of AYUSH, Government of India.
• This provides a very useful opportunity for collaborative research in the field of Ayurveda.
• On May 28, a meeting was also held with the aim to explore research opportunities and promote collaboration between CCRAS and the Ayurveda pharmaceutical industry.
• Representatives of 35 pharmaceutical companies of the country took part in this program.
• The Pragati-2024 initiative is an important step in the development of the Ayurveda industry in India.
• It is expected to provide a platform for collaboration and research that will ultimately drive the growth and advancement of the field.

(Source: PIB)

Topic: International News

7. National Archives of India carries out first overseas digitization of diaspora records in Oman.

• The National Archives of India (NAI) and the Indian Embassy in Muscat have finished a first-of-its-kind project to archive historical records and documents of the Indian diaspora in Oman.
• The project is titled “The Oman Collection – Archival Heritage of the Indian Community in Oman,”.
• The project continued from May 19th to 27th, 2024. The project involved 32 prominent Indian families from Gujarat.
• The presence of these families in Oman dates back 250 years.
• This was the National Archives of India's first overseas venture into digitising diaspora documents.
• Under this project, about 7,000 documents in Hindi, Gujarati, English, and Arabic were digitised.
• The digitized collection will be uploaded to “Abhilekh Patal”, the NAI’s online portal.
• The oral histories from elder members of the community were also recorded as part of the projects.
• The National Records and Archives Authority (NRAA) of Oman supported the initiative.

Topic: Indian Economy

8. On 28 May 2024, a global equities index saw little decline.

• Treasury yields increased as investors anticipated the release of inflation data later this week.
• Treasury yields in the US started to rise. Unexpectedly, U.S. consumer confidence improved in May.
• This improved amid hope for the job market following three consecutive months of declines, according to a survey.
• Investors are waiting for U.S. inflation data. U.S. core Personal Consumption Expenditures Price Index report for April is to be released on 31 May 2024.
• The Dow Jones Industrial Average dropped 160.86 points, or 0.41%, to 38,908.73 on May 28, 2024.
• The S&P 500 dropped 0.90 points, or 0.02%, to 5,303.82 on May 28, 2024.
• The Nasdaq Composite increased by 66.46 points, or 0.39%, to 16,987.26 on May 28, 2024.
• The MSCI’s gauge of stocks across the globe dropped 1.17 points, or 0.15%, to 792.18. Europe’s STOXX 600 index dropped 0.72%.
• In Treasuries, yields originally declined after the house price data. They gained some ground after the consumer confidence survey release.
• In currencies, the euro increased by 0.12% to $1.0871 while the dollar index decreased by 0.09% to 104.47.
• The price of oil increased globally. A small decline in the value of the dollar helped keep gold prices stable as investors anticipated U.S. inflation data.

Topic: Banking System

9. Four European banks seek RBI approval for a third-party transaction model.

• Credit Agricole, Societe Generale, Deutsche Bank, and BNP Paribas have asked the Reserve Bank of India (RBI) to approve a third-party transaction model.
• They have kept this demand to resolve a deadlock between their home authorities and Indian policymakers over audit oversight rights.
• After the European Securities and Markets Authority (ESMA) de-recognized the Clearing Corp of India (CCIL) in October 2022, the European banks faced problems in trading Indian government bonds and derivatives.
• ESMA took the decision after the RBI denied it the right to audit and inspect CCIL (which regulates the sale and guarantees settlement of local government bonds).
• European banks now need to set up an alternative third-party clearing mechanism because of the deadline of October 2024 to stop transactions with CCIL.
• The four European banks are now waiting for either the central bank’s approval for the third-party model or a resolution of the dispute between ESMA and the RBI over audit oversight.

Topic: MoUs /Agreements

10. IOC signed an MoU with the Indian Army to promote Hydrogen and fuel cell technology.

• Indian Oil handed over a hydrogen fuel cell bus to the Indian Army to promote hydrogen and fuel cell technology for heavy-duty e-mobility.
• Indian Oil also signed a Memorandum of Understanding (MoU) with the Indian Army to deploy hydrogen fuel cell technology for heavy-duty e-mobility.
• The handing over and signing ceremony was held in the presence of General Manoj Pande, Chief of Army Staff.
• This project will evaluate the performance of fuel-cell electric buses for public transit in the Delhi NCR region.
• It will also analyse the impact of local fuel and air quality on the performance of fuel cell systems and vehicles.
• It will also evaluate the effectiveness, longevity, and operational reliability of hydrogen fuel cell buses.

Topic: Corporates and Companies

11. Government will get Rs 3,662 crore as dividends from LIC.

• A dividend of Rs 3,662 crore will be paid by State-owned Life Insurance Corporation of India (LIC) to the Government of India, which is the largest shareholder in the company.
• On May 27, the public insurer announced a final dividend of Rs 6 per share for the financial year ending March 31, 2024.
• LIC reported a net profit of Rs 13,782 crore for the quarter ended March 31, 2024, up 4.5% from Rs 13,191 crore reported in the same period last fiscal.
• The government currently holds 96.50% stake in the company, amounting to 6,10,36,22,781 shares out of 6,32,49,97,701 fully paid-up equity shares.
• In first-year premium income (FYPI), LIC remains the market leader in the Indian life insurance business with an overall market share of 58.87%.

Topic: Important Days

12. World Hunger Day 2024: 28 May

• Every year on May 28, World Hunger Day 2024 is observed.
• The day is dedicated to raising global awareness about the global hunger crisis and malnutrition.
• The goal of World Hunger Day is to raise awareness of sustainable food systems and behaviours that can help end hunger and malnutrition.
• The theme of World Hunger Day 2024 is "Thriving mothers. Thriving world."
• Women and children are facing malnutrition due to war, famine, climate change and other reasons.
• In 2011, the Hunger Project established the World Hunger Day to draw attention to the global food crisis.
• Founded in 1977, the Hunger Project is a global movement dedicated to creating a world without hunger.

Topic: Infrastructure and Energy

13. GAIL commissioned its first green hydrogen plant under the national green hydrogen mission.

• The first hydrogen green plant by the Gas Authority of India Ltd has been inaugurated at Vijaipur in the Guna district of Madhya Pradesh.
• It is an important step towards new and alternate energy and has been installed in line with the National Green Hydrogen Mission.
• This Green Hydrogen plant can produce 4.3 TPD of hydrogen through 10MW PEM (Proton Exchange Membrane) Electrolyzer units.
• Initially, the hydrogen produced from this unit will be used as fuel and for captive purposes of the existing plant at Vijaipur.
• The National Green Hydrogen Mission is an initiative of the Government of India.
• Its main aim is to foster the development and adoption of green hydrogen technologies in India.

Topic: Awards and Prizes

14. The 2023 UN Military Gender Advocate of the Year Award will be conferred to Radhika Sen.

• Major Radhika Sen, an Indian woman peacekeeper, will be honoured with the prestigious military gender advocate award.
• Major Radhika Sen has served with the United Nations Organization Stabilisation Mission in the Democratic Republic of the Congo (MONUSCO).
• She will receive the honour on May 30, marking the International Day of UN Peacekeepers.
• She will receive the honour on May 30 marking the International Day of UN Peacekeepers.
• From March 2023 to April 2024, she served in the Democratic Republic of the Congo (DRC) as the Commander of MONUSCO’s Engagement Platoon for the Indian Rapid Deployment Battalion (INDRDB).
• She joined the Indian Army eight years ago and graduated as a biotech engineer.
• After Major Suman Gawani, she is the second Indian peacekeeper to receive this prestigious award.
• United Nations Military Gender Advocate of the Year Award:
  • The United Nations 'Military Gender Advocate of the Year Award was instituted in 2016.
  • It recognises the dedication and efforts of an individual military peacekeeper in promoting the principles of UN Security Council Resolution 1325 on Women, Peace and Security.
  • Every year, the awardee is selected from among candidates nominated by Force Commanders and Heads of Mission from all peace operations.