Daily Current Affairs 05 & 06 May 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Issues Draft Framework for Lenders’ Project Financing in Infrastructure and Real Estate Sectors

• The Reserve Bank of India (RBI) issued a draft harmonised prudential framework for lenders’ financing of projects in infrastructure, non-infrastructure and commercial real estate sectors.
• It prescribed norms for restructuring of their exposure in projects under implementation on account of change in date of commencement of commercial operations (DCCO).

Key Highlights :

• Income Recognition, Asset Classification, and Provisioning:The draft framework is titled “Income Recognition, Asset Classification and Provisioning pertaining to Advances – Projects Under Implementation (IRACP-PUIMP).”
• Exposure Limits in Consortium Financing:For projects where the aggregate exposure of the consortium is up to ₹1,500 crore, no individual lender’s exposure can be less than 10% of the aggregate exposure.
• For projects with aggregate exposure exceeding ₹1,500 crore, the individual lender’s exposure must be at least 5% or ₹150 crores, whichever is higher.
• Applicable Lending Entities (Lenders):The framework applies to the following regulated entities (REs):
• Scheduled Commercial Banks, including Small Finance Banks, but excluding Payments Banks, Local Area Banks, and Regional Rural Banks.
• Non-Banking Financial Companies (NBFCs).
• Primary (Urban) Cooperative Banks.
• All India Financial Institutions (AIFIs).
• Date of Commencement of Commercial Operations (DCCO):DCCO refers to the date when a project is expected to become commercially operational, typically requiring a completion certificate or a provisional completion certificate.
• Projects that require restructuring of exposure due to changes in DCCO are addressed in the framework.
• Mandatory Pre-Requisites for Financial Closure:All pre-requisites must be in place before financial closure, such as:
  1. Encumbrance-free land and/or right of way.
  2. Environmental, legal, and regulatory clearances.
• For Public-Private Participation (PPP) infrastructure projects, land availability of at least 50% may be considered sufficient for financial closure.
• Financial Closure and Disbursement:Lenders must ensure financial closure is achieved and the DCCO is clearly defined and documented prior to disbursement of funds.
• Financing agreements generally should not allow any provision for moratorium on repayments beyond the DCCO period.
• Repayment Structure and Moratorium:The repayment structure should be designed considering lower initial cash flows.
• If a moratorium on repayments beyond DCCO is granted, it must not exceed 6 months from the DCCO.
• The original or revised repayment tenor, including any moratorium period, should not exceed 85% of the project’s economic life.
• Legal Authority for Revised Prudential Norms:The revised prudential norms in the Master Direction are issued under the following legal frameworks:
• Banking Regulation Act, 1949.
• Reserve Bank of India Act, 1934.
• National Housing Bank Act, 1987.
• Factoring Regulation Act, 2011.

Reserve Bank of India Proposes Stricter Regulations for Lending to Projects Under Implementation

• The Reserve Bank of India (RBI) proposed tighter rules to govern lending to projects under implementation.
• The RBI’s draft rules include a classification of the projects as per their phase and higher provisioning of up to 5% during the construction phase, even if the asset is standard.
• It can be noted that in the last credit cycle, project loans were seen to have led to a build-up of stress on bank books.
• The standard asset provisioning otherwise stands at 0.40%.
• Phased Implementation of New Provisioning Rules :
• Phase-wise Provisioning Timeline:
• 2% by March 31, 2025: This is to be achieved gradually over the four quarters of the 2024-25 financial year.
• 3.50% by March 31, 2026: This is to be achieved over the four quarters of the 2025-26 financial year.
• 5% by March 31, 2027: This is to be achieved over the four quarters of the 2026-27 financial year.

Key Highlights :

• Under the proposed norms, first announced in September 2023 and the details revealed in May, a bank has to set aside 5% of the exposure during the construction phase, which goes down as the project becomes operational.
• Once the project reaches the ‘Operational phase’, the provisions can be reduced to 2.5% of the funded outstanding and then further down to 1% if certain conditions are met.
• These include the project having a positive net operating cash flow that is sufficient to cover current repayment obligation to all lenders, and the total long-term debt of the project with the lenders has declined by at least 20% from the outstanding at the time of achieving Date of Commencement of Commercial Operations (DCCO).
• It expects lenders to maintain project-specific data in an electronic and easily accessible format.
• Lenders will update any change in the parameters of a project finance loan at the earliest but not later than 15 days from such change.
• The necessary system in this regard will be put in place within 3 months of the release of these directions.

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

Reserve Bank of India Permits Standalone Primary Dealers to Access Foreign Currency Borrowing

• The Reserve Bank of India (RBI) has allowed standalone primary dealers (SPDs) to borrow in foreign currency from their parent companies and entities it has authorised.
• They can also access overdraft facilities in their nostro accounts for operational purposes.
• Definition of Nostro Account: A nostro account is a bank account held in a foreign country by a domestic bank, denominated in the currency of that foreign country.

Key Highlights :

• SPDs in India : An SPD dealing in euros would open an account with a bank in the European Union for transaction settlements.
• Standalone Primary Dealers (SPDs): As of March 31, 2023, there were 7 SPDs registered as non-banking financial companies (NBFCs) with the RBI.
• The RBI has also included SPDs within the scope of norms for risk management and inter-bank dealings, enabling them to engage in foreign exchange products.
• 2018 Authorization: SPDs were authorized in 2018 to offer forex products to clients, including foreign portfolio investors.
• SPDs have been classified as Authorised Dealer Category-III.
• Non-core Activities: Forex product dealings by SPDs will be part of their non-core activities.
• Funding and Regulations : SPD Funding: Funds mobilized by SPDs grew by 4% year-on-year in 2022-23.
• Borrowings accounted for 3% of their total sources of funds.
• Risk Management and Reporting: The RBI’s Master Direction on Risk Management and Inter-Bank Dealings states that if foreign currency drawals exceed prescribed limits and are not adjusted within 5 days, a report must be submitted within 15 days from the end of the month when the limit was exceeded.
• Authorised Dealers (ADs) and FX Derivatives: ADs (banks authorised to deal in foreign exchange/FX) should report all OTC (over the counter) FX derivative contracts and foreign currency interest rate derivative contracts, undertaken by them directly or through their overseas entities (including overseas branches, IFSC Banking Units, wholly owned subsidiaries and joint ventures of ADs), to the Trade Repository (TR) of Clearing Corporation of India Ltd (CCIL).
• Net Overnight Open Position Limit (NOOPL) : Capital Charge: A board of authorised dealers may set the NOOPL for calculating the capital charge on forex risk.
• However, this limit should not exceed 25% of the dealer’s total capital (Tier-I and Tier-II capital).

Foreign portfolio investors Registered with SEBI at GIFT International Financial Services Centre Permitted to Issue Participatory Notes (P-notes)

• Foreign portfolio investors (FPIs) domiciled at the GIFT International Financial Services Centre (IFSC) and registered with the Securities and Exchange Board of India (SEBI) are now permitted to issue offshore derivative instruments (ODIs), commonly known as participatory notes (P-Notes).
• At present, the International Financial Services Centre Authority (IFSCA), the unified regulator for GIFT City, allows banking units to issue pnotes.

Key Highlights :

• Phases of Implementation:
• In the first phase, IFSC banking units, registered with Sebi as FPIs, were allowed to issue derivative instruments with Indian securities as underlying.
• In the second phase, IFSCA permitted IFSCA-registered non-bank entities, also registered with Sebi as FPIs, to issue derivative instruments with Indian securities as underlying.
• Currently, about 46 FPIs are domiciled at the GIFT IFSC.
• Experts believe some of the relatively-large ones will start issuing pnotes.

What are P-Notes?

• P-Notes, short for Participatory Notes, are financial instruments that enable foreign investors to invest indirectly in Indian securities without having to register with the SEBI.
• Function: P-Notes serve as a substitute for underlying Indian company shares, allowing foreign investors to gain exposure to the Indian stock market.
• Previous Restrictions : Previously, only banks registered with GIFT City could issue P-Notes.
• Current Expansion: Foreign funds registered with Sebi and operating in GIFT City can now issue P-Notes, extending the ability to non-bank entities.
• Compliance Requirements: Foreign funds issuing P-Notes must meet the compliance requirements set by the IFSCA and SEBI.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

About GIFT International Financial Services Centre :

• Founded : April 2015
• Headquarters : GIFT City, Gandhinagar in Gujarat
• GIFT IFSC is a financial centre and special economic zone in Gujarat International Finance Tec-City (GIFT City) covering 106 ha (261 acres).
• It is regulated by the International Financial Services Centres Authority, an independent regulator exclusive to the zone.
• GIFT City is a joint venture between the Government of Gujarat and IL&FS, a leading infrastructure development and finance company in India.

Bank Certificate of Deposit (CD) Fundraising Drops by 74% in April 2024 Amid Eased Liquidity and Reduced Loan Deman

• Fundraising by banks through Certificates of Deposit (CDs) declined by 74% in April 2024 compared to March 2024, attributed to eased liquidity tightness in the banking system and moderated demand for loans.
• In April 2024, banks raised ₹32,860 crore through CDs, down from ₹1.27 trillion in March 2024.

Definition and Characteristics of Certificates of Deposit (CDs) :

• Nature of CDs: CDs are negotiable, unsecured money market instruments issued by banks as Usance Promissory Notes against funds deposited at the bank.
• They have a maturity period of up to 1 year.
• Who Can Issue CDs: CDs can be issued by Scheduled Commercial Banks, Regional Rural Banks, and Small Finance Banks.
• Who Can Hold CDs: CDs may be issued to all persons resident in India.

Issuance and Trading of CDs

• Form of Issuance: CDs must be issued in dematerialized form and held with a depository registered with the Securities and Exchange Board of India (SEBI).
• Minimum Denomination: CDs must be issued in a minimum denomination of ₹5 lakh, with subsequent multiples of ₹5 lakh.
• Tenor: The tenor of a CD at issuance shall not be less than 7 days and shall not exceed 1 year.
• Issue Basis: CDs are issued on a T+1 basis, where “T” represents the date of closure of the offer period.
• Pricing and Interest Rates: CDs may be issued at a discount to face value or on a fixed/floating rate basis. For floating rate CDs, interest rates must be linked to a benchmark approved by a Financial Benchmark Administrator or by FIMMDA (Fixed Income Money Market and Derivatives Association of India).

Trading, Buyback, and Restrictions :

• Trading: CDs can be traded in Over-the-Counter (OTC) markets, on Electronic Trading Platforms, or on recognized stock exchanges with RBI approval.
• Loans Against CDs: Banks are not allowed to grant loans against CDs unless specifically permitted by the RBI.
• Buyback: Buyback of CDs is allowed only 7 days after the date of issue.

Recent News :

• In April 2024, Issuances of certificates of deposit (CDs) fell significantly on the back of easing liquidity conditions which also resulted in rates falling by around 40 basis points (bps).

Reserve Bank of India Reduces Margin Funding Limits from 50% to 30%

• The Reserve Bank of India (RBI) has issued directives to banks regarding their exposure to the capital markets, emphasizing compliance with prescribed guidelines.
• The directive, titled “Banks’ Exposure to Capital Market – Issue of Irrevocable Payment Commitments (IPCs)”, addresses the issuance of IPCs by custodian banks.

Key Highlights :

• Shift from T+2 to T+1: The RBI’s directive is a response to changes in the stock exchange settlement cycle, transitioning from T+2 to T+1 for equities.
• Custodian Banks’ Agreements: Custodian banks issuing IPCs must include a clause in their agreements with clients, granting the banks an inalienable right over the securities received in any settlement.
• Intraday Risk Cap: The maximum intraday risk for custodian banks issuing IPCs is capped at 30% of the settlement amount.
• Risk Calculation: This cap is based on a scenario where equities experience a 20% downward price movement on T+1, with an additional margin of 10% to account for further downward movement.
• Capital Requirements: If any capital market exposure remains outstanding at the end of T+1 Indian Standard Time, banks must maintain capital on this exposure in line with the RBI’s Master Circular – Basel III Capital Regulations dated April 1, 2024.

CURRENT AFFAIRS: NATIONAL NEWS

Free hospital care under PM-JAY touches Rs 86,000 crore

• Free hospitalisation benefits worth Rs 86,000 crore have been provided to beneficiaries of the Pradhan Mantri Jan Arogya Yojana (PM-JAY) since the scheme was rolled out in September 2018.
• More than 65 million people have so far benefited from the PMJAY scheme which offers Rs 5,00,000-a-year free health cover.
• The scheme was made available for 107 million poor households in the country, roughly covering the bottom 40% of the population.
• The Centre launched the scheme on September 23, 2018, to alleviate the suffering of the people due to the rising cost of healthcare.
• People from Tamil Nadu benefitted most under the scheme, followed by Karnataka, Rajasthan, Kerala, Andhra Pradesh and Gujarat.

Key Highlights

• More than 34.29 crore Ayushman Cards have been issued to beneficiaries so far. As many as 30,162 public and private hospitals are empanelled under PM-JAY.
• According to a Niti Aayog report unveiled in October 2021, at least 30% of the population, or 400 million individuals – called the missing middle in this report – are devoid of any financial protection for health.
• Pradhan Mantri Jan Arogya Yojana (PM-JAY) scheme was launched on 23rd September, 2018 in Ranchi, Jharkhand by the Hon’ble Prime Minister of India, Shri Narendra Modi.

About PM-JAY

• Ayushman Bharat PM-JAY is the largest health assurance scheme in the world which aims at providing a health cover of Rs. 5 lakhs per family per year for secondary and tertiary care hospitalization to over 12 crores poor and vulnerable families (approximately 55 crore beneficiaries) that form the bottom 40% of the Indian population.
• The households included are based on the deprivation and occupational criteria of Socio-Economic Caste Census 2011 (SECC 2011) for rural and urban areas respectively.
• M-JAY was earlier known as the National Health Protection Scheme (NHPS) before being rechristened. It subsumed the then existing Rashtriya Swasthya Bima Yojana (RSBY) which had been launched in 2008.
• The coverage mentioned under PM-JAY, therefore, also includes families that were covered in RSBY but are not present in the SECC 2011 database. PM-JAY is fully funded by the Government and cost of implementation is shared between the Central and State Governments.
• It covers up to 3 days of pre-hospitalization and 15 days post-hospitalization expenses such as diagnostics and medicines.
• There is no restriction on the family size, age or gender. All pre–existing conditions are covered from day one.
• The scheme is being implemented by the National Health Authority.

First constitution park was inaugurated in Pune

• Constitution Park, jointly developed by the Indian Army and Punit Balan Group, was inaugurated in Pune.
• The park was inaugurated by GOC-in-C, Southern Command, Lt Gen Ajai Kumar Singh.
• This Constitution Park is a tribute to the founding leaders of the Constitution.
• This park is a symbol of unity and commitment towards values in the Constitution of India.
• The Constituent Assembly of India developed the Constitution by taking provisions from other nations’ constitutions.
• The Constituent Assembly prepared it in about 2 years and 11 months.
• It is the lengthiest written constitution in the world with approximately 1,45,000 words.
• It was adopted by the Constituent Assembly on 26th November 1949 and came into force on 26th January 1950.

CURRENT AFFAIRS: BUSINESS NEWS

India’s fossil fuel capacity grows 2.44% in FY24; non-fossil-fuel rises 11%

• India’s fossil fuel-based power generation capacity has increased by 2.44% to 243.22 GW in FY24 from 237.27 GW in March 2023.
• Non-fossil fuel-based capacity has increased by 10.79%.
• It has increased from 172.01 GW in 2022-23 to 190.57 gigawatt (GW) in 2023-24.
• The nuclear power capacity has risen to 8.18 GW from 6.78 GW in the last fiscal year.
• India’s total power generation capacity increased by 6.22% to 441.97 GW over 416.06 GW.
• The coal-based capacity increased by 3% to 210.97 GW from 205.24 GW in the last financial year.
• The renewable energy sources capacity increased to 143.64 GW.
• The fossil fuel-based capacity includes power generation through coal, lignite, gas and diesel.
• The non-fossil fuel includes power generated from solar, wind and hydropower.

CURRENT AFFAIRS: AWARDS AND HONOURS

Palestinian journalists covering Gaza awarded 2024 UNESCO/Guillermo Cano World Press Freedom Prize

• Palestinian journalists covering the Gaza conflict have been named as laureates of the 2024 UNESCO/Guillermo Cano World Press Freedom Prize, following the recommendation of an international jury of media professionals.
• The ongoing conflict in Gaza is having grave consequences for journalists.
• Since 7 October 2023, UNESCO has condemned and deplored the deaths of 26 journalists and media workers in the line of work, based on information from its international NGO partners.
• Created in 1997, the annual UNESCO/Guillermo Cano World Press Freedom Prize honours an outstanding contribution to the defence and/or promotion of press freedom anywhere in the world, especially when this has been achieved in the face of danger.
• It is named for Guillermo Cano Isaza, the Colombian journalist who was assassinated in front of the offices of his newspaper El Espectador in Bogotá, Colombia, on 17 December 1986.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Ujjivan Small Finance Bank Appoints Carol Furtado as Executive Director

• Ujjivan Small Finance Bank has appointed Carol Furtado as executive director for a 3-year term, effective from May 1, 2024.
• The Reserve Bank of India (RBI) has approved this appointment.

About Carol Furtado :

• Furtado has been with Ujjivan Small Finance Bank since its inception, holding significant roles such as Chief Human Resource Officer, Head of Operations and Service Quality, and Chief Business Officer (CBO).
• Prior to joining Ujjivan, Furtado worked at the ANZ group, Bank Muscat, and Centurion Bank Ltd.
• She received the Financial Women’s Association award from Women’s World Banking in 2009, recognizing her professional achievements.

About Ujjivan Small Finance Bank Limited :

• Founded : 1 February 2017
• Headquarters : Bangalore, Karnataka, India
• Ujjivan Financial Services holds an 80% stake in Ujjivan SFB.
• The bank is licensed under Section 22(1) of the Banking Regulation Act, 1949, to conduct small finance bank business.
• It obtained Scheduled Bank status from the RBI in August 2017.

Atanu Chakraborty Reappointed as HDFC Bank Chairman for a 3-Year Term

• The Reserve Bank of India (RBI) has approved the re-appointment of Atanu Chakraborty as the Part-Time Chairman of HDFC Bank for a period of 3 years from May 05, 2024 to May 04, 2027 (both days inclusive)

About Atanu Chakraborty :

• Chakraborty served the Government of India for 35 years as a member of the Indian Administrative Service (IAS) in the Gujarat cadre.
• He was the Secretary of the Ministry of Finance, Department of Economic Affairs (DEA) during the financial year 2019-2020.
• He has also served on the Board of World Bank as alternate Governor as well as on the Central Board of Directors of the Reserve Bank of India.
• He also headed a multidisciplinary task force that produced the National Infrastructure Pipeline (NIP).
• He has been the Part-Time Chairman and Independent Director of the Bank since May 2021.

About HDFC Bank :

• Founded : August 1994
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sashidhar Jagdishan

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Carlyle Group Sells 2% Stake in YES Bank for Rs 1,441 Crore through Open Market

• Carlyle Group divested nearly a 2% stake in private sector lender Yes Bank for Rs 1,441 crore through an open market transaction.
• US-based Carlyle Group, through its affiliate CA Basque Investments, offloaded shares in Yes Bank through a bulk deal on the National Stock Exchange (NSE).

Key Highlights :

• CA Basque Investments sold 59.4 crore shares, amounting to a 1.98% stake in Yes Bank.
• After the stake sale, the Carlyle Group’s shareholding in Yes Bank has declined to 7.13% from 9.11%.
• Yes Bank reported a net profit of Rs 452 crore for the quarter-ended March 2024.

Recent News :

• In February 2024 global investment firm Carlyle Group pared a 1.3% stake in private sector lender Yes Bank for Rs 1,057 crore.

About The Carlyle Group Inc :

• Founded : 1987
• Headquarters : Washington, D.C., United States
• CEO : Harvey Schwartz
• The Carlyle Group Inc. is a multinational private equity, alternative asset management and financial services corporation.

About YES Bank :

• Founded : 2004
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Prashant Kumar
• Tagline : Experience Our Expertise

CURRENT AFFAIRS: MOUS AND AGREEMENT

Tata Power Renewable Energy signs pact with SJVN for 460 MW clean energy project

• Tata Power Renewable Energy Ltd (TPREL) has signed an agreement with state-owned SJVN Ltd to set up a 460 MW Firm and Dispatchable Renewable Energy (FDRE) project.
• An FDRE plant enables round-the-clock power supply, assisting power distribution companies (discoms) in fulfilling their Renewable Purchase Obligations (RPOs) and Energy Storage Obligations (ESOs).
• The plant is expected to generate nearly 3,000 million units (MUs) of power and offset 2,200 million kgs of CO2 emissions annually.

About SJVN

• SJVN, formerly known as Satluj Jal Vidyut Nigam, is an Indian public sector undertaking involved in hydroelectric power generation and transmission.
• It was incorporated in 1988 as Nathpa Jhakri Power Corporation, a joint venture between the Government of India and the Government of Himachal Pradesh.

RailTel signs MoU with tech firm for KAVACH implementation projects

• The railways inked an agreement with a tech firm for “exploring and delivering” train collision avoidance system KAVACH implementation projects in India as well as other countries.
• The Memorandum of Understanding (MoU) for this purpose was signed between RailTel Corporation of India Limited and Quadrant Future Tek Limited.
• KAVACH is an indigenously developed automatic train protection (ATP) system of the Indian Railways.
• It is a highly technology-intensive system that requires safety certification of the highest order.
• The Indian Railways is also marketing the system in other countries.
• According to RailTel, implementation of KAVACH on the Indian Railways network is one of the priority areas of the national transporter.
• The system was adopted as a “National ATP System” by the Ministry of Railways in July 2020.
• Quadrant Future Tek Limited is under the process of final approval by the Research Design and Standards Organisation (RDSO) as an OEM (original equipment manufacturer) for the KAVACH project

India, Nigeria to finalise Local Currency Settlement System Agreement

• India and Nigeria have agreed to an early conclusion of a local currency settlement system agreement to further strengthen economic ties between the two countries.
• According to the Department of commerce, a seven-member delegation from India led by Additional Secretary in the Commerce Ministry Amardeep Singh Bhatia visited Abuja, Nigeria for the second session of India-Nigeria Joint Trade Committee (JTC) on April 29-30.
• It was held after a gap of five years.
• Both sides have identified several focus areas to enhance bilateral trade and mutually beneficial investments.
• A local currency settlement system between the two countries would help in promoting the use of Indian Rupee and Nigerian Naira for cross-border transactions.
• Other countries, such as Bangladesh, are also interested in trading with India in rupees. India and UAE have also started Rupee-Dirham trade.
• In March RBI and the Bank Indonesia (BI) signed a Memorandum of Understanding (MoU) in Mumbai for establishing a framework to promote the use of local currencies.
• Banks from more than 22 countries have opened Special Rupee Vostro Accounts in Indian Banks.
• These countries include Belarus, Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar and the United Kingdom.
• Nigeria is India’s 2nd largest trading partner in Africa.

CURRENT AFFAIRS: SPORTS NEWS

Official Anthem for ICC Men’s T20 World Cup 2024, ‘Out of this World’, released by Sean Paul and Kes

• The International Cricket Council (ICC) released the official anthem for the Men’s T20 World Cup 2024.
• The anthem titled ‘Out Of This World’ features Grammy award winning artist Sean Paul and Soca superstar Kes.
• With just 30 days left for the ICC Men’s T20 World Cup 2024 to begin, the release of the anthem sets the stage for what will be the biggest cricket carnival spectacle ever.
• The ICC Men’s T20 World Cup 2024 will be held in which 20 international teams will play 55 matches from June 1-29 in the West Indies and USA.
• The anthem, produced by Michael “Tano” Montano, was launched with a music video.
• It includes eight-time Olympic gold medalist Usain Bolt, cricket stars Chris Gayle, Ali Khan, Shivnarine Chanderpaul and other Caribbean celebrities.

CURRENT AFFAIRS: IMPORTANT DAYS

World Laughter Day 2024: May 5

• Every year World Laughter Day is celebrated on the first Sunday of May and this year World Laughter Day falls on the 5th of May.
• Every year on the first Sunday of May, World Laughter Day was observed to promote awareness about laughter and its health benefits.
• World Laughter Day was celebrated in 1998 when Dr. Madan Kataria announced the first celebration of this day on May 10.
• Dr Madan Kataria established World Laughter Day in 1998.
• He is the founder of the Laughter Yoga Movement.
• The main aim of this World Laughter Day is to make us aware of the countless benefits of laughter in leading a healthy and fulfilling life.
• Initially, Laughter Day was celebrated only in India, but because of the unique and meaningful concept, World Laughter Day has spread to different countries.

Daily CA One – Liner: May 5^th & 6^th

• Free hospitalisation benefits worth Rs 86,000 crore have been provided to beneficiaries of the Pradhan Mantri Jan Arogya Yojana (PM-JAY) since the scheme was rolled out in September 2018.
• Constitution Park, jointly developed by the Indian Army and Punit Balan Group, was inaugurated in Pune.
• India’s fossil fuel-based power generation capacity has increased by 2.44% to 243.22 GW in FY24 from 237.27 GW in March 2023.
• Palestinian journalists covering the Gaza conflict have been named as laureates of the 2024 UNESCO/Guillermo Cano World Press Freedom Prize, following the recommendation of an international jury of media professionals
• Tata Power Renewable Energy Ltd (TPREL) has signed an agreement with state-owned SJVN Ltd to set up a 460 MW Firm and Dispatchable Renewable Energy (FDRE) project
• The railways inked an agreement with a tech firm for “exploring and delivering” train collision avoidance system KAVACH implementation projects in India as well as other countries
• India and Nigeria have agreed to an early conclusion of a local currency settlement system agreement to further strengthen economic ties between the two countries
• The International Cricket Council (ICC) released the official anthem for the Men’s T20 World Cup 2024.
• The Reserve Bank of India (RBI) issued a draft harmonised prudential framework for lenders’ financing of projects in infrastructure, non-infrastructure and commercial real estate sectors.
• The Reserve Bank of India (RBI) proposed tighter rules to govern lending to projects under implementation.
• The Reserve Bank of India (RBI) has allowed standalone primary dealers (SPDs) to borrow in foreign currency from their parent companies and entities it has authorised.
• Foreign portfolio investors (FPIs) domiciled at the GIFT International Financial Services Centre (IFSC) and registered with the Securities and Exchange Board of India (SEBI) are now permitted to issue offshore derivative instruments (ODIs), commonly known as participatory notes (P-Notes).
• Fundraising by banks through Certificates of Deposit (CDs) declined by 74% in April 2024 compared to March 2024, attributed to eased liquidity tightness in the banking system and moderated demand for loans.
• The Reserve Bank of India (RBI) has issued directives to banks regarding their exposure to the capital markets, emphasizing compliance with prescribed guidelines.
• Ujjivan Small Finance Bank has appointed Carol Furtado as executive director for a 3-year term, effective from May 1, 2024.
• The Reserve Bank of India (RBI) has approved the re-appointment of Atanu Chakraborty as the Part-Time Chairman of HDFC Bank for a period of 3 years from May 05, 2024 to May 04, 2027 (both days inclusive)
• Carlyle Group divested nearly a 2% stake in private sector lender Yes Bank for Rs 1,441 crore through an open market transaction.
• Every year World Laughter Day is celebrated on the first Sunday of May and this year World Laughter Day falls on the 5th of May