Daily Current Affairs 26th & 27th May, 2024
Daily Current Affairs 26 & 27 May 2024 for Banking/Insurance/SSC and other related exams.
NATIONAL NEWS
MHA sets up high-powered committee to tackle increasing cybercrimes originating from SE Asian region
- The Ministry of Home Affairs (MHA) has set up an inter-ministerial committee of various law enforcement and intelligence agencies to tackle the recent “spurt” in transnational organised cybercrimes being launched against Indians from various South East Asian countries such as Cambodia.
- The high-powered committee is headed by V S K Kaumudi, special secretary (internal security) in the MHA with officers from Reserve Bank of India, Department of Financial Services, banks, Financial Intelligence Unit, Department of Telecommunication (DoT) and financial technology companies, among others, as its members.
- The I4C is a wing under the cyber and information security division of the MHA and is mandated to tackle burgeoning cybercrimes and attacks in the country in a coordinated and comprehensive manner.
Kerala tops youth unemployment rate, Delhi registers lowest: PLFS Survey
- According to the latest Periodic Labour Force Survey (PLFS) released by the Ministry of Statistics and Programme Implementation (MOSPI), Kerala had the highest unemployment rate among urban residents aged 15-29 for the January-March quarter of 2024, whereas Delhi had the lowest rate of joblessness.
- The survey, which included 22 states and Union territories, highlighted Jammu & Kashmir, Telangana, Rajasthan, and Odisha as other regions with high unemployment rates among the 15-29 age group.
- The overall unemployment rate for this age group was 17 percent for the January-March period, rising from 16.5 percent in the previous quarter but slightly lower than the 17.3 percent reported in the same period in 2023.
- For all age groups, the unemployment rate was 6.7 percent, a slight increase from 6.5 percent in the previous quarter and just below the 6.8 percent from the previous year.
- Three states and Union territories recorded single-digit unemployment rates: Delhi at 3.1 percent, Gujarat at 9 percent, and Haryana at 9.5 percent. Additionally, Karnataka and Madhya Pradesh had relatively low unemployment rates of 11.5 percent and 12.1 percent, respectively.
- The data also revealed a high unemployment rate for women, with Jammu & Kashmir at 48.6 percent, followed by Kerala at 46.6 percent, Uttarakhand at 39.4 percent, Telangana at 38.4 percent, and Himachal Pradesh at 35.9 percent. The overall female unemployment rate for the January-March quarter was 22.7 percent, a slight increase from 22.5 percent in the previous quarter but lower than the 22.9 percent reported in the same period in 2023.
Rajasthan Police launch social media monitoring to prevent suicide incidents
- Rajasthan Police have launched a program to monitor social media platforms such as Facebook and Instagram for posts indicating self-harm, depression, or suicidal intentions.
- The initiative aims to analyze these messages quickly and take steps to reach out to individuals in distress, providing counseling and preventing potential incidents.
- The UP Police is collaborating with Meta, the parent company of Facebook and Instagram, to enhance the effectiveness of their efforts.
Khelo India Sports Hostel, Army Girls Sports Company’s 1st Batch Inaugurated In Pune
- Khelo India Sports Hostel and the Army Girls Sports Company’s first batch were inaugurated at the Army Sports Institute in Pune in the presence of Chief of Army Staff General Manoj Pandey, Director General of Sports Authority of India Sandeep Pradhan, and celebrated athlete Ms. Anju Bobby George.
- The Khelo India Sports Hostel, a visionary initiative conceptualised and funded by Ministry of Youth Affairs and Sports (MoYAS), has now been integrated into the Army Sports Institute.
- This state-of-the-art facility is designed to offer world-class amenities and training opportunities for Khelo India athletes, aiming to elevate their performance on both national and international stages.
- This company represents a significant commitment to nurturing female sports talent across India.
- After a meticulous national-level identification process, 24 outstanding candidates from over 1,000 young girls were selected for inaugural batch.
INTERNATIONAL NEWS
WIPO Treaty, a big win for India and Global South
- The World Intellectual Property Organization (WIPO) treaty on intellectual property, Genetic resources and associated traditional knowledge, is a significant win for countries of the global South and for India, which is a mega biodiversity hotspot with abundance of traditional knowledge, and wisdom.
- For the first time the system of knowledge and wisdom which have supported economies, societies and cultures for centuries are now inscribed into the global IP system.
- For the first time the connection between local communities and their GRs and ATK is recognised in the global IP community. These are historic achievements long championed by India as a provider of traditional knowledge and wisdom and repository of biodiversity.
- The treaty also marks a big win for India and the global south which has for long been a proponent of this instrument. After two decades of negotiations and with collective support this treaty has been adopted at the multilateral fora,with a consensus among more than 150 countries.
BANKING & FINANCE
RBI imposes Rs 3.1 lakh penalty on Hero FinCorp
- The RBI said it has imposed a penalty of Rs 3.1 lakh on Hero FinCorp Limited for non-compliance with certain provisions relating to fair practices code.
- The Reserve Bank, however, added the penalty is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers.
- The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2023.
Maldives Set To Introduce India’s RuPay Service
- Maldives is set to introduce India’s RuPay service. The move is being seen to bolster the Maldivian Rufiyaa. Meanwhile, there has not been any announcement of timeline for the launch.
- Maldives’ Minister of Economic Development and Trade, Mohamed Saeed, mentioned that both India and China have agreed to use their local currencies for bilateral trade. This strategy aims to reduce reliance on the US dollar and improve regional financial integration.
- In recent news, the Maldives confirmed that India and China will work together to facilitate import payments in their own currencies. This policy change could potentially cut Maldives’ annual import costs of $1.5 million by almost half.
BUSINESS & ECONOMY
Net FDI declines by 62% to $10.5 billion in FY24, shows RBI data
- Net foreign direct investment (FDI) flows into India dropped 62.17 per cent to $10.58 billion in 2023-24 (FY24), the lowest since 2007 from $27.98 billion the previous year. This was mainly on account of higher repatriation of capital and Indian companies’ investments abroad.
- According to the latest Reserve Bank of India (RBI) data, $44.4 billion of the $70.9 billion gross FDI flows into the country in FY24 was repatriated through dividends, share sale or disinvestment, while another $15.96 billion was invested overseas by Indians.
- In FY23, gross FDI flows had been $71.3 billion. Of this, $29.3 billion had been repatriated, and India’s outward FDI had stood at $14 billion. So, net FDI inflows came to $27.98 billion.
L&T Technology Services launches simulation centre for Airbus in Bengaluru
- L&T Technology Services inaugurated a simulation centre of excellence (CoE) for Airbus at its Bengaluru campus. The CoE is designed to provide engineering support for Airbus aircraft structural simulation activities across its business units in France, Germany, the UK, and Spain.
- The facility aims to bolster Airbus’s aircraft structural simulation activities for its European business units in France, Germany, the UK, and Spain, using the latest simulation software and high-performance hardware.
- The CoE’s primary objective is to unify and standardize processes across Airbus’s European business units and aircraft programs, thereby enhancing efficiency and productivity to help Airbus achieve its program milestones more efficiently.
CBDT Notifies Cost Inflation Index For Financial Year 2024- 25
- The Central Board of Direct Taxes, CBDT has notified the Cost Inflation Index, CII for the financial year 2024– 25 for calculating long-term capital gains.
- The CII for financial year 2024-25, relevant to assessment year 2025-26, stood at 363. This notification will come into force with effect from the 1st day of April, 2025.
- CBDT said that it will accordingly apply in relation to the assessment year 2025-26 and subsequent assessment years. The Cost Inflation Index is used by taxpayers to compute gains arising out of sale of capital assets after adjusting inflation.
India’s Forex Reserves Hit New All-Time High Of 648.7 Billion Dollars
- India’s foreign exchange (forex) reserves jumped 4.549 billion dollars to a new all-time high of 648.7 billion dollars for the week ended May 17. This is the third consecutive week of increase in the overall forex kitty.
- Gold reserves increased 1.244 billion dollars to 57.195 billion dollars during the week. Special Drawing Rights (SDRs) were up 113 million dollars to 18.168 billion dollars. India’s reserve position with the IMF was down 168 million dollars to 4.327 billion dollars in the reporting week.
- Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves.
Market capitalisation to GDP ratio scales a 15-year high of 140.2%: Report
- India’s mcap-to-GDP ratio has hit a 15-year high of 140.2 percent, up sharply from 95.8 percent at the end of March 2023, with the total valuation of all BSE-listed companies reaching $5 trillion or over Rs 414.46 trillion on May 21 as against India’s GDP at current prices of Rs 296.6 trillion in FY24.
- The current ratio is just a notch below the all-time high of 149.4 percent at the end of December 2007. The total market capitalisation of BSE-listed companies had hit $4 trillion in November 2023, and took just six months to surpass $5 trillion.
- The BSE-listed companies reached the $1-trillion market cap back in May 2007, doubling in over a decade to $2 trillion in July 2017, and then reaching the $3 trillion mark in May 2021.
SPORTS
Kolkata Knight Riders win third IPL championship after 10 years
- After defeating Sunrisers Hyderabad (SRH) by eight wickets at Chennai’s Chepauk Stadium, Kolkata Knight Riders (KKR) secured their third Indian Premier League (IPL) title and their first in ten years.
- The Knight Riders only gave up three losses in the IPL 2024, and that’s a record in itself. No other team in IPL history conceded only three games while becoming the champion.
- The KKR team, led by Shreyas Iyer and mentored by former Indian cricket player Gautam Gambhir, put up a strong display in the final to comprehensively beat the SRH team by eight wickets. This was KKR’s third IPL trophy, having won it in 2012 and 2014.
Some important awards and winner amounts of the IPL 2024 are as follows.
- Winner (Rs. 20 crore) – Kolkata Knight Riders
- Runner Up (Rs. 12.5 crore) – Sunrisers Hyderabad
- Orange Cap (Rs. 10 Lakh) – Virat Kohli (RCB) for scoring the most runs in the season; he scored 741 runs in 15 matches.
- Purple Cap (Rs. 10 Lakh) – Harshal Patel (PBKS) for taking the most wickets in the season. In the 14 matches, he took 24 wickets.
- Emerging Player of the Season (Rs. 10 Lakh) –
- Emerging Player of the Season (Rs. 10 Lakh) – Nitish Kumar Reddy of Sunrisers Hyderabad.
- Most Valuable Player (Rs. 10 Lakh) – Sunil Narine (KKR)
- Most Sixes Award (Rs. 10 Lakh) – Abhishek Sharma (SRH)
- Most Fours Award (Rs. 10 Lakh) – Travis Head (SRH)
- Best Strike Rate Award (Rs. 10 Lakh) – Jake Fraser-McGurk (DC)
- Catch of the Season (Rs. 10 Lakh) – Ramandeep Singh (KKR)
- Fair Play Award (Rs. 10 Lakh) – Sunrisers Hyderabad
Costa Rica Goalkeeper Navas Announces International Retirement
- Costa Rica goalkeeper Keylor Navas announced his retirement from international football at the age of 37, putting an end to rumours that he would play in the next Copa America.
- Navas, who made his international debut in 2008, has made 114 appearances and played in three World Cups, the most notable being Brazil 2014, where he helped his side reach the quarter-finals.
- Navas, who has played for Paris St Germain since 2019 and spent last year on loan at Premier League side Nottingham Forest, is out of contract in June.
- The goalkeeper has won three Ligue 1 titles with PSG’s, including their record-extending 12th crown last month. He previously played for LaLiga side Real Madrid, with whom he won three Champions League titles.
Dipa Karmakar Scripts History, Becomes First Indian Gymnast To Win Gold In Asian Gymnastics Championship
- Dipa Karmakar scripted history clinching India’s first-ever gold medal at the Asian Championships in Tashkent, Uzbekistan. The 30-year-old Olympian registered an average score of 13.566 in the women’s pole-vault final.
- This is the first time that an Indian gymnast has won a gold medal in any event at the Asian Championships. Dipa’s already outstanding list of firsts for Indian gymnastics is enhanced by the vault gold.
- She is the first female gymnast from India to compete in the Olympics, and at Rio 2016, she put on the best performance of any gymnast competing in the Summer Games, placing fourth in the women’s vault. She also became the first Indian to ever win a gold medal at an international gymnastics competition when she won the women’s vault gold medal at the 2018 FIG World Cup in Mersin, Turkey.
Archery World Cup Stage 2: India Bags Gold In Compound Women’s Team At Yecheon, South Korea
- The Indian women’s compound team of Jyothi Surekha Vennam, Parneet Kaur and Aditi Swami grabbed its third successive Archery World Cup gold medal, while the mixed team added a silver at the stage two event in Yecheon, South Korea.
- The world number one Indian compound team dominated Turkey’s Hazal Burun, Ayse Bera Suzer and Begum Yuva right from the first end and sealed the gold without dropping a set, maintaining a healthy six-point margin (232-226) in a lopsided final.
- Meanwhile, the Indian mixed compound team of Jyothi Surekha Vennam and Priyansh settled for the silver medal after losing to the USA 155-153 in the final.
- In the individual women’s compound event, Jyothi Surekha Vennam and Parneet Kaur crashed out in the quarter-finals while Aditi Swami and Avneet Kaur suffered second-round exits.
APPOINTMENTS
Incumbent President Gitanas Nauseda Wins Lithuania’s Presidential Election
- Incumbent President Gitanas Nauseda has won Lithuania’s presidential election, beating his rival Ingrida Simonyte in the run-off.
- The latest data announced by Central Electoral Commission (VRK) show that in the total of 1,895 stations, Nauseda gathered 74.5 percent of voters’ support, while Simonyte ranked second with 24.1 per cent.
- Nausėda, a former banker, entered politics with his successful presidential run in 2019. He and Šimonytė won the first round but failed to muster the 50% of the votes needed to win the presidency outright.
Government Extends Tenure Of Army Chief Gen Pande By One Month
- In an unusual move, the Appointments Committee of Cabinet granted one month extension in tenure to Chief of the Army Staff (COAS) Gen Manoj Pande beyond his retirement date, upto June 30, 2024. He was due to retire on May 31 on turning 62 years of age.
- He was appointed as the Army Chief on 30th of April, 2022. He was commissioned in December 1982 in the Corps of Engineers (The Bombay Sappers). He held the appointment of Vice Chief of the Army Staff before taking over as the Chief of the Army Staff.
RBI approves appointment of Pradeep Kumar Sinha as Part-time Chairman of ICICI Bank
- The RBI has approved Pradeep Kumar Sinha’s appointment as Part-time Chairman of ICICI Bank, effective July 1, 2024, for a three-year term.
- Sinha will step into the position vacated by G. C. Chaturvedi, who is due to retire as Non-Executive Part-time Chairman on June 30, 2024, at the close of business hours.
- Sinha has been a Government Nominee Director in numerous major Public Sector Undertakings like ONGC, IOCL, HPCL, BPCL, GAIL, etc. In particular, he was on the Board of Indian Oil Corporation (IOCL) for about 7 years at a stretch and similarly on the Board.
- He worked in the Power and Oil and Gas Ministries for about 15 years. He held positions like – Financial Advisor and Special Secretary, Petroleum and Natural Gas; Secretary, Ports and Shipping; and Secretary, Power.
Vice Admiral Gurcharan Singh Takes Command Of NDA
- Vice Admiral Gurcharan Singh assumed the appointment of Commandant, National Defence Academy from Vice Admiral Ajay Kocchar in Pune.
- The NDA alumnus was commissioned into the Indian Navy on July 1, 1990. A specialist in gunnery and missiles, the flag officer has held several appointments, both afloat and ashore, including serving onboard Indian naval ships Ranjit and Prahar.
- Vice-Admiral Singh holds the distinction of being part of the commissioning crew of three Indian constructed warships — INS Brahmaputra (as gunnery officer), INS Shivalik (as executive officer) and INS Kochi (as commanding officer). He has also commanded INS Vidyut and INS Khukri.
- He was awarded the Admiral Katarı Trophy for standing “First in Overall Order of Merit” of his batch during ab initio training. He has also been awarded the FOC-in-C Commendation (2002), the Nao Sena Medal (2020), and Ati Vishisht Seva Medal (2024).
AWARDS
Indian-descent Nikesh Arora 2nd highest paid CEO in US, says report
- Nikesh Arora, the India-born CEO of Palo Alto Networks, has been ranked America’s second-highest paid CEO in 2023. A total of 17 Indian-descent CEOs are in the top 500 rankings, according to an analysis published by The Wall Street Journal.
- Shantanu Narayen of Adobe is the second-highest paid Indian-descent CEO, ranked 11 overall. Arora and Narayen earned $151.43 million and $44.93 million, respectively, more than Tesla’s Elon Musk, who did not receive any compensation in 2023.
- Arora has been heading Palo Alto Networks, a cybersecurity company, since 2018. His compensation at Palo Alto Networks consists mostly of equity awards that include shares granted over three years.
- Meta’s Mark Zuckerberg earned $24.40 million, while Alphabet’s India-born head Sundar Pichai earned $8.80 million during the period under review. Hock Tan of Broadcom topped the list with an earning of $162 million.
Filmmaker Payal Kapadia’s “All We Imagine As Light” Makes History, Wins Grand Prix Award At Cannes Film Festival
- Filmmaker Payal Kapadia scripted history by becoming the first Indian filmmaker to win the Grand Prix award at the Cannes Film Festival for her film “All We Imagine as Light”.
- The film bagged the award, the second-most prestigious prize of the festival after the Palme d’Or, which went to American director Sean Baker for “Anora”. Kapadia’s movie.
- Kapadia’s movie is the first Indian film in 30 years and the first ever by an Indian female director to be showcased in the main competition.
- Other Indian films that have previously been selected for the Cannes competition section include works by Chetan Anand, V Shantaram, Raj Kapoor, Satyajit Ray, MS Sathyu, and Mrinal Sen. ‘Neecha Nagar’ remains the only Indian film to have won a Palme d’Or.
SCIENCE & TECHNOLOGY
IAF successfully conducts night vision goggles-aided landing in Eastern sector
- The Indian Air Force (IAF) has achieved a significant milestone by successfully landing an aircraft IAF C-130J using night vision goggles (NVG) for the first time on an advanced landing ground in the Eastern sector.
- The use of NVG technology allows the IAF to conduct safer and more effective operations in low-light conditions. This advancement significantly enhances the IAF’s ability to effectively embark on and conclude night-time missions, bolstering the country’s defence capabilities.
- The Eastern sector of India encompasses northeastern states such as parts of Odisha, Jharkhand, Sikkim, West Bengal, and Bihar. It also oversees the protection of a 6300 km long international border with China, Nepal, Bhutan, Myanmar, and Bangladesh.
NASA Launches Small Climate Satellite To Study Earth’s Poles
- NASA successfully launched the first of a pair of small climate satellites from the Rocket Lab’s Launch Complex 1 in Mahia, New Zealand.
- The mission, dubbed PREFIRE (Polar Radiant Energy in the Far-InfraRed Experiment), aims to study heat emissions at the Earth’s poles, shedding light on the intricate interplay between these regions and global climate change.
- The PREFIRE mission consists of two shoebox-sized CubeSats, each equipped with a sophisticated thermal infrared spectrometer capable of measuring the far-infrared radiation emitted by the Earth’s coldest and most remote regions. By collecting this crucial data, scientists hope to better predict the impact of climate change on sea ice loss, ice sheet melt, and sea-level rise.
IMPORTANT DAYS
BSF Celebrates Its 21st Investiture Ceremony
- Border Security Force- BSF is celebrating its 21st Investiture Ceremony in New Delhi on 24th May 2024.
- BSF personnel were awarded medals and honoured by Sh Ajit Doval, KC, National Security Advisor who presided over the 21st BSF Investiture Ceremony as the Chief Guest.
- Total 17 members of the Force were decorated with medals, in which 10 members were awarded with Police Medals for Gallantry (PMG) and 07 members were awarded with Jeevan Raksha Padak (JRP).