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Daily Current Affairs 14 & 15 April 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Declines 2 Additional Applications for Small Finance Banks Establishment                  

  • The Reserve Bank of India (RBI) has rejected two more applications for setting up small finance banks: Dvara Kshetriya Gramin Financial Services Private Limited and Tally Solutions Private Limited.
  • Dvara Kshetriya Gramin Financial Services applied for a small bank licence in April 2021 whereas Tally Solutions had applied in August 2021.

Key Highlights :

  • The RBI has so far received 13 applications to set up a universal or small finance bank as allowed under the ‘on tap’ licensing guidelines for such banks.
  • Of these, it has previously rejected 9 other applications taking the total to 11 applications rejected.
  • The remaining applications were filed by Bhubaneswar-based Annapurna Finance Private for a universal bank licence in Q3 FY23.
  • Further, Navi Mumbai-based Fino Payments sought permission to transition to a small finance bank in Q3 FY24.

Applicants under Guidelines for ‘On Tap’ Licensing of Universal Banks :

  • UAE Exchange and Financial Services Limited [Rejected]
  • The Repatriates Cooperative Finance and Development Bank Limited (REPCO Bank) [Rejected]
  • Chaitanya India Fin Credit Private Limited [Rejected]
  • Shri Pankaj Vaish and others [Rejected]
  • Annapurna Finance Private Limited, Bhubaneswar [Under consideration]

Applicants under Guidelines for ‘On Tap’ Licensing of Universal Banks

  • VSoft Technologies Private Limited [Rejected]
  • Calicut City Service Co-operative Bank Limited [Rejected]
  • Shri Akhil Kumar Gupta [Rejected]
  • Dvara Kshetriya Gramin Financial Services Private Limited [Rejected]
  • Cosmea Financial Holdings Private Limited [Rejected]
  • Tally Solutions Private Limited [Rejected]
  • West End Housing Finance Limited [Rejected]
  • Fino Payments Bank Limited [Under consideration]

Recent News :

  • In April 2024, The Reserve Bank of India (RBI) announced its decision to permit Small Finance Banks (SFBs) to utilise permissible rupee interest derivative products.

About Small Finance Banks :

  • Definition and Target Customers : SFBs are a niche type of bank in India who 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 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 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 crore could also get their shares listed voluntarily, subject to fulfilment of the requirements of the capital markets regulator.

About RBI :

  • Established : 1 April 1935
  • Headquarters : Mumbai, Maharashtra, India
  • Governor : Shaktikanta Das

Revolut Receives In-Principle Approval from Reserve Bank of India for Prepaid Payment Instruments License  

  • Tiger Global and Softbank-backed neobank Revolut India has received an in-principle approval from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI), including prepaid cards and wallets.
  • This enables it to operate as a domestic player in the market.
  • This approval builds upon the existing licences which Revolut India has successfully obtained from RBI to operate as a Category-II Authorised Money Exchange Dealer (AD II) and to be able to provide multi-currency forex cards and cross-border remittance services,
  • It also puts Revolut in a unique position in India, to be able to offer customers both international and domestic payment solutions on a single platform.
  • Initially entering the Indian market in 2021, Revolut aims to challenge established players in the domestic payments sector.
  • The approval from the RBI is expected to further solidify Revolut’s position as a major contender in this domain.
  • Prepaid Payment Instruments (PPIs) are tools or instruments for transactions that use stored monetary value, such as digital wallets, smart cards, or vouchers.

What is a Neobank?

  • A neobank is a type of direct bank that operates exclusively using online banking without traditional physical branch networks that challenge traditional banks.

Top 12 Neobanks in India (February 2024)

S.No Name of NeoBank Interest Rate Type of account Founders Founding Year
1 Freo Upto 7% Personal Savings Account Bala Parthasarathy, Anuj Kacker, Kunal Varma 2015
2 Fi Money Upto 3% Personal Savings Account Sumit Gwalani, Sujith Narayanan 2019
3 Jupiter Upto 4.75% Personal Savings Account Jitendra Gupta 2019
4 Instantpay – Business Account Shailendra Agarwal 2013
5 FamPay – Persoanl Savings Account For Teenagers Kush Taneja, Sambhav Jain 2019
6 Mahila Money – Business Account Sairee Chahal 2021
7 Niyo Upto 7% Personal Savings Account Vinay Bagri 2016
8 RazorpayX – Business Account Harsheel Mathur 2013
9 Chqbook – Business Account Vipul Sharma, rajat Kumar and Mohit Goel 2016
10 Zikzuk – Business Account Raj N 2020
11 Akudo – Business Account Lavika Aggarwal, Sajal Khanna, and Jagveer Gandhi 2020
12 Finin Upto 5% Personal Savings Account Suman Gandham and Sudheer Maram 2019

Recent News :

  • In April 2024, The Reserve Bank of India (RBI) proposed to permit the linking of prepaid payment instruments (PPIs) with third-party unified payments interface (UPI) applications to make the digital wallet market interoperable.

About Revolut :

  • Founded : 1 July 2015
  • Headquarters : London, England, United Kingdom
  • CEO of Revolut India : Paroma Chatterjee
  • Revolut, a London-based neobank and financial technology company, has been gearing up for its entry into India, working closely with the RBI over the past two years.

Reserve Bank of India and the Insurance Regulatory and Development Authority of India Mobilized to Mitigate the Impact of the Red Sea Crisis on Indian Exports

  • The Ministry of Finance (MoF) has reached out to regulatory bodies like the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority of India (IRDAI) to address concerns regarding export credit availability and insurance premium increases.
  • This proactive approach aims to support Indian exporters in navigating trade disruptions caused by Houthi attacks on cargo ships in the Red Sea.
  • In March 2024, the MoF sent a letter to the RBI, IRDAI, and the state-run export finance institution Exim Bank, urging these entities to closely monitor and address the issues flagged by exporters to the Ministry of Commerce and Industry regarding disruptions that could potentially drive up India’s export expenses.

Key Highlights :

  • Impact on Global Trade: The International Monetary Fund (IMF) reported significant declines in trade through major shipping routes like the Suez Canal and the Panama Canal in January and February.
  • These declines, amounting to 50% and 32% respectively, disrupted global supply chains and led to distortions in key macroeconomic indicators.
  • Minimal Impact on Indian Exports: The Red Sea crisis has had minimal impact on India’s exports. Shipments from India remain unaffected as vessels transporting containers from the country have been rerouted through the Cape of Good Hope, ensuring uninterrupted trade flow.
  • The Houthis, who initially targeted ships associated with Israel, have expanded their attacks to vessels from nations supporting Israel.
  • Consequently, major shipping firms are rerouting their ships from the Suez Canal to the Cape of Good Hope, leading to escalated freight and transportation costs.
  • For instance, between the end of October, 2023 and January,2024 the Shanghai Containerised Freight Index (SCFI), a key indicator for global container trends, soared by more than 1,000 points.

About Ministry of Finance :

  • Cabinet Minister : Nirmala Sitharaman
  • Minister of State : Bhagwat Karad, Pankaj Choudhary

About IRDAI :

  • Established : 1999
  • Headquarters : Hyderabad, Telangana
  • Chairperson : Debasish Panda
  • The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.

Reserve Bank of India Rejects Odisha-based Annapurna Finance Limited’s Application for Universal Bank License        

  • The Reserve Bank of India (RBI), in a cautious move, declined Annapurna Finance Limited’s application for a universal bank license made in January 2023.

Reason for Decline:

  • The RBI expressed caution and hesitation about awarding a full-service bank license to the Odisha-based lender.
  • Annapurna Finance Limited primarily focuses on microfinance loans, which raised concerns for the regulator regarding the bank’s capability to operate as a universal bank.

Key Highlights :

  • Option Offered by RBI:Instead of a universal bank license, the RBI offered Annapurna Finance Limited the option to become a small finance bank (SFB).
  • Annapurna’s Response:Annapurna Finance Limited declined the alternative offered by the regulator to become an SFB
  • The company believed that transitioning to an SFB would not provide much of an incremental value proposition.
  • Reason for Declining SFB Option:Annapurna Finance Limited was hesitant to pursue the SFB route, considering that a majority of SFBs are still yet to establish a dominant share in the industry.

Securities and Exchange Board of India Approves Hinduja’s Ownership of Reliance Wealth

  • Hinduja Group-owned Asia Enterprises has received Securities and Exchange Board of India’s (SEBI) approval for taking control of Reliance Wealth Management.
  • The approvals were received under SEBI’s regulations governing investment advisers and portfolio managers, respectively.
  • The approvals come in the wake of the successful bid by IndusInd International Holdings, the promoter entity of the 5th largest private sector bank in India – IndusInd Bank.
  • IIHL emerged as the successful resolution applicant to acquire the beleaguered financial services company – Reliance Capital, under the Corporate Insolvency Resolution Proceedings process of Insolvency and Bankruptcy Code.
  • IIHL’s resolution plan for Reliance Capital included Reliance Wealth.
  • IIHL’s resolution plan for Reliance Capital involves an upfront cash amount of ₹9,650 crore.
  • It also encompasses Reliance Capital’s group entities providing life, general and health insurance, as well as the asset reconstruction business.
  • In February,2024 the National Company Law Tribunal approved the resolution plan.
  • Reliance Capital had a secured debt of ₹16,000 crore.
  • The lenders would receive ₹10,000 crore from IIHL, including ₹9,661 crore of upfront cash.

Reserve Bank of India Initiates Manufacturing Company Survey, Essential Input for Policy Formulation       

  • The Reserve Bank of India (RBI) has launched the next round of quarterly order books, inventories and capacity utilisation surveys of manufacturing companies, a key input for the monetary policy formulation.
  • The 65th round of the survey covers the reference period of January-March 2024 (Q4: 2023-24).

Key Highlights :

  • Survey History:The RBI has been conducting the order books, inventories, and Capacity Utilization Survey (OBICUS) of the manufacturing sector on a quarterly basis since 2008.
  • Data Collection:The survey collects data on total inventories with a breakdown between finished goods (FG), work-in-progress (WiP), and raw material (RM) inventories at the end of the quarter.
  • It also gathers information on item-wise production in terms of quantity and value.
  • Release of Previous Survey Results:The RBI recently released the results of its 64th round of the quarterly OBICUS.
  • This survey covered 813 manufacturing companies and was conducted during Q4: 2023-24.
  • Capacity Utilization Findings:At the aggregate level, the capacity utilization (CU) in the manufacturing sector increased to 74.7%in Q3: 2023-24 from 74.0 percent in the previous quarter.

Karnataka Bank Collaborates with FISDOM to Provide Stock Broking Services                           

  • Karnataka Bank has partnered with FISDOM to offer 3-in-1 (savings, demat and trading accounts) through the bank’s mobile banking app ‘KBL Mobile Plus’.
  • This association is all set to enhance the current value proposition of enabling customers to invest in stocks and mutual funds.
  • This offering will empower the customers with seamless access to both investment opportunities and trading functionalities, all within a single, user-friendly interface.
  • The 3-in-1 facility enables customers to streamline their investment journey by consolidating their demat and trading accounts.
  • This integration eliminates the need for multiple platforms, simplifying account management and enhancing overall user experience.
  • With this unified solution, investors can efficiently manage their securities and execute trades with unparalleled convenience and efficiency.

About FISDOM :

  • Chief Executive Officer and Co-Founder : Subramanya SV

About Karnataka Bank :

  • Founded : 18 February 1924
  • Headquarters : Mangalore, Karnataka, India
  • MD & CEO : Srikrishnan Hari Hara Sarma

Reserve Bank of India Issues Alert List of Entities Prohibited from Forex Trading under Foreign Exchange Management Act 1999                  

  • The Reserve Bank of India (RBI) has released another ‘Alert List‘ including the names of organisations that are not permitted to trade in foreign exchange under the Foreign Exchange Management Act (FEMA), 1999 or to conduct foreign exchange transactions through electronic trading.

What is an Alert List?

  • The Alert List contains names of entities which are neither authorised to deal in forex under the FEMA 1999 nor authorised to operate electronic trading platforms (ETP) for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018.
  • It also contains names of entities/platforms/websites which appear to be promoting unauthorised entities/ETPs, including through advertisements of such unauthorised entities or claiming to be providing training/advisory services
  • However, this is not a comprehensive list.
  • One should not presume that an organisation not on the list has RBI authorization.
  • The list of approved individuals and authorised ETPs may be used to determine the authorization status of any individual or ETP.
  • Also conducting forex transactions on unauthorised platforms could land you in legal trouble.
  • Customers have received many warnings from the regulator not to transmit or deposit money for foreign exchange (forex) transactions or to undertake forex transactions on unapproved electronic trading platforms (ETPs).

CURRENT AFFAIRS: NATIONAL NEWS

India Post opens third post office in Antarctica

  • India Post opened its third post office in
  • The new post office was inaugurated at Bharati Station.
  • Almost four decades later, letters meant for Antarctica will now have a new PIN code, MH-1718, with the Department of Posts opening a second branch of the post office on the Bharati research station in Antarctica.
  • The inauguration coincided with the 24th Foundation Day of the National Centre for Polar and Ocean Research (NCPOR),
  • The first post office was established in 1984 at Dakshin Gangotri, followed by another in 1990 at Maitri Station.

Key Highlights

  • The launch of the Bharati Branch Post Office represents a significant advancement in bridging geographical barriers and facilitating communication and connectivity in Antarctica, furthering the mission of scientific exploration.
  • With an active research station Maitri in Schirmacher Oasis and a second station Bharati at Larsemann Hills, including Himadri station in the Arctic, India now belongs to the elite group of nations with multiple research stations within the Polar Regions.
  • Since 1981, India has completed 40 scientific expeditions and built three permanent research base stations in Antarctica — Dakshin Gangotri (1983), Maitri (1988) and Bharati (2012).

About Dakshin Gangotri

  • Dakshin Gangotri was established in 1983 over the Ice Shelf in the Central Dronning Maud Land region.
  • The station was abandoned in 1990 as it got buried under snow.
  • Currently, Maitri and Bharati are fully operational.

Jan Dhan’s balance rises 18% to Rs 2.35 trillion in FY24

  • Net cash accretion in no-frills Pradhan Mantri Jan Dhan Yojana (PMJDY) bank accounts rose to an all-time high of Rs 36,153 crore in 2023-24, which also showed that average cash deposits per account at a high of Rs 4,524.
  • As many as 33 million new PMJDY accounts were opened in FY24, taking the cumulative PMJDY accounts at 519.5 million.
  • The total balance in these accounts stood at Rs 2,34,997 crore compared with Rs 1,98,844 crore a year ago.
  • Around 33 millio n new accounts were opened in FY24 compared with 35.9 million in FY23 and 28.6 million in FY22.

Key Highlights

  • According to the latest data, 353.7 million or 68% of the Jan Dhan account holders have debit cards.
  • Given that inoperative accounts are nearly 20%, at least 12% of active account holders still don’t have RuPay cards.
  • Of the nearly 500 million accounts with public sector banks and regional rural banks, only 340 million have RuPay debit cards.
  • As per the latest data, PMJDY’s balance with the State Bank of India was at Rs 59,203 crore, followed by Bank of Baroda at Rs 32,032 crore and Punjab National Bank at Rs 22,594 crore.
  • Public sector banks and regional rural banks sponsored by them account for 97% of the total PMJDY balance of Rs 2.35 trillion.
  • The JAM Trinity – Jan Dhan, Aadhaar, mobile – has stood the government in good stead in implementing large-scale, technology-enabled and real-time direct benefit transfers (DBTs)

About PMJDY

  • PMJDY was launched on August 28, 2014, to provide universal banking services by opening a zero-balance bank account for every unbanked household.
  • PMJDY is a National Mission for Financial Inclusion launched in August 2014 to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance and Pension, in an affordable manner.
  • The applicant should be an Indian National. The applicant should be aged between 18 and 59 years.
  • If minors above ten years apply, they will require support from their legal guardians to administer their PMJDY account.
  • The holders of a RuPay Debit Card under the scheme can also receive life cover insurance up to ₹30,000.
  • It will only apply to people opening bank accounts for the first time under Jan Dhan Yojana with a debit card.
  • Beneficiaries can avail of an overdraft facility for up to ₹10,000. However, this is only available against one account per household.
  • Accident Insurance Cover of Rs. 2 lakh is available with a RuPay card issued to the PMJDY account holders.

Government approves 11 EV manufacturers for receiving incentives under EMPS

  • The Ministry of Heavy Industries has approved 11 electric vehicle (EV) manufacturers, including Ather Energy, Bajaj Auto, Hero MotoCorp, Ola Electric, and Mahindra, to receive incentives under the recently introduced Electric Mobility Promotion Scheme (EMPS) 2024.
  • The scheme aims to sustain the growth in EV sales, replacing the former Faster Adoption and Manufacturing of Electric Vehicles – II (FAME-II) scheme.
  • The new scheme, with an allocation of Rs 500 crore, commenced on April 1 and will continue till July 31.
  • To manage the increasing demand and lessen the burden on EV manufacturers, the government has reduced the maximum subsidy cap.
  • For electric two-wheelers (e2W), the cap is now Rs 10,000 per vehicle, down from Rs 22,500, and for electric three-wheelers (e3W), it is Rs 50,000, reduced from Rs 111,505.

Key Highlights

  • Recently, the Union Ministry of Heavy Industries announced Electric Mobility Promotion Scheme 2024.
  • It is for faster adoption of electric two-wheeler (e-2W) and three-wheeler (e-3W) to provide further impetus to the green mobility and development of electric vehicle (EV) manufacturing eco-system in the country.
  • The Scheme aims to support 3,72,215 EVs including e-2W (3,33,387) and e-3W (38,828 including 13,590 rickshaws & e-carts and 25,238 e-3W in L5 category).
  • The subsidy for the electric two-wheelers is now set at Rs 5,000/kWh of battery capacity with an upper cap of 15 per cent of the ex-factory price of the vehicle, the segment has a total outlay of Rs 333.39 crore.
  • Rickshaws and carts will get a subsidy of Rs 5,000 per kWh with a limit of Rs 25,000 per vehicle, and the segment’s total outlay is Rs 33.97 crore.
  • The per-kWh subsidy for L5 electric three-wheelers is also set at Rs 5,000, but it’s capped at Rs 50,000 per vehicle with a total outlay of Rs 126.19 crore.

CURRENT AFFAIRS: BUSINESS NEWS

Retail inflation declines to a 5-month low of 4.85 per cent in March 2024

  • According to the data released by the National Statistical Office (NSO), Consumer Price Index (CPI) declined to a 10-month low of 4.85 per cent in March as against 5.1 per cent in February.
  • Meanwhile, industrial growth based on the Index of Industrial Production rose to a four-month high in February, to 5.7 per cent, against 4.1 per cent in January.
  • The Quick Estimates of Index of Industrial Production (IIP) are released on 12th of every month.
  • In its April meeting, the MPC left its inflation forecast for this fiscal year unchanged at 4.5 per cent assuming normal monsoon.

Key Highlights

  • The Consumer Price Index (CPI) is a measure of the average change overtime in the prices paid by urban consumers for a market basket of consumer goods and services.
  • In the current CPI series, with base year 2012, ‘food and beverages’ carry a weight of 45.9%. The group in the rural CPI index carries a weight 54.2% and in the urban, 36.3%.
  • The main component in the consumer price index is food and beverages (45.86 per cent of total weight), followed by cereals and pulses (9.67 per cent), and milk and products (6.61 per cent).
  • Currently, CPI is calculated using 2012 as a base year.
  • There are four types of CPI are as follows: CPI for Industrial Workers (IW). CPI for Agricultural Labourer (AL). CPI for Rural Labourer (RL). CPI (Rural/Urban/Combined).
  • Of these, the first three are compiled by the Labour Bureau in the Ministry of Labour and Employment.
  • Fourth is compiled by the NSO in the Ministry of Statistics and Programme Implementation.

Vodafone Idea announces price band for Rs 18,000 crore FPO

  • Debt-ridden telecom operator Vodafone Idea announced that it will offer shares worth Rs 18,000 crore in its further public offering (FPO) from April 18-22 at a price band of Rs 10-11 per share.
  • The share sale will open on April 18 (for anchor investors on April 16) and close on April 22, Vodafone Idea, which is the country’s third-largest telecom service provider.
  • This will be the largest FPO after the previous best of Rs 15,000 crore share sale by Yes Bank in 2020.
  • During April-February, Vodafone Idea lost 16.2 million mobile subscribers, taking its total base to 220.5 million, according to data from the Telecom Regulatory Authority of India (Trai).
  • From the proceeds of the FPO, Vodafone Idea will utilise Rs 5,720 crore for 5G launch, according to the red herring prospectus (RHP) filed by the company.
  • Besides 5G, Vodafone Idea will utilise Rs 3,770 crore for purchasing equipment towards setting up 26,000 new 4G sites.
  • Further, the company will utilise Rs 3,260 crore to expand the capacity of 40,750 4G sites, which may include existing 4G sites and the new 4G sites.

Sensex crosses 75,000 for the first time; Nifty 50 hits record high of above 22,700

  • The benchmark Sensex crossed the 75,000 mark for the first time and the Nifty 50 opened above a new record high of 22,700 mark led by strong Q4 earnings optimism and a positive Asian market.
  • The 30-share Sensex had breached the first 25,000 mark in May 2014 and the 50,000 mark on January 21, 2021.
  • The market capitalisation, or the total value of all listed shares, of the BSE-listed firms stood at 401.82 lakh crore .
  • The combined market capitalisation of BSE companies crossed the Rs 400 lakh crore mark to touch Rs 400.86 lakh crore on 9th April.
  • It took 9 months for these firms to add Rs 100 lakh crore of market capitalisation. The BSE m-cap had crossed Rs 300 lakh crore in July 2023.
  • The Nifty Bank also opened at a record high of 48,810.8.
  • The full form of SENSEX is the Stock Exchange Sensitive Index.
  • Sensex, otherwise known as the S&P BSE Sensex index, is the benchmark index of India’s BSE, formerly known as the Bombay Stock Exchange.)
  • The Sensex is comprised of 30 of the largest and most actively-traded stocks on the BSE, providing a gauge of India’s economy.
  • The index’s composition is reviewed in June and December each year. Created in 1986, the Sensex is the oldest stock index in India.
  • Analysts and investors use it to observe the cycles of India’s economy and the development and decline of particular industries.

About Nifty

  • Nifty is derived from the term National Stock Exchange Fifty and it comprises 50 companies that are traded on NSE. It is the benchmark index of the NSE and was introduced in 1996.
  • Nifty was established in 1996 with the name CNX Nifty. Further, in 2015, it was renamed Nifty 50.
  • The term ‘Sensex’ is a blend of the words ‘Sensitive’ and ‘Index’ and was coined by stock market expert Deepak Mohini.
  • Sensex calculated was calculated based on the market capitalisation, or “Full Market Capitalisation”, when it was launched but shifted to a “Free-float Market Capitalisation” methodology from September 1, 2003.
  • Free-float is the proportion of total shares issued by the company that is readily available for trading to the general public.
  • It does not take into account promoters’ holdings, government holdings, and other shares that will not be available in the market for trading in the ordinary course of events.

CURRENT AFFAIRS: AWARDS AND HONOURS

‘All We Imagine as Light’ is the 1st Indian film to compete at Cannes in 30 years

  • Writer-director Payal Kapadia‘s debut fiction feature ‘All We Imagine As Light’ will compete for the top honours during the upcoming edition of Cannes Film Festival, scheduled to be held from May 14 to 25.
  • All We Imagine As Light, Kapadia’s feature film debut, will be the first Indian film to compete for the Palme d’Or award after nearly three decades.
  • The film features Kani Kusruthi and Diya Prabha in the lead roles.

Key Highlights

  • The last Indian film to make it to this coveted section was Shaji N Karun’s Swaham in 1994.
  • In the festival’s 77th edition, Kapadia’s feature will compete with the latest films by some of the biggest names in world cinema.
  • British-Indian filmmaker Sandhya Suri’s film ‘Santosh’ has been selected for the Un Certain Regard section of the festival.
  • Quentin Dupieux’s The Second Act, which will open the festival on May 14.
  • Kapadia, however, is not new to Cannes. Her poetic yet powerful documentary, ‘A Night of Knowing Nothing’, was the winner of the Golden Eye for best documentary during the 2021 edition of Cannes Film Festival.
  • An Indo-French production, All We Imagine As Light follows the story of Prabha, a nurse, who receives an unexpected gift from her long-estranged husband.
  • The Indian films which have been selected for Cannes’ competition section include Chetan Anand’s ‘Neecha Nagar’ (1946), V Shantaram’s ‘Amar Bhoopali’ (1952), Raj Kapoor’s ‘Awaara’ (1953), Satyajit Ray’s ‘Parash Pathar’ (1958), MS Sathyu’s ‘Garm Hava’ (1974) and Mrinal Sen’s Kharij (1983). Neecha Nagar is the only Indian film that was awarded a Palme d’Or.

Prestigious John Dirks Gairdner global health award for Dr Gagandeep Kang

  • India’s Dr Gagandeep Kang has been awarded the 2024 John Dirks Canada Gairdner Global Health Award for her achievements in global health research.
  • It is the most well-recognised global health award.
  • The John Dirks Award in global health is awarded by the Gairdner Foundation in Canada.
  • She is the first Indian woman to get this award and says it is a huge honour for all the work that she and her colleagues did while at Christian Medical College, Vellore.
  • The Toronto-based Gairdner Foundation was set up in 1958 with a donation from philanthropist James A Gairdner.
  • The awards have become Canada’s most prestigious prize for breakthrough research conducted around the world in biomedical science.
  • Five international awards plus one for advancing global health are bestowed annually. Recipients also collect $100,000 each.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Senior IPS Officer Anurag Kumar Appointed as Joint Director of Central Bureau of Investigation                 

  • Anurag Kumar, a senior Indian Police Service (IPS) officer, has been appointed to the position of Joint Director (JD) at the Central Bureau of Investigation (CBI).
  • The appointment was made as per an order from the Personnel Ministry.
  • His tenure in this position is approved until February 24, 2027.
  • Anurag Kumar belongs to the 2004 batch of the Indian Police Service (IPS) and is from the Assam-Meghalaya cadre.
  • He is currently serving in the Bureau of Police Research and Development (BPR&D).

About CBI :

  • Established : 1963
  • Headquarters : New Delhi, Delhi
  • The CBI is the domestic crime investigating agency of India.
  • It operates under the jurisdiction of the Ministry of Personnel, Public Grievances and Pensions.

Former Prime Minister Gilani Chosen as Chairman of Pakistan’s Senate  

  • Former Pakistan Prime Minister and senior Pakistan Peoples Party (PPP) leader Yusuf Raza Gilani was elected unopposed as chairman of the Pakistani Senate days after the PPP and Pakistan Muslim League-Nawaz-led (PML-N) coalition swept the elections.
  • PML-N’s Saidal Khan Nasir was elected as the deputy chairman .
  • Senate Secretary Qasim Samad Khan confirmed their election to the top roles in the upper house of Pakistan parliament.

Key Highlights :

  • A total of 41 newly elected Senators were sworn in as members of the House in a session of Pakistan’s Senate.
  • The lawmakers took oath amid protests by Pakistan Tehreek-e-Insaf (PTI) leaders.
  • The Pakistan Muslim League – Nawaz (PML-N)-led coalition secured 19 seats, sweeping the Senate elections. The ruling coalition now controls 59 of the 85 seats in the centre.
  • Pakistan’s Foreign Minister Ishaq Dar, who secured a win in a technocrat seat, is the presiding officer for the first session of the Senate.
  • PTI Senator Mohammad Humayun Mohmand objected, arguing that a presiding officer should be someone who was already a Senator.

CURRENT AFFAIRS: RANKINGA AND INDEX

India ranks number 10 in cybercrime

  • According to new research surveying cybercrime experts from around the world, India ranked 10th in cybercrime, with fraud involving people asking for advance fee payments as the most common type.
  • An international team of researchers has prepared a ‘World Cyber Crime Index’ which ranks nearly 100 countries.
  • It identifies major hotspots according to different categories of cybercrime, including ransomware, credit card theft, and scams.
  • The major categories the researchers identified included technology products and services such as malware and compromised systems and attacks and extortion, including ransomware.
  • It also includes scams such as hacking, compromised accounts, theft of data and identity, including credit cards, and advance fee fraud and money laundering involving illicit virtual currency.
  • Russia and Ukraine are highly technical cybercrime hubs, while Nigerian cyber criminals are engaged in less technical forms of cybercrime.
  • Russia topped the list, and was followed by Ukraine, China, the US, Nigeria and Romania.
  • India was found to be an “specialising” in scams. Furthermore, while Romania and the US were found to “specialize” in both high-tech and low-tech crimes, India was found to be a “balanced hub”, “specializing” in mid-tech crimes.

India among 12 nations responsible for 60% of mismanaged plastic waste

  • India is among the twelve countries responsible for 60 percent of the planet’s mismanaged plastic waste though the fast-developing South Asian nation’s per capita plastic waste production is among the lowest in the world, according to a new report.
  • The Plastic Overshoot Day report by Swiss non-profit EA Earth Action also said global plastic waste generation has risen by 7.11 per cent since 2021.
  • The world is estimated to have generated 220 million tons of plastic waste this year, 70 million tons of which will pollute the environment.

Key Highlights

  • The report comes ahead of the fourth meeting of the United Nations’ Intergovernmental Negotiating Committee (INC) in Ottawa, Canada, as the world leaders attempt to develop a legally binding instrument to end plastic pollution.
  • Twelve countries are responsible for 60 per cent of the world’s mismanaged plastic waste: China, India, Russia, Brazil, Mexico, Vietnam, Iran, Indonesia, Egypt, Pakistan, the United States and Turkey.
  • The report also claimed India is estimated to release an average of 3,91,879 tons of microplastics into the environment and 31,483 tons of chemical additives into waterways.
  • People living in Belgium are the top generators of plastic waste, with a yearly waste production of 147.7 kg per person.
  • Oman tops the list of countries in terms of mismanaged plastic waste, with a projected 111 kg of mismanaged plastic per person in 2024.
  • This is 30 times higher than Norway.
  • India is in the bottom 12 countries.
  • Each country has its own “Plastic Overshoot Day”, determined by the amount of plastic waste generated and the country’s capacity to manage it.
  • India will reach its Plastic Overshoot Day on April 23.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Entrepreneur Gopi Thotakura to Be 1st Indian Tourist in Space on Blue Origin’s NS-25 Mission                                

  • Gopi Thotakura, an entrepreneur and a pilot, is set to become the first Indian to venture into space as a tourist on Amazon founder Jeff Bezos’s Blue Origin’s NS-25 mission.

Key Highlights :

  • Selection and Crew:Thotakura was chosen as one of the 6 crew members for the NS-25 mission, making him the first Indian space tourist.
  • He will be the 2nd Indian to venture into space after Indian Army’s Wing Commander Rakesh Sharma in 1984.
  • Background on Rakesh Sharma:Rakesh Sharma became the first Indian astronaut when he flew to the Soviet Union’s Salyut-7 space station in 1984 on a Soviet Soyuz T-11 rocket.
  • Details of the Mission:The NS-25 mission will mark the 7th human flight for Blue Origin’s New Shepard program and the 25th in its history.
  • New Shepard is a fully reusable sub-orbital launch vehicle developed for space tourism.
  • Significance of New Shepard:The New Shepard program has flown 31 humans above the Karman line, which is the proposed conventional boundary between Earth’s atmosphere and outer space.
  • Thotakura’s Background:Gopi Thotakura, born in Andhra Pradesh, is a graduate of Embry-Riddle Aeronautical University.
  • First Crewed Flight Since NS-22:The NS-25 mission will be the first crewed flight for the fully-reusable New Shepard rocket since NS-22 in 2022.
  • Grounding of Blue Origin’s Fleet.Blue Origin’s fleet of rockets, named after Alan Shepard, the first American to go to space, was grounded after an engine failure caused a crash during an uncrewed mission in September 2022.

Indian Institute of Science Scientists Develop Innovative Hydrogel for Microplastic Removal from Water

  • Researchers at the Indian Institute of Science (IISc) have developed a sustainable hydrogel specifically designed to remove microplastics from water.

About hydrogel :

  • Composition : The hydrogel utilizes a complex interpenetrating polymer network (IPN) architecture composed of chitosan, polyvinyl alcohol, and polyaniline.
  • Catalytic Nanoclusters ; This structure is infused with nanoclusters of copper substitute polyoxometalate (Cu-POM), which act as catalysts under UV light irradiation to degrade microplastics.
  • Stability and Reusability : The synergistic effect of the polymers intertwined with the catalytic nanoclusters enhances the hydrogel’s stability across various temperatures and also enables it to adsorb and degrade large quantities of microplastics efficiently.
  • The hydrogel could last for up to five cycles of microplastic removal without significant loss of efficacy.
  • Efficiency : This hydrogel efficiently removes about 95% and 93% of two different types of microplastics in water, at a near-neutral pH highlighting its potential as a significant solution in water purification technologies.
  • Additional Applications : This hydrogel can also be converted into carbon nanomaterials that are capable of extracting heavy metals, such as hexavalent chromium, from contaminated water.

About Microplastic

  • Microplastics are small plastic pieces less than 5 millimetres long, posing a threat to ocean and aquatic life.
  • They pose a great threat to human health as these tiny plastic debris can enter our bodies through the water we drink and increase the risk of illnesses.

CURRENT AFFAIRS: SPORTS NEWS

Dipendra Singh Airee becomes the third player to hit six sixes in an over in T20Is

  • Dipendra Singh Airee of Nepal became only the third player to hit six sixes in an over in a T20I during the match against Qatar.
  • Airee hit Kamran Khan for 36 runs in the last over of the innings during the seventh match of the ACC Men’s Premier Cup being held at AI Amerat Cricket Ground in Oman.
  • Dipendra ended up with a score of 64 in 21 balls which included three fours and seven sixes.
  • The Nepalese batter previously broke the record – of Yuvraj Singh’s 12-ball half-century – for the fastest T20I fifty in nine balls against Mongolia during the 2023 Asian Games held in Hangzhou, China.
  • In the same innings, Dipendra also hit five sixes in one over and one more on his first ball of the next over, hitting sixes in consecutive six balls.

CURRENT AFFAIRS: BOOKS AND AUTHOR

Memoir of former RBI governor D Subbarao Titled “Just A Mercenary?: Notes from My Life and Career,”  to release on April 30

  • Penguin Random House India has announced that a book on the life and times of former Reserve Bank of India governor Duvvuri Subbarao will be released on April 30.
  • Titled “Just A Mercenary?: Notes from My Life and Career,” the book is said to chronicle the remarkable journey of a small-town boy from a modest background to the top echelons of India’s civil services, and then to the helm of the country’s central bank.

About D Subbarao

  • Subbarao served as the governor of RBI for five years, preceded by his roles as finance secretary and secretary to the prime minister’s Economic Advisory Council.
  • Additionally, he was a lead economist at the World Bank for over five years.
  • Duvvuri Subbarao is an Indian economist, central banker, and retired IAS officer. He was the 22nd governor of the Reserve Bank of India, serving under Prime Minister Dr. Manmohan Singh.
  • He held this position for five years, from 2008 to 2013.
  • Prior to his appointment as governor, Subbarao was the finance secretary to the government of India from 2007-08 and the secretary to the Prime Minister’s Economic Advisory Council from 2005-07.

CURRENT AFFAIRS : OBITUARIES

Renowned Fashion Icon Roberto Cavalli, Known for Leopard Print Designs, Passed Away                                  

  • Renowned Italian fashion designer Roberto Cavalli, celebrated for his bold python and extravagant animal prints that captivated the global jet set, has passed away at the age of 83.

About Roberto Cavalli :

  • Cavalli was born on 15 November 1940 in Florence,Italy renowned for its leatherwork and craftsmanship.
  • He debuted in the 1970s with daring designs that were embraced by icons like Sophia Loren and Brigitte Bardot.
  • Cavalli’s designs were known for their skin-baring and popping style, captivating successive generations of stars, including Kim Kardashian and Jennifer Lopez.
  • In 2005, he was commissioned to reimagine the wardrobe of the legendary Playboy Bunnies, introducing a captivating interpretation adorned with his iconic leopard print.
  • Expanding his fashion empire beyond apparel, Cavalli ventured into home furnishings, wine, footwear, jewellery, and even launched a line of vodka, featuring a bottle elegantly encased in luxurious snakeskin.

Daily CA One- Liner: April 14 & 15

  • India Post opened its third post office in
  • Net cash accretion in no-frills Pradhan Mantri Jan Dhan Yojana (PMJDY) bank accounts rose to an all-time high of Rs 36,153 crore in 2023-24, which also showed that average cash deposits per account at a high of Rs 4,524.
  • The Ministry of Heavy Industries has approved 11 electric vehicle (EV) manufacturers, including Ather Energy, Bajaj Auto, Hero MotoCorp, Ola Electric, and Mahindra, to receive incentives under the recently introduced Electric Mobility Promotion Scheme (EMPS) 2024
  • According to the data released by the National Statistical Office (NSO), the Consumer Price Index (CPI) declined to a 10-month low of 4.85 per cent in March as against 5.1 per cent in February
  • Debt-ridden telecom operator Vodafone Idea announced that it will offer shares worth Rs 18,000 crore in its further public offering (FPO) from April 18-22 at a price band of Rs 10-11 per share
  • The benchmark Sensex crossed the 75,000 mark for the first time and the Nifty 50 opened above a new record high of 22,700 mark led by strong Q4 earnings optimism and a positive Asian market
  • Writer-director Payal Kapadia‘s debut fiction feature ‘All We Imagine As Light’ will compete for the top honours during the upcoming edition of Cannes Film Festival, scheduled to be held from May 14 to 25
  • India’s Dr Gagandeep Kang has been awarded the 2024 John Dirks Canada Gairdner Global Health Award for her achievements in global health research
  • According to new research surveying cybercrime experts from around the world, India ranked 10th in cybercrime, with fraud involving people asking for advance fee payments as the most common type
  • India is among the twelve countries responsible for 60 percent of the planet’s mismanaged plastic waste though the fast-developing South Asian nation’s per capita plastic waste production is among the lowest in the world, according to a new report
  • Dipendra Singh Airee of Nepal became only the third player to hit six sixes in an over in a T20I during the match against Qatar
  • The Reserve Bank of India (RBI) has rejected two more applications for setting up small finance banks: Dvara Kshetriya Gramin Financial Services Private Limited and Tally Solutions Private Limited.
  • Tiger Global and Softbank-backed neobank Revolut India has received an in-principle approval from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI), including prepaid cards and wallets.
  • The Ministry of Finance (MoF) has reached out to regulatory bodies like the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority of India (IRDAI) to address concerns regarding export credit availability and insurance premium increases.
  • The Reserve Bank of India (RBI), in a cautious move, declined Annapurna Finance Limited’s application for a universal bank license made in January 2023.
  • Hinduja Group-owned Asia Enterprises has received Securities and Exchange Board of India’s (SEBI) approval for taking control of Reliance Wealth Management.
  • The Reserve Bank of India (RBI) has launched the next round of quarterly order books, inventories and capacity utilisation surveys of manufacturing companies, a key input for the monetary policy formulation.
  • Karnataka Bank has partnered with FISDOM to offer 3-in-1 (savings, demat and trading accounts) through the bank’s mobile banking app ‘KBL Mobile Plus’.
  • The Reserve Bank of India (RBI) has released another ‘Alert List‘ including the names of organisations that are not permitted to trade in foreign exchange under the Foreign Exchange Management Act (FEMA), 1999 or to conduct foreign exchange transactions through electronic trading.
  • Anurag Kumar, a senior Indian Police Service (IPS) officer, has been appointed to the position of Joint Director (JD) at the Central Bureau of Investigation (CBI).
  • Former Pakistan Prime Minister and senior Pakistan Peoples Party (PPP) leader Yusuf Raza Gilani was elected unopposed as chairman of the Pakistani Senate days after the PPP and Pakistan Muslim League-Nawaz-led (PML-N) coalition swept the elections.
  • Gopi Thotakura, an entrepreneur and a pilot, is set to become the first Indian to venture into space as a tourist on Amazon founder Jeff Bezos’s Blue Origin’s NS-25 mission.
  • Researchers at the Indian Institute of Science (IISc) have developed a sustainable hydrogel specifically designed to remove microplastics from water.
  • Renowned Italian fashion designer Roberto Cavalli, celebrated for his bold python and extravagant animal prints that captivated the global jet set, has passed away at the age of 83.
  • Penguin Random House India has announced that a book on the life and times of former Reserve Bank of India governor Duvvuri Subbarao will be released on April 30.

7 months ago

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