NATIONAL UPDATES:
1. Greenko Energies gets CCI nod to acquire additional stake in Sikkim Urja: The Competition Commission of India (CCI) has approved the acquisition of additional shares in Sikkim Urja Limited (formerly Teesta Urja Limited) by Greenko Energies Private Limited. Sikkim Urja Ltd is a special purpose vehicle incorporated for the purpose of the implementation of the 1,200 MW hydropower project in North Sikkim. According to the CCI, Greenko Energies, an indirect company wholly owned by Greenko Mauritius, will acquire the additional shares in the capacity of 6 units of 200 MW each in the hydro power project.
2. Uttarakhand Govt Launches Pirul Lao Paise Pao Campaign: The Uttarakhand government has launched the Pirul Lao-Paise Pao campaign to contain the raging forest fire in the state. 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.
3. SBI General Insurance names Jaya Tripathi as Head of Key Relations Group: 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. 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.
INTERNATIONAL UPDATES:
1. Sri Lanka signs 20-Year Power Deal with Adani Green Energy for Wind Stations: Sri Lanka has sealed a 20-year power deal with Adani Green Energy Ltd of India. Sri Lanka’s Cabinet of Ministers have approved the project under which two wind power stations will be developed by Adani, marking a crucial step towards sustainable energy solutions. The approval granted last year for Adani’s $442 million investment in 484 megawatts wind power plants underscores the growing partnership between the two nations in the renewable energy sector.
2. Vladimir Putin sworn in as Russian President for 5th time: Vladimir Putin was sworn in as president of the Russian Federation for the fifth time for a six-year term. He took the oath of office at a ceremony held at the Grand Kremlin Palace in Moscow. The ceremony was attended by Russia’s top military and political leadership, but the United States and many European nations boycotted the ceremony, saying that the presidential election was a fraud. Putin, in power as president or prime minister since 1999. In 1999, after President Boris Yeltsin’s resignation, Putin was appointed interim president of Russia.
3. 8 May – World Thalassaemia Day: World Thalassaemia Day is observed on May 8th every year.
Objective – To raise awareness about thalassaemia, a genetic blood disorder characterised by abnormal haemoglobin production. Theme 2024 – Empowering Lives, Embracing Progress: Equitable and Accessible Thalassaemia Treatment for All.
OTHER UPDATES:
DEFENCE
1. Indian Coast Guard and Jindal Steel & Power sign MoU to enhance indigenous shipbuilding: The Indian Coast Guard and Jindal Steel & Power Ltd signed an MoU for the supply of indigenous marine-grade steel. The MoU highlights the critical role of public-private partnerships in tackling intricate security challenges, emphasizing the necessity of cooperation between governmental bodies and the private sector. Within the MoU, various significant advantages such as quality, grades, and dimensions, alongside the identification of specific steel plants tasked with manufacturing the product are outlined.
BANKING AND FINANCE
1. RBI removes restrictions on BoB app, allows new customer enrollment: Reserve Bank of India lifted the restrictions on Bank of Baroda, allowing the bank to resume onboarding new customers through its ‘Bob World’ mobile application. As a result, the bank will be able to onboard customers through the mobile app. The move likely impacted the bank’s incremental retail business sourced through the digital platform.
2. HDFC Bank, Atal Innovation Mission empower social sector startups with Rs 19.6 crore grants: HDFC Bank has supported social sector startups in India with grants worth Rs 19.6 crore in FY24, in partnership with Atal Innovation Mission (under NITI Aayog). In FY 2023-24, 170 social start-ups received funding via 41 incubators, with a total of Rs 19.6 crore in the ‘Parivartan Start-up Grants programme.’ The focus areas for the 2024 grants included climate innovation, financial inclusion, agriculture and sustainable rural economy, accessible and affordable healthcare, education and livelihood enhancement, gender diversity and inclusion.
3. South Indian Bank and Northern Arc Capital join hands to set new benchmarks in the financial sector: South Indian Bank has formed an association with Northern Arc Capital aiming to explore and maximise commercial prospects by combining efforts in loan origination, underwriting, disbursement, collection, and reconciliation procedures. The collaboration between South Indian Bank and Northern Arc Capital is aimed to create an ecosystem that promotes innovation and allows the seamless flow of credit across many sectors.
4. L&T Finance launches ‘The Complete Home Loan’: L&T Finance Ltd (LTF) has launched ‘The Complete Home Loan’, offered through a digitised process, along with a dedicated relationship manager and optional home décor finance. Home décor finance aims to provide flexibility and convenience in acquiring essential furnishings for a comfortable living space. The loan will be given against an architect’s certificate or contract certification when the house is ready for interior decoration. It will be about 15 per cent of the entire home loan, not exceeding ₹75 lakh, and can go up to 10 years.
AWARDS AND HONOURS
1. 2024 Pulitzers Winner announced: Columbia University of the United States of America announced the 2024 Pulitzer Prize winners. The awards, considered the most prestigious in the fields of journalism and arts, were conferred by Columbia University on the recommendation of the Pulitzer Prize Board.
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