This post is also available in: हिन्दी (Hindi)
Dear Readers, get to know the daily current affairs today covering all the National & International Events provided here in this article. Current Affairs is an important topic in various competitive exams like IBPS/SBI/PO/Clerk and other competitive exams. To score better in this section, be updated with the daily happenings. Check the Daily Current Affairs February 2024 updates here. Revision is very important in remembering current affairs. Candidates after learning the Daily current affairs May 19 & 20 2024, can test their knowledge by attempting Current Affairs Quiz provided with answers. Daily current affairs May 19 & 20 2024 covers current affairs from International & National news, Important Days, State News, Banking & Economy, Business News, Appointments & Resignation, Awards & Honour, Books & Authors, Sports News, etc.,
Daily Current Affairs PDF of 19th & 20th May 2024
Get More: Static GK Pdfs
CURRENT AFFAIRS : BANKING & FINANCE
Securities and Exchange Board of India Proposes Framework to Enable Domestic Mutual Funds to Invest in Overseas Funds
- Market regulator Securities and Exchange Board of India (SEBI) proposed to allow investment by domestic mutual funds in overseas fundsthat have limited exposure to Indian securities.
Key Highlights :
- Current Scenario : At present SEBI registered mutual funds are allowed to invest in overseas securities, including American Depository Receipts (ADRs) / Global Depository Receipts (GDRs)issued by Indian or foreign companies, equity of overseas companies listed on recognized stock exchanges overseas.
- Proposed Guidelines:The Indian Mutual Fund schemes may invest in such overseas MF/Unit Trust (UTs) that have exposure to Indian securities, provided that the total exposure to Indian securities by such overseas MF/UTs shall not be more than 20% of their net assets.
- In case of a breach of the investment limit, the scheme will enter into an observance period of 6 months to correct the portfolio and no fresh investment or subscription will be allowed during this period.
- Market Indices Exposure: As of April 30, 2024, the MSCI Emerging Markets Index (MEMI) has an 18.08% weightage to Indian securities.
- JP Morgan’s ‘Emerging Markets Opportunities Fund’ holds approximately 15% of Indian investments, according to its latest factsheet as of March 31, 2024.
- Current Restrictions:SEBI has imposed a ban on all overseas investments by mutual fund schemes due to breaching the $7-billion investment limit set by RBI.
- Additionally, mutual funds have exhausted an additional $1-billion cap for exchange-traded funds (ETFs).
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),
Reserve Bank of India Plans Rs 1.25 Trillion 14-Day Variable Rate Reverse Repo (VRR) Auction
- The Reserve Bank of India (RBI)will conduct a 14-day Variable Rate Repo (VRR) auction for a notified amount of Rs 1.25 trillion.
- A repo auction is conducted by the central bank to inject liquidity into the banking system.
- Currently, liquidity in the banking system is estimated to be in deficit of around Rs 1.20 lakh crore, as per the RBI’s Money Market Operations as of May 15, 2024.
- On May 17, 2024 there was a reversal of 3 VRR auctions conducted by the RBI on May 3, May 13, and May 14, totalling Rs 2.50 lakh crore, with banks having parked Rs 2.33 lakh crore.
- The RBI conducted VRR auctions of various durations, including three-day, four-day, and 14-day auctions, as per RBI data.
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
RuPay cardholders receive 25% cashback on in-store purchases in 7 countries until July 31
- National Payments Corporation of India’s (NPCI) RuPay card networkhas announced a limited-time special cashback offer scheme for both RuPay credit and debit cardholders, from May 15 to July 31, 2024.
- During the offer period, customers will receive 25% cashback on in-store point-of-sale purchasesmade at merchants accepting cards on either ‘Discover’ network or ‘Diners Club International’ within Canada, Japan, Spain, Switzerland, United Arab Emirates (UAE), United Kingdom (UK) and United States (US).
- The maximum cashback amount per transaction for a card during the offer period will be ₹2,500.
About NPCI :
- Founded : 2008
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Dilip Asbe
- The NPCI is an umbrella organization for operating retail payments and settlement systems in India.
- It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.
YES BANK Introduces YES Grandeur for Premium Banking Services Catering to Elite and Emerging Affluent Segments
- YES BANKhas announced the launch of YES Grandeur, an exclusive banking programme designed to address the unique financial and lifestyle needs of India’s fast-growing Emerging Affluent segment.
- The Emerging Affluent segment is projected to grow by 2.3 times over the next decade, according to BCG CCI Proprietary Income Model, indicating a significant shift in consumer banking preferences driven by increased disposable income and refined consumer behaviors
- The expansion of the Indian middle class, expected to nearly double to 61% by 2046-47 as per the PRICE Report, along with rising incomes, will further shape future consumption patterns.
- YES Grandeur is aimed at catering to the evolving market dynamics where the affluent are increasingly seeking personalised services that complement their lifestyle.
- With an eligibility threshold of Average Monthly Balance (AMB) of ₹5 Lakh or a Net Relationship Value (NRV) of ₹20 Lakh,with additional consideration given to loan relationships, YES Grandeur is positioned to enhance the banking experience for this discerning customer base.
About YES Bank :
- Established : 2004
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Prashant Kumar
- Tagline : Experience our expertise
India ‘sees’ its 3rd unicorn of 2024 in logistics services platform Porter
- Homegrown logistics services platform Porter has likely become the 3rd unicorn (with valuation of $1 billion and above) in India this year after a fresh internal round.
- The fresh round involved key individual investors who bought stock from the employee stock ownership plan (ESOP) pool of the logistics provider, taking its valuation at $1 billion.
- Before Porter, India saw the birth of two unicorns -Ola’s Krutrim AI and fintech firm Perfios – this year amid global slowdown.
About Porter :
- Founded : 2014
- Founders : Pranav Goel, Uttam Digga and Vikas Choudhary
- The company launched an on-demand marketplace for various logistics services, including trucks, bikes, and packers & movers.
CURRENT AFFAIRS : INTERNATIONAL NEWS
Venezuela Becomes 1st Country to Lose All Glaciers as Last One Downgraded to ‘Ice Field’
- In a grim milestone, Venezuela has become the 1st country in modern history to lose all of its glaciers after the Latin American country lost its last remaining glacier on the Pico Humboldt peak which was downgraded by climate scientists as an ice field.
- New research shows that the Humboldt glacier in the Andes, which used to be very big, has shrunk to less than 2 hectares,which means it is no longer a glacier but an ice field.
- Venezuela had been home to six glaciers in the Sierra Nevada de Mérida mountain range, which lies at about 5,000m above sea level, but lost five of them by 2011.
- As of 2011, 5 of these glaciers had melted away, leaving only the Humboldt glacier.
- Professionals thought Humboldt would last for another 10 years, but new tests show it has melted much more quickly than expected.
About Venezuela :
- President : Nicolás Maduro
- Capital: Caracas
- Currency: Venezuelan bolívar.
- Venezuela is a country on the northern coast of South America with diverse natural attractions.
United Arab Emirates Cabinet Approves 10-Year Blue Visa for Exceptional Environmental Contributions
- The United Arab Emirates (UAE) Cabinethas approved a 10-year Blue Residence visa for individuals who have made outstanding contributions to environmental protection, reflecting the country’s commitment to sustainability.
- The introduction of the Blue Visa is in line with the UAE’s year of sustainability (2023–2024) and its long-term objectives of promoting environmental protection and sustainable practices.
Key Highlights :
- Eligibility Criteria:The 10-year visa is specifically designed for individuals who have demonstrated exceptional contributions and efforts towards environmental protection.
- Scope of Contributions:The Blue Visa will be granted to individuals who have shown remarkable dedication and impact across various environmental fields, including marine life, land-based ecosystems, air quality, sustainability technologies, the circular economy, and more.
- Promoting Environmentalism:This initiative aims to incentivize and recognize individuals who are actively contributing to environmental conservation and sustainability efforts in the UAE.
About UAE :
- President : Mohamed bin Zayed Al Nahyan
- Prime Minister : Mohammed bin Rashid Al Maktoum
- Capital : Abu Dhabi
- Currency : UAE dirham
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Reserve Bank of India Greenlights Appointment of Mr. Pradeep Natarajan as Whole Time Director of IDFC FIRST Bank Limited
- The Reserve Bank of India (RBI) has granted approval for Pradeep Natarajanto assume the position of Whole Time Director at IDFC FIRST Bank Limited.
- As per the RBI’s directive, Natarajan will serve as the bank’s Executive Director for the 3-year tenurein this pivotal role.
- IDFC FIRST Bank had reported a net profit of Rs 724 crore for the fourth quarter ended March 2024.
- The bank’s gross Non-Performing Assets (NPAs) reduced to 1.88% of gross advances as of March 31, 2024, from 2.51% by the end of March 2023.
- Net NPAs also came down to 0.60% of the advances from 0.86% at the end of 2024.
About IDFC FIRST Bank :
- Headquarters: Mumbai, Maharashtra
- CEO: V. Vaidyanathan
- IDFC FIRST Bank is an Indian private sector bank formed by the merger of the banking arm of Infrastructure Development Finance Company and Capital First, an Indian non-bank financial institution.
CURRENT AFFAIRS : DEFENCE NEWS
Defence Ministry Announces Act for Unified Tri-Service Military Discipline
- The Inter-Services Organisations (Command, Control and Discipline) Acthas been notified through a Gazette Notification to be enforced with effect from May 10, 2024.
- In order to bolster effective command, control and efficient functioning of Inter-Services Organisations (ISOs), the bill was passed by both Houses of Parliament during the Monsoon Session of 2023.
- The Bill received the assent of the President on August 15, 2023.
- Purpose and Empowerment:The Act empowers Commanders-in-Chief and Officers-in-Command of ISOs to exercise control over service personnel under their command for maintaining discipline and administration effectively.
- Distinct Provisions:The Act aims to maintain discipline and administration within ISOs without disrupting the unique service conditions of each individual service.
- Previous Governance:Prior to this Act, service personnel of the Air Force, Army, and Navy were governed by the Air Force Act, 1950, the Army Act, 1950, and the Navy Act, 1957 (the Service Acts)
- The Act will promote maintenance of discipline in inter-services establishments by eliminating the need to revert personnel for disciplinary proceedings to their parent units, expeditiously dispose of cases of misdemeanour or indiscipline and save public money and time by avoiding multiple proceedings.
About Ministry of Defence :
- Defence Minister : Rajnath Singh
- Minister of State : Ajay Bhatt
- Defence Secretary : Giridhar Aramane
India-U.S. Joint Urban Terrorism Counter-Terrorism Exercise Concludes in Kolkata
- The National Security Guard (NSG)is conducting joint counter-terror mock drills with the US Special Operations Forces (SOF) at multiple locations in Kolkata, to enhance interoperability and coordination between the two special forces.
- This marks the 7th edition of the annual Indo-US joint counter-terrorism exercise ‘Tarkash’.
- The exercise commenced on April 22 at the Kolkata hub of NSG and will conclude on May 15, 2024.
- The 3-week exerciseencompassed intense training and mock drills in urban counter-terrorism scenarios.
Objective of the exercise :
- To enhance interoperability and coordinationbetween the two special forces in conducting coordinated counter-terror operations in urban environments.
- It aims to improve bilateral cooperation between India and the US in combating terrorism in all its forms and manifestations.
- It also involved sharing best practices, tactics, techniques and procedures, over a wide spectrum of counter terror operations, in an urban environment including close quarter battle, building intervention drills and hostage rescue operations etc.
- The previous edition of Tarkash – considered crucial in terms of security challenges being faced by both countries in the current global scenario – was conducted at Chennai in Jan 2023.
About NSG :
- The National Security Guard, commonly known as Black Cats,is a counter-terrorism unit of India under the Ministry of Home Affairs.
- It was established on October 16, 1984, following Operation Blue Star,to combat terrorist activities and protect states against internal disturbances.
- Director-General : Shri Nalin Prabhat
Indian Army Establishes One of the World’s Highest Tank Repair Facilities at 14,500 Feet
- The Indian Armyhas established one of the world’s highest tank repair facilities at an altitude of 14,500 feet near the China border in Nyoma.
- Two armoured vehicle maintenance and repair facilities have been set up by the Indian Army in Nyoma to ensure operational readiness of the combat fleet, especially in rugged terrain and challenging weather conditions.
- These facilities are crucial for maintaining the combat fleet, which includes around 500 tanks and infantry combat vehicles in Eastern Ladakh, ensuring they remain operationally ready.
- Following the stand-off between India and China that began in April-May 2020, a significant number of tanks and BMP combat vehicles have been deployed in Eastern Ladakh.
- The Indian Army is focusing on creating infrastructure for its tanks, including the T-90 and T-72, BMPs, and the K-9Vajra self-propelled Howitzers, in high-altitude areas characterized by extremely low temperatures.
About Indian Army :
- Chief of Defence Staff : General Anil Chauhan
- Chief of the Army Staff : General Manoj Pande
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Extreme Solar Storm Causes Spectacular Aurora Display in Remote Indian Village of Hanle, Ladakh
- An extremely strong solar storm that hit Earth prompted a stunning display of colours in various parts of the world, including one of the remotest villages in India, Hanle – located in Ladakh.
What are Auroras?
- Auroras are natural lightsthat appear as bright, swirling curtains in the night sky.
- They manifest in various colors such as blue, red, yellow, green, and orange.
- Geographical Distribution:Auroras primarily occur near the poles of both the northern and southern hemispheres throughout the year.
- At times, they can expand to lower latitudes, creating spectacular displays visible to more populated areas.
- Terminology:In the northern hemisphere, auroras are known as aurora borealis, while in the southern hemisphere, they are called aurora australis.
- Solar Storm Source:The solar storms or coronal mass ejections originated from the AR13664 region of the sun.
- This region produced several high-energy solar flares, some of which are travelling towards Earth at a speed of 800 km/s.
National Aeronautics and Space Administration Unveils Plans to Construct First Railway System on the Moon
- The National Aeronautics and Space Administration (NASA) is preparing to send astronauts back to the moon and has announced its plan to construct the first lunar railway system, known as FLOAT (Flexible Levitation on a Track).
- Engineers at Nasa ‘s Jet Propulsion Laboratory (JPL) in California are currently developing the FLOAT system.
- The project is designed to create a “robotic transport system” that will support the future lunar activities of astronauts visiting the moon.
- The space agency stressed on the importance of this transport system for the daily functioning of a sustainable lunar base in the 2030s.
Key Highlights :
- According to NASA’s initial design, FLOAT will be for machines only.
- It will consist of magnetic robots levitating over a three-layer film trackto reduce abrasion from dust on the lunar surface.
- Carts will be mounted on these robots and will move at roughly 1.61 kilometres per hour.
- They could transport roughly 100 tons of material a day to and from NASA’s future lunar base.
- The main purpose of FLOAT would be to provide transportation services in areas of the moon where astronauts are active.
- This will include carrying loads of lunar soil and other materials to different areas of the lunar surface.
- The other main use of the railway would be to transport larger loads of materials and equipment to and from the areas where spacecraft land.
- The FLOAT system is already being developed by engineers at NASA’s Jet Propulsion Laboratory (JPL) in California.
- The agency is currently developing and testing different parts of the FLOAT system.
- Notably, FLOAT will be part of NASA’s Artemis program, which seeks to return astronauts to the moon for the first time since 1972.
- The space agency has set a target landing date of September 2026 to place astronauts on the lunar surface.
About NASA :
- Established : July 29, 1958
- Headquarters : Washington, D.C, United States of America
- Administrator : Bill Nelson
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
Shriram Finance to Divest Housing Finance Unit to Warburg Pincus for Rs 4,630 Crore
- Shriram Finance, the largest auto-focused non-bank lender, has agreed to sell its entire 85% stakein its housing finance subsidiary to Warburg Pincus for Rs 4,630 crore.
- The decision marks Shriram Finance’s exit from the housing finance sector after 13 years of operations.
Key Highlights :
- The Shriram Group, founded by industry veterans Ramamurthy Thyagarajan, AVS Raja and T Jayaraman in April 1974, had invested Rs 665 crore so far into the company and is exiting with a hefty profit.
- The parent Shriram Finance, which is mainly into commercial vehicle financing, owns 84.82% in the housing finance arm, while 14.94% stake is held by the San Francisco-based private equity player Valiant, which will also completely exit the group and Warburg will snap them up.
- The existing management team of SHFL is led by Ravi Subramanian who is Managing Director and Chief Executive Officer and he will continue to lead the business.
CURRENT AFFAIRS : OBITUARIES
Former ICICI Bank Chairman and Legendary Banker N Vaghul Passed Away
- Legendary Indian banker and former chairman of ICICI Bank Narayanan Vaghul passed away in Chennai at the age of 88.
About Narayanan Vaghul :
- Vaghul was born in Madras (present-day Chennai) in British India in 1936.
- He was the youngest head of a bank when he took over as chairman of Bank of India at the age of 44 in the year 1981.
- Between 1981 and 1985 he headed the development bank ICICI Ltd. as its Chairman & CEO.
- It was under him that ICICI Ltd transformed from a development bank to India’s second largest private sector commercial bank.
- He started his career in State Bank of India.
- In 2023, Narayanan Vaghul had released his memoir, called ‘Reflections’ which carried a vivid account of his experiences spanning several decades in India’s financial sector.
- Mr Vaghul is credited with laying the foundation of a new era in Indian banking through the creation of the Universal Banking model to cater to the needs of varied segments of customers.
- It was he who introduced the concept of credit rating in India and established CRISIL in 1987.
Awards & Honors :
- A recipient of numerous awards and honours, Vaghul was chosen as the Businessman of the Year by Business India in 1992, received a Lifetime Achievement Award from Economic Times in 2006, from Ernst & Young in 2009, and from the Bombay Management Association in March 2013.
- He was a recipient of the Padma Bhushan, India’s third highest civilian honour, in 2010.
CURRENT AFFAIRS : IMPORTANT DAYS
World AIDS Vaccine Day, or HIV Vaccine Awareness Day, observed on May 18th
- World AIDS Vaccine Day, also known as HIV Vaccine Awareness Day, is observed annually on May 18.
- The day is dedicated to recognising and promoting the need for AIDS vaccines.
- It also serves as an opportunity to show gratitude and honour the people such as doctors, scientists, and community members engaged in developing vaccines.
What is AIDS?
- AIDS stands for Acquired Immunodeficiency Syndrome, caused by the human immunodeficiency virus (HIV).
- The disease was first reported in 1981 in the United States.
- If HIV is not treated on time, it can lead to AIDS, which occurs when the body’s immune system is badly damaged and is not able to fight other diseases and infections.
History :
- The day commemorates a speech by then-President Bill Clinton at Morgan State University on May 18, 1997, emphasizing the importance of creating a vaccine to stop the spread of the epidemic.
- It is observed globally to spread awareness about the disease and the need for its vaccine.
Theme :
- Each year, a new theme is dedicated to World AIDS Vaccine Day.
- While the theme for 2024 might not be decided yet, previous themes have focused on innovative research, accelerated vaccine development, and protective measures to achieve an AIDS-free world.
- In 2023, the theme was ‘Measure Your Blood Pressure Accurately, Control It, Live Longer,’ which focuses on combating the lack of awareness and urges people to take appropriate measures to detect the condition.
Daily CA on May 19 & 20 :
- Market regulator Securities and Exchange Board of India (SEBI) proposed to allow investment by domestic mutual funds in overseas fundsthat have limited exposure to Indian securities.
- The Reserve Bank of India (RBI)will conduct a 14-day Variable Rate Repo (VRR) auction for a notified amount of Rs 1.25 trillion.
- National Payments Corporation of India’s (NPCI) RuPay card networkhas announced a limited-time special cashback offer scheme for both RuPay credit and debit cardholders, from May 15 to July 31, 2024.
- YES BANKhas announced the launch of YES Grandeur, an exclusive banking programme designed to address the unique financial and lifestyle needs of India’s fast-growing Emerging Affluent segment.
- Homegrown logistics services platform Porter has likely become the 3rd unicorn (with valuation of $1 billion and above) in India this year after a fresh internal round.
- In a grim milestone, Venezuela has become the 1st country in modern history to lose all of its glaciers after the Latin American country lost its last remaining glacier on the Pico Humboldt peak which was downgraded by climate scientists as an ice field.
- The United Arab Emirates (UAE) Cabinethas approved a 10-year Blue Residence visa for individuals who have made outstanding contributions to environmental protection, reflecting the country’s commitment to sustainability.
- The Reserve Bank of India (RBI) has granted approval for Pradeep Natarajanto assume the position of Whole Time Director at IDFC FIRST Bank Limited.
- The Inter-Services Organisations (Command, Control and Discipline) Acthas been notified through a Gazette Notification to be enforced with effect from May 10, 2024.
- The National Security Guard (NSG)is conducting joint counter-terror mock drills with the US Special Operations Forces (SOF) at multiple locations in Kolkata, to enhance interoperability and coordination between the two special forces.
- The Indian Armyhas established one of the world’s highest tank repair facilities at an altitude of 14,500 feet near the China border in Nyoma.
- An extremely strong solar storm that hit Earth prompted a stunning display of colours in various parts of the world, including one of the remotest villages in India, Hanle – located in Ladakh.
- The National Aeronautics and Space Administration (NASA) is preparing to send astronauts back to the moon and has announced its plan to construct the first lunar railway system, known as FLOAT (Flexible Levitation on a Track).
- Shriram Finance, the largest auto-focused non-bank lender, has agreed to sell its entire 85% stakein its housing finance subsidiary to Warburg Pincus for Rs 4,630 crore.
- Legendary Indian banker and former chairman of ICICI Bank Narayanan Vaghul passed away in Chennai at the age of 88.
- World AIDS Vaccine Day, also known as HIV Vaccine Awareness Day, is observed annually on May 18.
Subscribe
0 Comments
