Daily Current Affairs 11th May, 2024
Daily Current Affairs 11 May 2024 for Banking/Insurance/SSC and other related exams.
NATIONAL NEWS
SAARC Secretary-General Golam Sarwar visits India
- SAARC Secretary-General Golam Sarwar is scheduled for an official visit to India from May 11 to 14.
- During his visit, Sarwar will engage in several meeting including with Minister of State for External Affairs Rajkumar Ranjan Singh, Foreign Secretary Vinay Mohan Kwatra and Secretary (East) Jaideep Mazumdar.
- During the visit, Sarwar will also address the 3rd Shakti Sinha Memorial Lecture on ‘The Future of SAARC’, as per a media advisory issued by the Ministry of External Affairs (MEA). Furthermore, he will meet Foreign Secretary Vinay Mohan Kwatra.
- Sarwar is also scheduled to hold a meeting with Jaideep Mazumdar, secretary (East) in the Ministry of External Affairs.
Newly-Appointed Chinese Ambassador Xu Feihong Arrives In Delhi
- Newly-appointed Chinese Ambassador to India, Xu Feihong, arrived in New Delhi to assume office, the Chinese Embassy in India.
- Xu Feihong is the 17th Chinese Ambassador to India. The previous Ambassador, Sun Weidong, left in October 2022 after serving three years in Delhi and took over as China’s deputy Foreign Minister upon his return.
- Sun Weidong departed Delhi at a time when India and China were trying to normalise ties through multiple channels following the Ladakh border clash in 2020.
ICMR Releases Upgraded ‘Dietary Guidelines’ For Indians
- The Indian Council of Medical Research (ICMR) has released upgraded Dietary Guidelines for Indians to suit modern eating habits for 2024.
- Framed by researchers from the Hyderabad-based National Institute of Nutrition-NIN, the modern dietary guidelines specifically advised people to be physically active, exercise regularly, restrict intake of salt, minimise high fat, sugar, ultra-processed foods and take steps to prevent abdominal obesity, overweight and overall obesity.
- In the DGIs, the NIN stated that prolonged intake of large amounts of protein powders or consumption of high protein concentrate has been associated with potential dangers such as bone mineral loss and kidney damage.
- It also stated that sugar should be less than 5 per cent of total energy intake and a balanced diet should provide not more than 45 per cent calories from cereals and millets and up to 15 per cent of calories from pulses, beans and meat.
- The rest of the calories should come from nuts, vegetables, fruits and milk. Total fat intake should be less than or equal to 30 per cent energy, the guidelines said.
- Due to the limited availability and high cost of pulses and meat, a significant proportion of the Indian population relies heavily on cereals, resulting in poor intake of essential macronutrients (essential amino acids and essential fatty acids) and micronutrients.
- Low intake of essential nutrients can disrupt metabolism and increase the risk of insulin resistance and associated disorders from a young age. Estimates show that 56.4 per cent of the total disease burden in India is due to unhealthy diets, it said. Healthy diets and physical activity can reduce a substantial proportion of coronary heart disease (CHD) and hypertension (HTN) and prevent up to 80 per cent of type 2 diabetes.
DoT, MHA and State Police join hands to combat cyber fraudsters
- Department of Telecommunications (DoT), Ministry of Home Affairs (MHA) and State Police have joined hands for curbing the misuse of telecom resources in cyber-crime and financial frauds. This collaborative effort aims to dismantle networks of fraudsters and protect citizens from digital threats.
- Analysis carried out by MHA and State Police have revealed that 28,200 mobile handsets were misused in cybercrimes. The DoT further analyzed and found that a staggering 20 lakh numbers were used with these mobile handsets.
- Subsequently, DoT issued directions to telecom service providers for pan India blocking of 28,200 mobile handsets and to carryout immediate reverification of 20 lakh mobile connections linked to these mobile handsets and disconnect failing re-verification.
- The unified approach demonstrates a shared commitment towards public safety and to safeguard the integrity of telecommunications infrastructure and ensure a secure digital environment.
Ministry of Skill Development & Entrepreneurship signs MoU with Mahindra & Mahindra Ltd. to conduct two Pilot Projects under the Drone Didi Yojana
- Ministry of Skill Development and Entrepreneurship (MSDE) signed a Memorandum of Understanding (MoU) with Mahindra & Mahindra Ltd to conduct two Pilot Projects under the Drone Didi Yojana.
- This collaboration advances the mission of upskilling women for nation-building, particularly through the successful implementation of the Drone Didi program in empowering women in emerging trades.
- Under this partnership, MSDE and M&M will conduct two Pilot Projects at the National Skill Training Institute (NSTI), situated in Hyderabad and Noida, to skill 500 women in exclusive batches of 20 women each. The 15-day curriculum, approved by the Directorate General of Civil Aviation (DGCA), will be delivered through Remote Pilot Training Organisation (RPTO) instructors at these Centres.
Ladakh Launches ‘Vote From Home’ Initiative For Senior Citizens And PwDs In Lok Sabha Election 2024
- In Ladakh, Deputy Commissioner and District Election Officer, Shrikant Suse, flagged off Polling Teams for the pioneering Vote from Home initiative in Kargil District.
- The initiative aims to enable eligible senior citizens and Persons with Disabilities (PwDs) to cast their votes from the comfort of their homes during the upcoming Lok Sabha Election 2024.
- By extending this facility to citizens aged above 85 years and PwDs, the Election Commission of India (ECI) has marked a historic milestone in promoting accessible and equitable electoral processes.
Kolkata’s Raj Bhavan Launches ‘SACH KE SAAMNE’ Initiative, Shows CCTV Footage Amid Controversy
- West Bengal Governor Dr C.V. Ananda Bose has announced that CCTV footage connected to sexual harassment allegations against him would be shown to 100 people at the Kolkata Raj Bhavan.
- As part of the initiative, launched under a programme titled ‘Sach ke Saamne’, the Governor’s office has shared email IDs and contact numbers for citizens to sign up on and watch the CCTV footage at the Raj Bhavan.
- Hon’ble Governor has decided that the CCTV footage can be seen by any citizen of West Bengal — except politician Mamata Banerjee and her police for the stand they had taken, which is in public domain. The first 100 can see the footage inside Raj Bhavan.
India’s First Ever Accelerator Program For Farmer Producer Organisation Launched In Bengaluru
- A non-profit organization, Krishikalpa has launched India’s first ever accelerator program for the Farmer Producer Organisation in Bengaluru. The National Bank for Agriculture and Rural Development, NABARD has extended financial support for the initiative. Krishikalpa will transform farmer-producer organizations -(FPOs) into sustainable rural businesses, driving positive change in the agricultural ecosystem.
- It will help FPOs to connect with markets and resources. Krishikalpa will also help develop entrepreneurial skills, supply chain management and impart market orientation training for the members of FPOs.
- NABARD will pitch in with cost-effective business strategies for bridging critical gaps in the agricultural value chain. This will help FPOs to cope up with risk mitigation, knowledge sharing and incremental revenue growth for farmers.
India And Moldova Sign Visa Waiver Agreement For Diplomatic Passports
- India and Moldova signed an agreement in New Delhi on visa waiver for diplomatic and official passports. This agreement will add “further momentum” to the friendly and cordial relations between the two countries
- This agreement will allow holders of diplomatic and official passports of either country to travel to the other, without a visa. External Affairs Ministry, Secretary (West), Pavan Kapoor and Moldova’s Ambassador, Ana Taban signed the agreement.
- This agreement, after coming into force “will allow holders of diplomatic and official passports of either country to travel to the other, without a visa”.
Indian Coast Guard Sign MoU With Hindalco Industries
- Indian Coast Guard has signed a Memorandum of Understanding (MoU) with Hindalco Industries for manufacturing and supply of indigenous marine-grade aluminium for construction of ships.
- The Indian Coast Guard fleet is presently operating 67 ships with aluminium hull with capability of operating in shallow waters.
- Indian Coast Guard has planned to induct more such vessels where the indigenously manufactured marine-grade aluminium will be utilised.
- The Ministry said, the MoU will also provide benefits such as quarterly pricing, priority in supplies and turnover discount.
Uttarakhand CM Dhami launches ‘Pirul Lao-Paise Pao’ campaign to prevent forest fires in state
- In light of the forest fire situations across the state, Uttarakhand Chief Minister Pushkar Singh Dhami launched the Pirul Lao-Paise Pao Mission in the Rudraprayag district.
- Under this campaign, to prevent forest fires, the Pirul (leaves from the Pine Tree) lying in the forest will be collected by the local villagers and youth, weighed and then stored at the designated Pirul Collection Centre.
- Under the Pirul Lao-Paise Pao campaign, the local youth and villagers will collect dry Pirul (Pine tree leaves) in the forest and take them to the designated Pirul collection centre. The Tehsildar in their respective areas will manage the pirul collection centre under the supervision of the Sub-Divisional Magistrate.
- The Pirul will be weighed and stored at the collection centre, and the villagers or youth will be paid Rs 50 per kg, which will be directly transferred to the bank accounts. The collected Pirul will be packed and processed, and sold to the industries for further use.
INTERNATIONAL NEWS
World Migration Report 2024: Climate impacts will force 216 million people to move within their countries by 2050
- More human beings are being displaced by force today than at any other time in humankind’s history. Such forced displacement is being further exacerbated by environmental impacts and climate change. More than 216 million people across six continents will be on the move within their countries by 2050 in large part due to climate change, according to the World Migration Report 2024 released by the United Nations.
- Climate change cannot be considered the sole driver of food insecurity or migration, according to the document since political power, incompetent governance, globalised food production and other social factors also play a role.
- According to the report, migration is a coping or adaptation strategy to reduce the adverse effects of climate change. The outcomes of migration as an adaptation tool depend on the circumstances of the individuals or households engaging in human mobility, as well as on the involvement and agency of migrants.
- The report profiled the Global South — Africa, Asia, Latin America and the Caribbean and Oceania — in addition to the Global North (Europe and North America) to come up with a grim picture of how climate change is forcing people to move from their homes, within their home countries or continents.
- By end of 2022, wildfires induced 9,500 displacements in parts of northern Morocco, and in the same year, 2,000 displacements also due to wildfires — were recorded in north-eastern Algeria. Wildfires also destroyed significant swaths of land, especially in Morocco, where they ruined more land in 2022 than in the previous nine years combined.
- The report cited instances including Libya, which has still not recovered from the Arab Spring over a decade ago. In Algeria and Morocco, there have been significant displacements triggered by droughts and wildfires.
- North Africa is separated from the rest of the continent by the Sahel, a band of dry scrublands that stretch from the Atlantic in the west to the Red Sea in the east.
- Nigeria, for example, had the largest number of internal displacements due to disasters in sub-Saharan Africa in 2022 (more than 2.4 million). This was also highest figure recorded in Nigeria in ten years.
- By May 2023, more than 2 million people had been internally displaced due to drought in Ethiopia and Somalia (combined), while over 866,000 refugees and asylum-seekers in Kenya, Ethiopia and Somalia were living in drought-affected areas at the start of the year.
Mumbai and Delhi feature among the World’s Top 50 Wealthiest cities, surpassing Washington DC
- According to the Henly report, the Indian financial capital city Mumbai has 58,800 millionaires, 236 centi-millionaires and 29 billionaires. Mumbai was ranked as the 24th wealthiest city in the world. The other city in the top 50 was Delhi(37th), with 30,700 millionaires, 123 centi-millionaires, and 16 billionaires.
- According to the report, New York City in the United States continues to be the world’s wealthiest city with 349,500 millionaires having a combined total wealth of more than $3 trillion. The United States has 11 cities in the top 50 and three in the top 10 cities.
- The latest report documents the rise of Asia Pacific cities. Five out of the top 10 wealthiest cities belong to the Asia-Pacific region. The Japanese capital city, Tokyo, is ranked third, Singapore is fourth, Sydney is eighth, Hong Kong is ninth, and Beijing is 10th. In West Asia, Dubai emerged as the wealthiest city and was ranked 21st.
- The Asian Pacific region has seven of the ten fastest-growing millionaire cities in the world. The Chinese city of Shenzhen is the fastest-growing city, whose millionaire population has grown by 140 percent to 50,300 in the last ten years(2013-2033). The Chinese city of Hangzhou grew by 125 per cent, Guangzhou (110%), Delhi (95%), Beijing (90%), Shanghai (84%), and Mumbai (82%).
BANKING & FINANCE
RBI accepts only ₹10,513 crore offers for G-Sec buyback
- The Reserve Bank of India(RBI) accepted offers to buy Government Securities (G-Secs/GS) aggregating only ₹10,513 crore despite receiving offers amounting to 1.33 times the notified amount of ₹40,000 crore at the buyback of these securities.
- Market players say banks would have offered to sell the government securities/GS to the government at a higher price. So, the central bank would have rejected the offers which were out of sync with secondary market prices.
- The government had on May 3 announced buyback of three short-term securities – 6.18 per cent GS 2024, 9.15 per cent GS 2024 and 6.89 per cent GS 2025.
- The central bank rejected all 23 offers it received aggregating ₹7,484.473 crore (face value) at the auction of the 2025 paper. Out of 47 offers that the central bank received aggregating ₹28,464.954 crore at the auction of the 6.18 per cent GS 2024, RBI accepted 10 offers aggregating ₹437.053 crore at a cut-off price of ₹99.59.
- Out of 20 offers that the central bank received aggregating ₹17,384.552 crore at the auction of the 9.15 per cent GS 2024, RBI accepted four offers aggregating ₹10,075.940 crore at a cut-off price of ₹101.02.
NPCI to delay payments market cap by two years
- The National Payments Corporation of India (NPCI) might postpone imposing market share limitations on the Unified Payment Interface (UPI).
- The year-end deadline for capping the market share of any entity processing payments via the UPI at 30 per cent will be extended by the NPCI by a maximum of two years, as per the report.
- PhonePe’s share of UPI payments has risen to 48.3% from 37% in April 2020, while Google Pay’s share has declined to 37.4% from 44%, according to NPCI data. The two processed a combined 11.5 billion transactions in April, the data showed.
- India launched UPI in 2016 but barred companies from charging for the instant digital payments service in an effort to promote online transactions and reduce the use of cash in Asia’s third-largest economy.
SBI Results 2024 Key Highlights: Net profit rises 24% YoY to ₹20,698 crore, beats estimates
- State Bank of India (SBI), the state-run largest lender in the country, announced its Q4 results. SBI reported a net profit of ₹20,698 crore in the fourth quarter of FY24, registering a growth of 24% from ₹16,694.5 crore in the year ago quarter.
- The PSU lender’s net interest income (NII) in Q4FY24 increased marginally by 3.1% to ₹41,656 crore from ₹40,392.5 crore, year-on-year (YoY). Asset quality of the bank improved during the March quarter as Gross NPA decreased 2.9% and Net NPA declined 6.1% QoQ.
- Asset quality of the bank improved during the March quarter as Gross NPA decreased 2.9% and Net NPA declined 6.1% QoQ. SBI also declared a dividend of ₹13.7 per equity share for FY24. SBI share price gained over 3% to hit a fresh 52-week high after its Q4 results beat estimates.
Bharti Enterprises sells shares of ICICI Lombard for Rs 663 crore
- Bharti Enterprises, led by Sunil Bharti Mittal, sold ICICI Lombard General Insurance Company shares for ₹663 Crore via open market transactions.
- Mumbai-based general insurer ICICI Lombard sees acquisition of shares by Axis Mutual Fund, Aditya Birla Sun Life MF, Invesco MF, Morgan Stanley Asia Singapore, Societe Generale, Goldman Sachs Singapore, and Blackstone Aqua Master Sub-Fund.
- Bharti Enterprises Ltd sold 38.50 lakh shares, amounting to a 0.8 per cent stake in ICICI Lombard through nine separate block deals on the BSE.The shares were sold at an average price of Rs 1,722.5 apiece, taking the deal size to Rs 663.16 crore.
BUSINESS & ECONOMY
India’s Index of Industrial Production grows by 4.9 % in March 2024
- For the month of March 2024, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 159.2. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of March 2024 stand at 156.1, 155.1 and 204.2 respectively. These Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP.
- The IIP growth rates for the month of March 2024 over the corresponding period of previous year is 4.9 percent. The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of March 2024 over March 2023 are 1.2 percent, 5.2 percent and 8.6 percent respectively.
- Within the manufacturing sector, the growth rate of the top three positive contributors to the growth of IIP for the month of March 2024 are – “Manufacture of basic metals” (7.7%), “Manufacture of pharmaceuticals, medicinal chemical and botanical products” (16.7%), and “Manufacture of other transport equipment” (25.4%).
- The cumulative growth rate for the period of April-March 2023-24 over the corresponding period of the previous year stands at 5.8 percent. The cumulative growth rates of the three sectors, Mining, Manufacturing and Electricity for the period of April-March 2023-24 over the corresponding period of the previous year are 7.5 percent, 5.5 percent and 7.1 percent respectively.
APPOINTMENTS
R Shankar Raman elevated as President of L&T
- Engineering and construction conglomerate Larsen & Toubro (L&T) announced the elevation of R Shankar Raman as the President of the company. Raman continues to hold the position of the Whole-time Director and CFO of the company.
- R Shankar Raman joined the L&T Group in November 1994 to establish L&T Finance Ltd, a wholly-owned subsidiary of the company. He later assumed the role of CFO at L&T and was appointed to the company’s board in October 2011.
- Moreover, Subramanian Sarma who has been a Senior Executive Vice President (EVP), Energy is elevated as Wholetime Director and President, Energy with immediate effect.
- Sarma’s current responsibilities include overseeing the hydrocarbon, power, and green manufacturing and development businesses.
Dileep Sanghani Elected As Chairman Of IFFCO
- Senior BJP leader and former cabinet minister Dilip Sanghani has secured his position as the chairman of the Indian Farmers Fertiliser Cooperative (IFFCO) for the second consecutive term.
- This victory comes amidst a backdrop of internal party conflict as Jayesh Radadiya, a BJP MLA, won the election for the Director of IFFCO, defeating the party’s designated candidate, Bharat Patel alias Bharat Gota.
- These elections saw Jagdeep Singh Nakai, Umesh Tripathi, Prahlad Singh, Balvir Singh, Ramniwas Garwal, Jayeshbhai V Radadiya, Rishiraj Singh Sisodia, Vivek Bipindada Kolhe, Simachal Padhy, K Srinivasa Gowda , S Shaktikvel, Prem Chandra Munshi, Dr. Varsha L Kasturkar, Dileep Sanghani, Sudhansh Pant, Alok Kumar Singh, J Ganesan, M N Rajendra Kumar, P P Nagi Reddy, Balmiki Tripathi and Mara Ganga Reddy emerging victorious as Board of Directors in their respective constituencies.
- The election journey began with the launch of an innovative election portal which was an important tool in insuring that the elections have fair, equal and transparent participation of all the members.
SBI General Insurance names Jaya Tripathi as Head
- SBI General Insurance, one of India’s top general insurers, has named Jaya Tripathi as Head of Key Relations Group.
- Her new role will involve leading the expansion of new business prospects and alliances, driving sales team growth, and deepening partner relationships to increase profitability.
- Tripathi offers a wide background to her new position, including experience in general insurance, fashion retail, and tourism. Her broad experience includes top leadership positions in notable companies like as Mahindra Holidays, ICICI Lombard, Forevermark Diamonds (De Beers Group), and Aditya Birla Group, where she has made important contributions to commercial and strategic development.
Vice Admiral Sanjay Bhalla Assumes Charge As Chief Of Personnel Of Indian Navy
- Vice Admiral Sanjay Bhalla, AVSM, NM assumes charge as the Chief of Personnel of the Indian Navy.
- He was commissioned in the Indian Navy on 01 Jan 1989. In a career spanning 35 years, he has held a number of specialist, staff and operational appointments, both afloat and ashore.
- His tenure as Chief of Personnel will be marked by a number of important appointments, both afloat and ashore. After completing his specialisation Course in Communication and Electronic Warfare, Bhalla served on a number of frontline warships.
- He has held commands at sea including, INS Nishank, INS Taragiri, INS Beas, and the coveted appointment of Flag Officer Commanding Eastern Fleet (FOCEF). While serving as FOCEF, he was the Officer in Tactical Command for the prestigious President’s Fleet Review (PFR 22) and the Sea Phase of the Indian Navy’s flagship multinational exercise MILAN 22, which witnessed an unprecedented participation from Friendly Foreign Countries.
AWARDS
Pawan Sindhi Honored with Global Pride of Sindhi Award 2024 for Outstanding Social Work
- Pawan Sindhi received the coveted Global Pride of Sindhi Award 2024 in an occasion attended by renowned saints, Mahatmas, and sadhus. The event commemorated Mr. Sindhi’s outstanding achievements to society and commitment to serve humanity.
- The Global Pride of Sindhi Award 2024 is a well-deserved distinction for Pawan Sindhi, acknowledging his remarkable efforts to positively impact society. His commitment to the advancement of humanity inspires others and encourages them to actively contribute to societal well-being.
- The award ceremony provided as a forum to promote the values of humanity, peace, and prosperity, as well as to recognize the contributions of individuals such as Mr. Sindhi who have committed their lives to serving society. This recognition underscores Pawan Sindhi’s remarkable contributions and accomplishments, solidifying his status as a notable figure in the Sindhi diaspora.
OBITUARIES
Deputy Ruler Of Abu Dhabi, Sheikh Hazza bin Sultan bin Zayed Al Nahyan, passes away
- The deputy ruler of UAE’s Abu Dhabi, Sheikh Hazza bin Sultan bin Zayed Al Nahyan, died.
- He was the younger brother of the President of the United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan, former National Security Advisor of the UAE and Deputy Chairman of Abu Dhabi Executive Council.
- Sheikh Hazza bin Sultan bin Zayed Al Nahyan was well-known in the equestrian community for his extraordinary skill as a horseback rider.
Renowned poet, Balti cultural ambassador Haji Mohammad Jan passes away at 99
- Haji Mohammad Jan, a distinguished poet and cultural icon of the Balti community of Ladakh passed away. He was 99.
- Originally from Pari Baltistan, Haji Mohammad Jan made Kalsigate his home and became celebrated for his literary prowess and dedicated efforts in preserving the rich Balti cultural heritage.
- During his lifetime, Haji Mohammad Jan authored eight volumes of poetry dedicated to Hazrat Imam Hussain and Ahlaebaet AS, showcasing his deep devotion to his faith. His profound verses resonated widely, earning him acclaim as a gifted wordsmith.