Friday, May 24, 2024
Current Affairs English

Daily Current Affairs 7th May, 2024

Daily Current Affairs 7 May 2024 for Banking/Insurance/SSC and other related exams.

NATIONAL NEWS

Army Dental Centre (R&R), the largest dental establishment of Armed Forces, celebrates its silver jubilee

Army Dental Centre (R&R), the largest dental establishment of Armed Forces, celebrates its silver jubilee

  • The Army Dental Centre of Research & Referral (ADC R&R) celebrated 25 years of establishment on 01 May 2024. General Officer Commanding in Chief, Western Command Lieutenant General MK Katiyar visited the Dental Centre on the occasion and released a Special Postal Cover.
  • The ADC R&R is the largest dental establishment of Armed Forces providing post graduate training in five specialties of dentistry, namely Oral and maxillofacial surgery, Prosthodontics and crown & bridge, Periodontics and oral implantology, Conservative dentistry and endodontics, Orthodontics and dentofacial orthopaedics.
  • The Major General RN Dogra memorial oration that is delivered by the stalwarts of dentistry every year to commemorate the raising day of this prestigious institute was delivered by Major General GK Thapliyal, (Retd), Vice Chancellor, Swami Vivekanand Subharti University, Meerut, on “India that is Bharat”.

Tata Memorial Centre Publishes first-of-its-kind Study on the Economic Loss due to Premature Death from Oral Cancer in India

Tata Memorial Centre Publishes first-of-its-kind Study on the Economic Loss due to Premature Death from Oral Cancer in India

  • A new study led by Tata Memorial Hospital has estimated that premature oral cancer deaths have cost India productivity losses to the tune of $5.6 billion or 0.18 per cent of its GDP in 2022.
  • One of the key findings of the study, according to its lead author Dr Arjun Singh, Assistant Professor, Tata Memorial Hospital, is that 91 per cent of the deaths or terminal stages were among patients with a median age of 41.5 years.
  • Given that the retirement age in India is around 62 years, the study — which tracked 100 patients over three years — showed that those who succumbed to the disease cumulatively lost 671 productive or working years (29.8% to early stages and 70.2% to advanced stages). The monetary value of the losses for men exceeded Rs 57 lakh and that for women Rs 71 lakh.
  • Considering 90 per cent of oral cancers are preventable, the findings are stark as they highlight problems of late diagnosis, intervention, access to and cost of healthcare. Both early (70 per cent) and advanced (86 per cent) stage cancers affected the middle class, with 53 per cent requiring some form of insurance schemes or financial support in order to complete treatment, say researchers.

Manipur Governor Sushri Anusuiya Uikey Inaugurates ‘School On Wheels’

Manipur Governor Sushri Anusuiya Uikey Inaugurates ‘School On Wheels’

  • Manipur, Governor Sushri Anusuiya Uikey inaugurated ‘School on Wheels’ at a ceremony held in Imphal. The initiative which is being implemented by Vidya Bharati Shiksha Vikash Samiti Manipur aims to reach out to the students in the relief camps in the State. 
  • The school bus is equipped with a library, computers and sports items with a teacher and visits relief camps in different places in
  • the State. The initiative aims to bridge the educational gap for students residing in relief camps across the State.
  • This mobile educational unit will traverse various relief camps, ensuring that education reaches the doorsteps of displaced students, thereby mitigating the educational challenges they face.


INTERNATIONAL NEWS

World Press Freedom Day 2024: 44 environmental journalists have been murdered in last 15 years, UN report finds

World Press Freedom Day 2024: 44 environmental journalists have been murdered in last 15 years, UN report finds

  • Environment journalists worldwide are facing increasing violence, with as many as 44 journalists killed in 15 years, according to a new report released by UNESCO on the occasion of World Press Freedom Day on May 3, 2024. 
  • Over 70 per cent of the total 905 journalists and agencies surveyed from 129 countries informed that they had been attacked, threatened or pressured, according to the report Press and Planet in Danger. The report was launched at the 2024 World Press Freedom Day Global Conference being held in Santiago, Chile from May 2-4, 2024.
  • The report noted that the violence has increased between 2009 and 2023, with 249 attacks reported. The numbers dropped to 215 between 2014 and 2018. But it showed a stark increase with 305 attacks recorded between 2019 and 2023. On an average, journalists faced 50 attacks a year between 2009 and 2023 in all regions of the world.
  • The attacks from state actors spiked significantly from 111 between 2014 and 2018 to 174 attacks between 2019 and 2023. The nature of attacks included physical, assaults, harassment, arbitrary detentions, including criminal charges pressed against reporters, imprisonment, defamation among other legal attacks


BANKING & FINANCE

RBI allows standalone primary dealers to borrow in foreign currency

30 banks join RBI UDGAM portal for unclaimed deposits

  • The Reserve Bank of India (RBI) announced that standalone primary dealers (SPDs) may borrow in foreign currency from their parent companies and other authorised entities.
  • Standalone primary dealers will also be allowed to access overdraft facilities in nostro accounts solely for operational use. Nostro is a bank account held in another country by a domestic bank, but in the currency of the foreign country. 
  • The circular titled ‘Master Direction – Risk Management and Inter-Bank Dealings: Amendments’ further noted that “such borrowings shall be within the limit for foreign currency borrowings” prescribed in the RBI.
  • As per the central bank’s direction, excess withdrawals not adjusted within five days must be reported to the RBI. Such reporting should occur within 15 days from the end of the month in which the limits are exceeded. Reporting is not required if arrangements are in place for value dating, the RBI said.

IFSC Authority allows non-bank FPIs to issue derivatives in GIFT-IFSC

  • The International Financial Services Centres Authority has allowed non-banking entities registered as foreign portfolio investors (FPIs) with SEBI to issue derivatives in GIFT-IFSC, with underlying Indian securities.
  • This move comes as a follow-up to the announcement made by Finance Minister Nirmala Sitharaman during the Budget Speech of 2023-24, wherein Offshore Derivative Instruments (ODIs) issued in GIFT-IFSC were recognised as valid contracts. 
  • The circular released by the IFSCA outlines the responsibilities of the issuer entity. The International Financial Services Centres Authority has allowed non-banking entities registered as foreign portfolio investors (FPIs) with SEBI to issue derivatives in GIFT-IFSC, with underlying Indian securities. Subsequently, Section 18A of the Securities Contracts (Regulation) Act, 1956 was amended to recognise derivatives contracts issued in IFSC as legal and valid. Such contracts are regulated by the IFSCA.

Galytix launches GenAI credit agent solution, CreditX, for Indian banking sector

Galytix

  • Galytix, a London-headquartered GenAI-focused fintech, has launched a game-changing Generative AI-based Credit Agent solution, CreditX, for the Indian banking sector that would help banks here to deliver credit better, faster and cheaper.
  • Generative AI is a recently developed type of artificial intelligence—a general-purpose technology— capable of producing new and original content such as text, images, videos, and audio. 
  • This innovative tool aims to enhance credit delivery by enabling banks to streamline their credit processes efficiently, quickly, and cost-effectively. This is achieved by learning statistical patterns from existing data and then using these patterns to generate new and novel outputs upon request.
  • Galytix, through CreditX, has a credit agent ready to automate all credit-related tasks in a banking set-up. The productivity gains you can generate are 20-30 per cent at front office level and 30-40 per cent at mid-office level.

PSBs plan to set up ‘green cells’ for climate funding

Govt plans to borrow Rs 7.5 lakh cr from market in first half of FY25

  • State-run lenders will look to set up specialised ‘green cells’ with dedicated employees for climate-specific initiatives. These measures are part of the Enhanced Access and Service Excellence (EASE) reform version 7.0, which was rolled out last week. 
  • A senior bank executive emphasised that in the fiscal year 2025, Public Sector Banks (PSBs) will prioritise enhancing their capabilities for raising green funds and expanding their green lending portfolios.
  • These efforts include setting up specialised units to address both physical and transition risks within existing and potential loan portfolios, as well as assessing environmental, social, and governance (ESG)-related risks using data analysis.
  • A report by the Reserve Bank of India (RBI) estimates that the country’s annual green financing needs will amount to at least 2.5% of GDP until 2030. Earlier this year, the RBI released draft guidelines for a disclosure framework on climate-related financial risks in 2024, outlining a pathway for regulated entities (REs) to disclose detailed information regarding governance, strategy, risk management, and metrics and targets.


BUSINESS & ECONOMY

IIT-M start-up Mindgrove Technologies launches first indigenously designed microcontroller chip

IIT-M start-up Mindgrove Technologies launches first indigenously designed microcontroller chip

  • For the first time, a microprocessor chip designed, owned, and marketed from India is set to be out in the open market and will soon power smart electronic devices. Mindgrove Technologies, incubated by IIT Madras Pravartak Technologies Foundation and IIT Madras Incubation Cell, and supported by Peak XV Partners, has launched Secure IoT, India’s debut high-performance SoC (system on chip).
  • A system-on-chip (SoC) combines many electronic parts into one chip, like a mini-computer. It goes into the printed circuit board (PCB) and is used in various devices, making them smaller and more efficient.
  • With Secure IoT, Indian Original Equipment Manufacturers (OEMs) can integrate an Indian SoC into their products and help reduce the cost of their feature-rich devices, without compromising on high-end features.

India Ratings raises FY25 GDP growth forecast to 7.1% from 6.5%

RBI projects FY25 GDP growth at 7%; CPI inflation at 4.5%

  • India Ratings and Research upgraded its GDP growth forecast for 2024-25 to 7.1% from 6.5%, citing strong support to the growth momentum from sustained government capex and deleveraged corporate and bank balance sheets, even as consumption demand and exports pose constraints.
  • The projection is marginally higher than the Reserve Bank’s estimate of 7 per cent. The domestic rating agency said strong support from the sustained government capex, deleveraged balance sheets of corporate and banking sector, and the incipient private corporate capex cycle make it revise its estimate.
  • The agency said it expects the growth in private final consumption expenditure to jump to 7 per cent in FY25, up from 3 per cent in FY24, and added that this will be a three-year high.
  • Above normal monsoon, jump in wheat procurement by Food Corporation of India at 37 million tonnes versus 26 million tonnes in FY24 will help the consumption story, it said.

Wipro, Microsoft team up for AI virtual assistants for financial services

Wipro, Microsoft team up for AI virtual assistants for financial services

  • IT major Wipro announced that it has teamed up with Microsoft to launch a suite of cognitive assistants for financial services powered by generative artificial intelligence (GenAI). These assistants, named Wipro GenAI Investor Intelligence, Wipro GenAI Investor Onboarding, and Wipro GenAI Loan Origination, aim to revolutionise how financial professionals operate.
  • Using cutting-edge GenAI technology, these assistants will furnish financial experts with in-depth market insights and timely updates on investment options and customer behaviour.  They’ll also streamline the investor onboarding and loan origination processes by slashing document validation times and offering helpful responses to investor queries.
  • This new solution set, powered by Microsoft, will help provide better and faster market and product intelligence to financial advisors and banking professionals, enabling them to deliver more personalised and timely service to clients.These solutions will also reduce the multiple often repetitivesteps needed to onboard new investors or originate loans, cutting down the time spent on paperwork. 

HCLTech partners with Amazon Web Services to drive GenAI adoption

HCLTech partners with Amazon Web Services to drive GenAI adoption

  • IT services firm HCLTech said it has partnered with Amazon Web Services (AWS) to ‘accelerate GenAI-led enterprise digital transformation’. The companies will work together to implement AWS GenAI (generative AI) services such as Amazon Bedrock, Amazon CodeWhisperer, Amazon SageMaker and Amazon Titan for enterprises across multiple industries. 
  • This strategic collaboration agreement seeks to help enterprises unlock the value of GenAI by empowering them to reshape business models, elevate customer experiences and foster growth. 
  • The joint entity will help enterprises explore and develop GenAI-led use cases, proofs of concept, tools and solutions, and will provide clients early access to AWS’s advanced GenAI services.

India on track to become third largest consumer market by 2026: UBS

UBS

  • India is set to become the third largest consumer market in 2026, surpassing Germany and Japan, according to a UBS report. The report predicts that the affluent category will double in the next five years, with 88 million people with over $10,000 annual income by 2028.
  • Consumption growth is expected to remain muted at 4-5% in the current and next fiscal, below the 6.5-7% average annual growth seen during FY11 and FY20.
  • According to this report, it was estimated that in the year 2023, India’s total population of 40 million (4 crore) was in the rich class. The age of such people is more than 15 years and they constitute a majority in the total population.
  • UBS wrote in its research report that consumption growth in the country will be 4-5 percent in the current financial year 2024-25 and 6.5-7 percent annually in the next financial year 2025-26, which was seen in the financial years 2010-11 and 2019-20. met. According to the report, due to the impact of slowdown in salary hike in the corporate world, decline in personal loan growth and tightening of monetary policy, demand will remain modest largely in urban areas. But the performance of premium and affluent segments will be better.


SPORTS

China wins Uber Cup for 16th time, beats Indonesia 3-0 in final

China wins Uber Cup for 16th time, beats Indonesia 3-0 in final

  • China completed a Thomas and Uber Cup double as both men’s and women’s teams beat Indonesia to win their respective world team championship finals in Chengdu.
  • The men, who won 3-1, lifted China’s first Thomas Cup since they beat Japan in 2018 — and their 11th in all. But it meant agony again for 14-time winners Indonesia, who lost its second successive final after falling to India two years ago in Bangkok.
  • In the women’s event, Indonesia had earlier been powerless to prevent a flawless China lifting the Uber Cup for a record-extending 16th time with a 3-0 victory. The next most successful women’s nation is Japan, who has won the Uber Cup six times. 

McLaren’s Norris Wins Miami Grand Prix For First F1 Win

McLaren’s Norris Wins Miami Grand Prix For First F1 Win

  • McLaren’s Lando Norris has won the first Formula One race of his career with a shock victory over world champion Max Verstappen in the Miami Grand Prix.
  • Breathing life into an F1 season that risked becoming a one-man story again, Norris, in his 110th race for McLaren, beat Verstappen by more than seven seconds, with Ferrari’s Charles Leclerc finishing third.
  • Norris, who had 15 podiums before his first win, took full advantage of the safety car and with Verstappen struggling to catch up, he secured his maiden victory.

Rublev Downs Auger-Aliassime To Win Madrid Open Title

Rublev Downs Auger-Aliassime To Win Madrid Open Title

  • Andrey Rublev overcame an opening set wobble to beat Felix Auger-Aliassime 4-6 7-5 7-5 in the final of the Madrid Open, to win his second Masters 1000 title.
  • Auger-Aliassime was chasing his first ever Masters title and looked well set for victory before a resurgent Rublev, who had been struggling with a fever during the tournament and recovered to prevail in a little under three hours.
  • World No. 1 Iga Swiatek etched her name in the history books by winning her first WTA 1000 Madrid Open Singles title. In a thrilling final, she prevailed over Aryna Sabalenka of Belarus with a hard-fought victory, 7-5, 4-6, 7-6 (9/7). This triumph marked Swiatek’s 20th career title and her ninth at the WTA 1000 level.
  • The Spanish duo of Sara Sorribes and Cristina Bucsa made their nation proud by clinching the Women’s Doubles title. They defeated the pair of Barbora Krejcikova (Czech Republic) and Laura Siegemund (Germany) in straight sets, 6-0, 6-2, becoming the first Spanish pair to win the women’s doubles event at the Madrid Open.
  • The men’s doubles final saw Jordan Thompson (Australia) and Sebastian Korda (United States) emerge victorious against Adam Pavlesak (Czech Republic) and Ariel Behra (Uruguay) with a score of 6-3, 7-6. This was the duo’s first Masters 1000 doubles title.


APPOINTMENTS

Puma signs Ibrahim Ali Khan Pataudi as brand ambassador

Puma signs Ibrahim Ali Khan Pataudi as brand ambassador

  • Sports brand Puma India has announced actor, Ibrahim Ali Khan Pataudi, as its newest ambassador and said with a legendary legacy in both the realms of sports and cinema, he is the perfect addition to the brand’s family.
  • Under this association, he will front the brand’s sports-inspired premium and limited-edition footwear and apparel products. In doing so, Puma will further connect with its young consumers and drive the brand’s sports heritage story forward with Ibrahim’s innate style and passion for sports.

Paytm Money appoints Rakesh Singh as its CEO 

Paytm Money appoints Rakesh Singh as its CEO 

  • Paytm Money, the wholly-owned subsidiary of One97 Communications, has appointed Rakesh Singh as the new CEO after Varun Sridhar resigned from the role, the company said. 
  • Sridhar, former head of Paytm Money Ltd, will transition to Chief Executive Officer of Paytm Services Private Limited, focusing on the distribution of mutual funds and wealth management products.
  • Before joining Paytm Money, Singh, a veteran in the banking industry with over 18 years of experience–held the same position at Fisdom, a discount brokerage firm, for over five years.

José Molino wins the presidential elections in Panama

José Molino wins the presidential elections in Panama

  • Jose Raul Mulino, a stand-in for a former president banned from running, has won the country’s presidential elections.
  • The 64-year-old former security minister had nearly 35% of the votes with more than 92% of the votes counted, giving him a nine-point lead over his nearest competitor.
  • Mulino replaced Ricardo Martinelli as candidate after the firebrand former leader was banned from running after being sentenced to 10 years in prison for money laundering.


AWARDS

NMAM Institute of Technology team win Boeing National Aeromodelling Competition 2024 in India

NMAM Institute of Technology team win Boeing National Aeromodelling Competition 2024 in India

  • A team from Nitte Mahalinga Adyanthaya Memorial (NMAM) Institute of Technology, Karkala in Udupi district of Karnataka, won the ninth annual Boeing National Aeromodelling Competition, which attracted more than 2,350 students from 855 institutions in India.
  • This year’s competition attracted more than 2,350 students from across 855 institutions in the country. This year, the competition also saw an increase in female participation, with 28% of women participating in final rounds.
  • 44 finalists from 13 teams were selected for the finale held in Bengaluru. Meghraj M, Sathvik Poojary, and Sanjana S from Nitte Mahalinga Adyanthaya Memorial (NMAM) Institute of Technology, Karkala, Udipi District, Karnataka were declared winners of the competition.


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