Daily Current Affairs 12 & 13 May 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Expected to Transfer Rs 1 Trillion as Dividend to the Centre in FY25                                    

• The Reserve Bank of India (RBI) is anticipated to transfer approximately Rs 1,00,000 crore to the government in the fiscal year 2024-25, as per a report by the Union Bank of India.
• This projection suggests a slight increase from the Rs 87,400 crore transferred in the previous fiscal year.
• The government has budgeted the dividend from RBI and PSU banks and financial institutions at Rs 1,02,000 crore for FY25, compared to Rs 1,04,400 crore in FY24.
• In 2023, there was a positive surprise as the actual dividend exceeded the Budget Estimate, which was only Rs 48,000 crore.

Key Highlights :

• Despite several factors influencing RBI’s dividend calculation, such as interest earnings and foreign exchange (FX) gains, analysts predict a continuation of strong dividend figures.
• Approximately 70% of RBI’s balance sheet comprises foreign currency assets, with another 20% in domestic government bonds.
• Interest earnings from these securities are estimated to range from Rs 1.5-1.7 trillion.

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

15 Non-Banking Financial Companies relinquish their Certificate of Registration to Reserve Bank of India                     

• The Reserve Bank of India (RBI) has announced the cancellation of certificates of registration (CoR) for 15 Non-Banking Financial Companies (NBFCs), including Tata Capital Financial Services and Revolving Investments, due to various reasons.
• The cancellation was carried out by the RBI under Section 45-IA (6) of the Reserve Bank of India Act, 1934.

Reasons for Cancellation:

• Ceased Entities: 9 NBFCs have ceased to exist legally due to reasons such as amalgamation, merger, dissolution, or voluntary strike-off.
• These include Tata Capital Financial Services, Tata Cleantech Capital, Naperol Investments, USG Financial Services, Urja Capital, Vandana Dealers, ABRN Finance, Jodhani Management, and JDS Securities.
• Exit from NBFI Business: 6 NBFCs surrendered their certificates of registration after exiting the Non-Banking Financial Institution (NBFI) business.
• These were Vian Growth Capital, Drap Leasing and Finance, Jewel Strips, Revolving Investments, Anshu Leasing, and A V B Finance.
• Granting of Certificates: The certificates of registration were initially granted to these NBFCs by the RBI.

CURRENT AFFAIRS: NATIONAL NEWS

India contributes $5,00,000 to U.N. Counter-Terrorism Trust Fund

• India has contributed $500,000 to the U.N. Counter-Terrorism Trust Fund, underscoring its unwavering commitment to support multilateral efforts in the global fight against the scourge of terrorism.
• India’s Permanent Representative to the United Nations Ambassador Ruchira Kamboj on May 7 handed over to Under Secretary General, United Nations Office of Counter-Terrorism (UNOCT) Vladimir Voronkov the country’s voluntary financial contribution of half a million dollars towards the U.N. Counter-Terrorism Trust Fund (CTTF).
• Since 2018, India has also been actively supporting programmes combating this threat.
• With its current contribution, India’s cumulative financial support to the trust fund now stands at $2.55 million.
• United Nations Counter-Terrorism Trust Fund was established in 2009 and transferred to the UN Office of Counter- Terrorism (UNOCT) in 2017
• The Fund accepts contributions from Governments, inter-governmental and non-governmental organizations, private institutions and individuals.

Global biofuel alliance sets up the three-pronged work plan

• Global Biofuel Alliance (GBA) has adopted a work plan focused on assessing country landscapes, drafting policy frameworks, and conducting biofuel workshops.
• These were adopted as immediate goals at a key meeting of the body held on the sidelines of the G20 deliberations in Brazil last month.
• GBA has decided to take stock of them in July.
• According to the International Energy Agency (IEA), biofuels have a potential to grow by 3.5-5-times by 2050 due to Net-Zero targets, creating a huge opportunity for India.
• A record 171.2 billion litres of biofuels were procured globally in the year 2022, with India contributing just 2.7 per cent or 4.6 billion litres. Despite this, India remains the third-largest producer of ethanol, after the United States (US) and Brazil.

About GBA

• Global Biofuels Alliance (GBA) was launched by Hon’ble Prime Minister Shri Narendra Modi along with the leaders of USA, Brazil, Italy, Argentina, Singapore, Bangladesh, Mauritius and UAE on 9th September 2023, on the sidelines of the G20 Summit in New Delhi.
• It aims to position biofuels as a key to the energy transition and contribute to jobs and economic growth.
• It is an initiative by India, bringing together the biggest consumers and producers of biofuels to drive the development and deployment of biofuels.
• It will also help accelerate India’s existing biofuels programs such as PM-JIVAN Yojna, SATAT, and GOBARdhan scheme, thereby contributing to increased farmers’ income, creating jobs and overall development of the Indian ecosystem.
• 24 countries and 12 international organizations have already agreed to join the alliance:
• Eight G20 countries: 1. Argentina, 2. Brazil, 3. Canada, 4. India 5. Italy, 6. Japan 7. South Africa, 8. USA
• Four G20 Invitee Countries: 1. Bangladesh, 2. Mauritius,3.Singapore, 4. UAE
• Twelve non G20 countries: 1. Burundi, Finland, 3. Guyana,4. Iceland, 5. Kenya, 6. Panama, 7. Paraguay, 8. Philippines9. Seychelles, 10. Sri Lanka, 11. Tanzania 12. Uganda.
• Twelve International organizations: Asian Development Bank, World Economic Forum, World LPG Organization, UN Energy for All, UNIDO, Biofutures Platform, International Civil Aviation Organization, International Energy Agency, International Energy Forum, International Renewable Energy Agency, World Biogas Association. World Bank
• GBA Members constitute major producers and consumers of biofuels. USA (52%), Brazil (30%) and India (3%), contribute about 85% share in production and about 81% in consumption of ethanol.

CURRENT AFFAIRS:  AWARDS AND HONOURS

India to host ‘Bharat Parv’ at 77th Cannes Film Festival

• India is set to host a ‘Bharat Parv’ at the 77th Cannes Film Festival for eminent dignitaries and delegates from around the world to showcase the myriad creative opportunities in the country.
• It will be for the first time that the country will host a “Bharat Parv” at the Cannes Film Festival to engage with film celebrities, filmmakers, directors, producers, buyers and sales agents from across the world.
• The official poster and trailer of the 55th India International Film Festival , to be held in Goa on November 20 to 28, will also be unveiled at the Bharat Parv.
• The Bharat Pavilion, which serves as a platform for the Indian film community to engage in various activities, at the 77th Cannes Film Festival at 108 village International Riviera will be inaugurated on May 15 in the presence of eminent celebrities.
• The Pavilion will be organized by the National Film Development Corporation in collaboration with the Federation of Indian Chambers of Commerce & Industry as industry partner.
• A ‘Bharat Stall’ will be put in the Marche du Cannes through the Confederation of Indian Industry .

Key Highlights

• The Bharat Pavilion has been designed by the National Institute of Design, Ahmedabad.
• It is christened on ‘The Sutradhara’ for depicting this year’s theme of “Create in India”.
• At the internationally recognised festival, several Indian movies and productions will be showcased.
• The highlight will be filmmaker Payal Kapadia’s “All We Imagine As Light”, which has been selected in the Competition section, where it will vie for the top prize Palme d’Or.
• British-Indian filmmaker Sandhya Suri’s “Santosh” will be showcased at the 77th edition under the Un Certain Regard section.
• “Sunflowers Were the First Ones to Know”, a short film by the Film and Television Institute of India students, has been shortlisted in the La Cinef Competitive section.
• A restored version of veteran filmmaker Shyam Benegal’s 1976 film “Manthan” will be screened under Cannes Classics, a section created 20 years ago which features celebrations, restored prints and documentaries.
• National Award-winning cinematographer Santosh Sivan will be the recipient of the prestigious Pierre Angenieux tribute at the festival, where he will also deliver a masterclass, becoming the first Indian to be recognised with the honour.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Reserve Bank of India Names R Lakshmi Kanth Rao as Executive Director

• The Reserve Bank of India (RBI) appointed R Lakshmi Kanth Rao as executive director (ED).
• In his role as Executive Director, Shri Rao will oversee several key departments:
• Deposit Insurance and Credit Guarantee Corporation
• Right to Information Act (RTI)
• Department of Communication

About R Lakshmi Kanth Rao :

• Rao has experience of over three decades in the Reserve Bank having worked in the areas of Regulation of Banks and NBFCs, Supervision of Banks and Consumer Protection.
• He had served as Banking Ombudsman at RBI Chennai and as Regional Director of Uttar Pradesh atLucknow.
• He has also served as a member of several Committees and Working Groups and has been contributing to policy formulation.
• Prior to being promoted as ED, Shri Rao was serving as Chief General Manager-in-Charge in the Department of Regulation.

Wipro Names Vinay Firake as Chief Executive Officer for Asia Pacific, India, Middle East & Africa Strategic Market Unit

• Wipro, an IT major, has named Vinay Firake as the Chief Executive Officer (CEO) of the Asia Pacific, India, Middle East, and Africa (APMEA) strategic market unit (SMU), effective immediately.
• Firake will report to Srini Pallia, Wipro’s CEO and Managing Director, and will also join Wipro’s executive board.
• Firake succeeds Anis Chenchah, who is stepping down from the role to explore opportunities outside the organization.

About Vinay Firake :

• Firake will be based in Dubai.
• He has been with Wipro for 26 years, serving in various leadership roles.
• He most recently served as Senior Vice President and Managing Director of Wipro-Nordics Business Unit in Stockholm, overseeing operations across industries and services.
• Prior to that, he led the Manufacturing & Automotive Business Unit in Europe and held various roles spanning Europe and North America.

Recent News :

• On April 6, 2024, Wipro appointed Srini Pallia as the CEO and Managing Director, succeeding Thierry Delaporte.
• In April 2024, Wipro appointed Malay Joshi as the CEO of Americas 1, Wipro’s largest and fastest-growing market, previously led by Srini Pallia.

About Wipro :

• Founded : 29 December 1945
• Headquarters : Bangalore, Karnataka
• Executive Chairman : Rishad Premji

Vice Admiral Sanjay Bhalla Assumes Role as Indian Navy’s Chief of Personnel

• Vice Admiral Sanjay Bhalla, assumes charge as the Chief of Personnel of the Indian Navy.

About Sanjay Bhalla :

• He was commissioned in the Indian Navy on 01 Jan 1989.
• In a career spanning 35 years, he has held a number of specialist, staff and operational appointments, both afloat and ashore.
• He specialised in Communication and Electronic Warfare.
• Throughout his career, he held several challenging command appointments, both afloat and ashore.
• Some notable commands include Indian Naval Ship (INS) Nishank, INS Taragiri, INS Beas, and the prestigious appointment of Flag Officer Commanding Eastern Fleet (FOCEF).
• During his tenure as FOCEF, he was the Officer in Tactical Command for the prestigious President’s Fleet Review (PFR – 22) and the Sea Phase of Indian Navy’s flagship multinational exercise MILAN – 22, that witnessed an unprecedented participation from Friendly Foreign Countries.
• Prior to assuming charge as the COP, he was the Chief of Staff of the Western Naval Command and oversaw operations such as Op Sankalp and events such as the Navy Day Op Demo 2023 at Sindhudurg.
• He has been recognized for his distinguished service with awards such as the Ati Vishisht Seva Medal, the Nao Sena Medal, and Commendations by the Chief of the Naval Staff and the Flag Officer Commanding-in-Chief.

About Ministry of Defence : 

• Defence Minister :  Rajnath Singh
• Minister of State : Ajay Bhatt
• Defence Secretary : Giridhar Aramane

CURRENT AFFAIRS : DEFENCE NEWS

India and France Set to Conduct 7th Edition of Exercise ‘Shakti’ from May 13-26, 2024

• The 7th edition of the India-France Joint Military Exercise “Shakti” is scheduled to commence from May 13, to 26, 2024 at the Joint Training Node, Umroi in Meghalaya.

Objectives of the Exercise:

• The exercise aims to enhance the joint military capacity of both India and France to undertake Multi-Domain Operations in a Sub Conventional scenario.
• It also seeks to facilitate the development of interoperability, bonhomie, and camaraderie between the Armed Forces of both nations.
• Composition of Indian Contingent:The Indian contingent comprises 90 personnel primarily represented by a battalion of the Rajput Regiment, along with personnel from other arms and services.
• Observers from the Indian Navy and the Indian Air Force will also participate in the exercise.
• Composition of French Contingent:The French contingent comprises 90 personnel mainly represented by personnel from the 13th Foreign Legion Half-Brigade (13th DBLE).
• The 6th edition of the Indo-French joint army exercise, Ex Shakti 2021, took place at the Military School of Draguignan, France in November 2021.

About Joint Military Exercise Shakti :

• Established in 2011, Joint Military Exercise Shakti focuses on improving military cooperation, counter-terrorism tactics, and interoperability between the Indian Army and the French Army.
• Exercises typically involve infantry tactics, counterinsurgency, counter-terrorism operations, and tactical joint exercises, including physical education and dozing courses.

Recent News :

• Chief of Defence Staff (CDS) General Anil Chauhan visited France from April 22-25, 2024, aiming to reinforce the robust defence ties between India and France, which have gained considerable momentum in recent years.

About France :

• President : Emmanuel Macron
• Prime Minister : Gabriel Attal
• Capital : Paris
• Currency : Euro

Parivartan Chintan II, a Two-Day Conference on Jointness and Integration of Armed Forces, Concludes in New Delhi  

• The two-day “Parivartan Chintan II’ was held in New Delhi under the chairmanship of the Chief of Defence Staff, Gen Anil Chauhan.
• The event was attended by the officers from the three Services Headquarters, Department of Military Affairs, Headquarters Integrated Defence Staff and members of various sub-committees of the Chiefs of Staff Committee (COSC), mandated to oversee the initiatives undertaken and to generate novel ideas to give impetus to the ongoing process of Theaterisation.
• Members of all sub-committees of the apex Chiefs of Staff Committee, the CDS as its permanent chairman and the chiefs of the three services reviewed the progress made in various areas.
• They considered the reforms needed to achieve the desired end state of transformation through jointness and integration.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

TVS Holdings to Purchase 80.74% Stake in Home Credit India for ₹554 Crore              

• TVS Holdings Limited (TVSH), Premji Invest, and other associates will collectively acquire a 100% equity stake in Home Credit India Finance Private Limited for a total consideration of ₹680 crore.
• TVSH will purchase 80.74% stake from Netherlands-based Home Credit India B.V. and Czech Republic-based Home Credit International A.S. for ₹554 crore, while the remaining 19.26% stake will be acquired by Premji Invest and other associates.
• Upon signing a sale and purchase Agreement, TVS Holdings and Home Credit will seek approvals from the Competition Commission of India (CCI) and the Reserve Bank of India (RBI),
• With this acquisition, TVS Holdings, along with TVS Credit, will have a lending book of approximately ₹31,000 crore, moving closer to its goal of reaching ₹50,000 crore in the next 3 years.
• The combined entity will serve around three crore financial services customers across more than 90,000 touchpoints pan India.

About Home Credit India :

• Home Credit India, a part of the Home Credit Group, is an international non-banking financial institution founded in 1997 in the Czech Republic and headquartered in the Netherlands.
• As of March 31, 2024, Home Credit had an Assets under Management (AUM) of about ₹5,535 crore and operates through a network of over 50,000 points-of-sale (PoS) spread across 625 cities in India.
• It primarily focuses on New-to-Credit (NTC) customers, offering consumer durable loans for low-cost smartphones, along with personal loans.
• Home Credit will operate as a subsidiary of TVS Holdings, maintaining its brand identity and focussing on its unique customer segment, while benefiting from the resources and support of TVS Holdings Group.

About TVS Holdings Ltd :

• Founded : 1962
• Headquarters : Chennai, Tamil Nadu, India
• MD : Sudarshan Venu

Vedanta to Complete Full Acquisition of Japanese Display Glass Major AvanStrate

• Billionaire Anil Agarwal-led Vedanta Limited has acquired an additional 46.57% stake in Japanese display major AvanStrate Inc for $78.3 million through its wholly owned subsidiary, Cairn India Holdings Ltd.
• With this acquisition, Vedanta’s total holding in AvanStrate has risen to 98.2%.
• The transaction is expected to be completed by June 2024.
• Vedanta had previously acquired a controlling stake in AvanStrate in 2017 for $158 million.
• The acquisition of AvanStrate aligns with the company’s vision of pivoting towards technology and diversifying into hi-tech manufacturing, while expanding its presence in high-growth markets.
• Leveraging its expertise and resources, AvanStrate aims to strengthen Vedanta’s capabilities to support the burgeoning hi-tech electronics manufacturing industry in India and capitalise on the growing demand for electronic devices in India and globally.

About AvanStrate Inc :

• Headquarters : Tokyo, Japan
• It is a leading manufacturer of glass substrates primarily used in the production of electronic devices such as televisions, laptops, smartphones, tablets, wearables, and other electronic displays.
• It has production facilities in Taiwan and Korea.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Japan Reveals World’s Inaugural 6G Device, Boasting 20 Times the Speed of 5G               

• A Japanese consortium unveiled the world’s first high-speed 6G prototype device.
• The prototype device can transmit data at a remarkable speed of 100 gigabits per second (Gbps), covering a distance of more than 300 feet.
• This represents a significant advancement over current 5G technology, boasting a 20x improvement.
• The prototype device was a result of collaboration among Japan’s leading telecom companies, including DOCOMO, NTT Corporation, NEC Corporation, and Fujitsu.
• The successful test results were announced on April 11th, showcasing the device’s capability to achieve speeds of 100 Gbps indoors using the 100 gigahertz (GHz) band and outdoors using the 300 GHz band.
• Tests were conducted over a distance of 328 feet (100 metres).

Key Highlights :

• 5G Comparison: While 5G, the current standard in connectivity, has a theoretical maximum speed of 10 Gbps, real-world speeds are typically lower, averaging around 200 megabits per second (Mbps) for users.
• This is due to factors such as higher frequency bands limiting signal distance and penetration strength.
• Challenges of Higher Frequencies: 6G utilizes even higher frequency bands than 5G, making it challenging for devices to receive necessary frequencies for faster downloads.
• Factors like distance and environmental conditions (e.g., walls, rain) can significantly disrupt 6G signals, even during tests conducted over 328 feet (100 meters).
• Potential Applications: With its increased speed, 6G could enable advancements such as real-time holographic communication and immersive virtual and mixed-reality experiences.

About Japan :

• Prime Minister: Fumio Kishida
• Capital: Tokyo
• Currency: Japanese yen

CURRENT AFFAIRS: MOUS AND AGREEMENT

India-Moldova Visa Waiver Agreement for holders of diplomatic and official passports

• India and Moldova signed an agreement which after coming into force, will allow diplomatic and official passport holders of either country to travel to the other without a visa.
• This agreement will add “further momentum” to the friendly and cordial relations between the two countries.
• Shri Pavan Kapoor, Secretary (West), Ministry of External Affairs of the Republic of India and H.E. Mrs. Ana Taban, Ambassador Extraordinary and Plenipotentiary of the Republic of Moldova, on behalf of their respective governments, signed an agreement on visa waiver for diplomatic and official passports, on 10 May 2024.

About Moldova

• Capital: Chișinău,
• Currency: Moldovan Leu.

Government Inks MoU With Mahindra Group To Skill 500 Women In Drone Operation

• The Ministry of Skill Development and Entrepreneurship (MSDE) signed a Memorandum of Understanding (MoU) with Mahindra & Mahindra Ltd to conduct two Pilot Projects under the Drone Didi Yojana.
• Launched earlier this year, the scheme aims to train 15,000 women to operate drones for agricultural purposes such as fertilising the crop, monitoring crop growth and planting seeds, thereby creating new livelihood opportunities for women through imparting skills in new technology areas.
• Under this partnership, MSDE and M&M will conduct two Pilot Projects at the National Skill Training Institute (NSTI), situated in Hyderabad and Noida, to skill 500 women in exclusive batches of 20 women each.
• The 15-day curriculum, approved by the Directorate General of Civil Aviation (DGCA), will be delivered through Remote Pilot Training Organisation (RPTO) instructors at these Centres.
• The learning and outcomes from the Pilot Projects will assist MSDE in scaling up the Drone Didi Yojana at identified NSTIs/ITIs across the country.
• As a further support to the intent of the Drone Didi Yojana, M&M will soon roll out Drone training for women at the company’s skilling centres at Zaheerabad, Telangana, and Nagpur, Maharashtra.

About Drone Didi Yojana

• NAMO Drone Didi Scheme was launched by Prime Minister Sh. Narendra Modi through Video Conferencing on 30th of November 2023.
• The main objective behind starting this scheme is to empower women members of Self Help Groups by providing them a mode and platform to earn more.
• This scheme is also known by some other names in whole of country like “NAMO Drone Didi Yojana” or “Pradhanmantri Drone Didi Scheme” or “Prime Minister Drone Didi Scheme”.
• The initiative aims to supply drones to 15,000 women Self Help Groups (SHGs) to rent to farmers for agriculture purposes.
• Government of India under NAMO Drone Didi Scheme will provide drone on subsidised price to Women Self Help Groups.
• These Drones can be used by the members of Women Self Help Groups for rental purpose.
• Subsidy of 80% of Drone Cost or a maximum of Rs. 8,00,000/- will be provided to Women Self Help Groups (SHGs) to purchase drones for commercial purpose under NAMO Drone Didi Scheme.
• Loan Facility from National Agriculture India Financing Facility (AIF) will also available for Women SHGs to cover the remaining cost of drone.
• The interest rate payable on loan from AIF is 3% per year.
• It is mandatory to complete the drone fly training program in order to avail the subsidy on the purchase of drone under Namo Drone Didi Scheme.
• It is to be estimated that, Beneficiaries of Namo Drone Didi Scheme can earn additional income of Rs. 1,00,000/- per year with the help of drones which is provided to them under Namo Drone Didi Scheme.
• Only Women Self Help Groups are eligible to claim the subsidy to purchase drone under NAMO Drone Didi Scheme.
• Drone will only be use for rental purpose for Agricultural Activity.

ICG signs MoU with private sector for manufacturing & supply of indigenous marine-grade aluminium for construction of ships

• Indian Coast Guard (ICG) and Hindalco Industries inked a Memorandum of Understanding (MoU) in New Delhi for the manufacturing and supply of indigenous marine-grade aluminium to Indian public and private shipyards for the construction of ships.
• The MoU will also provide benefits such as quarterly pricing, priority in supplies and Turnover discount.
• The ICG fleet is presently operating 67 ships with aluminium hull with capability of operating in shallow waters.
• To further boost coastal security, it has planned to induct more such vessels where the indigenously manufactured marine-grade aluminium will be utilised.

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.

About Hindalco

• Hindalco Industries Limited an Indian aluminium and copper manufacturing company, is a subsidiary of the Aditya Birla Group. Its headquarters are at Mumbai, Maharashtra, India.

Uttar Pradesh government plans to promote agri startups, introduce AI in farming

• The Uttar Pradesh government has partnered with the agriculture industry to bolster agri startups and introduce artificial intelligence (AI) in farming to boost the rural economy and ‘smart farming’ practices.
• The Yogi Adityanath government is also planning to host a global farmers’ summit ‘Krishi Bharat’ in November 2024 in association with the Confederation of Indian Industry (CII).
• The state is looking to host the farm summit on the same scale as the UP Global Investors Summit (GIS) held in February 2023, which fetched the state more than 19,000 investment proposals to the tune of Rs 40 trillion from domestic and multinational companies.
• In UP, the net cropped area is estimated at more than 20 million hectares, which is almost 85 per cent of the state’s total land mass.
• UP tops in sugarcane and dairy production.
• UP has 88 per cent of its landmass as irrigated area. Out of this, tube wells account for 70 per cent followed by canals at 10 per cent, and wells at 6.5 per cent.

Krishikalpa in partnership with NABARD launches programme for farmers

• Krishikalpa, a not-for-profit organisation for farmer producer organisations (FPOs) has launched an accelerator program in collaboration with the National Bank for Agriculture and Rural Development (Nabarad) with an aim to support 30 FPOs distributed across Karnataka.
• The initiative aims to facilitate the transformation of FPOs into sustainable rural enterprises.
• This will be achieved by delivering training sessions focusing on market orientation, business development, and entrepreneurial leadership skills.
• The program comprises two FPOs with revenue exceeding ₹1 crore, ten FPOs generating between ₹50 lakh to ₹1 crore, another ten FPOs with revenue ranging from ₹10 lakh to ₹50 lakh, and eight FPOs generating between up to ₹10 lakh, per Krishikalpa.
• The program includes a total of 30 FPOs, with an additional 6 reserve FPOs as stated by the organisation.
• Krishikalpa, founded in 2020, has structured this program as a one year initiative. The primary goal is to double the revenue of the selected FPOs by the fiscal year 2024-25, with a three-month grace period.

IFFCO ties up with Marut Drones for DaaS; to service five lakh acres in AP, Telangana

• The Indian Farmers Fertiliser Cooperative Limited (IFFCO) has signed an agreement with Marut Dronetech Private Limited to launch Drone-as-a- Service (DAAS) operations in Andhra Pradesh and Telangana.
• One of the key components of this tie-up is the creation of demand for rural entrepreneurs who have already invested in drone technology.
• This will also encourage rural youth to become drone service providers.
• Through this initiative, the two entities are targeting to spray agri inputs over five lakh acres.
• Under the agreement, Marut Dronetech will deploy its drone technology to administer a range of agricultural inputs developed by IFFCO agri-products.
• DAAS enables farmers to access drone technology through rural drone entrepreneurs at a per-acre cost, ensuring affordability and accessibility even for small-scale farmers.

Kochi Metro Rail Ltd partners with Google Wallet for ticketing ease

• Google and Kochi Metro Rail Limited have announced their partnership between Google Wallet and KMRL in enhancing the digital ticketing options for metro users.
• The integration of services between Google Wallet and KMRL is powered by Prudent Technologies.
• The arrival of Google Wallet in India marks an important milestone in Android’s India journey, bringing innovative and convenient experiences to simplify peoples’ daily lives.

About Google

• Founders: Larry Page, Sergey Brin
• Parent organization: Alphabet Inc.
• CEO: Sundar Pichai (2 Oct 2015–)
• CMO: Lorraine Twohill
• Founded: 4 September 1998, Menlo Park, California, United States

CURRENT AFFAIRS: SPORTS NEWS

New Zealand’s Colin Munro retires from international cricket after T20 WC snub

• New Zealand’s Colin Munro, announced his retirement from international cricket after he was not included in the national team for the upcoming T20 World Cup.
• Munro played one Test, 57 ODIs and 65 T20Is for the Kiwis amassing a total of 3010 runs, but it was in the shortest format the left-hander made a name for himself.
• Munro’s final game for New Zealand came back in 2020 when he appeared in a T20I game against India at Mount Maunganui.
• Munro has some fine records against his name as his 14-ball 50 at Sri Lanka at Eden Park in 2016 still stands at the fastest T20I fifty by a New Zealand batsman, and the fourth quickest of all time.

CURRENT AFFAIRS: IMPORTANT DAYS

International Nurses Day 2024 – May 12

• International Nurses Day is celebrated every year on May 12.
• The theme for International Nurses Day 2024 is Our Nurses. Our Future. The economic power of care.
• Nurses Day is celebrated to praise the Nurses who contribute their work to the Society.
• International Nurses Day is to commemorate the anniversary of Florence Nightingale’s birthday.
• In 1953, US Department of Health, Education, and Welfare officer Dorothy Sutherland contacted US President Dwight.D.Elsenhower to celebrate “Nurses Day”.
• Since 1965, the International Council of Nurses (ICN) has celebrated this day.
• From January 1974, May 12 was officially declared “International Nurses Day”.
• On this special day, the International Council of Nurses (ICN) distributed the Nurses Day kit to the people to know the importance of nurses.
• In Bangladesh, where the number of nurses is half of the number of doctors.

Daily Ca One- Liner: May 12 & 13

• India has contributed $500,000 to the U.N. Counter-Terrorism Trust Fund, underscoring its unwavering commitment to support multilateral efforts in the global fight against the scourge of terrorism
• Global Biofuel Alliance (GBA) has adopted a work plan focused on assessing country landscapes, drafting policy frameworks, and conducting biofuel workshops
• India is set to host a ‘Bharat Parv’ at the 77th Cannes Film Festival for eminent dignitaries and delegates from around the world to showcase the myriad creative opportunities in the country
• India and Moldova signed an agreement which after coming into force, will allow diplomatic and official passports holders of either country to travel to the other without a visa.
• Ministry of Skill Development and Entrepreneurship (MSDE) signed a Memorandum of Understanding (MoU) with Mahindra & Mahindra Ltd to conduct two Pilot Projects under the Drone Didi Yojana
• Indian Coast Guard (ICG) and Hindalco Industries inked a Memorandum of Understanding (MoU) in New Delhi for the manufacturing and supply of indigenous marine-grade aluminium to Indian public and private shipyards for the construction of ships
• The Uttar Pradesh government has partnered with the agriculture industry to bolster agri startups and introduce artificial intelligence (AI) in farming to boost rural economy and ‘smart farming’ practices
• Krishikalpa, a not-for-profit organisation for farmer producer organisations (FPOs) has launched an accelerator program in collaboration with National Bank for Agriculture and Rural Development (Nabarad) with an aim to support 30 FPOs distributed across Karnataka
• The Indian Farmers Fertiliser Cooperative Limited (IFFCO) has signed an agreement with Marut Dronetech Private Limited to launch Drone-as-a- Service (DAAS) operations in Andhra Pradesh and Telangana
• Google and Kochi Metro Rail Limited has announced its partnership between Google Wallet and KMRL in enhancing the digital ticketing options for metro users
• New Zealand’s Colin Munro, announced his retirement from international cricket after he was not included in the national team for the upcoming T20 World Cup
• The Reserve Bank of India (RBI) is anticipated to transfer approximately Rs 1,00,000 crore to the government in the fiscal year 2024-25, as per a report by Union Bank of India.
• The Reserve Bank of India (RBI) has announced the cancellation of certificates of registration (CoR) for 15 Non-Banking Financial Companies (NBFCs), including Tata Capital Financial Services and Revolving Investments, due to various reasons.
• The Reserve Bank of India (RBI) appointed R Lakshmi Kanth Rao as executive director (ED).
• Wipro, an IT major, has named Vinay Firake as the Chief Executive Officer (CEO) of the Asia Pacific, India, Middle East, and Africa (APMEA) strategic market unit (SMU), effective immediately.
• Vice Admiral Sanjay Bhalla, assumes charge as the Chief of Personnel of the Indian Navy.
• The 7th edition of the India-France Joint Military Exercise “Shakti” is scheduled to commence from May 13, to 26, 2024 at the Joint Training Node, Umroi in Meghalaya.
• The two-day “Parivartan Chintan II’ was held in New Delhi under the chairmanship of the Chief of Defence Staff, Gen Anil Chauhan.
• TVS Holdings Limited (TVSH), Premji Invest, and other associates will collectively acquire 100% equity stake in Home Credit India Finance Private Limited for a total consideration of ₹680 crore.
• Billionaire Anil Agarwal-led Vedanta Limited has acquired an additional 46.57% stake in Japanese display major AvanStrate Inc for $78.3 million through its wholly owned subsidiary, Cairn India Holdings Ltd.
• International Nurses Day is celebrated every year on May 12