Daily Current Affairs 1st April, 2024
Daily Current Affairs 1 April 2024 for Banking/Insurance/SSC and other related exams.
NATIONAL NEWS
‘Meghayan-24’: SNOM & INMAC Organised METOC Seminar at Southern Naval Command
The METOC seminar ‘Meghayan-24’ was conducted by the School of Naval Oceanology & Meteorology (SNOM) and the Indian Naval Meteorological Analysis Centre (INMAC) at the Southern Naval Command.
- It was organized in commemoration of World Meteorological Day, with the theme ‘At the Frontline of Climate Action’ set by the World Meteorological Organization (WMO) for 2024.
- On this occasion an indigenous mobile application INDRA (Indian Naval Dynamic Resource for Weather Analysis) disseminate weather related information and forecasts empowering optimal & quick decision making was also launched. The application has been developed by BISAG (Bhaskaracharya National Institute for Space Applications and Geo-informatics) in coordination with Directorate of Naval Oceanology and Meteorology, Indian Navy.
Government forms 14th task force to explore use of Biochar in Steel production
The government has set up a task force to explore the use of biochar in steel production as part of its efforts to reduce carbon emissions in the steel industry.
- According to official data, the domestic steel sector accounts for 12 per cent of India’s greenhouse gas emissions with an emission intensity of 2.55 tonnes CO2 per tonne of crude steel compared to the global average of 1.9 tonnes CO2.
- The 14th task force has been constituted to further aid the carbon reduction practises in the domestic steel industry by the usage of biochar, according to a steel ministry document.
- In March 2023, Union Steel Minister Jyotiraditya Scindia sanctioned the formation of 13 task forces aimed at delineating action plans for various facets of green steel production and the adoption of sustainable manufacturing methodologies.
Additional Security Layer to Safeguard NPS Transactions, Reduce Risk of Unauthorised Access, says Pension Regulator
Pension regulator PFRDA has mandated 2-Factor Aadhaar Authentication for access to the Central Recordkeeping Agency (CRA) system for conducting National Pension System (NPS) related activities.
- CRAs are responsible for centralised recordkeeping, administration, and customer service functions for all NPS subscribers. As on date, there are three licensed CRAs in the country.
- To bolster security features and protect the interests of Subscribers and Stakeholders, it has been decided to introduce additional security features through Aadhaar-based authentication for login to the CRA system, said a PFRDA Circular.
- This new regime will be effective from April 1, it added. About 1,600 Government offices across the Centre and States would have to implement the new regime from April 1, sources said.
INTERNATIONAL NEWS
WHO Launches CoViNet, a Network of Laboratory to Monitor Emerging Coronaviruses
The World Health Organization (WHO) has launched a global network of laboratories to identify and monitor potentially novel coronaviruses that could emerge shortly. Besides SARS-CoV-2, the new WHO Coronavirus Network, called CoViNet, will assess other coronaviruses, including MERS-CoV, with enhanced laboratory capacity.
- The international agency widened its focus by building on its earlier collaboration with the WHO COVID-19 reference laboratory network, which was set up in January 2020 during the pandemic to confirm the disease.
- The network will now have animal health and environmental surveillance and timely risk assessment to feed WHO policies and protective measures. In low- and middle-income countries, CoViNet will support the building of more laboratories to monitor MERS-CoV and novel coronaviruses of public health importance.
UN Appoints Saudi Arabia to Lead Women’s Rights Forum Despite Criticism
Saudi Arabia has been chosen as the chair of the UN commission that is supposed to promote gender equality and empower women around the world, after an unopposed bid for leadership condemned by human rights groups because of the kingdom’s “abysmal” record on women’s rights.
- The Saudi ambassador to the UN, Abdulaziz Alwasil, was elected as chair of the Commission on the Status of Women (CSW), by “acclamation”, as there were no rival candidates and no dissent at the CSW’s annual meeting in New York.
- Alwasil was endorsed by the group of Asia-Pacific states on the commission. When the outgoing chair, the Filipino envoy to the UN, Antonio Manuel Lagdameo, asked the 45 members if they had any objections there was silence in the chamber.
Romania and Bulgaria partially join Schengen Travel Zone
Romania and Bulgaria partially joined Europe’s ID-check-free travel zone, marking a new step in the two countries’ integration with the European Union.
- After years of negotiations to join the Schengen area, there is now free access for travelers arriving by air or sea from both countries. However, land border checks will remain in place due to opposition primarily from Austria which has long blocked their bid over illegal migration concerns.
- The Schengen Area was established in 1985. Before Bulgaria and Romania’s admission, it was comprised of 23 of the 27 EU member countries, along with Switzerland, Norway, Iceland and Liechtenstein. Around 3.5 million people cross an internal border each day.
BANKING & FINANCE
RBI Celebrates 90 Years of Service on Foundation Day 2024
Prime Minister Narendra Modi addressed a ceremony marking 90 years of the Reserve Bank of India on April 1,2024 in Mumbai, the central bank said. The event also be attended by Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das.
- In his introductory remarks, Governor Shaktikanta Das said that the RBI has been working to strengthen the resilience of the Indian financial sector by continuously assessing new trends and implementing preventive measures.
- Established in 1935, RBI functions as the nation’s central bank, following the recommendations of the Hilton Young Commission and governed by Reserve Bank of India Act, 1934.
- The functioning of this central bank is governed by the Reserve Bank of India Act, 1934 (II of 1934), and it began operations on April 1, 1935 with Sir Osborne Smith as the first Governor, responsible for functions such as currency issuance, banking services for banks and the government, and the development of rural cooperatives and agricultural credit.
RBI: Reserve assets surge by USD34.8 billion, net claims of NRI declined by USD12.2 billion
The Reserve Bank of India (RBI) disclosed the latest figures concerning India’s International Investment Position (IIP) as of December 2023 showing a decline in net claims of non-residents on India, plunging by USD 12.2 billion during the period from October to December 2023, culminating at USD 370.4 billion by the end of December 2023. A contributor to this shift is the rise in reserve assets, soaring by USD 34.8 billion during the third quarter of 2023-24.
- According to Reserve Bank of India, this dip in net claims is primarily attributed to a substantial surge in Indian residents’ overseas financial assets, amounting to USD 40.7 billion, outpacing the increase in foreign-owned assets within India, which stood at USD 28.5 billion.
- This surge in reserve assets constitutes over 85 per cent of the increase in foreign assets held by Indian residents, underscoring the importance of reserves in bolstering India’s financial position on the global stage.
Govt notifies bonus for Postal Life Insurance, Rural Postal Life Insurance schemes for FY25
The Centre has approved a simple reversionary bonus for Postal Life Insurance Scheme and Rural Postal Life Insurance Scheme for fiscal year 2024-25. There is no change in the rate.
- According to a notification, under the Postal Life Insurance Scheme, rate of bonus will be ₹76 per thousand of sum assured for whole life assurance (WLA). Similarly, for endowment assurance (EA) (including joint life and children policies), it will be ₹52 per thousand of sum assured. Anticipated endowment assurance (AEA) will fetch ₹48 per thousand of sum assured. In case of convertible whole life assurance (CWLA), whole life bonus rate would be applicable, but on conversion, endowment assurance bonus rate will be applicable.
- Rate of terminal bonus will be ₹20 per sum assured of ₹10,000, subject to maximum of ₹1,000 for WLA and EA policies with term of 20 years or more.
Karnataka Bank Raises Rs 600 cr Through Qualified Institutional Placement
Mangalore-based private sector lender Karnataka Bank will raise up to ₹600 crore through a qualified institutional placement (QIP).
- The base size of the QIP is ₹400 crore with an option to raise up to ₹600 crore. At the higher end of the base size, Karnataka Bank plans to issue 26.66 million shares at a face value of ₹10 each.
- As per the term sheet, the indicative issue price is ₹225-230 per share. The bank had informed the BSE that the meeting of the board of directors is scheduled on 27 March, to consider and approve the issue price for QIP.
E-insurance now mandatory for all policyholders from 1st April 2024
The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory to hold new insurance policies in electronic format from April 1, 2024.
- e-insurance refers to the process of acquiring and managing insurance policies electronically. Policyholders can purchase insurance and store digital policy documents in a dedicated e-Insurance Account (eIA).
- This eliminates the need for physical documents and simplifies managing various insurance policies, including life, health, and general insurance.
- There are four insurance repositories – CAMS Insurance Repository, Karvy, NSDL Database Management (NDML), and Central Insurance Repository of India that facilitate the opening of e-Insurance accounts in India.
Credit cards breach the 100 million mark in India, shows RBI data
The total number of credit cards issued by banks in India surpassed the 100 million mark in February 2024, with 1.1 million card additions from the previous month.
- As of February, the outstanding number of credit cards in the system was 100.60 million, latest data released by the Reserve Bank of India showed. In February 2023, the total cards in circulation stood at 99.5 million.
- The banks have been pretty aggressive in shoring up their credit card spending and there has also been changes in the spending pattern of the consumers over the years driving the credit cards in circulation.
- HDFC Bank is the leader in credit card issuances, with the lender’s cards in circulation standing at 20.40 million. Other major players include SBI Card with 18.75 million cards, ICICI Bank with 16.84 million, and Axis Bank with 13.90 million.
BUSINESS & ECONOMY
Tejas Networks and Telecom Egypt Announces Strategic Cooperation Projects in Egypt
Tejas Networks announced that it has signed a Memorandum of Understanding (MoU) with Telecom Egypt (TE), ITIDA (Information Technology Industry Development Agency) and NTI (National Telecom Institute) to replicate its experience of implementing the Bharatnet (Rural Broadband Project) and NKN (National Knowledge Network) projects in Egypt.
- Other broad areas of cooperation include capacity building of Egyptian engineers and technicians on state-of-the-art telecom and networking technologies; establishing local manufacturing and R&D facilities for Fiber-to-the-Home (FTTH) products; and setting up technical support services in Egypt both for customers within the country as well as for the larger Africa and Middle East region.
RVNL-Salasar JV Bags Rs 60 crore Transmission Project in Rwanda
A joint venture of state-owned RVNL and private steel player Salasar Techno Engineering has bagged a transmission project worth around Rs 60 crore in central African nation Rwanda.
- The order has been secured from Energy Development Corporation Limited (EDCL) and to be executed in 18 months, Salasar Techno Engineering Limited (STEL) said.
- The Rwanda Transmission System Reinforcement and Last Mile Connectivity project (TSRLMC) worth USD 7.152 million equivalent to Rs 596.21 million (Rs 59.6 crore) is for plant design, supply and installation of 45.8 km, 110 KV double circuit Rukarara-Huye-Gisagara transmission lines.
UAE, Russia, Saudi Arabia import more Indian engineering goods in April-Feb 2023-24
A near-doubling of engineering goods exports to Russia in April-February 2023-24 and an increase in shipments to free trade partner countries the UAE and Australia have led to a 1.23 per cent growth in exports (year-on-year) from this segment, at $98.03 billion, despite an overall decline in goods exports during the period.
- India’s engineering exports achieved year-on-year growth for the third straight month in February 2024 and the rate of growth at 15.9 per cent was the highest in fiscal 2023-24. In February 2024, engineering exports were at $ 9.94 billion, the second highest export in fiscal 2023-24 after December 2023.
- Engineering exports to the US in April-February 2023-24 declined 7 per cent to $15.95 billion, but the region remained the top destination. Shipments to China, the eleventh in size, fell 1 per cent in the same period to $2.38 billion.
- Among top exporting destinations, the USA, Saudi Arabia, Italy, Germany, South Korea, Mexico, Malaysia, UK and China experienced growth in February 2024 while the UAE, Singapore and Netherland saw negative export growth.
SEBI Launched Beta Version of T+0 Trade Settlement for 25 scrips
The Securities and Exchange Board of India (Sebi) has put in place a framework introduced the beta version of the T+0 trade settlement cycle on an optional basis. This will be in addition to the existing T+1 settlement cycle in the equity cash market.
- The beta version of T+0 settlement will be introduced for a limited set of 25 scrips and with a limited number of brokers, Sebi said.
- The capital market regulator has laid out operational guidelines for the short settlement cycle. All investors are eligible to participate in the T+0 settlement cycle, if they are able to meet the timelines, process and risk requirements as prescribed by the market infrastructure institutions.
SPORTS
India’s Anupama Upadhyaya Wins Women’s Singles Title at Orlen Polish Open 2024
Promising teenager Anupama Upadhyaya and men’s doubles pair MR Arjun-Dhruv Kapila emerged champions at the Orlen Polish Open International Challenge Badminton tournament in Warsaw, Poland.
- Unseeded Anupama quelled the spirited challenge from her Indian compatriot Tanya Hemanth 21-15, 11-21, 21-10 to regain the Polish Open crown after a gap of one year. It was the fifth international women’s singles title for Anupama, a former junior world No. 1.
- In the men’s doubles final, second seeds MR Arjun and Dhruv Kapila rallied back splendidly to get the better of Denmark’s William Kryger Boe and Christian Faust Kjær 15-21, 23-21, 21-19 in 49 minutes.
6th Shaastra Rapid FIDE Rated Chess Tournament at IIT Madras
An International Chess Federation (FIDE)-rated Rapid Chess Tournament will be hosted by IIT Madras.
- The ‘6th Shaastra Rapid FIDE Rated Chess Tournament’ witness the participation of six Grandmasters, sixteen International Masters, three Women Grandmasters and a Women International Master. Players from various countries also participate in the event, informed IIT Madras.
- The total prize fund of the tournament is ₹5,00,000 with the first prize being ₹65,000. The tournament not only offers substantial prize funds but also attracts a diverse range of players
MS Dhoni Scripts History in T20 Cricket
Five-time Indian Premier League (IPL) winner MS Dhoni scripted history by attaining a unique record in DC vs CSK IPL 2024 match. Dhoni becoming the first wicketkeeper to record 300 dismissals in T20 cricket.
- The milestone dismissal occurred in the 11th over of the DC innings. DC opener Prithvi Shaw, who had returned to the playing XI, played a cut shot off Ravindra Jadeja’s delivery, and Dhoni took a sharp catch to complete his 300th dismissal in T20s.
- Dhoni’s achievement of becoming the first wicketkeeper to record 300 dismissals in T20 cricket further solidifies his legendary status in the game. His consistent performances behind the stumps and ability to create history continue to inspire cricket fans around the world.
Rohan Bopanna and Matt Ebden Triumph at Miami Open
Rohan Bopanna and his Australian partner Matthew Ebden won the Miami Open doubles crown, reigning supreme in the second of two prestigious Sunshine tournaments, in Floria.
- Bopanna and Ebden defeated 2nd seeds Ivan Dodig and Austin Krajicek in a thrilling battle that lasted an hour and 42 minutes in Miami. The Indo-Australian duo fought back from behind and won the deciding tie-breaker to win their second title of the year.
- Bopanna and Ebden have now reached 3 finals in 2024 and won 2 of them, raising hopes of more success at the highest level in the long season.
Miami Open 2024 tennis winners
- Men’s singles: Jannik Sinner (Italy) beat Grigor Dimitrov(Bulgaria)
- Men’s doubles: Rohan Bopanna (India)/Matthew Ebden (Australia) defeat Ivan Dodig(Croatia) and Austin Krajicek(USA)
- Women’s singles: Danielle Collins (USA) defeat Elena Rybakina(Kazakhastan)
- Women’s doubles: Sofia Kenin/Bethanie Mattek-Sands (USA) defeated Gabriela Dabrowski(Canada) and Erin Routliffe(New Zealand)
APPOINTMENTS
Sharfuddoula Becomes Bangladesh’s First ICC Elite Umpire
The ICC has appointed Sharfuddoula in its elite panel of umpires, making him the first Bangladeshi to be included into the group. The new panel of match referees, however, doesn’t include veteran Chris Broad who has officiated in the third most number of international matches.
- Broad, who has been in the elite panel since 2003, has officiated in 123 Tests, 361 ODIs and 135 T20Is. He was the match referee in the final of the 2009 T20 World Cup and the 2021 World Test Championship.
- He has officiated in ten Tests, 63 ODIs and 44 T20Is in men’s cricket. He has also featured in 41 women’s international matches.
- Last year, Sharfuddoula stood as an umpire in the ODI World Cup, becoming the first Bangladeshi to do so. He also stood in the Brisbane Test between Australia and West Indies earlier this year.
Pavan Davuluri Appointed to Lead Microsoft’s Windows and Surface Teams
Microsoft has named Pavan Davuluri as the new head of its combined Windows and Surface teams. The move comes after previous leader Panos Panay’s surprise departure to Amazon last year.
- Davuluri, a 23-year Microsoft veteran, will now oversee all aspects of Windows client and cloud experiences as well as Surface hardware development. He takes over from Mikhail Parakhin, who had been leading the Windows and web experiences group but is now “exploring new roles” outside the company.
- An IIT Madras and University of Maryland graduate, Davuluri has held various leadership roles at Microsoft spanning PC, Xbox, Surface, and Windows. Most recently, he oversaw efforts to optimise Windows for Arm-based processors as corporate vice president of Windows and Silicon & Systems Integration.
AWARDS
Vijay Jain, Managing Director of Star Estate Bags Prestigious Times Power Icon 2024 Award
In a glittering event honouring top industry leaders, Vijay Jain, Managing Director of Star Estate, was adjudged the prestigious Times Power Icon 2024 Award. The award ceremony, held recently in Noida, was organized by The Times Group.
- The visionary leadership and outstanding achievements of Vijay Jain in the real estate sector were acknowledged and celebrated on the occasion. The event was graced by industry leaders and celebrities, including Cine icon Ada Sharma, who presented the award to Vijay Jain.
- Under the astute leadership of Vijay Jain, Star Estate, has built a strong reputation as one of the most reliable and trusted real estate consultation firms in India. One of Jain’s key strengths is his ability to inspire and motivate his team to achieve the company’s goals.
Hardik Singh and Salima Tete Honoured at Hockey India Awards 2023
Hockey India announced the sixth Hockey India Awards 2023 at a function in New Delhi. Hockey India started the annual Hockey India Awards in 2014 to honour India’s best hockey players, former players and officials.
- Salima Tete and Hardik Singh were named the women’s and men’s player of the year, respectively.
- The Indian teams that won the Junior Asia Cups and the Asian Champions Trophy (both men’s and women’s) were rewarded. The men’s Asian Games winning side was also felicitated.
Other Award Winners:
- P.R. Sreejesh – Goalkeeper of the Year
- Harmanpreet Singh – Defender of the Year
- Hardik Singh – Midfielder of the Year
- Abhishek – Forward of the Year
- Deepika Soreng – Women’s U-21 Player of the Year
- Araijeet Singh Hundal – Men’s U-21 Player of the Year
- Salima Tete – Player of the Year, Women
- Ashok Kumar – Major Dhyan Chand Lifetime Achievement Award.
IMPORTANT DAYS
Utkal Diwas 2024
On April 1, Odisha Day, or Utkala Dibasa, is celebrated to commemorate the formation of the state of Odisha.
- Utkal Divas is more than just a celebration of Odisha’s formation; it is also a tribute to its rich heritage and culture. From traditional Odia cuisine, folk music, and dances to art forms and tourist destinations, the state boasts immense cultural wealth.
- The occasion is celebrated across the state, with people decorating their homes and public spaces with flags, banners, and flowers in the colours of the state flag, symbolizing the vibrant culture and heritage of Odisha.