NATIONAL UPDATES:
1. IIT Madras startup Mindgrove launches first India-made microcontroller chip: India is finally set to have a made-in-India microcontroller chip powering electronic device. 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.
2. Manipur launches “School on Wheels” Initiative for Students: Manipur government has launched the “School on Wheels” initiative aiming to impart education to students sheltered in relief camps in the state following the yearlong ethnic strife in the state. Manipur Governor Anusuiya Uikey launched the “School on Wheels” initiative. Under this the school bus, equipped with a library, computers, and sports items, would visit different camps accompanied by a teacher.
3. Visa appoints Sujai Raina as India Country Manager: Digital payments platform Visa has appointed Sujai Raina as the country manager for India. Besides, Sandeep Ghosh will continue in his role as Group Country Manager for India and South Asia. He will oversee operations in India and other markets in the subcontinent, including Bangladesh, Sri Lanka, Nepal, Bhutan and the Maldives.
4. Subodh Kumar appoints as Director in Ministry of Ayush: Subodh Kumar (IAS) has been appointed as Director in the Ministry of Ayush. Kumar has been selected for the appointment to the post with effect from the date of taking over charge of the post for a period upto October 8 or until further orders, whichever is earlier. Kumar is a 2010- batch Indian Administrative Service (IAS) officer of Tamil Nadu cadre. Presently, he is on ‘Compulsory wait’ in the Ministry of Food Processing Industries.
INTERNATIONAL UPDATES:
1. 8 May – World Red Cross Day: World Red Cross Day is observed on 8 May every year. This day is dedicated to the people who are suffering from various natural calamities, armed conflicts, and other crises. The day also serves as an opportunity to highlight the humanitarian values of the Red Cross and Red Crescent Movement. Theme 2024 – I give with joy, and the joy I give is a reward
2. 8- 9 May – Time of Remembrance and Reconciliation for Those Who Lost Their Lives During the Second World War: On May 8 and 9, the day is set aside as ‘The Time of Remembrance and Reconciliation for Those Who Lost Their Lives during the Second World War.’ These two days recognise the sacrifices and loss of military and civilians during the Second World War. As an observance, non-governmental organisations and individuals are urged to pay tribute to the victims of World War II. On May 8, 1945, World War II Allies accepted the unconditional surrender of Nazi Germany. The anniversary is also known as Victory in Europe or VE Day.
OTHER UPDATES:
DEFENCE
1. IAF conducts Bambi Bucket Operation in response to the forest fires in Uttarakhand: The Indian Air Force had deployed its Mi17 V5 helicopters to undertake Bambi Bucket operations to douse the forest fires near Nainital, Uttarakhand. These helicopters efficiently transported and released over 4,500 liters of water over the affected areas, a crucial effort made in close coordination with the Uttarakhand government. The swift and coordinated action by the Indian Air Force played a pivotal role in supporting the ground-based firefighting crews.
2. BRO celebrates its 65th Raising Day: The Border Road Organization (BRO) celebrated its 65th raising day on 7 May 2024. A ceremony was organised in New Delhi on the occasion, presided over by the Union Defence Secretary Giridhar Aramane. The Border Road Organization was set up on 7 May 1960 by the Pt Nehru government to execute crucial road projects vital for the Army.
It started its operation in May 1960 with two projects: Project Tuskar in the East and Project Beacon in the West.
BANKING AND FINANCE
1. ICICI Pru Life launches ULIP having fund value-based distributor payouts: ICICI Prudential Life Insurance has launched ICICI Pru Platinum, a Unit Linked Investment Plan (ULIP) that ties the distributor’s commission to their customers’ Assets Under Management (AUM). According to the product specifications, customers have unlimited free switches between asset classes without any cost or tax implications. Customers can choose from an array of 21 funds under this product, which includes 13 equity funds, four debt funds, and four balanced funds. Additionally, they can choose from four portfolio strategies.
2. Infibeam’s CCAvenue partners with Shivalik SFB to improve merchant access: CCAvenuve, the payments platform of fintech firm Infibeam Avenues, will partner with Shivalik Small Finance Bank to provide merchants registered with it to access to SFB’s customer base. The partnership would integrate Shivalik SFB’s internet banking service with its payment platform.
3. DBS Bank India recognized as ‘Best Employer’ 2023 by Kincentric: DBS Bank India has been recognized as a ‘Best Employer’ 2023 by Kincentric for the fourth consecutive year. The award acknowledges organizations with exceptional employee experiences and a strong culture of engagement. The Kincentric Best Employers study is one of the most respected annual studies with a robust evaluation methodology designed to understand alignment across business objectives, people process, and employee experience.
4. QuantPower Emerges as Best Trading Platform in India: QuantPower, the most innovative AI-enabled trading platform, has secured the prestigious title of Best Trading Platform in India for the second consecutive year. This milestone reaffirms QuantPower’s position as the preferred software for Indian investors, offering an unparalleled suite of features that consolidate various trading tools into one comprehensive solution. Under the umbrella of Wisdom Tree Ventures Pvt Ltd., QuantPower.tech has revolutionized the trading landscape by providing a unified platform that caters to diverse trading styles.
5. IRDAI imposes a fine of Rs 1 crore on IPO-bound Go Digit Insurance: The Insurance Regulatory and Development Authority of India (Irdai) imposed a penalty of Rs 1 crore on Go Digit General Insurance for non-disclosure of a change in the conversion ratio of compulsorily convertible preference shares (CCPS). The company had not furnished the full particulars of the revision to the regulator, violating Section 26 of the Insurance Act. The insurance regulator had earlier issued a show cause notice after noticing that Go Digit had changed its conversion ratio of 63,00,000 CCPS issued by Go Digit Infoworks Services Pvt Ltd (GDISPL), the parent company of the general insurer, to FAL Corporation, owned by Fairfax Group.
AWARDS AND HONOURS
1. Bhavi Mehta won Oxford Bookstore Book Cover Prize 2024: The Oxford Bookstores named Bhavi Mehta as the winner of the 9th edition of Oxford Bookstore Book Cover Prize 2024 for “The Book Beautiful” by Pradeep Sebastian, published by Hachette India. Mehta received a trophy, certificate, and a cash prize of INR 1 lakh. The Oxford Bookstore Book Cover Prize has come of age in bringing and showcasing the detailing, interest, and engagement of the writer, the designer, and the publisher.
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