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CURRENT AFFAIRS : BANKING & FINANCE
Reserve Bank of India instructs NBFCs to maintain the Rs 20,000 limit for cash disbursement in gold loans
- The Reserve Bank of India (RBI) has issued a caution to non-banking finance companies (NBFCs) that offer gold loans, warning them against exceeding theRs 20,000 limit for cash loan disbursal.
- The advisory refers to Section 269 SS of the Income Tax Act, 1961,which prohibits any individual from receiving more than Rs 20,000 as a loan amount in cash.
- Reason for Cap: This move by the RBI aims to discourage cash transactions, promoting transparency and traceability in financial transactions.
Key Highlights :
- NBFC’s Gold Loan Operations:Non-banking financial companies (NBFCs) are significant providers of gold loans.
- IIFL Finance, for example, operates over 2,721 dedicated gold loan branches across 25 states/UTs and employs around 15,000 staff.
- The gold loan asset under management for this NBFC is about Rs 24,700 crore, accounting for about 31% of its total asset under management.
- Market Share of Gold Loans: NBFCs hold a substantial share in the gold loan market, although their growth has lagged behind banks. In 2022-23, gold loans accounted for 59.7% of total loansissued by NBFCs, a slight decline from 61.7% in the previous year.
- Regulatory Requirements:NBFCs offering gold loans are required to maintain a Loan-to-Value (LTV) ratio not exceeding 75% for loans backed by gold jewellery.
Recent News :
- In March 2024, the RBI had barred IIFL Finance,a non-banking financial company, from sanctioning and disbursing fresh gold loans following “material supervisory concerns” and to protect the interests of customers.
About RBI :
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
- Deputy governors : Mahesh Kumar Jain, M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar
PhonePe Holds Nearly Half of UPI Market Share in April with 49% Domination
- Digital payments platform PhonePe has continued to be the number one playerin the unified payments interface (UPI) ecosystem with a market share of close to 49% in April 2024 across P2M (person to merchant) and P2P (person to person) transactions.
- PhonePe has maintained the top position in UPI transactions for over 40 months since November 2020.
Key Highlights :
- UPI Transactions Data for April 2024:According to data issued by the National Payments Corporation of India (NPCI),PhonePe clocked5 billion transactions through UPI out of the total 13.3 billion transactions. In terms of value, the company clocked transactions worth Rs 10 trillion.
- Google Pay and Paytm’s Market Share: Google Pay ranked second, with 5 billion transactions in April, representing 37.5% of the UPI market by volume.
- It handled transactions worth Rs 6.9 trillion.
- Paytm ranked third, with 1.1 billion transactions, representing 8.3% of the UPI market by volume.
- It handled transactions worth Rs 1.2 trillion.
- UPI Market Share by Value:PhonePe held a 51% market sharein terms of transaction value.
- Google Pay and Paytm held 35%and 5% market share, respectively.
- Declining Trends for Paytm : For Paytm, this is the third consecutive decline in terms of monthly transactions in 2024.
- The Paytm app clocked 1.2 billion transactions in March and 1.4 billion transactions in February.
- Other Major UPI Players:CREDwas the 4th largest UPI application in April 2024, with a transaction volume of 138.5 million.
- Amazon Pay and Fampay followed, with 64.33 million and 46.64 million transactions, respectively.
About PhonePe :
- Established : 2015
- Headquarters : Bengaluru, Karnataka, India
- Co Founder & CEO : Sameer Nigam
Setu Launches Sesame, India’s First Domain-Specific Large Language Model for the Banking, Financial Services, and Insurance Sector
- Setu, an Indian fintech company part of the Pine Labs Group, unveiled Sesame, India’s first Large Language Model (LLM) specifically designed for the banking, financial services, and insurance (BFSI) sector.
- Sesame was developed in collaboration with Sarvam AI, an Indian AI research firm.
- Setu claims that Sesame represents a “ChatGPT moment”for the financial services sector, indicating a breakthrough in AI technology for BFSI.
- The unveiling took place at Adbhut India,an event organised by the non-profit People+ai, in the presence of Nandan Nilekani (co-founder and director of EkStep Foundation), Shankar Maruwada (co-founder and chief executive officer of EkStep Foundation), Tanuj Bhojwani (head of People+ai), and other prominent figures in fintech, AI, and digital public infrastructure.
- The model’s design is both domain and region-specific, having been trained on custom data relevant to India’s BFSI sector.
- It also aims to provide hyper-personalised financial services to its customers across their entire lifecycle.
About Setu :
- Founded : 2018
- Founderd : Sahil Kini and Nikhil Kumar.
- It operates in various fintech areas such as account aggregation, data gateway, identity verification, embedded finance, Open Network for Digital Commerce (ONDC), WhatsApp Business, and Bharat Bill Payment Service (BBPS).
- Setu was acquired by Pine Labsfor about $70-$75 million in 2022
About Sarvam AI :
- Headquarters : Bengaluru, Karnataka
- Co Founders : Dr.Vivek Raghavan, Dr, Pratyush Kumar
Central Banks Make Significant Investments in Gold Amid Lingering Global Uncertainty
- According to the World Gold Council (WGC), central banks worldwide continuedto increase their gold reserves in March 2024 with significant purchases led by emerging market banks.
- Central banks accounted for 23% of the overall gold demand, totalling 1,238 tonnesin the March quarter.
- Central banks collectively added 16 tonnes of goldto their reserves in March, matching the additions seen in February, 2024.
Key Highlights :
- RBI’s Gold Purchases: The Reserve Bank of India (RBI) notably contributed to this trend by purchasing 18.5 tonnes of gold in the first quarter of 2024, pushing its reserves to a record high.
- India’s Gold Reserves:India’s gold reserves stood at 822.1 tonnes by the end of March, comprising 9% of its total reserves and ranking it as the 10th-largest holder of official gold globally.
- Comparison with Previous Years:The RBI’s gold acquisitions in the first quarter of 2024 exceeded its total purchases of 16.2 tonnes throughout 2023.
- Global Comparisons: Turkeyand China surpassed India in gold acquisitions so far in 2024, with 30 tonnes and 29 tonnes, respectively
- Other Significant Buyers:Among the notable buyers, the People’s Bank of China added 5 tonnes of gold in March, marking its 17th consecutive month of purchases.
- China’s gold reserves reached 2,262.4 tonnes by the end of March
- It included the Central Bank of Turkey with 14 tonnes, the National Bank of Kazakhstan and the Monetary Authority of Singaporeeach with 4 tonnes, the Central Bank of Russia with 3 tonnes, the Czech National Bank with 1 tonne, and the National Bank of the Kyrgyz Republic also with 1 tonne.
- Notable Sellers: The Bank of Thailandand the Central Bank of Jordan were notable sellers in March, reducing their reserves by 10 tonnes and 4 tonnes, respectively.
- Overall Gold Reserves: As of the end of February 2024 global central banks collectively held 35,938.9 tonnes of gold reserves,highlighting gold’s continued importance as a reserve asset for central banks worldwide.
About WGC :
- Established : 1987
- Headquarters : London, United Kingdom
- CEO : David Tait
SoftBank Leads $1 Billion Funding Round for UK Self-Driving Startup Wayve
- Wayve, a British self-driving technology startup, has secured$1.05 billion in a funding round led by SoftBank Group.
- Nvidia,a new investor, and existing investor Microsoft also contributed to the Series C funding round.
- Purpose of Funding:To accelerate the development and launch of Wayve’s Embodied AI technology, which can learn from and adapt to human behavior.
Key Highlights :
- Total Funds Raised and Significance:With this funding, Wayve has raised over $1.3 billion in total,marking it as the largest investment in a British startup focused on artificial intelligence technology.
- Wayve’s Technology Integration:Wayve’s technology is currently integrated into six different vehicle platforms, including electric vehicles like the Jaguar I-PACE and Ford Mustang MachE,as part of advanced driver assistance systems (ADAS).
About Wayve :
- Founded : 2017
- President : Erez Dagan
- CEO : Alex Kendall
- Wayve’s autonomous driving technology utilizes AI to enable vehicles to navigate unpredictable situations, such as unexpected actions by drivers, pedestrians, or environmental elements.
About SoftBank Group :
- Founded : 3 September 1981
- Headquarters : Tokyo, Japan
- Chairman & CEO : Masayoshi Son
- SoftBank Group Corp. is a Japanese multinational investment holding company which focuses on investment management.
Insurance Regulatory and Development Authority of India imposes a fine of Rs 1 crore on Initial Public Offering-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 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.
- This was shown in an amendment to the joint venture (JV) agreement dated August 11, 2023.
- The company had not furnished the full particulars of the revision to the regulator, violating Section 26 of the Insurance Act.
- In March,2024 Go Digit General Insurer received final approval from the Securities and Exchange Board of India (SEBI) to raise funds worth Rs 1,250 crore through an initial public offering (IPO), which will be used to augment the company’s capital base, maintain solvency levels, and fulfil general corporate purposes.
- FAL Corporation is owned by Canada-based Fairfax Financial Holdings,which owns 45.3% of GDISPL while the rest is owned by founder Kamesh Goyal and Oben Ventures LLP at 14.96% and 39.79%, respectively.
- GDISPL further has an 83.47% stake in Digit Insurance.
- Ace Indian cricketer Virat Kohliand his actress wife Anushka Sharma are also among the shareholders of the company.
About IRDAI :
- Established : 1999
- Headquarters : Hyderabad, Telangana
- Chairperson : Debasish Panda
- The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.
CURRENT AFFAIRS: NATIONAL NEWS
Arabian Travel Mart 2024: Ministry Of Tourism Launches ‘Cool Summers Of India’ Campaign In Dubai
- The Ministry of Tourism, Government of India is participating in Arabian Travel Mart 2024, is being held in Dubai.
- The event marks a significant step in strengthening India’s presence in the Middle East tourism market.
- Ministry of Tourism has launched the ‘Cool Summers of India’ campaign at Arabian Travel Mart.
- This digital campaign challenges the notion of India being too hot for summer travel, emphasizing its offerings in hill resorts, including the Himalayas.
- The event provides a platform for Indian tourism players to exhibit their offerings, forge alliances within the industry, and attract visitors from the MENA region.
Department of Pharmaceuticals launches Meditech Stackathon 2024 in collaboration with CII
- The Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers launched the MEDITECH STACKATHON 2024.
- MEDITECH STACKATHON 2024was launched in New Delhi in collaboration with the Confederation of Indian Industry (CII).
- Its goal is to transform the rapidly expanding MedTech industry in India by carefully examining the value chain of certain medical products.
- Its objective is to address significant issues, encourage domestic production, reduce dependency on imports, and eventually position India as a world leader in medical technology.
- The STACKATHONincluded several topics, including critical care, imaging, and cancer therapy.
- India is the 4th largest market for medical devices in Asia and among the top 20 globally.
- India’s MedTech industry holds immense potential, with projections estimating a growth rate of 28% annually, reaching a size of USD 50 billion by 2030.
CURRENT AFFAIRS : INTERNATIONAL NEWS
Thailand Extends Visa Waiver Program for Indian and Taiwanese Tourists for Another 6 Months
- Thailand’s cabinetapproved a 6-month extension of the visa exemption program for tourists from India and Taiwan to boost foreign tourist arrivals and support the country’s economy.
- The extended visa waiver will run until November 11, 2024,after the existing program.
- Tourists from India and Taiwan can stay in Thailand without a visa for up to 30 days.
Key Highlights :
- Background and Impact of Visa Waiver:The extension follows the success of the initial waiver introduced in November 2023.
- Without the visa waiver, Indian and Taiwanese tourists would be limited to a 15-day stay under the visa-on-arrival scheme.
- Tourism Industry in Thailand:Thailand has been relaxing visa rules for travelers from key markets, including China and Russia, as part of its strategy to boost tourism.
- In the first four months of 2024, Thailand welcomed over 12 million foreign tourists, a 39% increase from the same period in 2023.
- The largest groups of visitors to Thailand are from China, Malaysia, Russia, South Korea, and India, accounting for half of the total tourist arrivals.
- Importance of Tourism to Thailand’s Economy:Tourism accounts for about 20% of total jobs and makes up about 12% of Thailand’s $500 billion economy.
- The Thai government under Prime Minister Srettha Thavisin aims to attract 80 million touristsby 2027.
About Thailand :
- Prime Minister : Srettha Thavisin
- Capital : Bangkok
- Currency : Thai baht
CURRENT AFFAIRS: BUSINESS NEWS
Infosys Receives ISO 42001:2023 Certification for Artificial Intelligence Management System
- Infosys announced that it has been certifiedwith ISO 42001:2023, the world’s first international standard on AI management systems, by TUV India (part of TUV Nord Group), a leading independent provider of technical quality and safety services.
- Infosys is among the first IT services companies globally to have earned the certification for implementing an Artificial Intelligence Management System (AIMS) frameworkthat fosters responsible AI practices and adherence to regulatory requirements for enhanced efficiency and accountability in AI initiatives.
- This AIMS framework is a part of Infosys Topaz Responsible AI Suite, a set of 10+ offeringsbuilt around the Scan, Shield, and Steer framework.
- The ISO 42001:2023 certification provides a clear roadmap and systematic approach to AI management, through effective risk mitigation and streamlined processes.
About Infosys
- Infosys Limited is an Indian multinational information technology company that provides business consulting, information technology and outsourcing services. The company was founded in Pune and is headquartered in Bangalore.
- CEO: Salil Parekh .
Amazon unveils first electric seaport trucks amid push to slash tailpipe emissions
- com unveiled the first of a dozen Volvo electric big rigsit plans to deploy this year to pick up cargo from the nation’s busiest container seaport in southern California.
- The e-commerce giant said it already has eight of those semi trucks in use at the Los Angeles/Long Beach port complex, where every so-called drayage truck must be zero-emissions by 2035.
- The deployment is a first for Amazon, extending its vehicle electrification projects across its land-based logistics network that stretches from ocean ports to customer doorsteps.
- The effort is vital to the company’s push to reach net-zero carbon emissions by 2040.
- In the near term, Amazon’s electric port trucks will charge at an offsite facility operated by Forum Mobility, a startup that counts Amazon’s Climate Pledge fund among its early investors.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Visa Names Sujai Raina as the New Country Manager for India
- Digital payments platform Visa has appointed Sujai Raina as the country manager for India.
- Raina will be responsible for the India business, leading and executing Visa’s strategic initiatives for the market, partnering with clients and the payments ecosystem.
- In addition to his responsibilities as Country Manager, he will continue to lead business development for Visa in India.
- Raina joined Visa in 2020 and previously served as Vice President and Head of Business Development, India.
- Besides, Sandeep Ghoshwill 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.
About Visa Inc :
- Founded : September 18, 1958
- Headquarters : San Francisco, California, United States
- CEO : Ryan McInerney
- Visa Inc is an American multinational payment card services corporation.
CURRENT AFFAIRS : DEFENCE NEWS
Indian Army’s Western Command and the Indian Air Force Collaborated for Joint Exercise Gagan Strike-II in Punjab
- The Indian Army’s Kharga Corps, part of the Army’s Western Command, concluded a 3-day joint military exercise Gagan Strike-II with the Indian Air Force (IAF) in Punjab.
- Aim : To validate various force multipliers supporting ground offensives by strike corps and integrated operations between the Army and Air Force.
- Lt-Gen Manoj Kumar Katiyar, General Officer Commanding-in-Chief, Western Command, and the General Officer Commanding, Kharga Corps, reviewed the exercise.
About the Exercise :
- Components and Equipment Used : The exercise incorporated Apache and Advanced Light Helicopter-Weapon System Integrated (ALH-WSI) helicopters, Unarmed Aerial Vehicles (UAVs), and Indian Army special forces.
- Live firing was conducted by helicopters as part of mechanized forces’ offensive manoeuvres.
- Exercise Focus and Goals: The focus was on practising centralized and decentralized attack helicopter missions supported by other force multipliers in a dense air defence environment.
- Engagement of both planned and impromptu targets on the battlefield was part of the objectives.
- Ground force commanders utilized aerial assets, including drones, to enhance situational awareness and facilitate the destruction of mobile and static targets.
- Outcome of the Exercise:Gagan Strike-II provided an opportunity for formations and units of Western Command to execute joint operations.
- The exercise emphasized the seamless integration of ground and aerial assets to meet the laid-down objectives.
About Indian Army :
- Chief of Defence Staff : General Anil Chauhan
- Chief of the Army Staff : General Manoj Pande
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Boeing Starliner Launch, Carrying Astronaut Sunita Williams to Space, Postponed
- The launch of the Boeing Starliner, which was set to take astronaut Sunita Williams to space for a3rd time, has been postponed due to a technical glitch.
- The Boeing Starliner is a partially reusable crew capsule, officially known as CST-100 (Crew Space Transportation).
- On its first crewed test flight, Boeing’s Starliner spacecraft would be carrying two NASA astronauts and will be launched on an Atlas V rocket from the Kennedy Space Centerto the International Space Station (ISS).
- The two NASA astronauts are Barry “Butch” Wilmore and Sunita William.
- If the mission is successful, Boeing will become the second private firm to be able to provide NASA crew transport to and from the ISS, alongside Elon Musk’s SpaceX.
- The main objectiveof the mission is to see how Starliner performs in space with a crew onboard.
- The space suits worn by Wilmore and Williams will also be tested – these blue suits are around 40% lighter thantheir predecessors and have touchscreen-sensitive gloves.
- After NASA retired its space shuttle fleet in 2011, it invited commercial space companies to help it transport astronauts and cargo to the ISS.
- While SpaceX has been ferrying astronauts to and from the ISS since 2020, Boeing is yet to successfully launch its first crewed flight.
About Sunita Williams :
- Williams was selected as an astronaut by NASA in 1998 and is a veteran of two space missions, Expeditions 14/15 and 32/33.
- She served as a flight engineer on Expedition 32 and then commander of Expedition 33.
- During her first spaceflight, Expedition 14/15, Williams was launched with the crew of STS-116 on December 9, 2006, docking with the International Space Station on December 11, 2006.
- While onboard, she established a world record for females with four spacewalks totalling 29 hours and 17 minutes.
- Astronaut Peggy Whitson subsequently broke the record in 2008 with a total of five spacewalks.
- On Expedition 32/33, Williams was launched from the Baikonur Cosmodrome in Kazakhstan, along with Russian Soyuz commander Yuri Malenchenko and Flight Engineer Akihiko Hoshide of the Japan Aerospace Exploration Agency, on July 14, 2012.
- Williams spent four months conducting research and exploration aboard the orbiting laboratory.
- She landed in Kazakhstan on November 18, 2012, after spending 127 days in space.
CURRENT AFFAIRS: MOUS AND AGREEMENT
INOX Air Products and Asahi India Glass sign MoU for Green Hydrogen
- INOX Air Products, a manufacturer of industrial and medical gases, has signed a Memorandum of Understanding (MoU) with Asahi India Glass Limited(AIS) for a 20-year offtake agreement to supply green hydrogen to AIS’s greenfield float glass facility in Soniyana, Chittorgarh, Rajasthan.
- The company stated that this will be India’s first-ever green hydrogen plant for the float glass industry.
- The plant will have a capacity to generate up to 190 tonnes of green hydrogen per annum through the electrolysis process.
- It is slated for commissioning by July 2024 and will be powered by solar energy.
- In the first phase, 95 tonnes per annum (TPA) of green hydrogen will be supplied to AIS.
Indian Coast Guard Partners With Jindal Steel & Power For Indigenous Marine Steel Supply
- Indian Coast Guard (ICG) and Jindal Steel & Power(JSP) signed a memorandum of understanding (MoU) in New Delhi for the supply of indigenous marine-grade steel to enhance the local content in shipbuilding.
- Through this partnership, both entities have committed to fostering indigenisation, enhancing capabilities to produce and use these items in the nation’s interest.
- The MoU underscores the importance of public-private partnerships in addressing complex security challenges, emphasising the need for collaboration between government agencies and the private sector.
About ICG
- The Indian Coast Guard is a coast guard of India with jurisdiction over its territorial waters including its contiguous zone and exclusive economic zone.
- It was formally established on 1 February 1977 by the Coast Guard Act, 1978 of the Parliament of India. It operates under the Ministry of Defence.
- Rakesh Pal- Director General of the Indian Coast Guard.
CURRENT AFFAIRS: RANKING AND REPORTS
UAE top destination for Indian migrants hosts 3.47 million:
- The United Arab Emirates (UAE) is the top destinationfor Indian migrants, according to a report by a United Nations agency.
- The International Organisation for Migration(IOM), announced that India received over $111 billion in remittances in 2022, the largest in the world, becoming the first country to reach and even surpass the $100 billion mark.
- The International Organisation for Migration (IOM), in its World Migration Report 2024: in 2022, India, Mexico, China, the Philippines and Egypt were the top five remittance recipient countries.
- The report highlights that international migration remains a driver of human development and economic growth, highlighted by a more than 650 per cent increase in international remittances from 2000 to 2022, rising from USD 128 billion to USD 831 billion.
- Of that 831 billion in remittances, 647 billion were sent by migrants to low– and middle-income countries.
- IOM Director General Amy Pope formally released the report in Bangladesh, which stands at the forefront of migration challenges, including emigration, immigration and displacement.
- India was well above the rest, receiving more than $111 billion, the first country to reach and even surpass the $100 billion mark.
- Mexico was the second-largest remittance recipient in2022, a position it also held in 2021 after overtaking China, which historically had been the second-biggest recipient after India.
- According to the report’s data, India was the top country receiving remittances in 2010 ($53.48 billion), 2015 ($68.91 billion), and 2020 ($83.15 billion), with the remittances crossing the $100 billion mark to reach $111.22 billion in 2022.
Key Highlights
- United States has consistently been the top remittance-sending country, with a total outflow of $79 billion in 2022, followed by Saudi Arabia ($39 billion), Switzerland ($31.9 billion), and Germany ($25.6 billion).
- Three countries in Southern Asia – India, Pakistan and Bangladesh, rank among the top ten recipients of international remittances in the world,underscoring the significance of labour migration from the subregion.
- Pakistan and Bangladesh were the sixth and eighth largest international remittance recipients in 2022, receiving nearly USD 30 billion and $21.5 billion respectively.
- The report added that nearly 18 million or 1.3 per cent of the total population, India is also the origin of the largest number of international migrants in the world, with large diasporas living in countries such as the United Arab Emirates, the United States and Saudi Arabia.
- The report also stated that India is the 13th most popular destination for immigrants, with 4.48 million people coming from other countries to live in India.
- India – United Arab Emirates, India– the US, India–Saudi Arabia and Bangladesh–Indiawere among the top 10 international country-to-country migration corridors.
- The report further said that countries in Asia are the origins of the largest number of internationally mobile students in the world.
- In 2021, more than one million internationally mobile students were from China, by far the highest number globally and more than double the number of students from India, which ranks second (around 508,000).
- China is also an important destination for international students, especially those from the Republic of Korea, Thailand, Pakistan and India.
- Since 2000, IOM has been producing its flagship world migration reports every two years.
About IOM
- The International Organization for Migration is a United Nations related organization working in the field of migration.
- Headquarters: Grand-Saconnex, Switzerland,
- IOM Director General :Amy Pope
CURRENT AFFAIRS: SPORTS NEWS
Tripura’s First International Cricket Stadium Set To Be Ready By February 2025
- Tripura Cricket Association(TCA) is set to inaugurate the state’s first international cricket stadium in Narsingarh, located in the West Tripura district, with a one-day international match or an IPL (Indian Premier League) T20 encounter.
- Subrata Dey, the secretary of TCA, announced that the stadium is expected to be operational for hosting major cricket events by February 2025.
- It will be the northeastern state’s first stadium.
- It is being constructed with a budget of Rs 200 crore.
- BCCI and Tripura Cricket Associationhave joined hands to construct this stadium. Its construction was started in 2017.
- This stadium will have a capacity of more than 25,000.
- Tripura will witness international and T20 matches next year.
Lando Norris wins historic maiden victory at F1 Miami Grand Prix
- The 24-year-old British Formula 1(F1) driver Lando Norris finally won his maiden F1 title by winning the Miami Grand Prixheld at the Miami International Autodrome in Miami, Florida, in the United States of America.
- He also broke the dominance of the Red Bulls Max Verstappen, who won four out of six races ofthe 2024 F1 season.
- Lando Norris,who is currently with McLaren’s team, made his debut in the F1 circuit at the Australian Grand Prix in 2019.
- Before the 2024 Miami Grand Prix win, he claimed second place eight times in his career.
- In his 110th Grand Prix at Miami, he finally won his first F1 race title.
About F1 :
- The Formula One motor car racing is organised by The Fédération Internationale de l’Automobile (FIA).
- The FIA was set up in 1904.
- The 2024 Formula One season consists of 24 Grand Prix races.
International Chess Federation Awards Grandmaster Title To Indian Chess Prodigy Vaishali Ramesh Babu
- Indian Chess Prodigy, Vaishali Ramesh Babu has been awarded the title of Grandmaster by 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.
- Vaishali’s accomplishment, as the 84th Indian grandmaster and 42nd womanfrom any country to become a GM, has already been widely recognized.
- In January 2024, she was presented with the Arjuna Award.
Daily CA One- Liner: May 10
- The Ministry of Tourism, Government of India is participating in Arabian Travel Mart 2024, is being held in Dubai.
- The Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers launched the MEDITECH STACKATHON 2024
- Infosys announced that it has been certifiedwith ISO 42001:2023, the world’s first international standard on AI management systems, by TUV India (part of TUV Nord Group), a leading independent provider of technical quality and safety services
- com unveiled the first of a dozen Volvo electric big rigsit plans to deploy this year to pick up cargo from the nation’s busiest container seaport in southern California
- INOX Air Products, a manufacturer of industrial and medical gases, has signed a Memorandum of Understanding (MoU) with Asahi India Glass Limited(AIS) for a 20-year offtake agreement to supply green hydrogen to AIS’s greenfield float glass facility in Soniyana, Chittorgarh, Rajasthan
- Indian Coast Guard (ICG) and Jindal Steel & Power(JSP) signed a memorandum of understanding (MoU) in New Delhi for the supply of indigenous marine-grade steel to enhance the local content in shipbuilding
- The United Arab Emirates (UAE) is the top destinationfor Indian migrants, according to a report by a United Nations agency
- Tripura Cricket Association(TCA) is set to inaugurate the state’s first international cricket stadium in Narsingarh, located in the West Tripura district, with a one-day international match or an IPL (Indian Premier League) T20 encounter
- The 24-year-old British Formula 1(F1) driver Lando Norris finally won his maiden F1 title by winning the Miami Grand Prixheld at the Miami International Autodrome in Miami, Florida, in the United States of America
- Indian Chess Prodigy, Vaishali Ramesh Babu has been awarded the title of Grandmaster by FIDE
- The Reserve Bank of India (RBI) has issued a caution to non-banking finance companies (NBFCs) that offer gold loans, warning them against exceeding theRs 20,000 limit for cash loan disbursal.
- Digital payments platform PhonePe has continued to be the number one playerin the unified payments interface (UPI) ecosystem with a market share of close to 49% in April 2024 across P2M (person to merchant) and P2P (person to person) transactions.
- Setu, an Indian fintech company part of the Pine Labs Group, unveiled Sesame, India’s first Large Language Model (LLM) specifically designed for the banking, financial services, and insurance (BFSI) sector.
- According to the World Gold Council (WGC), central banks worldwide continuedto increase their gold reserves in March 2024 with significant purchases led by emerging market banks.
- Wayve, a British self-driving technology startup, has secured$1.05 billion in a funding round led by SoftBank Group.
- 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).
- Thailand’s cabinetapproved a 6-month extension of the visa exemption program for tourists from India and Taiwan to boost foreign tourist arrivals and support the country’s economy.
- Digital payments platform Visa has appointed Sujai Raina as the country manager for India.
- The Indian Army’s Kharga Corps, part of the Army’s Western Command, concluded a 3-day joint military exercise Gagan Strike-II with the Indian Air Force (IAF) in Punjab.
- The launch of the Boeing Starliner, which was set to take astronaut Sunita Williams to space for a 3rd time, has been postponed due to a technical glitch.
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