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CURRENT AFFAIRS : BANKING & FINANCE
Maldives Plans Launch of RuPay to Enhance Bilateral Ties with India
- Maldives intends to launch India’s RuPay service, reflecting the strengthening of ties between the two nations.
- The specific launch date for the RuPay service has not yet been disclosed.
- The upcoming launch of RuPay in Maldives is expected to enhance the value of the Maldivian currency, the rufiyaa (MVR).
About RuPay :
- RuPay, developed by the National Payments Corporation of India (NPCI), is India’s first domestic card payment network.
- It is widely accepted at ATMs, point-of-sale (POS) devices, and e-commerce platforms across India.
Key Highlights :
- The move is likely to help Male save almost 50% of the annual $1.5 million import bill from the two countries.
- In July 2023, the Government of India declared that Maldives was among the 22 countries that were permitted by the Reserve Bank of India to open Special Rupee Vostro Accounts (SRVAs) as part of efforts to promote bilateral trade in local currencies.
- Various banks and payment companies worldwide have collaborated with NPCI International Payments Ltd (NIPL), the international arm of NPCI, to integrate UPI and RuPay into their systems.
About Maldives :
- President : Mohamed Muizzu
- Capital : Malé
- Currency : Maldivian rufiyaa
SEBI Establishes Guidelines to Manage Pricing Impact Following Company Rumor Verifications
- The Securities and Exchange Board of India (SEBI) has issued guidelines for calculating the “unaffected price” after a listed entity verifies market rumours.
- Listed entities are required to verify market rumours upon observing material price movement in their equity shares.
Key Highlights :
- Definition of Unaffected Price:The unaffected price is determined by excluding the effect on the equity share price caused by the material price movement and the confirmation of the rumour.
- Applicability of Framework:The framework for considering the unaffected price will apply to the top 100 listed entities starting June 1 and to the top 250 listed entities starting December 1.
- Timing of Rumour Confirmation:The unaffected price will only apply if the listed entity confirms the rumour related to the transaction within 24 hours of the material price movement trigger.
- Validity Period of Unaffected Price:The unaffected price will be applicable for a period of either 60 days or 180 days, depending on the stage of the transaction.
Recent News :
- In May 2024, SEBI amended rules to make it mandatory for at least one key personnel within an investment team of an Alternative Investment Fund (AIF) manager to obtain requisite certification.
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
- SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance, GoI.
Reserve Bank of India Board Approves Record Rs 2.11 Lakh Crore Surplus Transfer to Government for FY24
- The Central Board of the Reserve Bank of India (RBI) approved the highest-ever surplus transfer/dividend of Rs 2.11 lakh crore to the Central government for the accounting year 2023-24.
- The decision on the surplus transfer was made during the 608th meeting of the Central Board of Directors of the Reserve Bank of India, held in Mumbai, Maharashtra.
Key Highlights :
- Economic Capital Framework (ECF):The transferable surplus for the year 2023-24 was determined based on the Economic Capital Framework (ECF).
- ECF provides a methodology for determining the appropriate level of risk provisions and profit distribution as per Section 47 of the RBI Act 1934.
- Expert Committee and Recommendations:The ECF was adopted by the Reserve Bank on August 26, 2019, based on the recommendations of the Expert Committee chaired by Dr. Bimal Jalan.
- Profit Distribution to Central Government:The central bank is mandated to pay the balance of its profits to the central government after accounting for bad and doubtful debts, asset depreciation, and staff contributions.
- Contingent Risk Buffer (CRB):The Committee recommended maintaining the CRB within a range of5% to 5.5% of the RBI’s balance sheet to cover monetary, financial stability, credit, and operational risks.
- CRB Management During Economic Conditions:During the accounting years 2018-19 to 2021-22, the CRB was maintained at 5.50% of the RBI’s Balance Sheet size due to prevailing macroeconomic conditions and the impact of the Covid-19 pandemic.
- Revival in Economic Growth:With the revival in economic growth in FY 2022-23, the CRB was increased to 6.00%, and further raised to 6.50% for FY 2023-24, indicating confidence in the robustness and resilience of the economy.
- Surplus Transfer Approval:The Board approved the transfer of ₹2,10,874 crore as surplus to the Central Government for the accounting year 2023-24.
- The surplus transfer is for the fiscal year 2023-2024 but will reflect in the government’s account in the fiscal year 2025.
- Purpose of Contingent Risk Buffer (CRB):The CRB serves as the country’s savings for a financial stability crisis, consciously maintained with the RBI due to its role as the Lender of Last Resort (LoLR).
- It is a component of the RBI’s economic capital required to cover monetary and financial stability, credit, and operational risks.
- Previous Surplus Transfers:In FY 2022-23, the RBI’s dividend to the government was Rs 87,416 crore.
- In FY 2019, a record transfer of Rs 1.76 lakh crore was approved by the RBI, including a surplus or dividend of Rs 1.23 lakh crore, and a one-time transfer of excess provisions amounting to Rs 52,637 crore.
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
SEBI Relaxes Minimum Promoter Contribution Rules to Facilitate IPO Process
- The Securities and Exchange Board of India (SEBI) has permitted non-promoter shareholders to contribute towards the shortfall in minimum promoters’ contribution in an initial public offering (IPO) without being classified as promoters.
Key Highlights :
- Expansion of Contribution Sources:SEBI now allows promoter group entities and non-individual shareholders to contribute to the mandated promoters’ contribution without being identified as promoters.
- Previous Minimum Promoter Contribution Norms:Previously, SEBI’s norms required at least 20% of promoters’ shares to be locked in for a certain period post-listing after an IPO.
- Eligibility for Contribution:Non-promoter shareholders, excluding individuals holding more than 5% of the post-offer equity share capital, can now contribute towards the shortfall.
- Impact on Technology Companies:This relaxation is particularly beneficial for new-age technology companies as founders’ shareholding often decreases after an IPO.
Recent News :
- In May 2024, SEBI modified the basis for the computation of market capitalisation of listed companies under its Listing Obligations and Disclosure Regulations (LODR) regulations.
RBI Increases Gold Reserves by 24 Tonnes in First Four Months of 2024 as Hedge Against Geopolitical Volatility
- The Reserve Bank of India (RBI) added 24 tonnes of gold to its stock of reserves in 4 months from January to April, 2024 as a hedge against volatility amid geopolitical tensions.
- This addition is nearly 1.5 times the volume added throughout the entire year of 2023, which was 16 tonnes.
Key Highlights :
- Total Gold Reserves:As of April 26, 2024, the RBI held 827.69 tonnes worth of gold as part of its foreign exchange reserves.
- This represents an increase from 803.6 tonnes held as of the end of December.
- Gold’s Share in Foreign Exchange Reserves:The share of gold in the total foreign exchange reserves rose from 7.75% as of the end of December 2023 to approximately 8.7% as of the end of April 2024.
CURRENT AFFAIRS: NATIONAL NEWS
Spain Becomes 99th Member Of International Solar Alliance
- Spain has become the 99th member of the International Solar Alliance.
- Spain handed over the International Solar Alliance Instrument of Ratification, during the meeting of Ambassador José María Ridao Domínguez of Spain with the Head of Depository, Joint Secretary in the External Affairs Ministry Abhishek Singh in New Delhi.
- India and France jointly launched the International Solar Alliance (ISA) during COP21 in Paris.
- The International Solar Alliance (ISA) is a collaborative platform for increased deployment of solar energy technologies as a means for bringing energy access, ensuring energy security, and driving energy transition in its member countries.
About ISA
- The ISA was conceived as a joint effort by India and France to mobilize efforts against climate change through the deployment of solar energy solutions.
- 119 countries have till date signed the ISA Framework Agreement.
- 99 countries have ratified and submitted the necessary International Solar Alliance Instrument of Ratification to become a full member.
- Headquarters of ISA: Gurugram, Haryana.
About Spain :
- Prime Minister: Pedro Sánchez
- Capital : Madrid
- Currency : Euro
Severe cyclone Remal to hit Bangladesh and adjoining West Bengal coasts between Sagar Island and Khepupara
- The season’s first severe cyclonic storm in the Bay of Bengal, ‘Remal,’ reached Bangladesh and adjoining West Bengal coasts.
- According to the IMD, the cyclone has reach a wind speed of 102 kilometres per hour.
- The Met office has warned of very heavy rainfall in the coastal districts of West Bengal, north Odisha, Mizoram, Tripura, and south Manipur on May 26-27.
- This is the first cyclone in the Bay of Bengal this pre-monsoon season and will be named Remal, according to a system of naming cyclones in the Indian Ocean region.
- This name is given by Oman.
- After this, the name of Pakistan will come Asna.
- The WMO, in coordination with the five Regional Special Meteorological Organizations (RSMCs), has started naming cyclones since 2004.
- A panel of the regional committee approved the list of names of cyclones formed in the Bay of Bengal and the Arabian Sea.
- Its name is WMO/ESCAP Panel on Tropical Cyclones.
- The 2018 RMSC lists new cyclone names.
- At this time, 13 countries gave 13 names each.
CURRENT AFFAIRS: BUSINESS NEWS
Fintech Infrastructure Provider Decentro Launches fully RBI-Compliant Next-Gen Payment Aggregator stack for India
- Decentro, fintech infrastructure provider in India, has launched Flow 2.0, a next-generation payment stack designed to address comprehensive payment needs for businesses.
- This stack promises high performance, full compliance with RBI regulations, and enhanced security.
- Decentro’s recent milestone as the youngest company to receive a Payment Aggregator license in February 2024 highlights the significance of this launch.
- The stack currently powers payments for clients like Shiprocket, Kodo, and Volopay, offering minimal downtimes, disruptions and maximized business efficiency.
- Rohit Taneja, Co-founder and CEO of Decentro.
CURRENT AFFAIRS: AWARDS AND HONOURS
POWERGRID gets global recognition for Learning & Development, receives ATD Best Awards for the third time
- Power Grid Corporation of India Limited (POWERGRID), a Maharatna Central Public Sector Enterprise under the Ministry of Power, Government of India, has been conferred the prestigious ATD BEST Awards 2024 for its strategic approach to talent development driving business results.
- The ATD BEST Awards, established by the Association for Talent Development (ATD), USA, is one of the most esteemed international recognitions in the field of Learning and Development (L&D).
- It honors organizations that leverage talent development as a strategic business tool and demonstrate enterprise-wide success through effective employee development practices.
- This is the third time POWERGRID has been honoured with the ATD BEST Award, having previously received it in 2021 and 2023.
- Power Grid Corporation of India Limited is an Indian central public sector undertaking under the ownership of the Ministry of Power, Government of India. Sh. Ravindra Kumar Tyagi is the Chairman and Managing Director of Power Grid Corporation of India Limited (POWERGRID)
NTPC gets global recognition for Talent Development, secures 3rd rank at ATD BEST Awards 2024
- NTPC has achieved an impressive milestone by securing the 3rd rank globally at the ATD BEST Awards 2024, this being the highest ranking among all Indian companies.
- Notably, NTPC is the only PSU to have received this prestigious award seven times in the past eight years.
- The ATD BEST Awards, established by the Association for Talent Development (ATD), USA, is one of the most esteemed international recognitions in the field of Learning and Development (L&D).
- This achievement highlights NTPC’s exceptional performance in the HR domain on an international level.
About NTPC
- NTPC Limited, formerly known as National Thermal Power Corporation, is an Indian central Public Sector Undertaking under the ownership of the Ministry of Power and the Government of India, who is engaged in the generation of electricity and other activities.
- CEO: Gurdeep Singh
CURRENT AFFAIRS: RANKING AND REPORTS
Oxford Economics’ Global Cities Index: At 350, Delhi highest ranked Indian city
- Delhi has scored the 350th rank in the Oxford Economics’ Global Cities Index, which has compared the world’s 1000 largest cities on parameters ranging from economics to human capital.
- The list of 1000 largest cities, spread across 163 different countries, also feature several other Indian cities, including Bengaluru, Mumbai and Chennai.
- However, no Indian city could make the Top 300.
- The national capital is the best performing Indian city on the list.
- The index contains 27 indicators across five categories:
- Economics(30%),
- Human Capital(25%),
- Quality of Life(25%),
- Environment(10%),
- and Governance (10%), which are aggregated to create an overall score for each city.
- New York ranks first on the index, followed by London, San Jose, Tokyo, Paris, Seattle, Los Angeles, San Francisco, Melbourne and Zurich.
- In India, Bengaluru is ranked 411, Mumbai 427, Chennai 472, Kochi 521, Kolkata 528, Pune 534, Thrissur 550, Hyderabad 564 and Kozhikode 580.
- Sultanpur, also in Uttar Pradesh, holds the lowest position among Indian cities, coming in at the 1,000th spot.
- Ranked 578, Pakistan’s Islamabad and Rawalpindi were the best performing cities of the country.
Over 50% of world’s mangroves at risk of collapse, climate change leading factor: IUCN
- More than half of the world’s mangrove ecosystems are at risk of collapse, with nearly one in five facing severe risk, according to the findings of the first global mangrove assessment.
- According to the study done using the International Union for Conservation of Nature’s (IUCN) Red List of Ecosystems — a global standard for measuring the health of ecosystems, climate change threatens one-third (33 per cent) of the mangrove ecosystems.
- Deforestation, development, pollution and dam construction pose a serious threat to mangroves, but the risk to these ecosystems is increasing due to sea-level rise and the increased frequency of severe storms due to climate change.
- This study classified the world’s mangrove ecosystems in 36 different regions called provinces and assessed the threats and risk of collapse in each region.
- One-third of the world’s mangrove ecosystem provinces will be severely affected by sea-level rise, with 25 per cent of the global mangrove area predicted to be submerged in the next 50 years.
- These ecosystems protect 15.4 million people and USD 65 billion worth of property per year from coastal disasters. In 2050, this could rise to 15.5 million and USD 118 billion because of population growth and rise in property values.
About IUCN
- Founded in 1948, IUCN has become the global authority on the status of the natural world and the measures needed to safeguard it.
- Headquarters: Gland, Switzerland.
World Bank Report – ‘Water For Shared Prosperity’ Highlights Global Water Access Disparities
- The World Bank report, titled “Water for Shared Prosperity,” was released at the 10th World Water Forum in Bali, Indonesia.
- It underscores the widening gap in access to water resources and services, exacerbated by factors like population growth, urbanization, and climate change.
- In 2022, 2.2 billion people lacked access to safely managed drinking water services, while 3.5 billion lacked access to safely managed sanitation.
- Over 800 million people globally are at high risk of drought, with double that number living in flood-prone areas.
- Low-income countries have seen a regression in access to safe drinking water, with an additional 197 million people lacking access since 2000.
- The Democratic Republic of the Congo holds over half of Africa’s total water resources.
About World Water Forum
- World Water Forum is a large-scale international event that focuses on the discussion and development of solutions to global water-related challenges.
- It is held every three years.
- The first forum took place in took place in Marrakesh, Morocco in March 1997.
- It is organized by the World Water Council, an international organization.
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
Disney to Sell 30% Stake in Tata Play to Tata Group, Valuing Company at $1 Billion
- Walt Disney Co has sold its minority stake in Tata Play to Tata Group, indicating a strategic shift in its focus.
- Disney aims to concentrate on merging its Indian unit with Mukesh Ambani’s media arm, highlighting the importance of strategic alliances and mergers in the media industry.
Key Highlights :
- The transaction valued Tata Play Limited. at approximately $1 billion, showcasing the valuation process involved in corporate transactions.
- As per the deal, Tata Group takes full control of the TV platform after buying the 8% stake from Disney.
- The deal comes as Disney signed a binding agreement in late February to combine its India unit with Viacom 18 Media Pvt creating an $8.5 billion entertainment giant.
About Tata Play :
- Tata Play was incorporated in 2001- a joint venture between Tata Group and TFCF Corp.
- The company provides pay television via set-top boxes and over-the-top video streaming through its app, as per Tata Sons’s website.
- Tata Group raised its stake in Tata Play to over 70% after buying out Temasek Holding Pte’s stake earlier this year. .
- Temasek first invested in Tata Sky, as it was known at the time, in 2007.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Elon Musk Introduces SpaceX’s Satellite Internet Service in Indonesia
- Elon Musk and Indonesian Health Minister Budi Gunadi Sadikin launched SpaceX’s satellite internet service, Starlink, for Indonesia’s health sector.
- The aim is to improve internet access in remote parts of Indonesia.
- Starlink was launched at three Indonesian health centers, including two in Bali and one on the remote island of Aru in Maluku.
Key Highlights :
- Expansion in Southeast Asia : Indonesia is the 3rd country in Southeast Asia where Starlink will operate. Malaysia issued the firm a license to provide internet services last year and a Philippine-based firm signed a deal with SpaceX in 2022.
- Usage in Ukraine:Starlink is extensively used in Ukraine by the military, hospitals, businesses, and aid organizations.
About Starlink Project Overview :
- Starlink is a satellite network project developed by SpaceX, aimed at providing low-cost internet to remote locations.
- It consists of a mega-constellation of satellites, with plans to expand up to 42,000 satellites, currently totaling 5,800 in orbit.
- The satellites operate in Low Earth Orbit (LEO) at altitudes ranging from 350 km to 1,200 km, reducing latency in internet services.
- Each Starlink satellite has an estimated lifespan of about 5 years and primarily operates at an altitude of 550 km.
About Indonesia :
- President : Joko Widodo
- Capital : Jakarta
- Currency : Indonesian rupiah (Rp)
Microsoft Unveils ‘Copilot+’ PCs with Unique ‘Recall’ AI Functionality
- Microsoft is innovating by introducing a new category of personal computers with AI features, emphasizing its efforts to integrate emerging technologies into its products.
- The move reflects Microsoft’s strategy to compete with tech giants like Alphabet and Apple, highlighting the importance of innovation and competition in the technology sector.
Key Highlights :
- Leadership and Product Launch:Chief Executive Satya Nadella unveiled the new “Copilot+” PCs, showcasing the leadership role in driving innovation and product development within Microsoft.
- The collaboration with manufacturers such as Acer and Asustek Computer demonstrates Microsoft’s ecosystem approach to product distribution and market penetration.
- Technology Adoption and Partnerships:Microsoft’s introduction of Qualcomm chips based on Arm Holdings’ architecture in its Surface Pro tablet and Surface Laptop signifies the company’s adoption of new technologies and partnerships to enhance product performance and capabilities.
- Cross-Platform Compatibility and Compatibility Solutions:The introduction of Prism technology, aimed at facilitating the compatibility of software designed for Intel and AMD chips with Arm-based chips, addresses the challenge of cross-platform compatibility.
About Microsoft :
- Founded : April 4, 1975
- Headquarters : Washington, United States
- Chairman & CEO : Satya Nadella
CURRENT AFFAIRS: SPORTS NEWS
Jyoti Ratre, 55, becomes the oldest Indian woman to conquer Mount Everest
- Jyoti Ratre, an entrepreneur and fitness enthusiast from Madhya Pradesh, has become the oldest Indian woman to conquer Mount Everest.
- Ratre’s accomplishment comes precisely six years after Sangeeta Bahl, at 53, earned the title of ‘India’s oldest woman to climb Mount Everest’ on May 19, 2018.
- This was Ratre’s second attempt to summit the highest peak in the world.
- In 2023, she had to return from 8,160 mt due to harsh weather.
- Jyoti Ratre conquered Mount Everest as part of a 15-member expedition team of 8K Expeditions, led by Bolivian climber David Hugo Ayaviri Quispe.
Daily CA One- Liner: May 25
- Spain has become the 99th member of the International Solar Alliance
- The season’s first severe cyclonic storm in the Bay of Bengal, ‘Remal,’ reached Bangladesh and adjoining West Bengal coasts
- Decentro, fintech infrastructure provider in India, has launched Flow 2.0, a next-generation payment stack designed to address comprehensive payment needs for businesses
- Power Grid Corporation of India Limited (POWERGRID), a Maharatna Central Public Sector Enterprise under the Ministry of Power, Government of India, has been conferred the prestigious ATD BEST Awards 2024 for its strategic approach to talent development driving business results
- NTPC has achieved an impressive milestone by securing the 3rd rank globally at the ATD BEST Awards 2024, this being the highest ranking among all Indian companies
- Delhi has scored the 350th rank in the Oxford Economics’ Global Cities Index, which has compared the world’s 1000 largest cities on parameters ranging from economics to human capital
- More than half of the world’s mangrove ecosystems are at risk of collapse, with nearly one in five facing severe risk, according to the findings of the first global mangrove assessment
- The World Bank report, titled “Water for Shared Prosperity,” was released at the 10th World Water Forum in Bali, Indonesia
- Jyoti Ratre, an entrepreneur and fitness enthusiast from Madhya Pradesh, has become the oldest Indian woman to conquer Mount Everest
- Maldives intends to launch India’s RuPay service, reflecting the strengthening of ties between the two nations.
- The Securities and Exchange Board of India (SEBI) has issued guidelines for calculating the “unaffected price” after a listed entity verifies market rumours.
- The Central Board of the Reserve Bank of India (RBI) approved the highest-ever surplus transfer/dividend of Rs 2.11 lakh crore to the Central government for the accounting year 2023-24.
- The Securities and Exchange Board of India (SEBI) has permitted non-promoter shareholders to contribute towards the shortfall in minimum promoters’ contribution in an initial public offering (IPO) without being classified as promoters.
- The Reserve Bank of India (RBI) added 24 tonnes of gold to its stock of reserves in 4 months from January to April, 2024 as a hedge against volatility amid geopolitical tensions.
- Walt Disney Co has sold its minority stake in Tata Play to Tata Group, indicating a strategic shift in its focus.
- Elon Musk and Indonesian Health Minister Budi Gunadi Sadikin launched SpaceX’s satellite internet service, Starlink, for Indonesia’s health sector.
- Microsoft is innovating by introducing a new category of personal computers with AI features, emphasizing its efforts to integrate emerging technologies into its products.
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