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CURRENT AFFAIRS : BANKING & FINANCE
IIHL Requests Reserve Bank of India Approval to Pledge 100% of RCap’s Shares
- IIHL BFSI (India), linked to the Hinduja Group, has sought approval from the banking regulator Reserve Bank Of India (RBI) to pledge 100% shares of Reliance Capital, which it acquired in a bankruptcy resolution, to raise ₹8,000 crore.
- IndusInd International Holdings (IIHL), a holding company of IIHL BFSI (India), received approval from the National Company Law Tribunal (NCLT) to acquire Reliance Capital for ₹9,661 crore.
- Purpose of Fund-Raise : The proposed ₹8,000 crore fund-raise will be used to pay lenders of Anil Ambani’s erstwhile bankrupt financial services company, Reliance Capital.
Key Highlights :
- Reliance Capital is among the few Indian financial companies, along with Dewan Housing Finance and Srei, to have had successful debt resolution under a bankruptcy framework, releasing billions of dollars stuck in soured loans.
- IIHL BFSI (India) plans to raise ₹3,500 crore by issuing secured non-convertible debentures (NCDs), while Reliance Capital will raise ₹4,500 crore through NCDs.
- The entire ₹8,000 crore will be raised by pledging shares of Reliance Capital.
- As per the NCLT-approved resolution plan, IIHL BFSI Holdings (Mauritius) will hold a 100% stake in IIHL BFSI (India), which in turn will hold a 100% stake in Reliance Capital.
State Bank of India’s Fourth Quarter Net Profit Surges 24% to ₹20,698 Crore
- State Bank of India (SBI) has achieved its highest standalone quarterly net profit of ₹20,698 crore in the fourth quarter, driven by robust growth in non-interest income, including treasury income, along with effective cost management strategies and write-back in provisions for standard assets and other provisions.
- This quarterly net profit surpasses the previous year’s figure of ₹16,695 crore, indicating a substantial growth trajectory for the bank.
- SBI’s net profit for the fourth quarter of FY24 (Q4FY24) more than doubled sequentially, witnessing a remarkable 125% increase from ₹9,163.96 crore reported in the preceding December quarter.
- The bank’s profit for the fiscal year ending March 2024 also reached an all-time high of ₹61,077 crore, marking a notable 22% surge compared to the previous fiscal year.
- Net interest income/NII (difference between interest earned and interest expended) was up 3.13 per cent y-o-y at ₹41,655 crore (₹40,393 crore).
- Total non-interest income, comprising fee income (loan processing charges, miscellaneous fee income, etc), forex income, profit or loss on sale/revaluation of investments, etc, rose about 24 per cent at ₹17,369 crore (₹13,961 crore).
- Operating income (NII plus non-interest income) growth of 8.59 per cent y-o-y (₹59,024 crore), outpaced operating expenses (employee cost and other operating expense) growth of 1.83 per cent y-o-y (₹30,277 crore), resulting in the operating profit going up 17 per cent to ₹28,747 crore.
About SBI :
- Established : 1 July 1955
- Headquarters : Mumbai, Maharashtra, India
- Chairman : Dinesh Kumar Khara
- CFO : Kameshwar Rao Kodavanti
ICICI Prudential Life Insurance Introduces ICICI Pru Platinum, a ULIP Linked to Distributors’ Commission and Customers’ Assets Under Management
- ICICI Prudential Life Insurance has launched ICICI Pru Platinum, the company’s first unit-linked product (ULIP) which aligns distributor payouts to their customers’ fund value.
- The distributor commissions are linked to their customers’ Assets under Management (AUM).
- Aim : To foster the sustained growth of assets under management while offering customers a cost- and tax-efficient means of wealth accumulation over extended periods.
Product Features:
- Customers enjoy unlimited free switches between asset classes without incurring any costs or tax implications.
- The product offers a choice of 21 funds, including 13 equity funds, four debt funds, and four balanced funds.
- Additionally, customers can select from four portfolio strategies tailored to their investment preferences.
Benefits for Customers:
- ICICI Pru Platinum provides customers with a cost- and tax-efficient avenue for building long-term wealth.
- The product incentivizes distribution partners to encourage their customers to remain invested throughout the policy term.
About ICICI Prudential Life Insurance Company Limited :
- Established : 2000 (started its operations in 2001)
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Anup Bagchi
- The life insurance arm was established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited.
- In 2016, the company became the first insurance company in India to be listed in the domestic stock exchanges
CURRENT AFFAIRS: NATIONAL NEWS
Indian AI platform Hanooman launches in 98 global languages
- 3AI Holding Limited and SML India, announced the launch of ‘Hanooman’, India’s homegrown multilingual GenAI platform in 98 global languages, including 12 Indian languages, to build Gen AI ecosystem for India by leveraging the country’s diverse linguistic and cultural heritage.
- Derived from the name of Lord Hanuman, it symbolises the platform’s commitment to using the power of GenAI for the greater good.
- Hanooman, with all his knowledge, power and strength always served Ram loyally and we want Hanooman to bring the same GenAI power to humanity.
- The AI tool has been developed by generative AI business SML India in partnership with 3AI Holding, an Abu Dhabi-based investment company.
- The 12 Indian languages that the web version and app are currently available in include Hindi, Marathi, Gujarati, Bengali, Kannada, Odia, Punjabi, Assamese, Tamil, Telugu, Malayalam and Sindhi.
- It is the largest multilingual and most affordable Gen AI platform.
- It aims to cater to four sectors: healthcare, governance, financial services, and education.
- It offers an open-source alternative to commercially accessible Large Language Models (LLMs).
- The company has also collaborated with the Government of Telangana and the Department of Administrative Reforms and Public Grievances (DARPG), to facilitate seamless translation between English and Telugu, enhancing accessibility and understanding of crucial documents like court orders.
4th Meeting of ASEAN-India Trade in Goods Agreement Joint Committee
- The 4th Joint Committee meeting for the review of AITIGA (ASEAN-India Trade in Goods Agreement) was held in Putrajaya, Malaysia and was co-chaired by Shri Rajesh Agrawal, Additional Secretary, Department of Commerce, India and Ms. Mastura Ahmad Mustafa, Deputy Secretary General (Trade), Ministry of Investment, Trade & Industry, Malaysia.
- The delegates from India and all 10 ASEAN countries participated in the discussions.
Key Highlights
- The discussions for review of AITIGA, to make it more trade-facilitative and beneficial for businesses across the region, started in May 2023.
- The Joint Committee undertaking the review work has met four times so far.
- The Joint Committee finalised its Terms of Reference and the Negotiating Structure for the review negotiations in its first two meetings and initiated the negotiations for review of AITIGA from its third meeting held from 18-19 February 2024 in New Delhi.
- ASEAN is one of the major trade partners of India with a share of 11% in India’s global trade.
- The bilateral trade stood at USD 122.67 Bn during 2023-24.
- The upgradation of AITIGA will further boost bilateral trade.
- Both sides would next meet for the 5th Joint Committee meeting from 29-31 July 2024 in Jakarta, Indonesia.
CURRENT AFFAIRS: AWARDS AND HONOURS
Author Ruskin Bond receives Sahitya Akademi Fellowship
- Eminent English author Ruskin Bond was awarded the prestigious Sahitya Akademi Fellowship at Mussoorie.
- Bond was named a recipient of Akademi’s highest honour in September 2021.
- However, due to his ill health, he could not be given the honour in person.
- Born on 19 May 1934 in Kasauli, Himachal Pradesh, Bond has been actively writing for more than 50 years and has written in various genres of literature, including short stories, children’s books, novels, autobiographical works and non-fiction.
- Bond, who has written over 300 short stories, essays and novels and more than 30 books for children besides several other works, is the recipient of the Sahitya Akademi Award in 1992, Sahitya Akademi’s Bal Sahitya Puraskar in 2012, Padma Shri in 1999 and Padma Bhushan in 2019 among other prestigious awards.
About Sahitya Akademi Fellowship
- The Sahitya Akademi Fellowship is a literary honour in India bestowed by the Sahitya Akademi, India’s National Academy of Letters.
- It is the highest honour conferred by the Akademi on a living writer, the number of fellows at no time exceeding 21.
CURRENT AFFAIRS: RANKING AND INDEX
China largest trading partner of India in FY24 with $118.4 bn; the US second with $118.3 bn
- According to the data of economic think tank GTRI, China has emerged as the largest trading partner of India with $118.4 billion in two-way commerce in 2023-24, slightly edging past the US.
- The bilateral trade between India and the US stood at $118.3 billion in 2023-24. Washington was the top trading partner of New Delhi during 2021-22 and 2022-23.
- The main sectors which recorded healthy growth in exports to that country include iron ore, cotton yarn/fabrics/made-ups, handloom, spices, fruits and vegetables, plastic and linoleum.
- On the other hand, exports to the US dipped by 1.32 per cent to $77.5 billion in 2023-24 as against $78.54 billion in 2022-23, while imports dipped by about 20 per cent to $40.8 billion.
- China witnessed a marginal decline in exports by 0.6 per cent, from $16.75 billion to $16.66 billion, while imports from China surged by 44.7 per cent, from $70.32 billion to $101.75 billion.
- China was India’s top trading partner from 2013-14 till 2017-18 and also in 2020-21.
- Before China, the UAE was the country’s largest trading partner.
- The US was the largest partner in 2021-22 and 2022-23.
- In 2023-24, the UAE with USD 83.6 billion, was the third largest trading partner of India. It was followed by Russia ($65.7 billion), Saudi Arabia ($43.4 billion), and Singapore ($35.6 billion).
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
B Sudarshan Appointed as Executive Director (Refinery) of Mangalore Refinery and Petrochemicals Limited
- B Sudarshan has been appointed as the Executive Director (Refinery) of Mangalore Refinery and Petrochemicals Ltd (MRPL).
About Sudarshan :
- Sudarshan hails from Mysore.
- He joined MRPL on December 3, 1993, as a Senior Engineer (Instrumentation Maintenance).
- He has previously held the esteemed position of Group General Manager (Marketing Projects) and served as the head of MRPL’s Bengaluru office.
Recent News :
- In Feb 2024, Mundkur Shyamprasad Kamath took charge as the Managing Director (MD) of MRPL.
About MRPL :
- Founded : 7 March 1988
- Headquarters : Mangalore, India
- MRPL is a schedule ‘A’ Miniratna, Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum & Natural Gas.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
China’s 3rd Aircraft Carrier, Fujian, Concludes Inaugural 8-Day Sea Trial
- China’s 3rd aircraft carrier, Fujian, has successfully completed its 8-day maiden sea trials.
- During the trial, the carrier tested its propulsion, electrical systems, and other equipment, achieving expected results.
- The carrier set sail from Jiangnan Shipyard in Shanghai on May 01, 2024.
About Fujian :
- Fujian is an 80,000-tonne supercarrier equipped with electromagnetic catapults for launching aircraft, making China the 2nd country after the U.S. to deploy a supercarrier with this technology.
- Named after East China’s Fujian Province and given the hull number 18, the carrier was launched in June 2022.
- China’s first aircraft carrier Liaoning, a refurbished Soviet carrier, was commissioned in 2012 and the second carrier Shadong was launched in 2017.
Indian Navy’s Aircraft Carriers:
- The Indian Navy operates two aircraft carriers the INS Vikramaditya, a refurbished Russian carrier commissioned in 2013, and the INS Vikrant, an indigenously designed and built carrier commissioned in September 2022.
- Plans for a second Indigenous Aircraft Carrier (IAC-II) have been initiated, aimed at replacing the INS Vikramaditya in around 15 years.
- IAC-II Specifications and Timeline:The IAC-II will displace 45,000 tonnes and incorporate modifications and newer technologies compared to INS Vikrant.
- Cochin Shipyard Limited (CSL) will manufacture the IAC-II.
- It is estimated to take around 8-10 years to build the carrier, provided the basic design, engines, and propulsion systems remain unchanged.
- Plans for a larger 65,000-tonne carrier have been shelved due to cost and timeline concerns associated with new technologies.
- Chairman and Managing Director of CSL : Madhu S. Nair
About China:
- President: Xi Jinping
- Capital: Beijing
- Currency: Renminbi
Indian Space Research Organisation Successfully Conducts Hot Testing of Liquid Rocket Engine
- Indian Space Research Organisation (ISRO) has accomplished the significant achievement of conducting a successful hot test of a liquid rocket engine that was produced using additive manufacturing (AM) technology.
- The test lasted 665 seconds and involved the utilization of the PS4 engine, which is part of the PSLV upper stage.
Key Highlights :
- AM, also known as 3D printing, involves layer-by-layer material addition to create objects from digital models, allowing for complex designs and efficient material usage.
- PS4 Stage Details : The PS4 stage is the fourth, and topmost, stage of the PSLV rocket, featuring two liquid engines.
- Each engine can produce 7.3 kiloNewtons (kN) of thrust in vacuum conditions, achieving a combined total of 14.6 kN.
- The PS4 engine employs Earth-storable bipropellants-nitrogen tetroxide as the oxidizer and monomethylhydrazine as the fuel, in a pressure-fed set-up.
- It was developed by ISRO’s Liquid Propulsion Systems Centre (LPSC)
- The engine was manufactured by M/s WIPRO 3D in India and underwent hot testing at the ISRO Propulsion Complex at Mahendragiri.
- The LPSC revamped the engine to align with the Design for Additive Manufacturing (DfAM) approach, which brought significant benefits.
- Through this method, the material required for each engine has drastically dropped to just 13.7 kg of metal powder, compared to 565 kg of forgings and sheets used in traditional manufacturing processes.
Recent News :
- In May 2024, The Indian Space Research Organisation (ISRO) has completed the first ignition test on the Semi Cryogenic Pre-Burner Ignition Test Article (PITA) at the ISRO Propulsion Complex (IPRC) in Mahendragiri, Tamil Nadu (TN).
About ISRO :
- Established: 15 August 1969
- Headquarters: Bangalore, Karnataka, India
- Chairman: S. Somanath
CURRENT AFFAIRS: SPORTS NEWS
Doha Diamond League: Neeraj Chopra finishes second with a throw of 88.36m
- Olympic and world champion Neeraj Chopra finished second at the Doha Diamond League meeting javelin throw event as his big final effort of 88.36m fell short by two centimetres of Jakub Vadlejch’s winning effor
- The 26-year-old Chopra trailed Czech Republic veteran Vadlejch — who won the title with his third round throw of 88.38m — all through the competition.
- Two-time world champion Anderson Peters took the third sport with a best throw of 86.62m.
- Vadlejch had won a silver in the Tokyo Olympics and a bronze in the 2023 World Championships, the two events in which Chopra had won gold.
- Chopra had won the 2023 Doha Diamond League with a throw of 88.67m, ahead of Vadlejch (88.63) and Peters (85.88m).
- At each DL meeting, athletes are awarded 8, 7, 6, 5, 4, 3, 2 or 1 points for ranking first to eighth respectively.
- The top six javelin throwers will compete in the Diamond League Finals in Brussels on September 13-14 and the winner will lift the DL champion’s trophy.
Indian Contingent Bags 43 Medals At ASBC Asian U-22 And Youth Boxing Championships In Astana, Kazakhstan
- The Indian contingent won 43 medals in the ASBC Asian U22 and Youth Boxing Championship in Astana, Kazakhstan.
- In both categories, the Indian contingent won 12 gold, 14 silver and 17 bronze medals.
- The Indian under-22 team finished with 21 medals including 7 gold, 5 silver and 9 bronze medal
- The youth category finished with 22 medals including 5 gold, 9 silver and 8 bronze medals.
- After the host Kazakhstan, who took home 48 medals, India finished with the second-highest number of medals.
- The ASBC Men’s and Women’s U22 and Youth Asian Boxing Championships were held at the “Beeline Arena” National Tennis Center, Kazakhstan from 27 April to 7 May 2024.
UWW suspends Bajrang Punia for dope sample refusal to NADA
- The world wrestling governing body United World Wrestling (UWW) has provisionally suspended Tokyo bronze medallist Bajrang Punia till 31st December 2024.
- The UWW has cited the suspension of Bajrang Punia by the National Anti-Doping Agency (NADA) of India as the reason for the provisional suspension.
- It puts into jeopardy his participation in the 2024 Paris Summer Olympics.
- NADA provisionally suspended Bajrang Punia on 23 April 2024 after Bajrang Punia refused to give his sample for an anti-dope test.
- Bajrang Punia is the first Indian wrestler to be ranked world no.1 and first to win four world championship medals.
- He won a bronze medal at the Tokyo Olympics.
- Bajrang Punia was awarded India’s highest sports award Rajiv Gandhi Khel Ratna award in 2019.
About UWW
- United World Wrestling is the international governing body for the sport of amateur wrestling; its duties include overseeing wrestling at the World Championships and Olympic.
- Headquarters: Corsier-sur-Vevey, Switzerland,
- Founded: 1912.
Dominic Thiem, the winner of the US Open, announces his retirement from tennis
- Austrian tennis player Dominic Thiem announced that he will retire at the end of this season.
- The 30-year-old, who won the US Open men’s singles title in 2020, said that recurring problems due to his wrist injury forced him to arrive at this decision.
- Thiem has won 17 career titles, the most recent being the US Open win in 2020.
- The Austrian achieved a career-highest ranking of 3 in March 2020.
- He is currently ranked 117th.
- Thiem reached the final of the Australian Open in 2017 and the French Open final in 2018 and 2019.
- He has also contested two ATP finals in London that brings together the season’s eight best players.
Indian Gymnast Srishti Khandagale Wins Silver medal at Asian Championships
- In Trampoline, India’s Srishti Khandagale scripted history by becoming the first-ever Indian to win a medal at the Asian Trampoline Gymnastics Championships.
- She clinched the silver medal in the Women’s Individual Age group category at the 6th Asian Trampoline Gymnastics Championship held in Hong Kong, China.
- However, she did not qualify for the upcoming Paris Olympics, as she was competing in an age group event.
- Kazakhstan’s Dolgopolova secured the gold medal, while Hong Kong’s S Hung won the bronze.
CURRENT AFFAIRS : OBITUARIES
Renowned Hollywood Mentor and ‘King of the Bs’, Roger Corman, Passed Away
- Roger Corman, the “King of the Bs” who helped turn out such low-budget classics as “Little Shop of Horrors” and “Attack of the Crab Monsters” and gave many of Hollywood’s most famous actors and directors early breaks, has passed away at the age of 98.
About Roger Corman :
- Roger Corman was born on April 5, 1926, in Detroit, Michigan, United States.
- He was an American film director, producer, and actor.
- Known by various monikers such as “The Pope of Pop Cinema,” “The Spiritual Godfather of the New Hollywood,” and “The King of Cult.”
- Corman was a trailblazer in the world of independent film and highly influential in the New Hollywood filmmaking movement of the 1960s and 1970s.
- He helped produce and direct numerous low-budget classics such as “Little Shop of Horrors” and “Attack of the Crab Monsters.”
- Corman mentored and gave starts to many young film directors, including Francis Ford Coppola, Ron Howard, Martin Scorsese, Jonathan Demme, Peter Bogdanovich, Joe Dante, John Sayles, and James Cameron.
- He also handled the U.S. distribution of films by noted foreign directors like Federico Fellini, Ingmar Bergman, François Truffaut, and Akira Kurosawa.
Awards & Honors :
- In 2009, he was awarded an Academy Honorary Award “for his rich engendering of films and filmmakers”
Daily CA One-Liner: May 14th
- 3AI Holding Limited and SML India, announced the launch of ‘Hanooman’, India’s homegrown multilingual GenAI platform in 98 global languages, including 12 Indian languages, to build a Gen AI ecosystem for India by leveraging the country’s diverse linguistic and cultural heritage
- The 4th Joint Committee meeting for the review of AITIGA (ASEAN-India Trade in Goods Agreement) was held in Putrajaya, Malaysia and was co-chaired by Shri Rajesh Agrawal, Additional Secretary, Department of Commerce, India and Ms. Mastura Ahmad Mustafa, Deputy Secretary General (Trade), Ministry of Investment, Trade & Industry, Malaysia
- Eminent English author Ruskin Bond was awarded the prestigious Sahitya Akademi Fellowship at Mussoorie
- According to the data of economic think tank GTRI, China has emerged as the largest trading partner of India with $118.4 billion two-way commerce in 2023-24, slightly edging past the US.
- Olympic and world champion Neeraj Chopra finished second at the Doha Diamond League meeting javelin throw event as his big final effort of 88.36m fell short by two centimetres of Jakub Vadlejch’s winning effort
- The Indian contingent won 43 medals in the ASBC Asian U22 and Youth Boxing Championship in Astana, Kazakhstan
- The world wrestling governing body United World Wrestling (UWW) has provisionally suspended Tokyo bronze medallist Bajrang Punia till 31st December 2024
- Austrian tennis player Dominic Thiem announced that he will retire at the end of this season
- In Trampoline, India’s Srishti Khandagale scripted history by becoming the first ever Indian to win a medal at the Asian Trampoline Gymnastics Championships
- IIHL BFSI (India), linked to the Hinduja Group, has sought approval from the banking regulator Reserve Bank Of India (RBI) to pledge 100% shares of Reliance Capital, which it acquired in a bankruptcy resolution, to raise ₹8,000 crore.
- State Bank of India (SBI) has achieved its highest standalone quarterly net profit of ₹20,698 crore in the fourth quarter, driven by robust growth in non-interest income, including treasury income, along with effective cost management strategies and write-back in provisions for standard assets and other provisions.
- ICICI Prudential Life Insurance has launched ICICI Pru Platinum, the company’s first unit-linked product (ULIP) which aligns distributor payouts to their customers’ fund value.
- B Sudarshan has been appointed as the Executive Director (Refinery) of Mangalore Refinery and Petrochemicals Ltd (MRPL).
- China’s 3rd aircraft carrier, Fujian, has completed its 8-day maiden sea trials.
- Indian Space Research Organisation (ISRO) accomplished the significant achievement of conducting a successful hot test of a liquid rocket engine that was produced using additive manufacturing (AM) technology.
- Roger Corman, the “King of the Bs” who helped turn out such low-budget classics as “Little Shop of Horrors” and “Attack of the Crab Monsters” and gave many of Hollywood’s most famous actors and directors early breaks, has passed away at the age of 98.
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