Daily Current Affairs 17 May 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

State Bank of India Raises Short-Term Retail Fixed Deposit Rates by 25-75 Basis Points     

• State Bank of India (SBI)has raised interest rates on retail domestic term deposits (below ₹2 crore) by 25-75 basis points for deposits of less than 1-year tenor.
• SBI has also increased interest rates on domestic bulk term deposits (₹2 crore and above) by 10-50 basis points on five out of eight maturity buckets.
• The new interest rates are effective from May 15, 2024.
• Retail Term Deposit Rates:SBI has increased interest rates on retail domestic term deposits across various maturity buckets. For example:
• Deposits of 46 days to 179 days: Increased from 4.75% to 5.50% (75 bps hike)
• Deposits of 180 days to 210 days:Increased from 5.75% to 6.00% (25 bps hike)
• Deposits of 211 days to less than 1 year:Increased from 6.00% to 6.25% (25 bps hike)
• The bank’s highest interest rate is7% on deposits of 2 years to less than 3 years.
• Bulk Deposit Rate Changes:The bank has also raised interest rates on domestic bulk term deposits for various durations. For example:
• Deposits of 7 days to 45 days:Increased from 5.00% to 5.25% (25 bps hike)
• Deposits of 46 days to 179 days: Increased from 5.75% to 6.25% (50 bps hike)
• Deposits of 180 days to 210 days:Increased from 6.50% to 6.60% (10 bps hike)
• Interest Rate Increase:The bank has increased the interest rates on domestic bulk Term Deposits (TDs) with durations of 1 year to less than 2 years and 2 years to less than 3 years.
• Percentage Increase:
• For deposits of 1 year to less than 2 years, the interest rate has been increased by 20 basis points (bps) from 6.80% to 7%.
• For deposits of 2 years to less than 3 years, the interest rate has been increased by 25 bps from 6.75% to 7%.

About SBI :

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

PhonePe Teams Up with LankaPay to Encourage Unified Payments Interface Payments in Sri Lanka 

• PhonePe, a leading fintech company based in Bengaluru, has partnered with Sri Lanka-based LankaPay to enable Unified Payments Interface (UPI) transactionsfor PhonePe users in Sri Lanka.
• PhonePe users travelling to Sri Lanka can now make payments using UPI’s rails across LankaPay’s merchants throughout the country.
• Transactions will be conducted in Indian Rupees (INR),with currency exchange rates applied to such transactions.
• Apart from the National Payments Corporation of India’s (NPCI)UPI, these transactions will be facilitated by the LankaPay National Payment Network.
• LankaPay is owned by the Central Bank of Sri Lanka.
• The launch event of the payments service in Sri Lanka’s capital saw the participation of notable figures such as Santosh Jha, the High Commissioner of India to Sri Lanka, and Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL).
• This partnership aims to provide greater convenience to Indian tourists and business travelers in making seamless UPI payments at all LankaQR merchant points in Sri Lanka via the PhonePe app.
• In 2023, PhonePe announced its plans to offer UPI services in markets beyond India, including the United Arab Emirates, Singapore, Mauritius, Nepal, and Bhutan, with NPCI acting as an enabler in these markets to promote UPI services.
• CEO of LankaPay : Channa de Silva

Recent News :

• In March 2024, NPCI International Payments Limited (NIPL),the international arm of the National Payments Corporation of India (NPCI), entered into an agreement with the Bank of Namibia (BoN) to develop an instant payment system like UPI for the African nation.

About PhonePe :

• Founded : 2015
• Headquarters : Bangalore, Karnataka, India
• CEO : Sameer Nigam

About Sri Lanka :

• Capitals: Colombo, Sri Jayawardenepura Kotte
• Currency: Sri Lankan Rupee
• Prime minister: Dinesh Gunawardena

Reserve Bank of India’s Investment in IIFC’s UK Arm Decreases by 20% in FY24                               

• According to the latest Half Yearly Report on Management of Foreign Exchange Reserve, the Reserve Bank of India’s (RBI) investmentin the state-owned India Infrastructure Finance Company (IIFC) UK subsidiary decreased by a 5th from the previous year, reaching $932 million in FY’2023-24.
• The central bank is required to invest a portion of its foreign exchange reserves, specifically $5 billion, in the company.
• This mandate came from demands by the government to support infrastructure funding.
• The Budget 2007-08 had announced that, with a view to further supplementing financial resources for infrastructure development in India, an off-shore wholly owned subsidiary of IIFCL would be set up.
• The subsidiary company is tasked with borrowing funds from the RBI and lending them to Indian companies involved in infrastructure projects within India or co-financing their External Commercial Borrowings for such projects, specifically for capital expenditure outside India.
• The subsidiary company would borrow funds from the RBI and lend to Indian companies implementing infrastructure projects in India, or to co-finance their External Commercial Borrowings for such projects, solely for capital expenditure outside India.
• Initially, the central bank was not in favor of the proposal.
• However, it was later decided to allocate $5 billion of reserves to invest in the UK subsidiary of IIFC.

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

EaseMyTrip Partners with the Small Industries Development Bank of India and the Uttarakhand Tourism Development Board                   

• com partners with the Small Industries Development Bank of India (SIDBI)and the Uttarakhand Tourism Development Board (UTDB) to introduce a Homestay Entrepreneurship Training Programme.
• The program aims to empower homestay owners along the Chardham Yatra route by enhancing their hospitality skills and promoting eco-friendly practices.
• Launched in April and continuing through May, the training program targets 150 homestay owners. It integrates classroom learning with practical sessions.
• Upon completion of the training, participants receive a certification jointly issued by EaseMyTrip, SIDBI, and UTDB, validating their newly acquired skills.
• The training curriculum covers essential topics including hygiene, environmental safety, waste management, guest safety, housekeeping management, customer support, booking management, and technology training.
• Training sessions have been conducted in Joshimath (Badrinath), Guptkashi (Kedarnath), and Ukhimath (Kedarnath), with pending sessions scheduled in Gangotri (Uttarkashi) and Yamunotri (Uttarkashi).
• As of now, certificates have been awarded to 31 homestay owners in Joshimath, 25 in Guptkashi, and 39 in Ukhimath.

About EaseMyTrip :

• Founded : 2008
• Headquarters : New Delhi, Delhi, India
• Co-founder and CEO : Nishant Pitti

About Small Industries Development Bank of India :

• Established : 2 April 1990
• Headquarters : Lucknow, Uttar Pradesh, India
• Chairman & MD : Sivasubramanian Ramann
• The SIDBI is the apex regulatory bodyfor overall licensing and regulation of micro, small and medium enterprise finance companies in India.
• It is under the jurisdiction of the Ministry of Finance , Government of India (GoI).

CURRENT AFFAIRS: NATIONAL NEWS

NTPC Talcher launches ‘Girl Empowerment Mission’ to support girls’ education & development

• NTPC Talcher Thermal inaugurates its flagship corporate social responsibility (CSR) initiative, the“Girl Empowerment Mission 2024”.
• This one-month-long initiative aims to support 40 young girls from eight government schools covering four Gram Panchayats by providing them with access to quality education, health, life skills training, and mentorship.
• The inauguration ceremony was attended by a distinguished panel of guests including Goutam Deb, Executive Director, Talcher Thermal; Dr JP Roy, GM (Project); Chander Shekhar, GM (CCD); Deepak, GM (Engineering) along with Bipasha Deb, President, Sagarika ladies Club and senior members of the club.
• With this one-month-long mission, NTPC Talcher Thermal is planting seeds of possibility.
• By nurturing the minds, bodies, and dreams of 40 girls, NTPC TTPS reaffirms its commitment to driving positive change and building a brighter future for generations to come.

14 People Given Citizenship Certificates For The First Time Under CAA

• The first set of citizenship certificates to 14 people was issued under the Citizenship (Amendment) Act or CAA,nearly two months after the Centre notified it, initiating the process of granting Indian nationality to persecuted non-Muslim migrants from Pakistan, Afghanistan and Bangladesh.
• Under the CAA, the qualification period of citizenship application has been reduced from 11 to 5 years for undocumented non-Muslim migrants from Pakistan, Bangladesh and Afghanistan who came to India before December 31, 2014.
• Union Home Secretary Shri Ajay Kumar Bhalla handed over the citizenship certificates to the applicants in Delhi and highlighted salient features of the CAA.
• Secretary Posts, Director (IB), Registrar General of India and senior officers were also present during the interactive session.

India records highest number of Internet shutdowns globally in 2023

• India witnessed the highest number of Internet shutdownsin the world in 2023, a record it has held for the sixth straight year
• The Internet was snapped 116 times in the country last year, the Keep It On coalition, a grouping of civil society bodies that advocates against Internet blockades
• Officials in India continue to impose Internet shutdown orders over communal tension, violence, exams, and other reasons.
• This has drawn condemnation from civil society in India and around the world, especially in Manipur,where footage documenting atrocities committed during the ethnic violence have gone viral several weeks after the incidents actually took place.
• 64 shutdown orders affecting more than one district in the same State, province, or region, driven by 47 shutdowns in Manipur but also including the Statewide shutdown in Punjab in March”.
• The Internet was shut down across Punjab during the manhunt for pro-Khalistani preacher Amritpal Singh, and multiple times across Manipur during the ongoing ethnic violence in the State

CURRENT AFFAIRS: BUSINESS NEWS

ReNew inks initial pact with Societe Generale for $1 billion debt financing

• Energy firm ReNew announced that it has signed an initial pact with European bank Societe Generale for up to $1 billion in financingas debt and advisory solutions over the next three years.
• ReNew has signed a Memorandum of Understanding (MoU) with Societe Generale, to support the financing and development of the company’svarious strategic energy transition projects both in India and globally.
• Both parties will leverage their respective expertise to strengthen the collaboration on utility-scale energy projects including solar, wind, complex renewables, green hydrogen, energy storage and solar modules manufacturing.
• ReNew has a clean energy portfolio of 15.6 GW on a gross basis as of May 9, 2024.

TVS Motor launches electric two-wheeler iQube in Bengaluru

• TVS Motor Companyunveiled its new variant of the electric two-wheeler, TVS iQube with a 2.2 kWh battery in Bengaluru.
• The company also said it is ready to deliver TVS iQube ST to customers in the city.
• According to Saurab Kapoor, vice-president, of TVS Motor Company, the new variant launched in Bengaluru comes with a 950 Watt charger.
• The fastest charging time is two hours and its top speed is 75 km per hour.
• In one charge it can go up to at least 100 km.
• It comes for Rs 94,999 ex-showroom in Bengaluru.
• This is the introductory price inclusive of EMPS subsidy and cashback, which is valid up to June 30, 2024.
• According to him, TVS iQube have five variants – TVS iQube 2.2 kWh, TVS iQube 3.4 kWh, TVS iQube S 3.4 kWh, TVS iQube ST 3.4 kWh and TVS iQube ST 5.1 kWh.
• These electric vehicles range between Rs 94,999 and Rs 1,85,373.

TVS Motor Company begins operations in Italy

• TVS Motor Company(TVSM) unveiled operations in Italy via its branch office TVS Motor Italia headed by Giovanni Notarbartolo di Furnari.
• The company will introduce a selection of its advanced, high-quality thermic and electric scooters and motorcycles, the leading two and three wheeler manufacturer.
• It is a strategic step towards our global ambitions. Italy’s rich automotive culture and its embrace of cutting-edge transport solutions present a perfect backdrop for our product range
• TVS Motor Company is extending its operations in Italy through its branch office, TVS Motor Italia, headed by Giovanni Notarbartolo di Furnari.
• TVS says Furnari brings comprehensive experience from senior managerial roles in major automotive companies in Italy, Latin America, the UAE, and Europe.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Singapore’s Lawrence Wong Takes Oath as New Prime Minister After 2 Decades       

• Lawrence Wonghas been sworn in as Singapore’s new Prime Minister, succeeding Lee Hsien Loong after his two-decade tenure.
• Lawrence Wong took his oath of office at the Istana government office, officially assuming the role of Prime Minister.
• The transition of power marks a significant moment in Singapore’s political landscape, with Lawrence Wong becoming only the second person outside of the Lee family to lead the nation.
• Alongside Wong, members of his cabinet were also sworn in, including his predecessor Lee Hsien Loong, who now serves in the advisory role of senior minister.
• Wong, who will remain as finance minister, was chosen as Lee’s heir-apparent in 2022 from a new generation of lawmakers from the People’s Action Party (PAP), which has ruled uninterrupted since Singapore’s independence in 1965.
• Lee Kuan Yew, Lee Hsien Loong’s father, was Singapore’s first prime ministerwhen it became a sovereign nation after a brief, unsuccessful union with Malaysia.
• Wong, the 4th prime minister in Singapore’s history, must lead the PAP to the next general elections, which are not due until November 2025 but could be called as early as this year.
• The opposition had its strongest performance since independence in the previous election in 2020 but hardly made a dent in parliament, with 83 out of the 93 seats won by the PAP.

About Singapore :

• President : Tharman Shanmugaratnam
• Prime Minister : Lawrence Wong
• Currency : Singapore dollar

Corteva Agriscience Names Subroto Geed as New President for South Asia                                     

• Corteva Agriscience, an agriculture solutions company, has appointed Subroto Geed as the President of South Asia.
• In his role, Geed will lead the South Asia business of Corteva Agriscience,focusing on driving growth for the company’s Seed and Crop Protection businesses.
• Geed’s primary objectives include enhancing agricultural productivity, improving farmer livelihoods, and promoting sustainable farming practices across the region.
• Geed brings a wealth of knowledge and experience from his previous roles at companies such as Diageo, GSK Consumer Healthcare, Pfizer, and

About Corteva, Inc. (also known as Corteva Agriscience) :

• Founded : 2019
• Headquarters : Indianapolis, Indiana United States
• CEO : Chuck Magro
• It is a major American agricultural chemical and seed companythat was the agricultural unit of DowDuPont prior to being spun off as an independent public company.

Apurva Sahijwani Appointed as Managing Director and Chief Executive Officer of Avendus Wealth Management                            

• Avendus Wealth Managementannounced Apurva Sahijwani as its new Managing Director (MD) and Chief Executive Officer (CEO).
• Sahijwani brings over 25 years of extensive experience in private banking and wealth management to his new role.
• Prior to this, he led Burgundy Private, Axis Bank’s private banking arm, in his previous position.
• He has also held pivotal roles at Kotak Wealth, ICICI Bank, HSBC, and

About Avendus Group :

• Avendus Group is a prominent financial services firm, focussed on Investment Banking, Institutional Equities, Wealth Management, Credit Solutions, and Asset Management.
• The company is an advisor to India’s Ultra High Net Worth Individuals (UHNIs) and family offices.
• Co-founder & CEO of Avendus : Gaurav Deepak

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Life Insurance Corporation of India Shares Jump 6% Following SEBI’s Extension of Deadline to Meet Minimum Public Holding Requirements Until May 2027   

• The Securities and Exchange Board of India (SEBI) has granted the State-owned Life Insurance Corporation of India (LIC)an additional 3 years until May 2027 to comply with minimum public shareholding norms.
• Following the announcement, LIC’s shares witnessed a significant surge of more than 6%, reflecting investor optimism.
• The revised timeline for the Corporation to achieve10% public shareholding is on or before May 16, 2027.
• Post LIC’s May 2022 IPO, the government of India owns 50% of the insurer.
• The decision aligns with Rule 19(2)(b)(iv) of the Securities Contracts (Regulation) Rules, 1957,which mandates achieving 10% public shareholding within 5 years from the date of listing.
• In December 2023, the Department of Economic Affairs granted LIC a one-time exemption to achieve25% minimum public shareholding within 10 years.
• The insurer got listed on the bourses on May 17, 2022.
• As per SEBI norms, LIC was required to achieve 10% public shareholding within two years of listing in the capital market.
• Over 22.13 crore shares, or a 3.5% stake in LIC, was sold through the IPO which fetched the government ₹20,557 crore.
• The price band of the issue was ₹902-949 a share.

About LIC:

• Established: 1st September 1956
• Headquarters: Mumbai, Maharashtra, India
• Chairman : Siddhartha Mohanty

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

CURRENT AFFAIRS: MOUS AND AGREEMENT

FICCI, IESA sign contract to foster innovation in the semiconductor industry

• The Federation of Indian Chambers of Commerce and Industry (FICCI) and the India Electronics and Semiconductor Association(IESA) have signed a Memorandum of Understanding to promote innovation, support the semiconductor and electronics industry, and strengthen supply chains.
• The MoU, signed on April 14, establishes a framework for long-term collaboration between the two organisations.
• This collaboration will focus on establishing a joint task force on semiconductors and future critical technologies.
• The core objective of this MoU is to conduct technology consultative roundtables and foster business partnerships.

CURRENT AFFAIRS: SPORTS NEWS

T20 World Cup to stream and broadcast with sign language, audio description

• In a first for Indian sports streaming, the ICC Men’s T20 cricket World Cup will be streamed with Hindi audio description and Indian Sign Language (ISL) for visually and hearing impaired viewers, Disney+ Hotstar,the streaming service with the rights to stream the tournament this year announced.
• Reports peg the tournament’s media value between ₹1,600–2,000 crore.
• This will be applicable for 10 matches including all the India games, semi-finals and finals.
• This is the first time that the T20 World Cup will be telecast with sign language and descriptive commentary making cricket more immersive for its deaf, hard-of-hearing and visually-impaired users.

CURRENT AFFAIRS : OBITUARIES

Former Gujarat Governor and Longtime Congress Leader Kamla Beniwal Passed Away    

• Veteran Congress leader and former governor of Gujarat Kamla Beniwalpassed away at the age of 97.

About Kamla Beniwal :

• Kamla Beniwal was born on January 12, 1927, in Gorir, Jhunjhunu district, Rajputana Agency, British India.
• She joined the Indian National Congress at 15 and actively participated in the Quit India Movement.
• She remained a senior member of the Indian National Congress throughout her political career.
• She became Rajasthan’s first woman ministerin 1954 at the age of 27.
• For a decade, from 1980 to 1990, she was a cabinet minister in the Rajasthan government.
• During this time she held a sheer diversity of portfolios such as Agriculture, Animal husbandry, Irrigation, Labour and Employment, Education, Art and Culture, Tourism and Integrated Rural development.
• Beniwal served as a minister in various capacities, including Deputy Chief Minister of Rajasthan in 2003.
• Kamla Beniwal made history as the first woman governor of any northeastern state.
• Apart from Gujarat, she served as the governor of Tripura and Mizoram.
• She was elected as MLA seven times.
• Her contributions extended beyond legislative roles, encompassing positions within the state government and the Congress party.

Awards & Honors :

• Beniwal received the Tamra Patra Awardfrom former Prime Minister Indira Gandhi in recognition of her significant contribution to the freedom struggle.

CURRENT AFFAIRS: IMPORTANT DAYS

World Telecommunication And Information Society Day 2024 – May 17

• World Telecommunication And Information Society Day2024 is celebrated on May 17.
• The United Nations General Assembly(UNGA) declared May 17 as World Telecommunication and Information Society Day.
• In the year 1865, International Telecommunication Union was founded, when the first Indian Telegraph Convention was signed.
• In 2005, the World Summit on the Information Society asked the United Nations to declare May 17 as World Telecommunication Day to be observed every year.
• Hence, on May 17, World Telecommunication and Information Society Day observes two major events.

World Hypertension Day 2024 – May 17

• World Hypertension Day 2024is celebrated on May 17.
• This day is prompted by the World Hypertension League(WHL).
• The Theme of World Hypertension Day 2024 is “Measure Your Blood Pressure Accurately, Control it, Live Longer!”.
• The World Hypertension League(WHL) established World Hypertension Day to increase public awareness of hypertension.
• The World Hypertension League sponsored the inaugural World Hypertension Day on May 14, 2005.
• May 17 has been recognized as World Hypertension Day annually since 2006.
• The purpose of the day is to increase public awareness of high blood pressure, which affects over a billion people globally and is a major cause of death, accounting for approximately 7.5 million deaths annually.
• Many people are ignorant of the symptoms of hypertension and the steps that can be taken to prevent it.

Daily CA One- Liner: May 17

• NTPC Talcher Thermal inaugurates its flagship corporate social responsibility (CSR) initiative, the“Girl Empowerment Mission 2024”.
• The first set of citizenship certificates to 14 people was issued under the Citizenship (Amendment) Act or CAA,nearly two months after the Centre notified it, initiating the process of granting Indian nationality to persecuted non-Muslim migrants from Pakistan, Afghanistan and Bangladesh
• India witnessed the highest number of Internet shutdownsin the world in 2023, a record it has held for the sixth straight year
• Energy firm ReNew announced that it has signed an initial pact with European bank Societe Generale for up to $1 billion in financingas debt and advisory solutions over the next three years.
• TVS Motor Companyunveiled its new variant of the electric two-wheeler, TVS iQube with a 2.2 kWh battery in Bengaluru.
• TVS Motor Company(TVSM) unveiled operations in Italy via its branch office TVS Motor Italia headed by Giovanni Notarbartolo di Furnari
• The Federation of Indian Chambers of Commerce and Industry (FICCI) and the India Electronics and Semiconductor Association(IESA) have signed a Memorandum of Understanding to promote innovation, support the semiconductor and electronics industry, and strengthen supply chains
• In a first for Indian sports streaming, the ICC Men’s T20 cricket World Cup will be streamed with Hindi audio description and Indian Sign Language (ISL) for visually and hearing impaired viewers, Disney+ Hotstar,the streaming service with the rights to stream the tournament this year announced
• State Bank of India (SBI)has raised interest rates on retail domestic term deposits (below ₹2 crore) by 25-75 basis points for deposits of less than 1 year tenor.
• PhonePe, a leading fintech company based in Bengaluru, has partnered with Sri Lanka-based LankaPay to enable Unified Payments Interface (UPI) transactionsfor PhonePe users in Sri Lanka.
• According to the latest Half Yearly Report on Management of Foreign Exchange Reserve, the Reserve Bank of India’s (RBI) investmentin the state-owned India Infrastructure Finance Company (IIFC) UK subsidiary decreased by a 5th from the previous year, reaching $932 million in FY’2023-24.
• com partners with the Small Industries Development Bank of India (SIDBI)and the Uttarakhand Tourism Development Board (UTDB) to introduce a Homestay Entrepreneurship Training Programme.
• Lawrence Wonghas been sworn in as Singapore’s new Prime Minister, succeeding Lee Hsien Loong after his two-decade tenure.
• Corteva Agriscience, an agriculture solutions company, has appointed Subroto Geed as the President of South Asia.
• Avendus Wealth Managementannounced Apurva Sahijwani as its new Managing Director (MD) and Chief Executive Officer (CEO).
• The Securities and Exchange Board of India (SEBI) has granted the State-owned Life Insurance Corporation of India (LIC)an additional 3 years until May 2027 to comply with minimum public shareholding norms.
• Veteran Congress leader and former governor of Gujarat Kamla Beniwalpassed away at the age of 97.
• World Telecommunication And Information Society Day2024 is celebrated on May 17
• World Hypertension Day 2024is celebrated on May 17