Month: April 2024

ADIF and IIT Guwahati TIC Sign MoU to Boost Startup Ecosystem
The Alliance of Digital India Foundation (ADIF) and the Indian Institutes of Technology Guwahati(Assam) Technology Incubation Centre (IITG TIC) signed a Memorandum of Understanding (MoU) to promote entrepreneurship and provide support to technology startups.

• The two-year MOU aims to strengthen the startup ecosystem by facilitating collaboration between ADIF’s network of startups and entrepreneurs, and IIT Guwahati’s source of innovators, faculty, and incubation facilities.
• Under the agreement, ADIF will provide alliance membership to IITG TIC’s portfolio startup companies, giving them access to ADIF’s startup toolkit of discounted services, resources, and mentorship opportunities.

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UNHCR launches Climate Resilience Fund to Shield Refugees and Displaced People from Climate ShocksOn April 24, 2024, the United Nations High Commissioner for Refugees (UNHCR) launched the UNHCR Climate Resilience Fund, aiming to raise USD100 million by 2025 for protecting refugees and displaced communities from climate change impacts and promoting their inclusion in climate-related measures.
Key Points:
i.Contributions to the Fund will extend UNHCR’s climate action to countries grappling with conflict-related displacement, including Bangladesh, Chad, Ethiopia, Kenya, and Mozambique.

• It will also support a range of activities in line with UNHCR’s Focus Area Strategic Plan for Climate Action 2024-2030.
• Four objectives of the plan are: protection, solutions, resilience, and adaptation

ii.The Fund will invest in climate-resilient shelters, climate-smart livelihoods, and minimizing the environmental impact of humanitarian responses.
iii.By prioritizing local impact, projects will involve affected communities in design and implementation, aligning with national climate strategies and development plans.
iv.In 2022, over 70% of refugees fled from highly climate-vulnerable countries. Around 60% of forcibly displaced people reside in fragile and conflict-affected nations, among the most susceptible to climate change and least prepared to adapt.
About United Nations High Commissioner for Refugees (UNHCR):
High Commissioner– Filippo Grandi
Establishment– 1950
Headquarters– Geneva, Switzerland

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UNCTAD Report: India’s Services Exports Increased By 11.4% in 2023The fourth quarterly (Q4) report for 2023 of the United Nations Conference on Trade and Development (UNCTAD) states that India’s service exports increased by 11.4% to USD 345 billion in 2023, amid uncertainty in the global economy.

• Whereas China’s service export decreased by 10.1% to USD 381 billion in2023. But, China emerged as the top performer among the developing countries in terms of services exports followed by India.

Key Findings:
i.As per the report, World services export increased at 8.9% to USD 7.9 trillion in 2023.

• The world services exports increased to 8.0% in Q4 2023.

ii.United States of America(USA) is the top performing country (developed economy) with biggest services exports in the world at USD 999 billion followed by United Kingdom(U.K.) at USD 584 billion and Germany at USD 440 billion.
ii.Major services exporters among the developing economies are: China, India Singapore, Turkiye, Hong Kong, Thailand, and Taiwan.
iv.The report cited International Travel receipts as the main driver of the Year-On-Year(Y-O-Y) rise of services exports in Q4 2023.

• International travel receipts increased by 40% globally while it shows the growth of 70% in Asia in Post-COVID-19 recovery.

India-Specific
i.The report highlighted the sectors which contributed towards the growth of India’s services export are: travel, transport, medical and hospitality.
iv.In contrast to India’s positive growth in services export, India’s services imports (developing economy) decreased marginally by 0.4% to USD 248 billion in 2023.

• United States of America topped the leading importers among developed economies with USD 719 Billion.

Note: According the Government of India (GoI) official data, In FY24(2023-24), the services export increased by 4.4% YOY basis to USD 339.6 billion.
About United Nations Conference on Trade and Development (UNCTAD):
Secretary-General: Rebeca Grynspan (Costa Rica)
Headquarters: Geneva, Switzerland
Member nations: 195
Established: 1964

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NABARD Partners with Reserve Bank Innovation Hub to Fastrack Digital Agri LendingOn April 25, 2024, the National Bank for Agriculture and Rural Development (NABARD) announced its partnership with the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the Reserve Bank of India (RBI), to develop a system that will help speed up the process of agricultural loans.

• The agreement was signed by Shaji K.V., Chairman of NABARD and Rajesh Bansal, Chief Executive Officer(CEO), RBIH.

Significance:
The digitization of agricultural lending will ensure instant delivery of credit to farmers. The collaboration will simplify the loan process and reduce the turnaround time for loans from 3-4 weeks to 5 minutes for 12 crore farmers in India.
Key Points:
i.According to the agreement, NABARD will integrate its electronic Kisan Credit Card (e-KCC) loan origination system portal with Public Tech Platform for Frictionless Credit(PTPFC) of RBIH.
Note: PTPFC was developed by RBIH was launched in 2023.

• PTPFC has seen the implementation in over 10 states by making land records digitally available to provide the seamless flow of credit information for lenders

ii.The integration will help 35 district and state cooperative banks and 43 Regional Rural Banks(RRBs) to give access to various range of services such as: digital state land records, satellite data, Know Your Customer (KYC), credit history and transliteration for effective credit underwriting.
iii.The pilot phase of partnership will be implemented in selected RRBs: Karnataka Gramin Bank, Maharashtra Gramin Bank and Cooperative Banks in Andhra Pradesh.
iv.Its main objective is to expand digital lending platform to cover about 5 crore Kisan Credit Card(KCC) loans across all cooperative banks and RRBs in India.
About Reserve Bank Innovation Hub(RBIH):
It is a wholly-owned subsidiary of RBI, focuses on promoting and facilitating an environment that accelerates innovation across the financial sector.
CEO: Rajesh Bansal
Headquarters: Bengaluru, Karnataka
Established: 2022

SBI Card launches its 1st core Travel credit card ‘SBI Card Miles’ with 3 variants  SBI Cards and Payment Services Limited (SBI Card) introduces its first travel-focused credit card, ‘SBI Card MILES,’ featuring three variants: SBI Card Miles Elite, SBI Card Miles Prime, and SBI Card Miles. 

• The cards are available on Mastercard and RuPay networks,

Charges:
The ELITE variant has a joining and annual fee of Rs. 4,999 + taxes, while PRIME and MILES variants cost Rs 2,999 and Rs 1,499 + taxes, respectively.
Benefits:
i.It will offer benefits like Travel Credits conversion, enhanced rewards on travel bookings, and lounge access.
ii.The card partners include over 20 leading airlines and hotels brands including Air Vistara, Air India, SpiceJet, and IHG Hotels & Resorts.
iii.For Elite, Prime and miles variants the Foreign Currency Mark-up Charge on International usage are 1.99%, 2.50% and 3.00% respectively
Travel credits:

The Travel Credits can be convereted into Air Miles / Hotel Points of respective partners
About SBI Cards and Payment Services Limited:
It is a joint venture between the State Bank of India (SBI) and GE Capital.
MD and CEO– Abhijit Chakravorty
Establishment– 1998
Headquarters-Gurugram, Haryana

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Groww Mutual Fund receives SEBI approval to launch India’s 1st Nifty Non-Cyclical Consumer Index FundGroww Mutual Fund, an asset management company (AMC), has received approval from the Securities and Exchange Board of India (SEBI) to launch India’s inaugural Nifty Non-Cyclical Consumer Index Fund.

• This open-ended scheme, set to launch in the first week of May 2024, will be managed by Abhishek Jain and bench-marked against the Nifty Non-Cyclical Consumer Index TRI (Total Return Index), comprising top 30 stocks from sectors like consumer goods and services, telecom, textiles, entertainment, etc.

Key Points:
Fund Objective: It aims for long-term capital growth by investing in securities mirroring the Nifty Non-Cyclical Consumer Index’s performance with minimal tracking errors.

• This fund targets stable-demand industries like utilities, healthcare, consumer staples, and sometimes financial shielding against market volatility.

Investment Strategy: The fund will primarily invest 95-100% in equities and equity-related securities of companies associated with or expected to benefit from consumption activities, with a small allocation (0-5%) to debt and money market instruments.
Minimum Investment: Investors can start with a minimum of Rs 500, with additional investments in multiples of Re 1 for purchases and Re 0.01 for switches.

• SIPs require a minimum investment of Rs 1,200, subject to specific installment criteria.

Redemption and Exit Load: The minimum redemption amount is Rs 500, with an exit load of 1% applicable for units redeemed within 30 days of allotment. After this period, no exit load is charged.
Fund Options: The scheme offers regular and direct plans, along with growth and IDCW (Income Distribution Cum Capital Withdrawal) options.
Risk Profile: The scheme carries a “very high” risk profile, and is suitable for those seeking long-term capital appreciation in equity and equity-related instruments of the Nifty Non-Cyclical Consumer Index.
About Groww Mutual Fund:
Co-founder & CEO– Lalit Keshre
Headquarters– Bengaluru, Karnataka
Establishment– 2017

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CRISIL ESG Ratings Gets SEBI nod to Offer ESG ratingsThe Securities and Exchange Board of India (SEBI) has approved CRISIL ESG Ratings & Analytics Limited (CRISIL ESG Ratings), a wholly owned subsidiary of CRISIL Ratings Ltd (CRL), as a Category 1 provider of Environmental, Social and Governance (ESG) ratings.
Background:
i.In 2023, SEBI notified the amendment in the SEBI (Credit Rating Agencies) Regulations, 1999 to include provisions on ESG Rating Providers (ERPs).
ii.CRISIL ESG Ratings was incorporated in July 2023 to comply with these notification.
iii.CRISIL Limited launched ESG ‘scoring’ business in 2021 and expanded coverage from 225 to around 1,000 companies across 65 sectors. This ESG scoring business will be now transfered to CRISIL ESG Ratings.
ESG ratings:
ESG ratings process includes the analysis of more than 500 unique data points across ESG aspects for each company.
It will help the investors to measure and monitor ESG risks and enable them to identify investment opportunities considering long-term sustainability of business.
SEBI & ESG rating:
i.SEBI established 2 categories for rating entities based on their net worth and functions.
ii.As per SEBI, the rating agency is mandated to publish its evaluation methodology for all ESG ratings on its official website. This will ensure balance between transparency and the protection of proprietary or confidential information within these methodologies.
iiiThe rating agency should clearly describe the proportional weight assigned to each category and detail the significance attributed to overarching themes.
iv.The principal shareholder of an ESG rating agency is mandated to have minimum ownership of 26% in said agency for minimum 5 years subsequent to receiving regulatory approval.
v.Foreign entities that provide ESG rating service will be required to get SEBI certification if they want to provide services to entities within India.
About CRISIL Ratings Limited(CRL):
CRL is a subsidiary of CRISIL Limited(formerly Credit Rating Information Services of India Limited).
CRL is registered with the SEBI as a Credit Rating Agency under SEBI (Credit Rating Agencies) Regulation, 1999.
Managing Director(MD)– Gurpreet Chhatwal
Headquarters- Mumbai, Maharashtra

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Hitachi Payment Services launches India’s first Upgradable ATM
Hitachi Payment Services Private Ltd, a 100% subsidiary of Hitachi Ltd., launched India’s first upgradable Automated Teller Machine (ATM) that can be converted to a cash recycling machine (CRM) as and when a bank needs it, eliminating the need for a separate CRM.

• These upgradable machines feature UPI-enabled cash deposits and withdrawals.
• CRM enables customers to make cash deposits and withdrawals in the same machine.

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NTPC Signs MoU with RINL for Supply of Limestone
NTPC Limited (formerly National Thermal Power Corporation) and Rashtriya Ispat Nigam Limited (RINL) have signed a Memorandum of Understanding (MoU) for the supply of 9 lakh metric tonnes of limestone (lime chips – a by-product of the RINL) for the NTPC units across India for five years.

• Limestone is used as a raw material for the flue-gas desulphurisation system that is being installed at the coal-based thermal plants of the NTPC for the reduction of sulphur dioxide (SO2) emissions.
• The MoU was signed by Surinder Pal Singh Virk, Chief General Manager (corporate centre-fuel management) of NTPC, and Rajat Aich, General Manager (marketing) of RINL.

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Former Wrestler Narsingh Pancham Yadav Elected Chairman of WFI’s 7-member Athletes’ CommissionFormer Indian Wrestler Narsingh Pancham Yadav was elected Chairman of the 7 member Athletes’ Commission of the Wrestling Federation of India (WFI), the governing body of wrestling in India.
Other Elected Members of Athletes Commission: 
i.Sahil (Delhi)
ii.Smitha AS (Kerala)
iii.Bharti Bhaghei (Uttar Pradesh)
iv.Khushboo S Pawar (Gujarat)
v.Sweta Dubey (West Bengal).
vi.Nikki (Haryana) will be the convener of the Athletes commission.
Election of Athletes Commission:
i.A total of eight candidates contested for the 7 positions in the commission.
ii.The 7 elected members of the commision chose Narsingh Yadav as Chairman of the commision.
iii.The commission members were elected for a term of 2 years.
Background:
i.in August 2023, United World Wrestling, international governing body for Wrestling, suspended the membership of UWW due to lack of elections.
ii.In February 2024, UWW lifted the suspension on the WFI and mandated WFI to conduct elections of its athletes’ commission before 1st July 2024 comprising active or retired athletes of no more than 4 years standing.
About Narsingh Pancham Yadav:
i.He secured the gold medal in the men’s freestyle 74 kg category at the 2010 Commonwealth Games hosted in New Delhi(India).
ii.He won the silver medal in the 74 kg category at the 2011 Commonwealth Championship held in Melbourne, Australia.
iii.He also won the Bronze (74kg category ) in the 2014 Asian Games held in Incheon, South Korea; 2015 UWW Asian Championship held in Doha, Qatar; and 2015 World Wrestling Championship 74kg category in Las Vegas, the United States of America (USA).
iv.In 2016, he was banned for 4 years for failing dope tests by the Court of Arbitration for Sport (CAS).
v.In 2012, he was honoured with the Arjuna Award in Wrestling.

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CCI approves Subscription to CCDs of Napino Auto and Electronics by IFC
On 23rd April 2024, the Competition Commission of India (CCI) approved the subscription to Compulsory Convertible Debentures (CCDs) of Napino Auto and Electronics Limited (Napino) by the International Finance Corporation (IFC).
Target – Napino
Acquirer – IFC

• IFC, a member of the World Bank Group, was established in 1956. It helps developing countries achieve sustainable growth by promoting private-sector development.
• Napino manufactures electrical and electronic products primarily for 2-wheeler and a small segment of 3-wheeler and 4-wheeler vehicles.

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China Launched 3 Member Shenzhou-18 Crew to its Space StationOn 25th April 2024, China launched its Shenzhou-18 spacecraft, also known as the “Divine vessel”, aboard the Long March 2-F rocket with 3 astronauts to its space station “Tiangong space station”.

• Shenzhou-18 was launched from Jiuquan Satellite Launch Center on the edge of the Gobi Desert in northwestern China.
• China Manned Space Agency (CMSA) held the send off ceremony of Shenzhou-18 crew.

About Shenzhou-18:
Crew: 
i.The 3 member crew of  Shenzhou-18 are Mission Commander Ye Guangfu(43), and former fighter pilots Li Cong (34) and Li Guangsu (36).
ii.This marks Ye Guangfu’s 2nd space space flight mission. He was a crew member of
Shenzhou-13 mission (October 2021 to April 2022).
Functions: 
i.The crew will utilize the scientific experiment cabinets and extravehicular payloads to carry out more than 90 experiments in the fields of basic physics in microgravity, space material science, space life science, space medicine and space technology,
ii.They will also conduct space experiments and tests in cutting-edge fields such as aerospace medicine, basic physics, material science and life science.
iii.Using zebrafish and goldfish algae, China’s first in-orbit aquatic ecological research project will also be implemented during the mission
Points to note: 
i.The Shenzhou-18 crew will relieve the Shenzhou-17 team and spend approximately six months on the space station.
ii.The Shenzhou-18 crew are scheduled to return to the Dongfeng landing site in north China’s Inner Mongolia Autonomous Region in October 2024.
Additional info: 
i.China built the T-shaped Tiangong space station after being excluded from the International Space Station (ISS) in 2011.
ii.Tiangong space station has been permanently staffed since June 2022.

International Delegate’s Day 2024 – April 25 The United Nations (UN)’s International Delegate’s Day is annually observed across the globe on 25th April to raise awareness about the role of the representatives and delegates of the Member States to the UN.

• 25 April 2024 marks the observance of the 5th International Delegate’s Day.

Background:
i.On 2nd April 2019, the United Nations General Assembly (UNGA) adopted a resolution A/RES/73/286 and proclaimed the 25th April of every year as International Delegate’s Day.
ii.The 1st ever International Delegate’s Day was observed on 25 April 2020.
Why April 25? 
i.The day marks the anniversary of the 1st day of the San Francisco Conference, also known as the UN Conference on International Organisations.
About United Nations (UN):
Secretary-General– António Guterres
Headquarters– New York, USA
Established in– 1945

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International Chernobyl Disaster Remembrance Day 2024 – April 26The United Nations (UN)’s International Chernobyl Disaster Remembrance Day is annually observed across the globe on 26th April to commemorate the anniversary of the 1986 Chernobyl nuclear disaster.

• The Day aims to remember the victims and survivors of the worst nuclear accident and create awareness about the long term effects of the Chernobyl disaster.

26th April 2024 marks the 38th anniversary of the Chernobyl nuclear disaster, which took place on 26th April 1986.
Background:
i.On 8th December 2016, the United Nations General Assembly (UNGA) adopted the resolution A/RES/71/125 and proclaimed the 26 April of every year as International Chernobyl Disaster Remembrance Day.
ii.The 1st ever International Chernobyl Disaster Remembrance Day was observed on 26th April 2017.

SJVN Limited inaugurates India’s 1st Multipurpose Green Hydrogen Pilot ProjectOn 23rd April 2024, Geeta Kapur, Chairman and Managing Director(CMD) of SJVN Limited(formerly known as Satluj Jal Vidyut Nigam) inaugurated India’s 1st multipurpose(combined Heat and Power) green hydrogen pilot project at the 1,500 megawatt (MW) Nathpa Jhakri Hydro Power Station (NJHPS) in Jhakri, Himachal Pradesh(HP).

• She also inaugurated the first-of-its-kind centralised operation of 1500MW NJPHS and 412 MW Rampur Hydrogen Power Station(RHPS) by remotely operating Unit-II of RHPS from NJHPS, Jhakri.

Note: The project in in line with the National Green Hydrogen Mission (NGHM) will accelerate the development of green hydrogen production infrastructure in the power sector.
About the green hydrogen pilot project:
i.The state of the art green hydrogen pilot project has the capability to cater to the high-velocity oxygen fuel (HVOF) coating facility of NJHPS to meet its combustion fuel requirements.
ii.This will also have the capacity to generate electricity through its 25 kilowatt (kW) capacity fuel cell.
iii.The green hydrogen plant will utilise a alkaline electrolyzer of 20 Nm^3/Hr (normal meter cubed per hour) capacity which enables the production of hydrogen gas by splitting hydrogen and oxygen from water.

• This will use renewable energy supplied from the 1.31 MW solar power plant of SJVN located in Wadhal, Himachal Pradesh.

Benefits:
i.The project is set to produce 14 kg of green hydrogen per day during 8 hours of operation which will be stored in 6 storage tanks.
ii.The green hydrogen will be utilized for HVOF coating of turbine underparts. Also, it has the capacity of generating electricity through its 25KW capacity fuel cell.
About SJVN Limited:
It is a Mini Ratna, Category-I and Schedule ‘A’ Central Public Enterprise(CPSE) under the Ministry of Power. It is a Joint Venture of Government of India and Government of Himachal Pradesh.
CMD (Additional Charge) – Geeta Kapur
Headquarters- Shimla, Himachal Pradesh(H.P.)
Established in 1988

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Central Government Expands Committee for Drug and Medical Device Pricing ReformsAs per the official order of Department of Pharmaceuticals under the Ministry of Chemicals and Fertilizers, Government of India (GoI) has approved the expansion of the committee formed to look into pricing reforms for drugs and medical devices by admitting representatives from various industry bodies.

• Government has invited at least 7 industry associations to the committee.
• The main objective of the committee is to strike a balance between pricing and availability of essential medicines.

Note:
The committee  suggests institutional reforms within the National Pharmaceutical Pricing Authority (NPPA).
Special Invitees inducted in the committee are:
Director –General(DG), Organisation of Pharmaceutical Producers of India(OPPI), Managing Director(MD), United States-India Strategic Partnership Forum(USISPF).

• Representatives from various industries:

Medical Technology Association of India(MTal), Confederation of Indian Industry(CII), Forum Coordinator, Association of Indian Medical Device Industry(AiMed), Federation of Pharma Entrepreneurs(FOPE), Representative of Advanced Medical Technology Association( AdvaMed), Representative of Association of Diagnostic Manufacturers of Indian(ADMI), Representative of Bulk Drug Manufacturers Association of India(BDMAI) and Representative of Associated Chambers of Commerce and Industry of India (ASSOCHAM).
Background:
On 12th March 2024, Department of Pharmaceuticals announced the formation of the committee for regulating prices of Drugs and Essential medicines.
The committee consists of 3 core members:
Secretary, Department of Pharmaceuticals, Chairman, National Pharmaceutical Pricing Authority(NPPA) and Senior Economic Advisor, Department of Pharmaceuticals.
Apart from them, The committee will have two special invitees from the industry: Secretary-General, Indian Pharmaceutical Alliance(IPA), Chief Executive Officer(CEO), Indian Drugs Manufacturers Association(IDMA).
Key Functions of Committee:
i.It will prepare a framework for price moderation for medical devices.
ii.It will also offer incentives to the industry to foster growth and exports.
About National Pharmaceutical Pricing Authority(NPPA):
It is an apex regulatory body that controls the prices of pharmaceutical drugs in India.
Chairman: Kamlesh Kumar Pant
Headquarters: New Delhi, Delhi
Formation: 29th August, 1997

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KABIL inks MoU with CSIR-NGRI for advancing Geophysical Investigations
On April 24, 2024, Khanij Bidesh India Limited (KABIL) signed a Memorandum of Understanding (MoU) with the Council of Scientific and Industrial Research – National Geophysical Research Institute (CSIR-NGRI) for long-term collaboration in the field of geophysical investigations.

• It will strengthen KABIL’s ongoing projects and activities in critical and strategic minerals.
• This collaboration will focus on surveys, data analysis, scientific knowledge sharing, and technical support, and advisory services in geophysics, geochemistry, and geology.

The MoU was signed by Sadashiv Samantaray, Chief Executive Officer (CEO), KABIL; and Dr. Prakash Kumar, Director, CSIR-NGRI; in the presence of Sridhar Patra, Chairman, KABIL, at National Aluminium Company Limited (NALCO) Corporate Office in Bhubaneswar, Odisha.
Note: Established in 2019, KABIL is a Joint Venture company of three Public Sector Undertakings (PSUs)- NALCO, Hindustan Copper Limited (HCL) and Mineral Exploration and Consultancy Limited (MECL), under the aegis of Ministry of Mines.

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India’s IFSCA & Kuwait’s CMA signed MoU for Information SharingOn 23rd April 2024, International Financial Services Centres Authority(IFSCA) of India signed a Memorandum of Understanding(MoU) with Capitals Market Authority(CMA) of Kuwait to share information regarding technologies and innovation within the financial and regulatory ecosystem.

• The MoU was signed on the sidelines India-Kuwait Investment Conference 2.0 held in Kuwait City, Kuwait.
• This partnership aims to boost the development of financial market in both India and Kuwait.

India-Kuwait Investment Conference 2.0:
The conference was organised by Embassy of India in Kuwait in collaboration with India Business and Professional Council(IBPC), with the support of Union Investment of Companies(UIC) and Kuwait Chamber of Commerce and Industry(KCCI).

• Ghanem Al Ghenaiman, Managing Director(MD) of Kuwait Investment Authority(KIA) graced the event as Chief Guest.

Key Participants:
Representatives from Gujarat International Financial Tec-City(GIFT City), National Investment and Infrastructure Fund(NIIF), Invest India and Confederation of India Industry(CII) attended the conference.
About International Financial Services Centres Authority(IFSCA):
It is the unified regulator for the development and regulation of financial products, financial services and financial institutions such as GIFT International Financial Services Centre in India.
It was established under the International Financial Services Authority(IFSCA) Act, 2019.
Chairman- K. Rajaraman
Headquarters- GIFT City, Gujarat
Established in 2020
About Kuwait:
Emir(Head of State)- Sheikh Meshal Al Ahmad Al Jaber Al Sabah
Prime Minister(PM): Sheikh Dr. Muhammad Sabah Al-Salem Al-Sabah
Capital- Kuwait City
Currency- Kuwaiti Dinar(KWD)

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RBI raises Minimum Capital Requirements for ARCs to Rs 300cr; Deputy Governor T. Rabi Sankar gets 1-Year Extensioni.The Reserve Bank of India (RBI) issued Master Direction – Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024 in exercise of its powers conferred by Sections 3, 9, 10, 12 and 12A of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 (54 of 2002) which came into effect from April 24, 2024.
ii.Under this, RBI raised the Minimum Capital Requirement for ARCs from Rs 100 crore to Rs 300 crore.
iii.The Appointments Committee of the Cabinet (ACC) has re-appointed T. Rabi Sankar as Deputy Governor of RBI for a period of one year w.e.f. May 03, 2024, or until further orders, whichever is earlier.
iv.RBI has imposed a monetary penalty of Rs 10 Lakh on NABFINS Limited based in Bengaluru, Karnataka which is a subsidiary of National Bank for Agriculture and Rural Development (NABARD).
About Reserve Bank of India (RBI):
Governor – Shaktikanta Das
Establishment–April 1, 1935
Headquarters– Mumbai, Maharashtra

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RBI restricts Kotak Mahindra Bank from Adding New Customers Online and Issuing New Credit CardsOn April 24, 2024, the Reserve Bank of India (RBI) in exercise of its powers under Section 35A of the Banking Regulation (BR) Act, 1949, barred Kotak Mahindra Bank Limited from onboarding of new customers through its online and mobile banking channels and issuing fresh credit cards.

• However, the bank will still serve its current customers, including those with credit cards.

Reason behind this Direction:
The RBI’s Information Technology (IT) examinations for 2022 and 2023 revealed serious deficiencies in the bank’s IT management, which the bank failed to promptly address. These deficiencies included issues with IT inventory management, patch and change management, user access management, vendor risk management, data security and data leak prevention strategy, business continuity and disaster recovery rigour and drill.
i.Kotak Mahindra Bank’s IT risk and information security governance did not meet regulatory standards for two consecutive years, despite corrective action plans. As a result, the bank experienced frequent outages in Core Banking System (CBS) and digital channels, culminating in a disruption on April 15, 2024.
ii.So, to safeguard customer interests, prevent disruption in efficient customer service, and digital banking and payment systems’, RBI impose business restrictions on the bank.
Key Points:
i.RBI cracks down on regulated entities for non-compliance.
ii.The banks barred by RBI in the last three months included Paytm Payments Bank Limited (PPBL) from new deposits, IIFL (India Infoline Finance Limited) Finance from new gold loans, and JM Financial from undertaking any business related to shares or bond funding.
iii.Bank of Baroda (BoB) banned from onboarding customers on Bob World app since October 2023.

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PayU gets RBI’s approval to operate as Payments Aggregator
PayU Payments Private Limited(PayU), a leading payments solution provider, has received in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA).

• With this approval, PayU can onboard new merchants, offering them seamless digital payment services.
• It focuses on driving digitisation and financial inclusion, especially for small merchants.
• The approval reflects PayU’s commitment to fostering a robust digital payment infrastructure in India in alignment with the Government of India’s Digital India initiative and progressive RBI regulations.

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Indian Institutes from Delhi NCR & Mumbai Won NASA Human Exploration Rover Challenge 2024 Awards Indian student teams from the Delhi National Capital Region (NCR) area and Mumbai (Maharashtra) have won awards from NASA‘s (National Aeronautics and Space Administration) 30th Human Exploration Rover Challenge (HERC) 2024.

• The Krishna Institute of Engineering & Technology (KIET) Group of Institutions, Delhi-NCR has won the “Crash and Burn” award;
• The Kanakia International School from Mumbai won the “Rookie of the Year” award.

HERC 2024 competition was held at the United States of America (USA) Space & Rocket Center in Huntsville, Alabama, near NASA’s Marshall Space Flight Center.
Winners:
i.Parish Episcopal School from Dallas, USA secured 1st place in the high school division.
ii.University of Alabama in Huntsville, USA won the college/university category.
Click for full list of winners
Objective of HERC:
The objective of HERC is to provide student teams with the opportunity to design, develop, construct, and test human-powered rovers that can navigate difficult terrain and a task tool to complete different mission.
Event Overview:
i.Over 600 students comprising 72 teams from across the globe participated in the NASA HERC 2024.
ii.Teams hailed from 42 colleges/universities and 30 high schools across 24 states, the District of Columbia, Puerto Rico, and 13 other nations worldwide.
Competition Format:
Points were awarded for navigating a half-mile obstacle course, mission-specific tasks, and safety/design reviews with NASA engineers.
Note: The NASA HERC competition is open to the USA and international students in High School, College, and University grade levels.
NASA HERC:
i.HERC is one of NASA’s 8 Artemis Student Challenges, reflecting the goals of the Artemis program, aiming to land the 1st woman and 1st person of colour on the Moon.
ii.HERC has seen over 15,000 participants since its inception in 1994, many of whom have pursued careers at NASA or within the aerospace industry.

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Amitabh Chaudhry re-appointed as MD and CEO of Axis Bank The board of Axis Bank Limited has approved the re-appointment of Amitabh Singh Chaudhry as its Managing Director(MD) and Chief Executive Officer(CEO)for further period of 3 years with effect from 1st January 2025 up to 31st December 2027.

• This mark’s his 2nd extension of 3 years. His previous extension came into effect from 1st January 2022.
• He has been serving as the MD & CEO of Axis Bank since January 2019.

Note: The re-appointment is subject to approval of the Reserve Bank of India (RBI) and approval of the members, in terms of applicable laws.
About Amitabh Singh Chaudhry:
i.Amitabh Chaudhry started his career with Bank of America in 1987 and later joined Credit Lyonnais Securities in 2001.
ii.Before joining Axis bank in 2019, He served as the MD & CEO of HDFC Standard Life Insurance Company (HDFC Life) from 2010 to 2019.
iii.He has also served as MD and CEO of Infosys BPO from 2006 to 2010.
Other Appointments:
The board of Axis Bank has also approved the re-appointment of Meena Ganesh and Gopalaraman Padmanabhan as its Independent Directors for a 2nd term of 4 years with effect from 1st August 2024 up to 31st July 2028 and  28th October,2024 up to 27th October 2028 respectively.
About Axis Bank Limited:
MD & CEO– Amitabh Singh Chaudhry
Headquarters- Mumbai, Maharashtra
Established in 1993
Tagline- Badhti ka Naam Zindagi

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India’s Gita Sabharwal Appointed as the UN Resident Coordinator in IndonesiaOn 22nd April 2024, Gita Sabharwal of India took charge as the United Nations (UN) Resident Coordinator (UN RC) in the Republic of Indonesia. 
She succeeded Valerie Julliand of France, who held the post since October 2020.
Note: She was appointed as UN RC of Indonesia by the UN Secretary-General António Guterres with prior approval from the government of Indonesia(host).
About Gita Sabharwal:
i.Prior to the appointment, Gita Sabharwal was serving as the UN RC in Thailand (since 2020) and as Peacebuilding and Development Advisor at the UN in Sri Lanka.
ii.She has an extensive experience of nearly 3 decades in development supporting climate transition, sustainable peace, governance and social policy.
iii.Before joining the UN, she served as The Asia Foundation’s Deputy Country Representative for the Maldives and Sri Lanka.
iv.She also worked as the Poverty and Policy Advisor for the United Kingdom’s Department for International Department in India and VietNam.
About United Nations(UN):
Secretary-General– António Guterres (Portugal)
Headquarter– New York City, the United States of America(USA)
Established in 1945
Member countries- 193

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Hardayal Prasad Appointed as MD & CEO of Srei Infrastructure Finance Limited
The board of Srei Infrastructure Finance Limited (SIFL), managed by the National Asset Reconstruction Company Limited (NARCL), has appointed Hardayal Prasad as its new Managing Director (MD) and Chief Executive Officer (CEO).

• Previously, he served as MD & CEO of SBI Cards & Payment Services Ltd and PNB Housing Finance Ltd.
• Under his leadership, SIFL plans to re-enter the Construction & Mining Equipment (CME) financing industry to enable customer needs of the segment.

Note: In October 2021, Reserve Bank of India (RBI) superseded the board of SIFL and Srei Equipment Finance Company managed by Kolkata based Kanorias and initiated the Insolvency and Bankruptcy Code (IBC) proceedings.  NARCL acquired the companies under IBC to resolve their debt of over Rs. 32000 crore.

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Usain Bolt named as an Ambassador of ICC Men’s T20 World Cup 2024
On April 24, 2024, the International Cricket Council (ICC) named Jamaican sprinter Usain Bolt, an eight-time Olympic gold medallist, as the ambassador of the 9th edition of ICC Men’s T20 World Cup 2024 which will be played in West Indies and the United States of America (USA) from June 1 to 29, 2024.

• As an ambassador he will play a key role in promoting the event.
• Usain Bolt currently holds world records in the 100m, 200m and 4x100m with times of 9.58 secs, 19.19 secs and 36.84 secs.

Note: The ICC Men’s T20 World Cup 2024 will feature 20 teams competing across 55 games.

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Rocket Lab launches NASA’s ACS3 and South Korea’s ‘NEONSAT-1’ into orbitOn 24th April 2024, Rocket Lab USA, Inc.’s (Rocket Lab) ‘Electron’ rocket launched the National Aeronautics and Space Administration’s (NASA) Advanced Composite Solar Sail System (ACS3) and South Korea’s ‘NEONSAT-1’ under the ‘Beginning of the Swarm’ mission from Rocket Lab Launch Complex 1 in Mahia, New Zealand.
About NASA’s ACS3:
i.NASA’s ACS3 is a technology demonstration of new materials that use sunlight to propel a spacecraft.
ii.It has a CubeSat, which deploys a solar sail with booms after being released from the rocket.
iii.The twelve-unit (12U) CubeSat, measuring 20x20x30 centimeters, was built by Kongsberg NanoAvionics, a United States of America (USA)-based spacecraft engineering firm.
iv.The mission also plans to test new composite booms that will unfurl the square-shaped solar sail, which is approximately 30 feet [9 meters] per side.

• The booms are made from flexible polymer and carbon fiber materials.

v.By angling towards or away from the sun, solar sails utilise the pressure of sunlight to propel a spacecraft forward by bouncing photons off the reflecting sail.
vi.The benefits of the technology eliminate heavy propulsion systems and could enable longer-duration and lower-cost missions.
About NEONSAT-1:
i.NEONSAT-1, an Earth observation satellite, equipped with a high-resolution optical camera designed to monitor the natural disasters along the Korean Peninsula by pairing its images with Artificial Intelligence(AI).
ii.NEONSAT-1 is the first satellite developed under the NEONSAT program by the Satellite Technology Research Center (SaTReC) at the Korea Advanced Institute of Science & Technology(KAIST).
iii.With an aim to build the NEONSAT constellation, other NEONSAT satellites are planned to be launched in 2026 and 2027.
Additional info:
The previous solar sail missions were Japan’s Ikaros spacecraft (launched in 2010) and the USA-based Planetary Society’s LightSail 2 (2019).

International Day of Multilateralism and Diplomacy for Peace 2024- April 24 The United Nations (UN)’s International Day of Multilateralism and Diplomacy for Peace is annually observed across the globe on 24th April to promote the values of multilateralism and international cooperation, which are fundamental principles of the UN Charter, and to achieve the 2030 Agenda for Sustainable Development.

• The Day acknowledges the role of multilateral decision-making and diplomacy in achieving peaceful resolutions to conflicts among nations.

Background:
i.On 12 December 2018, the United Nations General Assembly (UNGA) adopted a resolution A/RES/73/127 proclaiming the 24th April of every year as the International Day of Multilateralism and Diplomacy for Peace, with effect from the 73rd session of the General Assembly.
ii.The International Day of Multilateralism and Diplomacy for Peace was 1st observed on 24th April 2019.

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International Girls in ICT Day 2024 – April 25

The International Girls in ICT (Information and Communications Technology) Day is annually observed across the globe on the 4th Thursday of April to inspire and encourage girls and women to pursue studies and careers in ICT and promote bridging the gender digital divide.

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Asia was the World’s ‘Disaster Capital’ in 2023: State of the Climate 2023 in Asia by WMOi.The World Meteorological Organization’s (WMO) unveiled its 4th edition of the ‘State of the Climate in Asia 2023‘, highlighting Asia’s vulnerability to weather and climate-related hazards. Year 2023 was recorded as the warmest year across six globally averaged datasets, with the years from 2015 to 2023 ranking as the nine warmest years in all datasets. This made it the disaster capital in 2023.
ii.In 2023, Asia experienced 79 water hazard-related disasters, predominantly floods and storms, resulting in over 2,000 fatalities and directly affecting nine million people.
iii.Throughout 2023, Asia emerged as the world’s most disaster-affected area with the mean temperature soaring to 0.91 °C [0.84 °C–0.96 °C] above the 1991–2020 reference period, marking the second-highest on record. It is 1.87 °C [1.81 °C–1.92 °C] above the 1961–1990 average.
iv.Japan and Kazakhstan registered record-high temperatures.
About World Meteorological Organization (WMO):
Secretary-General– Celeste Saulo
Headquarters– Geneva, Switzerland
Establishment– 1950

DARPG Signs MoU with Cambodia Ministry of Civil Service for Cooperation in HRD in Civil Service The Department of Administrative Reforms and Public Grievances (DARPG) under the Ministry of Personnel, Public Administration, and Pensions (MoPPGP) signed a Memorandum of Understanding (MoU) with the Ministry of Civil Service, Cambodia to strengthen bilateral exchange and cooperation in the field of Human Resource Development (HRD) in Civil Service over the next 5 years.
Signatories:
The MoU was signed by Hun Many, Deputy Prime Minister and Minister of Civil Service, Kingdom of Cambodia; and  Dr. Devyani Khobragade, Ambassador of India to the Kingdom of Cambodia, Government of India at a ceremony held in Phnom Penh, Cambodia
Implementation Strategies:
i.The MoU will facilitate a dialogue between India’s Personnel Administration agencies and the agencies of the Ministry of Civil Service of the Kingdom of Cambodia.
ii.It will be achieved through Exchange visits focused on administrative reforms, webinars, research publications, institutional exchanges, and capacity-building programs.
Progress and Commitment:
i.In 2023-24, 156 Cambodian Civil Servants attended capacity-building programs at India’s National Centre of Good Governance.
ii.For 2024-25, 6 capacity-building programs have been scheduled for 240 Cambodian Civil servants.
iii.India’s commitment to adopting next-generation administrative reforms aligns with its policy of “Maximum Governance – Minimum Government.”

• It aims for “Digitally Empowered Citizen and a Digitally Transformed Institution”.

About Ministry of Personnel, Public Grievances and Pensions (MoPPGP):
Union Minister– Narendra Modi (Constituency: Varanasi, Uttar Pradesh)
Minister of State– Dr. Jitendra Singh (Constituency: Udhampur, Jammu and Kashmir)

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NABARD releases Climate Strategy 2030 to promote green financingNational Bank for Agriculture and Rural Development (NABARD) released its Climate Strategy 2030 document. The document was released by Shaji K.V., Chairman, NABARD on the occasion of World Earth Day (22nd April, 2023).

• The main objective of this strategy document is to promote and boost green financing in India.

Key Points:
i.To achieve a cumulative total of over USD 2.5 trillion by 2030, India requires an estimated USD 170 billion annually.

• In current scenario, green finance inflows are not sufficient to achieve this target.

ii.As of 2019-20, India received around USD 49 billion in green financing, which is just a fraction of what is required.
Only, USD 5 billion was allocated towards adaptation and resilience efforts, showing the limited engagement of the private sector in these critical areas due to challenges in bankability and commercial viability.
Key Pillars of Climate Strategy 2030:
The Climate Strategy 2030 is based on four key pillars to address the demand for green financing, and these key pillars are:
i.Accelerating green lending across sectors
ii.Playing a broader market-making role
iii.Internal  green transformation of NABARD
iv.Strategic Resource Mobilisation
About National Bank for Agriculture and Rural Development(NABARD):
NABARD was established under NABARD Act, 1981 and works under the jurisdiction of Department of Financial Services (DFS) (Ministry of Finance).
Chairman: Shaji K.V.
Headquarters: Mumbai, Maharashtra
Established: 1982

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AU SFB launches Suite of Financial Products including Banking Industry’s first ATM InsuranceOn 23rd April 2024, AU Small Finance Bank (AU SFB) introduced a suite of financial products aimed at enhancing customer satisfaction.

• This included two new credit cards, the AU SPONT Rupay Credit Card and the Secured Credit Card – NOMO (No Missing Out) and ATM (Automated teller machine) Insurance.
• AU SFB has also launched AU 0101 Business App and AU 0101 Version 2.0.

NOMO Credit Card:
i.The NOMO Credit Card is AU SFB’s first secured credit card, backed by a Fixed Deposit (FD). It was developed in collaboration with VISA.
ii.This will catering to users who do not meet the criteria for unsecured credit cards due to factors like limited credit history or absence income proof.
iii.It offers rewards and benefits like airport lounge access and fuel surcharge waivers.
AU SPONT Rupay Credit Card :
i.The AU SPONT Rupay Credit Card was developed in collaboration with NPCI (National Payments Corporation of India) .
Ii.This facilitates seamless integration with UPI (Unified Payments Interface)-enabled applications for convenient payments through the UPI Scan and Pay feature.
ATM Insurance:
i.ATM Insurance allows its customers to purchase insurance through ATMs using their debit cards.
ii.This groundbreaking service was patented by AU SFB in March 2024 and further extended to WhatsApp Insurance, providing instant policy issuance via WhatsApp.
Note: The insurance on ATM is the industry’s 1st innovation. Therefore AU SFB has patented this process before launching its first ATM insurance in March 2024.
AU 0101 Business App & AU 0101 Version 2.0:
i.AU 0101 Business App will serve as one stop shop for proprietorships and Micro, Small and Medium Enterprises (MSMEs) with comprehensive banking solutions, including account management, deposits, loans, and credit cards.
ii.It offers features like digital QR onboarding and payment settlements.
iii.AU 0101 Version 2.0 represents a upgrade to the AU SFB’s mobile banking app AU 0101, launched in June 2021.
About AU Small Finance Bank (AU SFB):
AU SFB (erstwhile AU Financiers (India) Ltd)  was incorporated in 1996 as an NBFC(Non-Banking Financial Company) and has been operating as a small finance bank since 19 April 2017.
Managing Director (MD) & CEO– Sanjay Agarwal
Headquartered– Jaipur, Rajasthan

IndusInd Bank Becomes 1st Bank to Successfully Execute RBI’s Programmable CBDC Pilot IndusInd Bank Limited became the 1st bank to successfully execute the Reserve Bank of India’s (RBI) programmable Central Bank Digital Currency (CBDC) pilot, to compensate farmers for carbon credits.

• This pilot project is executed in collaboration with Circularity Innovation Hub India Private Limited (CIH), as an alternate form of CBDC.
• The introduction of programmable CBDC marks a significant milestone in innovative financial solutions for agriculture.

Innovative CBDC Pilot:
i.The project focuses on programming end use of funds, disbursed to farmers for carbon credit generation.
ii.As part of this pilot, IndusInd Bank initiated the programmable CBDC disbursement to 50 farmers in Ratnagiri district, Maharashtra, and plans to cover 1000 farmers.
Objectives:
This collaborative effort aims to promote Circularity Credits by recycling agricultural waste.
Collaborative Efforts:
i.This project involves crafting digital wallets and managing CBDC transfers by IndusInd Bank.
ii.CIH acts as a Sponsor Agency for this project, promoting circular economy models and generating the first-of-its-kind Circularity Credits.
iii.Hindustan Agro & Jackfruit King Company spearheads farmer engagement, linking sustainable practices to additional revenue streams.
iv.Emertech Innovations develops a Blockchain-backed platform for traceability and transparency in revenue generation and disbursement.
Future Phases:
i.Phase 2 of the project will target the Safai Karmacharis to increase income through plastic waste recycling.

• Safai Karmachari means a person engaged in or employed for any sanitation work.

ii.CIH’s ‘Planet and People Platform’ ensures transparency in beneficiary disbursements.
Points to Note:
i.The RBI introduced its CBDC in 2022, leveraging distributed-ledger technology, empowering banks to transact with these tokens.
ii.CBDC is a form of digital currency/e-rupee or fiat currency issued by a country’s central bank.

• Fiat money is a government-issued currency that is not tied to a physical commodity like gold or silver.

About IndusInd Bank Limited:
MD & CEO– Sumant Kathpalia
Headquarters– Mumbai, Maharashtra
Established in– 1994
Tagline– We Make You Feel Richer

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Razorpay launched “UPI Switch” in partnership with Airtel Payments BankOn 23rd April 2024, Razorpay Software Private Limited (Razorpay), online instant payment company launched its own Unified Payments Interface (UPI) infrastructure with “UPI Switch”, a next-generation cloud based innovation, in partnership with Airtel Payments Bank.
UPI Switch:
i.UPI Switch is powered by Technology Service Providers (TSPs) for banks.
ii.It is an infrastructure that holds the power to process UPI transactions at scale and enable new UPI innovations for millions of businesses to access.
Key Features:
i.It is designed to handle up to 10,000 Transactions per Second (TPS) at any given time.
ii.UPI Switch aims to boost success rates by 4-5%, ensuring smoother transactions for businesses.
ii.It will also enable 5 times faster access to UPI innovations for businesses, compared to the industry standards of 10 months.
iii.It can resolve disputes 7 times faster (i.e. within 24 hour) than conventional industry time of 7 days.
iv.It can process refunds instantly compared to conventional industry standards of up to 3 days.
Note:
i.In March 2024, total UPI transactions in India increased by 55% to 13.44 billion.
ii.UPI is an instant payment system in India developed by National Payments Corporation of India(NPCI) in 2012. It was formally introduced by Reserve Bank of India(RBI) in 2016.
About Razorpay Software Private Limited:
Razorpay started its UPI innovation in 2017
CEO & Co-Founder– Harshil Mathur
MD & Co-Founder– Shashank Kumar
Headquarters- Bengaluru, Karnataka
Founded in 2014
About Airtel Payments Bank:
Managing Director(MD) and Chief Executive Officer(CEO)- Anubrata Biswas
Headquarters- Gurugram, Haryana
Established- 2017

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Indian Bank partners with Tata Power Solar to boost solar energy adoptionIndian Bank, an Indian public sector bank(PSB), has announced its partnership with Tata Power Solar Systems Limited (TPSSL) to promote solar energy adoption by providing financial support to residential consumers for installations.

• This strategic partnership aims to provide financial support under Pradhan Mantri (PM) Surya Ghar Muft Bijli Yojana for installations of solar rooftop up to 3 KiloWatt (KW) and extend support for installations ranging from 3 to 10 KW under the regular scheme.

For installations up to 3 KW:
i.Under PM Surya Ghar Muft Bijli Yojana, residential consumers can avail loans up to Rs. 2 lakh at an annual interest rate of 7%.
ii.Beneficiaries can avail benefits with a nominal margin cash requirement of 10% and collateral-free financing.
iii.The repayment tenure is 10 years which offers flexibility and convenience to beneficiaries.
For installations from 3KW to 10KW:
For installations exceeding 3 KW up to 10 KW, TPSSL and Indian Bank offers a customized financing solution to meet the diverse needs of the beneficiaries.
i.Eligible applicants can avail loans up to Rs. 6 lakh with margin money requirement of of 20%.
iii.Interest rates ranges from 8.4% to 10.8% per annum.
About PM Surya Ghar Muft Bijli Yojana:
i.Prime Minister (PM) Narendra Modi launched the PM-Surya Ghar: Muft Bijli Yojana in February 2024. The scheme was approved with a total outlay of Rs.75,021 crore.
ii.The scheme aims to provide free electricity to 1 crore households in India through rooftop solar setups.
About Tata Power Solar Systems Limited(TPSSL):
TPSSL is a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL).
Chairman(Non-Executive)- Dr. Praveer Sinha
Headquarters– Mumbai, Maharashtra
About Indian Bank:
Managing Director(MD) and Chief Executive Officer(CEO)- Shanti Lal Jain
Headquarters- Chennai, Tamil Nadu(T.N.)
Established- 1907
Tagline- “Your Own Bank” or “Apka Apna Bank”

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Macquarie Launches USD 1.5 bn EV Fleet Financing Platform ‘Vertelo‘ in India
Macquarie Asset Management, part of Australia’s diversified financial giant Macquarie Group has launched an electric vehicle (EV) financing and end-to-end solution platform ‘Vertelo’. Vertelo pledges a substantial USD 1.5 billion investment aimed at electrifying fleets of buses and cars in India.

• Vertelo offers a range of solutions including financing, fleet management, and charging infrastructure.

Strategic Partnerships:
Vertelo has secured partnerships with major players in the Indian EV market:

• Will buy up to 2,000 electric cars from Tata Motors over the next 3 years.
• Plans to buy up to 2,000 buses from electric bus manufacturers JBM Auto and Eka Mobility over the next 3 to 5 years.

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Air India Signs Codeshare Agreement with Japan’s All Nippon Airways
Tata-owned Air India, India’s leading global airline, and All Nippon Airways (ANA), the largest Japanese carrier, have signed a codeshare agreement connecting their networks, enhancing flight selections, and simplifying the travel process between India and Japan.

• Commencing on 23 May 2024, the codeshare agreement will allow passengers of both airlines to travel to their desired destination by combining flights between India and Japan with a single ticket.
• Air India will affix its ‘AI’ designator code on ANA flights connecting Tokyo Haneda (Japan) with Delhi and Tokyo Narita (Japan) with Mumbai, Maharashtra.
• ANA will include its ‘NH’ designator code on Air India’s flights linking Tokyo Narita with Delhi.

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Ratan Tata Honoured with KISS Humanitarian Award 2021On April 22, 2024, Ratan Tata, Chairman Emeritus of the Tata Group, received the esteemed Kalinga Institute of Social Sciences (KISS) Humanitarian Award for 2021 at his residence in Mumbai, Maharashtra. This recognition underscores his dedication to social progress and exemplary corporate leadership.
Key People:
The award was presented to Ratan Tata by Dr. Achyuta Samanta, the Founder of Kalinga Institute of Industrial Technology (KIIT), and KISS in Bhubaneswar, Odisha, in the presence of Tata Group Chairman N. Chandrasekaran and three-time Grammy Award-winning Indian musician Ricky Kej.
About KISS Humanitarian Award:
i.KISS Humanitarian Award, initiated in 2008 by Dr. Achyuta Samanta, is the highest honour of KIIT and KISS.
ii.The award acknowledges individuals and organizations worldwide for their humanitarian contributions, with past recipients including global leaders and Nobel laureates.
Note:
i.Tata was unable to receive the award in 2021 due to COVID pandemic.
ii.The 2022 award was presented to Rachel Ruto, the First Lady of the Republic of Kenya and the 2023 award was presented to Bill Gates, Former CEO of Microsoft.

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DRDO Develops Lightest Bulletproof Jacket in India
The Defence Research and Development Organisation(DRDO) has developed India’s lightest Bulletproof Jacket for protection against 7.62 x 54 R API(Armour Piercing Incendiary) ammunition, highest threat Level 6 of Bureau of Indian Standards(BIS) 17051.
About the Bulletproof Jacket:
i.The bulletproof jacket was developed by Defence Materials and Stores Research and Development Establishment(DMSRDE), DRDO lab based in Kanpur, Uttar Pradesh(UP).
ii.It was successfully tested at Terminal Ballistics Research Laboratory(TBRL), Chandigarh as per BIS 17051:2018.

• BIS 17051:2018 prescribes the minimum performance requirements of bullet resistant jackets for protection against small arms and ammunition.

Features: 
i.The Front Hard Armour Panel (HAP) is made up of monolithic ceramic plate with polymer backing which improves the wearability and comfort during the operation.

• The front HAP stops multiple hits (6 shots) in ICW(In-Conjunction With) design as well as in Standalone design.

ii.The areal density of ICW HAP and standalone HAP is less than 40kg/meter square and 43kg/meter square respectively.
IAF Successfully Tests Crystal Maze-2 missile
Indian Air Force (IAF) successfully test fired the new version of an air-launched medium-range ballistic missile known as ROCKS or Crystal Maze-2 from a Su-30 MKI fighter jet in the Andaman and Nicobar Islands.
Note: The test was conducted in the area under the tri-services Andaman and Nicobar Command, led by an Air Force officer.
About Crystal Maze-2 missile:
i.Crystal Maze-2 is capable of hitting targets at a distance of around 250 km.
ii.It is an extended stand-off range air-to-surface missile of Israel’s origin.
iii.It is designed to strike high-value stationary and relocatable targets including long-range radars and air defense systems in GPS(Global Positioning System)-denied environments.

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BharatPe Launches India’s first all-in-one Payment Device BharatPe One
BharatPe launched BharatPe One, India’s first all-in-one payment product that integrates POS (point of sale), QR code, and speaker into one device.

• It is equipped with a high-definition touchscreen display, 4G, and Wi-Fi connectivity, and is powered by the latest Android operating system.
• It is designed to simplify transactions for merchants, offering payment acceptance options including dynamic and static QR code, tap-and-pay, and debit and credit cards.
• The fintech platform stated that it is planned to make BharatPe One available in about 100 cities in the first phase and around 450 cities over the next 6 months.

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C-DOT and IIT – Jodhpur Sign Agreement for “Automated Service Management in Network of 5G and Beyond Using AI”
The Centre for Development of Telematics (C-DOT) and the Indian Institute of Technology (IIT) – Jodhpur (Rajasthan) have signed an agreement for “Automated Service Management in 5G and Beyond Networks Using AI”.

• The agreement is signed under the Telecom Technology Development Fund (TTDF) of the Department of Telecommunications (DoT).
• The primary objective is to develop artificial intelligence frameworks for automated network management, fault detection, and detection techniques by utilizing continuous information generated within the network like 5G.

Note: The TTD fund is designed to fund domestic companies and institutions involved in technology design, development, commercialization of telecommunication products and solutions to enable affordable broadband and mobile services in rural and remote areas.

Administrative Professionals Day 2024 – April 24 Administrative Professionals Day, also known as Secretaries Day, Admin Day, or Administrative Assistant Day, is annually observed across the globe on the Wednesday of the last full week in April to celebrate and recognise the important role of secretaries, assistants, receptionists, and other administrative support professionals.
Administrative Professionals Day 2024 was observed on 24 April 2024.
The observance of Administrative Professionals Day is led by the International Association of Administrative Professionals (IAAP).
About International Association of Administrative Professionals (IAAP):
Chair of the Board– Katie Mercier
Chief Executive Officer (CEO)- Melissa Mahoney
Headquarters– Missouri, the United States of America(USA)

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15th National Panchayati Raj Day – April 24, 2024National Panchayati Raj Day (NPRD), (also known as National Local Self-Government Day) is annually observed across India on 24 April to recognise and honour the establishment of the Panchayati Raj System and its pivotal role in decentralised governance at the grassroots.

• 24 April 2024 marks the observance of the 15th National Panchayati Raj Day.

The observance of NPRD is led by the Ministry of Panchayati Raj (MoPR).
Background:
i.In consultation with the States, the Government of India (GoI) has decided to celebrate 24th April as National Panchayati Raj Day (NPRD).
ii.In 2010, then Prime Minister of India Manmohan Singh declared the 24th April of every year as National Panchayati Raj Day.
iii.The first ever NPRD was observed on 24th April 2010.
Why April 24?
i.The day commemorates the institutionalisation of the Panchayati Raj in India through the Constitution (73rd Amendment) Act, 1992, which came into force on 24 April 1993.
About Ministry of Panchayati Raj (MoPR):
Union Minister– Giriraj Singh (Constituency: Begusarai, Bihar)
Minister of State– Kapil Moreshwar Patil (Constituency: Bhiwandi, Maharashtra)

World Day for Laboratory Animals 2024  – April 24 World Day for Laboratory Animals is annually observed across the globe on 24th April as a movement to end the suffering of the animals used for testing in laboratories.

• The day also advocates replacing animal testing with advanced non-animal scientific techniques.
• The observance supports the mission of the National Anti-Vivisection Society (NAVS).

AFMS Signed MoU with IIT-Delhi  & IIT Kanpur to Develop Tech for Soldiers’ Health IssuesArmed Forces Medical Services(AFMS) under the Ministry of Defence (MoD)  signed a Memorandum of Understandings (MoUs) with the Indian Institute of Technology(IIT) Delhi (New Delhi, Delhi) and IIT Kanpur, Uttar Pradesh(UP) for collaborative research and training.

• Under these MoUs, AFMS will collaborate with IIT Delhi and IIT Kanpur to undertake research and develop innovative medical devices and focus on addressing the health issues of the soldiers in diverse terrains.

MoU with IIT Delhi:
Signatories:
The MoU between AMFS and IIT Delhi were signed by Lieutenant General (Lt Gen) Daljit Singh, Director General (DG) of AFMS, and Prof Rangan Banerjee, Director of IIT Delhi on 22nd April 2024.
Key Points:
i.Biomedical research ecosystem of IIT-D will provide the technical expertise needed for research in diverse medical challenges faced in the Armed Force.
ii.Faculty exchange program, joint academic activities and development of joint PhD programmes were also planned as a part of this MoU.
MoU with IIT Kanpur:
Signatories:
The MoU between AMFS and IIT Kanpur were signed by Lt Gen) Daljit Singh, DG of AMFS and Prof. S. Ganesh, Officiating Director of IIT Kanpur on 18th April 2024.
Key Points:
i.Under this MoU, IIT Kanpur will provide technical expertise to develop Artificial Intelligence (AI) diagnostic models, at Armed Forces Centre for Computational Medicine established in Armed Forces Medical College(AFMC), Pune, Maharashtra.
ii.Faculty exchange program, joint academic activities and development of training modules were also planned as a part of this MoU.
Note: AFMS’s collaboration with institutes of national importance like IIT is a part of its efforts to provide highest level of medical care to the soldiers.

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ILO Report: Annually 22.8 million Work Suffer Occupational Injuries, 18,970 Die Due to Excessive Heat According to the International Labour Organisation(ILO)’s report titled “Ensuring safety and health at work in a changing climate”, annually 22.85 million occupational injuries, 18,970 deaths and 2.09 million disability-adjusted life years (DALYs) are reported due to excessive heat.
i.The report estimates that over 70% of all workers (~2.41 billion workers) are exposed to excessive heat.  The exposure to excessive heat has increased by 34.7% from 2000 to 2020.
ii.In 2020, an estimated 26.2 million people were living with chronic kidney disease due to exposure to excessive heat at workplace.
About International Labour Organisation (ILO):
Director-General- Gilbert Houngbo
Headquarter- Geneva, Switzerland
Member nations- 187
Established- 1919

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Revolut India Gets in-principle Nod for PPI Licence from RBI Revolut India, a neobank backed by Tiger Global and Softbank, has received in-principle approval from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPIs) including prepaid cards and prepaid wallets.

• This will allow Revolut India to operate as a domestic player in India’s financial landscape.

Note:  Neobanks are digital-only banking platforms that operate solely online without any physical branches.
Points to note:
i.The new license complements Revolut India’s existing licenses from the RBI, allowing it to function as a Category-II Authorised Money Exchange Dealer (AD II).
ii.It further enables the provision of multi-currency forex cards and cross-border remittance services.
iii.With this, Revolut will provide Indian customers with both international and domestic payment solutions through a single platform.
PPIs and Regulatory Developments:
i.PPIs are instruments or payment tools that utilise stored monetary value for transactions, including digital wallets, smart cards, or vouchers.
ii.On 5 April 2024, RBI governor Shaktikanta Das proposed linking PPIs through third-party Unified Payments Interface (UPI) apps, similar to bank account holders.
Note: India is the only market where Revolut offers a localised version of its app.
Future Plans:
Revolut plans to introduce digital-first money management services for Indian customers which will allow the users to manage their finances, including payments, and remittances, both locally and internationally.
About Revolut India:
The London (United Kingdom)-based Revolut, the largest neobank in Europe, entered the Indian market in 2021.
Chief Executive Officer (CEO)– Paroma Chatterjee
Headquarters– Mumbai, Maharashtra
Established in 2021

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NSDC and ISKCON sign MoU to Skill Tribal, Marginalised Youth On April 22, 2024, the National Skill Development Corporation (NSDC) and the International Society for Krishna Consciousness (ISKCON) signed a Memorandum of Understanding (MoU) to establish ECO villages inspired by Govardhan EcoVillage (GEV) in Maharashtra.

• Similar establishments will be set up in Nandurbar, Maharashtra; Jaipur Rural, Rajasthan; and Mandla, Balaghat, and areas surrounding Kanha National Park, MP.
• Both entities will team up with Skill India Centers for skilling youth, women from tribal and marginalized communities in Uttar Pradesh (UP), Maharashtra, Rajasthan, Gujarat, and Madhya Pradesh (MP), with future expansion to other regions.

Key Points:
i.The collaboration will focus on training locals, especially women, in Hospitality, Retail, and Logistics in Ayodhya, Varanasi, and Vrindavan in UP.
ii.ISKCON establishes a Culinary School, empowering tribal youth from regions like Palghar, Gadchiroli in Maharashtra, Gujarat, Madhya Pradesh, and Chhattisgarh.

• Trained individuals have employment prospects at the 2025 Maha Kumbh Kitchen in Prayagraj (Uttar Pradesh), with international mobility facilitated by NSDC International.

iii.They will conduct short-term courses on Skill India Digital Hub platform and offer industry-recognized certifications, boosting employability.

• Successful participants gain access to domestic job opportunities and international placements through NSDC International.

About National Skill Development Corporation (NSDC):
It is a not-for-profit public limited company incorporated on July 31, 2008 under section 25 of the Companies Act, 1956 (corresponding to section 8 of the Companies Act, 2013).
Chief Executive Officer (CEO)– Ved Mani Tiwari
Headquarters– New Delhi, Delhi

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JSW Neo Energy Limited Secures 700-MW Solar Project from NTPC
JSW Neo Energy Limited (JSW Neo), a wholly-owned subsidiary of JSW Energy Limited, one of India’s leading private sector power-producing companies received a Letter of Award (LoA) for setting up 700 megawatts (MW) Inter-State Transmission System (ISTS)-connected solar power project from NTPC Limited.

• The project is part of NTPC’s tariff-based competitive bid initiative for 1,500 MW ISTS-connected Solar Power Projects (NTPC-ISTS-II).
• With the latest project win, JSW Energy’s total locked-in generation capacity has increased to 13.3 gigawatt (GW) of which 3.1 GW is solar power.

Note:
i.JSW Energy’s current installed generation capacity stands at 7.2 GW, projected to reach 9.8 GW by the calendar year 2024 (CY24).
ii.JSW Energy aims for a 20 GW generation capacity and 40 gigawatt hours (GWh) energy storage capacity by 2030. It has an ambitious target of achieving carbon neutrality by 2050.

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HAL and CSIR-NAL Signs Transfer of Technology (ToT) Agreement for LCA Tejas Mk1A Engine Bay Door production
Hindustan Aeronautics Limited (HAL) has signed a Transfer of Technology (ToT) agreement with the Council of Scientific and Industrial Research – National Aerospace Laboratories (CSIR-NAL) to manufacture the Bismaleimide (BMI) Engine Bay Door (EBD) for the Light Combat Aircraft (LCA) Tejas Mk1A aircraft.

• Under the agreement, HAL can directly produce these high-temperature resistant composite parts for the production of LCA Mk1A.
• LCA Tejas Mk1A is an indigenous 4.5-generation, all-weather, and multi-role fighter aircraft for the Indian Air Force (IAF).

Note: The Tejas Mark (Mk)-1A aircraft successfully completed its first flight on 28th March 2024.

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25th Laureus World Sports Awards 2024: Novak Djokovic & Aitana Bonmati Win Top HonoursNovak Djokovic, the World No.1 (as of 22 April 2024) Serbian Men’s professional tennis player was honoured with the Laureus World Sportsman of the Year Award 2024 at the 25th Laureus World Sports Awards, the most prestigious honours event on the international sporting calendar.

• Aitana Bonmatí, a Spanish professional women’s footballer (midfielder) and player of the Spanish women’s football club (FC) Barcelona won the Laureus Sportswoman of the Year Award.

Award Ceremony:
i.The 2024 Laureus World Sports Awards winners were honoured in a ceremony held at the Palacio de Cibeles, in the centre of Madrid, Sapin on 22 April 2024.
ii.The 2024 Awards honoured the greatest sportsmen, sportswomen and teams from 2023.

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World Energy Leadership Awards 2024: Dr Sultan Al Jaber, COP28 President, won Global Energy Transition Impact AwardOn 22nd April 2024, Dr Sultan Ahmed Al-Jaber, President of 28th Conference of the Parties (COP28) to the UN Framework Convention on Climate Change (UNFCCC) won the Global Energy Transition Impact Award for his leadership in advancing energy transition.

• The awards was presented as a part of the inaugural World Energy Leadership Awards (2024) presented by the World Energy Council (WEC).
• The inaugural Awards were presented ahead of the 26th World Energy Congress (WEC 2024) which is scheduled to be held in Rotterdam, The Netherlands from 22nd to 25th April 2024 under the theme ‘Redesigning energy for people and planet’.

Note: Dr Al-Jaber is also the United Arab Emirates (UAE)’s Special Envoy for Climate Change , and Minister of Industry and Advanced Technology.
Global Energy Transition Impact Award:
i.The inaugural ‘Global Energy Transition Impact Award’ recognizes visionary leadership in advancing the energy transition and in uniting the world around the historic UAE Consensus
ii.Global Energy Transition Impact Award is one of the 4 inaugural World Energy Leadership Awards
iii.The award was given to Dr Sultan Ahmed Al-Jaber in honor of his work on the UAE Consensus, and for launching Net Zero energy transition alliances across multiple energy sectors.
Other Winners of World Energy Leadership Awards 2024:
i.Energy Systems Luminary Award
Winner– Vaclav Smil, Distinguished Professor Emeritus in the Faculty of Environment at the University of Manitoba, Canada

• It recognized his significant contributions to advancing energy literacy.

ii.Humanising Energy Award
Winner– Barefoot College International (BCI) headquartered in Miami, Florida

• BCI has empowered diverse groups, including women, workers, and youth, along with indigenous communities, to play active roles in designing, building, and operating new power systems globally.

iii.World Energy Visionary Leadership Award
Winner– Bestowed posthumously on Daniel Nicol Dunlop, pioneer of the first World Power Conference in 1924 and the de-facto founder of the WEC.

• His vision promoted collaboration and innovation for a sustainable energy future. The award will now be named the Dunlop Award for Energy Leadership.

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Narpat Singh Appointed as Railway Adviser of India’s High Commission in Bangladesh 
The Appointments Committee of the Cabinet (ACC) has approved the appointment of Narpat Singh as the Railway Adviser in the High Commission of India in Dhaka, Bangladesh.

• Narpat Singh is a 2009-batch Indian Railway Traffic Service (IRTS) officer. He previously served as Director (Traffic Transpiration) on the Railway Board.
• He was appointed with diplomatic status as a Counsellor for a period of three years from the date of assumption of charge of the post.

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NASA’s Confirmed Dragonfly Rotorcraft Mission to Saturn’s Moon Titan The National Aeronautics and Space Administration (NASA) has confirmed its Dragonfly rotorcraft mission to Titan, the largest moon of Saturn, with a total lifecycle cost of USD 3.35 billion. The mission is set to be launched in July 2028.

• This decision allows the mission to advance to completion of final design, construction and testing of the entire spacecraft and science instruments.

Note: Titan is the second largest in the solar system after Ganymede, the moon of Jupiter. As of June 8, 2023, Saturn has 146 moons in its orbit.
About Dragonfly Rotorcraft Mission:
i.The dragonfly rotocraft is targeted to arrive at Titan in 2034.
ii.It will  fly to several promising locations on the Titan exploring the prebiotic chemical processes common on both Titan and the early Earth before life developed.
iii.This will become the NASA’s first vehicle for science to fly on another planetary body
iv.The rotorcraft has 8 rotors and flies like a large drone.
Points to note:
i.Dragonfly is being designed and built under the direction of the Johns Hopkins Applied Physics Laboratory (APL) in Laurel, Maryland, United States of America (USA) which manages the mission for NASA. Elizabeth Turtle of APL leads as principal investigator.
ii.NASA has provided an additional funding for a heavy-lift launch vehicle to reduce the cruise phase of the mission.
iii.Dragonfly will be the first robot explorer to land on a planetary body other than the Moon or Mars, and the second drone to explore another planet after NASA’s Ingenuity helicopter on Mars in 2021.
About National Aeronautics and Space Administration (NASA):
Administrator– Bill Nelson
Headquarters– Washington, D.C., United States of America (USA)
Establishment– 1958

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Former Tennis World No. 1 Garbine Muguruza of Spain Announces Retirement
Spanish women’s tennis player Garbiñe Muguruza Blanco, a 2-time Grand Slam champion in singles and former world No. 1 (in 2017), has announced her retirement from professional tennis at the age of 30.

• She became the 1st Spanish woman to win a Grand Slam singles title since Arantxa Sánchez Vicario (Spain) won the 1989 French Open in Paris.

Notable Victories:
i.Defeated Serena Williams (United States of America (USA)) at the 2016 French Open held in Paris, France;
ii.Defeated Venus Williams (USA) at the 2017 Wimbledon held in London, United Kingdom (UK).

• She remains the only player to beat both Venus and Serena in the finals to win a major title.

iii.3 Women’s Tennis Association (WTA) 1000 titles (2015 Beijing (China), 2017 Cincinnati (USA), 2021 Dubai (United Arab Emirates (UAE)));
iv.She also won the 2021 WTA Finals by defeating Anett Kontaveit (Estonia) held in Guadalajara, Mexico.

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National Award-winning Tamil Director Durai Passed AwayJ F C Durai, National Award winning veteran Tamil director, passed away at the age of 84 at his residence Thiruvanmiyur, Chennai, Tamil Nadu(TN).
About Durai:
i.Durai has directed around 46 films in Tamil, Telugu, Kannada, Malayalam and Hindi Language.
ii.He has worked as scriptwriter, editor and producer in the Tamil industry and he has also worked as a sound engineer for the film “Pennin Perumai”.
Noted works: Avalum Penthaane; Pasi; Aasai 60 Naal, Neeya?, Aayiram Jenmangal and Paavathin Sambalam.
Awards:
i.His film “Pasi” won two National Film Awards in 1979 in the category of Best Feature Film and Best Actor(Female). The film also won the Tamil Nadu State Award under Best Film category.
ii.He also won the Tamil Nadu State Film Award under Best Director for the film “Oru Veedu Oru Ulagam”.
iii.He was awarded with Kalaimamani Award by the Tamil Nadu State government in 1982 for his contribution to art.

UN English Language Day 2024 – April 23 The United Nations (UN) English Language Day is annually observed across the globe on 23 April to promote the global significance of the English language, one of the 6 official languages of the UN

• The day 23 April also commemorates the birth and death anniversary of the English Playwright and Poet William Shakespeare.

Background:
i.The 1st ever UN English Language Day was observed in 2010 by the UN’s Department of Global Communications (DGC) as part of its initiative to establish language days for each of the 6 UN official languages.
Note: The 6 official languages are Arabic, Chinese, English, French, Russian, and Spanish.
About United Nations (UN):
Secretary-General– António Guterres
Headquarters– New York, United States of America (USA)
Established in– 1945

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UN Spanish Language Day – April 23 2024The United Nations (UN)’s Spanish Language Day is annually celebrated across the world on 23rd April to raise awareness among the UN staff about the history, culture and use of Spanish as an official language.
Background:
i.The UN Spanish Language Day was originally observed on October 12, coinciding with the National Day of Spain, which commemorates the anniversary of Christopher Columbus’s arrival to the Americas tracing the beginning of the spread of the Spanish language and culture.
iii.Later, the day was changed to 23 April, to pay tribute to Spanish writer Miguel de Cervantes Saavedra, who was thought to have died in 1616 on 23 April.

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World Book And Copyright Day 2024 – April 23 World Book And Copyright Day is annually observed across the globe on 23 April to promote the love of reading and the significance of books.

• The Day serves as a reminder of the importance of literature in connecting the past, present, and future generations across diverse cultures.
• The annual observance of the Day is led by the United Nations Educational, Scientific and Cultural Organization (UNESCO).

According to the various news sites, the theme of World Book and Copyright Day 2024 is “Read Your Way”.
Background:
i.UNESCO during the 28th session of its General Conference held in Paris, France from 25 October to 16 November 1995, unanimously declared 23 April to be World Book and Copyright Day.
ii.The declaration gave international recognition to a tradition started by the Official Book Chamber in Catalonia, Spain, which began celebrating the day in 1923.
iii.The 1st ever World Book And Copyright Day was observed on 23 April 1996.
Note: In 1993, a royal decree proclaimed 23 April as Book and Reading Day for the Spanish State.
Why April 23rd?
i.April 23rd marks the death anniversary of renowned authors such as English Poet William Shakespeare, Spanish writer Miguel de Cervantes, and Peru-born Spanish Inca Garcilaso de la Vega.
ii.UNESCO chose the date to honour the contributions of these literary figures and promote global access to books.
World Book Capital:
Following the evaluation of the World Book Capital (WBC) Advisory Committee, the Director-General of UNESCO, Audrey Azoulay has designated Strasbourg (France) as the World Book Capital for 2024.
i.Since 2001, UNESCO and international organizations representing the 3 sectors of the book industry (publishers, booksellers, and libraries) unite to select the WBC each year.
ii.WBC emphasises reinforcing literacy education, protecting copyright, and promoting freedom of expression.

Indian Navy conducts mega navy exercise “Poorvi Lehar” on East CoastOn 20th April 2024, Indian Navy conducted Exercise Poorvi Lehar(XPOL) 2024 on East Coast. XPOL aims to validate procedures and to assess Indian Navy’s preparedness to meet the maritime security challenges in the region.

• It was conducted under the Operational Control of Vice Admiral Rajesh Pendharkar, Flag officer-Commanding-in-chief (FOC-in-C), Eastern Naval Command (ENC) headquartered at Vishakapatnam, Andhra Pradesh.

About Exercise Poorvi Lehar (XPOL) 2024:
i.The exercise was conducted in multiple phases which include:

• Tactical Phase: Combat training in realistic situations.
• Weapon Phase: Successful conduct of different firings.

ii.It saw the active participation of Ships, Submarines, Aircrafts and Special Forces.
iii.It also saw the participation of assets from Indian Air Force(IAF), Andaman and Nicobar Command, Eastern Naval Command and Coast Guard.

• This demonstrates a high degree of interoperability amongst the Services.

iv.An important feature of the exercise was the operation of aircraft from various locations, ensuring near-continuous Maritime Domain Awareness across the area of operations.
Note:
i.Recently, Government of India(GoI) appointed Dinesh Kumar Tripathi as 26th Chief of Naval Staff. He will taken charge on 30th April.
ii.Indian Navy Day is observed annually on 4th December
About Indian Navy:
Chief of Naval Staff: Radhakrishnan Hari Kumar (25th ) (Till 29 April 2024)
Headquarter: New Delhi, Delhi
Founded: 1950

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PM Modi Inaugurated 2550th Bhagwan Mahaveer Nirvan Mahotsav on Mahaveer JayantiOn April 21, 2024, i.e. on the occasion of Mahavir Jayanti, the Prime Minister (PM) of India Narendra Modi inaugurated the 2550th Bhagwan Mahaveer Nirvan Mahotsav at Bharat Mandapam in New Delhi, Delhi.

• PM Modi also released a commemorative stamp and coin to mark the 2550th Bhagwan Mahaveer Nirvan Mahotsav.

Key People: The event was attended by Union Minister of State (MoS) Arjun Ram Meghwal, Ministry of Culture along with other dignitaries and saints from the Jain community.
About the 2550th Bhagwan Mahaveer Nirvan Mahotsav:
i.21st April 2024 is the Janma Kalyanak of Bhagwan Mahavir Swami.

• The Government of India commemorated the occasion with the Jain community by organizing a cultural programme in Bharat Mandapam.

ii.The 2550th Bhagwan Mahaveer Nirvan Mahotsav is being celebrated as a year-long “Ahimsa Mahotsav”.
iii.The Bhagwan Mahaveer Nirvan Mahotsav Committee is formed to coordinate and promote the festival, focusing on spreading the teachings of Bhagwan Mahaveer, particularly emphasizing non-violence and kindness.
Mahavir Jayanti :
i.Mahavir Jayanti commemorates the birth of Mahavir as ‘Vardhamana’ in a royal family in 615 BC.
ii.Bhagwan Mahavir, 24th Tirthankar, advocated Jain principles: Ahimsa (Non-Violence), Satya (Truthfulness), Asteya (Non-Stealing), Brahmacharya (Chastity) and Aparigraha (Non-attachment).
iii.Jains commemorate five major events of every Tirthankar: Chyavana/Garbha (Conception) Kalyanak; Janma (Birth) Kalyanak; Diksha (Renunciation) Kalyanak; Kevaljnana (Omniscience) Kalyanak and Nirvana (Liberation/Ultimate Salvation) Kalyanak.
About the commemorative coin:
This is the 8th commemorative coin for the year 2024. The Non Circulating  type coin is minted at India Government Mint, Hyderabad in Telangana
Features:
i.The coin with denomination Rs 100 weigh 35 grams.
ii.The reverse of the coin features the image of the Nalanda Pawapuri Jal Mandir and “Bhagwan Mahaveer 2550th Nirvan Kalyanak” in both Devanagari script and English with year 2023 at the bottom

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Global Military Expenditure recorded All-Time High of USD 2443bn in 2023, US Tops & India 4th: SIPRI ReportOn April 22, 2024, Stockholm International Peace Research Institute (SIPRI) released its report titled ‘Trends in World Military Expenditure, 2023’. According to the report, the total global military expenditure increased for the 9th consecutive year to an all-time high of USD 2443 billion in 2023, an increase of 6.8% in real terms from 2022. This is the steepest year-on-year increase since 2009.
i.The top 5 military spenders in 2023 are the United States of America(USA)(1st), China(2nd), Russia(3rd), India (4th) and Saudi Arabia(5th), which together accounted for 61% of world military spending.
ii.With a military expenditure of USD 83.6 billion in 2023, India was the 4th largest spender globally. India’s military spending has increased by 4.2% from 2022 and 44% from 2014.
iii.In 2023, North Atlantic Treaty Organization (NATO) members, including the USA, collectively spent USD 1341 billion. This accounts for around 55% of global military spending.
About SIPRI (Stockholm International Peace Research Institute):
It is an independent international institute dedicated to research into conflict, armaments, arms control and disarmament.
Chair of the SIPRI Governing Board – Stefan Löfven
Director– Dan Smith
Headquarters – Solna, Sweden
Establishment – 1966

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S&P Global: 3 Indian Banks Among Top 50 lenders in Asia-Pacific by AssetsThree Indian Banks namely, the State Bank of India (SBI), HDFC Bank and ICICI Bank are featured in the list of top 50 largest banks in Asia-Pacific Region by Assets – 2024 released by The S&P Global Market Intelligence.

• China’s Industrial and Commercial Bank of China limited retained its position as the largest bank in Asia pacific as well as in world in 2023.

Points to note:
i.SBI, India’s largest Public Sector Bank(PSB), has improved its ranking to 20th in 2023 from 21 in 2022. SBI’s assets valuation stands at USD 780.05 billion in 2023.
ii.HDFC Bank’s valuation increased to USD 464.34 billion in 2023, over 51% higher than its value in 2022. HDFC bank has jumped from 46th rank in 2022 to 33rd rank in 2023.
iii.ICICI Bank, 2nd largest private sector bank in India, has made its debut in the top 50 Asia-Pacific lender list in 2023. It is currently ranked 48th position.
About S&P Global Inc.:
President and Chief Executive Officer(CEO): Douglas L. Peterson
Headquarters: New York, U.S.A
Established: 1917

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10 Multilateral Development Banks (MDBs) Launched new “Global Collaborative Co-Financing” Platform
On the sidelines of the 2024 International Monetary Fund(IMF) and World Bank Spring meetings which took place in Washington D.C.(U.S.A.) on 20th April 2024, 10 Multilateral Development Banks (MDBs) jointly launched the Global Collaborative Co-financing platform.

• This digital initiative aims to transform the development finance landscape.

About Global Collaborative Co-Financing Platform:
Global Collaborative Co-Financing Platform has two components:
i.Co-Financing Portal: It will be a secure platform for registered co-financiers to share their project pipelines. The portal will be hosted at the World Bank.
ii.Co-Financing Forum: It will provide a platform for various participants to discuss co-financing opportunities and share their best practices and common issues.
Significance:
i.The new digital platform will help in reducing the administrative burden and transaction costs.
ii.The platform fosters collaboration, promotes transparency, and enables MDBs and partner agencies to address global challenges more effectively and efficiently.
List of Multilateral Development Banks(MDBs) Joined for new Co-financing Platform:
At the initial stage, 10 MDBs joined the platform to enhance collaboration, streamline their co-financing processes and provide a centralised platform for project information.
The 10 MDBs are: Asian Infrastructure Investment Bank(AIIB), World Bank Group(WBG), African Development Bank(AfDB), Asian Development Bank(ADB), Council of Europe Development Bank(CEB), European Bank for Reconstruction and Development (EBRD), European Investment Bank(EIB), Inter-American Development Bank(IDB), Islamic Development Bank(IsDB), and New Development Bank(NDB).

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NGEL & ITL signed MoU to develop Renewable Energy Projects
NTPC Green Energy Limited(NGEL) and Indus Towers Limited (ITL) have signed a Memorandum of Understanding (MoU) to address the need for pacing green energy objectives and the Indian government’s efforts towards a carbon-neutral economy.

• This collaboration would look into the combined development of grid-connected renewable energy-based power projects such as solar, wind, and energy storage, as well as related solutions.
• The MoU was signed by Soumya Kanti Chowdhuri, Chief General Manager of NGEL, and Vikas Poddar, Chief Financial Officer (CFO) of ITL.

Note:NGEL is a wholly-owned subsidiary of NTPC Limited (formerly known as National Thermal Power Corporation).

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CSIR-IICT & BHEL Partnered to Advance Clean Fuel Technology; MoU Signed to Convert CO2 to DME
The Council of Scientific & Industrial Research- Indian Institute of Chemical Technology (CSIR-IICT) and Bharat Heavy Electricals Limited (BHEL) Corporate Research and Development (R&D) have signed a Memorandum of Understanding (MoU) for developing technology on capturing and converting carbon dioxide (CO2) to Dimethyl Ether (DME) through direct catalytic conversion.

• This partnership is under the Department of Science and Technology’s (DST) initiative on Carbon Capture and Utilisation (CCU), which aims to employ innovative technologies to combat carbon emissions and promote sustainable energy practices.
• Funded by the DST, the project centers on utilising captured CO2 to produce DME, a clean fuel suitable for blending with Liquefied Petroleum Gas (LPG).

Note:
i.CSIR-IICT was started as the Central Laboratories for Scientific and Industrial Research (CLSIR) in 1944. It is one of the oldest national laboratories under CSIR.

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RVNL Signed MoU with TUMAS India Private Limited for Infrastructure Projects
Rail Vikas Nigam Limited (RVNL) has signed a Memorandum of Understanding (MoU) with M/s Turkish Engineering Consulting & Contracting – TUMAS India Private Limited for partnership and collaboration in public transportation projects and infrastructure projects across India.

• RVNL and the Turkish firm aim to collaborate on executing railway infrastructure projects across various regions in India.
• The partnership seeks to accelerate infrastructure development, enhance operational efficiency, and improve connectivity within the Indian rail network.

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Puravankara Ltd. won 15th CIDC Vishwakarma Awards 2024 for Social Development and ImpactPuravankara Limited, a renowned real estate developer in India, has been honoured with the Achievement Award for Creating Social Development and Impact at the 15th edition of CIDC Vishwakarma Awards (VKA) (2024), organised by the Construction Industry Development Council (CIDC).

• The Award recognises Puravankara’s efforts in driving positive change through its impactful campaigns, notably the “Million Wells for Bengaluru” in collaboration with Biome Environmental Trust

Note: This initiative reflects Puravankara’s dedication to environmental sustainability and community empowerment.
Points to Note:
i.Biome Environmental Trust (Biome) is dedicated to promoting sustainable practices in architecture, water management, and land use.
ii.CIDC was established in 1996 by the Planning Commission (Now National Institution for Transforming India (NITI Aayog)), along with the Constituents of the Indian Construction Industry.
“Million Wells for Bengaluru” Campaign:
i.This initiative aims to combat water depletion by rejuvenating heritage wells, promoting rainwater harvesting, and supporting the Manu Vaddar community.
ii.In 2022-2023, 6 open heritage wells and a Kalyani were rejuvenated in Hunsamaranahalli Town Municipal Council (TMC) limits in Yelahanka Taluk, Bengaluru
About CIDC Vishwakarma Awards:
i.The CIDC VKA recognises organisations and individuals contributing to national growth and sustainable development, particularly in the field of  Corporate Social Responsibility (CSR).

• CIDC Vishwakarma Awards for 2008, the inaugural edition of the award were presented in 2009.

ii.The awards are inspired by the spirit of creation and construction embodied by Lord Vishwakarma, a ruling deity in Indian construction practices.
iii.Hosted annually in March by CIDC, the awards celebrate outstanding achievements within the Indian Construction Industry.
iv.The Award comprises a total of 12 categories (and a Life Time Achievement Award) and covers the entire spectrum of the Indian Construction Industry.
About Puravankara Limited:
Chairman– Ravi Puravankara
Managing Director (MD)– Ashish Ravi Puravankara
Headquarters– Bengaluru, Karnataka
Founded in– 1975

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Gukesh Wins Candidates Tournament & Qualifies for World Chess Championship 2024The 17-year-old chess Grandmaster (GM) Dommaraju Gukesh from Chennai (Tamil Nadu) has won (Open category) the International Chess Federation (FIDE) Candidates 2024 held in Toronto, Canada, by defeating Hikaru Nakamura of the United States to score 9 points.

• He will now be competing with Ding Liren of China in the World Chess Championship 2024.
• Gukesh has thus become the youngest challenger in history to qualify for the World Chess Championship, breaking the record created in 1984 by the GM Garry Kasparov (Russia), when he was 22.
• Tan Zhongyi (China) has won the candidates 2024 (Women’s category) and will face her compatriot Ju Wenjun (China) in the Women’s World Chess Championship 2024.

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Red Bull’s Max Verstappen Wins Chinese Grand Prix 2024 Belgian-Dutch driver Max Verstappen of Red Bull won the Formula 1 (F1) Chinese Grand Prix (GP) 2024 held at the Shanghai International Circuit in Shanghai, China on 21st April 2024.

• McLaren’s Lando Norris(the United Kingdom(UK)) and Red Bull’s Sergio Perez (Mexico) finished in the second and third positions, respectively.

Winners of Chinese GP 2024:

Highlights of Chinese GP 2024:
i.The Chinese GP 2024 victory marks Verstappen’s fourth GP title of the 2024 season.He previously won the Saudi Arabian GP 2024, the Bahrain GP 2024, and the Japanese GP 2024.
ii.It marks Verstappen’s 58th win and 102nd podium finish in his driving career.
iii.China’s first and only F1 driver, Zhou Guanyu, representing the Kick Sauber team, finished 14th in the race.
Key Points:
i.With this win, Max Verstappen leads the 2024 Drivers Standings with 110 points, followed by his teammate Sergio Perez with 85 points and Charles Leclerc of Ferrari with 76 points.
ii.As of 22nd April 2024, the 2024 Constructors’ Championship standing is topped by the Red Bull Racing-Honda racing team with 195 points, followed by Ferrari (151 points) in 2nd and McLaren Mercedes (96 points) in 3rd.
iii.The constructors’ standing represents the points earned by finishing in the top position of two drivers of each team at each Grand Prix.
About Sprint race:
i.Max Verstappen also won the first sprint race of the 2024 season in the Chinese GP 2024. Lewis Hamilton of Mercedes and Sergio Perez finished second and third respectively.
ii.The F1 sprint is a short race that lasts around 30 minutes and covers 100 km, approximately one-third of the normal Grand Prix distance. It is a precursor to the main event.
About Chinese Grand Prix:
i.‘Formula 1 (F1) Lenovo Chinese Grand Prix 2024’  is the 17th edition of the of event, and the 5th round of the 2024 F1 World Championship.
ii.The 1st edition of the Chinese GP was held in 2004. The last edition (16) was held in 2019.

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Goa Gov Sreedharan Pillai Released his New Book “Heavenly Islands of Goa”
Goa Governor Sreedharan Pillai’s new (221st) book titled “Heavenly Islands of Goa” was released by Jagadguru Sri Sri Vidhushekhara Bharati Swami, Shankaracharya of Dakshinamnaya Sri Sharada Peetham, Sringeri (Karnataka), during a programme held in New Durbar Hall in the Raj Bhavan in Dona Paula, Goa.

• The book provides an overview of Goa’s biodiversity and heritage.
• 57th Jnanpith Award winner Damodar Mauzo received the first copy of the book.

Five other books:
On 21st April 2024, ‘Cuncolim, ‘Kaavi Art’, ‘Icons of My Literature’, ‘Vikshit Bharat’, and ‘Canacona’ books written/compiled by Goa Governor Sreedharan Pillai were released by Prof. Dr. Kumud Sharma, Vice President of Sahitya Academy, New Delhi, Delhi.

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National Civil Services Day 2024 – April 21 National Civil Services Day is annually observed across India on 21 April to recognise and acknowledge the crucial role that civil servants play in the nation’s development.

• National Civil Services Day is an occasion for civil servants to recommit themselves to serving the nation excellently.
• 21 April 2024 marks the observance of the 17th National Civil Services Day.

Background:
i.In 2006, India’s then Prime Minister (PM), Dr. Manmohan Singh inaugurated an event to mark the ‘Civil Service Day.’

• All 61 All India and Central Civil Services, including 15 non-technical and 20 technical services, were collectively observing the day.

ii.The 1st National Civil Services Day celebrations were held in Vigyan Bhawan, New Delhi (Delhi) on 21 April 2006.

World Creativity and Innovation Day 2024 – April 21

The United Nations (UN) World Creativity and Innovation Day (WCID) is annually observed across the globe on 21 April to raise awareness of the role of creativity and innovation in all aspects of human development.

• Every year, WCID champions the importance of a creative mindset in advancing the 17 Sustainable Development Goals (SDGs) of the UN.

Background:
i.Citizens and organisations in more than 50 countries across the world observe 21 April of every year as World Creativity and Innovation Day. WCID was first commemorated on 21 April 2002.
ii.On 27 April 2017, the UN General Assembly (UNGA) adopted the resolution A/RES/71/284 and proclaimed the 21 April of every year as World Creativity and Innovation Day.
iii.The 1st UN-recognised WCID was observed on 21 April 2018.

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International Mother Earth Day 2024 – April 22The United Nations (UN) International Mother Earth Day (or Earth Day) is annually observed across the globe on 22nd April to recognise the relationship between humans and nature in the ecosystems.

• The day highlights the need to protect and enhance people’s livelihoods, counteract climate change, and stop the collapse of biodiversity.

DPE granted Navratna status to National Fertilizers Limited(NFL)On 18th April 2024, the Department of Public Enterprise(DPE) under the Ministry of Finance has granted the Navratna status to National Fertilizers Limited(NFL).

• The up gradation of NFL from Miniratna-I to Navratna status was done under Regulation 30 read with schedule III of SEBI(Listing Obligations and Disclosure Requirements(LODR))Regulations, 2015.

About National Fertilizers Limited(NFL):
Chairman and Managing Director(CMD)- U Saravanan
Headquarters- Noida, Uttar Pradesh
Established in August 1974

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CAG of India & Bulgarian National Audit Office signed MoU to Enhance Audit ExpertiseThe Comptroller and Auditor General of India (CAG) signed a Memorandum of Understanding (MoU) with Bulgarian National Audit Office (BNAO) in Sofia, Bulgaria to foster international cooperation.
Key People: The agreement between the Supreme Audit Institutions (SAI) of India and Bulgaria was signed in the presence of Goritsa-Grancharova-Kozhareva, Acting President of the BNAO and Girish Chandra Murmu is the current CAG of India.
About the MoU:
Aim: To enhance collaboration and exchange of expertise in the field of auditing between India and Bulgaria.
Significance:
i.Under this MoU, a platform will be established for the exchange of knowledge and experience amongst auditing professionals and technical teams through collaboration in training programs and mutual assistance in conducting audit.
ii.The signing of MoU marks a major milestone which will help in bolstering ties and collaboration among the SAIs of India and Bulgaria.
About Bulgaria:
President- Rumen Radev
Prime Minister (PM)- Dimitar Glavchev
Capital- Sofia
Currency- Bulgarian Lev (BGN)

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IRDAI Celebrates Silver Jubilee on 19th April 2024The Insurance Regulatory and Development Authority of India (IRDAI), the statutory body of insurance companies and intermediaries in India, marked the celebration of its Silver Jubilee(25 year) on 19th April 2024.
IRDAI was formed as a statutory body under the IRDAI Act, 1999 and was incorporated on 19th April 2000.
IRDAI Removes Age Limits on Health Insurance Purchase
IRDAI has removed the age cap on buying health insurance policies, effective from 1st April 2024. Now anyone, regardless of age, is eligible to purchase new health insurance.
About the Insurance Regulatory and Development Authority of India (IRDAI):
Chairman– Debasish Panda
Headquarters– Hyderabad, Telangana

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NBBL and SBI introduce NCMC recharge on Bharat BillPay
NPCI Bharat BillPay Ltd. (NBBL), a wholly owned subsidiary of the National Payments Corporation of India (NPCI), in association with the State Bank of India (SBI), has onboarded the SBI National Common Mobility Card (NCMC) on its Bharat BillPay platform for the convenience of travellers.

• The introduction of NCMC Recharge as Bharat BillPay’s biller category will enable customers to recharge or top up their cards online.
• Customers can top up their NCMC cards with up to Rs. 10,000 online through Bharat BillPay-enabled platforms, supporting various methods such as prepaid, debit, and credit cards.
• SBI NCMC cardholders can get the instant and secure option of topping up their wallets via SBI Unipay and all other Bharat BillPay-enabled digital front-end platforms.

Note: SBI launches its NCMC Prepaid Card in September 2023 to facilitate easy digital ticketing fare payments in metros, buses, water ferries, parking, and more through a single card.

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Aegon Life Insurance Renamed as Bandhan Life by BFHL
Bandhan Financial Holdings Limited (BFHL), the promoter of Bandhan Bank, has renamed Aegon Life Insurance as Bandhan Life.

• The new logo (growing ‘bud’) and the tagline ‘Bharat Ki Udaan, Bandhan Se’ also unveiled.
• BFHL completed the acquisition of Aegon Life Insurance from Aegon India Holding B.V. and Bennett, Coleman & Company Limited(BCCL) in February 2024.

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CRED Receives in-principle Approval from RBI for Payment Aggregator Licence
CRED, a Bengaluru (Karnataka) based fintech unicorn company, has received in-principle approval from the Reserve Bank of India (RBI) for the payment aggregator (PA) licence.

• It usually takes about six months after the in-principle nod for a company to get the final approval from the RBI.
• Payment aggregators provide secure online payment systems and solutions to merchants.

Note:Juspay Technologies Private Limited(Juspay), Decfin Tech Private Limited (Decfin), and Zoho Payment Technologies Private Limited (Zoho) received their final PA license in February 2024.

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ReNew & JERA Partners to Jointly Evaluate Green Ammonia Projects in OdishaOn April 18, 2024, ReNew Energy Global PLC (ReNew) and JERA Co. Inc., Japan’s largest power generation company, have signed an initial agreement to assess a green ammonia production project in Odisha.

• This is in line with with India’s ambitious National Green Hydrogen Mission(NGHM) and Japan’s clean energy transition goals.
• India aims to produce 5 million tonnes of green hydrogen per year by 2030.

About the Partnership:
i.ReNew, through its subsidiary ReNew E-Fuels Private Limited, and JERA will jointly evaluate a green ammonia production project in Paradip, Odisha.
ii.This project will utilize 500 Mega Watt (MW) of high-capacity utilisation factor (CUF) renewable energy to produce green hydrogen.
iii.The project aims to produce approximately 100,000 tonnes of green ammonia annually by 2030.
iv.JERA will have the right to import this green ammonia for Japan, supporting its clean energy transition.
Additional info:
i.In 2022, ReNew signed a framework agreement with the Government of Egypt for USD 8 billion investment in a green hydrogen plant in the Suez Canal Economic Zone.
ii.ReNew has a Joint Venture (JV), GH4India Pvt Ltd, with Indian Oil Ltd and Larsen & Toubro (L&T) to establish a green hydrogen business.
About ReNew Energy Global PLC (ReNew):
Founder, Chairman & CEO– Sumant Sinha
Headquarter– Gurugram, Haryana
Establishment– 2011

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IREDA setup new office in GIFT City to promote renewable energy projects in foreign currenciesThe Indian Renewable Energy Development Agency(IREDA) has established a new office in GIFT City (Gujarat International Finance Tec-City) in Gandhinagar, Gujarat.

• This will facilitate the financing of renewable and green hydrogen projects in foreign currencies and thereby, reducing financial cost for renewable and green hydrogen projects.

Significance:
i.This new initiative will play pivotal role in the implementation of National Green Hydrogen Mission of India which aims to produce hydrogen of more than 5 million Metric Tonnes Per Annum (MTPA) by 2030.
ii.It is estimated that India’s storage capacity to around 400 GigaWatts-hour (GWh) by 2030-32 with an investment of Rs 3.5 lakh crore.
Background :
i.The announcement was made during the panel discussion at the World Future Energy Summit2024 held in Abu Dhabi, the United Arab Emirates(UAE).
ii.In February 2024, IREDA received Reserve Bank of India(RBI) approval to establish its wholly-owned subsidiary at International Financial Services Centre (IFSC) in GIFT City, Gujarat.
About Indian Renewable Energy Development Agency(IREDA):
IREDA is Mini Ratna Category-I company which comes under the Ministry of New and Renewable Energy(MNRE).
Chairman and Managing Director(CMD)- Pradip Kumar Das
Headquarters- New Delhi, Delhi
Established in 1987

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Vice Admiral Dinesh Kumar Tripathi appointed as 26th Chief of Naval StaffGovernment of India (GoI) has announced the appointment of Vice Admiral Dinesh Kumar (DK) Tripathi as the 26th Chief of the Naval Staff(CNS) of the Indian Navy. He is currently serving as Vice Chief of the Naval Staff.

• He will take charge from Admiral Radhakrishnan Hari Kumar, the present CNS who is set to retire on 30th April 2024.

Note: R.Hari was appointed as 25th CNS on 9th November 2021.
About Dinesh Kumar Tripathi:
i.Vice Admiral DK Tripathi was born on 15th May 1964 and joined the Executive Branch of the Indian Navy on 1st July 1985.
ii.Vice Admiral DK Tripathi, a communication and electronic war specialist, has had a long distinguished career in Indian Navy spanning over almost 4 decades.
iii.He has served as the Fleet Operations officer of the Western Fleet, Director of Naval Operations and as Principal Director, Network Centre Operations and Principal Director, Naval Plans in New Delhi, Delhi.

• He has commanded Indian Naval Ships (INS): Trishul, Vinash and Kirch.

vi.As the Rear Admiral of Indian Navy, he served as the Assistant Chief of Navy Staff (Policy and Plans) and the Flag Officer Commanding Eastern Fleet.

• He was Director General(DG) of Naval Operations from July 2020 to May 2021.

vii.He also served as Commandant of the Indian Naval Academy (INA), Ezhimala, Kerala.
Awards:
i.He was honoured with the Ati Vishisht Seva Medal(AVSM) and Nausena Medal(NM) for his contributions to the Indian Navy.
ii.During his time at Defence Services Staff College, Wellington, Tamil Nadu(TN) he was bestowed with Thimmaiah Medal.
iii.While pursuing Naval Higher Command Course at Naval Command at United States Naval War College(2007-08), he was awarded with prestigious Robert E Bateman International Prize.

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ACC Approves Appointment Nalin Prabhat as DG of NSG & Sapna Tiwari as Special Director of IBThe Appointments Committee of the Cabinet (ACC) has approved the appointment of Nalin Prabhat as the Director-General (D-G) of National Security Guard (NSG) till the date of his  superannuation (31st August 2028).

• ACC has also approved the appointment of Sapna Tiwari as the Special Director in Intelligence Bureau(IB) for 2 years from the date of assumption of charge or up to the date of her superannuation(30th April 2026).

Nalin Prabhat appointed as DG of NSG:
i.He is a 1992 batch Indian Police Service (IPS) officer of Andhra Pradesh cadre.
ii.He is currently serving as Additional Director General (ADG) in Central Reserve Police Force (CRPF) in Jammu & Kashmir (J&K).
iii.He will succeeds Daljit Singh Chaudhary, who has been serving as DG (additional charge) of NSG since February 2024 upon superannuation of M A Ganapathy.

• Chaudhary is serving as the DG of Sashatra Seema Bal (SSB).

Sapna Tiwari appointed as Special Director in IB:
i.Sapna Tiwari is a 1992 batch IPS officer of Odisha cadre.
ii.She is currently serving as Additional Director General (ADG) of the IB.
iii.She was appointed as Special Director of IB (Level-16 in pay matrix) on an ‘in-situ’ basis by temporarily upgrading the post of Additional Director
National Security Guard(NSG):
NSG is a counter-terrorism agency of India and also, known as Black Cats. It is under the administrative control of Ministry of Home Affairs. It is formed under National Security Guard(NSG) Act, 1986.
Headquarters– New Delhi, Delhi
About Intelligence Bureau(IB):
Director- Tapan Deka
Headquarters- New Delhi, Delhi
Formed in – 1887

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RBI Approves Appointment of Ajith Kumar KK as MD & CEO of Dhanlaxmi Bank
The Reserve Bank of India (RBI) has approved the appointment of Ajith Kumar KK as the Managing Director (MD) and Chief Executive Officer (CEO) of Dhanlaxmi Bank for 3 years with effect from the date of taking charge.

• Ajith Kumar KK is set to succeed J.K.Shivan, whose term was scheduled to conclude on 29 January 2024.
• The RBI had earlier approved the extension of Shivan’s tenure as MD & CEO of the bank until a suitable successor was appointed.

Note: Dhanlaxmi Bank’s board of directors will convene a meeting in due course to officially approve the appointment of Ajith Kumar K.K., subject to shareholders approval as per regulatory requirements.
About Ajith Kumar KK:
i.He is a seasoned banker with over 36 years of experience with the Federal Bank Ltd the bank, including in credit, business, human resources, branch banking, etc.

• Currently, he is the Chief Human Resources Officer (CHRO) at Federal Bank Ltd in the cadre of President.

ii.He joined the Federal Bank Ltd in 1987 as a Probationary Agricultural Officer.
iii.He oversees Human Resources (HR), Corporate Services, and Corporate Social Responsibility (CSR) at the Federal Bank.
iv.In 2019, he was appointed as an Additional Director of Federal Operations & Services Limited, a wholly-owned subsidiary of Federal Bank Ltd.
v.Currently, he is also the Non-Executive Director of Federal Operations & Services Limited.
About Dhanlaxmi Bank Ltd:
MD & CEO– J.K.Shivan (As of 20 April 2024)
Headquarters– Thrissur, Kerala
Incorporated in– 1927

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Keki M Mistry Took Charge as New Chairman of HDFC Life InsuranceInsurance Regulatory and Development Authority of India (IRDAI) approves the appointment of Keki M Mistry as the new Chairman of the board of HDFC Life Insurance Company Limited (HDFC Life).

• The appointment follows the resignation of Deepak Parekh as the Chairman and Non-Executive Director of HDFC Life.
• HDFC Life is a leading long-term life insurance solution provider in India.

Note: In 2006, the Government of India (GoI) honoured Deepak S. Parekh with the Padma Bhushan for the category of Trade and Industry.
Other Appointments:
i.On 18 April 2024, Venkatraman Srinivasan took charge as an Additional – Independent Director of HDFC Life for a term of 5 years.

• He is eligible to hold the office of Director without any disqualifications from the Securities and Exchange Board of India (SEBI) or relevant authorities.

ii.VK Viswanathan and Prasad Chandran will complete their 2 consecutive terms (5 years each) as Independent Directors of HDFC Life on 24 April 2024.
About Keki M Mistry:
i.In 1981, he joined HDFC Ltd (erstwhile Housing Development Finance Corporation Limited), India’s premier housing finance company. In 1993 he was appointed as Executive Director.
ii.He was appointed as:

• Managing Director (MD) of HDFC Ltd. in 2000;
• Re-designated as the Vice Chairman & MD in 2007; and
• Vice-Chairman & Chief Executive Officer (CEO) of the Corporation in 2010.

iii.With the amalgamation of HDFC Ltd with HDFC Bank, he superannuated from HDFC Ltd and has been appointed as a Non-Executive Director on the Board of HDFC Bank Ltd.
iv.With his position as Chairman, currently, he is also a Non-Executive Director of HDFC Life.
About HDFC Insurance Company Limited (HDFC Life):
MD & CEO– Ms. Vibha Padalkar
Headquarters– Mumbai, Maharashtra
Established in– 2000
Tagline– Sar Utha Ke Jiyo!

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India delivers First Batch of BrahMos Supersonic Missiles to PhilippinesOn April 19, 2024, India delivered the first batch of BrahMos supersonic cruise missiles to the Philippines. This delivery marks a significant milestone in defense cooperation between the two nations, following a USD 375 million deal signed in January 2022.
Key Points:
i.BrahMos supersonic cruise missiles is produced by BrahMos Aerospace Pvt Ltd which is a joint venture (JV) between the Defence Research and Development Organisation (DRDO) and the Russian Federation’s NPO Mashinostroyeniya.
ii.The deal made Philippines the first export customer for the BrahMos missile, as part of its Horizon 2 of the Revised Armed Forces Modernization Programme.
iii.The agreement includes three batteries of shore-based, anti-ship variant BrahMos missiles, along with operator training and integrated logistics support.
iv.Its speed is 2.8 Mach, with a flight range of 290 kilometers. The missile’s range has been extended to 450km and efforts are underway to further extend it to 600 Km.
v.The Indian Air Force (IAF) utilized its C-17 Globemaster transport aircraft to transport the BrahMos missiles to the Philippines.
vi.Operator training for 21 personnel of the Philippine Navy was successfully conducted in February 2023, in Nagpur, India.
vii.BrahMos missiles uses Transport Launch Canister (TLC) for transportation, storage, and launch.

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DRDO Hands Over Indigenous Flight Control Systems for HAL’s LCA Tejas Mk1A
The Aeronautical Development Agency (ADA) of the Defence Research and Development Organisation (DRDO) has handed over the first batch of the indigenous Leading Edge Slat Actuators and Airbrake Control Module to Hindustan Aeronautics Limited (HAL) for using it in LCA Tejas Mk1A fighter aircraft.

• ADA developed these components in collaboration with Research Centre Imarat (RCI), Hyderabad, Telangana, and Central Manufacturing Technology Institute (CMTI), Bengaluru, Karnataka.
• The critical components ‘Leading Edge Actuators’ and ‘Airbrake Control Module’ are part of the LCA-Tejas’s secondary flight control system and strengthen Servo-Valve based electro-hydraulic servo actuators and control modules.

Note:In aircraft, actuators are used to control and limit velocity and engine speed by adjusting levers and flaps.

Three New Archaeological Sites Discovered in TelanganaA team of archaeologists have discovered a unique Iron Age Megalithic site at Ooragutta near Bandala village in SS Tadvai mandal of Mulugu district, Telangana.

• The team has also discovered two new rock art sites at Damaratogu Gundala mandal of Bhadradri Kothagudem district, Telangana.
• One of the sites known as “Devarlabanda Mula” has only depictions of animals and no humans.  It is believed that the paintings dated back to Mesolithic age (between 8000-3000 BCE) since no weapons or domestic animals are shown.

About the Iron Age Megalithic site
i.These new sites have a new type of monuments which were not discovered anywhere in other regions of India.
ii.The New Archaeological site discovered at Ooragutta has unique features which are in contrary to the usual type of megalithic monument known as ‘Dolmenoid Cists’ found in this region.

• The side slabs are arranged with slabs following the shape of the cap-stone, therefore the ‘dolmenoid cist’ has a unique shape as dictated by the cap-stone.

iii.These monuments can be dated around 1,000 BCE,
Additional info: Most of the monuments in this region have squarish or rectangular shapes.
About the Archaeologists Team: 
The team includes: K.P. Rao, a History Professor at the University of Hyderabad and Ch Praveen Raju, a Research Scholar at Yogi Vemana University, Kadapa(Andhra Pradesh).
About Telangana:
Chief Minister(CM)- Anumula Revanth Reddy
Governor- C.P. Radhakrishnan
Zoological park– Nehru Zoological Park; Vana Vigyan Kendra Mini Zoo (Kakatiya Zoological Park)
Airport– Rajiv Gandhi International Airport; Begumpet Airport

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Russia-India Signs Agreement to Operate Large Research Hub in New DelhiHSE University (officially the National Research University Higher School of Economics), a public research univeristy in St Petersburg, Russia and the University of Delhi (DU) in New Delhi, Delhi (India) have signed an agreement on strategic cooperation and joint actions.
Under this agreement, a large research hub will begin operating at DU in India.

• The agreement was formalized during the Indo-Russian Education Summit, held in New Delhi, Delhi from April 11 to 13.

Signatories:
The partnership agreement has been signed by HSE University Rector Nikita Anisimov and Vice-Chancellor of the University of Delhi Yogesh Singh.
Note: HSE University  has been appointed as the coordinator of cooperation between the entire HSE University and UD in India.
About the Hub:
i.The hub will become a modern platform for the development of academic and cultural ties.
ii.The hub also includes a fully equipped HSE University office at the central campus of UD

• This can be by all HSE University’s research groups, teachers and students as part of joint projects.
• This will also provide a wide range of opportunities for the implementation of mirror laboratories, educational modules and programmes, as well as academic and scientific exchange projects.

About Indo-Russian Education Summit:
i.The summit was was organized by Rossotrudnichestvo, a Russian State Agency under the Ministry of Foreign Affairs, along with the Russian House in New Delhi and the Russian Embassy in India. This was the biggest event of its kind in the history of India-Russia bilateral ties.
ii.The summit brought together key stakeholders including university rectors, diplomats, legislators, scientists, and business leaders from both countries to explore collaboration opportunities in education, science, creative technologies, and professional training.

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Skytrax World Airport Awards 2024: Hamad International Airport of Doha (Qatar) Named World’s Best AirportDoha’s (Qatar) Hamad International Airport (HIA) has been named the World’s Best Airport 2024 in the 2024 Skytrax World Airport Awards, held at Passenger Terminal EXPO in Frankfurt, Germany on 17th April 2024.

• The 2023 Airport of the Year and 12-times previous winner, Singapore Changi Airport (Singapore) secured 2nd place, winning Best Airport in Asia and the World’s Best Airport Immigration Service.
• Incheon Airport (Seoul, South Korea) ranked 3rd, winning the World’s Most Family Friendly Airport for 2024.

Note:
Skytrax is the London, United Kingdom (UK)- based international aviation research organisation.
About Skytrax:
Headquarters– London, UK
Established in– 1989
Skytrax are specialist Research and Quality Advisor to the air transport industry.

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Sweden Becomes 38th Signatory to the Artemis AccordsOn 16th April 2024, Sweden officially became the 38th nation to sign the National Aeronautics and Space Administration(NASA)’s “Artemis Accords” which establish a practical set of guidelines for peaceful space exploration and use of outer space.
Signatories: The agreement was signed by Mats Persson, Minister for Education, Sweden and Erik D. Ramanathan, Ambassador of the United States of America (USA) to the Kingdom of Sweden in Stockholm, Sweden.
Switzerland became 37th nation to sign Artemis Accords:
On 15th April 2024, Switzerland became the 37th country to sign the Artemis Accords. Swiss Federal Councillor and Head of the Federal Department of Economic Affairs, Education Guy Parmelin on behalf of Switzerland signed Artemis Accords in the presence of Bill Nelson, NASA administrator at NASA’s headquarter in Washington D.C., USA.
About Artemis Accord:
i.The Artemis Accords was jointly launched by National Aeronautics and Space Administration (NASA) and US Department of State in 2020 with an aim of advancing bilateral and multilateral space cooperation between the signatories.
ii.Artemis Accords was formally signed on 13th October 2020 by 8 founder countries: Australia, Canada, Italy, Japan, Luxembourg, the United Arab Emirates(UAE), the United Kingdom(UK) and USA.

• It is a non-binding agreement with no financial commitments.

iii.It laid down the framework for the implementation of key obligations from Outer Space Treaty(1967).
Signatories of Artemis Accord(as of 20th April 2024):
Angola, Argentina, Australia, Bahrain, Belgium, Brazil, Bulgaria, Canada, Colombia, Czech Republic, Ecuador, France, Germany, Greece, Iceland, India, Israel, Italy, Japan, Luxembourg, Mexico, Netherlands, New Zealand, Nigeria, Poland, the Republic of Korea, Romania, Rwanda, Saudi Arabia, Singapore, Spain, Sweden, Switzerland, Ukraine, UAE, UK, USA, and Uruguay.

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Airtel Payments Bank unveils NCMC Debit and Pre-Paid Cards in Collaboration with NPCI On April 18, 2024, Airtel Payments Bank, in collaboration with National Payments Corporation of India (NPCI), introduced eco-friendly NCMC (National Common Mobility Cards) debit and prepaid cards on April 18, 2024.

• These cards are powered by RuPay and are crafted from environmentally sustainable e-PVC material.
• This is in line with Airtel Payments Bank’s commitment to India’s One Nation, One Card vision.

Key Points:
i.Customers can utilize these cards for seamless contactless payments at merchant establishments, both online and offline, including NCMC transit transactions at metros, buses, and parking facilities nationwide.
ii.It eliminates the need for ticket queues. Additionally, they facilitate the issuance of concession and monthly passes, simplifying transit transactions across different transport operators.
ii.Debit cards can be ordered through the Airtel Thanks App or by visiting nearby banking points, while NCMC-enabled prepaid cards will soon be accessible through online and retail platforms, enhancing customer convenience.
About Airtel Payments Bank:
MD & CEO– Anubrata Biswas
Headquarters– Gurugram, Haryana
Establishment– 2017

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Amazon Pay ties up with NPCI to introduce credit services on UPIAs per the report by Financial Express, Amazon Pay in partnership with National Payments Corporation of India (NPCI) is set to introduce its credit services on the Unified Payments Interface (UPI).

• This initiative aims to improve customer experience and value propositions.

Note: UPI is an Indian instant payment system developed by NPCI in 2012 but was introduced by RBI in 2016.
Key Points:
i.AmazonPay was granted a payment aggregator license by the Reserve Bank of India(RBI) in February 2024. Also, it received permission from RBI for a Prepaid Payment Instrument(PPI).
ii.The report cited reasons which restricted the growth of credit for UPI transactions like: many uncertainties related to the interchange fee structure around UPI transactions and low adoption among small merchants.
Amazon Pay partners with different financial entities:
i.AmazonPay collaborated with RBL Bank to enable UPI payments on its platform. It has tied up with ICICI Bank for the FasTag recharge and the introduction of the Amazon Pay ICICI co-branded credit cards.
ii.Amazon Pay tied up with approximately 8.5 million brick and mortar sellers across 350 urban and rural areas, along with 10, 000 online merchants.
iii.Amazon Pay has collaborated with entities like: Axio, IDFC FIRST Bank, and Karur Vysya Bank to offer “Buy Now Pay Later” services.
Note:
i.At present, Amazon Pay has over 100 million customers who uses Amazon Pay UPI for various transactions. It offers instant credit through its Amazon Pay Later option.
ii.Recently, NPCI has launched 3 new features for UPI- linked RuPay credit cards like: EMI facilities, UPI Auto Pay for credit cards and increased credit limits. These features will come effective from 31st May, 2024.
About Amazon Pay:
Headquarters: Seattle, Washington D.C.(U.S.A.)
Founded in: 2007
About National Payments Corporation of India(NPCI):
NPCI is an Indian organisation that regulates the retail payment and settlement system in India. It was launched as a joint initiative of Reserve Bank of India(RBI) and Indian Banks’ Association(IBA). It was set up under the provisions of Payment and Settlement Systems Act(2007).
Managing Director(MD) and Chief Executive Officer(CEO): Dilip Asbe
Headquarters: Mumbai, Maharashtra
Established in: 2008

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Ashok Leyland Signed MoU with South Indian Bank For Dealer Financing  
On April 18 2024, Ashok Leyland Limited, a commercial vehicle maker, signed a Memorandum of Understanding(MoU) with South Indian Bank for financing dealers under the bank’s dealer finance program.

• As part of the partnership, the South Indian Bank will provide competitive dealer finance options to the dealers of Ashok Leyland Limited.
• This arrangement is mutually beneficial for vehicle manufacturers, dealers and South Indian Bank.

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8 Indian Origins Featured in the Annual TIME100: Most Influential People in the World 2024TIME, the 101-year-old global media brand has revealed the 21st edition of annual “TIME 100 most influential people 2024” in the world. The list features a total of 8 people of Indian Origins namely Alia Bhatt, Dev Patel, Sakshi Malik, Satya Nadella, Ajaypal Singh Banga, Jigar Shah, Asma Khan, and Priyamvada Natarajan.

• The TIME100 list, compiled by the American magazine TIME, recognises the impact, innovation, and achievement of the world’s most influential individuals.

About TIME magazine:
CEO– Jessica Sibley
Headquarters– New York, USA
Created in– 1923

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Mitchell Starc, Usman Khawaja, Harry Brook Among Five Wisden Cricketers of the Year 2024The 2024 edition of the Wisden Cricketers’ Almanack has revealed its Five Wisden Cricketers of the Year, highlighting exceptional performances in the world of cricket. They are Australia’s Mitchell Starc, Usman Khawaja, and Ash Gardner, and, England’s, Harry Brook and Mark Wood.
i.Australian Cricketer Travis Head clinched the 2023 Wisden Trophy for his outstanding 163 against India in the World Test Championship (WTC) final at the Oval in London, UK.
ii.Arjun Singh’s photo of players Sanju Samson, Shimron Hetmyer and Dhruv Jurel all competing to take a catch during an Indian Premier League (IPL) match.
About United Kingdom (UK):
Prime Minister– Rishi Sunak
Capital– London
Currency– Pound sterling

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Ananth Technologies Founder Pavuluri Subba Rao Conferred with ASI’s Aryabhata AwardPavuluri Subba Rao, former ISRO scientist and Founder and Chief Executive Officer(CEO) of Ananth Technologies Limited(ATL) has been conferred the prestigious Aryabhata Award by the Astronautical Society of India (ASI). He was also presented with the “Distinguished Fellow” title by ASI.

• He received the honor in recognition of his outstanding lifetime contribution to the promotion of astronautics in India.

About Pavuluri Subba Rao:
i.He was a former Indian Space Research Organisation (ISRO) scientist. He left ISRO in 1991, when he was division head at ISRO.
ii.He founded Ananth Technologies Limited(ATL) in 1992 , based in Hyderabad, Telangana. The company indigenously builds some of the sophisticated avionics for ISRO and the Defence sector.
iii.ATL has satellite manufacturing facilities in Bengaluru, Karnataka.
Aryabhata Award:
i.The award was instituted by Astronautical Society of India (ASI).
ii.The award is named in the honour of 5th Century Indian astronomer and mathematician Aryabhata, and also in commemoration of India’s 1st satellite named Aryabhata, launched in 1975.
iii.The award is presented annually to an individual for his outstanding lifetime contribution for the promotion of astronautics in India.
iv.The recipient of the award receives a citation and cash prize of Rs 1,00,000.
About Astronautical Society of India(ASI):
It was established in 1990 to foster the development of astronautics in the country.
President: Sreedhara Panicker Somanath
Headquarters: Bengaluru, Karnataka

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DRDO conducts successful flight-test of Indigenous Technology Cruise Missile (ITCM) off Odisha CoastOn 18th April 2024, Defence Research and Development Organisation (DRDO) successfully conducted flight-test of Indigenous Technology Cruise Missile (ITCM) from the Integrated Test Range (ITR) located at Chanidpur off the coast of Odisha.
Indigenous Technology Cruise Missile (ITCM):
i.The ITCM is equipped with advanced avionics and software to ensure better and reliable performance.
ii.The missile is developed by DRDO’s laboratory Aeronautical Development Establishment (ADE) based in Bengaluru, Karnataka, along with contribution from other laboratories and Indian industries.
iii.The successful demonstration of flight-test confirmed the reliable performance of the indigenous propulsion system developed by Gas Turbine Research Establishment(GTRE) based in Bengaluru, Karnataka.
Key Points:
i.The missile performance was monitored by various Range Sensors like: Radar, Electro Optical Tracking System (ETOS) and Telemetry deployed by the ITR at various locations to ensure complete coverage of the flight path.
ii.The flight of the missile was also monitored from the Su-30-Mk-I aircraft of the Indian Air Force (IAF).
About Aeronautical Development Establishment(ADE):
ADE is a laboratory of DRDO and is entrusted with the responsibility of conducting research and development in the field of military aviation.
Director: Y Dilip
Headquarters: Bengaluru, Karnataka
Established: 1959

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Intel Builds ‘Hala Point’, World’s Largest Neuromorphic System To Enable Sustainable AI
Intel Corporation, an American technology company that manufactures semiconductor computer circuits, has built the world’s largest neuromorphic system code named ‘Hala Point’ to enable more sustainable Artificial Intelligence (AI).

• It is initially deployed at Sandia National Laboratories, utilizes Intel’s Loihi 2 processor.
• It aims at supporting research for future brain-inspired artificial intelligence (AI), and tackles challenges related to the efficiency and sustainability of current AI.
• Hala Point advances Intel’s first-generation large-scale research system, Pohoiki Springs, with architectural improvements to achieve over 10 times more neuron capacity and up to 12 times higher performance.
• It can support up to 20 quadrillion operations per second, with an efficiency exceeding 15 trillion 8-bit operations per second per watt (TOPS/W) when executing conventional deep neural networks.

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Former World No. 1 Badminton Player Kento Momota announces Retirement
On 18th April 2024, former World No. 1 Badminton player Kento Momota of Japan announced that he would retire from badminton after featuring in the 2024 Thomas & Uber Cup for Japan.

• The 29-year-old Kento Momota is ranked 52nd in the Badminton World Federation (BWF) World Rankings as of 18th April 2024.
• He won the World Championships and Asian Championships in 2018 and 2019. He won 67 out of the 73 matches that he played in 2019, including 11 titles.
• He has also participated in the 2020 Tokyo(Japan) Olympics, held in 2021.

Note: The BWF Thomas & Uber Cup Finals 2024 is set to be held in Chengdu, China from 27th April to 5th May 2024.

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PM Narendra Modi Presented with a Book Titled “Sabke Ram” 
Prime Minister Narendra Modi was presented with a book titled “Sabke Ram” by Panchjanya editor Hitesh Shankar and Managing Director of Bharat Prakashan Arun Goyal.

• The book was published by Prabhat Prakashan, which publishes “Panchjanya,” a Hindi weekly magazine.
• It narrates the history of Ayodhya and provides details about lord ram’s birthplace and date of birth.
• The main features of the book is that it can be read and listened to in Hindi and English.

Finance Ministry notifies a new FDI limits for satellite related activities under FEMAThe Ministry of Finance notified the amendment to Foreign Exchange Management (Non-Debt Instruments Rules) Rules 2019 to operationalise the new foreign direct investment (FDI) limits for satellite-related activities.

• The new rules will be known as Foreign Exchange Management (Non-Debt Instruments ) (3rd Amendment) Rules, 2024.
• The new rules will come into effect from 16th April, 2024.

Background:
i.In February 2024, The Union Cabinet led chaired by Prime Minister(PM) Narendra Modi approved an amendment in FDI policy for the space sector.
ii.Under the amended FDI Policy, 100% FDI is allowed in the space sector.

iii.As per amended FDI policy, the satellite sub-sector has been categorized into three different activities with defined limits for foreign investment in each sector.

Details of the notification:
i.For manufacturing of components and systems or sub-systems for satellites, ground segment and user segment, up to 100% FDI is allowed under the automatic route.
ii.For Satellites-Manufacturing and Operations; Satellite Data Products; and Ground Segment and User Segment up to 74% FDI is allowed under automatic route and FDI over 74% will require government approval.
iii.For Launch Vehicles and associated systems or sub-systems and Creation of Spaceports for launching and receiving spacecraft up to 49% FDI is allowed under automatic route and FDI over 49% will require government approval.
Click here for the official Gazette notification
Note:
i.This reform policy was developed by the Department of Space in consultation with stakeholders like: IN-SPACe(Indian National Space Promotion and Authorisation Centre), ISRO, NSIL(New Space India Limited).
ii.NGEs(Non-Government Entities), developed capabilities and expertise in the areas of satellites and launch vehicles.
Points to note:
i.Automatic Route: Under automatic route, the non-resident or Indian company does not require nod of the Reserve Bank of India(RBI) or Government of India(GoI).

• Sectors which come under automatic route are: medical devices, petroleum refining, pension, insurance etc.

ii.Government Route: The Government’s approval is mandatory under Government route.

• Sectors which come under government route category are: print media, multi-brand retail training, broadcasting content services etc.
• Foreign Investment Facilitation Portal(FIFP): acts a single-window clearance and processes applications for FDI .The applications for FDI is approved or rejected in consultation with the Department for Promotion of Industry and Internal Trade(DPIIT), Ministry of Commerce.

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CBDT signs record number of 125 Advance Pricing Agreements (APAs) in FY24In Financial Year 2023-24 (FY24), the CBDT set a record by signing 125 Advance Pricing Agreements (APAs) with Indian taxpayers, comprising 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs).

• This marks a 31% increase from 95 APAs in FY23 and the highest number of APAs signed in any financial year since its inception, bringing the total to 641 comprising 506 UAPAs and 135 BAPAs.

Key Points:
i.FY24 also saw the highest number of BAPAs signed to date, a result of Mutual Agreements with seven of India’s treaty partners viz. Australia, Canada, Denmark, Japan, Singapore, the United Kingdom (UK) and the United States (US).
ii.Since their inception in August 2012 in India, only 5 APAs were signed by the CBDT in the first full financial year of 2013-14. Since then, the yearly number of concluded APAs has risen exponentially.
About Advance Pricing Agreements (APAs):
It aims to prevent double taxation for taxpayers, streamline tax procedures and attract foreign investment. APA scheme is administered by the CBDT to facilitate ease of doing business.
i.APAs ensure predictability and transparency in transfer pricing matters.
ii.In India, it allows taxpayers to determine the arm’s length price of international transactions in advance for up to five future years, with an option to roll back for four preceding years, providing taxpayers with certainty for a total of nine years.
iii.Types of APAs include Unilateral (involving only the taxpayer and the tax authority of their country), Bilateral (involving the taxpayer, the tax authority of their country, the associated enterprise in a foreign country, and the tax authority of that country), and Multilateral (involving multiple entities).

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Government Forms Panel to Promote Laws for Efficient Mining of Critical MineralsThe government has set up a seven-member panel headed by Vijay Kumar Saraswat to propose legislative measures and promote the commercially viable extraction of critical minerals found in limited quantities.
Details about the Panel formed:
i.The head of the panel, V.K. Saraswat, is a member of National Institution for Transforming India (NITI) Aayog.
ii.The main objective of the panel is to provide judicial measures to ensure cost-effective and scientific mining of deeply embedded mineral deposits like copper, gold and diamond which are typically developed in the shape of veins and can only be exploited through underground mining.
iii.Moreover, formulating strategies to spread awareness regarding the effects of mining reforms amongst the states will also be one of the objectives of the panel.
Note 
The Geological Survey of India (GSI) in 2023 had discovered around 5.9 million tonnes of lithium deposits in the Salal-Haimana area of Jammu & Kashmir that play a vital role in manufacturing of electric vehicles.
About Critical Minerals: 
i.Critical minerals are those minerals that are essential for economic development and national security.
ii.Government has provided a list of 30 critical minerals for India.  These minerals are Antimony, Beryllium, Bismuth, Cobalt, Copper, Gallium, Germanium, Graphite, Hafnium, Indium, Lithium, Molybdenum, Niobium, Nickel, platinum group elements (PGE), Phosphorous, Potash, Rare Earth Elements (REE), Rhenium, Silicon, Strontium, Tantalum, Tellurium, Tin, Titanium, Tungsten, Vanadium, Zirconium, Selenium and Cadmium.

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MoA&FW Notifies Specifications of IFFCO’s Nano Urea PlusThe Ministry of Agriculture and Farmers Welfare(MoA&FW), Government of India notified specifications of a new product Nano Urea (liquid) 16 (Nano Urea Plus) fertiliser to be manufactured by Indian Farmers Fertilizer Cooperative Limited (IFFCO) in India for a period of 3 years with effect from 15th April 2024.

• Nano Urea Plus is a new version of nano urea meant for meeting crop nitrogen requirements at critical growth phases.

About Nano Urea (Liquid) 16 /Nano Urea Plus:
i.Nano Urea Plus in liquid form has 16% nitrogen content, pH(Potential of Hydrogen) value of 4-8.5 and viscosity of 5-30.
ii.Nano Urea Plus’ commercial production will start at IFFCO’s Kalol plant in Gujarat, Aonla and Phulpur in Uttar Pradesh (UP).
Key Points:
i.Nano Urea Plus is an advanced formulation of Nano Urea, and redefines crop nutrition to meet nitrogen requirements during crucial growth phases.
ii.It comes in liquid form, providing essential nitrogen to plants for amino acids, enzymes, and genetic material production. It enhances micronutrient availability and efficiency.

• It acts as a chlorophyll charger, boosts yields, and promotes climate-smart farming.

iii.It replaces conventional urea and nitrogenous fertilizers, and supports soil health, farmer profitability, and environmental sustainability.
Additional info:
IFFCO introduced the world’s first Nano liquid urea in June 2021, followed by Nano DAP in April 2023.

• Since August 2021, IFFCO has sold 7.5 crore bottles of Nano Urea and 45 lakh bottles of Nano DAP (Di-ammonium Phosphate).

About Indian Farmers Fertilizer Cooperative Limited (IFFCO):
Chairman– Dileep Sanghani
Managing Director and CEO–  Dr Udai Shanker Awasthi
Headquarters- New Delhi, Delhi
Establishment– 1967

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UP’s 13 Products Including Tirangi Barfi & Banaras Metal Casting Craft Gets GI TagThe Government of India’s (GoI) Geographical Indication Registry granted Geographical Indication (GI) tags to 13 new products of Uttar Pradesh (UP). This includes Banaras Tirangi Barfi and Banaras Metal Casting Craft.

• With this the total number of GI products from UP becomes 75. UP has retained its position as the state with most number of GI tagged products in India.

Note: Tamil Nadu is the 2nd position with a total of 58 GI tagged products.
List of New GI products of UP:

Key Points:
i.Tirangi Barfi, a sweet symbolising the national flag was regarded as the “sweet weapon” of freedom fighters during the Quit India Movement.

• The sweet made with cashews and pistachios is coloured like three stripes of the Indian flag: saffron, white and green.
• It was 1st introduced in 1942 by Shri Ram Bhandar of Thatheri Bazar locality in Varanasi.

ii.Banaras Metal Casting Craft is used for making idols and utensils in Kashi. The vessels will be made using brass and will have a central band of soldered copper.
iii.The GI tag for Banaras Tirangi Barfi; Banaras Metal Casting Craft; Lakhimpur Kheri Tharu Embroidery; Bareilly Furniture; Bareilly Zardoji Craft and Pilkhuwa Home Furnishing were supported by National Bank for Agriculture and Rural Development (NABARD), Lucknow office, UP.
iv.With a total of 32 products, the Varanasi region houses the highest number of GI products from a single geographical area.
About Geographical Indications Registry:
GI Registry is a part of the Department for Promotion of Industry and Internal Trade under the Ministry of Commerce and Industry(MoCI).
Headquarters- Chennai, Tamil Nadu(TN)

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BEL signs MoU with IIT Mandi for Co-operation in Various Fields
Bharat Electronics Limited (BEL) signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology (IIT), Mandi, Himachal Pradesh, for cooperation in research and technology, product development in domains such as semiconductors, quantum technologies, and drones.

• The MoU aims to leverage the strengths and capabilities of BEL and IIT-Mandi.
• This aligns with the Government of India’s (GoI) ‘Make in India’ initiative, fostering indigenisation of products and solutions.
• BEL is actively involved in cutting-edge fields such as the Internet of Things (IoT), Cloud Computing, and Artificial Intelligence (AI).

Note:
i.BEL is a Navratna Defence Public Sector Undertaking (PSU) under the Ministry of Defence (MoD).
ii.IIT Mandi, a research university is one of the eighth newer second-generation IITs.

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Exercise “DUSTLIK 2024’’: India-Uzbekistan Joint Military Exercise To Strengthen Bilateral RelationsThe 5th edition of the India-Uzbekistan Joint Military Exercise ‘DUSTLIK 2024’, is being conducted from 15th to 28th April 2024 in Termez District, the Republic of Uzbekistan.
Note:

• Exercise DUSTLIK 2023, 4th edition of the exercise between India and Uzbekistan was held from 20th February to 5th March 2023 at the Foreign Training Node, Pithoragarh in Uttarakhand (India).
• The first edition of Exercise DUSTLIK was held in Uzbekistan in November 2019.

Exercise DUSTLIK 2024:
Participants:
i.The Indian Armed Forces contingent of 60 personnel is being represented by 45 personnel from the Indian Army (IA), majorly from a Battalion of the JAT Regiment, and 15 personnel from the Indian Air Force (IAF).
ii.The Uzbekistan contingent comprising approximately 100 personnel, from the Uzbekistan Army and Air Force, will be represented by personnel from Southern Operational Command, part of South-West Military District.
Objective:

• To improve combined capabilities and promote military cooperation in order to carry out joint operations in semi-urban and hilly terrain.
• The exercise will focus on high degree of physical fitness, joint planning, joint tactical drills and basics of special arms skills.

Key Points
i.Exercise DUSTLIK 2024 enables India and Uzbekistan to share their practices in Tactics,Techniques and Procedures of conducting joint operations.
ii.The exercise will help the military of India and Uzbekistan to build their mutual understanding, comradery, and interoperability.
iii.The exercise will involve various tactical drills, such as building a Joint Command Post, setting up an Intelligence & Surveillance Center, securing the landing site, performing Small Team Insertion & Extraction, practising Special Heliborne Operations, conducting Cordon and Search Operations, practising Room Intervention Drills, and demolishing Illegal Structures.
CAS General Manoj Pande Inaugurates State-of-the-Art IT Lab
The Chief of Army Staff(CAS) of the Indian Army General Manoj Pande has inaugurated a State-of-the-Art Information Technology (IT) Laboratory at the Uzbek Academy of Armed Forces during his four-day visit to Uzbekistan from 15th to 18th April 2024.
About the IT Lab:
i.The establishment of the IT Lab was initially proposed during the Defense Ministers meeting in September 2018.
ii.A total of Rs 8.5 crore was alloted for the project (this exceeded the envisaged budget of Rs 6.5 crore)
iii.The state-of-the-art IT Laboratory comprises two lecture halls, a cutting-edge cybersecurity lab, a hardware programming lab, an object-oriented programming lab, a web programming lab, a server room, a multimedia room, and a virtual reality room.
iv.This collaborative initiative deepens the partnership between India and Uzbekistan, promising increased cooperation in defence and technology.
About Uzbekistan
Prime Minister (PM) – Abdulla Nigmatovich Aripov
Capital – Tashkent
Currency – Uzbekistani Som

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IFSCA constitutes committee to transform GIFT City into Climate Finance HubThe International Financial Centres Authority(IFSCA) constituted a standing committee to prepare a framework for launching climate finance products. The committee aims to transform GIFT City (Gujarat International Finance Tec-City) into a climate finance hub.

• The committee is expected to submit its report to the government by the end of May 2024.

Points to note:
i.IFSCA is set to launch climate finance products from GIFT City. This could be an Alternate Investment Fund, transition bond, transition insurance, etc.
ii.Apart from banks and the bond market, more climate funds are scheduled to be launched in GIFT City
Additional info:
i.Banks in GIFT City has already set aside 5% of credit for green and sustainable projects.
ii.Out of USD 60 billion of outstanding loans, USD 700 million has been extended as green and sustainable credit.
iii.Out of USD 55.5 billion worth of bonds raised from GIFT City, bonds worth USD14 billion are green and sustainable-linked bonds.
Note: India’s first International Financial Services Centre (IFSC)was set up in GIFT City, Gandhinagar, Gujarat.
About International Financial Services Centres Authority(IFSCA):
It is the unified regulator for the development and regulation of financial products, financial services and financial institutions such as GIFT International Financial Services Centre in India.
It was established under the International Financial Services Authority(IFSCA) Act, 2019.
Chairman: K. Rajaraman
Headquarters: GIFT City, Gujarat
Established: 2020

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India’s Economy to grow at 8-8.3% in FY25: PHDCCI PHDCCI (PHD Chamber of Commerce and Industry) in its report on ‘Viksit Bharat @2047’ projects India’s economy to grow at 8-8.3% in FY25, with a forecasted Gross Domestic Product (GDP) of USD 34.7 trillion by 2047 and a per capita income of USD 21,000.

• India’s economy to reach USD 7 trillion by 2030.

They aim to achieve this through 10 key enablers outlined in the report which include the following:

• Reduce the cost of doing business.
• Enhance scalability of sectors like fintech, IT, automobile, and renewable energy.
• Focus on semiconductor industry development.
• Support startup ecosystem to become the second largest by 2030.
• Build export capacity with a focus on 75 key products.
• Implement reform measures in agriculture and food processing.
• Fill vacant positions in national and state levels.
• Accelerate digital transformation to rank among the top five in Government AI Readiness Index by 2047.
• Strengthen renewable energy segment to achieve 1,500 GW installed capacity by 2047.

Key Points:
i.Post-2035, growth rate is projected to average 6.7% over the next 23 years.
ii.By 2047, agriculture’s GDP share to decrease to 12% from 20% in 2023, manufacturing to rise to 25% from 16% in 2023, and services to remain at 54%.
iii.India’s exports to touch USD 10 trillion by 2047, evenly split between merchandise goods and services.
iv.Food processing sector to grow to USD 2,150 billion by 2047 from USD 307 billion in 2023.
v.Life expectancy increased to 67 years by 2021 from 63 years in the year 2000, and hospital beds availability to reach 12 per 1,000 people by 2047 from 6 per 1,000 people by 2030.

• It was 1 per thousand people in 2023.

vi.Internet usage expected to reach 82% by 2047 from 42% in 2024.

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IIT Kanpur & BFI Partners to Accelerate Healthcare Innovation in India  
On April 16 2024, The Indian Institute of Technology (IIT) Kanpur, Uttar Pradesh and Blockchain For Impact (BFI), foundation in Bengaluru (Karnataka), announced a strategic partnership, under the BFI-Biome Virtual Network Program to nurture innovations and drive advancements in healthcare in India.

• The Memorandum of Understanding (MoU) was signed at IIT Kanpur by Professor Kantesh Balani, Dean of Resources and Alumni (DoRA), IIT Kanpur and Dr. Gaurav Singh, Chief Executive Officer (CEO) of BFI.
• As part of this partnership, BFI will support IIT Kanpur in promoting entrepreneurial initiatives through the Startup Incubation & Innovation Centre (SIIC), IIT Kanpur.
•  The BFI will allocate over USD 150,000 across three years to develop programs specifically tailored to healthcare-focused startups at IIT Kanpur’s SIIC.

Note: BFI-Biome Virtual Network Programme is an initiative bringing together research institutes and incubators under one umbrella to foster stakeholder collaborations.

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BNP Paribas to Buy Fosun’s 9% Stake in Belgian Insurer Ageas for about 730 Million Euros
BNP Paribas, the largest bank in the eurozone, has agreed to acquire 9% shareholding in Belgian insurer Ageas from China’s Fosun Group for about  730 million Euros . BNP Paribas Cardif, the insurance division of BNP Paribas financial group, spearheads the acquisition.
With this BNP Paribas will become the biggest shareholder of Ageas.

• BNPP’s acquisition of the initial 4.8% stake in Ageas will lead to the regulatory approvals required for the full 9% stake purchase.
• Fosun International’s decision to sell an 8.19% stake in Ageas for up to 670 million Euros in April 2024 reflects its focus on streamlining its portfolio and reducing debt.
• Fosun would still hold 1,952,524 shares in Ageas after the sale, equivalent to a stake of about 1%.
• The BNPP’s USD 16.3 billion sale of its United States of America (US) retail activities in 2023 freed up funds for strategic acquisitions.

Note:
i.BNP Paribas was officially established on 23 May 2000 at the merger between Banque Nationale de Paris (BNP) France’s leading deposit bank, and Paribas, an international investment bank.
ii.Ageas and BNP Paribas are long-time partners via a joint shareholding in AG Insurance, Belgium’s leading insurer. Ageas owns 75% and BNP the remaining 25%.

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DRDO Chairman Inaugurates SPACE, a Testing Hub for Sonar Systems for Indian Navy in KeralaOn 17th April 2024, Dr. Samir V Kamat, Secretary, Department of Defence (Research and Development) and chairman of Defence Research and Development Organisation (DRDO) inaugurated a state-of-the-art Submersible Platform for Acoustic Characterisation and Evaluation (SPACE) at Underwater Acoustic Research Facility in Kulamavu in Idukki district, Kerala.

• The inauguration of SPACE facility marks a major milestone in naval technology advancement.

About SPACE:
i.The SPACE facility has been designed as a premier testing and evaluation hub for sonar systems specifically for various platforms of Indian Navy such as: ships, submarines and helicopters.
ii.It was established by the Naval Physical and Oceanographic Laboratory (NPOL) of DRDO.
iii.The facility will consist of two different assemblages: a platform which floats on the water surface and submersible platform which can be lowered up to depth of 100m using winch systems.
iv.After the completion of operations, the submersible platform can be winched up and docked with floating platform.
Applications:
i.The Submersible platform will mainly be used for evaluation of sonar system. It will allow for quick deployment and easy recovery of scientific packages such as sensors and transducers.
ii.It will also be used for survey, sampling and data collection of air, surface, mid-water and reservoir floor parameters using scientific instrumentation.
iii.It will support data processing and sample analysis in modern, well-equipped scientific laboratories.
About Defence Research and Development Organisation(DRDO):
It is the Research and Development (R&D) wing of Ministry of Defence (MoD).
Chairman: Dr. Samir Vankatpati Kamat
Headquarter: New Delhi, Delhi
Formed: 1958

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Aditya Birla Capital Launches ‘ABCD’ Fintech App
Aditya Birla Capital Limited, the financial services arm of Aditya Birla Group, has launched the omnichannel Direct-to-Consumer (D2C) Fintech App ‘Aditya Birla Capital Digital (ABCD)’, offering various financial products on a single digital platform..

• This platform is housed under Aditya Birla Capital Digital Limited (ABCDL), a wholly owned subsidiary of Aditya Birla Capital Limited (ABCL).
• The D2C platform has 22 products and services that includes Unified Payments Interface (UPI) payments, multi-account payments, loans, insurance, and spend analysis tools.

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India Wins 9 medals in Asian Wrestling Championships 2024Indian wrestlers won a total of 9 medals (4 silver and 5 bronze) in the Asian Wrestling Championships (Seniors) 2024 held in Bishkek, Kyrgyzstan from 11th to 16th April 2024.
Indian Medal Winners:

• The 57kg freestyle category in the Asian Wrestling Championships has been dominated by Indian players since 2020.
• Ravi Dahiya won the gold medal in 2020, 2021, and 2022, and Aman Sehrawat won the gold in 2023.

ii.In women’s wrestling, Radhika won the silver medal in the 68kg category, while Anju and Harshita won silver medals in the 53kg and 72kg, respectively.
Team Ranking:
The teams were ranked based on the points in each of three categories: men’s freestyle, Greco-Roman, and women’s wrestling.

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IIT Madras Launches India’s 1st Mobile Facility for Medical Devices Calibration
Indian Institute of Technology (IIT) Madras (Chennai, Tamil Nadu) launched India’s 1st medical devices calibration facility on wheels, developed by IIT Madras under its ‘Anaivarukkum IITM‘ (IITM for all) Initiatives.

• The mobile facility aims to provide affordable, quality calibration services nationwide; bridging the healthcare gap between urban and rural areas;
• It will also help to test and maintain medical devices that are used in a wide range of hospitals including those in villages at their doorsteps.
• Equipped with state-of-the-art facilities meeting international standards, the mobile unit guarantees the safety and functionality testing of medical devices.
• Accurate medical device calibration for precise diagnosis and treatment, reducing costs and time associated with calibration and transportation.

Note: This initiative aligns with the United Nations (UN) Sustainable Development Goal (SDG) 3, Good Health and well-being.

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Indian Army Conducts ATGM Training Exercise in Sikkim
The Indian Army’s Trishakti Corps conducted a training exercise of Anti-Tank Guided Missile (ATGM) at a super-high altitude area of 17,000 feet in Sikkim.

• The Missile fire Detachments from Eastern Command‘s Mechanised and Infantry Units participated in the exercise, which emphasised live fire scenarios against both moving and stationary targets to replicate combat conditions.
• The exercise was conducted with the aim of “Ek Missile Ek Tank” and highlighted the accuracy and effectiveness of the ATGM system in high-altitude environments.

Note: Trishakti Corps is a key military formation of the Indian Army, which is headquartered at Sukna in West Bengal and operates along the eastern borders of India.

India’s Population Expected to Have Touched 1.44 billion Mark leaving China Behind– UNFPA Report According to the report released by the United Nations Population Fund’s (UNFPA) State of World Population titled – “Interwoven Lives, Threads of Hope: Ending Inequalities in Sexual and Reproductive Health and Rights”.

• The report revealed that India’s population is estimated to double in 77 years.
• The report also stated that India is the global leader in terms of the population with an estimated population of 1.44 billion ahead of China at 1.425 billion.
• The last consensus that was conducted in 2011 recorded India’s population at 1.21 billion.

Key Highlights of the Indian population:
i.The UNFPA report highlighted that an estimated 24 per cent of India’s population is aged 0-14 while 17 per cent lies within the range of 0-19 years.
ii.The 10-24 years age segment is estimated to constitute 26 per cent, with the 15-64 age group comprising of 68 per cent.
About United Nations Population Fund’s (UNFPA):
UNFPA, the United Nations Population Fund, is the lead UN agency. UNFPA’s mission is to deliver a world where every pregnancy is wanted, every childbirth is safe and every young person’s potential is fulfilled ensuring rights and choices for all. UNFPA has been operating in India since 1974. It has 120 offices that serve more than 156 countries.
Headquarters – New York, United States
Executive Director – Natalia Kanem
Founded – 1969

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Axis Bank & Shoppers Stop Launched a New Co-branded Credit Card “Axis Bank Shoppers Stop Credit Card” Axis Bank Limited collaborated with Shoppers Stop Ltd to launch “Axis Bank Shoppers Stop Credit Card“, a co-branded Credit Card, to enhance the shopping experience for cardholders, both online and offline at an event at the Shoppers Stop Malad store, in Mumbai, Maharashtra.
Note: Shoppers Stop Ltd is India’s leading Omni-Channel retailer of fashion, beauty, and home products and one of the largest chains of department stores across India.
Key People:  Arjun Chowdhry, Group Executive – Retail Assets, Payments & Affluent Banking, Axis Bank; and Karunakaran M, Customer Care Associate and Chief Financial Officer (CFO), Shoppers Stop were present during the launch event.
About Axis Bank Shoppers Stop Credit Card:
i.This collaboration leverages Axis Bank’s financial solutions and Shoppers Stop’s expansive network, promising a blend of convenience and rewards for shoppers.
ii.This card marks the extension of Axis Bank’s credit card portfolio into the omnichannel shopping space.
Key Features:
i.Complimentary ‘Shoppers Stop First Citizen Club Golden Glow’ membership
ii.Up to 20 First Citizen points on Shoppers Stop purchases
iii.Dining Delights with Eazy Diner (15% instant discount up to Rs 500 per month for a minimum transaction value of Rs 2500)
iv.Exclusive offers via Grab deals
v.1% fuel surcharge waiver on fuel transactions.
About Axis Bank Ltd.:
Managing Director (MD) & Chief Executive Officer (CEO)– Amitabh Chaudhry
Headquarters– Mumbai, Maharashtra
Started Operations in– 1994
Tagline– Badhti Ka Naam Zindagi

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SIDBI signs MoU with Jeevika Bihar & UMED Maharashtra to extend Prayaas to Rural Livelihood MissionsThe Small Industries Development Bank of India(SIDBI) in association with Women’s World Banking(WWB) signed a Memorandum of Understanding (MoU) with Jeevika, Bihar State Rural Livelihoods Mission(SRLM) and UMED, Maharashtra-SRLM to extend Prayaas scheme to Self-Help Group(SHG) individual women through Cluster Level Federations(CLFs).
Aim: To develop a market-driven solution that will provide long-term economic stability to women-led SHG CLFs.
Key Features:
i.During the pilot phase of project, SIDBI will partner with 35 to 40 CLFs across Bihar and Maharashtra with a target of providing affordable credit up to Rs 2 lakh to 5,000 women entrepreneurs.
ii.The selected CLFs will act as partner institution with SIDBI for this project.
iii.SIDBI has set a budget of Rs 50 crore during the pilot testing phase.
iv.WWB will provide manpower support to CLFs on capacity building and reinforcement of Prayaas technical.
v.The project will receive financial support from MetLife Foundation.
vi.WWB along with CLFs will identify individual members of SHGs to avail individual loans.

• The loans to borrowers will be sanctioned based on the digital assessment through Straight Through Process (STP).

About Small Industries Development Bank of India (SIDBI):
SIDBI is statutory body established under an Act of the Parliament in 1990.
Chairman and Managing Director (CMD)– Sivasubramanian Ramann
Headquarters: Lucknow, Uttar Pradesh(U.P.)

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UNCTAD Projected India’s GDP Growth at 6.5% for FY2024-25According to the report released by the United Nations Trade and Development (UNCTAD), the Indian economy is expected to grow by 6.5 per cent in 2024 as compared to 6.7 percent in 2023.
Global growth projections by UNCTAD:
i.UN Conference on Trade and Development (UNCTAD) report has projected the global economy to grow at 2.6 percent in 2024 from 2.5 percent projected earlier.
ii.The report states that European countries like Germany and Italy are struggling with weak economic activity and facing industrial slowdowns and fiscal crisis, impacting their growth projections.
About the United Nations Trade and Development (UNCTAD):
UNCTAD is a permanent intergovernmental body established by the United Nations General Assembly in 1964. It is composed of 195 member states that form a part of the organization.
Headquarters – Geneva, Switzerland
Secretary General– Rebeca Grynspan

IMF’s World Economic Outlook(WEO) 2024 report raises India’s GDP growth forecast by 30bps to 6.8% for FY25 On 17th April 2024, the International Monetary Fund (IMF) released its bi-annual report titled World Economic Outlook(WEO) – Steady But Slow: Resilience Amid Divergence (April 2024). According to the report IMF has raised India’s GDP(Gross Domestic Product) growth forecast by 30 basis points(bps) to 6.8% for fiscal year 2025(FY25) and retained the forecast for FY26 at 6.5%.

• India’s GDP grew by an impressive 7.8% in FY 2024(2023-2024), higher than the 6.7% predicted in IMF’s January 2024 report.

About International Monetary Fund(IMF):
Managing Director- Kristalina Georgieva
Member nations- 190
Headquarters- Washington D.C., United States of America(U.S.A.)
Established in 1944

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MoL &J Forms 6-Member Committee to Examine Issues of Queer Community The Ministry of Law and Justice (MoL&J) has constituted a 6-member committee to examine various issues relating to the queer (LGBTQIA+ – Lesbian, Gay, Bisexual, Transgender, Intersex, Queer/Questioning, and Asexual) community. The Committee is headed by the Cabinet Secretary, Rajiv Gauba.
Background:
In October 2023, the Supreme Court of India directed the formation of a six-member committee to examine issues related to the queer community in the case of Supriyo v Union of India.
Members:
i.Secretary of the Department of Home, Ministry of Home Affairs (MHA) – Ajay Kumar Bhalla
ii.Secretary of Ministry of Women and Child Development – Anil Malik
iii.Secretary of Department of Health and Family Welfare, Ministry of Health and Family Development (MoHFW) – Apurva Chandra
iv.Secretary of Legislative Department, MoL&J – Dr. Rajiv Mani
v.Secretary of Department of Social Justice and Empowerment, Ministry of Social Justice and Empowerment (MSJE) – Saurabh Garg
Mandate of the committee:
i.The committee will formulate measures to ensure that the queer community does not face discrimination in accessing goods, services, and social welfare schemes.
ii.The committee will also examine ways to prevent violence, harassment, or coercion; involuntary medical treatments/surgeries for the queer community.
iii.This will also retains the flexibility to address pertinent issues as deemed necessary
Other Directives:
i.The committee shall include additional subject matter experts to address the mental health concerns of persons belonging to the queer community and members of the queer community.
ii.The report of the Committee shall be implemented at the administrative level by the Union Government and the State Governments and Union Territories (UTs).
Additional info:
i.The 5-judge Constitution Bench of the Supreme Court led by Chief Justice of India(CJI)   D Y Chandrachud refused legal recognition for same-sex marriages, deferring to Parliament for decision-making.
ii.The Court refused to strike down the Special Marriage Act 1954 for not allowing registration of same-sex marriages.
iii.The court also emphasised the need to protect LGBTQIA+ couples from harassment.

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CCI Approvals on 16th April 2024The Competition Commission of India (CCI) approved the following proposed combinations on 16th April 2024.
i.Acquisition of stake in PAMP Technologies (India) Private Limited(PAMP Technologies) and MMTC PAMP India Private Limited(MMTC PAMP) by PAMP Ventures SA (PAMP Switzerland).
ii.Acquisition of shareholding of Thyssenkrupp Industries India Private Limited by Protos Engineering Company Private Limited (Protos) and Paharpur Cooling Towers Limited (Paharpur).
Acquisition of PAMP Technologies & MMTC PAMP by PAMP Ventures
CCI approved the acquisition of 100% of the share capital of PAMP Technologies and 72.65% of the share capital on a fully diluted basis of MMTC PAMP by PAMP Switzerland.
Target:  PAMP Technologies and MMTC PAMP
Acquirer: PAMP Switzerland
Points to note: 
This is an internal group restructuring through which MKS PAMP Group Limited, the parent entity of the MKS PAMP Group, is transferring its indirect shareholdings in PAMP Technologies and MMTC PAMP to PAMP Switzerland
Acquisition of Shareholding of Thyssenkrupp Industries by Protos & Paharpur
CCI has approved the acquisition of additional shareholding of Thyssenkrupp Industries by Protos and Paharpur.
Points to note: 
i.Protos the sole selling agent of  Thyssenkrupp Industries.
It is acting as an agent for companies that manufacture equipment, machinery and raw materials in various sectors such as steel, cement, sugar, etc. and other industrial products.
ii.Paharpur is engaged in manufacturing and selling industrial cooling systems and generating power through wind and non-banking financial services.
iii.Thyssenkrupp Industries is engaged in offering Engineering, Procurement and Construction (EPC) services to execute turnkey projects in various industries and aftersales services.

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Nigeria the 1st Country Globally to Launch Men5CV Meningitis Vaccine Recommended by WHO
Nigeria has become the 1st country to launch a new vaccine called Men5CV, recommended by the World Health Organization (WHO) to protect people against 5 strains of the meningococcus (Neisseria meningitidis) bacteria (A, C, W, Y, and X), responsible for meningitis. Men5CV potentially paving the way for the WHO’s goal of eliminating meningitis by 2030.

• The vaccine and emergency vaccination activities were funded by Gavi, the Vaccine Alliance, which supports the routine vaccination against meningitis in lower-income countries.
• The new vaccine was a collaborative effort between PATH (formerly Program for Appropriate Technology in Health), and the Serum Institute of India(SII). 
• This development was financed by the United Kingdom (UK) government’s Foreign, Commonwealth, and Development Office.
• The new vaccine offers a broader shield than its predecessors, which is only effective against the A strain. It uses the same technology as the meningitis A conjugate vaccine (MenAfriVac®).

Note:
Nigeria is one of the 26 meningitis hyper-endemic countries of Africa, situated in the area known as the African Meningitis Belt.
Meningitis is a serious infection that leads to the inflammation of the membranes (meninges) that surround and protect the brain and spinal cord.

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Monte Carlo Masters 2024: Greece’s Stefanos Tsitsipas won his 3rd Monte-Carlo Singles title Greek tennis player Stefanos Tsitsipas won the Singles title at the Monte Carlo Masters 2024 by defeating Norway’s Casper Ruud. This marks Stefanos Tsitsipas’ third Monte Carlo Masters title. He previously won the title in 2021 and 2022.

• Monte Carlo Masters 2024, the 117th edition of Rolex Monte Carlo Masters, was held at the Monte Carlo Country Club in Roquebrune-Cap-Martin, France from 6th to 14th April 2024.

i.Belgian professional tennis players Alum Sander Gille and Joran Vliegan won the doubles title at the Rolex Monte-Carlo Masters 2024 by defeating Marcelo Melo of Brazil and Alexander Zverev of Germany.
ii.On 9th April 2024, Sumit Nagal, India’s emerging tennis player, defeated  Matteo Arnaldi of Italy and became the 1st ever Indian to win a main draw match at the Monte Carlo Masters.

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Bernd Hölzenbein, Former German footballer & 1974 World Cup winner, Passed AwayFormer German footballer Bernd Hölzenbein, who won the 1974 World Cup with West Germany, passed away at the age of 78. He was born on 9 March 1946 in Runkel, Germany.
About Bernd Hölzenbein:
i.Bernd Hölzenbein represented West German national team from 1973 to 1978. He has scored 5 goals in 40 appearances for West Germany.
ii.He was a part of the West Germany team that won the Federation Internationale de Football Association (FIFA) World Cup in 1974, held in West Germany.
iii.He was also a part of the West Germany team that finished second in the 1976 UEFA European Football Championship(UEFA Euros).
Club Career:
i.Bernd Hölzenbein represented Eintracht Frankfurt e.V., a German professional sports club, from 1967 to 1981.
ii.He has scored a total of 215 goals in 532 competitive appearances for the Eintracht Frankfurt club.
iii.As a part of Eintracht Frankfurt, He has also won the DFB Cup in 1974, 1975 and 1981 and the UEFA Cup in 1980.
iv.He has also played for Fort Lauderdale Strikers, Memphis Americans and Baltimore Blast.
v.He left Eintracht in 1981 and spent a few years in the United States of America (USA) with the Fort Lauderdale Strikers, Memphis Americans, and Baltimore Blast.
vi.He has also served as Vice-President (1988-94), Sports Manager (1994-96), Chief Scout (2004-2014), Strategic Advisor (2004-22), and Club Representative (2017-22) at Eintracht Frankfurt.

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Salman Rushdie Releases New Memoir ‘Knife’ Recounting Stabbing
On April 16 2024, Salman Rushdie, Indian-born British-American author, released his new memoir “Knife: Meditations After an Attempted Murder’’.

• The memoir was published by Penguin Random House, which describes how he survived the terrifying experience of being 12 times stabbed during an Arts gathering in New York, United States of America (USA) in August 2022.
• The attack left the author with permanent damage, including the loss of sight in right eye.

About Salman Rushdie 
Notable works and awards:
i.Rushdie was best known for his novel ‘The Satanic Verses’ which was published in 1988.
ii.He also received the Booker Prize for Midnight’s Children in 1981.The novel subsequently won the Booker of Bookers (1993) and the Best of the Booker (2008).
iii.He has been awarded The Peace Prize of the German Book Trade for 2023 (the most prestigious in Germany) for his indomitable spirit, for his affirmation of life and for enriching our world with his love of storytelling.

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Sany India Launches SKT105E, India’s 1st Locally-Made Electric Mining Truck
Sany Heavy Industry India Private Limited(SANY India), a construction and mining equipment manufacturer, launched the SKT105E, India’s first locally manufactured fully electric opencast mining truck.

• The SKT105E is intended to withstand the harsh conditions of open-cast mining operations.
• The truck has a unique electric propulsion system that ensures zero emissions and optimal performance while lowering the carbon footprint. This revolutionary design makes the truck an eco-friendly vehicle.
• The cost-effective and energy-efficient truck has a payload capacity of ~70 tons.

Note: Pune(Maharashtra) based SANY India is a wholly owned subsidiary of SANY Heavy Industry Construction., Limited. (SANY Heavy Industry), China. SANY India was incorporated in 2002.

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Delhi airport Ranked 10th among World’s Top 10 Busiest Airports in 2023: ACIi.The Airports Council International (ACI) World released its report on the ‘Top 10 Busiest Airports Worldwide for 2023‘ with Delhi Airport (Indira Gandhi International Airport – IGIA) securing the 10th spot in 2023.
ii.Handling over 7.22 crore passengers in 2023, IGIA experienced a slight drop from its 9th position in 2022, with Chicago O’Hare Airport surpassing it.
iii.Despite this, the airport exhibited a steady Year-on-Year (Y-o-Y) growth of 20.36% from 2022, showcasing the robust recovery of the Indian aviation sector.
iv.It was ranked 9th in 2022, 13th in 2021, and as the 17th busiest airport in 2019, before the coronavirus pandemic.
v.Hartsfield-Jackson Atlanta International Airport (ATL), United States (US) regains title as world’s busiest with 104.65 million passengers in 2023, yet remains 5% below 2019 levels due to pandemic recovery.
About Airports Council International (ACI)
It is a trade association for airports globally established in 1991 to promote collaboration between its member airports and other aviation organizations, such as the International Air Transport Association (IATA), the International Civil Aviation Organization (ICAO), and the Civil Air Navigation Services Organization (CANSO).
Director General- Luis Felipe de Oliveira
Members– As of January 2024, ACI serves 757 members, operating 2109 airports in 191 countries.
Headquarters– Montreal, Canada

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Jio Financial and Blackrock form JV to set up Wealth Management & Broking BusinessOn April 16, 2024, Jio Financial Services (JFS), the financial services arm of Reliance Industries Ltd (RIL), and BlackRock, Inc. and BlackRock Advisors Singapore Pte signed an agreement to form 50:50 Joint Venture (JV) to set up a wealth management and broking business in India.

• This involves incorporating a wealth management firm and a brokerage company, each requiring separate licenses from the Securities and Exchange Board of India (SEBI).”

Key Points:
i.In June 2023, a 50:50 JV was established by the companies to introduce asset management services in India, with each committing an initial investment of USD 150 million.
ii.India’s high net-worth individuals possess financial assets totaling USD 1-1.2 trillion, managed mainly by institutional platforms, with banks overseeing a third and Indian wealth managers handling 12-14%.
iii.The newly formed JV compete with bank-led wealth management firms and other key players such as BNP Paribas Wealth Management, 360 One, Nuvama, and Avendus.
iv.India is now a leading global investment destination, with the number of Demat accounts reaching 15.1 crore by March 2024, including a surge of 31 lakh new accounts in the same month.
About Jio Financial Services:
Incorporated as Reliance Strategic Investments Private Limited on July 22, 1999, and name changed to Jio Financial Services Limited in July, 2023
Managing Director and Chief Executive Officer– Hitesh Kumar Sethia
Headquarters– Mumbai, Maharashtra

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RBI Directs all REs to Provide KFS to Borrowers w.e.f 1st October 2024The Reserve Bank Of India(RBI) has mandated all Regulated entities (REs) (banks and financial institutions) to provide comprehensive key facts statements (KFS) to all new retail and Micro, Small & Medium Enterprises (MSME) borrowers with effect from 1st October 2024. This is a part of RBI’s effort to increase lending practices’ transparency.
Key Points: 
i.The statement should offer details about recovery agent policy, contact details for grievances and the likelihood of the loan being sold to others in simple and easy-to-understand language.
ii.KFS will include a computation sheet of the annual percentage rate (APR) and the loan’s amortisation schedule over the loan tenor.

• APR will include all charges levied by the RE. APR will also include charges levied on borrowers by the REs on behalf of third-party service providers on an actual basis, such as insurance charges and legal charges.
• RBI stated that the REs shall not charge the borrowers any fees that are not mentioned in the KFS with explicit consent from the borrower.

iii.RBI has mandated REs to set up necessary systems and processes to implement this guideline as early as possible.

• If the borrower agrees to the KFS, the RE shall be bound by them.

iv.KFS will be provided to borrowers with a unique proposal number with a validity period of at least 3 working days for loans with a tenor of 7 days or more and 1 working day for loans with a tenor of less than 7 days.

• The validity period is the time frame that the borrower has after the RE gives the KFS to accept the loan terms.

About Reserve Bank of India(RBI): 
Governor– Shaktikanta Das
Headquarters– Mumbai, Maharashtra
Established in – 1st April 1935

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Deposits of Senior Citizens surged by 143% to Rs 34 lakh crore in 5 years: SBI ReportAs per the State Bank of India (SBI) Economic Research Department (ERD) report, the total amount of deposits in senior citizen accounts increased by 143% to Rs 34.367 lakh crore at the end of December 2023 from Rs 13.724 lakh crore in 2018.
Key Findings:
i.The report revealed that senior citizens term deposit accounts increased by about 81% to around 7.4 crore in December 2023 from 4.1 crore in 2018.
ii.The report estimated that at least 7.3 crore of these accounts have a balance of over Rs 15 lakh and fetching interest of 7.5% on these deposits.

• So, the total interest earned by senior citizens through their deposits is around Rs 2.7 lakh crore in Financial Year 2023-24 (FY24). This includes Rs 2.57 lakh crore from the bank deposits and the remaining amount of Rs 13,000 crore from the Senior Citizen Saving Scheme(SCSS).

iii.The report showed that the average amount per senior citizen term deposit account surged by about 39% to Rs 4.63 lakh  by the end of December 2023 from 3.34 lakh in 2018.
iv.The report revealed that Government has collected around Rs 27,000 crore in taxes from senior citizens on the interest they earned on term deposit in FY24.

• Government of India(GoI) has increased the threshold of TDS(Tax Deducted at Source) on deposits for senior citizens to Rs 50,000.

v.Hike of 50 basis points additional interest rate and higher deposits insurance cover makes it more attractive to senior citizens to opt for bank deposits.

• Banks deposit insurance cover was increased from Rs 1 lakh to Rs 5 lakh with effect from 4th February, 2020.

About State Bank of India(SBI):
Chairman: Dinesh Kumar Khara
Headquarters: Mumbai, Maharashtra
Founded in: 1st July 1955
Tagline – The Banker to Every Indian

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BOI & IMGC Partners to Offer Mortgage Guarantee-Backed Home Loan ProductsBank Bank of India(BOI), an Indian Public Sector Bank(PSB), has signed an agreement with India Mortgage Guarantee Corporation(IMGC) to provide mortgage guarantee-backed home loan products in the affordable housing segment.

• The collaboration will cover salaried and self-employed home loan customers in the affordable housing segment.

Significance:
i.IMGC’s guarantee will help to reduce the risk of defaults for the bank. This will allow BOI to offer more favourable loan terms to borrowers.
ii.The agreement aims to promote financial inclusion and make homeownership more accessible for borrowers in India.
iii.This will help to strengthen the credit delivery system and facilitate the flow of credit to the affordable housing sector.
iv.Under this partnership IMGC will leverage its guarantee expertise and BoI will leverage its extensive network of over 5,100 branches across India. This will enable BoI to provide home loan products with greater flexibility and security to potential homeowners.
About India Mortgage GuaranteeCorporation(IMGC):
IMGC is regulated by the Reserve Bank of India’s (RBI) 2008 Mortgage Guarantee Company (Reserve Bank) Guidelines.
Managing Director(MD) & Chief Executive Officer (CEO)– Mahesh Misra
Established in 2012
Headquarters– Noida, Uttar Pradesh
About Bank of India(BOI):
MD & CEO- Rajneesh Karnatak
Headquarters- Mumbai, Maharashtra
Founded in 1906
Tagline- Relationship Beyond Banking

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SBI Life Introduces IdeationX to Inspire Insurance Innovations amongst Young MindsState Bank of India Life Insurance Company Limited (SBILIFE), one of the leading private life insurance companies in India has launched its 1st edition of IdeationX, a groundbreaking initiative that aims to transform the future of the insurance industry.
Key Objectives of the Initiative:
i.In alignment with the Insurance Regulatory and Development Authority of India’s (IRDAI) vision of ‘Insurance for All by 2047’, SBI Life’s IdeationX is an innovative platform that aims to encourage and engage the young aspiring minds from the B-Schools across the country to come up with new ideas and innovative solutions that would cater to the emerging insurance needs of the people.
ii.The opportunity provided to the future leaders of the country will help in reshaping the insurance sector and thereby achieving sustainable growth through the new product solutions brought to light by the aspiring minds.
Highlights of the Initiative:
i.The 1st edition of the IdeationX saw keen involvement of over 1000 aspiring candidates representing different B-Schools like National Insurance Academy (NIA) in Pune (Maharashtra), NIRMA in Ahmedabad, South Indian Education Society (SIES) in Mumbai(Maharashtra), KJ Somaiya in Mumbai, International Management Institute (IMI) in Kolkata (West Bengal), Brij Mohan Lall (BML) Munjal in Gurgaon ( Haryana), Institute of Management Technology (IMT) in Hyderabad (Telangana), and Xavier Institute of Management and Entrepreneurship (XIME) in Bengaluru (Karnataka).
ii.After the screening test, around 320 students got selected, and the final round had eight finalist teams, out of which XIME-Bengaluru emerged victorious, clinching the title of SBI Life Ideation X winner.
About SBI Life Insurance – 
SBI Life Insurance is a leading insurance company that was incorporated in October 2000 and was registered with the Insurance Regulatory and Development Authority of India (IRDAI) in March 2001.
MD & CEO – Amit Jhingran
Headquarters – Mumbai, Maharashtra
Tagline – Apne Liye, Apno Ke Liye

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Jana SFB & Kotak Mahindra Life Partners to Offer Insurance Products
Jana Small Finance Bank(SFB) Limited has partnered with  Kotak Mahindra Life Insurance Company Limited to offer life insurance products to the customers of Jana SFB.
The life insurance products will include long-term savings and retirement solutions.
About Jana Small Finance Bank:
Jana Small Finance Bank started its operations in March, 2018
MD & CEO– Ajay Kanwal
Headquarters– Bengaluru, Karnataka
Tagline– Likho Apni Kahani

Kuwait’s Emir Appoints Sheikh Ahmad Abdullah al-Ahmad Al-Sabah as New PM of Kuwait Kuwait’s Emir, His Highness Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah has issued an Emiri decree appointing Kuwaiti Economist Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah as Prime Minister (PM) of Kuwait and authorised him to nominate new cabinet members.

• Sheikh Ahmad replaces former PM Sheikh Dr Mohammed Sabah Al Salem Al-Sabah, who submitted his resignation to the Emir, following the new parliamentary election in April 2024.

Note:
i.Sheikh Dr Mohammed Sabah Al Salem’s resignation was a procedural move after a new parliament was elected.
ii.According to Article 57 of the constitution of Kuwait, the current government has to submit its resignation before the legislature’s inauguration.
About Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah:
i.Sheikh Ahmad is a member of the House of Sabah, the ruling family of Kuwait.
ii.He started his career in 1977 as a financial analyst at Kuwait Financial Centre. In 1978, he joined the Central Bank of Kuwait as a Financial Researcher.
iii.He served as Acting Manager of the Banking Supervision Department, Central Bank of Kuwait from 1984 to 1985 and as a Manager from 1985 to 1987.
iv.He was the Chairman and Managing Director (CMD) of Burgan Bank from 1987 to 1997; and Deputy CMD of Al-Ahli Bank of Kuwait from 1997 to 1999.
v.He started his political career as Minister of Finance and Minister of Communications from 1999 to 2001.
vi.He served as Minister of Communications and Minister of Planning & Minister of State for Administrative Development from 2001 to 2005.
vii.He also served as Minister of Communications (2005 to 2006); Minister of Health (2005 to 2007); Minister of Oil; and Minister of Information (2009 to 2011).
viii.He served as the Chief of the Diwan of H.H. The Crown Prince from September 2021 until he was appointed PM.
About Kuwait:
Capital– Kuwait City
Emir– His Highness Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah
Currency– Kuwaiti Dinar (KWD)

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Bain Capital Sells 1.08% Stake in Axis Bank for Rs 3,575 crore
The private equity firm Bain Capital sold the remaining 1.08% stake in Axis Bank for Rs 3,575 crores via an open market transaction. The transaction involved the sale of 33.37 million shares at Rs. 1,071 per share on the BSE (formerly Bombay Stock Exchange).

• BofA Securities India Ltd (formerly known as DSP Merrill Lynch Limited) is the exclusive bookrunner for the transaction.

Subsidiary Sell-offs:
i.Integral Investments South Asia IV, a Bain Capital subsidiary, sold 8.35 million shares.
ii.BC Asia Investments VII and BC Asia Investments III sold 14.5 million and 10.5 million shares, respectively.
Note: Bain Capital acquired a stake in Axis Bank in November 2017. In December 2023, it sold 1.1% of its Axis Bank shares for approximately Rs 3,700 Crore in an open market sale.

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Gopi Thotakura Named Among 6 Crew Members to fly on Blue Origin’s NS-25 MissionGopi Thotakura, an entrepreneur and seasoned pilot from Andhra Pradesh has been selected among 6 crew members for Blue Origin’s New Shepard-25 (NS-25) space tourism mission.
About the Mission:
i.This mission will be the 7th human flight for the New Shepard program and the 25th in its history.
ii.The NS-25 mission will lift off from Blue Origin’s West Texas site, United States of America (USA).
Other 5 Crew members include:
i.Mason Angel (USA); Sylvain Chiron (France); Kenneth L. Hess (USA); Carol Schaller (USA); and former USA Air Force Captain Ed Dwight.

• Ed Dwight was selected by then USA President John F. Kennedy in 1961 as America’s first Black astronaut candidate.

ii.During the flight, each astronaut will carry a postcard to space on behalf of Blue Origin’s foundation, Club for the Future.
About Gopi Thotakura:
i.He is now the 1st Indian space tourist and 2nd Indian to travel into space, following Wing Commander Rakesh Sharma of the Indian Army in 1984.
ii.He is the co-founder of Preserve Life Corp, a global center for holistic wellness and applied health located near Hartsfield-Jackson Atlanta International Airport, USA.
About New Shepard:
i.New Shepard, which is named after Mercury astronaut Alan Shepard, the first American to go to space, in a reusable suborbital rocket system.
ii.It is designed to take astronauts and research payloads past the Kármán line, the internationally recognized boundary of space.
iii.Blue Origin was founded by Amazon founder Jeff Bezos.

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ISRO develops lightweight Carbon-Carbon(C-C) Rocket Engine NozzleIndian Space Research Organisation (ISRO)’s Vikram Sarabhai Space Centre (VSSC) based in Thiruvananthapuram, Kerala has developed a light weight Carbon-Carbon(C-C) nozzle for rocket engine.

• This marks a significant development in rocket engine technology.
• It will help in enhancing thrust levels, specific-impulse and thrust-to-weight ratios, thereby boosting the payload capacity of launch vehicles.

Key Points:
i.VSSC used advanced materials like C-C composites to create a nozzle divergent as they exhibit unique properties such as: low density, high specific strength and high rigidity, capable of retaining mechanical properties even at increased temperature.
ii.C-C composite has special anti-oxidation coating of Silicon Carbide (SiC) which extends its operational limits in oxidizing environment. Thus, shows high corrosion resistance.
Significance:
i.At present, ISRO uses PS4 (4th stage) PSLV (Polar Satellite Launch Vehicle) which have twin engines with nozzles made from Columbium (now, known as Niobium) alloy.

• So, these C-C composites will replace metallic divergent nozzles which will help in reducing approximately 67% mass of launch vehicle.

ii.It is expected to increase the payload capacity of PSLV by 15 kg.
Additional Information:
i.The C-C rocket engine nozzle system was tested and tests were conducted in collaboration with Liquid Propulsion Systems Centre (LPSC), Valiamala near Thiruvananthapuram, Kerala which configured and designed the test and ISRO Propulsion Complex (IPRC) which conducted the instrumentation and execution of the test.
ii.IPRC conducted 60-second hot test of the system on 19th March 2024 at High-Altitude Test (HAT) facility in IPRC, Mahendragiri, Tamil Nadu. The test confirms the system performance.
iii.Another, 200-second hot test was conducted on 2nd April, 2024 which validated the nozzles capabilities to withstand temperature about 1216K.
About Indian Space Research Organisation(ISRO):
Chairman– Sreedhara Panicker Somanath
Headquarters– Bengaluru, Karnataka
Established in 1969

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Impatiens neo-uncinata: New species of Balsam Discovered in Kerala
Researchers discovered a new species of genus Impatiens (family Balsaminaceae) named “Impatiens neo-uncinata” during a floristic survey in the Agasthyamala biosphere reserve, in Thiruvananthapuram district, Kerala.
The paper on the discovery of the new species was published in the scientific journal Phytotaxa. 

• Impatiens neo-uncinata bears morphological resemblances to Impatiens uncinata(Hook-Tail Balsam), but differs with respect to size of the flowers, basal and distal lobes, the dorsal petal and pollen.
• The new species was distinguished by the snowy white flowers with red stripes and comparatively large flowers.

Note: 
i.Impatiens neo-uncinata has been reported only from a single locality at an elevation ranging from 1,000 to 1,250 meters.  It is assessed as Endangered based on the categories and criteria of the International Union for Conservation of Nature(IUCN) criteria.
ii.The genus Impatiens has over 1000 species distributed in the tropics and sub-tropics.

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Noted Carnatic Musician and Padma Shri Awardee KG Jayan died at the age of 89Padma Shri Awardee KG Jayan, a renowned Carnatic musician from Kerala passed away at the age of 89 in Ernakulam district, Kerala. He was born on 21st November, 1934 in Kottayam, Kerala.

• He was the father of  famous Malayalam actor Manoj K. Jayan

About KG Jayan:
i.He started his career in carnatic music at the age of 9 under the guidance of Carnatic Stalwarts such as: the Alathur Brothers and Chembai Vaidyanatha Bhagavathar.
ii.KG Jayan and his brother K.G.Vijayan were popularly known as “Jaya-Vijaya” in the Malayalam music industry.
iii.KG Jayan composed more than 1,000 songs and composed music for a few Tamil and Malayalam films.
iv.Both Jaya-Vijaya composed hundreds of devotional songs which were specifically devoted to Lord Ayappa. Their popular Ayappa devotional songs include: Sreekovil Nadathurannu and Hariharasuthane.
Noted Work
i.Some of his evergreen compositions include: “Ayyanu Thunayay”, “Mamala Vaazhum”, “Sreekovil Nada Thurannu”, “Malamukalil Vaazhum Devaa” etc.
ii.Jaya-Vijaya composed music for some of the famous films: Bhoomiyile, Malakhamar, Dharamasastha, Nirakudam, Sneham, Padhapooja etc.
Awards:
i.K.G. Jayan was honored with Harivarasanam Award, jointly instituted by Kerala Government and the Travancore Devaswom Board in 2013.
ii.He was honored with Kerala Sangeetha Nataka Akademi Award, given annually by Kerala Government in 1991.
iii.K.G. Jayan was honored with Padma Shri, India’s 4th highest civilian award in 2019 in the field of Art.

World Quantum Day 2024 – 14 April World Quantum Day is annually observed across the globe on 14 April to raise public awareness and understanding of quantum science and technology around the world.
14 April 2024 marks the observance of the 3rd World Quantum Day.
Background:
i.The World Quantum Day was launched on 14 April 2021, as an initiative from quantum scientists from over 65 countries around the World.
ii.The first-ever global World Quantum Day was observed on 14 April 2022.
Why April 14?
i.The World Quantum Day falls on April 14 (4/14 in month/day format), a reference to 4.14, the rounded first digits of Planck’s constant.
ii.Planck’s constant, 4.1356677×10−15 electron volt second (eV.s) = 0.000 000 000 000 004 1356677 eV.s.
iii.It is a fundamental constant in quantum physics, representing the product of energy and time.
Note: On 2 May 2023, the United States of America (USA) Senate passed a bipartisan resolution introduced by Senators Todd Young and Maggie Hassan to commemorate and support the goals of World Quantum Day.
Significance:
i.World Quantum Day is decentralised and bottom-up initiative, involving scientists, engineers, educators, communicators, entrepreneurs, etc, and encourages participation from various fields.
ii.It is a day to celebrate the language of the universe, the language of quantum mechanics.
iii.Quantum mechanics is the fundamental theory in physics, describing the behaviour of elementary particles, the building blocks of the world.
Objectives:
i.Foster public engagement in Quantum Science and Technology.
ii.Illuminate its role in understanding nature and technological advancements.
iii.Anticipate future scientific, and technological revolutions and societal impacts.
2024 Event in India:
i.India commemorated World Quantum Day 2024 on April 14, 2024, showcasing its commitment to becoming a global leader in Quantum Science and Technology.
ii.Professor Ajay Kumar Sood, the Principal Scientific Adviser to the Government of India, underscored the transformative potential of quantum technology.
The National Quantum Mission (NQM):
i.NQM, conceptualised and propelled by the Prime Minister Science Technology Advisory Council (PM-STIAC), received Cabinet approval on 19 April 2023 with a total outlay of Rs 6003.65 crore for 8 years.
ii.NQM aims to catalyse scientific and industrial Research and Development (R&D), fostering a robust ecosystem for Quantum Technology (QT) in India.

World Art Day 2024 – April 15 World Art Day (WAD) is annually observed across the globe on 15 April to raise awareness of the variety of artistic expressions, acknowledge the role of artists in sustainable development, and strengthen the bond between artistic creations and society.

• The celebration of WAD focuses on the promotion, development, diffusion, and enjoyment of art.

The day is annually led by the International Association of Art/Association Internationale des Arts Plastiques (IAA/AIAP), in partnership with the United Nations Educational, Scientific and Cultural Organization (UNESCO).
Background:
i.In April 2011, the IAA/AIAP during its 17th General Assembly in Guadalajara,  Mexico, unanimously adopted the initiative presented by the Turkish National Committee to proclaim 15 April, as World Art Day.
ii.The first World Art Day was observed on 15 April 2012.
iii.World Art Day was also proclaimed at the 40th session of UNESCO’s General Conference in 2019.
iv.Artists for A Better World (AFABW) International member, Becky Mate founded World Art Day locally in 1998 and has championed the celebration every year since.
About International Association of Art (IAA/AIAP):
It was established in Beirut, Lebanon in 1948 at the 3rd General Conference of UNESCO. It became an independent organization in 1954 and was declared a UNESCO partner.
President– Kwang Soo Lee (Korea)
Headquarters– Paris, France

World Voice Day 2024 – April 16 World Voice Day (WVD) is a global campaign annually observed across the globe on 16 April to celebrate the phenomenon of voice. WVD also aims to spread awareness of the importance of the human voice and the preventive care it requires.

• WVD is a special day of awareness, recognition, and celebration of the human voice.

India lost 2.33 million hectares of tree cover since 2000: Global Forest WatchAccording to the Global Forest Watch (GFW) monitoring project data, India has lost 2.33 million hectares (Mha) of tree cover since 2000 which is equivalent to a 6% decrease in tree cover during 2001-2023.
Key Findings:
i.The data showed that India lost 4,14,000 hectares(414 Thousand hectares (Kha)) of humid primary forest(4.1%) from 2001 to 2023 which is 18% of its total tree cover loss in the same period.
ii.Assam saw the most tree cover loss at 3,24,000 hectares(324kha) compared to average of 66.6kha, followed by Mizoram(312kha), Arunachal Pradesh(262kha), Nagaland(259kha) and Manipur(240kha).
iii. Arunachal Pradesh had the most tree cover at 6.11million hectares(6.11Mha) compared to an average of 957 kha, then followed by Assam(2.57Mha), Chhattisgarh(2.28 Mha), Kerala(2.28Mha) and Odisha(1.92Mha).
About Global Forest Watch:
Global Forest Watch is an initiative of World Resources Institute(WRI) launched in 2014 in partnership with Google, USAID(United States Agency for International Development), among others.

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MoA&FW Introduced ‘CDP-SURAKSHA’, a Digital Platform to Disburse Subsidies to Horticulture FarmersThe Ministry of Agriculture & Farmers Welfare (MoA&FW) introduced a digital platform called CDP-SURAKSHA (Cluster Development Programme – System for Unified Resource Allocation, Knowledge, and Secure Horticulture Assistance) to disburse subsidies to horticulture farmers under the CDP.
Note: CDP, launched by MoA&FW, is a central sector scheme of the National Horticulture Board (NHB) which aims to reform agriculture markets and promote the horticulture sector
About CDP-SURAKSHA:
The CDP-SURAKSHA  will allow an instant disbursal of subsidies to farmers in their bank account by utilising the e-RUPI (electronic rupee/e-Rupee) voucher from the National Payments Corporation of India (NPCI).
Features:
Database integration with PM-KISAN(Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), cloud-based server space from NIC(National Informatics Centre), UIDAI(Unique Identification Authority of India) validation, eRUPI integration, local government directory (LGD), content management system, geotagging, and geo-fencing.
Working: 
i.The platform allows access to farmers, vendors, implementing agencies (IA), and cluster development agencies (CDAs), and officials of the NHB.
ii.Farmers can order planting materials like seeds, seedlings, and plants based on their needs and pay their share of the cost of planting materials. The subsidy amount paid by the GoI will appear on the screen and an e-voucher will be generated.
iii.The vendor will receive the voucher and provide the required materials to the farmers.
Note:
i.The e-RUPI voucher is a one-time payment mechanism that can be redeemed without a card, digital payments app or internet banking access, at the merchants accepting e-RUPI.
ii.The e-RUPI can be shared with the beneficiaries for a specific purpose or activity by organisations or the government via SMS or QR code.

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India Among 12 Nations Responsible for 60% of world’s mismanaged plastic waste: EA ReportAccording to the EA Earth Action’s 2024 report titled “Plastic Overshoot Day- September 5, 2024” , India is among the top 12 nations that contribute to around 60% of  world’s mismanaged plastic waste.

• The 12 countries are China, India, Russia, Brazil, Mexico, Vietnam, Iran, Indonesia, Egypt, Pakistan, the United States of America(USA) and Türkiye.

i.India’s per capita plastic waste production stands at 8 kg per capita per year, one of the world’s lowest.
ii.Plastic Overshoot Day marks when plastic waste surpasses waste management capacity, causing environmental pollution.

• For 2024, Plastic Overshoot Day, globally, is projected to be on September 5th, 2024. India’s Plastic Overshoot Day is expected on April 23rd, 2024.

About EA Earth Action:
EA Earth Action is a non-profit organization that provides environmental research, consulting, and solutions.
Co-CEOs– Julien Boucher and Sarah Perreard
Headquarters– Lausanne, Switzerland
Established in 2013

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Indian Fintech Startup Funding surges 59% in Q1CY2024: Tracxn reporti.According to Tracxn Geo Quarterly Report by market intelligence platform Tracxn, in first quarter (Q1) of Calendar Year (CY) 2024 (Q1CY2024), Indian fintech startups raised USD 550.8 million across 33 deals, marking a 59% increase from Q4 2023’s USD 346.7 million raised in 53 deals.
ii.Despite this surge, funding declined on a year-on-year (Y-o-Y) basis by 57% compared to Q12023’s USD 1.3 billion.
iii.India ranked 3rd globally in fintech funding, behind the United States (US) and China.
iv.Bengaluru, Karnataka topped the fintech funding in Q1 2024, followed by Mumbai, Maharashtra and Hyderabad, Telangana showcasing their importance as fintech hubs.
About Tracxn:
Chairperson and Managing Director– Neha Singh
Headquarters– Bengaluru, Karnataka

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PayU partners with PayPal to enhance cross border payments for Indian merchants
PayU, a leading online payment solution, has announced its partnership with PayPal, an American multinational fintech company. The strategic partnership aims to improve the cross border payment experience for Indian merchants.
i.PayU will leverage PayPal ISU2.0 API(Application Programming Interface) to provide customers access to more personalized , secure and inclusive payment experience.
ii.It will provide a more efficient merchant onboarding process which is directly linked with PayU dashboard. Also, it will allow Indian merchants to open accounts with PayPal, using an Artificial intelligence (AI)-driven approach that reduces drop-offs and enables real-time activation.
iii.It will offer customers various payment methods at checkout like: PayPal, PayPal Pay later, and various local Alternative Payment Methods(APMs).
About PayPal:
Chairman: John J. Donahoe
Headquarters: California, United States of America(U.S.A.)
Established: 1998

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CNS R. Hari Kumar presented Gallantry, Distinguished Service Awards to Naval personnelOn April 14, 2024, Admiral Radhakrishnan Hari Kumar, Chief of the Naval Staff (CNS), presided over a Naval Investiture Ceremony at INS Hansa (Indian navy’s air station), Goa, presenting Gallantry and Distinguished Service awards to Naval personnel on behalf of President of India Droupadi Murmu.
Key Points:
i.35 personnel received awards recognizing bravery, leadership, professional achievements, and distinguished service.
ii.Notable recipients included commander (Cdr) Manish Singh Karki, Cdr Kaustab Banerjee, Lieutenant (Lt) Cdr Panneerselvam Vishnu Prasanna, and Lt Cdr Bhaskar, who were awarded Nao Sena Medals (Gallantry).
iii.The CNS Trophy for Best Green Practices 2023 was awarded to Naval Dockyard, Mumbai, Maharashtra and INS (Indian Naval Ship) Valsura.
iv.Unit Citations were awarded to various Naval units, including INS Teg, INS Kolkata, INS Karmuk, INS Sumedha, INS Sumitra, and INS Sharda, submarine INS Sindhukesari, flight squadron INAS 550, and shore establishments Chilka, Circars, Eksila, Dronacharya, and Naval Ship Repair Yard (Karwar).
v.The CNS also presented the Lt VK Jain Memorial Gold Medal 2024 to Shubham Hira for pioneering research in weapon improvement and electrical engineering and the Capt Ravi Dhir Memorial Gold Medal 2024 awarded to Tabsheer Ahmed Wani for promoting flight safety.

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IMF Reappoints Kristalina Georgieva as MD of IMF for 2nd TermThe International Monetary Fund(IMF) Executive Board reappointed Bulgarian Economist Kristalina Georgieva as Managing Director(MD) of IMF for a 2nd five-year term starting on 1st October 2024.

• He has been serving as the 12th MD of IMF since 2019. Her current tenure is set to end on 30th September 2024.

About Kristalina Georgieva:
i.Kristalina Georgieva worked as an Assistant Professor at the University of National and World Economy(UNWE) between 1977 and 1993.
ii.In 1993, she joined the World Bank (WB) as an environmental economist.
iii.She served as the Vice-President of the European Commission from November 2014 to December 2016.

• She also served as Commissioner for International Cooperation, Humanitarian Aid and Crisis Response at the European Commission and as Vice-President for Budget and Human Resources.

iv. She served as the Chief Executive Officer(CEO) of the World Bank from January 2017 to September 2019.

• She also served as the interim President of WB from February 2019 to April 2019.

v.In September 2019 she was appointed as the MD of the IMF and became the 2nd woman to head the IMF after Christine Lagarde, who served as MD of the IMF from 2011 to 2019.
Awards:
i.She was named “European of the Year” and “Commissioner of the Year” in 2010 by the European Voice for her contribution in the EU’s response to humanitarian crises.
ii.She received the Atlantic Council’s Distinguished International Leadership Award in 2020, in recognition of her exemplary work during her career of public service.
About International Monetary Fund(IMF):
Managing Director- Kristalina Georgieva
Headquarters: Washington D.C., the United States of America (USA)
Established in 1944, formed after the Bretton Woods Conference held in 1944 in USA
Member nations- 190

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Larsen & Toubro Concludes Divestment of its Entire Stake 51% in L&T IDPL
On April 11 2024, Larsen & Toubro (L&T) has announced the completion of divestment of L&T Infrastructure Development Projects Limited (L&T IDPL), a joint venture between Larsen & Toubro Limited and the Canada Pension Plan Investment Board (CPP Investments) holding 51% and 49% shares respectively.

• The stakes from L&T and CPP investment were acquired by Epic Concesiones Private Limited, an investee company of Edelweiss Infrastructure Yield Plus Strategy, managed by Edelweiss Alternative Asset Advisors Limited (EAAA).
• This is in line with L&T’s strategy to exit non-core businesses for reducing its exposure to the asset-heavy developmental projects portfolio and enhance its Return on Equity.
• This transaction marks the achievement of a significant milestone towards the execution of our strategic Lakshya 2026 plan.
•  In India, L&T IDPL has been in the forefront of the Public-Private-Partnership (PPP) model for developing infrastructure.

Note: Larsen & Toubro is an Indian multinational engaged in EPC (Engineering, Procurement, and Construction) Projects, Hi-Tech Manufacturing and Services.

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DRDO & Indian Army Successfully Conducted Flight Trials of MPATGM Weapon SystemOn 13th April 2024, the Indian Army and the Defence Research and Development Organisation(DRDO) successfully conducted the warhead flight trials of the Man Portable Anti-tank Guided Missile (MPATGM) Weapon System at the Pokhran Field Firing Range(PFFR) in Jaisalmer district, Rajasthan.

• The system is now ready for Final User Evaluation Trials before induction into the Indian Army.

About MPATGM Weapon system:
i.MPATGM Weapon system includes a MPATGM, Launcher, Target Acquisition System(TAS)and Fire Control Unit(FCU).
ii.MPATGM was indigenously designed and developed by DRDO in partnership with Hyderabad, Telangana based VEM Technologies Private Limited.
Points to note:
i.The firing trials were conducted towards achieving compliance of complete operational envelope as stipulated in the General Staff Qualitative Requirements (Infantry, Indian Army)
ii.Penetration trials of the Tandem Warhead System of MPATGM were also conducted successfully.
Features:
i.The missile is around 1.3 meters (m) long and has a diameter of about 0.12 m.
ii.It has a strike range of 2.5km and weighs around 14.5kg.
iii.It is equipped with a modern Infrared Imaging Seeker along with advanced avionics.
Note: It is set to be manufactured by Bharat Dynamics Limited(BDL) in Bhanoor, Telangana.
About Defence Research and Development Organisation(DRDO):
It is the Research and Development(R&D) wing of the Ministry of Defence(MoD).
Chairman- Dr. Samir Vankatpati Kamat
Headquarters- New Delhi, Delhi
Established in 1958

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2024 Badminton Asia Championships: Christie and Wang Won men’s and women’s singles Titles, RespectivelyIndonesia’s Jonatan Christie bagged the men’s singles title and China’s Wang Zhi Yi has claimed the women’s singles title at the Badminton Asia Championships 2024 held in Ningbo, China.
About the Winners :
i.The Indonesian player Jonatan Christie won the gold medal in the men’s singles category defeating the Chinese shuttler Li Shi Feng.

• This is Christie’s second men’s singles title in a row.
• In March 2024, he bagged his maiden All England Open Badminton Championships 2024 (United Kingdom) title by beating fellow Indonesian Anthony Ginting.

ii.World no. 9 Chinese player Wang Zhi Yiwon her continental women’s singles title by defeating the Olympic champion and compatriot Chen Yu Fei.

• This is Wang’s second title of the year and her first victory against Yu Fei.
• Zhi Yi has also bagged the Indonesia Masters Super 500 2024 (Indonesia) title in January 2024.

Note- China has emerged as the most successful country at the Badminton Asia Championships 2024 with three gold and two silver medals.
List of the Winners at the Badminton Asia Championships 2024:

• Badminton Asia is the governing body of the badminton sport in Asia under the flagship of Badminton World Federation (BWF)

ii.It was originally known as the “Bank of Ningbo Badminton Asia Championships” organized by the Chinese Badminton Association with the permission of Badminton Asia.
iii.The tournament commenced in 1962 and has been held annually since 1991.
iv.The 41st edition of the Badminton Asia Championships was held at the Ningbo Olympic Sports Center Gymnasium in Ningbo, China, from April 9 to April 14, 2024.

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Indian Athlete Aishwarya Mishra’s 400m Bronze at 2023 Asian Championships to be Upgraded to Silver
The Indian athlete Aishwarya Mishra’s bronze medal won during the women’s 400 m sprint event of the Asian Athletics Championships 2023 held in Bangkok, Thailand, is set to be upgraded to silver medal after the original silver medalist Farida Soliyeva of Uzbekistan failed a dope test.

• Soliyeva tested positive for meldonium, a substance added to the World Anti-doping Agency (WADA) list of banned substances in 2016.
• The Athletics Integrity Unit (AIU), which combats doping in athletics, has banned Soliyeva for 3 years starting from 13th September 2023 and all her results from 13th July 2023 have been disqualified.

Note: Haruna Kuboyama of Japan will hold the bronze medal.

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Maker of Modern Goa: The Untold Story of Pratap Singh Rane authored by Vijayadevi Rane
A book titled “Maker of Goa: The Untold Story of Pratap Singh Rane” is the biography of Pratap Singh Rane, the former Chief Minister (CM) of the state of Goa (then UT-Goa, Daman, and Diu), authored by Vijayadevi Rane (Pratap’s wife) and published by Rupa publications.
About Pratap Singh Rane:
i.Pratap’s political career spanned over 50 years, and he holds the maximum  record of winning 11 consecutive elections as a Member of Legislative Assembly (MLA).
ii.He also holds the record of longest-serving CM of Goa for 6 times.
iii.He was elected as Goa’s first chief minister following the state’s separation from Daman and Diu as a Union Territory (UT).
iii.He established Goa University in 1984 at Panaji, Goa.

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Sam Pitroda launched a new book titled “The Idea of Democracy”
Padma Bhushan awardee, Satyanarayan Gangaram Pitroda, aka Sam Pitroda, an Indian engineer and entrepreneur, virtually launched his new book titled “The Idea of Democracy”. The book was published by Penguin Business, an imprint of Penguin Random House India.

• The book shares the author’s concern about the state of democracy and the potential challenges in countries like India and the United States of America(USA).

About Sam Pitroda: 
i.Sam Pitroda, hailing from Odisha, served the founding Chairman of India’s Telecom Commission and also the 1st Chairman of Worldtel Initiative of the International Telecommunication Union(1995)
ii.Pitroda launched the Center For The Development Of Telematics (C-DOT) as an autonomous telecom R&D organisation in 1984.
iii.He also served as Advisor to Prime Minister (PM) on Technology Missions Related to Water, Literacy, Immunization, Oil Seeds, Telecom, and Dairy
iv.He was honoured with Padma Bhushan in 2009 for Science and Engineering.

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40th Siachen Day – 13 April 2024Siachen Day is annually observed by the Indian Army on 13 April to commemorate Operation Meghdoot launched by the Indian Army on 13 April 1984.

• The Day honours the bravery and sacrifice of the Indian Army soldiers serving at the highest and coldest battlefield in the world, the Siachen Glacier, a part of the Union Territory (UT) Ladakh, located in the eastern Karakoram range in the Himalayas.

13th April 2024 marks the 40th year of Indian Army’s presence at Siachen Glacier.
Operation Meghdoot:
i.Operation Meghdoot was an Indian military operation launched to secure control of the entire Siachen Glacier in Jammu and Kashmir(J&K) (now in the northern Ladakh region).
ii.It marked the first assault on the world’s highest battlefield, resulting in Indian troops gaining control of the entire Siachen Glacier.
iii.The escalation of Pakistan’s activities in Ladakh prompted India to take action to safeguard its interests.
iv.The Indian Air Force (IAF) played a pivotal role in this operation.

• The operation involved airlifting Indian Army soldiers, with IAF helicopters operating in the area.

Points to note:
i.Both India and Pakistan maintain a permanent military presence in the region at a height of over 6,000 meters (20,000 feet).
ii.IAF helicopters has been operating in the Siachen Glacier since 1978, flying the Chetak helicopters, the 1st IAF helicopter to land in the Glacier in October 1978.
Operation Meghdoot:
The permission for Operation Meghdoot was given by then Prime Minister Indira Gandhi.
ii.Major R S Sandhu and Captain Sanjay Kulkarni of 4 Kumaon, along with one platoon, were deployed via helicopter near Bilafond La on 13 April 1984.
iii.Sia La was occupied by 17 April 1984, marking a significant milestone in the operation.
iv.Colonel Narendra Kumar(known as Bull), Indian soldier and mountaineer, played a major role in the launch of Operation Meghdoot to secure the Siachen Heights.
v.The operation resulted in India gaining 70 kilometers long Siachen Glacier and all of its tributary glaciers, as well as 3 main passes of the Saltoro Ridge immediately west of the glacier, Sia La, Bilafond La, and Gyong La.
vi.Currently, the Indian Army remains the first and only army in the world to have taken tanks and other heavy ordnance up to an altitude range of over 5000 meters.

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105th Anniversary of Jallianwala Bagh Massacre – 13 April 202413th April 2024 marks the 105th Anniversary of the Jallianwala Bagh Massacre (also known as the Amritsar Massacre), held on 13 April 1919 in Amritsar, Punjab, British India (now in Punjab).

• The Day aims to honour the victims of the massacre and this tragic event also served as a pivotal moment in India’s fight for independence.

About the Jallianwala Bagh Massacre:
i.On 13 April 1919, on the day of Baisakhi, thousands of people gathered at the Jallianwala Bagh Garden in Amritsar for a political meeting to protest against the Rowlatt Act; and the arrest of pro-independence activists Dr. Satyapal and Dr. Saifuddin Kitchlew.
ii.In response, the acting Brigadier-General, Colonel Reginald Edward Harry Dyer deployed his 50 troopers, blocked the exits, and opened fire on unarmed civilians attending a peaceful gathering.
iii.He opened fire on the gathering, to strictly enforce the Martial Law prevailing that was in effect at Amritsar during the time.
iv.The firing continued for approximately 10 minutes; in all 1650 rounds were fired.

• It killed an estimated 379 people including men, women, and children, and injured over a thousand more.

Rowlatt Act:
i.The British colonial government passed the Rowlatt Act, officially known as the Anarchical and Revolutionary Crimes Act of 1919, based on the recommendations of the Sedition Committee, under Mr Justice Rowlatt.

• The Act was passed to suppress the increasing nationalist movement in India.

ii.It was a highly controversial piece of legislation that granted the government the power to arrest and detain Indian citizens without trial for 2 years.
About Jallianwala Bagh Memorial:
i.The Jallianwala Bagh public garden in Amritsar houses a memorial of national importance, established by the Government of India in 1951 to commemorate the massacre.
ii.The memorial is managed by the Jallianwala Bagh National Memorial Trust.
Monuments and Structures:
i.The garden houses a Flame of Liberty Memorial, inaugurated by the first President of India, Dr. Rajendra Prasad, on April 13, 1961.

• It comprises a 30-foot-high central pylon standing in the middle of a shallow tank.
• Designed by American architect Benjamin Polk, it was built out of red sandstone, its structure has been made from 300 slabs, with the Ashok Chakra etched on them

ii.The memorial also features a Gallery, Museum, and Memorial Monuments that provide insights into the historical context and significance of the massacre.
Formation of the Hunters Commission:
i.On 14 October 1919, the Government of India established the Disorders Inquiry Committee, commonly known as the Hunter Commission.

• It was established after orders issued by the Secretary of State for India, Edwin Montagu.

ii.Named after its chairman, Lord William Hunter, former Solicitor-General for Scotland, the commission was tasked to investigate the Jallianwala Bagh shootings.
iv.The Hunter Commission’s final report was released in March 1920. The report unanimously condemned Dyer, but no punitive action was taken.

World Chagas Disease Day 2024 – April 14 World Chagas Disease Day (WCDD) is annually observed across the globe on 14 April to raise awareness about Chagas Disease (also known as American trypanosomiasis), a neglected tropical disease (NTD) that can cause serious heart and digestive issues.

• WCDD also aims to improve early detection, expand diagnostic coverage, and provide equitable access to clinical care for Chagas Disease.
• The theme for WCDD 2024 is “Tackling Chagas Disease: Detect Early and Care for Life.”

Background:
i.In 2019, the 72nd World Health Assembly declared the 14 April of every year as World Chagas Disease Day.
ii.The first-ever World Chagas Disease Day was observed on 14 April 2020.
About World Health Organisation (WHO):
Director General– Dr Tedros Adhanom Ghebreyesus
Headquarters– Geneva, Switzerland
Established on– 7 April 1948

NTPC Launches New Edition of Girl Empowerment Mission On April 9, 2024, NTPC Limited (formerly National Thermal Power Corporation) launched the latest edition of the Girl Empowerment Mission (GEM), its flagship Corporate Social Responsibility (CSR) initiative.

• The new GEM will add around 3000 underprivileged children at 42 locations of NTPC. With this, the mission will expand to benefit a total of 10,000 girls.

Note: This is in line with Government of India’s “Beti Bachao, Beti Padhao” campaign, which aims to empower girls by nurturing their potential and providing opportunities for growth, and tackle gender inequality.
Key Points:
i.To date, 7,424 girls have benefited from the program, with participation increasing annually.
ii.In 2023, 2,707 girls joined workshops at 40 NTPC locations across 16 states in India.
iii.GEM started as a pilot project in 2018 with three locations and has since expanded nationwide.

• Despite challenges posed by the COVID-19 pandemic, GEM continues to offer holistic skill development, confidence-building, and mentorship to participants.

iv.The program aims to empower girls as catalysts for change, impacting themselves, their families, communities, and the nation.
About NTPC Limited:
NTPC Limited is a Central Public Sector Undertaking (CPSU) under the Ministry of Power.
It received Maharatna status in 2010.
Chairman & Managing Director– Gurdeep Singh
Headquarter– New Delhi, Delhi
Establishment– 1975

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4.2 trillion needed in Investments to close Development Financing Gap in SDGs: UN DESA’s FSDR 2024i.On April 9, 2024, the United Nations Department of Economic and Social Affairs (UN DESA) released the 9th edition of ‘Financing for Sustainable Development Report 2024 (FSDR 2024)-Inter-agency Task Force on Financing for Development‘ on the theme ‘Financing for Development at a Crossroads’.
ii.As per it, to overcome or close the development financing gap, an estimated USD 4.2 trillion in investments are required, as compared to USD 2.5 trillion before the onset of the COVID-19 pandemic.
iii.The report highlights the necessity of economic transitions for achieving sustainable development goals (SDGs) which will require investments at unprecedented scale.
iv.This report is a joint product of the members of the Inter-agency Task Force on Financing for Development (IATF).
v.Debt servicing costs for Least Developed Countries (LDCs) are estimated at USD 40 billion between 2023 and 2025, up over 50% i.e. USD 26 billion from 2022.
About United Nations Department of Economic and Social Affairs (UN DESA):
The Under-Secretary-General (USG) for Economic and Social Affairs, appointed by the UN Secretary-General, is the head of UN DESA.
Head– USG Li Junhua
Headquarters– New York, United States (US)
Establishment– 1948

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Karnataka Bank Partners with FISDOM to Offer Stock Broking Services & 3-in-1 Accounts
Karnataka Bank Ltd, a leading private sector Bank partnered with FISDOM to offer stock broking services and 3 in 1 Accounts (Savings, Demat, and Trading accounts) through the “KBL Mobile Plus”, the mobile banking app of Karnataka Bank.

• The partnership focuses on enhancing the current value proposition of enabling customers by providing seamless access to stocks and mutual funds.
• It will empower customers to access investment opportunities and trading functionalities within a single, user-friendly interface.
• The 3-in-1 facility consolidates savings, demat, and trading accounts, simplifying account management
• It also eliminates the need for multiple platforms, ensuring a smoother investment journey.

Note: FISDOM is a digital wealth management platform of Finwizard Technology Private Limited. It offers investors a 360-degree wealth management platform for mutual funds and Insurance.

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CAMS Receives RBI’s Nod to Operate as an Online Payment Aggregator
Computer Age Management Services Ltd (CAMS), India’s largest mutual fund transfer agency, has received a Certificate of Authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator.

CAMS obtained in-principle authorisation from RBI in February 2023.

• CAMS applied for the certificate of authorisation following the regulatory guidelines ‘Guidelines on Regulation of Payment Aggregators and Payment Gateways’ (Guidelines) issued in March 2020.
• CAMSPay, CAMS’s payment business unit, boasts 15 years of experience in the payment solutions industry.
• It caters to a diverse portfolio of clients, including mutual funds, insurance companies, banks, and non-banking finance companies (NBFCs).

Note: In March 2024, CAMSPay registered over 1.2 million mandates for the Unified Payment Interface (UPI) autopay.

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Moody’s Analytics forecasts India’s GDP to grow 6.1% in 2024According to Moody’s Analytics report titled “APAC Outlook: Listening Through the Noise,” India’s Gross Domestic Product (GDP) is expected to decrease to 6.1% in 2024 from 7.7% growth recorded in 2023.
Key Points:
i.The report mentioned that output in India remains 4% lower than it would have been without the COVID-19 pandemic and its various aftershocks including: supply disruptions and military conflicts abroad.
ii.As per the report, economies in South and South-East(SE) Asia region will witness some of the strongest output gains in 2024; but their performance is flattered due to delay in post-pandemic rebound.
iii.The report estimated that overall APAC(Asia-Pacific) region will show a growth of 3.8% in 2024 whereas global economy will show the growth of 2.5%.
iv.The report highlighted that there is more uncertainty for China and India in terms of inflation.
v.As per the report, India’s Consumer Price inflation rate is around 5% which is close to inflation target range of 2% to 6% set by Reserve Bank of India(RBI). It shows no sign of a trend towards slowing price pressures.

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Indian Microbiologist Gagandeep Kang Honoured with John Dirks Canada Gairdner Global Health Award 2024On 11th April 2024, The Toronto (Canada) based Gairdner Foundation honoured Indian microbiologist and virologist Gagandeep Kang with the John Dirks Canada Gairdner Global Health Award 2024 for her achievements in global health research. She is the first Indian woman to get this award.
Reason for Award: She was honoured for her extensive cohort-based epidemiological, environmental and clinical trial research on enteric diseases in children and their effects on life course, with a significant impact on vaccine development and health policy in India and internationally
Note: This was a part of the 2024 Canada Gairdner Awards which celebrates the world’s best biomedical and global health researchers.
About Gagandeep Kang:
i.Gagandeep Kang is an adjunct professor at Christian Medical College(CMC), Vellore, Tamil Nadu.
ii.She is also the Director of enteric, diagnostics, genomics and epidemiology at the Bill and Melinda Gates Foundation.
iii.She has contributed to the development and introduction of two Indian rotavirus vaccines: Rotavac and Rotasiil, into the National Immunisation Program.
About John Dirks Canada Gairdner Global Health Award:
The John Dirks Canada Gairdner Global Health Award is annually awarded to the researchers who used rational, scientifically based research which has improved the health and well-being of people who face health inequities across the globe.
About Canada Gairdner Awards:
i.The Gairdner Foundation was established in 1957 with a donation from philanthropist James A Gairdner. It is a non-profit organization that recognises outstanding achievements in biomedical research worldwide.
ii.Canada Gairdner Awards has been annually presented by the Gairdner Foundation (Canada) since 1957.

• Recipients also collect Canadian Dollar (CDN) 100,000 each and a medal.

iii.Annually, 8 awards are given: 5 Canada Gairdner International Awards for biomedical research, 1 John Dirks Canada Gairdner Global Health Award, specifically for impact on global health issues, and 2 Canada Gairdner Momentum Awards, recognizing mid-career Canadian investigators.

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Mathematician Avi Wigderson Wins the 2023 ACM A.M. Turing AwardThe Association for Computing Machinery (ACM) has named Israeli mathematician and computer scientist Avi Wigderson as the recipient of the 2023 ACM A.M. Turing Award, which is often called the “Nobel Prize of Computing”.

• He is a Herbert H. Maass Professor in the School of Mathematics at the Institute for Advanced Study (IAS) in Princeton, New Jersey, the United States of America (USA).

Reason for award: He was recognised for foundational contributions to the theory of computation, including reshaping the understanding of randomness in computation and mathematics, and for his intellectual leadership in theoretical computer science.

• The award carries a cash prize of USD 1 million.

About Avi Wigderson:
i.In 1986, Avi Wigderson was appointed as a Senior Lecturer in the Department of Computer Science at the Hebrew University, Jerusalem, Israel.
ii.He was promoted as Associate Professor in 1987 and later promoted as Professor at the Computer Science Institute of the Hebrew University.
iii.In 1993, he became the Chairman of the Computer Science Institute at Hebrew University.
iv.In 1999, he joined the Faculty as a Professor at IAS in Princeton, New Jersey.
Awards/Honours:
i.In 1994, he won the Rolf Nevanlinna Prize for computer science, which is awarded by the International Mathematical Union every 4 years.
ii.He also won the Levi L Conant Prize (2008); the Gödel Prize (2009); and the Donald E Knuth Prize (2019).  and the Abel Prize (2021).
iii.In 2021, he recevied the Abel Prize, an important honor for lifetime achievements in the field of mathematics. He shared the award with László Lovász of Hungary.
About ACM A.M. Turing Award:
i.The award was named after Alan M. Turing, a British mathematician who is considered the father of modern computer science.
ii.The award recognises significant contributions to the computing field since its establishment in 1966.
iii.It honours computer scientists and engineers for creating systems and theoretical foundations crucial to the advancement of Information Technology (IT).
iv.It is ACM’s most prestigious award, acknowledging lasting and substantial technical contributions to the computing field.
vi.The financial support for the award is provided by Google Inc.

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Central Government Appoints Ashish Kumar Chauhan, Sridhar Vembu as Members of UGC for 3 yearDepartment of Higher Education, Ministry of Education has notified the appointment of Ashish Kumar Chauhan, Managing Director(MD) and Chief Executive Officer(CEO), National Stock Exchange (NSE) and Sridhar Vembu, CEO, Zoho Corporation as members of the University Grants Commission(UGC) for a period of 3 years.
Other Key appointments:
i.It has also appointed Retd. Professor Sachidananda Mohanty, Former Vice Chancellor(VC), Central University of Odisha.
ii.Professor Shashikala Gulabrao Wanjari, VC of National Institute of Educational Planning and Administration(NIEPA), New Delhi, Delhi as members of UGC for tenure of 3 years or till further orders
Note: With these appointments, total members in UGC increases from 4 to 8.
About Ashish Kumar Chauhan:
i.Ashish is the acting Chancellor of University of Allahabad, Prayagraj, Uttar Pradesh.
ii.In July 2022, SEBI appointed him as MD and CEO of NSE for 5 years.
iii.He was one of the founding members of National Stock Exchange(NSE).
iv.He worked in BSE (formerly Bombay Stock Exchange) as Deputy CEO in 2009. Later, he was appointed as CEO of BSE in 2012.

• During his tenure, BSE got listed in 2016.

v.He played an important role in setting up of India International Exchange(India INX) , India’s 1st international exchange in 2017 at Gandhinagar, Gujarat.
About Sridhar Vembu:
i.He started his career as wireless engineer with Qualcomm company in San Diego, California, United States of America(U.S.A.).
ii.In 1996, he established AdventNet, which subsequently became Zoho Corporation when it was renamed in 2009.
iii.He was appointed as member of National Security Advisory Board in 2021.
iv.He was honoured with Padma Shri, India’s 4th highest civilian honour in 2021 for Trade and Industry.
About University Grants Commission(UGC):
The Sargent Report of 1944 proposed for the first time to form the national system of education in India.
UGC was established by an Act of Parliament in 1956
Chairman: Mamidala Jagadesh Kumar
Headquarters: New Delhi, Delhi

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Vo Thi Anh Xuan Appointed as Interim President of Vietnam Vietnam’s Vice-President Vo Thi Anh Xuan (54 years old) was appointed Interim President of Vietnam on 21st March 2024.

• Vo Thi Anh Xuan succeeds Vo Van Thuong, who resigned from the post of President on 20th March 2024. He has been serving as the President of Vietnam since March 2023.
• She will serve as the acting president until Vietnamese National Assembly (NA) elects a new president.

Note:  Previously in 2021-2026 term, Vo Thi Anh Xuan held the post of Interim president of Vietnam in January 2023, before Vo Van Thuong was elected as President replacing Nguyen Xuan Phuc who resigned from the post on 17th January 2023.
About Vo Thi Anh Xuan :
i.Vo Thi Anh Xuan hails from Tinh Bien District, An Giang Province, Vietnam.
ii.She is an alternate member of the 11th Party Central Committee of the Communist Party of Vietnam (CPV) , a member of the 12th and 13th Party Central Committee, and a delegate to the 14th and 15th National Assembly.
ii.In April 2021, she was elected as Vice President of Vietnam. At the age of 51 becoming the youngest Vice President of Vietnam.
About Vietnam:
Prime Minister– Pham Minh Chinh
Capital– Hanoi
Currency– Vietnamese dong

Bjarni Benediktsson Took Office as PM of Iceland; PM Katrín Jakobsdóttir Resigned Bjarni Benediktsson, chairman of Iceland’s Independence Party took office as Prime Minister (PM) of Iceland on 9 April 2024.  He succeeds Katrín Jakobsdóttir, who resigned as PM of Iceland to run for President of Iceland.

• He has been serving as the Minister for Foreign Affairs since October 2023.
• He has previously served as PM of Iceland from January to November 2017.

Note: Katrín Jakobsdóttir has been serving as the PM of Iceland since 2017. She also resigned as Chairperson of the Left-Green Movement.
About Bjarni Benediktsson:
i.Bjarni Benediktsson started his career as a District Court attorney in 1998.
ii.He was first elected to the Icelandic parliament Althingi as a member of Southwest Iceland in 2003.
iii.He has been serving as the leader of the Independence Party since 2009.
v.He served as the Minister of Finance and Economic Affairs from 2013 to 2017 and from 30 November 2017 to 14 October 2023.
About Katrín Jakobsdóttir:
i.Katrín Jakobsdóttir was the 2nd woman to serve as the PM of Iceland after Jóhanna Sigurðardótti.
ii.She has been a Member of Althingi for the Reykjavík North Constituency since 2007.
iii.She has also served as Minister of Education, Science and Culture and Minister of Nordic Cooperation between 2009 and 2013.
iv.She served as the Chairman of the Left-Green Movement from 2013 till her resignation in 2024.
About Iceland:
President–  Guðni Th. Jóhannesson
Capital– Reykjavík
Currency– Icelandic Króna (ISK)

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IndusInd International Holdings Acquires 60%  Stake in Invesco Asset Management India
IndusInd International Holdings Limited (IIHL), the Mauritius-based Investment Holding Company of the Hinduja Group, has acquired a 60% stake in Invesco Asset Management India (IAMI).

• IAMI is the domestic arm of United States of America(USA)-based global investment management firm Invesco.
• This acquisition is part of the agreement to form a Joint Venture(JV) in which IIHL will hold 60%  and IAMI will hold 40% and both will have sponsor status.

Note:IIHL is the promoter entity of IndusInd Bank, the fifth-largest private-sector bank in India.

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Russia Launched 1st Angara-A5 Heavy Lift Space Rocket from Vostochny CosmodromeOn 11th April 2024, Russian space agency Roscosmos State Corporation for Space Activities(ROSCOSMOS) successfully launched the 1st Angara-A5 space rocket from the launch pad in Vostochny Cosmodrome in the far eastern Amur region, Russia.

• This will replace Proton M as Russia’s heavy-lift rocket, which has been in operation since the mid-1960s.

Key Points:
i.The rocket was launched into space, reaching more than 25,000 kilometres per hour (Km/hr) in minutes.
ii.The rocket successfully placed the test payload into the low orbit.
Significance:
Angara-A5 was launched ahead of the celebration of Russia’s Cosmonaut Day on 12th April 2024 which marks the 63rd anniversary of the day on which Soviet Union’s Yuri Gagarin became the first man in outer space.
Gagarin onboard the Vostok 3KA-3 (Vostok 1) spacecraft was launched from Baikonur Cosmodrome on 12th April 1961.
About Angara-A5:
i.Angara-A5 is a 54.5-metre three-stage heavy lift space rocket weighing about 773 tonnes. It is capable of carrying payloads up to 24.5 tonnes into lower orbit.
ii.The rocket uses oxygen and kerosene as fuel instead of toxic heptyl making it more environmentally friendly than its antecedents.
ii.It is a part of the Angara Rocket Series, developed and manufactured by Khrunichev State Research and Production Space Centre based in Moscow, Russia.

• The Angara rocket family is named after the Angara River, which flows out of Lake Baikal in Siberia.

Note: The first and second test flights of Angara-A5 took place from the northern Plesetsk Cosmodrome in 2014 and 2020 respectively.
Project Angara:
i.Russia conceptualised the Angara Project in 1991 after the break-up of the Soviet Union.
ii.The project was started to reduce Russia’s dependence on Baikonur Cosmodrome which it has leased from Kazakhstan (until 2050).
About Roscosmos State Corporation for Space Activities(ROSCOSMOS):
Director-General(DG)- Yuri Ivanovich Borisov
Headquarters- Moscow, Russia
Established in 1992

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Israel Deploys C-Dome Defence System for First time
Israel has deployed its ship-mounted defence system ‘C-Dome’ for the first time in Eilat, the southernmost city of Israel.

• The C-Dome is a naval version of the Iron Dome air defence system used to shield against rocket and missile attacks.
• On 8th April 2024, the Israel Defence Forces (IDF) successfully intercepted the suspicious aerial target crossing into Israeli territory using the C-Dome defence system.

Note: The C-Dome Defence System was developed by the state-owned defence company Rafael Advanced Defence Systems.

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Badminton: India’s Anupama and Tharun Win Singles Titles at Kazakhstan International Challenge 2024 India’s Anupama Upadhyaya and Tharun Mannepalli won the women’s and men’s singles titles, respectively, at the Kazakhstan International Challenge 2024 Badminton tournament in Uralsk, Kazakhstan, from 2nd to 6th April 2024.
Indian Winners:
i.Tharun Mannepalli of Telangana defeated Soong Joo Ven (Malaysia) in the men’s singles final.

• It marks Tharun’s first title on the senior circuit.
• He was the runner-up in the Badminton national championship in 2023.

ii.Former Junior World No. 1 Anupama Upadhyaya (Uttarakhand) defeated Isharani Baruah in the all-Indian women’s singles finals.

• It marks her second international title in 2024 after winning the Polish Open(Poland).
• She has previously won the India International Challenge 2021, the Tajikistan International Series 2023, and the Polish Open (2022 and 2024).

iii.The Indian pair Sanjai Srivatsa Dhanraj and Maneesha K clinched second place in the mixed doubles after they lost to Malaysia’s Wong Tien Ci and Lim Chiew Sien.
Winners of Kazakhstan International Challenge 2024:

International Day of Human Space Flight 2024 – April 12 The United Nations (UN) International Day of Human Space Flight is annually observed across the globe on 12 April to celebrate the beginning of the space era for mankind and underscores the pivotal role of space science and technology in advancing sustainable development goals (SDGs) and enhancing the welfare of nations and individuals.

• It also emphasises the commitment to preserving outer space for peaceful purposes.

Background:
i.On 7 April 2011, the UN General Assembly (UNGA) adopted the resolution A/RES/65/271 and declared April 12 of every year International Day of Human Space Flight.
ii.The 1st ever International Day of Human Space Flight was observed on 12 April 2011.
About United Nations Office for Outer Space Affairs (UNOOSA):
Director– Aarti Holla-Maini
Headquarters– Vienna, Austria
Established in– 1958

• World Politics Quiz 2026: 10 MCQs with Answers & Explanations
• General Science Quiz 2026: 10 MCQs with Answers & Explanations
• Indian History Quiz 2026: 10 MCQs with Answers & Explanations
• World Geography Quiz 2026: 10 MCQs with Answers & Explanations
• Indian Geography Quiz 2026: 10 MCQs with Answers & Explanations

India, Mauritius amends Double Tax Avoidance AgreementThe Government of the Republic of India and the Government of Mauritius have amended the India-Mauritius Double Tax Avoidance Agreement (DTAA) to focus on preventing tax evasion instead of promoting bilateral investment flows.
Background: 
i.In February 2024, the Mauritius Cabinet of Ministers approved an amendment to the DTAA with India to align with the Organisation for Economic Co-operation and Development (OECD)’s proposal on Base Erosion and Profit Shifting (BEPS).
ii.India and Mauritius signed the protocol to amend the India-Mauritius DTAA in March 2023.
About Mauritius : 
President– Prithvirajsing Roopun
Prime Minister– Pravind Kumar Jugnauth
Capital– Port Louis
Currency– Mauritian Rupee

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KABIL & CSIR-IMMT Signed MoU for Technical and Knowledge Cooperation for Critical MineralsKhanij Bidesh India Limited (KABIL) has signed a Memorandum of Understanding (MoU) with the Council of Scientific and Industrial Research – Institute of Minerals and Materials Technology (CSIR-IMMT) for bolstering technical and knowledge cooperation for Critical Minerals at the National Aluminium Company Ltd. (NALCO) Corporate Office in Bhubaneswar, Odisha.
Signatories: The MoU was signed by Sadashiv Samantaray, Director (Commercial) of NALCO and Chief Executive Officer (CEO) KABIL; and Dr. Ramanuj Narayan, Director of CSIR-IMMT, in the presence of Sridhar Patra, Chairman-cum-Managing Director (CMD) of NALCO and Chairman, KABIL.
Key Collaborative Initiatives:
i.Under the MoU, KABIL will leverage CSIR-IMMT’s service and technical expertise for:

• Design and Analysis of metallurgical test work plans;
• Development and review of process flowsheets; and
• Process technology selection for mineral processing, beneficiation, and metal extraction.

ii.The MoU will also begin joint research attempts and the exchange of scientific information between the two entities.
iii.The collaboration will foster an environment conducive to critical mineral exploration.
Note: Scientific research and technological advancements are vital to the growth and sustainability of the Indian mining sector, ensuring mineral security and meeting domestic requirements.
About Khanij Bidesh India Limited (KABIL):
KABIL is a Joint Venture (JV) of 3 Government Enterprises: NALCO; Hindustan Copper Limited (HCL); and Mineral Exploration & Consultancy Limited (MECL), in the ratio of 40:30:30, under the aegis of the Ministry of Mines.
KABIL was Incorporated in 2019 under the Companies Act 2013.
Chairman– Sridhar Patra
CEO– Sadashiv Samantaray
Headquarters– New Delhi, Delhi

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QS World University Rankings by Subject 2024: JNU ranked as India’s Top University for Development Studiesi.On April 10, 2024, the Quacquarelli Symonds (QS) released the 14th edition of QS World University Rankings by Subject 2024 which marked Jawaharlal Nehru University (JNU) as India’s highest-ranked in Development Studies (20th globally).
ii.Music is the one new subject to be added to 2024 rankings.
iii.The edition featured 55 individual subjects across five broad subject areas viz. Arts & Humanities, Engineering & Technology, Life Sciences & Medicine, Natural Sciences and Social Sciences & Management.
iv.Harvard University of United States (US) topped the 4 broad subjects.
v.69 Indian universities featured in the 2024 QS World University Rankings by Subject, with 424 entries, marking a 19.4% increase from 2023.
About Quacquarelli Symonds (QS):
CEO– Jessica Turner
Headquarter– London, United Kingdom (UK)

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WTO Projects Global Merchandise Trade Volume to Grow by 2.6% in 2024According to the “Global Trade Outlook and Statistics: April 2024” report released by the World Trade Organization(WTO), the global merchandise trade volume is projected to grow by 2.6% in 2024 and 3.3% in 2025 as demand for traded goods rebounds following a contraction in 2023.

• Regional conflicts, geopolitical tensions and economic policy uncertainty pose downside risks to the forecast.

i.As per the report, India’s merchandise export for 2023 was USD 432 billion which is 5% lower than 2022. India’s imports fell 7% to USD 673 billion.
ii.India clocked USD 451 billion goods export in FY23 and USD 394.99 billion in April-February FY24.
About World Tade Organization(WTO):
Director-General(DG)- Ngozi Okonjo-Iweala
Headquarters- Geneva, Switzerland
Member nations- 164
Established in 1995

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IPPB Introduces Aadhaar ATM Service for Convenient Cash WithdrawalsThe India Post Payments Bank (IPPB) has introduced the Aadhaar ATM service facility for its users. It works on the principle of the Aadhaar Enabled Payment System (AePS), which was introduced by the National Payments Corporation of India (NPCI).
Key Features:
i.This IPPB Online Aadhaar ATM facility will enable customers to avail cash without visiting a bank or an Automated teller machine (ATM) and simply avail cash at their doorsteps with the help of a postman/gramin dak sevak.

• This facility is particularly helpful for those with busy schedules or for people living in remote places, especially rural areas.

ii.NPCI has set a maximum transaction amount of Rs. 10,000 on a single AePS financial transaction.
iii.As the acquiring bank, IPPB does not impose any restrictions on AePS transactions for other bank clients.
iv.The Aadhaar Enabled Payment System (AePS) is a banking service enabling customers to utilize their Aadhaar identification for accessing associated bank accounts. This can be accessible through designated Business Correspondents (a verified Bank Agent who provides basic banking service using a MicroATM (terminal) to any bank customer wishing to avail their BC service)
v.The services provided by the AePS include –

• Balance Enquiry
• Cash Withdrawal
• Cash Deposit (done under IPPB Aadhaar ATM)
• Mini Statement
• Aadhaar to Aadhaar Fund Transfer

vi.There are no transaction charges levied on any user if he or she avails of the facility at any access point or doorstep. However, the doorstep service charges will be applicable to the customer as per prevailing fees.
About National Payments Corporation of India (NPCI)– 
National Payments Corporation of India (NPCI) is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for developing a robust Payment & Settlement Infrastructure in India.
MD & CEO- Mr.Dilip Asbe
Headquarters– Mumbai, Maharashtra
Establishment – 2008
About India Post Payments Bank-
Managing Director & Chief Executive Officer (MD & CEO) – R. Viswesvaran
Headquarters: New Delhi, Delhi
Establishment – 2018 
Tagline – Aapka Bank, Aapke Dwaar 

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ADB projected India’s GDP Growth Forecast for 2024 to 7% On April 11, 2024, the Asian Development Bank (ADB) in its ‘Asian Development Outlook (ADO) April 2024‘ raised India’s Gross domestic product (GDP) growth forecast for 2024 to 7% from 6.7% amid robust growth which will be driven by public and private sector investment demand and gradual improvement in consumer demand.

• This growth estimate is however; lower than 7.6% projected for the 2023.

Growth Projections:
i.For 2025, the ADB has projected India’s growth at 7.2%.
ii.India’s inflation will be 4.6% in 2024 and 4.5% in 2025.
iii.All data in the outlook were accessed from Feb 1 – 31 March 2024.
Highlights:
i.On Regional Front, developing economies in Asia and the Pacific are forecast to expand by 4.9% on average in 2024 and 2025 amid robust domestic demand, improving semiconductor exports, and recovering tourism.

• The inflation will be 3.2% in 2024 and 3% in 2025.

ii.South Asia remains the fastest growing subregion as domestic demand improves on moderating inflation in most economies.

• Its growth will be 6.3% in 2024 and 6.6% in 2025.

iii.The ADB’s growth forecast for India is in line with the projections made by the Reserve Bank of India (RBI) which projected GDP growth at 7%, driven by a normal monsoon, moderating inflationary pressures, and sustained momentum in the manufacturing and services sectors.
About Asian Development Bank (ADB):
President– Masatsugu Asakawa
Headquarters– Mandaluyong City, Metro Manila, Philippines
Establishment– 1966
Members – 68 members (49 from the region)

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NIIF Invests USD 200 mn in iBus to Boost Digital Infrastructure in India
National Investment and Infrastructure Fund Limited (NIIF) has invested USD 200 million(about Rs 1660 crores) in iBus Network And Infrastructure Pvt Ltd(iBUS), a Bengaluru(Karnataka)-based Digital Infrastructure Solutions Company, to support the growth of the digital infrastructure in India.

• The investment, in line with India’s Digital India Mission, was made through NIFF’s Master Fund.
• The NIIF will hold a significant majority stake in iBUS after the completion of the transaction.
• Part of the funds will be deployed to develop new infrastructure solutions to address evolving market demands and technological advancements.
• The NIIFL Master Fund, India’s largest infrastructure fund, aims to participate in the Indian infrastructure story by investing in high-quality businesses and assets across core infrastructure sectors via operating and greenfield opportunities.

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ICICI Lombard Partnered with Policybazaar to Offer its Insurance Products on Policybazaar Platform
ICICI Lombard General Insurance Company Limited has partnered with the insurance platform Policybazaar to provide a comprehensive product portfolio of ICICI Lombard to the wide user base of Policybazaar.

• ICICI Lombard offers a range of products that span motor, health, travel, home, and business insurance.
• Policybazaar will distribute ICICI Lomard’s products across various platforms, including policybazaar.com for retail audiences, PB for Business for corporates, and PB Partners for channel partners.
• This partnership aims to enhance insurance distribution, ensuring coverage reaches every corner of India through a seamless digital platform.

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PhonePe Partnered with eSewa and HAN Pokhara To Promote UPI Payments
Bengaluru (Karnataka)-based Fintech company PhonePe, has partnered with eSewa, a digital wallet service of Nepal and the Hotel Association of Nepal (HAN)–Pokhara (a regional association of HAN, Nepal) to promote digital payments through Unified Payments Interface (UPI) on the Nepal payment processor Fonepay Network.

• This partnership is a part of the 19th Fewa New Year Festival which will be held in Nepal from 11th to 14th April 2024.

Note: The Fewa New Year Festival is celebrated with a theme of “Tourism, Culture, and Food’’, in three grand stages showcasing cultural performances, pop shows and culinary delights.

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Harvard Honored Avantika Vandanapu ‘South Asian Person of the Year’On 9th April 2024, The Indian-American actress Avantika Vandanapu was honored the ‘South Asian Person of the Year’ by the South Asian Association (SAA) at Harvard University, Cambridge, Massachusetts, USA (United States of America).

• She was recognised for her achievements and significant impact in both the international and Indian entertainment industries.

About Avantika Vandanapu
i.Avantika was born on 25th January 2005 in California, USA, to an Indian family hailing from Hyderabad, Telangana.
ii.She made her debut as child artist and starred in Telugu films like Brahmotsavam and Manamantha.
iii.She has first lead role Disney original movie ‘Spin’ (2021) and later  starred in Netflix’s ‘Senior Year’ (2022).
iii.She also made her debut in Indian OTT(Over-the-top) series ‘Big Girls Don’t Cry’ (2024).

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Belgium’s Ingmar De Vos Elected as New President of ASOIFOn 9 April 2024, Ingmar De Vos from Belgium, the President of the International Equestrian Federation (FEI), was unanimously elected as the President of the Association of Summer Olympic International Federations (ASOIF) during the 48th ASOIF General Assembly.

• He was elected for a 4 year term, starting on 1st January 2025.
• He will replace Francesco Ricci Bitti of Italy, whose 3rd term as President of ASOIF is set to end on 31st December 2024.

Note: 48th ASOIF General Assembly was held during SportAccord World Sport & Business Summit 2024 held in Birmingham, The United Kingdom (UK).
About Ingmar De Vos:
i.Ingmar De Vos began his career as a Belgian Senate Advisor in 1989 and served as the Director General(DG) of the Belgian Equestrian Federation from 1990 to 1997.
ii.He served as the Secretary General of the Belgian Equestrian Federation from 1997-2011.
iii.He joined the FEI in 2011, where he served as Secretary General until 2014.
iv.He was elected President of FEI on 14 December 2014; re-elected for 2nd 4-year term in 2018; and for the final 3rd term in 2022.
v.Since 2017, he has been a Member of the International Olympic Committee (IOC). He has served as an ASOIF Council member since 2019.
Exclusion of International Boxing Association (IBA):
i.The General Assembly excluded the International Boxing Association (IBA) as an ASOIF Member in line with ASOIF Statutes.
ii.This move follows the Court of Arbitration for Sport (CAS) decision upholding the IOC’s withdrawal of IBA’s recognition as the International Federation (IF) for Olympic boxing.

• ASOIF had previously suspended IBA’s Full Member’s rights.

Statute Amendments and New Associate Members:
i.The General Assembly approved Statute amendments to clarify the start and expiry dates for Associate Membership.
ii.Associate Membership granted to the International Cricket Council (ICC), the International Federation of American Football (IFAF), World Lacrosse, and World Squash, effective from 1st January 2025.
About Association of Summer Olympic International Federations (ASOIF):
President– Francesco Ricci Bitti
Executive Director– Andrew Ryan
Headquarters– Lausanne, Switzerland
Established in– 1983

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FSIB selected Manoj Mittal as CMD of SIDBI; Sanjay Shukla named MD of NHBThe Financial Services Institutions Bureau (FSIB) has recommended Manoj Mittal for the post of Chairman and Managing Director (CMD) of the Small Industries Development Bank of India (SIDBI).

• He is currently serving as MD and Chief Executive Officer (CEO) of IFCI Limited (formerly Industrial Finance Corporation of India).
• He will replace Sivasubramanian Ramann, who has been serving as CMD of SIDBI since April 2021. Ramann is a 1991 batch of Indian Audit and Accounts Service (IA&AS) officer.

About Manoj Mittal:
i.Manoj Mittal has served as the Deputy MD of SIDBI from 2016 to 2021.
ii.He played a major role in developing SIDBI Vision 2.0, which helped SIDBI to emerge as a financially stronger institution.
FSIB Named Sanjay Shukla as MD of NHB
FSIB has appointed Sanjay Shukla as the MD of the National Housing Bank (NHB), the apex regulatory body for the overall regulation and licensing of housing finance companies in India.
He is currently serving as the MD&CEO of Centrum Housing Finance Limited (CHFL).

• He will succeed Sarada Kumar Hota, who has been serving as MD of NHB since 2019.

About Sanjay Shukla :
i.Sanjay Shukla has also served as the MD and CEO of Cent Bank Home Finance
ii.He has also worked with ING Vysya Bank, Tata Capital Housing Finance Limited, Citi Bank and Hometrust Housing Finance Limited(later merged into HDFC Limited).
iii.He has an experience of working with various private sector organisations including LIC Housing Finance.
About Financial Services Institution Bureau (FSIB):
FSIB came into effect on 1st July 2022, replacing the Banks Board Bureau(BBB) for recommending persons for appointment as whole-time directors and non-executive chairpersons on the Boards of financial services institutions.
Chairman- Bhanu Pratap Sharma
Headquarters- Mumbai, Maharashtra

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SC Judge Anirudhha Bose Retired; Appointed as Director of NJAOn 10th April 2024, Justice Anirudhha Bose retired from the Supreme Court (SC) of India. He has been serving as the SC Judge since 2019.

• He was appointed as Director of the National Judicial Academy (NJA) which offers training programmes to aid the judges in their judging role and in performance of court administration work.

About Justice Anirudhha Bose:
i.He enrolled with the Bar Council of West Bengal as an advocate in October 1985.
ii.After serving as an advocate for about 19 years in the Calcutta High Court(HC), he was elevated to the High Court Bench as a Permanent Judge in 2004.
iii.In 2018, he was appointed as the Chief Justice(CJ) of Jharkhand HC.
iv.He was appointed as a judge of the SC in May 2019.
Additional info:
i.The Director of NJA is appointed by the Dhananjaya Yeshwant Chandrachud, Chief Justice of India (CJI) and Chairman of NJA.
ii.The CJI is the Chairman of the General Body, Governing Council, the Executive Committee, and the Academic Council of NJA.
About National Judicial Academy (NJA):
NJA is an independent society, established in 1993 under the Societies Registration Act of 1860.
NJA is fully funded by the Government of India (GoI) and works under the directions of the Supreme Court of India.
Chairperson– D Y Chandrachud
Location– Bhopal, Madhya Pradesh

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Hinduja Group Firm Gets SEBI Approval for Ownership Change of Reliance Wealth
The Securities and Exchange Board of India (SEBI) has given its approval to Hinduja Group-owned Asia Enterprises for a change of control in Reliance Wealth Management Limited under SEBI’s regulations governing investment advisers and portfolio managers.

• SEBI also approved an application for a proposed change in control at Reliance Securities under regulations governing research analysts and investment advisors.
• IndusInd International Holdings Limited (IIHL), investment holding company of the Hinduja Group, made a successful bid to get Reliance Capital under the Corporate Insolvency Resolution Proceedings (CIRP) process of the Insolvency and Bankruptcy Code (IBC).
• IIHL’s resolution plan for Reliance Capital encompasses Reliance Wealth among other entities. It involves an upfront cash amount of Rs. 9,650 crore.

Note: The CIRP process against Reliance Capital was initiated in November 2019; IIHL’s bid received 99.6% majority support from creditors.

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NASA and Japan Sign Agreement to Advance Sustainable Human ExplorationOn 9th April 2024, Bill Nelson, National Aeronautics and Space Administration (NASA) Administrator, and Japan’s Minister of Education, Culture, Sports, Science and Technology (MEXT) Masahito Moriyama signed an agreement to advance sustainable human exploration of the Moon at the NASA Headquarters in Washington, United States of America(USA).
About the Agreement:
i.Under the agreement, the USA will send two Japanese astronauts to the moon surface on its lunar mission.

• Out of two Japanese astronauts, one will become the first non-American ever to land on the moon.

ii.Under the agreement, Japan will design, develop, and operate a pressurized rover for crewed and uncrewed exploration on the Moon.
iii.NASA will provide the launch and delivery of the rover to the Moon.

• The astronaut from Japan will take part in NASA’s future Artemis mission.

About the Rover:
i.The pressurized rover accommodates two astronauts for up to 30 days as they traverse the area near the lunar South Pole.
ii.It enables astronauts to travel farther and work for longer periods on the lunar surface.
iii.NASA plans to use the pressurized rover on Artemis VII and subsequent missions over an approximate 10-year lifespan.
Key Points:
i.In addition to lunar surface exploration, the USA will also collaborate with Japan for its future participation in NASA’s Dragonfly mission and the Nancy Grace Roman Space Telescope.
ii.USA and Japan also plan to collaborate on JAXA(Japan Aerospace Exploration Agency)’s next-generation Solar-observing Satellite, SOLAR-C (official name “High-sensitivity Solar Ultraviolet Spectroscopic Satellite”).
iii.SOLAR-C will investigate the mysteries of solar atmospheres by conducting observations of ultraviolet radiation from the Sun.
About Artemis space Program:
i.The Artemis 1 successfully flew an uncrewed vessel around the Moon in 2022.
ii.Artemis 2 is planned for 2025 and will send four astronauts around the Moon without landing. The crew members are Christina Koch, a person of colour (African American) astronaut, Victor Glover, Reid Wiseman, and Canadian astronaut Jeremy Hanse.
iii.Artemis 3, scheduled for 2026, will be the first crewed mission to land on the Moon.

National Safe Motherhood Day 2024 – April 11 National Safe Motherhood Day (NSMD) is annually observed across India on 11 April to raise awareness of the significance of maternal health and wellness, promote maternal health, and reduce maternal mortality rates in India

• NSMD also assures access to high-quality maternal healthcare services and encourages safe delivery.

Background:
i.NSMD was initiated by White Ribbon Alliance India (WRA India), a grassroots organization that advocates for the health and rights of women and newborns.
ii.In 2003, the Government of India (GoI) declared April 11 of every year as the National Safe Motherhood Day.

• It was declared to emphasise the significance of ensuring that women have access to adequate care throughout pregnancy, childbirth, and the postnatal period.

iii.The 1st National Safe Motherhood Day was observed on 11 April 2003.
Note: India is supposedly the first country in the world to have officially declared NSMD, dedicated to promoting maternal health and safety.
Significance of April 11:
i.April 11 commemorates the birth anniversary of Kasturba Gandhi (1869-1944), an Indian political activist and the wife of Mohandas Karamchand Gandhi. She was born on 11 April 1869 in Porbandar, British India (now in Gujarat).
ii.11th April 2024 marks the 155th birth anniversary of Kasturba Gandhi.
Key Points:
i.According to the United Nations (UN) Maternal Mortality Estimation Inter-Agency Group (MMEIG) 2020 report, “Trends in maternal mortality 2000 to 2020”:

• India’s Maternal Mortality Ratio (MMR) has declined from 384 per 1 lakh live births in 2000 to 103 in 2020.
• Globally, the MMR dropped from 339 in 2000 to 223 in 2020.
• The average annual rate of reduction (ARR) in global MMR from 2000-2020 was 2.07%, while India saw a decline of 6.36%, which is higher than the global decline.

ii.Maternal deaths in India, as per the Registrar General of India (RGI), decreased steadily from 130 (2014-16) to 97 (2018-20).

India, Mauritius amends Double Tax Avoidance AgreementThe Government of the Republic of India and the Government of Mauritius have amended the India-Mauritius Double Tax Avoidance Agreement (DTAA) to focus on preventing tax evasion instead of promoting bilateral investment flows.
Background: 
i.In February 2024, the Mauritius Cabinet of Ministers approved an amendment to the DTAA with India to align with the Organisation for Economic Co-operation and Development (OECD)’s proposal on Base Erosion and Profit Shifting (BEPS).
ii.India and Mauritius signed the protocol to amend the India-Mauritius DTAA in March 2023.
About Mauritius : 
President– Prithvirajsing Roopun
Prime Minister– Pravind Kumar Jugnauth
Capital– Port Louis
Currency– Mauritian Rupee

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KABIL & CSIR-IMMT Signed MoU for Technical and Knowledge Cooperation for Critical MineralsKhanij Bidesh India Limited (KABIL) has signed a Memorandum of Understanding (MoU) with the Council of Scientific and Industrial Research – Institute of Minerals and Materials Technology (CSIR-IMMT) for bolstering technical and knowledge cooperation for Critical Minerals at the National Aluminium Company Ltd. (NALCO) Corporate Office in Bhubaneswar, Odisha.
Signatories: The MoU was signed by Sadashiv Samantaray, Director (Commercial) of NALCO and Chief Executive Officer (CEO) KABIL; and Dr. Ramanuj Narayan, Director of CSIR-IMMT, in the presence of Sridhar Patra, Chairman-cum-Managing Director (CMD) of NALCO and Chairman, KABIL.
Key Collaborative Initiatives:
i.Under the MoU, KABIL will leverage CSIR-IMMT’s service and technical expertise for:

• Design and Analysis of metallurgical test work plans;
• Development and review of process flowsheets; and
• Process technology selection for mineral processing, beneficiation, and metal extraction.

ii.The MoU will also begin joint research attempts and the exchange of scientific information between the two entities.
iii.The collaboration will foster an environment conducive to critical mineral exploration.
Note: Scientific research and technological advancements are vital to the growth and sustainability of the Indian mining sector, ensuring mineral security and meeting domestic requirements.
About Khanij Bidesh India Limited (KABIL):
KABIL is a Joint Venture (JV) of 3 Government Enterprises: NALCO; Hindustan Copper Limited (HCL); and Mineral Exploration & Consultancy Limited (MECL), in the ratio of 40:30:30, under the aegis of the Ministry of Mines.
KABIL was Incorporated in 2019 under the Companies Act 2013.
Chairman– Sridhar Patra
CEO– Sadashiv Samantaray
Headquarters– New Delhi, Delhi

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QS World University Rankings by Subject 2024: JNU ranked as India’s Top University for Development Studiesi.On April 10, 2024, the Quacquarelli Symonds (QS) released the 14th edition of QS World University Rankings by Subject 2024 which marked Jawaharlal Nehru University (JNU) as India’s highest-ranked in Development Studies (20th globally).
ii.Music is the one new subject to be added to 2024 rankings.
iii.The edition featured 55 individual subjects across five broad subject areas viz. Arts & Humanities, Engineering & Technology, Life Sciences & Medicine, Natural Sciences and Social Sciences & Management.
iv.Harvard University of United States (US) topped the 4 broad subjects.
v.69 Indian universities featured in the 2024 QS World University Rankings by Subject, with 424 entries, marking a 19.4% increase from 2023.
About Quacquarelli Symonds (QS):
CEO– Jessica Turner
Headquarter– London, United Kingdom (UK)

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WTO Projects Global Merchandise Trade Volume to Grow by 2.6% in 2024According to the “Global Trade Outlook and Statistics: April 2024” report released by the World Trade Organization(WTO), the global merchandise trade volume is projected to grow by 2.6% in 2024 and 3.3% in 2025 as demand for traded goods rebounds following a contraction in 2023.

• Regional conflicts, geopolitical tensions and economic policy uncertainty pose downside risks to the forecast.

i.As per the report, India’s merchandise export for 2023 was USD 432 billion which is 5% lower than 2022. India’s imports fell 7% to USD 673 billion.
ii.India clocked USD 451 billion goods export in FY23 and USD 394.99 billion in April-February FY24.
About World Tade Organization(WTO):
Director-General(DG)- Ngozi Okonjo-Iweala
Headquarters- Geneva, Switzerland
Member nations- 164
Established in 1995

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IPPB Introduces Aadhaar ATM Service for Convenient Cash WithdrawalsThe India Post Payments Bank (IPPB) has introduced the Aadhaar ATM service facility for its users. It works on the principle of the Aadhaar Enabled Payment System (AePS), which was introduced by the National Payments Corporation of India (NPCI).
Key Features:
i.This IPPB Online Aadhaar ATM facility will enable customers to avail cash without visiting a bank or an Automated teller machine (ATM) and simply avail cash at their doorsteps with the help of a postman/gramin dak sevak.

• This facility is particularly helpful for those with busy schedules or for people living in remote places, especially rural areas.

ii.NPCI has set a maximum transaction amount of Rs. 10,000 on a single AePS financial transaction.
iii.As the acquiring bank, IPPB does not impose any restrictions on AePS transactions for other bank clients.
iv.The Aadhaar Enabled Payment System (AePS) is a banking service enabling customers to utilize their Aadhaar identification for accessing associated bank accounts. This can be accessible through designated Business Correspondents (a verified Bank Agent who provides basic banking service using a MicroATM (terminal) to any bank customer wishing to avail their BC service)
v.The services provided by the AePS include –

• Balance Enquiry
• Cash Withdrawal
• Cash Deposit (done under IPPB Aadhaar ATM)
• Mini Statement
• Aadhaar to Aadhaar Fund Transfer

vi.There are no transaction charges levied on any user if he or she avails of the facility at any access point or doorstep. However, the doorstep service charges will be applicable to the customer as per prevailing fees.
About National Payments Corporation of India (NPCI)– 
National Payments Corporation of India (NPCI) is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for developing a robust Payment & Settlement Infrastructure in India.
MD & CEO- Mr.Dilip Asbe
Headquarters– Mumbai, Maharashtra
Establishment – 2008
About India Post Payments Bank-
Managing Director & Chief Executive Officer (MD & CEO) – R. Viswesvaran
Headquarters: New Delhi, Delhi
Establishment – 2018 
Tagline – Aapka Bank, Aapke Dwaar 

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ADB projected India’s GDP Growth Forecast for 2024 to 7% On April 11, 2024, the Asian Development Bank (ADB) in its ‘Asian Development Outlook (ADO) April 2024‘ raised India’s Gross domestic product (GDP) growth forecast for 2024 to 7% from 6.7% amid robust growth which will be driven by public and private sector investment demand and gradual improvement in consumer demand.

• This growth estimate is however; lower than 7.6% projected for the 2023.

Growth Projections:
i.For 2025, the ADB has projected India’s growth at 7.2%.
ii.India’s inflation will be 4.6% in 2024 and 4.5% in 2025.
iii.All data in the outlook were accessed from Feb 1 – 31 March 2024.
Highlights:
i.On Regional Front, developing economies in Asia and the Pacific are forecast to expand by 4.9% on average in 2024 and 2025 amid robust domestic demand, improving semiconductor exports, and recovering tourism.

• The inflation will be 3.2% in 2024 and 3% in 2025.

ii.South Asia remains the fastest growing subregion as domestic demand improves on moderating inflation in most economies.

• Its growth will be 6.3% in 2024 and 6.6% in 2025.

iii.The ADB’s growth forecast for India is in line with the projections made by the Reserve Bank of India (RBI) which projected GDP growth at 7%, driven by a normal monsoon, moderating inflationary pressures, and sustained momentum in the manufacturing and services sectors.
About Asian Development Bank (ADB):
President– Masatsugu Asakawa
Headquarters– Mandaluyong City, Metro Manila, Philippines
Establishment– 1966
Members – 68 members (49 from the region)

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NIIF Invests USD 200 mn in iBus to Boost Digital Infrastructure in India
National Investment and Infrastructure Fund Limited (NIIF) has invested USD 200 million(about Rs 1660 crores) in iBus Network And Infrastructure Pvt Ltd(iBUS), a Bengaluru(Karnataka)-based Digital Infrastructure Solutions Company, to support the growth of the digital infrastructure in India.

• The investment, in line with India’s Digital India Mission, was made through NIFF’s Master Fund.
• The NIIF will hold a significant majority stake in iBUS after the completion of the transaction.
• Part of the funds will be deployed to develop new infrastructure solutions to address evolving market demands and technological advancements.
• The NIIFL Master Fund, India’s largest infrastructure fund, aims to participate in the Indian infrastructure story by investing in high-quality businesses and assets across core infrastructure sectors via operating and greenfield opportunities.

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ICICI Lombard Partnered with Policybazaar to Offer its Insurance Products on Policybazaar Platform
ICICI Lombard General Insurance Company Limited has partnered with the insurance platform Policybazaar to provide a comprehensive product portfolio of ICICI Lombard to the wide user base of Policybazaar.

• ICICI Lombard offers a range of products that span motor, health, travel, home, and business insurance.
• Policybazaar will distribute ICICI Lomard’s products across various platforms, including policybazaar.com for retail audiences, PB for Business for corporates, and PB Partners for channel partners.
• This partnership aims to enhance insurance distribution, ensuring coverage reaches every corner of India through a seamless digital platform.

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PhonePe Partnered with eSewa and HAN Pokhara To Promote UPI Payments
Bengaluru (Karnataka)-based Fintech company PhonePe, has partnered with eSewa, a digital wallet service of Nepal and the Hotel Association of Nepal (HAN)–Pokhara (a regional association of HAN, Nepal) to promote digital payments through Unified Payments Interface (UPI) on the Nepal payment processor Fonepay Network.

• This partnership is a part of the 19th Fewa New Year Festival which will be held in Nepal from 11th to 14th April 2024.

Note: The Fewa New Year Festival is celebrated with a theme of “Tourism, Culture, and Food’’, in three grand stages showcasing cultural performances, pop shows and culinary delights.

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Harvard Honored Avantika Vandanapu ‘South Asian Person of the Year’On 9th April 2024, The Indian-American actress Avantika Vandanapu was honored the ‘South Asian Person of the Year’ by the South Asian Association (SAA) at Harvard University, Cambridge, Massachusetts, USA (United States of America).

• She was recognised for her achievements and significant impact in both the international and Indian entertainment industries.

About Avantika Vandanapu
i.Avantika was born on 25th January 2005 in California, USA, to an Indian family hailing from Hyderabad, Telangana.
ii.She made her debut as child artist and starred in Telugu films like Brahmotsavam and Manamantha.
iii.She has first lead role Disney original movie ‘Spin’ (2021) and later  starred in Netflix’s ‘Senior Year’ (2022).
iii.She also made her debut in Indian OTT(Over-the-top) series ‘Big Girls Don’t Cry’ (2024).

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Belgium’s Ingmar De Vos Elected as New President of ASOIFOn 9 April 2024, Ingmar De Vos from Belgium, the President of the International Equestrian Federation (FEI), was unanimously elected as the President of the Association of Summer Olympic International Federations (ASOIF) during the 48th ASOIF General Assembly.

• He was elected for a 4 year term, starting on 1st January 2025.
• He will replace Francesco Ricci Bitti of Italy, whose 3rd term as President of ASOIF is set to end on 31st December 2024.

Note: 48th ASOIF General Assembly was held during SportAccord World Sport & Business Summit 2024 held in Birmingham, The United Kingdom (UK).
About Ingmar De Vos:
i.Ingmar De Vos began his career as a Belgian Senate Advisor in 1989 and served as the Director General(DG) of the Belgian Equestrian Federation from 1990 to 1997.
ii.He served as the Secretary General of the Belgian Equestrian Federation from 1997-2011.
iii.He joined the FEI in 2011, where he served as Secretary General until 2014.
iv.He was elected President of FEI on 14 December 2014; re-elected for 2nd 4-year term in 2018; and for the final 3rd term in 2022.
v.Since 2017, he has been a Member of the International Olympic Committee (IOC). He has served as an ASOIF Council member since 2019.
Exclusion of International Boxing Association (IBA):
i.The General Assembly excluded the International Boxing Association (IBA) as an ASOIF Member in line with ASOIF Statutes.
ii.This move follows the Court of Arbitration for Sport (CAS) decision upholding the IOC’s withdrawal of IBA’s recognition as the International Federation (IF) for Olympic boxing.

• ASOIF had previously suspended IBA’s Full Member’s rights.

Statute Amendments and New Associate Members:
i.The General Assembly approved Statute amendments to clarify the start and expiry dates for Associate Membership.
ii.Associate Membership granted to the International Cricket Council (ICC), the International Federation of American Football (IFAF), World Lacrosse, and World Squash, effective from 1st January 2025.
About Association of Summer Olympic International Federations (ASOIF):
President– Francesco Ricci Bitti
Executive Director– Andrew Ryan
Headquarters– Lausanne, Switzerland
Established in– 1983

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FSIB selected Manoj Mittal as CMD of SIDBI; Sanjay Shukla named MD of NHBThe Financial Services Institutions Bureau (FSIB) has recommended Manoj Mittal for the post of Chairman and Managing Director (CMD) of the Small Industries Development Bank of India (SIDBI).

• He is currently serving as MD and Chief Executive Officer (CEO) of IFCI Limited (formerly Industrial Finance Corporation of India).
• He will replace Sivasubramanian Ramann, who has been serving as CMD of SIDBI since April 2021. Ramann is a 1991 batch of Indian Audit and Accounts Service (IA&AS) officer.

About Manoj Mittal:
i.Manoj Mittal has served as the Deputy MD of SIDBI from 2016 to 2021.
ii.He played a major role in developing SIDBI Vision 2.0, which helped SIDBI to emerge as a financially stronger institution.
FSIB Named Sanjay Shukla as MD of NHB
FSIB has appointed Sanjay Shukla as the MD of the National Housing Bank (NHB), the apex regulatory body for the overall regulation and licensing of housing finance companies in India.
He is currently serving as the MD&CEO of Centrum Housing Finance Limited (CHFL).

• He will succeed Sarada Kumar Hota, who has been serving as MD of NHB since 2019.

About Sanjay Shukla :
i.Sanjay Shukla has also served as the MD and CEO of Cent Bank Home Finance
ii.He has also worked with ING Vysya Bank, Tata Capital Housing Finance Limited, Citi Bank and Hometrust Housing Finance Limited(later merged into HDFC Limited).
iii.He has an experience of working with various private sector organisations including LIC Housing Finance.
About Financial Services Institution Bureau (FSIB):
FSIB came into effect on 1st July 2022, replacing the Banks Board Bureau(BBB) for recommending persons for appointment as whole-time directors and non-executive chairpersons on the Boards of financial services institutions.
Chairman- Bhanu Pratap Sharma
Headquarters- Mumbai, Maharashtra

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SC Judge Anirudhha Bose Retired; Appointed as Director of NJAOn 10th April 2024, Justice Anirudhha Bose retired from the Supreme Court (SC) of India. He has been serving as the SC Judge since 2019.

• He was appointed as Director of the National Judicial Academy (NJA) which offers training programmes to aid the judges in their judging role and in performance of court administration work.

About Justice Anirudhha Bose:
i.He enrolled with the Bar Council of West Bengal as an advocate in October 1985.
ii.After serving as an advocate for about 19 years in the Calcutta High Court(HC), he was elevated to the High Court Bench as a Permanent Judge in 2004.
iii.In 2018, he was appointed as the Chief Justice(CJ) of Jharkhand HC.
iv.He was appointed as a judge of the SC in May 2019.
Additional info:
i.The Director of NJA is appointed by the Dhananjaya Yeshwant Chandrachud, Chief Justice of India (CJI) and Chairman of NJA.
ii.The CJI is the Chairman of the General Body, Governing Council, the Executive Committee, and the Academic Council of NJA.
About National Judicial Academy (NJA):
NJA is an independent society, established in 1993 under the Societies Registration Act of 1860.
NJA is fully funded by the Government of India (GoI) and works under the directions of the Supreme Court of India.
Chairperson– D Y Chandrachud
Location– Bhopal, Madhya Pradesh

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Hinduja Group Firm Gets SEBI Approval for Ownership Change of Reliance Wealth
The Securities and Exchange Board of India (SEBI) has given its approval to Hinduja Group-owned Asia Enterprises for a change of control in Reliance Wealth Management Limited under SEBI’s regulations governing investment advisers and portfolio managers.

• SEBI also approved an application for a proposed change in control at Reliance Securities under regulations governing research analysts and investment advisors.
• IndusInd International Holdings Limited (IIHL), investment holding company of the Hinduja Group, made a successful bid to get Reliance Capital under the Corporate Insolvency Resolution Proceedings (CIRP) process of the Insolvency and Bankruptcy Code (IBC).
• IIHL’s resolution plan for Reliance Capital encompasses Reliance Wealth among other entities. It involves an upfront cash amount of Rs. 9,650 crore.

Note: The CIRP process against Reliance Capital was initiated in November 2019; IIHL’s bid received 99.6% majority support from creditors.

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NASA and Japan Sign Agreement to Advance Sustainable Human ExplorationOn 9th April 2024, Bill Nelson, National Aeronautics and Space Administration (NASA) Administrator, and Japan’s Minister of Education, Culture, Sports, Science and Technology (MEXT) Masahito Moriyama signed an agreement to advance sustainable human exploration of the Moon at the NASA Headquarters in Washington, United States of America(USA).
About the Agreement:
i.Under the agreement, the USA will send two Japanese astronauts to the moon surface on its lunar mission.

• Out of two Japanese astronauts, one will become the first non-American ever to land on the moon.

ii.Under the agreement, Japan will design, develop, and operate a pressurized rover for crewed and uncrewed exploration on the Moon.
iii.NASA will provide the launch and delivery of the rover to the Moon.

• The astronaut from Japan will take part in NASA’s future Artemis mission.

About the Rover:
i.The pressurized rover accommodates two astronauts for up to 30 days as they traverse the area near the lunar South Pole.
ii.It enables astronauts to travel farther and work for longer periods on the lunar surface.
iii.NASA plans to use the pressurized rover on Artemis VII and subsequent missions over an approximate 10-year lifespan.
Key Points:
i.In addition to lunar surface exploration, the USA will also collaborate with Japan for its future participation in NASA’s Dragonfly mission and the Nancy Grace Roman Space Telescope.
ii.USA and Japan also plan to collaborate on JAXA(Japan Aerospace Exploration Agency)’s next-generation Solar-observing Satellite, SOLAR-C (official name “High-sensitivity Solar Ultraviolet Spectroscopic Satellite”).
iii.SOLAR-C will investigate the mysteries of solar atmospheres by conducting observations of ultraviolet radiation from the Sun.
About Artemis space Program:
i.The Artemis 1 successfully flew an uncrewed vessel around the Moon in 2022.
ii.Artemis 2 is planned for 2025 and will send four astronauts around the Moon without landing. The crew members are Christina Koch, a person of colour (African American) astronaut, Victor Glover, Reid Wiseman, and Canadian astronaut Jeremy Hanse.
iii.Artemis 3, scheduled for 2026, will be the first crewed mission to land on the Moon.

National Safe Motherhood Day 2024 – April 11 National Safe Motherhood Day (NSMD) is annually observed across India on 11 April to raise awareness of the significance of maternal health and wellness, promote maternal health, and reduce maternal mortality rates in India

• NSMD also assures access to high-quality maternal healthcare services and encourages safe delivery.

Background:
i.NSMD was initiated by White Ribbon Alliance India (WRA India), a grassroots organization that advocates for the health and rights of women and newborns.
ii.In 2003, the Government of India (GoI) declared April 11 of every year as the National Safe Motherhood Day.

• It was declared to emphasise the significance of ensuring that women have access to adequate care throughout pregnancy, childbirth, and the postnatal period.

iii.The 1st National Safe Motherhood Day was observed on 11 April 2003.
Note: India is supposedly the first country in the world to have officially declared NSMD, dedicated to promoting maternal health and safety.
Significance of April 11:
i.April 11 commemorates the birth anniversary of Kasturba Gandhi (1869-1944), an Indian political activist and the wife of Mohandas Karamchand Gandhi. She was born on 11 April 1869 in Porbandar, British India (now in Gujarat).
ii.11th April 2024 marks the 155th birth anniversary of Kasturba Gandhi.
Key Points:
i.According to the United Nations (UN) Maternal Mortality Estimation Inter-Agency Group (MMEIG) 2020 report, “Trends in maternal mortality 2000 to 2020”:

• India’s Maternal Mortality Ratio (MMR) has declined from 384 per 1 lakh live births in 2000 to 103 in 2020.
• Globally, the MMR dropped from 339 in 2000 to 223 in 2020.
• The average annual rate of reduction (ARR) in global MMR from 2000-2020 was 2.07%, while India saw a decline of 6.36%, which is higher than the global decline.

ii.Maternal deaths in India, as per the Registrar General of India (RGI), decreased steadily from 130 (2014-16) to 97 (2018-20).