Daily GK Update- 8th May, 2024

 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.

 

Daily GK Update- 7th May, 2024

 NATIONAL UPDATES:

 

1. Mohammad Rihan appointed as DG of National Institute of Solar Energy: Mohammad Rihan has been named Director General of the National Institute of Solar Energy (NISE). He is a professor of electrical engineering department in Aligarh Muslim University. He will be on deputation for three years with a possible two-year extension. Rihan’s expertise in smart grid and solar energy aligns with NISE’s goals in R&D, testing, certification, and skill development in solar technology.

 

2. Gurgaon admin ropes in cricketer Yuzvendra Chahal to boost voter turnout: Amid poll boycotts and apprehension over low voting rates among urban voters, the Gurgaon administration has announced cricketer Yuzvendra Chahal as its brand ambassador for the election. The popular bowler will appeal to voters to exercise their rights. Haryanvi singers MD Desi Rockstar and Naveen Punia have also been picked as brand ambassadors.

 

INTERNATIONAL UPDATES:

 

1. World’s deepest blue hole discovered in Mexico: Researchers have discovered the world’s deepest blue hole located in Mexico’s Chetumal Bay, named Taam Ja’ Blue Hole (TJBH). Initially thought to be the second deepest, recent measurements have now recorded it at depths exceeding 420 meters below sea level (mbsl), surpassing all known blue holes to date A blue hole is a large marine cavern or sinkhole, which is open to the surface and has developed in a bank or island composed of a carbonate bedrock.

 

2. Jose Raul Mulino wins Panama’s Presidential election: José Raúl Mulino has won Panama’s presidential election after three of his nearest rivals conceded defeat. The 64-year-old former security minister has secured nearly 35% of the counted votes, with more than 92% of the votes counted. He has an unassailable 9 per cent lead over his nearest rival. Jose Raul Mulino was initially chosen as a Vice-Presidential candidate by former president Ricardo Martinelli, who was himself the Presidential candidate.

 

3. 7 May 2024 – World Asthma Day: World Asthma Day is observed every year on first Tuesday of May. This year was observed on 7 May. Objective – To raise awareness about asthma, a long-term lung disease that affects millions of people around the world. Theme 2024 – Asthma Education Empowers Asthma is a chronic respiratory condition characterised by inflammation and narrowing of the airways, leading to symptoms such as wheezing, coughing, chest tightness, and shortness of breath.

 

4. 7 May – World Athletics Day: World Athletics Day is observed every year on 7 May. This day aims to promote sports and encourage peole, especially the youth, to participate in athletics. It is an annual event dedicated to honouring athletes and instilling values such as dedication and motivation that we can learn from sports. World Athletics Day was established by the International Association of Athletics Federations (IAAF), now known as World Athletics, in 1996.

 

OTHER UPDATES:

 

SPORTS 

 

1. Mumbai City FC win the ISL 2023-24: The Mumbai City FC football club defeated Mohun Bagan Bagan Super Giant by 3-1 goals to win the 2023-24 Indian Super League (ISL) final. It was played at the Vivekananda Yuba Bharati Krirangan Stadium in Kolkata (West Bengal). This was Mumbai City FC’s second title. In the final match, Jorge Pereyra Diaz, Bipin Singh and Jakub Vojtus scored for Mumbai City FC, while the solitary goal for the Mohun Bagan Bagan Super Giant was scored by Jason Cumming.

 

2. Japan win 2024 Men’s AFC U-23 title: Japan defeated Uzbekistan in the final to win the Men’s AFC U-23 Asian Cup for the second time. In the final match played at the Jassim bin Hamad Stadium in Doha, Qatar. Japan had earlier won the tournament title in 2016. The solitary goal scored by substitute Yamada in injury time secured Japan’s victory and qualification for the 2024 Paris Olympics.

 

SCIENCE AND TECHNOLOGY

 

1. Oldest evidence of Earth’s magnetic field found in Greenland rocks: Geologists from MIT and Oxford University discovered the oldest evidence of Earth’s magnetic field in 3.7-billion-year-old rocks from Greenland’s Isua Supracrustal Belt. Researchers determined them to be approximately 3.7 billion years old, showing remnants of a magnetic field with a strength of at least 15 microtesla, comparable to today’s magnetic field. This finding suggests Earth’s conditions may have been habitable earlier than thought, with a stable magnetic shield playing a crucial role.

 

BANKING AND FINANCE

 

1. India Ratings raises FY25 GDP growth forecast to 7.1% from 6.5%: India Ratings and Research revised upward the country’s GDP growth estimate for FY25 to 7.1 per cent from 6.5 per cent earlier. 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.

 

2. ICICI Bank introduces UPI for NRIs through international mobile numbers: ICICI Bank has rolled out a new facility allowing its non-resident Indian (NRI) customers to make Unified Payments Interface (UPI) transactions in India using their international mobile numbers. Previously, NRIs had to register an Indian mobile number with their Non-Resident External (NRE) or Non-Resident Ordinary (NRO) bank accounts to use UPI, limiting their ability to make payments conveniently.

The new facility allows ICICI Bank’s NRI customers to use their international mobile numbers registered with their NRE/NRO accounts for UPI payments.

 

3. Thomas Cook launches video KYC for forex buyers: Thomas Cook India has launched video KYC for its retail foreign exchange customers for a safe digital transaction. The company said that the new initiative, ‘Ab Forex Ghar Baithe’, offers customers a paperless means to buy forex without stepping out of home. The Aadhaar-based video KYC verification ensures doorstep delivery within two hours. Customers can complete the transaction online, including loading/topping up of prepaid forex cards, fund transfers, and foreign exchange transactions.

Daily GK Update- 6th May, 2024

 NATIONAL UPDATES:

 

1. REC gets RBI nod to set up subsidiary in GIFT City: State-owned REC Ltd, under the Ministry of Power and a leading NBFC, has received a ‘No Objection Certificate’ (NOC) from the Reserve Bank of India (RBI) for setting up a subsidiary in Gujarat International Finance Tech-City (GIFT) in Gandhinagar, Gujarat. The proposed subsidiary will engage in a range of financial activities as a finance company within GIFT, including lending, investment, and other financial services.

 

2. Auto Expo set to move back to New Delhi in 2025: The Auto Expo is set to return to the national capital in 2025, after a decade. India’s flagship biennial motor show will be organized next year under the Bharat Mobility umbrella in New Delhi’s Pragati Maidan, 10 years after the exhibition was moved to Greater Noida, Uttar Pradesh, in 2014. Under the Bharat Mobility umbrella, automotive industry body Society of Indian Automobile Manufacturers (SIAM) will organize the customer-focused motor show.

 

3. Sanjeev Nautiyal appointed as MD & CEO of Ujjivan SFB: Reserve bank of India (RBI) has approved the appointment of Sanjeev Nautiyal as the managing director (MD) & chief executive officer (CEO) of Ujjivan Small Finance Bank for the period of 3 years with effect from 1 July 2024.

He will replace Ittira Davis. Currently, he is the independent director of the Life Insurance Corporation of India (LIC), in addition to acting as an advisor to various organisations.

 

INTERNATIONAL UPDATES:

 

1. India, Ghana reach agreement on UPI: India and Ghana are working to link their payment systems – Unified Payments Interface (UPI) and Ghana Interbank Payment and Settlement Systems (GHIPSS) respectively to permit users to make instant, low-cost fund transfers on a reciprocal basis. The two countries have also delved into discussions regarding the possibilities of a Memorandum of Understanding on Digital transformation Solutions; Local Currency Settlement System and the opportunities offered by African Continental Free Trade Agreement (AfCFTA).

 

2. Bajaj Auto to launch world’s first CNG-powered bike in June: Bajaj Auto will launch the world’s first compressed natural gas (CNG) motorcycle on June 2024. This move marks a significant shift in the industry, providing customers with a cost-effective and eco-friendly alternative to traditional petrol motorcycles. With the new CNG-powered bikes, customers can expect a significant reduction in operational costs, making it an attractive proposition in today’s market.

 

3. UNICEF India appoints Kareena Kapoor Khan as National Ambassador: UNICEF India has appointed Bollywood star Kareena Kapoor Khan as its new National Ambassador. The “Crew” star, who has been associated with UNICEF India since 2014, will support the not-for-profit organisation in furthering every child’s right to early childhood development, health, education and gender equality. Besides Kareena, UNICEF India has also appointed its first-ever Youth Advocates, who are peer leaders and champions on issues like climate action, mental health, innovations and Girls in STEM (science, technology, engineering and mathematics).

 

4. 5 May – International Day of the Midwife: International Day of the Midwife is observed every year on 5 May. Objective – It is an opportunity for healthcare staff to reflect on the dedication. Theme 2024 – Midwives: A Vital Climate Solution The International Day of the Midwife was established in 1992 by the International Confederation of Midwives to celebrate and raise awareness about the midwifery profession.

 

5. 6 May – International No Diet Day: International No Diet Day is observed every year on 6 May.

Objective – To spread awareness on issues like weight discrimination and fatphobia, and educate the masses on unhealthy dieting practice. Theme 2024 – Embrace Yourself: Reject Diet Culture, Love You In 1992, Mary Evans began International No Diet Day fully intent on showing individuals the significance of body energy, appreciating their own bodies and, furthermore, going home for the day from their diet routine and taking part in a feast that they love.

 

6. 5 May 2024 – World Laughter Day: World Laughter Day is celebrated on the first Sunday of May every yea This year, it is on May 5. The primary objective of World Laughter Day is to promote world peace and global consciousness through laughter. World Laughter Day originated from the Laughter Yoga movement, founded by Dr. Madan Kataria, a physician from India, in 1998.

 

OTHER UPDATES:

DEFENCE

 

1. India’s first indigenous bomber UAV unveiled in Bengaluru: Flying Wedge Defence and Aerospace Technologies launched FWD-200B in Bengaluru, marking India’s entry into indigenous UAV manufacturing. The FWD-200B has a payload capacity of 100 kgs and is classified as a MALE Unmanned Combat Aerial Vehicle (medium-altitude, long-endurance). The Unmanned Aerial System (UAS) consists of optical surveillance payloads and is integrated with missile-like weapons for precision air strikes.

 

SPORTS 

 

1. Tejaswin Shankar wins men’s High Jump event at USATF Festival: India’s Tejaswin Shankar clinched victory in the men’s High Jump event at the USATF Festival in Tucson, Arizona, USA. The National record holder Tejaswin cleared 2.23 metres in his first attempt to secure the top spot at the World Athletics Continental Tour – Silver event. With this jump, he equaled his season-best effort. Earnie Sears of USA finished second, while Roberto Vilches of Mexico was third. Another Indian athlete, Sarvesh Kushare cleared 2.13m to finish fifth.

2. China wins both Thomas and Uber Cup Badminton titles: The Chinese badminton team has won both the men’s Tomas Cup 2024 and the women’s Uber Cup 2024. The final of the 2024 BWF Thomas and Uber Cup was played in the Chinese city of Chengdu. Thomas and Uber Cup is held every two years and is organised by the world badminton governing body, the Badminton World Federation (BWF).

 

3. McLaren’s Lando Norris win Miami GP: 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.

 

4. Iga Switek, Andrey Rublev wins the Madrid Open Tennis Singles Title: World no.1 women’s tennis players Iga Swiatek and Andrey Rublev won the women’s and men’s singles titles at the 2024 Madrid Open, respectively. This was the first Madrid Open title for Iga Swiatek of Poland, while it was the second Madrid Open title for Andrey Rublev. The Madrid Open Tennis was held in the Spanish capital city of Madrid from 22 April to 5 May 2024.

 

AWARDS AND HONOURS

 

1. Palestinian journalists awarded 2024 Guillermo Cano World Press Prize: UNESCO awarded its World Press Freedom Prize to all Palestinian journalists covering the war in Gaza. The Award Ceremony occurred in the margins of the World Press Freedom Conference in Santiago, Chile. Mauricio Weibel, Chair of the International Jury, highlights the immense debt owed to these journalists for their courage and dedication to freedom of expression.

 

Daily GK Update- 5th May, 2024

 NATIONAL UPDATES:

 

1. Gautam Singhania appointed as MD of Raymond: Raymond has re-appointed Gautam Hari Singhania as its managing director for a term of five years effective from July 1, 2024. Singhania, a commerce graduate, assumed the role of chairman and managing director of Raymond in September 2000.Over the years, he has been instrumental in strategically restructuring the Raymond Group, including the divestment of its non-core businesses of Steel, Cement, and Synthetics.

 

2. Ujjivan SFB names Carol Furtado as Executive Director: Ujjivan Small Finance Bank has appointed Carol Furtado as executive director for three years with effect from May 1. Ms Furtado has been with the bank since its inception and assumed various key positions including chief human resource officer, head of operations and service quality and chief business officer. Furtado has over 29 years of banking experience in retail banking and non-banking finance company domains. She was instrumental in the organization’s transition from NBFC-MFI to a small finance bank.

 

INTERNATIONAL UPDATES:

 

1. India & Nigeria to finalise Local Currency Settlement System Agreement: India and Nigeria have agreed to an early conclusion of the Local Currency Settlement System Agreement to strengthen bilateral economic ties. Under the local currency settlement system, the trade will be settled in India’s local currency and Nigerian local currency, Nigerian naira. This was decided at the 2nd session of the India-Nigeria Joint Trade Committee held in Abuja, Nigeria.

 

2. India at 159 among 180 countries in World Press Freedom Index: India ranked 159 among 180 countries in the latest annual World Press Freedom Index released by Reporters Without Borders (RSF, short for Reporters sans frontières in French), an international non-profit organization. India had ranked 161 in the 2023 list. Meanwhile, Pakistan ranked seven spots above India at 152. It had ranked 150 in 2023. Norway topped the ranking, while Denmark was on the second rank in World Press Freedom Index. Sweden ranked third on the list.

 

3. FLiRT: New COVID-19 Variants Increase Concern in US: A series of COVID-19 variants within the Omicron JN.1 lineage, known as FLiRT, including the KP.2 and KP 1.1 variants, is rapidly spreading in the United States, exhibiting new mutations which increase their contagiousness. According to media reports, the symptoms ..

 

4. India, Kenya to Discuss Cheetah Sourcing for Wildlife Sanctuary: India has expressed interest in sourcing cheetahs from Kenya for the next stage of Project Cheetah. A delegation of Kenyan officials is due to visit India later this month to discuss the possible translocation, including the number of cheetahs they ..

 

5. Goldene: Swedish Scientists Create First Freestanding 2D Gold Sheet: Scientists at Sweden’s Linköping University have recently made a significant scientific breakthrough by creating the first free-standing sheet made of gold, which is only one atom thick. This 2D sheet, named “goldene,” is similar to graphene and marks the first ..

 

6. Panama Elects Conservative Jose Mulino as President: Jose Raul Mulino, a conservative candidate and former Minister of Public Security, was declared the winner of the presidential election in Panama on May 5, 2024. He secured 34% of the vote, outpacing his closest rival, Ricardo Lombana, who received ..

 

7. Russian Announcement of Drills Simulating Tactical Nuclear Weapons Use: Russia’s Defence Ministry has recently announced its decision to conduct exercises simulating the use of tactical nuclear weapons. This announcement came shortly after senior Western officials made statements about the ongoing conflict in Ukraine, which Russia described as provocative. The ..

 

OTHER UPDATES:

DEFENCE

 

1. Gagan Strike-II: Indian Army, IAF Conduct Joint Exercise in Punjab: The Indian Army’s Kharga Corps, part of the Army’s Western Command, recently concluded a three-day joint military exercise Gagan Strike-II with the Indian Air Force (IAF) in Punjab. The primary goal of Gagan Strike-II was to refine the processes involving ..

 

SCIENCE AND TECHNOLOGY

 

1. Scientists Develop ‘All-in-One’ Broad Coronavirus Vaccine: In the wake of the COVID-19 pandemic, researchers have recognized the urgent need for vaccines that can provide protection against not just one, but potentially multiple coronavirus strains, including those yet undiscovered. On May 6, 2024, a groundbreaking study was ..

 

2. Sun Releases Two Powerful Solar Flares, Causes Blackouts: In the past week, the Sun has emitted two significant solar flares from a newly identified sunspot, AR3663, causing impacts such as radio blackouts in several parts of the world. These flares occurred within six hours of each other, signaling ..

 

 

 

BANKING AND FINANCE

 

1. RBI imposes monetary penalty on three co-operative banks for rule violations: The Reserve Bank of India (RBI) has imposed monetary penalty of three co-operative banks for rule violations.

These banks are Lokmangal Co-operative Bank, The Udgir Urban Co-operative Bank, and The Satara Sahakari Bank. The central bank imposed Rs 5 lakh penalty on Lokmangal Co-operative Bank, Rs 2 lakh on The Satara Sahakari Bank, and Rs 1 lakh on The Udgir Urban Co-operative Bank.

 

2. OECD raises the Indian economy growth rate forecast to 6.6% in 2024-25: The Organisation for Economic Co-operation and Development (OECD) has raised its growth forecast for India by 40 basis points to 6.6 per cent for 2024-25. In its earlier report, it had projected a growth rate of 6.2 per cent for the Indian economy in 2024-25. It has also forecasted a growth rate of 6.6 % for 2025-26. Recently International Monetary Fund raised the expected growth rate of the Indian economy in 2024-25 to 6.8%

 

3. Neobanking startup Fi secures NBFC License from RBI: Neobanking startup Fi, backed by investors such as Peak XV and Temasek, has secured a non-banking finance company (NBFC) licence from the Reserve Bank of India, enabling it to provide loans from its own books. With this, Fi has joined the likes of Jupiter, Groww and Cred, all of which got into the lending business either by getting a fresh licence or by acquiring another NBFC. Acquiring an NBFC licence empowers fintechs to offer loans from their own books, thus establishing an asset base.

 

4. YES Bank collaborates with ANQ to launch Pi and Phi credit cards: YES Bank has partnered with Bengaluru-based financial services provider ANQ to unveil two new credit cards designed for Indian consumers. The Pi and Phi co-branded cards aim to offer unique features and benefits.

 

5. HDFC Life launched ‘No Jhanjhat Life Insurance Fatafat’ campaign: HDFC Life, a leading insurer in India, has unveiled its latest campaign, ‘No Jhanjhat Life Insurance Fatafat’. This campaign promises a seamless and swift life insurance purchasing experience, tailored for today’s fast-paced world. As the campaign’s protagonist navigates life’s challenges, each scene serves as an endearing analogy to the simplicity of purchasing insurance through HDFC Life’s online channel.

 

Daily GK Update- 4th May, 2024

 NATIONAL UPDATES:

 

1. India & Nigeria to finalise Local Currency Settlement System Agreement: India and Nigeria have agreed to an early conclusion of the Local Currency Settlement System Agreement to strengthen bilateral economic ties. Under the local currency settlement system, the trade will be settled in India’s local currency and Nigerian local currency, Nigerian naira.This was decided at the 2nd session of the India-Nigeria Joint Trade Committee held in Abuja, Nigeria.

 

2. Atanu Chakraborty reappointed as Chairman of HDFC Bank: The Reserve Bank of India has approved the re-appointment of Atanu Chakraborty as part-time Chairman of HDFC Bank for three years with effect from May 5.Chakraborty has been the Part-Time Chairman and Independent Director of the Bank since May 2021.He served the Government of India for 35 years as a member of Indian Administrative Service (IAS) in Gujarat cadre.He retired as Secretary to Government of India in the Ministry of Finance- Department of Economic Affairs (DEA) in April 2020.

 

3. Gautam Singhania appointed as MD of Raymond: Raymond has re-appointed Gautam Hari Singhania as its managing director for a term of five years effective from July 1, 2024. Singhania, a commerce graduate, assumed the role of chairman and managing director of Raymond in September 2000. Over the years, he has been instrumental in strategically restructuring the Raymond Group, including the divestment of its non-core businesses of Steel, Cement, and Synthetics.

 

4. Sanjaya Kumar Mishra appoints as head of GST Appellate Tribunal: The Appointment committee of Cabinet has approved the appointment of Sanjaya Kumar Mishra as President GST Appellate Tribunal (GSTAT) for 4 years. Mishra is a former Chief Justice of Jharkhand High Court.

The selection was made on the recommendations of a Search-Cum-Selection Committee. This will speed up the process of making the GSTAT functional at earliest. GSTAT will have one Principal Bench located at Delhi and 31 State benches located at various locations across States.

 

5. 4 May – Coal Miners Day : Coal Miners Day is observed annually on May 4 in India. It honours the hard work and sacrifices of coal miners around the world. The day reminds us of its vital role in providing energy for homes, industries, and communities. Coal mining is a really important job for lots of people. This day helps us understand the tough things coal miners deal with, like staying safe and healthy while they work. Coal Miner’s Day started in 1952 when the Mines Act was made. This law aimed to help coal miners by giving them medical care, safety rules, and rescue places.

 

 

INTERNATIONAL UPDATES:

 

1. India at 159 among 180 countries in World Press Freedom Index: India ranked 159 among 180 countries in the latest annual World Press Freedom Index released by Reporters Without Borders (RSF, short for Reporters sans frontières in French), an international non-profit organization. India had ranked 161 in the 2023 list. Meanwhile, Pakistan ranked seven spots above India at 152. It had ranked 150 in 2023. Norway topped the ranking, while Denmark was on the second rank in World Press Freedom Index. Sweden ranked third on the list.

 

2. 4 May – International Firefighters Day: International Firefighters’ Day is observed every year on May 4. It honour the brave men and women who risk their lives to keep communities safe from fires and other emergencies. International Firefighter’s Day traces its origins back to a tragic event in Australia. On December 2, 1998, five firefighters lost their lives while battling a fierce blaze in Linton, Victoria.

 

3. India, Kenya to Discuss Cheetah Sourcing for Wildlife Sanctuary: India has expressed interest in sourcing cheetahs from Kenya for the next stage of Project Cheetah. A delegation of Kenyan officials is due to visit India later this month to discuss the possible translocation, including the number of cheetahs.

 

4. Putin Inaugurated for Fifth Term Amid Western Boycott: On May 7, 2024, Vladimir Putin has been inaugurated as the President of Russia for a historic fifth term. This followed a March election victory categorised by significant control over electoral proceedings. Despite broad international criticism regarding electoral fairness and ..

 

OTHER UPDATES:

DEFENCE

 

1. BSF: On-request posting, Airfare booking etc. in New Guidelines: The Border Security Force (BSF) has introduced new guidelines outlined by the Directorate General (DG) for non-gazetted officers in the force with the aim of improving job satisfaction. The new guidelines come against the backdrop of a high number of ..

 

SCIENCE AND TECHNOLOGY

 

1. Marine Heatwaves Trigger Widespread Coral Bleaching in Lakshadweep Sea: Researchers at the Central Marine Fisheries Research Institute (CMFRI) reported widespread bleaching of coral reefs in the Lakshadweep Sea due to marine heatwaves. Extensive surveys across Lakshadweep islands revealed a significant percentage of hard coral species undergoing serious bleaching due

 

2. NASA’s Ambitious Moon Rail and Mars Transit Projects: NASA’s Innovative Advanced Concepts (NIAC) programme is pushing the boundaries of space exploration with projects that many might deem the stuff of science fiction. These initiatives aim to transform how we interact with space through groundbreaking technologies such as lunar ..

 

BANKING AND FINANCE

 

1. Adani Green Energy secures $400 Million Finance from International Banks: Adani Green Energy Ltd (AGEL) has secured USD 400 million finance from a consortium of five international banks for its under-construction solar projects of 750 MW in Gujarat and Rajasthan. One of the projects is being developed in Rajasthan with 500 MW capacity and has a long-term power purchase agreement (PPA) with Solar Energy Corporation of India (SECI). The second one, with 250 MW capacity, is a standalone merchant power project being implemented at the world’s largest RE cluster in Khavda, Gujarat.

 

2. OECD raises the Indian economy growth rate forecast to 6.6% in 2024-25: The Organisation for Economic Co-operation and Development (OECD) has raised its growth forecast for India by 40 basis points to 6.6 per cent for 2024-25. In its earlier report, it had projected a growth rate of 6.2 per cent for the Indian economy in 2024-25. It has also forecasted a growth rate of 6.6 % for 2025-26. Recently International Monetary Fund raised the expected growth rate of the Indian economy in 2024-25 to 6.8%

 

3. Neobanking startup Fi secures NBFC License from RBI: Neobanking startup Fi, backed by investors such as Peak XV and Temasek, has secured a non-banking finance company (NBFC) licence from the Reserve Bank of India, enabling it to provide loans from its own books. With this, Fi has joined the likes of Jupiter, Groww and Cred, all of which got into the lending business either by getting a fresh licence or by acquiring another NBFC. Acquiring an NBFC licence empowers fintechs to offer loans from their own books, thus establishing an asset base.

 

Daily GK Update- 3rd May, 2024

 NATIONAL UPDATES:

 

1. India’s core sector growth slows to 5.2% in March from 7.1% in February: The growth in output of eight key infrastructure industries slowed to 5.2% year-on-year in March from 7.1% in February on the back of a sequential deterioration recorded by five of its constituents. Output decelerated in sectors like coal (8.7%), crude oil (2%), natural gas (6.3%) and steel (5.5%) during March, according to Ministry of Commerce and Industry data. Overall, in FY24, growth in the core sector stood at 7.5 per cent as against 7.8 per cent in FY23. All eight constituent sectors registered positive growth during the financial year with output of steel (12.3 per cent) leading the chart, followed by coal (11.7 per cent), cement (9.1 per cent), and electricity (7 per cent) in FY24.

 

2. Maushumi Chakravarty assumes charge of DG of Akashvani News: Senior Indian Information Service officer, Maushumi Chakravarty assumed the charge of Director General of Akashvani News. Chakravarty assumed the charge after superannuation of Ms. Vasudha Gupta as Principal DG. A 1991 batch IIS officer, Ms Chakravarty has vast experience of working in several media organizations of the I&B Ministry, including the Press Information Bureau and Central Bureau of Communication.

 

3. Shashi Bhushan Singh appointed as Secretary of National Jute Board: The Central Government has approved the appointment of Shashi Bhushan Singh (IRTS) as Secretary (at Director level) of National Jute Board, Kolkata under the Ministry of Textiles. Singh has been appointed to the post for a period of five years or until further orders, whichever is earlier. Singh is an Indian Railway Traffic Service (IRTS) of 2010-batch.

 

INTERNATIONAL UPDATES:

 

1. Solomon Islands elects Jeremiah Manele as new PM: Legislators in the Solomon Islands have elected former Foreign Minister Jeremiah Manele as their new prime minister. Manele, who has pledged to continue the Pacific nation’s China-friendly foreign policy, won 31 votes in a secret ballot. His opponent, longtime opposition leader Matthew Wale, secured 18 votes.

 

2. 2 May – World Tuna Day: World Tuna Day is observed annually on May 2. The day is dedicated to raising awareness about the decline in tuna stocks worldwide and the need to effectively implement international regulations to safeguard future tuna supplies. Tuna is a highly nutritious and valuable fish that is a significant source of food for both developing and developed countries. It is essential to maintain healthy and sustainable tuna populations for future generations.3.

 

3. 3 April – World Press Freedom Day: World Press Freedom Day is observed every year on 3 May.

The day is commemorated to highlight the significance of press freedom globally and to recognize the challenges encountered by journalists. Theme 2024 -A Press for the Planet: Journalism in the Face of the Environmental Crisis. The day also pays tribute to all the journalists who have lost their lives.

 

OTHER UPDATES:

 

SPORTS 

 

1. ICC Imposes 5-Year Ban on West Indies Cricketer Devon Thomas: The International Cricket Council (ICC) has imposed a five-year period of ineligibility from all cricket on West Indies player Devon Thomas after he accepted breaching seven counts of the anti-corruption codes of Sri Lanka Cricket (SLC), the Emirates Cricket Board (ECB) and the Caribbean Premier League (CPL)

Thomas admitted to seven charges, including those related to match-fixing. Thomas was provisionally suspended on May 23 last year and his sentence will be backdated to that time. ICC released a statement on May 2, saying that Thomas would have 18 months of the punishment suspended.

 

2. Amul to sponsor USA’s cricket team in T20 WC: Amul will be the lead arm sponsor for USA’s cricket team that will participate in ICC Men’s T20 World Cup 2024 which commences on June 1.

The opening match of the tournament will be played between USA and Canada in Dallas. This association with Gujarat Cooperative Milk Marketing Federation (GCMMF), responsible for marketing milk and milk products under the brand name Amul, signifies a significant step towards expanding and popularizing cricket across the nation.

 

BANKING AND FINANCE

 

1. Groww & Worldline join growing club of India’s online payment aggregators: Financial services platform Groww and digital payment processing company Worldline ePayments have secured RBI licence to operate as online payment aggregators. With this, the number of firms getting the Reserve Bank of India (RBI) nod to operate as payment aggregators has touched 20 in the first four months of calendar year 2024. Groww has secured the licence for its UPI payments platform Groww Pay.

 

2. NPCI inks pact with Bank of Namibia for developing UPI: NPCI International Payments Limited (NIPL) has signed an agreement with the Bank of Namibia (BoN) to support them in developing an instant payment system like Unified Payment Interface (UPI) for Namibia. The partnership seeks to help Namibia modernise its financial ecosystem. This includes improving accessibility, affordability and connectivity with both domestic and international payment networks, and interoperability.

 

AWARDS AND HONOURS

 

1. International Chess Federation awards Grandmaster title to Indian Chess V Ramesh Babu: Indian Chess Prodigy, Vaishali Ramesh Babu has been awarded the title of Grandmaster by the International Chess Federation (FIDE). Vaishali is the third Indian female Grandmaster, joining Koneru Humpy and Harika Dronavalli. Vaishali completed the requisite 2500 ELO points at the Llobregat Open tournament in Spain, last year. However, the title was officially given to her only recently following the FIDE Council meeting during the Candidates Tournament in Toronto last month.

 

2. Purnima Devi Barman received ‘Green Oscar’ Whitley Gold Award 2024: A wildlife biologist from Assam, Dr Purnima Devi Barman has won her second Whitley Gold Award, also known as the Green Oscar. She was honoured for her conservation effort of the endangered bird, Hargila or Greater Adjutant Stork and its wetland habitat. This is the second time that Dr Barman has been honoured with the Whitley Gold Award. She was also awarded the prize in 2017.