Daily Current Affairs 15 May 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

State Bank of India Becomes Inaugural Bank to Join International Bullion Exchange as Trading and Clearing Member    

• Public sector lender, State Bank of India (SBI), has become the first trading-cum-clearing member (TCM)at the India International Bullion Exchange (IIBX) – the country’s first bullion exchange in GIFT City Gandhinagar.
• This enables SBI’s IFSC Banking unit (IBU) to trade on the IIBX platform.
• The Reserve Bank of India recently permitted IBUs to act as trading members and trading and clearing members at IIBX as special category clients (SCCs)to import gold through the bullion exchange.
• SBI’s participation is expected to boost trading volumes in gold and silver at the IIBX.

About IIBX :

• IIBX is India’s first bullion exchange established in IFSC Gift City.
• IIBX is a platform that enables trading in bullion with adherence to OECD Due Diligence Guidance for Responsible Supply Chain of Minerals from Conflict-Affected and High-Risk Areas for establishing supply chain integrity.
• The following types of entities are eligible to become members of IIBX-
• Non-Resident Individual / Proprietorship Firm
• Registered Partnership Firm
• Private Limited Company and Public Limited Company
• Qualified Jewellers
• IBU Branches at GIFT City
• Foreign Bullion Suppliers who follow OECD guidelines

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti

Piramal Group’s Fund Management Arm Injects Rs 600 Crore into Annapurna Finance       

• Piramal Alternatives,the fund management arm of the Piramal Group, invested Rs 600 crore in Annapurna Finance Private Limited.
• This investment comprised Rs 300 crore for acquiring a 9.85% stake in Annapurna Finance and another Rs 300 crorefor subscribing to Annapurna’s optionally convertible debenture.
• The deal involved a combination of a secondary purchase of shares and providing Tier-2 capital to Annapurna Finance.
• Purpose of Investment: The structured capital solution is aimed at fueling the risk-calibrated growth of Annapurna Finance’s assets under management.

About Annapurna Finance  :

• Headquarters: Bhubaneswar, Odisha, India.
• MD & CEO: Gobinda Chandra Pattanaik.
• Annapurna Finance is a Non-Banking Financial Company (NBFC) primarily focused on microfinance.
• It applied for a universal bank license to the Reserve Bank of India last year.
• As of March 31, 2024, its assets under management exceed $1.25 billion, with 1,372 branches across 20 states covering nearly 450 districts.
• Unitus Capital acted as the exclusive financial advisor to Annapurna Finance.
• Annapurna Finance offers secured and unsecured loans for the micro, small, and medium-sized enterprise sector.
• Annapurna Finance is backed by marquee domestic and overseas investors, including Nuveen Global Impact, Oman India Joint Investment Fund, and the Asian Development Bank.

About Piramal Alternatives :

• CEO : Kalpesh Kikani

Zomato to Relinquish RBI License for Online Payment Aggregator Operations        

• Zomato, a prominent foodtech company, revealed that its subsidiary Zomato Payments Private Limited (ZPPL)has chosen to voluntarily surrender the certificate of authorization obtained from the Reserve Bank of India (RBI) to function as an online payment aggregator under the Payment and Settlements Systems Act 2007.
• In connection with this decision, Zomato has incurred an impairment loss of Rs 39 crore for its investment in ZPPL, its fintech subsidiary.
• The prepaid payment instrument license allowed Zomato to provide wallet and cash card services to its users, while the online payment aggregator license granted the platform greater control over payments on its platform, including those made through third-party apps.
• While ZPPL has opted to surrender its online payment aggregator license, its other operations will persist.
• To recall, Zomato had incorporated a wholly-owned subsidiary (ZPPL) in August 2021to comply with RBI regulations for payment aggregator services and payment gateway services.
• The firm received the RBI’s nod to carry out business as payment aggregator and issuer of pre-paid payment instruments in January, 2024.

What is payment aggregator?

• A payment aggregator is a third-party service providerthat enables customers to make and businesses to accept payments online.
• Payment aggregators enable their clients to accept various payment methods such as debit cards, credit cards, cardless EMIs, UPI, bank transfers, e-wallets, and e-mandates.

Recent News :

• In May 2023, Zomato collaborated with ICICI Bank to introduce its own unified payments interface (UPI) solution-Zomato UPIwith an aim to minimize the use of third party payment apps like Google Pay, Paytm, and PhonePe for payments.

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

About Zomato :

• Founded : July 2008
• Headquarters : Gurgaon, Haryana, India
• MD & CEO : Deepinder Goyal

SEBI Mandates Mandatory Certification for Alternative Investment Fund Manager’s Investment Team        

• Capital markets regulator Securities and Exchange Board of India (SEBI) has amended rules to make it mandatory for at least one key personnel within an investment team of an Alternative Investment Fund (AIF) managerto obtain requisite certification.
• The new requirement aims to boost competency and professionalism in the AIF space.
• The new rules have been made applicable from the same date of the announcement.
• Through this requirement of certification for key personnel, the SEBI is looking to ensure a higher proficiency in managing AIFs.

Recent News :

• In April 2024, SEBI announced that certain changes in the private placement memorandum of AIFscan be submitted directly to the regulator rather than through a merchant banker in a bid to facilitate ease of doing business.
• Also, the move is aimed at rationalising the cost of compliance for alternative investment funds.

About SEBI :

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

South Indian Bank collaborates with Northern Arc Capital to establish new standards in the financial sector 

• South Indian Bankhas formed an association with Northern Arc Capital aiming to explore and maximise commercial prospects by combining efforts in loan origination, underwriting, disbursement, collection, and reconciliation procedures.
• The collaboration will concentrate on co-lending and partnership lending activities, as well as facilitating smooth loan transfersbetween banks and originators.
• This collaboration has been formalised with the signing of a Memorandum of Understanding (MOU), demonstrating both institutions’ commitment to a mutually beneficial partnership.
• The cooperation will allow South Indian Bank to use nPOS, Northern Arc’s unique technology platform for co-origination, co-lending, and pool buyouts, as well as interact with numerous originators for loan origination, underwriting, disbursement, and reconciliation.
• MD & CEO, Northern Arc Capital Ltd : Ashish Mehrotra

About South Indian Bank :

• Founded : 1929
• Headquarters : Thrissur in Kerala, India
• MD & CEO : P R Seshadri

CURRENT AFFAIRS: NATIONAL NEWS

India likely to export almost 18 million tonnes of rice in 2024-25: USDA

• India will remain a leading player in the world rice marketdespite restrictions, according to a recent projection by the United States Department of Agriculture (USDA).
• It accounts for almost 18 million tonnes of rice exports in 2024-25, which is around two million tonnes more than the previous year.
• India’s rice exports will be a sizeable chunk of the global trade, but it will still be much lower than the record 22 million tonnes it exported in 2021-22.
• On the world rice markets, it said the global rice outlook for 2024-25 is for rising supplies, trade, consumption, and ending stocks.
• Supplies increase year-to-year on record production at 527.6 million tonnes, which offsets the lower beginning stocks.
• The global crop is primarily driven by an increase in production in India, China, Bangladesh, and Indonesia.
• The global consumption is projected at a record 526.4 million tonnes, on the back of higher use in India, the Philippines, Indonesia, and Bangladesh, offsetting a reduction for China.
• With the production and consumption gains projected in many of the same countries, global trade is forecasting up only slightly at 53.8 million tonnes, but still lower than levels of trade before India first imposed restrictions on rice exports in 2022

Centre plans a unified portal for all digital public goods

• The government is planning a unified portal to list all its digital public goods (DPGs) such as Aadhaar, Unified PaymentsInterface and Open Network for Digital Commerce in one place to provide easy access to all the apps and services.
• The electronics and information technology is likely to be tasked with creating the portal and coordinating with all the ministries and their respective departments and agencies to detail the digital public infrastructure(DPI) created by them.
• The idea is to enable not just easy access for users but also promote ease of doing business as multinational companies have also been seeking the services of these DPIs.
• Apps and services under DPGs which are currently being developed and have not been launched for public service may also be listed in the portal for application developers and software engineers in case they wish to collaborate and build on top of the DPI, the official said, adding that nearly 60 DPGs have either been fully or partially developed in the country at various levels so far.
• According to estimates, the global market size of DPGs is likely to be $100 billion in the next five-six years.
• As per EY estimates, the total cost per person for developing a DPG in countries with more than 50 million people is as low as 74 cents.

CURRENT AFFAIRS: BUSINESS NEWS

India’s retail inflation eases marginally to an 11-month low of 4.83 per cent in April 2024

• India’s retail inflation eased marginally to hit an 11-month low of 4.83 per cent on an annual basis in April 2024 as against 4.85 per cent in the previous month (march 2024).
• A Reuters poll of 44 economists had estimated the number to come down to 4.80 per cent.
• The number has remained within the Reserve Bank of India’s (RBI) tolerance band of 2-6 per cent.
• The Consumer Price Index (CPI)-based retail inflation was 4.85 per cent in March.
• It was 4.7 per cent in April 2023.
• The previous low inflation was at 4.31 per cent in May 2023.
• The inflation in the food basket was at 8.70 per cent in April, marginally up from 8.52 per cent in March, according to data released by the National Statistical Office (NSO).
• Inflation in egg, meat, spices, and ‘cereals and products’ was lower in April, while fruits, vegetables, and pulses were expensive.
• The index for ‘fuel and light’ in the CPI declined to 4.24 per cent in April on a yearly basis.

Pfizer, AstraZeneca to invest nearly $1 bn in France

• Pfizer and AstraZeneca announced new investments in France worth a total of nearly $1 billion,ahead of the start of this year’s annual ‘Choose France’ business summit.
• Pfizer would invest 500 million euros ($538.5 million) in Franceto build up its research and development work in the country, while AstraZeneca announced an investment of $388 million for its site at Dunkirk.
• Their investment pledges came as President Emmanuel Macron prepared to kick off the annual ‘Choose France’ event aimed at wooing big overseas businesses and investors.
• France announced earlier 100 new jobs in Paris at Wall Street bank, Morgan Stanley, and investments from other firms such as German aviation company Lilium .
• Macron wants to burnish Paris’ role as a top European business capital, although it has traditionally lagged New York and London on a global scale.

NFO launches set to hit a new record this year(2024)

• Mutual fund houses launched 10-12 equity new fundoffers (NFOs) every month in the last three years.
• That the flood shows no signs of subsiding is evident from the number in 2024.
• Already, 67 new schemes have been launched so far this year, indicating an increase in momentum.
• Almost half of these schemes are actively managed.
• For the first time in three decades, that is, ever since the private sector mutual funds started operations in November 1993, the number of equity and hybrid NFOs crossed the 100-mark every year between 2021 and 2023,according to data from Value Research.
• The rise in the number of NFO launches over the past years reflects the maturity and growth of the market.
• If you see that the market is expanding in terms of breadth of investors, it naturally becomes more feasible for the industry to offer more choices

Hindujas get IRDAI approval for RCap deal

• The Hinduja Group has received the insurance regulator’s approval to conclude the acquisition of Reliance Capital’s (RCap) three insurance companies, a move that will help it complete the resolution process of the debt-laden firm by the May 27 deadline.
• However, IndusInd International Holdings (IIHL), a group firm through which the Hinduja Group had placed bids for RCap,now requires regulatory approvals for a proposed change in holding structure. Sources said these approvals are expected “anytime now”.
• IRDAI has permitted transfer of RCap’s 26% stake in the insurance firms to Aasia Enterprises, a private family firm with 90% stake held by Ashok P Hinduja(Hinduja Group chairman), 5% each by Harsha A Hinduja (Hinduja Foundation trustee) and Shom A Hinduja (president, alternative energy and sustainability at Hinduja Group).
• The transfer should not violate foreign direct investment rules, and RCap and Aasia Enterprises would have to remain promoters of the three insurance firms. The shares of the insurance firms should not be encumbered, according to IRDAI’s approval letter.
• The insurance companies would now be transferred to IIHL, which had earlier received approvals from Securities and Exchange Board of India, Reserve Bank of India and the Competition Commission of India.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

First Woman IPS Officer, R. Chandranathan Nongrang, Appointed as Meghalaya’s Police Chief                           

• Idashisha Nongrang, a 1992 batch Indian Police Service (IPS) officer, has been appointed as the Director General of Police (DGP) of Meghalaya,making history as the first woman to hold the position.
• Nongrang will assume office on May 20, 2024, following the retirement of the current DGP, R. Bishnoi, on May 19, 2024.

About Idashisha Nongrang :

• Nongrang, a member of the Khasi tribe— one of Meghalaya’s three major tribal communities is currently serving as the Director General of Meghalaya Civil Defence and Home Guards.
• She also reportedly served as the acting DGP of Meghalaya for a brief period in 2021.
• Her tenure as head of police will extend until 19 May, 2026.
• Appointment Process : The Meghalaya Security Commission, chaired by Chief Minister Conrad K. Sangma,oversaw the appointment and selected Nongrang from a list of three candidates approved by the Union Public Service Commission (UPSC).
• Two other officersrecommended by the UPSC –R.P. Meena and Deepak Kumar, emerged as candidates after G.P. Singh (1991 batch) and Harmeet Singh (1992 batch) declined the top job.
• India witnessed its first female state DGP in 2004 when Kanchan Chaudhary Bhattacharya,a 1973 batch IPS officer, was appointed as the DGP of Uttarakhand marking a significant milestone in the nation’s policing history.
• Representation of Women in Police Force:The proportion of women in the police force has gradually increased from 5.87 percent in 2013 to 11.75 percent in 2022,according to the Union home ministry’s response in the Rajya Sabha in February 2023.
• However, it still falls short of the ministry’s benchmark of 33 percent for women’s representationin police departments across the country.

About Meghalaya :

• Governor : Phagu Chauhan
• Chief Minister : Conrad Sangma
• Capital : Shillong
• National Parks : Balpakram National Park, Nokrek National Park

Ippopay Appoints Former RBI Regional Director as Senior Advisor                  

• Chennai-based fintech firm Ippopay Technologieshas appointed former Reserve Bank of India (RBI) regional director SMN Swamy as a senior advisor.
• Swamy, who has held leadership roles across RBI offices in Chennai, Thiruvananthapuram, Bengaluru, Hyderabad, Ahmedabad and Mumbaiover a decade-long career, brings deep regulatory and banking operations experience to Ippopay.

About Ippopay :

• Incorporated : 2020
• Founder & CEO : Mohan Karupaaiah
• The company focuses on facilitating digital payments for small merchants,with an emphasis on driving UPI-based transactions in tier III and IV cities as well as rural areas.

Ajitkumar V Sontakke (IOFS) Named Chief Vigilance Officer of Nuclear Power Corporation of India Limited     

• The Appointments Committee of the Cabinet (ACC)has approved the appointment of Ajitkumar Vasantrao Sontakke (IOFS) as the Chief Vigilance Officer (CVO) of Nuclear Power Corporation of India Limited (NPCIL) .
• The appointment was made under the Department of Atomic Energy, Government of India.
• The appointment is effective for a period up to May 20, 2027, with a maximum admissible tenure of 7 yearsaway from the cadre at a stretch, from the date of assuming the charge of the post or until further orders.
• He is currently serving as Deputy Secretary in the Ministry of Home Affairs.

About NPCIL :

• Founded : September 1987
• Headquarters : Mumbai, Maharashtra, India
• The NPCIL is an Indian public sector undertaking.
• It is wholly owned by the Government of India and is responsible for the generation of electricity from nuclear power.
• NPCIL is administered by the Department of Atomic Energy (DAE).

Dilip Sanghani Re-Elected as Indian Farmers Fertiliser Cooperative Chairperson for 2nd Consecutive Term; Balvir Singh Continues as Vice Chairman                                                  

• Senior BJP leader and former cabinet minister Dilip Sanghani has secured his position as the chairman of the Indian Farmers Fertiliser Cooperative (IFFCO) for the second consecutive term.
• Sanghani’s re-election took place during a recent board meeting of IFFCO, where 21 directors unanimously appointed him as the chairman.
• Dilip Sanghani, hailing from Amreli, has a noteworthy association spanning four decades with various national and international farmers’ organizations.
• Alongside Sanghani’s re-election, Balwinder Singh,a farmer leader from Uttar Pradesh, has been appointed as the vice-chairman of IFFCO.

About IFFCO :

• Founded : 3 November 1967
• Headquarters : New Delhi, Delhi, India.
• MD & CEO : Dr. Udai Shanker Awasthi
• IFFCO, is a multi-state cooperative societyengaged in the manufacture and marketing of fertiliser.

CURRENT AFFAIRS: RANKING INDEX

UAE tops global fibre connectivity with 99.3 pc penetration

• The UAE has once again been recognizedas the global leader in Fibre to the Home (FTTH) penetration.
• This marks the eighth consecutive year the country has held this top position with a penetration rate of 99.3 percent, as reported by the FTTH Council in its latest annual report.
• The report analysed data from 20 countries that have exceeded 50 percent FTTH availability and compared global statistics on fiber optic network penetration.
• It placed the UAE above Singapore (97.1 percent), Hong Kong (95.3 percent), China (92.9 percent), and South Korea (91.5 percent).
• The ranking solidifies the UAE’s position as a global leader in high-speed fibre connectivity and underscores the vision of the nation’s leadership to prioritise next-generation digital infrastructure.
• eAndUAE has played an integral part in realising the nation’s connectivity ambitions. With its commitment to digital innovation and interconnectivity, e& UAE continues to invest and develop world-class infrastructure for 5G and fibre networks.

CURRENT AFFAIRS: SPORTS NEWS

Legendary Nepal Mountaineer Climbs Mount Everest For Record 29th Time

• Nepal’s Kami Rita Sherpa also known as ‘Everest Man’ broke his record by climbing the world’s highest peak, Mount Everest for the 29th time.
• The 54-year-old Sherpa climberand guide in the last spring season had climbed the 8848.86 meters tall highest peak two times within a week setting a record for the 28th summit.
• But the climber has hinted at his plans to climb the peak twice this time again.
• Before the summit, Mr Kami Rita had stated that he “has no plan of climbing Sagarmatha (Nepalese name for Mount Everest) for any specified number of times.”
• Legendary Nepal Mountaineer Climbs Mount Everest For Record 29th Timethe record-setting climber reached the summit of Everest at 7:25 AM (NST).
• As per the officials from the Department of Tourism, the record-setting climber reached the summit of Everest at 7:25 AM (NST) while guiding an expedition organized by the ‘Seven Summit Treks’.

CURRENT AFFAIRS : OBITUARIES

Former Deputy Chief Minister of Bihar, Sushil Kumar Modi, Known as ‘Bihar’s Bhamashah’, Passes Away

• Senior Bharatiya Janata Party (BJP) leaderand former Bihar Deputy Chief Minister Sushil Kumar Modi passed away in New Delhi at the age of 72.

About Sushil Kumar Modi :

• Sushil Kumar Modi was born on January 5, 1952, in Bihar.
• Modi’s political career spanned over three decades, during which he held various positions such as MLA, MLC, and member of both Lok Sabha and Rajya Sabha.
• He became an MLA for the first time in 1990 from the Patna Central constituency and was appointed as the chief whip of the BJP legislature party.
• From 1996 to 2004, he served as the leader of the opposition in the state assembly.
• He was elected as a member of Lok Sabha from Bhagalpurin 2004 but later became a member of the legislative council in 2005, after which he was appointed as the Deputy Chief Minister of Bihar.
• Modi was elected to the Rajya Sabha in 2020 and retired earlier this year.
• He served as the Chairman of the Empowered Committee of State Finance Ministers for the Implementation of Goods and Service Tax (GST) in July 2011.
• He served as the Deputy Chief Minister of Bihar from 2005 to 2013 and again between 2017 and 2020.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day Of Families 2024 – May 15 

• International Day of Familiesis celebrated every year on May 15.
• This day is celebrated to raise awareness about the importance of Family.
• The theme for International Day of Families 2024 is “Families and Climate Change.”
• International Day Of Families was first observed by the United Nations General Assembly (UNGA) in the year 1994.
• International Day Of Families was observed as a global observance.
• The United Nations focuses on the importance of families like health, wealth, work-life balance, women’s rights, etc.
• International Day Of Families is celebrated as the 30^thanniversary of International Day Of Families by the United Nations.
• In 1985, the Economic and Social Council invited the General Assembly to conduct the forty-first session named “Families in the Development Process”.

Daily CA One- Liner: May 15

• India will remain a leading player in the world rice marketdespite restrictions, according to a recent projection by the United States Department of Agriculture (USDA).
• The government is planning a unified portal to list all its digital public goods (DPGs) such as Aadhaar, Unified PaymentsInterface and Open Network for Digital Commerce in one place to provide easy access to all the apps and services
• India’s retail inflation eased marginally to hit an 11-month low of 4.83 per cent on an annual basis in April 2024 as against 4.85 per cent in the previous month(March 2024).
• Pfizer and AstraZeneca announced new investments in France worth a total of nearly $1 billion,ahead of the start of this year’s annual ‘Choose France’ business summit
• Mutual fund houses launched 10-12 equity new fundoffers (NFOs) every month in the last three years
• The Hinduja Group has received the insurance regulator’s approval to conclude the acquisition of Reliance Capital’s (RCap) three insurance companies, a move that will help it complete the resolution process of the debt-laden firm by the May 27 deadline
• The UAE has once again been recognizedas the global leader in Fibre to the Home (FTTH) penetration
• Nepal’s Kami Rita Sherpa also known as ‘Everest Man’ broke his record by climbing the world’s highest peak, Mount Everest for the 29th time
• International Day of Familiesis celebrated every year on May 15.
• Public sector lender, State Bank of India (SBI), has become the first trading-cum-clearing member (TCM)at the India International Bullion Exchange (IIBX) – the country’s first bullion exchange in GIFT City Gandhinagar.
• Piramal Alternatives,the fund management arm of the Piramal Group, invested Rs 600 crore in Annapurna Finance Private Limited.
• Zomato, a prominent foodtech company, revealed that its subsidiary Zomato Payments Private Limited (ZPPL)has chosen to voluntarily surrender the certificate of authorization obtained from the Reserve Bank of India (RBI) to function as an online payment aggregator under the Payment and Settlements Systems Act 2007.
• Capital markets regulator Securities and Exchange Board of India (SEBI) has amended rules to make it mandatory for at least one key personnel within an investment team of an Alternative Investment Fund (AIF) managerto obtain requisite certification.
• South Indian Bankhas formed an association with Northern Arc Capital aiming to explore and maximise commercial prospects by combining efforts in loan origination, underwriting, disbursement, collection, and reconciliation procedures.
• Idashisha Nongrang, a 1992 batch Indian Police Service (IPS) officer, has been appointed as the Director General of Police (DGP) of Meghalaya,making history as the first woman to hold the position.
• Chennai-based fintech firm Ippopay Technologieshas appointed former Reserve Bank of India (RBI) regional director SMN Swamy as a senior advisor.
• The Appointments Committee of the Cabinet (ACC)has approved the appointment of Ajitkumar Vasantrao Sontakke (IOFS) as the Chief Vigilance Officer (CVO) of Nuclear Power Corporation of India Limited (NPCIL) .
• Senior BJP leader and former cabinet minister Dilip Sanghani has secured his position as the chairman of the Indian Farmers Fertiliser Cooperative (IFFCO) for the second consecutive term.
• Senior Bharatiya Janata Party (BJP) leaderand former Bihar Deputy Chief Minister Sushil Kumar Modi passed away in New Delhi at the age of 72.