Daily Current Affairs 19 April 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Paytm Receives National Payments Corporation of India Approval to Facilitate User Transition to New Unified Payments Interface IDs                                               

• Paytm owner One97 Communications (OCL) received approval from the National Payment Corporation of India (NPCI) to start the user migration from the existing Paytm Payments Bank UPI handle to the new Payment System Provider (PSP) bank handles.
• The approval follows NPCI’s earlier decision to allow Paytm to function as a third-party application provider (TPAP) on the Unified Payments Interface (UPI).
• Now, 4 banks-State Bank of India (SBI), Axis Bank, HDFC Bank, and YES Bank will act as PSPs for Paytm.

Key Highlights :

• Operational Banks: All four PSP banks are now operational on the TPAP, simplifying the process for Paytm to shift user accounts to these banks.
• User Transition: Users with the @Paytm UPI handle can now create new virtual payment addresses (VPAs) with the partner PSP banks.
• OCL has begun transitioning ‘@paytm’ handle users to the 4 PSP banks.
• Multi-bank Model: Paytm operates as a TPAP under a multi-bank model, allowing it to onboard and register customers on UPI through PSP banks.
• A PSP bank, either through its own application or a TPAP, onboards and registers customers on UPI.
• It links customers’ bank accounts to their respective UPI identifications.

What is TPAP?

• A TPAP is a service provider that participates in UPI through a PSP bank, according to the NPCI, which runs the UPI ecosystem in India.
• There are currently 24 TPAPs operational in India, including major players like Amazon Pay, PhonePe, and Google Pay.
• Multiple banks, such as Axis Bank, HDFC Bank, SBI, and ICICI Bank, support fintech companies via the TPAP route.
• For instance, customers using PhonePe to transact on UPI have their VPAs issued through financial institutions such as YES Bank, ICICI Bank, and Axis Bank.
• Their UPI handles end in @ybl, @ibl, or @axl,
• UPI Transaction Ranking: Paytm Payments Bank app ranks as the third-largest company, after PhonePe and Google Pay, in terms of processing UPI transactions by volume and value.

Recent News :

• In March 2024, the NPCI advised Paytm to complete the migration of all existing handles and mandates to new PSP banks “at the earliest”.
• In February,2024 the Reserve Bank of India (RBI) had advised NPCI to consider the request of OCL to become a TPAP for continued UPI operation of the app.

About Paytm :

• Founded : August 2010
• Headquarters : Noida, Uttar Pradesh, India

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, to create a robust Payment & Settlement Infrastructure in India.

ICICI Lombard Reports Q4 Results: Net Profit Surges 18.9% to Reach Rs 520 Crore                                     

• ICICI Lombard, the largest private sector general insurer, reported an 18.9% increase in its net profit for the March quarter, reaching Rs 520 crore compared to Rs 437 crore in the year-ago period.

Key Highlights :

• Annual Profit Growth: The company reported an 11% growth in profit after tax for the fiscal year 2023-24, amounting to Rs 1,919 crore compared to Rs 1,729 crore in the previous fiscal.
• Premium Income Growth : The gross direct premium income (GDPI) grew 22% to Rs 6,073 crore for the reporting quarter from Rs 4,977 crore a year ago, 9.5% higher year-on-year
• Combined Ratio: The combined ratio for the March quarter improved to 102.2% compared to 104.2% in the year-ago period.
• For FY24, the ratio stood at 103.3%, with a target of achieving 102% for FY25.
• Industry Growth: Excluding crop and mass health, ICICI Lombard’s GDPI growth outpaced the industry, standing at 22% for the quarter compared to the industry’s growth of 13.8%.
• The industry will continue to grow at 13-15% in FY25.
• Solvency Ratio : The solvency ratio was 2.62 times at March 31, 2024, against 2.57 times at December 31, 2023, and 2.51 times in the year-ago period.
• Investment Returns: Returns on the investment book improved to 7.98% in FY24 from 7.50% in FY23.
• Equities constitute 11.4% of the investment book.
• About 5-6% of the aggregate revenues come from the ICICI group.
• Leadership Changes: Rakesh Jha, an ICICI Group veteran, has been appointed as the chairperson from June 30, subject to IRDAI approval, replacing Lalita Gupte upon her retirement.
• Steve Dsouza has been appointed as the new chief risk officer, replacing Gopal Balachandran, who will continue as the chief financial officer (CFO).

About ICICI Lombard General Insurance :

• Headquarters : Mumbai, Maharashtra, India
• Chairman & Managing Director : Sanjeev Mantri

Reserve Bank of India Releases Draft Regulations for Offline Payment Aggregators, Proposes ₹15 Crore Net Worth Requirement  

• The Reserve Bank of India (RBI) has issued two draft directions regarding the regulation of Payment Aggregators (PA), specifically focusing on physical Point-of-Sale (PoS) activities, net worth requirements, and licensing prerequisites.
• The second circular aims to revise and update Know Your Customer (KYC) procedures, due diligence for merchants, management of operations in escrow accounts, etc., with the objective of fortifying the payment ecosystem.

Key Highlights :

• Regulation Announcement: In September 2022, RBI announced its intention to regulate offline Payment Aggregators handling proximity or face-to-face payments.
• The regulator has invited comments and feedback on the draft circular until May 31, 2024.
• Types of Payment Aggregators: The payments ecosystem in India comprises both online Payment Aggregators (PA-O) and those facilitating face-to-face or proximity payment transactions (PA-P).
• Approval and Compliance : An authorised non-bank PA-O (or PA-P) which wants to commence physical (or online) PA activity (as the case may be), shall seek approval from Department of Payment and Settlement Systems (DPSS), RBI, CO prior to commencement of such business.
• Compliance Deadlines : The draft guidelines mandate PA-P banks to comply with the final norms within three months of issue whereas non-bank entities providing PA-P services will need to inform RBI about their intention to seek authorisation within 60 days of the circular being issued and submit an application by May 2025.
• Non-bank PA-Os too will also need to seek RBI’s approval within 60 days if they wish to continue their PA-P operations.
• Minimum Net Worth Requirement : Non-banks providing PA-P services will need a minimum net worth of ₹15 crore at the time of application and a minimum net worth of ₹25 crore by March 31, 2028.
• New non-bank PA-P will need a minimum net worth of ₹15 crore at the time of application and will be required to grow it to ₹25 crore by end of the third financial year of grant of authorisation.
• Transition Period and Compliance : Existing non-bank PA-P which are not able to comply with the net worth requirement or do not apply for authorisation within the stipulated time frame, shall wind-up PA-P activity by July 31, 2025.

About RBI :

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

Master Circular on Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM)   

• The Ministry of Rural Development (MoRD), Government of India (GoI) launched the National Rural Livelihood Mission (NRLM) on April 1, 2013, by restructuring the Swarnajayanti Gram Swarojgar Yojana (SGSY).
• Renaming: NRLM was renamed as DAY-NRLM (Deendayal Antyodaya Yojana – National Rural Livelihoods Mission)e.f. March 29, 2016.

What is DAY-NRLM?

• The DAY-NRLM is the flagship program of the Government of India for promoting poverty reduction through building strong institutions for the poor, particularly women, and enabling these institutions to access a range of financial services and livelihoods.
• Affinity-based Women SHGs : DAY-NRLM primarily promotes women Self-Help Groups (SHGs) based on affinity.
• Special Categories: In certain cases, such as groups formed with persons with disabilities, elders, and transgenders, both men and women may be included in the SHGs.
• SHG Membership: Women SHGs under DAY-NRLM consist of 10-20 members.
• In case of special SHGs i.e., groups in the difficult areas, groups with disabled persons, and groups formed in remote tribal areas, this number may be a minimum of 5 members.
• Revolving Fund (RF) Support : DAY-NRLM, MoRD, will provide Revolving Fund (RF) support as corpus ranging between ₹20,000 – ₹30,000 per SHG to strengthen their institutional and financial management capacity and build a good credit history within the group.
• Capital Subsidy: No capital subsidy is provided to any SHG under DAY-NRLM.

Key Highlights :

• Community Investment Support Fund (CIF) : CIF will be provided by MoRD to the SHGs promoted under DAY-NRLM in all blocks and will be routed through the village level/cluster level federations, to be maintained in perpetuity by the federations.
• Eligibility Criteria for SHGs to avail loans: SHGs should be in active existence for at least 6 months as per their books of accounts (and not from the date of opening of S/B account).
• Panchasutras: SHGs should adhere to the ‘Panchasutras,’ which include regular meetings, regular savings, regular inter-loaning, timely repayment, and maintaining up-to-date books of accounts.
• Grading Norms : SHGs should qualify as per grading norms fixed by National Bank for Agriculture and Rural Development (NABARD).
• As and when the federations of the SHGs come into existence, the grading exercise may be done by the federations to support the banks.
• Common Loan Application Forms : All banks may use the Common Loan Application Forms devised by Indian Bank’s Association (IBA) for extending credit facility to SHGs.
• Loan Types: SHGs may avail either Term Loan (TL) or a Cash Credit Limit (CCL) or both based on their requirement.
• Minimum Loan Amount: Banks are advised to sanction a minimum loan of ₹6 lakh to each eligible SHG for a period of 3 years with a yearly drawing power (DP) in case of CCL.
• Individual Member Loans : In order to facilitate women SHG members to graduate to entrepreneurs, banks may consider extending loans up to ₹10 lakh to individual members of select matured well performing SHGs (SHGs which are more than 2 years old and have accessed at least one dose of bank loan with timely repayment) as per their lending policy.
• MUDRA Scheme : One woman in every SHG under DAY-NRLM may be provided a loan up to ₹1 lakh under the MUDRA Scheme, if she is otherwise eligible.
• Overdraft Facility : Banks are advised to provide a minimum OD facility of ₹5000 to every woman SHG member having a PMJDY account in accordance with the guidelines issued by Indian Banks’ Association (IBA).
• The loan amount would be distributed among members based on the MCP prepared by the SHGs.
• In order to facilitate use of loans for augmenting the livelihoods of SHG members, at least 50% of loans above ₹1 lakh, 75% of loans above ₹4 lakh and at least 85% of loans above ₹6 lakh should be used primarily for income generating productive purposes.
• For loans to SHGs up to ₹10.00 lakh, no collateral and no margin will be obtained.
• No lien should be marked against savings bank accounts of SHGs and no deposits should be insisted upon while sanctioning loans.
• For loans to SHGs above ₹10 lakh and up to ₹20 lakh, no collateral should be obtained, and no lien should be marked against savings bank account of SHGs.
• However, the entire loan (irrespective of the loan outstanding, even if it subsequently goes below ₹10 lakh) would be eligible for coverage under Credit Guarantee Fund for Micro Units (CGFMU).
• For loan to SHGs above ₹10 lakh and up to ₹20 lakh, a margin not exceeding 10% of the loan amount exceeding ₹10 lakh may be obtained as per the bank’s approved loan policy.

Key Features of DAY-NRLM :

• Universal Social Mobilization : DAY-NRLM would ensure adequate coverage of vulnerable sections of the society such that 50% of the beneficiaries are SC/STs, 15% are minorities and 3% are persons with disability, while keeping in view the ultimate target of 100% coverage of all households under the automatically included criteria and households with at least one deprivation criterion as per Socio-Economic and Caste Census (SECC).
• Emphasis on Training, Capacity Building and Skill Building: DAY-NRLM would ensure that the poor are provided with the requisite skills for managing their institutions, linking up with markets, managing their existing livelihoods, enhancing their credit absorption capacity and credit worthiness, etc.
• Funding Pattern: DAY-NRLM is a Centrally Sponsored Scheme and the financing of the programme would be shared between the Centre and the States in the ratio of 60:40 (90:10 in case of North Eastern States including Sikkim; completely from the Centre in case of UTs).

State Bank of India report: Senior Citizen Deposits Surge to Rs 34 Lakh Crore, Marking 150% Growth Over 5 Years     

• The share of senior citizen term deposits have doubled in the last five years to 30 per cent in fiscal year 24 as many have locked in their savings at higher interest rates before the Reserve Bank of India (RBI) starts cutting rates.
• The report estimates a staggering 74 million senior citizen term deposit accounts in India, holding a combined value of Rs 34 lakh crore.
• This represents a remarkable 81% increase in account numbers and a staggering 150% jump in total deposits compared to 2018.
• Out of such 74 million accounts, almost 73 million accounts are in the size of up to Rs 15 lakh.
• By assuming 7.5% interest on Senior citizen bank deposits, Rs 2.6 lakh crore is the interest earned.
• In 2018, SBI had estimated that there are around 41 million senior citizens term deposit accounts in the country with a total deposit of Rs 14 lakh crore.
• So, in 6 years, there has been an increase of 81% growth in the number of accounts and 150% in amounts.

About SCSS :

• Senior Citizen Savings Scheme (SCSS) allows deposits up to Rs 30 lakh with a guaranteed 5-year tenure and an attractive 8.2% interest rate.
• SCSS was launched with the main aim of providing senior citizens in India a regular income after they attain the age of 60 years old.
• It has a maturity period of 5 years.
• But, a depositor can extend one’s maturity period for another three years.
• Minimum Deposit– Rs. 1,000 (and in multiples thereof)

Interest Subvention Scheme for Credit to Women Self-Help Groups Extended to all Public Sector Banks, Private Sector Banks and Small Finance Banks in all districts in 2024-25  

• Interest subvention scheme on Credit to Women Self Help Group (SHG) during the year 2024-25 for all Public Sector Banks, Private Sector Banks and Small Finance Banks in all districts.
• The scheme is limited to Women Self Help Groups under Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM) in rural areas only.

Key Highlights :

• Concessional Interest Rates: For loans up to ₹3 lakh under the scheme, banks will extend credit at a concessional interest rate of 7% per annum.
• For outstanding credit balance upto ₹3 lakh, banks will be subvented at a uniform rate of 4.5% per annum during FY 2024-25.
• Higher Loan Range: For loans above ₹3 lakh and up to ₹5 lakh under the scheme, banks will extend credit at interest rate equivalent to their 1 year-MCLR or any other external benchmark based lending rate or 10% per annum, whichever is lower.
• For outstanding credit balance above ₹3 lakh and up to ₹5 lakh, banks will be subvented at a uniform rate of 5% per annum during FY 2024-25.
• Duration of Subvention: Interest subvention will be payable only when an account remains in the standard category.
• Implementation : The interest subvention scheme shall be implemented for banks through a Nodal Bank selected by the Ministry of Rural Development (MoRD).
• Operationalization : The Nodal Bank will operationalize the scheme through a web based platform, as advised by MoRD.
• For the year 2024-25, Indian Bank has been nominated as the Nodal Bank by MoRD.
• Submission of Claims : Any remaining claims pertaining to the disbursements made during the year 2024-25 and not included during the year, may be consolidated separately and marked as an ‘Additional Claim’ and submitted to the Nodal Bank latest by September 30, 2025, duly certified by Statutory Auditors.

RBI Data Reveals Over 27% Increase in Urban Co-operative Banks Advances to Priority Sector in FY23                       

• According to the Reserve Bank of India’s report-Primary (Urban) Co-operative Banks’ Outlook 2022-23, the advances of Urban Co-operative Banks (UCBs) to the priority sector surged more than 27% in the financial year 2023, compared to the previous year.

Key Highlights :

• Total Advances: The RBI report indicates that UCBs’ advances in FY23 amounted to Rs 2.2 trillion, a notable increase from Rs 1.73 trillion in FY22.
• Focus on MSMEs: Majority of UCBs’ advances were directed towards Micro, Small & Medium Enterprises (MSMEs), totaling Rs 1.3 trillion in FY23 compared to Rs 1 trillion in FY22.
• Priority Sector Share: Of the total lending by UCBs to the priority sector, almost 40 per cent was to the MSMEs in FY23 compared to 34.27 per cent last year.
• Within MSMEs, micro enterprises had the highest share at 17.23 per cent.
• Priority Sector Lending Target : The RBI has set a target of 60 per cent for priority sector lending by UCBs till FY24.
• However, UCBs had already achieved 66.88 per cent in FY23.
• Comparison with Scheduled Commercial Banks : At the same time, scheduled commercial banks’ achievement under the priority sector lending as on March 31, 2023, stood at 44.7 percent.
• Overall PSL Target Achievement : Both public and private sector banks, including foreign banks, have also achieved the prescribed 40 per cent overall priority sector lending (PSL) target during 2022-23.
• UCB Demographics : As on March 31, there were 1,502 UCBs in India, with 10,117 branches across the country.
• It has total deposits of Rs 5.3 trillion and total advances of Rs 3.3 trillion.
• Regional Distribution : Maharashtra has the highest number of UCBs with a total of 475, and the western region of the country houses 693 UCBs.

CURRENT AFFAIRS: NATIONAL NEWS

Centre to set up dedicated test labs in six states for Kasturi Cotton global brand push

• To promote the global brand of Kasturi Cotton, the Center will set up dedicated testing laboratories in six states.
• The central government plans to set up dedicated laboratories for testing high-grade cotton in Maharashtra, Tamil Nadu, Haryana, Punjab, Gujarat, and Karnataka.
• It will be set up as part of an effort to establish Indian Kasturi cotton as a global brand.
• The laboratories will be set up in convergence with the Bureau of Indian Standards (BIS) testing facilities, ensuring alignment with national quality standards.
• The aim of setting up this laboratory is that India wants to compete with global cotton brands like Supima and Giza, known for their exceptional softness, strength, and durability.
• However, India has taken up branding of its cotton only recently despite being a major producer with the largest area under the crop.
• While Egypt has successfully established its Giza cotton brand internationally with a modest annual production of one million bales.
• The Indian product, Kasturi Cotton India, is produced according to stringent standards, with a strict limit of 2% on waste content to ensure its premium quality and 100% traceability.

CURRENT AFFAIRS: BUSINESS NEWS

Indian economy projected to grow 6.5% in 2024: UNCTAD

• UN Trade and Development (UNCTAD) in its report released that India grew by 6.7 per cent in 2023 and is expected to expand by 6.5 per cent in 2024, continuing to be the fastest-growing major economy in the world.
• The expansion in 2023 was driven by strong public investment outlays as well as the vitality of the services sector which benefited from robust local demand for consumer services.
• The UNCTAD report said the Reserve Bank of India is expected to keep interest rates constant in the near term, while restrained public consumption spending will be offset by strong public investment expenditures.
• In other Southern Asian countries, however, economic growth remains more subdued.
• Three countries in the region – Bangladesh, Pakistan and Sri Lanka – are currently under IMF programmes, the conditionalities of which necessitate the application of tight monetary policies and fiscal austerity measures whose impacts are most severely felt by low-income households.
• Global growth is projected to be 2.6 per cent in 2024, slightly slower than the 2.7 per cent in 2023.
• This makes 2024 the third consecutive year in which the global economy will grow slower than before the pandemic when the average rate for 2015–2019 was 3.2 per cent.

IMF raises India’s GDP growth forecast to 6.8% for FY25

• The International Monetary Fund (IMF) upped its growth projection for India by 30 basis points to 6.8 per cent for the current fiscal year.
• However, it has not made any changes to its projections for FY26.
• In its April edition of World Economic Outlook, the IMF said it expects India’s FY26 (next fiscal) GDP growth at 6.5%.
• The agency has pegged GDP growth for FY24 at 7.8 per cent.
• For the current fiscal, the projection is 50 basis points higher than the projection made in October and 30 basis points higher than the projection made in December.
• Despite upward revision, IMF’s latest projection is still lower than that of the Asian Development Bank (ADB) and the Reserve Bank of India.
• ADB revised its projection to 7 per cent from 6.7 per cent for the current fiscal.
• Earlier this month, while announcing MPC’s decisions, RBI Governor Shaktikanta Das said Indian economy is projected to grow at 7 per cent.
• Recently, the World Bank also revised its forecast for India’s GDP growth to 6.6% for FY25 from 6.4% predicted for the fiscal earlier.
• According to WEO, the global economy is estimated to have grown at 3.2 percent in 2023.
• And, it is projected to grow at the same pace in 2024 and 2025.

Finance Ministry notifies new FDI limits for satellite-related activities under FEMA

• The Finance Ministry has notified a new Foreign Direct Investment (FDI) limit for various satellite-related activities under Foreign Exchange Management (Non-Debt Instruments) Rules.
• This means that all key regulations are in place to implement the higher FDI limit.
• The new rules come into effect from April 16, 2024.
• Earlier in February, the Government approved an amendment in FDI policy for the space sector.
• Under the amended FDI policy, 100 per cent FDI is allowed in the space sector.
• Now, satellite manufacturing & operation, satellite data products and ground segment & user segment can get FDI up to 74 per cent under the automatic route, beyond which government route will be applicable. Sub-sector comprises launch vehicles and associated systems or sub-systems.
• The creation of spaceports for launching and receiving spacecraft can get FDI through automatic routes up to 49 per cent.
• One hundred per cent FDI under automatic route has now been permitted to manufacture components and systems/sub-systems for satellites, ground segment and user segment.
• To date, FDI is permitted to establish and operate satellites only through the government’s approval route. In line with the vision and strategy under the Indian Space Policy 2023.

Aditya Birla Capital launches its omnichannel D2C platform ‘ABCD’

• Aditya Birla Capital announced the launch of its omnichannel D2C platform ABCD making “Everything Finance as Simple as ABCD”.
• This platform is housed under Aditya Birla Capital Digital Limited (“ABCDL”), a wholly-owned subsidiary of Aditya Birla Capital Limited (“ABCL”).
• Through this platform, Aditya Birla Capital targets to add 30 million new users over the next 3 years.
• Guided by a Maximum Viable Product approach, the ABCD D2C platform offers a comprehensive portfolio of 22 products and services, including facilities of a payment platform.
• Kumar Mangalam Birla, Chairman Aditya Birla Group.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

UCO Bank Board Promotes Rajesh Upadhyay to General Manager Role

• The UCO Bank Board elevated Rajesh Upadhyay, Zonal Head, Bhopal Zonal Office to General Manager of the Bank.

About Rajesh Upadhyay :

• Rajesh Upadhyay, aged 55 years, holds a Bachelor’s degree in Science, Law and a Master’s degree in Arts.
• He is also a certified Associate of the Indian Institute of Banking and Finance (CAIIB).
• He has worked in various capacities in different branches/zones of the Bank across the country.
• Currently, he serves as the Zonal Head of the Bhopal Zonal Office.

About UCO Bank :

• Founded : 6 January 1943
• Headquarters : Kolkata, West Bengal, India
• MD & CEO : Ashwani Kumar

CURRENT AFFAIRS : DEFENCE NEWS

Defence Research and Development Organisation Inaugurates Submersible Platform for Acoustic Characterisation and Evaluation, Premier Sonar Systems Testing Hub for Indian Navy in Kerala

• A state-of-the-art Submersible Platform for Acoustic Characterisation and Evaluation (SPACE) was inaugurated by the Secretary, the Department of Defence (R&D) and Chairman of Defence Research and Development Organisation (DRDO) Dr Samir V Kamat at Underwater Acoustic Research Facility, Kulamavu in Idukki, Kerala.
• The SPACE, set up by the Naval Physical & Oceanographic Laboratory of DRDO, has been designed as a premier testing and evaluation hub for sonar systems destined for the Indian Navy onboard various platforms including ships, submarines and helicopters.

About SPACE :

• The SPACE marks a milestone in naval technology advancement.
• It will consist of two distinct assemblages – a platform which floats on the water surface, and a submersible platform which can be lowered to any depth up to 100 m using winch systems.
• Upon completion of operations, the submersible platform can be winched up and docked with the floating platform.
• The SPACE will mainly be utilised for the evaluation of complete sonar systems, allowing for quick deployment and easy recovery of scientific packages such as sensors and transducers.
• It will be suitable for survey, sampling, and data collection of air, surface, mid-water, and reservoir floor parameters using modern scientific instrumentation.
• It will cater to the needs of data processing and sample analyses in modern, well equipped scientific laboratories heralding a new era of Anti-Submarine Warfare research capabilities.

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Ajay Bhatt
• Defence Secretary : Giridhar Aramane

CURRENT AFFAIRS: MOUS AND AGREEMENT

BPCL to link Noida airport with jet fuel pipeline

• State-run Bharat Petroleum Corporation (BPCL) has signed an agreement with Noida International Airport to construct a pipeline for jet fuel supply.
• The agreement on February 20 proposes to lay a dedicated aviation turbine fuel (ATF) pipeline from BPCL’s Piyala terminal to the tank farm at the airport for efficient fuel supply and reduction in carbon emissions by eliminating the need for tanker lorry movements.
• The 34-km dedicated ATF pipeline, including 1.2 km inside the airport, will operate on a common/contract carrier basis.

CURRENT AFFAIRS: RANKING AND REPORTS

India’s population estimated at 144 crore, 24% in 0-14 age bracket: UNFPA report

• The United Nations Population Fund’s (UNFPA) State of World Population – 2024 report — “Interwoven Lives, Threads of Hope: Ending Inequalities in Sexual and Reproductive Health and Rights” — revealed that India’s population is estimated to double in 77 years.
• India’s population is estimated to have reached 144 crore, with 24 per cent in the 0-14 age bracket.

Key Highlights

• India leads globally with an estimated population of 144.17 crore, followed by China at 142.5 crore.
• India’s population was recorded at 121 crore during the last census, conducted in 2011.
• The report further detailed that an estimated 24 per cent of India’s population is aged 0-14 while 17 per cent is within the 10-19 age range.
• The segment aged 10-24 is estimated to constitute 26 per cent, with the 15-64 age group making up 68 per cent.
• Additionally, 7 per cent of India’s population is aged 65 years and above, with men having a life expectancy of 71 years and women 74 years.
• The report has found that 30 years of progress in sexual and reproductive health has mostly ignored the most marginalised communities worldwide.
• According to the report, the child marriage percentage in India was at 23 between 2006-2023.
• The report noted that maternal deaths in India have fallen considerably, accounting for 8 per cent of all such fatalities worldwide.
• The report said millions of women and girls remain far behind, and progress is slowing or stalled on key measures — 800 women die every day giving birth, unchanged since 2016.
• Recent studies conducted across India’s 640 districts have shown that while close to a third of these districts have successfully met the Sustainable Development Goal (SDG) target of reducing maternal mortality ratios to below 70 per 100,000 live births, 114 districts still report ratios of 210 or higher deaths per 100,000 live births.
• The most alarming rate, at 1,671 deaths per 100,000 births, is observed in the Tirap District of Arunachal Pradesh, which is predominantly rural and has a substantial indigenous population.

CURRENT AFFAIRS: SPORTS NEWS

India Clinches 2 Silver, and 2 Bronze Medals At 13th European Girls’ Mathematical Olympiad 2024 at Tskaltubo, Georgia

• The Indian team has secured 2 Silver and 2 Bronze medals in the 13th European Girls’ Mathematical Olympiad (EGMO) 2024.
• This Olympiad was held in Tskaltubo, Georgia.
• Gunjan Agarwal of Gurgaon and Sanjana Philo Chacko of Thiruvananthapuram won Silver medals while Larissa from Hissar and Pune’s Saee Patil won Bronze medals.
• This achievement marks the second instance of all four contestants securing medals at EGMO since India’s debut in 2015.
• The team was led by leader Sahil Mhaskar, Deputy Leader Aditi Muthkhod and Observer Ananya Ranade from the Chennai Mathematical Institute.

Daily CA One-Liner: April 19

• To promote the global brand of Kasturi Cotton, the Center will set up dedicated testing laboratories in six states
• The Ministry of Rural Development (MoRD), Government of India launched the National Rural Livelihood Mission (NRLM) by restructuring Swarnajayanti Gram Swarojgar Yojana (SGSY) with effect from 01st April 2013.
• UN Trade and Development (UNCTAD) stated in its report that India grew by 6.7 per cent in 2023 and is expected to expand by 6.5 per cent in 2024, continuing to be the fastest-growing major economy in the world
• The International Monetary Fund (IMF) upped its growth projection for India by 30 basis points to 6.8 per cent for the current fiscal year
• The Finance Ministry has notified a new Foreign Direct Investment (FDI) limit for various satellite-related activities under Foreign Exchange Management (Non-Debt Instruments) Rules
• Aditya Birla Capital announced the launch of its omnichannel D2C platform ABCD making “Everything Finance as Simple as ABCD
• State-run Bharat Petroleum Corporation (BPCL) has signed an agreement with Noida International Airport to construct a pipeline for jet fuel supply
• The United Nations Population Fund’s (UNFPA) State of World Population – 2024 report — “Interwoven Lives, Threads of Hope: Ending Inequalities in Sexual and Reproductive Health and Rights” — revealed that India’s population is estimated to double in 77 years.
• The Indian team has secured 2 Silver and 2 Bronze medals in the 13th European Girls’ Mathematical Olympiad (EGMO) 2024
• Paytm owner One97 Communications (OCL) received approval from the National Payment Corporation of India (NPCI) to start the user migration from the existing Paytm Payments Bank UPI handle to new Payment System Provider (PSP) bank handles.
• ICICI Lombard, the largest private sector general insurer, reported an 18.9% increase in its net profit for the March quarter, reaching Rs 520 crore compared to Rs 437 crore in the year-ago period.
• The Reserve Bank of India (RBI) has issued two draft directions regarding the regulation of Payment Aggregators (PA), specifically focusing on physical Point-of-Sale (PoS) activities, net worth requirements, and licensing prerequisites.
• The Ministry of Rural Development (MoRD), Government of India (GoI) launched the National Rural Livelihood Mission (NRLM) on April 1, 2013, by restructuring the Swarnajayanti Gram Swarojgar Yojana (SGSY).
• The share of senior citizen term deposits have doubled in the last five years to 30 per cent in fiscal year 24 as many have locked in their savings at higher interest rates before the Reserve Bank of India (RBI) starts cutting rates.
• Interest subvention scheme on Credit to Women Self Help Group (SHG) during the year 2024-25 for all Public Sector Banks, Private Sector Banks and Small Finance Banks in all districts.
• According to the Reserve Bank of India’s report-Primary (Urban) Co-operative Banks’ Outlook 2022-23, the advances of Urban Co-operative Banks (UCBs) to the priority sector surged more than 27% in the financial year 2023, compared to the previous year.
• The UCO Bank Board elevated Rajesh Upadhyay, Zonal Head, Bhopal Zonal Office to General Manager of the Bank.
• A state-of-the-art Submersible Platform for Acoustic Characterisation and Evaluation (SPACE) was inaugurated by Secretary, Department of Defence (R&D) and Chairman Defence Research and Development Organisation (DRDO) Dr Samir V Kamat at Underwater Acoustic Research Facility, Kulamavu in Idukki, Kerala.