Daily Current Affairs 23rd May, 2024
Daily Current Affairs 23 May 2024 for Banking/Insurance/SSC and other related exams.
NATIONAL NEWS
CDS Gen Anil Chauhan attends Exercise Cyber Suraksha – 2024
- Chief of Defence Staff (CDS) Gen Anil Chauhan attended ‘Exercise Cyber Suraksha – 2024’, and underscored the importance of strengthening India’s cyber defence capabilities.
- The comprehensive cyber defence exercise is being conducted by Defence Cyber Agency from 20 – 24 May 2024. It aims to further develop Cyber Defence Capability of all Cyber security organisations and promote synergy amongst all stakeholders. It focusses on enhancing collaboration and integration among participants from various military and prominent national organizations.
- Exercise Cyber Suraksha – 2024 aims to empower participants by enhancing their cyber defence skills, techniques and capabilities; share best practices, and work towards a unified and robust cyber defence posture.
Steel Secretary launches NMDC Vendor Portal
- Steel Secretary Nagendra Nath Sinha launched NMDC’s Vendor Invoice Management and Self-Service Portal at the company’s Corporate Office in Hyderabad.
- The facility has been set up to provide a seamless interface for the vendors to engage with the company, towards streamlining the procurement life cycle and to enhance transparency and business harmony.
Karnataka state govt. mandates 33% reservation for women in all outsourced jobs
- Karnataka staye government issued an order mandating reservations for outsourced govt contract jobs across all its departments, with 33% of these posts reserved for women.
- This decision was made during a cabinet meeting in December, 2023. The government said it aims to ensure social justice and equal employment opportunities. The new rules apply to outsourced posts like vehicle drivers, data entry operators, cleaning staff, and Group D employees in state government offices.
- It aligns with the reservation policy applied to permanent govt positions. There are currently 75,000-plus employees holding outsourced jobs in govt departments.
INTERNATIONAL NEWS
India Climbs To 39th Position In World Economic Forum’s Travel & Tourism Development Index
- India has climbed to the 39th position in the World Economic Forum’s Travel & Tourism Development Index 2024, while US topped the list. India also ranks the highest in South Asia among the lower-middle-income economies. Earlier, India was ranked 54th in 2021 published index.
- After the US, Spain, Japan, France, and Australia figure among the top five in the 2024 list. Mali is placed at the bottom of the index with a score of 2.78. The Travel and Tourism Development Index was prepared in collaboration with the University of Surrey, England. This year, 119 countries have been ranked on the Index.
- India boasts high price competitiveness (18th) and possesses competitive air transport (26th) as well as ground and port (25th) infrastructure. Its robust natural (6th), cultural (9th), and non-leisure (9th) resources contribute significantly to its travel appeal, making it one of the top performers globally.
- India’s overall Travel and Tourism Development Index (TTDI) score is 2.1% lower than in 2019. And if reports are to go by, this is due to global inflation and supply issues. Its effect can be seen in India’s travel and tourism. There’s a decline in price competition, and air transport and tourist services haven’t fully recovered to 2019 levels.
BANKING & FINANCE
Government gets Rs 2.11 lakh crore from RBI by way of dividend
- The Reserve Bank of India(RBI) will pay a record Rs 2.1 lakh crore dividend to the government for the fiscal ended March 31, more than double of what was budgeted expectation, helping shore up revenue ahead of a new government taking office. The RBI board approved the transfer of surplus, the central bank said.
- The government had budgeted a receipt of Rs 1.02 lakh crore as dividends from the RBI, public sector banks and financial institutions in the interim budget for the fiscal year 2024-25 (April 2024 to March 2025) presented in February this year.
- The dividend or surplus transfer by the RBI to the Centre was Rs 87,416 crore for the fiscal 2022-23. The previous high was Rs 1.76 lakh crore in 2018-19.
Net financial savings rose to 6% in FY24: Goldman Sachs
- A faster increase in household deposit growth likely pushed net financial savings to 6% of GDP in FY24 from 5.1% in the previous year, Goldman Sachs said in a report.
- This (increase in net financial savings) is mainly driven by our estimate of higher gross financial savings of 12.5% of GDP (vs 11.0% of GDP in FY 2023) owing to our estimate of higher bank deposit growth. Goldman Sachs has predicted a rise in household liabilities to 6.6% of GDP in FY24 from 5.9% in the previous year.
- The report titled- ‘Changing contours of Indian household savings’– also notes that within financial savings, allocations are shifting from banks to non-banks, especially into retirement savings, and the total assets under management (AUM) of retirement savings, insurance, and mutual funds grew at an average rate (CAGR) of 15 per cent, thus outpacing growth in bank deposit (9 per cent CAGR) over the last ten years.
Mahindra & Mahindra Finance secures IRDAI license to offer tailored insurance plans
- Mahindra & Mahindra Financial Services said it has received corporate agency licence from insurance regulator IRDAI, which will enable it to sell life and general insurance policies offered by various insurers. The registration shall be valid from May 21, 2024 to May 20, 2027
- The registration as ‘Corporate Agent (Composite)’ will enable the company to undertake supplemental business activity of soliciting and procuring insurance business in the areas of life, health and general insurance — both group and individual.
- The process would augment the company’s existing sources of revenue and profits as it would deploy its common infrastructure of branch network and feet on street.
IRDAI introduces new corporate governance regulations for insurers
- The Insurance Regulatory and Development Authority of India (IRDAI) has asked insurance companies to seek prior approval for the appointment of their Board Chairperson, effective immediately.
- Existing Chairperson have been given until March 31, 2026, or the end of their current terms, whichever comes first, to comply with the new regulations.
- Under these new corporate governance rules, IRDAI has prohibited conflicts of interest in key management positions. Also, the holding of both business and control functions by a single key management person or the holding of two or more control positions by one individual is now forbidden.
- Previously, no such approvals were required for appointing Chairman. This shift towards “principle-based regulations” is to ensure thorough due diligence at both the Board Chairman and CEO levels, according to an insurance executive.
HDFC Bank exits Protean eGov Technologies; sells entire stake for ₹150 crore
- Private sector lender HDFC Bank sold its entire 3.20 per cent stake in Protean eGov Technologies for Rs 150 crore through an open market transaction.
- According to the bulk deal data available with the BSE, HDFC Bank sold 12,94,326 shares, amounting to a 3.20 per cent stake in Protean eGov Technologies.The shares were offloaded at an average price of Rs 1,160.15 apiece, taking the transaction value to Rs 150.16 crore.
- Meanwhile, Nippon India Mutual Fund purchased 12.78 lakh shares or 3.16 per cent stake in Protean eGov Technologies for Rs 148 crore.
BUSINESS & ECONOMY
Swiggy partners with SHIELD for enhanced fraud prevention
- Swiggy has recently collaborated with SHIELD, an AI platform prioritizing device-first risk assessment, to enhance its capabilities in identifying and preventing fraudulent activities.
- By leveraging SHIELD’s Device Intelligence, Swiggy aims to mitigate the misuse of promotions and dishonest practices within its Delivery Partner network. Promo abuse poses a significant challenge for online businesses worldwide, encompassing the exploitation of platform discounts, sign-up incentives, referral rewards, and time-sensitive offers.
- Moreover, delivery partners resort to deceptive means to manipulate location data, achieve targets, and illegitimately claim rewards, undermining the overall user experience and eroding trust in the platform’s integrity.
Tata Motors’ arms partner with Bajaj Finance to provide financing to passenger, EV dealers
- Tata Motors said its passenger vehicles and passenger electric mobility subsidiaries have tied up with Bajaj Finance for providing supply chain finance solutions to their respective dealers.
- Tata Motors Passenger Vehicles (TMPV) and Tata Passenger Electric Mobility (TPEM), subsidiaries of Tata Motors, have joined hands with Bajaj Finance to extend supply chain finance solutions to its passenger and electric vehicle dealers, the company said.
- Under a Memorandum of Understanding (MoU), the participating companies will come together to leverage Bajaj Finance’s wide reach to help dealers of TMPV and TPEM access funding with minimal collateral.
APPOINTMENTS
To Lam elected as Vietnam’s new president
- Vietnam’s National Assembly elected General To Lam, the country’s top public security official, as its new president.
- The 66-year-old Lam succeeds Vo Van Thuong, who resigned in March after just one year in the post. The ruling Communist Party cited “shortcomings” with Thuong it said led to violations of rules that hurt the reputation of himself and the party.
- Lam has become the third President of Vietnam in less than 18 months, in a country that has a reputation for its stable politics. He is the third most powerful man in Vietnam besides the Party Chief and Prime Minister, is viewed as a hardliner when it comes to dealings with Vietnamese activists. Numerous dissidents and bloggers were jailed during his tenure as the Minister of Public Security.
John Slaven named Vice-Chairman of International Aluminium Institute
- Vedanta Aluminium has announced the appointment of its CEO, John Slaven, as Vice-Chairman of the International Aluminium Institute (IAI).
- In this role, Slaven will lead global initiatives aimed at promoting sustainable transformation within the aluminium industry and highlighting aluminium’s crucial role in advancing the energy transition towards a Zero Carbon future.
- Slaven is a respected global leader with over 30 years of experience in the metals, mining, and modern manufacturing industries. He has held diverse positions in top companies within these sectors, contributing to transformative advancements.
WEF founder, executive chairman Klaus Schwab to step back from current role
- Klaus Schwab, founder and executive chairman of the World Economic Forum (WEF), will step back from his current role and become chairman of the board of trustees by next January, the organization said.
- The Geneva-based institution said in an emailed statement it was undergoing a planned “governance evolution” from a founder-managed organization to one where the president and the managing board assume full executive responsibility.
- Schwab’s goal was to create a forum for policymakers and top corporate executives to address major global issues and learn practices for leadership and management.
AWARDS
NTPC gets global recognition for talent development, secures 3rd rank at ATD BEST Awards 2024
- The public sector company NTPC(National Thermal Power Corporation), was awarded the third rank in the world for the Talent Development category at the ATD BEST Awards 2024.
- This being the highest ranking among all Indian companies. Notably, NTPC is the only PSU to have received this prestigious award seven times in the past eight years.
- The award ceremony was held in New Orleans, United States of America. Ms. Rachana Singh Bhal, NTPC’s chief general manager strategic HR & talent management, accepted the award.
- The ATD BEST Awards, established by the Association for Talent Development (ATD), USA, is one of the most esteemed international recognitions in the field of Learning and Development (L&D). It honors organizations that leverage talent development as a strategic business tool and demonstrate enterprise-wide success through effective employee development practices.
POWERGRID gets global recognition for Learning & Development, receives ATD Best Awards for the third time
- Power Grid Corporation of India Limited (POWERGRID), a Maharatna Central Public Sector Enterprise under the Ministry of Power, Government of India, has been conferred the prestigious ATD BEST Awards 2024 for its strategic approach to talent development driving business results.
- The ATD BEST Awards, established by the Association for Talent Development (ATD), USA, is one of the most esteemed international recognitions in the field of Learning and Development (L&D).
- It honors organizations that leverage talent development as a strategic business tool and demonstrate enterprise-wide success through effective employee development practices.
- This recognition places POWERGRID among the elite organizations worldwide in the field of Learning & Development. This is the third time POWERGRID has been honoured with the ATD BEST Award, having previously received it in 2021 and 2023.