Daily Current Affairs 11 May 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Accepts Only ₹10,513 Crore Worth of Offers for Government Securities Buyback    

• The Reserve Bank of India (RBI) acceptedoffers to buy Government Securities (G-Secs) totalling ₹10,513 crore, even though the total bids received were 1.33 times the notified amount of ₹40,000 crore.
• The RBI received bids worth Rs 53,333 crore at the auction. Market participants said that the RBI accepted bids only at Financial Benchmarks India Private Limited (FBIL) levels.

What is FBIL?

• FBIL is an organisation in India responsible for administering and publishing various financial benchmarks, including interest rate benchmarks.
• These benchmarks are used as reference rates for financial products such as loans, bonds, and derivatives.
• The RBI regulates FBIL.

Key Highlights :

• Government Securities Under Buyback: The buyback pertained to 3 short-term securities announced by the government on May 3, 2024 including the 6.18% GS 2024, 9.15% GS 2024, and 6.89% GS 2025.
• Rejection of Offers:The RBI rejected all 23 offers totalling ₹7,484.473 crore (face value)at the auction of the 2025 paper.
• Acceptance Details:For the 6.18% GS 2024, out of 47 offers totalling ₹28,464.954 crore, the RBI accepted 10 offers totalling ₹437.053 crore at a cut-off price of ₹99.59.
• For the 9.15% GS 2024, out of 20 offers totalling ₹17,384.552 crore, the RBI accepted four offers totalling ₹10,075.940 crore at a cut-off price of ₹101.02.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patraand T. Rabi Shankar

Small Finance Banks to Request Reserve Bank of India Guidance on Loan Book Diversification                                           

• Small finance banks (SFBs)are likely to seek clarification from the Reserve Bank of India (RBI) on loan portfolio diversification, as the regulator has not specified the extent of diversification that should be seen as desirable.
• In the recent guidelines provided by the RBI for the voluntary transition of SFBs to universal banks,the regulator indicated a preference for eligible SFBs with diversified loan portfolios.

Key Highlights :

• Current Status of SFBs: Presently, there are 11 SFBsin operation, with AU and Fincare merging earlier in the year.
• However, two of these banks, Unity and Shivalik, have not completed 5 years of operation, and NE SFB is not listed.
• Criteria for Conversion:A satisfactory track record of performance for a minimum period of 5 years and being listed on a recognised stock exchange are the first two criteria mandated by the regulator for conversion into a universal bank.
• Origins of SFBs:Eight out of the 10 SFBs licensed in the first phase in 2015 were converted from microfinance institutions, highlighting their roots in financial inclusion.
• Priority Sector Lending Norms: All SFBs are required to allocate at least 75% of their lending to the priority sector, with 50% of loans below Rs 25 lakh. Consequently, their exposure is primarily in the priority sector.
• The largest SFB in the country, AU SFB, which has a well-diversified loan book, meets all the parameters set by the regulator for conversion to a universal bank.

About Small Finance Banks :

• Definition and Target Customers :SFBs are a niche type of bank in India that cater to mainly customers not being serviced by the big commercial banks such as small business units, small farmers, Micro, Small and Medium Enterprises (MSMEs) and various other unorganised sectors.
• Naming Requirement and Subsidiaries : Every SFB must include the words “small finance bank” in its name and cannot establish subsidiaries for non-banking financial service activities.
• Regulatory Status and Licensing : SFBs are granted the scheduled bank status after being operational and are deemed suitable under section 42 of the RBI Act,1934.
• Small Finance Banks are registered as public limited companies under Companies Act 2013, and are licensed under section 22 of the Banking Regulation,1949.
• Financial Inclusion Mandate:SFBs are mandated to focus primarily on providing financial services to unbanked and underbanked segments of the population.
• Capital Requirements:SFBs must maintain a minimum Capital to Risk-Weighted Assets Ratio (CRAR) of 15%.
• Priority Sector Lending:SFBs are required to extend 75% of their Adjusted Net Bank Credit to Priority Sector Lending.
• Branch Expansion: SFBs must open at least 25% of their total branches in unbanked rural areas.
• Minimum Capital Requirements: The minimum paid-up voting equity capital for SFBs is set at Rs. 200 crore.
• Loan Portfolio Composition: SFBs must maintain at least 50% of their loan portfolio as microfinance and advances of up to 25,00,000.
• Exposure Limits: SFBs are subject to exposure limits, with a maximum loan size and investment limit exposure to single/group obligors restricted to 10% and 15% of its capital funds, respectively.
• Listing Requirement: After the small finance bank reaches a net worth of Rs.500 crore, the listing will be mandatory within 3 years of reaching that net worth.
• Small finance banks having a net worth of below Rs.500 crorecould also get their shares listed voluntarily, subject to fulfilment of the requirements of the capital markets regulator.

RBI Removes Restrictions on Bank of Baroda World App, Allowing Onboarding of New Customers

• The Reserve Bank of India (RBI)has allowed the Bank of Baroda (BoB) to onboard new customers through the ‘Bob World’ mobile application, lifting a restriction imposed in October 2023 due to material supervisory concerns.
• The restriction lasted over 6 months.
• The bank will now resume onboarding new customers on the Bob World application, adding that it remains committed to ensuring adherence and compliance with regulatory guidelines.

Recent News :

• In May 2024, the RBI lifted a restriction on Bajaj Finance,allowing it to resume sanctioning and disbursing loans through its eCOM and Insta EMI Card.
• In April 2024, the RBI imposed restrictions on Kotak Mahindra Bankfrom onboarding new customers via online and mobile banking platforms and to stop issuing fresh credit cards with immediate effect following scrutiny.
• In December 2020, the RBI barred HDFC Bankfrom issuing new cards and launching new digital initiatives after repeated instances of technical outages.
• Following remedial action by HDFC Bank, the RBI partially lifted the ban on card issuances in August 2021.
• However, the ban on launching new technology initiatives was lifted in 2022.

About BoB :

• Founded : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand
• Tagline : India’s International Bank

National Payments Corporation of India releases guidelines for onboarding merchants to BHIM Aadhar Pay

• The National Payments Corporation of India (NPCI)has issued guidelines that put the responsibility for verifying merchant details on acquiring banks for Bharat Interface for Money (BHIM) Aadhaar Pay (BAP).

Key Highlights :

• Merchant Verification: Acquiring member banks are responsible for the merchants they onboard directly or through aggregators/partners.
• Purpose of BHIM Aadhaar Pay: This service allows merchants to receive digital payments from customers over the counter through Aadhaar Authentication.
• Responsibilities of Acquiring Banks:
• Monitor merchant activity, including on-boarding criteria, transaction monitoring and control, and training.
• Assign appropriate Merchant Category Code (MCC) to merchants.
• Ensure cash withdrawal transactions are not allowed for BAP service merchants.
• Conduct reviews or audits of third parties engaged by the merchants.
• Manage and oversee risk-related aspects such as merchant underwriting, merchant portfolio, and risk monitoring.
• Fraud Prevention: NPCI has issued advisories to curb rising instances of fraud using Aadhaar-enabled payment systems (AePS).
• The guidelines are designed to enhance security and minimize fraudulent activities.
• Coverage of BHIM Aadhaar Pay: Live member banks on the service include payment banks, small finance banks, cooperative banks, regional rural banks, and mainline commercial banks.
• Universal Payment Acceptance:Merchants using BHIM Aadhaar Pay can accept payments from customers of any bank by authenticating their biometrics.
• Scope of Merchant Oversight:The obligation to acquire, manage, and monitor merchants for the BAP service lies with acquiring member banks.
• These banks are responsible for ensuring the compliance and proper functioning of the system with respect to their merchants.

About NPCI :

• Founded : 2008
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Dilip Asbe
• The NPCI is an umbrella organization for operating retail payments and settlement systems in India.
• It is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007,to create a robust Payment & Settlement Infrastructure in India.

SEBI Extends Settlement Scheme Deadline for Stock Option Cases to June 10, 2024

• Capital markets regulator Securities and Exchange Board of India (SEBI) extendedthe settlement scheme period till June 10, 2024, for entities involved in reversal trades in the stock options segment on BSE in 2014 and 2015.
• The settlement scheme commenced on March 11 and was scheduled to conclude on May 10, 2024.

Key Highlights :

• SEBI introduced the ISO Settlement Scheme 2024 in March, offering a settlement opportunity to entities involved in trade reversals in the stock options segment of BSE between April 1, 2014, and September 30, 2015, who face pending adjudication proceedings.
• After the scheme period’s expiry, actions as per the relevant provisions of securities laws will proceed against entities that do not utilize this settlement opportunity.
• Entities availing the scheme can settle proceedings, avoiding further delays and associated legal processes or expenses.

Recent News :

• In April 2024, SEBI came out with a procedure for vault managersto seek prior approval from the watchdog in case of a change in control.

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 bodyfor securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), Government of India (GoI).

HDFC Life Launched “No Jhanjhat Life Insurance Fatafat Campaign” to Revolutionize Insurance Purchase Experience                           

• HDFC Lifehas launched the “No Jhanjhat Life Insurance Fatafat” campaign to simplify and expedite the process of purchasing life insurance through its online platform.
• Aim : To address India’s low insurance penetration and significant protection gap by promoting a simple and quick life insurance purchase experience.

Key Highlights :

• The campaign emphasizes the use of advanced technology to provide accessibility and convenience to customers, making it easier to understand and buy life insurance online.
• From customisable plans like Click2Achieve to professional advice and rapid quotations, HDFC Life provides a hassle-free path to financial stability.
• By developing products that are simple to comprehend and purchase online, HDFC Life hopes to close the protection gap and improve awareness about life insurance in India.
• Through the “No Jhanjhat Life Insurance Fatafat” campaign, HDFC Life reaffirms its commitment to the mission of achieving ‘Insurance for All by 2047,’encouraging people across India to secure themselves and their families financially through a digital platform.

About HDFC Life :

• Founded : 2000
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Vibha Padalkar
• Tagline : Sar Utha Ke Jiyo!

Ex-BharatPe COO Bahl’s Eternal Capital unveils a Rs 120 crore venture capital fund                              

• Eternal Capital, founded by former BharatPe Chief Operating Officer (COO) Dhruv Dhanraj Bahl, has launched its maiden venture capital (VC) fundwith a target corpus of Rs 120 crore.
• The fund has a greenshoe option to raise an additional Rs 120 crore, allowing a total capacity of Rs 240 crore.

Key Highlights :

• Regulatory Approval: Eternal Capital received approval from the SEBI for a Category-I Alternative Investment Fund (AIF) in November 2023.
• Notable Commitments :The fund has garnered commitments from key industry leaders and entrepreneurs such as Suhail Sameer (ex-CEO, BharatPe), Deep Kalra (Founder, MakeMyTrip), Tarun Mathur (Co-founder, PolicyBazaar), and Vikas Gupta (CEO, VLCC), among others.
• Sector-Agnostic Approach:Eternal Capital’s fund is sector-agnostic, aiming to build a diversified portfolio of “solutions for the future.”
• Investment Strategy:The fund plans to invest in 40 start-ups at seed to pre-Series A stages over the next three years.
• Eternal Capital was founded by Bahl in October 2023.

CURRENT AFFAIRS: NATIONAL NEWS

Kutch Ajrakh, a traditional textile craft, has recently earned a Geographical Indication (GI) tag.

• The traditional artisans of ‘Kutch Ajrakh’ in Gujarathave been awarded the prestigious Geographical Indication (GI) certificate by the Controller General of Patents, Designs, and Trademarks (CGPDTM).
• This recognition celebrates the intricate textile craft that has been a part of Kutch’s vibrant culture for centuries.
• Ajrakh,a textile craft that has been deeply rooted in Gujarat’s cultural tapestry, holds a revered place in the regions of Sindh, Barmer, and Kutch, where its legacy spans millennia.
• The art of Ajrakh involves a meticulous process of hand-block printing on treated cotton cloth, resulting in intricate designs infused with rich symbolism and history.
• The word “Ajrakh” is derived from the word “Azrak,” meaning indigo, a well-known substance used to achieve a bluish effect.
• Traditionally, Ajrakh prints consisted of three colours: blue, representing the sky; red, signifying the land and fire; and white, symbolizing the stars.

26th ASEAN-India Senior Officials’ Meeting Held In New Delhi

• The 26th ASEAN-India Senior Officials’ Meeting was held in New Delhi
• Shri Jaideep Mazumdar, Secretary (East), co-chaired the 26th ASEAN-India Senior Officials’ Meeting(AISOM), with H.E. Mr. Albert Chua, Permanent Secretary, Ministry of Foreign Affairs of Singapore, in New Delhi.
• Singapore is the Country Coordinator of India for ASEAN-India Dialogue Relations.
• The meeting was attended by Senior Officials and representatives of all ASEAN Member States and Timor Leste which holds Observer Status in ASEAN, and Deputy Secretary-General of ASEAN.
• At the 26th AISOM, the gamut of ASEAN-India relations across the three pillars of engagement, namely, political-security, economic and socio-cultural, as reflected in the ASEAN-India Plan of Action (2021-2025), was reviewed.

Key Highlights

• The Senior Officials’ also discussed implementation of Prime Ministers’ 12 Point Proposal announced at the 20th ASEAN-India Summit in Jakarta in 2023 to further strengthen the ASEAN-India Comprehensive Strategic Partnership.
• Proposed joint activities to mark the decade of India’s Act East Policy were highlighted.
• Preparations for the ASEAN-India Summit to be held later this year in Vientiane, Lao PDR were also discussed.
• The ASEAN side appreciated India’s continued support to ASEAN and to the ASEAN-led architecture in the region.
• The delegation of Senior Officials’ from ASEAN, Timor-Leste and the ASEAN Secretariat jointly called on Dr. S. Jaishankar, External Affairs Minister, on 03 May 2024.
• While underlining that ASEAN is a crucial pillar of India’s Act East Policy and its vision for the wider Indo-Pacific, EAM encouraged the delegation to focus on subjects of critical importance and specific outcomes, including early completion of review of the ASEAN-India Trade in Goods Agreement (AITIGA) and regional issues of mutual interest.

CURRENT AFFAIRS : INTERNATIONAL NEWS

India Leads United Nation’s Inaugural International Conference on Digital Public Infrastructure in New Delhi  

• The United Nations (UN) First International Conference on Digital Public Infrastructure was held under India’s leadershipto harness the technology to propel Sustainable Development Goals (SDGs) and foster inclusivity.
• The Conference introduced India’s Digital Public Infrastructure (DPI) framework as a global standard.
• The session was hosted by the Permanent Mission of India and the Ministry of Electronics and Information Technology, in collaboration with the Indian Software Products Industry Round Table (iSPIRT).

Key Highlights :

• Global Participation and Topics: The conference brought together global leaders, technology innovators, and policy experts to discuss the implementation of digital public infrastructure worldwide. It featured key speakers from the UN, including Dennis Francis, President of the United Nations General Assembly, and Achim Steiner, Administrator of the United Nations Development Programme.
• India’s Citizen Stack Initiative:The conference prominently featured India’s pioneering Citizen Stack initiative, inspired by the successful India Stack, demonstrating India’s effective integration of technology into citizen services.
• Keynote by G20 Sherpa Amitabh Kant:Amitabh Kant, the G20 Sherpa for India, delivered a keynote speech on “Advancing the Digital Frontier using Citizen Stack,” discussing the significant impact of DPI on governance and its potential to revolutionize service delivery.
• The conference also showcased case studies demonstrating how components of Citizen Stack, like the Modular Open Source Identity Platform, are helping countries such as Ethiopia and the Philippines tailor DPI to their specific needs and achieve digital sovereignty.
• India’s Permanent Representative to UN : Ruchira Kamboj

CURRENT AFFAIRS: BUSINESS NEWS

Bajaj to launch the world’s first CNG motorcycle on June 18, 2024

• Bajaj Autois gearing up for the much-anticipated launch of its CNG-powered motorcycle on June 18, 2024.
• Rajiv Bajaj, Managing Director of Bajaj Auto, confirmed the imminent arrival of the motorcycle during the launch event of the Pulsar NS400Z.
• With this upcoming model, Bajaj will be aiming to cater to cost-conscious customers amidst rising fuel prices by introducing a portfolio of CNG-powered motorcycles – the first of which will be debuting next month.
• While specific details about the motorcycle remain under wraps, it has been spotted testing on multiple occasions in the past few months.
• The test mule recently spotted looked like a regular commuter motorcycle featuring halogen turn indicators, telescopic forks, and a monoshock unit for suspension duties.
• Other notable features include multi-spoke alloy wheels, a long single-piece seat, and a combination of disc and drum braking setup.
• From the looks of it, it is anticipated to target the entry-segment budget range.
• The company recently filed trademark applications for names such as Glider, Marathon, Trekker, and Freedom, submitted between January 29th and February 9th.

CURRENT AFFAIRS: AWARDS AND HONOURS

Pulitzer 2024 winners announced

• The Pulitzer Prizes, administered by Columbia University in New York, garneredattention this year amid student demonstrations against the war in Gaza.
• The Pulitzer board conferred awards celebrating excellence in journalism and literary works.
• Among this year’s winners are publications like The New York Times and ProPublica, along with authors including Jayne Anne Phillips and Jonathan Eig.
• The awards, presented across 15 journalism categories and eight arts categoriesencompassing books, music, and theatre, highlight exceptional contributions in public service, investigative reporting, feature photography, and more.
• The Public Service award, considered the most esteemed, includes a gold medal, while other winners receive $15,000 in recognition of their exceptional work.
• American writer, musician, and producerGregory Stephen Tate (Greg Tate) received a posthumous special citation. In addition, journalists and media workers covering the Gaza war were also given a special citation.

Winners of Journalism

Category	Winner
Public Service	Pro Publica (Joshua Kaplan, Justin Elliott, Brett Murphy, Alex Mierjeski, and Kirsten Berg)
Investigative Reporting	Hannah Dreier (The New York Times)
International Reporting	Staff of The New York Times
Editorial Writing	David E. Hoffman (The Washington Post)
Breaking News Photography	Photography Staff of Reuters
Feature Photography	Photography Staff of Associated Press
Audio Reporting	Staff of the Invisible Institute and USG Audio

Winners of Book, Drama, and Music

Category	Winner
Fiction	Night Watch by Jayne Anne Phillips
Drama	Primary Trust by Eboni Booth
History	No Right to an Honest Living: The Struggles of Boston’s Black Workers in the Civil War Era by Jacqueline Jones
Biography	King: A Life by Jonathan Eig<br>Master Slave Husband Wife: An Epic Journey from Slavery to Freedom by Ilyon Woo
Memoir and Autobiography	Liliana’s Invincible Summer: A Sister’s Search for Justice by Cristina Rivera Garza
Poetry	Tripas: Poems by Brandon Som
Music	Adagio (For Wadada Leo Smith) by Tyshawn Sorey
General Nonfiction	A Day in the Life of Abed Salama: Anatomy of a Jerusalem Tragedy by Nathan Thrall

Oxford Bookstore Honors Bhavi Mehta with 9th Book Cover Prize and Reveals Art Book Prize 2024

• Oxford Bookstores announcedBhavi Mehta as the winner of the 9th edition of the Oxford Bookstore Book Cover Prize at a celebratory event hosted at the India Habitat Centre.
• Mehta won the prizefor the book jacket of “The Book Beautiful” published by Hachette India and authored by Pradeep Sebastian.
• The winner was felicitated with a trophy, certificate and 1 Lakh Indian Rupees cash prize by Alka Pande, Museum curator, art historian, author and jury chair; Dr. Shashi Tharoor, well-known author, politician and Member of Parliament; H.E Ms. May-Elin Stener, Ambassador of Norway to India, Ms. Anja Riedeberger, Director Information Services South Asia Goethe-Institut / Max Mueller Bhavan and Mr.Swagat Sengupta, CEO, Apeejay Oxford Bookstores, in the presence of designers, publishers, artists and literary enthusiasts from the industry.
• In addition to the winning cover, three more designers were acknowledged by the jurorsin appreciation of their remarkable command of graphics and visual narratives.
• These designers are Gunjan Ahlawat for the book, “The Penguin Book of Indian Poets”published by Hamish Hamilton- an imprint of Penguin Random House; Saurav Das for “Azad Nagar” published by HarperCollinsIndia and Saurabh Garge for “The Adornment of Gods” published by Westland Books.

Assam’s Purnima Devi Barman Receives ‘Green Oscar’ Whitley Gold Award 2024

• Dr Purnima Devi Barman won the GBP 1,00,000 Whitley Gold Award from the Whitley Fund for Nature(WFN), which supports grassroots conservation leaders from around the world, at a Royal Geographical Society awards ceremony in London
• A wildlife biologist from Assam has been honoured with a leading UK wildlife charity awardfor her conservation efforts of the endangered Greater Adjutant Stork and its wetland habitat.
• The Whitley Awards also celebrated six other grassroots conservationists – from Guyana, Papua New Guinea, Bhutan, Cameroon, Nepal and Brazil– for their locally-led solutions to the global biodiversity and climate crises.
• Ms Barman received the trophy from charity patron Princess Anne – the Princess Royal, the sister of King Charles III, in recognition of her conservation of the stork known locally as “Hargila” in Assamese.

CURRENT AFFAIRS: RANKING AND INDEX

India ranks below Pakistan at 159 among 180 countries in the World Press Freedom Index: ‘Unofficial state of emergency’

• 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.

‘Press freedom is in crisis’

• In its analysis, the RSF claimed that “press freedom is in crisis in ‘the world’s largest democracy’ – that is India, which has been ruled by Prime Minister Narendra Modi since 2014.
• As per the report, nine journalists and one media worker have been detained in India as of today, while no journalist/media worker has been killed in the country since January 2024.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Dr. Mallika Nadda Appointed Chairperson of Special Olympics Asia Pacific Advisory Council for a 3-Year Term                   

• Mallika Nadda, President of Special Olympics Bharat, has been appointed as the chairperson of the Special Olympics Asia Pacific Advisory Council for a three-year term,effective from May 1, 2024, until March 31, 2027.
• Role in Special Olympics Asia Pacific:As the chairperson of APAC, Mallika Nadda will stand to be a cohesive voice of the entire Special Olympics Asia Pacific region that runs across 34 countries.
• Nadda would serve as the SO Bharat representative on the APAC where Special Olympics Bharat enjoys a permanent seat.

About Mallika Nadda :

• Mallika Nadda, wife of Bharatiya Janata Party (BJP) National President JP Nadda, has been serving as the Chairperson of Special Olympics Bharat since 2021.
• In 2010, she was honoured with the Rajiv Gandhi Manav Sena Awardfor her incredible efforts.
• In 2021, Dr. Mallika Nadda was appointed as the President of Special Olympics India.

About Special Olympics Bharat :

• Headquarters : New Delhi, Delhi
• Founder : Denzil Keelor
• Special Olympics Bharat is a National Sports Federation also registered under the Indian Trust Act 1882 in 2001 and is accredited by Special Olympics International to conduct Special Olympics Programs in India.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Google introduces Google Wallet for Android users in India

• Google announced the launch of the Google Wallet app in India, providing users a centralized platform to save travel tickets, gift cards, event passes, and other digital documents.
• It however does not support payment features such as saving credit cards or debit cards in the wallet for on-tap payments.
• This Wallet app offers fast and secure accessto everyday essentials, enabling people to conveniently store and retrieve important digital documents like boarding passes, loyalty cards, movie tickets, and more.
• Google Wallet complements Google Pay, which will continue to serve the payments needs of users across India.
• Google has partnered with 20 of India’s top brandsto enable the Google Wallet experience, including PVR & INOX, Air India, Indigo, Flipkart, Pine Labs, Kochi Metro, Abhibus and many others, with more partners to be added in the months to follow.

About Google :

• Founded : September 4, 1998
• Headquarters : California, United States
• CEO : Sundar Pichai

CURRENT AFFAIRS : OBITUARIES

Argentina’s World Cup-Winning Coach César Luis Menotti Passed Away

• The legendary coach who led Argentina to its first World Cup title in 1978, César Luis Menotti, has passed away at the age of 85.

About Cesar Luis Menotti :

• Known as “El Flaco” (“Slim”),Menotti played for several prominent clubs including Rosario Central, Boca Juniors, and Santos.
• He began his coaching career with Newell’s Old Boys and won the Argentine championship with Huracan in 1973.
• He took over as head coach of the Argentine national team in 1974 and led Argentina to its first World Cup victory in 1978.
• As a manager, he won three cups with Barcelona and also led Atlético Madrid in La Liga in the 1980s, as well as leading Superclásico rivals Boca Juniors and River Plate.
• He was briefly the manager of Mexico and Italian Serie A club Sampdoria in the 1990s.
• Menotti coached Argentina’s national team between 1974 and 1983.
• He was convinced the side did not get the recognition it deserved when it won the World Cup in 1978 because the country was ruled by a military junta responsible for widespread human rights violations.

CURRENT AFFAIRS: SPORTS NEWS

West Indies player Devon Thomas banned for five years under an anti-corruption code

• The International Cricket Council imposed five years of ineligibility from all cricket on West Indies player Devon Thomasafter he accepted breaching seven counts of the anti-corruption codes of Sri Lanka Cricket , the Emirates Cricket Board and the Caribbean Premier League .
• The ICC announced the period of ineligibility in its capacity as the Designated Anti-Corruption Official under the relevant codes, ruling that the last 18 months of the period of ineligibility would be suspended.
• This period of ineligibility has been backdated to May 23, 2023, the date Thomas was provisionally suspended.

Japan Triumphs at the AFC U-23 Asian Cup, Secures Olympic Berth

• The Japanese men’s under-23 football team made history by winning the AFC U-23 Asian Cupfor the second time.
• They defeated Uzbekistanin a thrilling final match held at the Jassim bin Hamad Stadium in Doha, Qatar.
• The game was decided in injury time, with Japan’s substitute Yamada scoring the only goal of the match.
• This victory also secured Japan’s qualification for the 2024 Paris Olympics.
• The 6th edition of the AFC U-23 Asian Cup took place in Qatar from April 15 to May 3, 2024.
• Sixteen teams from Asia participated in the tournament, competing for the coveted title.
• The top three teams automatically qualified for the upcoming Paris Olympics.
• Japan emergedas the champions, winning the gold medal, while Uzbekistan took home the silver medal.
• Iraq secured the bronze medalafter defeating Indonesia in the semi-finals.
• Jaloliddinov, Uzbekistan’s captain, was awarded the Fair Play Award, and Nematov, their goalkeeper, was named the Best Goalkeeper of the Tournament. Iraqi striker Ali Jasim was the Top Goalscorer of the tournament with four goals, and Japanese team captain Fujita was named the Most Valuable Player of the Tournament.

CURRENT AFFAIRS: IMPORTANT DAYS

National Technology Day 2024 – May 11

• National Technology Dayis celebrated every year on May 11.
• This day is observed to commemorate the importance of Scientists, Research, etc.
• This day is celebrated to raise awareness about the Technology that is developed day by day.
• The history of National Technology Day in India dates back to 1998, when the Indian Army conducted five nuclear bomb tests (Pokhran- II) in Rajasthan under the surveillance of the then Prime Minister of India Atal Bihari Vajpayee.
• The Pokhran – II was lead by the Missile Man of India, Dr APJ Abdul Kalam. India was entitled as the sixth nuclear country after the huge success of Pokhran Test.
• To celebrate the accomplishment of India in the field of nuclear science, Atal Bihari Vajpayee declared 11 May as National Technology Day.
• The first National Technology Day was observed on 11 May 1999.
• Pokhran nuclear tests were a significant milestone in India’s efforts to achieve technological advancement and pave the way for future developments in the field.

Daily CA One- Liner: May 11

• The traditional artisans of ‘Kutch Ajrakh’ in Gujarathave been awarded the prestigious Geographical Indication (GI) certificate by the Controller General of Patents, Designs, and Trademarks (CGPDTM).
• The 26th ASEAN-India Senior Officials’ Meeting was held in New Delhi
• Bajaj Autois gearing up for the much-anticipated launch of its CNG-powered motorcycle on June 18, 2024
• The Pulitzer Prize, administered by Columbia University in New York, garneredattention this year amid student demonstrations against the war in Gaza.
• Oxford Bookstores announcedBhavi Mehta as the winner of the 9th edition of the Oxford Bookstore Book Cover Prize at a celebratory event hosted at the India Habitat Centre.
• Dr Purnima Devi Barman won the GBP 1,00,000 Whitley Gold Award from the Whitley Fund for Nature(WFN), which supports grassroots conservation leaders from around the world, at a Royal Geographical Society awards ceremony in London
• 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.
• The International Cricket Council imposed five years of ineligibility from all cricket on West Indies player Devon Thomasafter he accepted breaching seven counts of the anti-corruption codes of Sri Lanka Cricket , the Emirates Cricket Board and the Caribbean Premier League
• The Japanese men’s under-23 football team made history by winning the AFC U-23 Asian Cupfor the second time
• The Reserve Bank of India (RBI) acceptedoffers to buy Government Securities (G-Secs) totalling ₹10,513 crore, even though the total bids received were 1.33 times the notified amount of ₹40,000 crore.
• Small finance banks (SFBs)are likely to seek clarification from the Reserve Bank of India (RBI) on loan portfolio diversification, as the regulator has not specified the extent of diversification that should be seen as desirable.
• The Reserve Bank of India (RBI)has allowed the Bank of Baroda (BoB) to onboard new customers through the ‘Bob World’ mobile application, lifting a restriction imposed in October 2023 due to material supervisory concerns.
• The National Payments Corporation of India (NPCI)has issued guidelines that put the responsibility for verifying merchant details on acquiring banks for Bharat Interface for Money (BHIM) Aadhaar Pay (BAP).
• Capital markets regulator Securities and Exchange Board of India (SEBI) extendedthe settlement scheme period till June 10, 2024 for entities involved in reversal trades in the stock options segment on BSE in 2014 and 2015.
• HDFC Lifehas launched the “No Jhanjhat Life Insurance Fatafat” campaign to simplify and expedite the process of purchasing life insurance through its online platform.
• Eternal Capital, founded by former BharatPe Chief Operating Officer (COO) Dhruv Dhanraj Bahl, has launched its maiden venture capital (VC) fundwith a target corpus of Rs 120 crore.
• The United Nations (UN) First International Conference on Digital Public Infrastructure was held under India’s leadershipto harness the technology to propel Sustainable Development Goals (SDGs) and foster inclusivity.
• Mallika Nadda, President of Special Olympics Bharat, has been appointed as the chairperson of the Special Olympics Asia Pacific Advisory Council for a three-year term,effective from May 1, 2024, until March 31, 2027.
• Google announced the launch of the Google Wallet app in India, providing users a centralized platform to save travel tickets, gift cards, event passes, and other digital documents.
• The legendary coach who led Argentina to its first World Cup title in 1978, César Luis Menotti, has passed away at the age of 85.
• National Technology Dayis celebrated every year on May 11.