Daily Current Affairs 26 & 27 May 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Injects Rs 7.75 Trillion Liquidity Through 9 VRR Auctions in May, 2024        

• The Reserve Bank of India (RBI) conducted a variable rate repo (VRR) auction of Rs 1.25 trillion, bringing the total liquidity infused through 9 VRR auctions in May, 2024 to Rs 7.75 trillion.
• Banks placed bids worth Rs 11.4 trillion, which is nearly 47% higher than the RBI’s notified amount.

Key Highlights :

• Auction Details: During the latest VRR auction, the RBI received bids worth Rs 1.39 trillion against the notified amount of Rs 1.25 trillion.
• Banks borrowed the amount at a weighted average rate of56%.
• Liquidity Deficit: The liquidity deficit increased significantly in May, 2024:
• May 19: Rs 1.3 trillion
• May 20: Rs 1.48 trillion
• May 22: Rs 2.37 trillion
• Average System Liquidity: The average system liquidity for the first 15 days of May was a deficit of Rs 1.2 trillion, compared to a surplus of Rs 20,240 crore in April, 2024.
• Purpose of Repo Auctions: A repo auction is conducted by the central bank to inject liquidity into the system, allowing banks to obtain liquidity overnight through RBI’s marginal standing facility when interbank liquidity is insufficient.

Recent News :

• In April 2024, RBI held a 4-day auction under the Liquidity Adjustment Facility (LAF), offering Rs 50,000 crore through VRR.

What is a Liquidity Adjustment Facility?

• A liquidity adjustment facility (LAF) is a tool used in monetary policy, mainly by the Reserve Bank of India (RBI), which enables banks to borrow money through repurchase agreements (reposals) or banks to lend to the RBI using reverse repo contracts.
• It was introduced as a part of the outcome of the Narasimham Committee on Banking Sector Reforms of 1998.

Unclaimed bank deposits more than doubled during pandemic to over Rs 39,000 crore            

• According to the data released by the Reserve Bank of India (RBI), As of December 2022, unclaimed balances across various accounts, including current, savings, and fixed deposits (FDs), reached Rs 39,900 crore, marking a substantial increase from Rs 18,379 crore recorded in December 2019.
• Both public and private sector banks are grappling with the issue of unclaimed deposits
• By March 2023, unclaimed monies held solely by these banks amounted to Rs 42,270 crore, despite concerted efforts through technological initiatives and public awareness campaigns.

What are Unclaimed Deposits?

• Balances in savings / current accounts which are not operated for 10 years, or term deposits not claimed within 10 years from date of maturity are classified as “Unclaimed Deposits”.
• These amounts are transferred by banks to the “Depositor Education and Awareness” (DEA) Fund maintained by the Reserve Bank of India.
• The depositors are, however, still entitled to claim the deposits at a later date from the bank(s) where such deposits were held along with interest, as applicable.
• However, despite public awareness campaigns undertaken by banks as well as RBI from time to time, the amount of Unclaimed Deposit is showing an increasing trend.

Key Highlights :

• Public sector banks hold the majority share of unclaimed deposits at Rs 33,303 crore, representing 83% of the total unclaimed funds as of December 2022.
• State Bank of India (SBI) holds Rs 8,069 crore across 2.16 crore unclaimed accounts.
• Similarly, Punjab National Bank (PNB) has seen its unclaimed deposits surge almost fivefold from 2019, reaching Rs 5,298 crore.
• Among private banks, ICICI Bank holds 31.8 lakh accounts amounting to Rs 1,074 crore in unclaimed deposits, while HDFC Bank’s unclaimed deposits have doubled since 2019, reaching ₹447 crore.
• Even foreign banks operating in India have witnessed a significant uptick, with unclaimed deposits rising from Rs 50 lakh in 2019 to Rs 94 crore in 2022, following its merger with Lakshmi Vilas Bank.
• To tackle this, RBI also launched an online portal UDGAM (Unclaimed Deposits-Gateway to Access Information) last year to help users search for unclaimed deposits across multiple banks in a centralised manner.
• As of March 2024, 30 banks are part of UDGAM, hosting information on unclaimed monies.
• RBI has also instructed banks to undertake regular reviews of large unclaimed amounts and reach out to such customers.

Reserve Bank of India Imposes ₹3.1 Lakh Penalty on Hero FinCorp for Violating Fair Practices Code Provisions 

• The Reserve Bank of India (RBI) has levied a penalty of Rs 3.1 lakh on Hero FinCorp Limited for non-compliance with specific provisions concerning fair practices code.
• RBI clarified that the penalty is not a judgement on the validity of transactions or agreements made by the company with its customers.
• It is solely based on regulatory compliance deficiencies.
• Hero FinCorp did not convey the terms and conditions of loans in writing to borrowers in the vernacular language understood by them.
• This penalty has been imposed in exercise of powers conferred on RBI under the provisions of section 58B of the Reserve Bank of India Act, 1934.

Recent News :

• Recent Penalties on Cooperative Banks (April 2024):
• Total Penalty Amount: Rs 60.3 lakhs
• Banks Penalized:
• Rajkot Nagarik Sahakari Bank: Rs 43.30 lakh
• Kangra Co-operative Bank (New Delhi)
• Rajdhani Nagar Sahkari Bank (Lucknow)
• Zila Sahakari Bank, Garhwal (Kotdwar, Uttarakhand): Rs 5 lakh
• District Co-operative Bank (Dehradun): Rs 2 lakh
• Reason: Contravention of various regulatory norms

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

National Payments Corporation of India Releases Guidelines for Merchant Acquisition on BHIM Aadhar Pay 

• The National Payments Corporation of India (NPCI) has published guidelines for acquiring banks to validate merchant details for BHIM Aadhaar Pay.
• Key Highlights :
• BHIM Aadhaar Pay Functionality:BHIM Aadhaar Pay allows merchants to receive digital payments from customers through Aadhaar Authentication over the counter.
• Acquiring Member Bank Responsibilities:The guidelines specify key responsibilities and accountabilities for acquiring member banks in managing merchants.
• Merchant Monitoring:An Acquiring Member Bank must monitor its Merchant activity (viz., on-boarding criteria, transaction monitoring & control, training, assessment of the portfolio metrics, etc.) periodically.
• Due Diligence Methods:Acquiring banks can use both manual and digital modes for merchant due diligence.
• Interbank Payments:Merchants associated with any acquiring bank on BHIM Aadhaar Pay can accept payments from customers of any bank using biometric authentication.

What is meant by merchant acquirer?

• A merchant acquirer, also known as an acquirer or acquiring/merchant bank, is a financial institution authorized by major card networks such as Mastercard or Visa to process credit and debit card transactions for merchants.
• This bank plays a crucial role in the payment processing system, handling the acceptance and settlement of card transactions on behalf of the merchants.

About BHIM Aadhaar Pay :

• BHIM Aadhaar Pay was launched by the Government of India (GoI) on April 14, 2017, as a merchant-based mobile application for accepting payments from customers.
• Service Availability:The BHIM Aadhaar Pay service is currently available only in India and operates 24×7 through merchants.
• Transaction Fees:NPCI does not charge any fees to merchants or customers for transactions made on BHIM Aadhaar Pay.
• Bank Compatibility:BHIM Aadhaar Pay functions only with banks that are live on the BHIM Aadhaar Pay service.
• Transaction Limits:For AEPS transactions and BHIM Aadhaar pay banks have put a standardised limit of  5 cash withdrawal per month.
• There is a cap of INR 50,000 on total transactions per month for everyone.
• The maximum withdrawal limit for AEPS cash withdrawals is 10,000 per transaction.
• Uniformity and Security:While some banks may allow transactions totaling up to INR 50,000 in a day, the limit of Rs. 10,000 per AEPS cash withdrawal ensures uniformity and security across different banks.

“Fincare Small Finance Bank Limited” Removed from Second Schedule to RBI Act, 1934; Ceases Banking Operations       

• The Reserve Bank of India (RBI) informed that “Fincare Small Finance Bank Limited” has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 with effect from April 01, 2024, as the bank has ceased to carry on banking business with effect from April 01, 2024.
• The RBI approved the merger of Fincare Small Finance Bank Ltd with AU Small Finance Bank Ltd.
• All branches of Fincare Small Finance Bank started functioning as branches of AU Small Finance Bank Ltd. from April 1, 2024.

Definition of Scheduled Banks:

• Scheduled banks are listed in the second schedule of the RBI Act, 1934.
• These banks are required to have a minimum paid-up capital of at least Rs 5 lakhs.

Types of Scheduled Banks:

• Scheduled banks include both scheduled cooperative banks and scheduled commercial banks.
• Scheduled commercial banks encompass urban cooperative banks and state cooperative banks among other non-similar groups.

About Fincare Small Finance Bank Limited :

• Established : 2017
• Headquarters : Bangalore, Karnataka
• MD & CEO : Rajeev Yadav

CURRENT AFFAIRS: BUSINESS NEWS

UN upgrades India’s expected economic growth rate to 6.9% for 2024 From 6.2%

• The United Nations has updated its growth rate forecast for the Indian economy in 2024 (January-December) to 6.9 percen
• This new forecast was included in the World Economic Situation and Prospects mid-2024 report, released on May 16, 2024.
• This report is published by the United Nations Economic Analysis and Policy Division.
• In its January 2024 report, the UN had predicted a 6.2 percent growth rate for India in 2024.
• The primary reason for the improved outlook is attributed to strong public investment and resilient private consumption.
• Public investment involves government or government-owned companies investing in long-term assets such as power plants, roads, airports, and ports. Private consumption refers to household spending on goods and services like cars, refrigerators, soap, butter, and biscuits.

Key Highlights of the UN Report:

• The January 2024 UN World Economic Situation and Prospects (WESP) report had predicted a 6.2 percent growth rate, now revised to 6.9 percent. However, the forecast for 2025 remains unchanged at 6.6 percent.
• The report anticipates inflation in India to decline from 5.6 percent in 2023 to 4.5 percent in 2024. The Reserve Bank of India’s medium-term inflation target is between two and six percent.
• Due to robust economic growth, the labor market in India is expected to remain strong. Additionally, Indian pharmaceutical and chemical exports are predicted to grow significantly, although merchandise exports may face challenges due to ongoing tensions in West Asia and the Red Sea.

Global Economy Outlook:

• The UN World Economic Situation and Prospects report forecasts the global economy to grow by 2.7 percent in 2024 and 2.8 percent in 2025.
• The United States, the world’s largest economy, is expected to grow by 2.3 percent in 2024, while China, the second-largest economy, is projected to grow by 4.8 percent in 2024.
• The South Asia region is expected to grow by 5.8 percent in 2024, driven mainly by India’s strong performance and a slight recovery in the Sri Lankan and Pakistani economies. In 2025, the South Asian economy as a whole is projected to grow by 5.7 percent.

Expected Growth Rate of the Indian Economy (2023-24, 2024-25, 2025-26)

Below are the GDP growth forecasts from various global and Indian financial agencies as of May 18, 2024:

India’s internet economy likely to reach $1 trillion by 2030

• India’s internet economy is on track for substantial expansion, with experts forecasting it to reach $1 trillion by 2030.
• This surge is chiefly steered by the e-commerce sector, projected to grow at a robust annual rate of 25% from $60 billion in FY2023 to $325 billion, positioning it as the third-largest globally.

The primary factors contributing to the growth of e-commerce are:

1. Mobile and Internet Penetration: The proliferation of mobile phones and Internet access significantly fortifies the e-commerce landscape in India. Aspirations among the populace are rising, alongside increased disposable incomes and urbanization, further propelling this growth trajectory. The adoption of the Unified Payments Interface (UPI) serves as a crucial facilitator.
2. 2. Tier-II and Tier-III City Demand: A noteworthy portion of this growth emanates from the demand surge in Tier-II and Tier-III cities. Previously lacking in diverse brand access, these regions now benefit from e-commerce platforms that cater to their needs, bridging the gap and meeting consumer aspirations.
3. Infrastructure and Government Support
4. Digital and Financial Infrastructure: The Indian government’s proactive role in fostering digital and financial infrastructure has been pivotal in driving this digital transformation. This solid foundation underpins the e-commerce sector’s rapid expansion while ensuring consumer protection, a paramount concern for the government.
5. Support for SMEs: E-commerce platforms serve not only consumers but also empower small and medium enterprises (SMEs). By providing avenues for domestic and global sales through specialized global selling programs, these platforms generate significant momentum for e-commerce growth.

The GST portal has introduced machine registration for pan masala and tobacco manufacturers as a measure to combat tax evasion.

• In a bid to counter tax evasion within the pan masala and tobacco industries, the GST portal has introduced new protocols and procedures for manufacturers to register their machinery and report their monthly inputs and outputs.
• This initiative, stemming from recommendations by the GST Council, seeks to bolster compliance efforts and curb illicit trade.

New Forms for Machine Registration and Reporting

To address evasion concerns, the GST portal has devised two forms specifically tailored for pan masala and tobacco product manufacturers:

• Form GST SRM-I: Facilitating the registration and disposal of manufacturing machinery.
• Form GST SRM-II: Enabling the monthly reporting of inputs and outputs.

• These forms were introduced via a notification in January, in alignment with GST Council directives.
• Originally slated for implementation on April 1, the launch of this system was postponed to May 15.

Implementation and Compliance Obligations

Manufacturers dealing with specified goods, including pan masala, gutka, and various tobacco products, are now mandated to:

Register Machinery: Furnish details of all packing machines within 30 days of the updated regulations’ commencement on May 15, 2024. Any subsequent machine installations must be reported within 24 hours.

Monthly Reporting: Submit a specialized statement on inputs and outputs for each month by the 10th day of the subsequent month.

While Form GST SRM-I for machine registration is already accessible on the GST portal, Form GST SRM-II is anticipated to be available shortly.

Penalties for Non-Compliance

The Finance Act 2024 has amended the GST law to incorporate penalties for manufacturers who neglect to register their packing machinery. Offenders may incur fines of up to ₹1 lakh, although the precise penalty provisions have yet to be notified.

Targeted Goods and Brand Name Definition

This updated procedure applies to manufacturers of an array of tobacco-related products, encompassing:

1. Pan masala
2. Unmanufactured tobacco (without lime tube)
3. Hookah or gudaku tobacco
4. Smoking mixtures for pipes and cigarettes
5. Chewing tobacco (without lime tube)
6. Filter khaini
7. Jarda-scented tobacco
8. Snuff
9. Branded or unbranded gutkha

The notification specifies that the term “brand name” encompasses any trade name, symbol, monogram, label, signature, or coined word associated with the specified goods, regardless of its registration status.

India’s merchandise exports to reach US$ 500 billion by FY25: FIEO

• The Federation of Indian Export Organisations (FIEO) anticipates that India’s merchandise exports will rebound to $500-510 billion in FY 25, following a 3% decline in the preceding fiscal period.
• Services exports are projected to add $390-400 billion, resulting in a total export figure of around $890-910 billion.
• Notable sectors propelling this growth encompass engineering, advertising services, and the expansion of global capability centers.

Insights by Sector

• The expansion in exports is being driven by established markets such as the United States and Europe, alongside robust demand for technology-centric sectors like electronics, machinery, pharmaceuticals, and medical equipment.
• Labor-intensive industries including apparel, footwear, and gems & jewelry are expected to bounce back after experiencing substantial declines in the previous fiscal year.

Credit Constraints

• FIEO underscores challenges in credit accessibility due to inflation, elevated commodity prices, and delays in remitting export proceeds.
• Prolonged voyage durations and sluggish product off-take exacerbate extended credit periods.
• To tackle the declining credit trend for exporters and promote export-driven growth, FIEO proposes a sub-target for export credit within the existing priority sector lending framework, similar to the sub-target for MSMEs.

Broadening Economic Horizons: DP World Launches Free Trade Warehouse Zone in Chennai

• DP World, a dominant force in global logistics, has unveiled its largest free trade warehouse zone in Chennai, India, cementing Tamil Nadu’s position as a leading center for economic advancement.
• Ranjit Ray, DP World’s Vice President of Economic Zones for India Subcont inent and MENA, has underscored Tamil Nadu’s industrial strength and strategic geographic advantages, emphasizing its pivotal role in nurturing economic progress.
• The inauguration of the Chennai facility marks a significant milestone, demonstrating DP World’s dedication to India’s burgeoning economic landscape.

Strategic Benefits of Chennai: Capitalizing on Connectivity and Infrastructure

• Ranjit Ray highlights Chennai’s strategic importance, citing its strong connections to key global markets in South Asia, Africa, and Australia through maritime routes. With its proximity to major ports such as Kattupalli, Ennore, and Chennai, the city emerges as a hub for logistics, enabling smooth cargo transportation and trade facilitation.
• The Integrated Chennai Business Park (ICBP), covering over 6 lakh sq ft with potential for further expansion, epitomizes DP World’s strategic vision to utilize Chennai’s infrastructure for fostering economic prosperity.

In April 2024, the DPIIT reported over 7 million transactions on the ONDC platform.

• The Open Network for Digital Commerce (ONDC), initiated in 2021, has experienced significant growth, with transactions surpassing 70 lakh in April of 2024.
• Led by the Department for Promotion of Industry and Internal Trade (DPIIT), ONDC strives to democratize digital commerce and establish an equitable environment for businesses of all scales.

Let’s delve into the key highlights and importance of ONDC through the following sections.

Empowering Digital Commerce

• ONDC stands as a pioneering digital infrastructure aimed at democratizing digital commerce across India.
• By furnishing a platform that diminishes entry barriers and encourages competition, ONDC creates fresh avenues for businesses, particularly small and medium-sized enterprises (SMEs), to engage in the digital marketplace.

Significant Achievements

• The Department for Promotion of Industry and Internal Trade (DPIIT) disclosed that over 5 lakh sellers have been integrated into the ONDC platform, with more than 70% representing small or medium-sized enterprises.
• Furthermore, more than 125 ecosystem stakeholders, including startups, unicorns, and enterprises, have committed to joining ONDC through signed Letters of Intent (LoI), underscoring the platform’s expanding influence and allure.

ONDC Entity and Governance

• The ONDC entity, constituted as a not-for-profit organization under Section 8 of the Companies Act 2013, oversees the management and operation of the ONDC Network.
• Tasked with developing and upholding the foundational infrastructure, the entity delineates the regulations and ethical standards for network participants via the ONDC Network Policy and the ONDC Network Participant Agreement.

India’s Foreign Exchange Reserves Surge by $2.56 Billion to Reach $644.15 Billion

• According to the Reserve Bank of India (RBI), India’s foreign exchange reserves witnessed a rise of $2.56 billion, reaching a total of $644.15 billion by the week ending on May 10.
• This uptick follows a previous increase of $3.668 billion following three consecutive weeks of decline.

Foreign Currency Assets

• The reserves’ foreign currency assets, which constitute a substantial portion, escalated by $1.488 billion to $565.648 billion.
• These assets are influenced by fluctuations in non-US currencies such as the euro, pound, and yen.

Gold Reserves

• There was a notable increase in gold reserves, surging by $1.072 billion to $55.952 billion during the mentioned week.

Special Drawing Rights (SDRs)

• India’s Special Drawing Rights with the International Monetary Fund (IMF) rose by $5 million, reaching a total of $18.056 billion.

IMF Reserve Position

• India’s reserve position with the IMF experienced a slight decline of $4 million, totaling $4.495 billion for the reporting week.

Ind-RA Projects GDP Growth Rate at 6.7% for Q4, Anticipates Around 7% in FY24

• The Indian economy demonstrated robust growth throughout the first three quarters of the 2023-24 fiscal year, with GDP expanding by 8.2% in the June quarter, 8.1% in the September quarter, and 8.4% in the December quarter.
• According to Sunil Kumar Sinha, principal economist at India Ratings and Research (Ind-RA), the GDP growth rate is expected to reach 6.7% for the March quarter and approximately 6.9-7% for the entire fiscal year.
• Official GDP figures for Q4 and provisional estimates for FY24 are scheduled for release on May 31.

Quarterly Performance

• June Quarter: GDP growth at 8.2%
• September Quarter: GDP growth at 8.1%
• December Quarter: GDP growth at 8.4%

Factors Influencing Growth

• The initial two quarters’ growth rates benefited from a low base effect.
• The remarkable 8.4% expansion in the third quarter was notably influenced by higher tax collections, resulting in a significant disparity between GDP and Gross Value Added (GVA).
• While GVA stood at 6.5% in Q3, GDP reached 8.4% due to this tax collection surge.
• This trend is not expected to repeat in Q4, which is projected to grow by 6.7%.

Reserve Bank and Fiscal Projections

• In its April monetary policy review, the Reserve Bank of India forecasted a GDP growth rate of 7% for 2023-24.
• Sinha anticipates GDP to expand by 7.1% in the current fiscal year, maintaining the momentum observed in the first half.

Fusion Micro Finance has successfully secured a $25 million loan from the US International Development Finance Corporation (DFC).

• Fusion Micro Finance has secured a $25 million loan from the United States International Development Finance Corporation (DFC) to support its expansion initiatives, with a primary focus on empowering rural women entrepreneurs.
• The initial disbursement of $20 million, part of an eight-year loan, is intended to bolster business operations and advance efforts towards financial inclusion.

Expansion Strategy and Loan Utilization

• The loan obtained by Fusion Micro Finance will be deployed to expand its business operations and stimulate loan growth, with a specific emphasis on reaching rural women entrepreneurs.
• This strategic borrowing aligns with the company’s objective to diversify its liability mix and access diverse funding sources, ultimately strengthening its asset-liability profile.

Partnership Impact and Future Growth

• This collaboration significantly enhances Fusion Micro Finance’s financial position, reinforcing its credibility within the global development finance domain. Leveraging the loan facility, the microfinance institution aims to broaden its outreach, catalyze positive social change, and drive economic development in underserved communities.

CURRENT AFFAIRS: AWARDS AND HONOURS

Sri Sri Ravi Shankar has been awarded the first stamp marking the 200-year anniversary of Indian Origin Tamils in Sri Lanka.

• Renowned spiritual leader Sri Sri Ravi Shankar received the inaugural stamp commemorating the 200-year anniversary of Indian Origin Tamils (IOT) in Sri Lanka.
• This momentous event took place with the esteemed presence of Governor Senthil Thondaman of the Eastern Province of Sri Lanka.

Recognition of IOT Community

• The event was dedicated to recognizing and honoring the IOT community, which has endured decades of neglect.
• Governor Thondaman expressed profound gratitude to both the Indian and Sri Lankan governments for their steadfast support to the IOT community, emphasizing the pivotal role of this assistance in achieving long-overdue recognition and progress for the community.

Symbolic Importance of the Stamp

• Governor Thondaman highlighted the symbolic significance of the stamp, representing a milestone in acknowledging the contributions and existence of Indian Origin Tamils in Sri Lanka.
• Its presentation to Sri Sri Ravi Shankar not only celebrates his esteemed stature but also acknowledges his advocacy for the rights and recognition of the IOT community in Sri Lanka.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Vice Admiral Gurcharan Singh was Appointed as Commandant of the National Defence Academy        

• Vice Admiral Gurcharan Singh assumed the appointment of Commandant, National Defence Academy (NDA) from Vice Admiral Ajay Kocchar.

About Gurcharan Singh ;

• An alumnus of the National Defence Academy (Khadakwasla), he was commissioned into the Indian Navy on 01 July 1990.
• As a specialist in Gunnery and Missiles, he has served onboard Indian Naval Ships Ranjit and
• He holds the distinction of being part of the commissioning crew of 3 Indian constructed warships, viz, INS Brahmaputra/ as Gunnery Officer, INS Shivalik/ as Executive Officer, and INS Kochi/ as Commanding Officer.
• He has also commanded INS Vidyut & INS Khukri.
• On 29 Nov 2022, he took over as the Flag Officer Commanding Eastern Fleet.
• On elevation to the rank of Vice Admiral on 15 Jan 2024, the flag Officer was appointed as Controller Personnel Service wherein various initiatives were undertaken to improve working conditions of personnel and naval community.

Awards and Honors:

• Chief of Naval Staff ‘Unit Citation’: For INS Khukri in December 2011.
• FOC-in-C Commendation (2002): For distinguished service.
• Nao Sena Medal (2020): For meritorious service.
• Ati Vishisht Seva Medal (2024): For distinguished service of a high order.
• Admiral Katari Trophy: For standing first in overall order of merit in his batch during initial training.

About NDA :

• Established : 7 December 1949
• Location : Khadakwasla, Pune, Maharashtra, India
• The NDA is the joint defence service training institute of the Indian Armed Forces, where cadets of the Indian Army, Indian Navy, and Indian Air Force train together before they go on to their respective service academy for further pre-commission training.

Air India appoints Sanjay Sharma as chief financial officer     

• Air India announced the appointment of Sanjay Sharma as the Chief Financial Officer (CFO) with effect from June 10, 2024.
• Sharma will succeed Vinod Hejmadi, who is retiring after more than three decades with Air India.
• Sanjay Sharma will report directly to Air India’s CEO and MD, Campbell Wilson.

About Sanjay Sharma :

• Sharma brings over three decades of experience in corporate finance, investment banking, and real estate sectors.
• He joins Air India from Tata Projects, where he served as the CFO.
• Prior to his role at Tata Projects, he held positions such as CFO at Tata Realty Infrastructure Ltd and Managing Director, Head of Equity Capital Markets, at Deutsche Bank Group.
• He also worked in various capacities at DSP Merrill Lynch in Mumbai and Merrill Lynch Asia Pacific in Hong Kong.

About Air India :

• Founded : 15 October 1932 (Commenced operations-29 July 1946)
• Chairman : N. Chandrasekaran
• MD & CEO : Campbell Wilson
• Air India is the flag carrier airline of India.
• It is owned by Air India Limited, a Tata Group enterprise and operates a fleet of Airbus and Boeing aircraft serving 102 domestic and international destinations.

World Economic Forum Founder Klaus Schwab to Step Back from Executive Role         

• Klaus Schwab, Founder and Executive Chairman of the World Economic Forum (WEF), will step down from day-to-day management and take up the role of Chairman of the Board of Trustees by January 2025 after over 50 years of leadership.
• The leadership transition will be completed before the next Davos gathering in January 2025.
• Purpose of Transition: This move is part of a planned “governance evolution” aimed at transitioning the WEF from a founder-managed organization to one where the president and the managing board assume full executive responsibility.

About World Economic Forum :

• Headquarters : Cologny, Canton of Geneva, Switzerland
• President : Børge Brende
• Origins: Founded in 1971 by Klaus Schwab as the European Management Forum.
• The WEF is an international advocacy non-governmental organization and think tank.
• The forum is best known for its annual gathering of political and business leaders in Davos, Switzerland.
• It was initially designed as a place for European business leaders and government officials to gather and discuss increasing their competitiveness with the UUS.
• WEF’s Recent Themes and Initiatives:WEF’s theme for 2023 annual conference was “Cooperation in a Fragmented World,” emphasizing the need for global leaders to address economic, energy, and food crises while fostering sustainability.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Google Partners with Foxconn to Manufacture Pixel Smartphones in Tamil Nadu             

• Internet major Google will partner with iPhone manufacturer Foxconn to produce its ultra-premium Pixel smartphones for the first time in Tamil Nadu (TN).
• The move aims to scale up Google’s Pixel smartphone business in India to tap into the growing demand for premium smartphones in the world’s second-largest smartphone market.

Key Highlights :

• Additional Manufacturing Plans:Google’s partnership with Foxconn is in addition to its plan to manufacture Pixel smartphones at the Dixon facility.
• Dixon will produce Pixel smartphones under an arrangement with Compal Electronics, which already manufactures Google’s devices.
• Export Plans:Google will also export smartphones produced in India.
• Production Targets:Dixon aims to produce 1 lakh Pixel units monthly, intending to export 25-30% as it endeavors to expand its market presence in India, the second-largest smartphone market globally.
• Drone Assembly and Delivery:Google’s subsidiary, Wing LLC, may commence drone assembly in Tamil Nadu.
• Wing LLC offers a drone delivery service in the US, Europe, and Australia with a fleet of lightweight, autonomous drones.
• Announcement and Production Start:In 2023, Google announced plans to start manufacturing Pixel 8 smartphones in India.
• Tamil Nadu’s Electronics Export Leadership:Tamil Nadu leads India in electronics exports, contributing $9.56 billion, almost a third of the national exports.

About Google :

• Founded : September 4, 1998
• Headquarters : California, United States
• CEO : Sundar Pichai

About Tamil Nadu :

• Governor : R. N. Ravi
• Chief Minister : M. K. Stalin
• Capital : Chennai
• National Parks : Mukurthi National Park, Gulf Of Mannar Marine National Park
• Wildlife Sanctuaries : Mudumalai Wildlife Sanctuary, Vallanadu Sanctuary, Mundanthurai Sanctuary

SpaceX Deploys first batch of satellites for New US Spy Constellation                                

• SpaceX has launched the first batch of operational spy satellites as part of a new American intelligence network.
• The Falcon 9 rocket, operated by SpaceX, lifted off from Vandenberg Space Force Base in Southern California for this launch.
• It marks the first deployment of the NRO’s comprehensive system featuring responsive collection and rapid data delivery.

Key Highlights :

• It is designed to significantly upgrade the country’s space-based surveillance powers, with the first deployment of several more planned this year.
• Northrop Grumman NOC.N, a long time space and defence contractor, is also involved in the project.
• Hundreds of satellites are being built by SpaceX for the US National Reconnaissance Office (NRO) for a massive system in orbit.
• It will be capable of rapidly identifying ground targets almost anywhere in the world.
• Around half a dozen launches supporting the NRO’s massive system are scheduled for 2024, with additional launches anticipated through 2028.

About SpaceX :

• Founded : March 14, 2002
• Headquarters : Hawthorne, California, United States
• CEO : Elon Musk
• SpaceX, is an American spacecraft manufacturer, launch service provider and satellite communications company.

CURRENT AFFAIRS : OBITUARIES

Vicco Chairman Yashwant Pendharkar Passed Away     

• Yashwant Pendharkar, chairman of ayurvedic cosmetics giant Vicco Laboratories, passed away at the age of 85 in Nagpur.
• He became the Chairman of the Vico Company in 2016.
• Under his leadership, the company has changed with time and reached new stages of progress.
• During his tenure, the company received many export-related awards including the prestigious ‘Brand of the Year 2023’ award.

About Vicco Group :

• Founded : 1952
• Headquarters : Mumbai, Maharashtra, India
• Vicco Laboratories, initially known as Vishnu Industrial Chemical Company, is renowned for manufacturing Indian Ayurvedic herbal hygiene, healthcare, and other products such as herbal toothpaste and herbal tooth powder.

Kabosu, Dog Behind ‘Doge’ Meme And The Face Of Dogecoin, Passed away   

• Kabosu, the famous Shiba Inu dog behind Dogecoin and various meme tokens, has passed away.
• Atsuko Sato, the owner, announced the death of the 18-year-old dog, who gained internet fame as the inspiration for the “Doge” meme.
• Kabosu, a Shiba Inu dog, became widely known due to a viral photograph, which originated the Doge meme.
• This photograph also influenced the creation of cryptocurrencies like Dogecoin, Shiba Inu, and FLOKI, causing ripples in the cryptocurrency market.
• Kabosu’s image eventually became synonymous with Dogecoin, a cryptocurrency initially created as a joke in 2013.

About Doge (meme) :

• Doge is an Internet meme that gained popularity in 2013, featuring a Shiba Inu dog with multicoloured text in Comic Sans font.
• Kabosu’s image is the most frequently used in the meme, though variations with other Shiba Inus are also popular.
• The Doge meme, based on a 2010 photograph of Kabosu, was named Know Your Meme’s “top meme” of 2013 due to its widespread popularity.

Daily CA One- Liner: May 26 & 27

• The United Nations has updated its growth rate forecast for the Indian economy in 2024 (January-December) to 6.9 percent.
• India’s internet economy is on track for substantial expansion, with experts forecasting it to reach $1 trillion by 2030
• In a bid to counter tax evasion within the pan masala and tobacco industries, the GST portal has introduced new protocols and procedures for manufacturers to register their machinery and report their monthly inputs and outputs
• The Federation of Indian Export Organisations (FIEO) anticipates that India’s merchandise exports will rebound to $500-510 billion in FY 25, following a 3% decline in the preceding fiscal period
• DP World, a dominant force in global logistics, has unveiled its largest free trade warehouse zone in Chennai, India, cementing Tamil Nadu’s position as a leading center for economic advancement
• The Open Network for Digital Commerce (ONDC), initiated in 2021, has experienced significant growth, with transactions surpassing 70 lakh in April of 2024
• According to the Reserve Bank of India (RBI), India’s foreign exchange reserves witnessed a rise of $2.56 billion, reaching a total of $644.15 billion by the week ending on May 10
• The Indian economy demonstrated robust growth throughout the first three quarters of the 2023-24 fiscal year, with GDP expanding by 8.2% in the June quarter, 8.1% in the September quarter, and 8.4% in the December quarter
• Fusion Micro Finance has secured a $25 million loan from the United States International Development Finance Corporation (DFC) to support its expansion initiatives, with a primary focus on empowering rural women entrepreneurs
• Renowned spiritual leader Sri Sri Ravi Shankar received the inaugural stamp commemorating the 200-year anniversary of Indian Origin Tamils (IOT) in Sri Lanka
• The Reserve Bank of India (RBI) conducted a variable rate repo (VRR) auction of Rs 1.25 trillion, bringing the total liquidity infused through 9 VRR auctions in May, 2024 to Rs 7.75 trillion.
• According to data released by the Reserve Bank of India (RBI), As of December 2022, unclaimed balances across various accounts, including current, savings, and fixed deposits (FDs), reached Rs 39,900 crore, marking a substantial increase from Rs 18,379 crore recorded in December 2019.
• The Reserve Bank of India (RBI) has levied a penalty of Rs 3.1 lakh on Hero FinCorp Limited for non-compliance with specific provisions concerning fair practices code.
• The National Payments Corporation of India (NPCI), in a circular, has issued guidelines that put the onus of verifying merchant details on acquiring banks for BHIM Aadhaar Pay.
• The Reserve Bank of India (RBI) informed that “Fincare Small Finance Bank Limited” has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 with effect from April 01, 2024, as the bank has ceased to carry on banking business with effect from April 01, 2024.
• Vice Admiral Gurcharan Singh assumed the appointment of Commandant, National Defence Academy (NDA) from Vice Admiral Ajay Kocchar.
• Air India announced the appointment of Sanjay Sharma as the Chief Financial Officer (CFO) with effect from June 10, 2024.
• Klaus Schwab, Founder and Executive Chairman of the World Economic Forum (WEF), will step down from day-to-day management and take up the role of Chairman of the Board of Trustees by January,2025 after over 50 years of leadership.
• Internet major Google will partner with iPhone manufacturer Foxconn to produce its ultra-premium Pixel smartphones for the first time in Tamil Nadu (TN).
• SpaceX has launched the first batch of operational spy satellites as part of a new American intelligence network.
• Yashwant Pendharkar, chairman of ayurvedic cosmetics giant Vicco Laboratories, passed away at the age of 85 in Nagpur.
• Kabosu, the famous Shiba Inu dog behind Dogecoin and various meme tokens, has passed away.

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