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CURRENT AFFAIRS : BANKING & FINANCE
AU Small Finance Bank Targets 25% Advance Growth Over Three Years
- AU Small Finance Bank (AU SFB) is planning to grow its advances at a compound annual growth rate (CAGR) of 25% in the next 3 years.
- Currently, the balance sheet size of AU Small Finance Bank is Rs 1.09 lakh crore and Finance Care Small Finance has Rs 17,267 crore.
- The merged balance sheet now stands at Rs 1.27 lakh crore.
Key Highlights :
- Merger with Fincare Small Finance Bank : AU Small Finance Bank had announced the merger with Fincare Small Finance Bank in October 2023.
- The Bank received its SFB licence in 2017, has grown its advances by over 30% annually before the merger
- On the merger with Fincare SFB, Agarwal expects the integration of both entities to complete in 9-12 months.
- In January 2024, the Competition Commission of India (CCI) gave approval for the merger and on March 4 the Reserve Bank of India (RBI) approved the Scheme of Amalgamation between both banks.
- Impact of the Merger:The merger, which is effective April 1,2024 marks a significant milestone in the banking sector, creating an entity with a combined customer base of over 10 million, over 46,000 employees and a network of over 2,400 physical touchpoints with a balance sheet size of Rs1.25 trillion.
- Financial Performance:Gross advances of AU SFB grew by 25% year-on-year to Rs 73,999 crore as of March 31, 2024.
- Deposits increased by 26% to Rs 87,182 crore.
- The bank’s net profit fell by 12% to Rs 370.73 crore in Q4, while net interest income rose 10% year-on-year to Rs 1,337 crore.
- Other income grew by 66.8% to Rs 555.6 crore, but provisions increased by 224% year-on-year to Rs 132.5 crore.
About CAGR :
- Compound annual growth rate, or CAGR, is the mean annual growth rate of an investment over a specified period of time longer than one year.
- It represents one of the most accurate ways to calculate and determine returns for individual assets, investment portfolios, and anything that can rise or fall in value over time.
Recent News :
- In April 2024, AU Small Finance Bank (AU SFB) launched new financial products, including the AU SPONT Rupay Credit Card in partnership with NPCI and the Secured Credit Card – NOMO No Missing Out in collaboration with VISA, to increase its fee income.
About AU Small Finance Bank :
- Headquarters : Jaipur, Rajasthan, India
- MD & CEO : Sanjay Agarwal
- It was founded as a vehicle finance company and Non Banking Financial Company (NBFC), AU Financiers (India) Ltd in 1996 and converted into a full-fledged small finance bank on 19 April 2017.
PhonePe’s Indus App Store launches voice search feature in 10 Indian languages
- PhonePe’s Indus Appstore, a homegrown app marketplace, has launched its voice search feature, in 10 Indian languages including Hindi, Marathi, Punjabi, Kannada, Tamil, Telugu, Malayalam, Bengali, Gujarati and Urdu to expand its user base and adoption.
- The homegrown appstore aims to cover 75% local language speakers among the internet users in the country.
- This feature enables users to discover apps through voice search in their preferred language.
Key Highlights :
- Voice Search Technology: The voice search feature is powered by artificial intelligence (AI) and machine learning (ML) algorithms.
- This technology ensures accurate understanding of diverse accents and speech patterns, delivering relevant search results.
- Enhanced User Experience: Indus Appstore’s voice search technology elevates the user experience by allowing users to express themselves in their local language with just a tap of the voice search button.
- Inclusive and Accessible Features: This aligns with Indus Appstore’s mission to empower users with inclusive and accessible features, catering to varying levels of literacy and linguistic preferences.
- Growing Demand for Voice-Activated Technology: According to data, 82% of smartphone users engage with voice-activated technology, indicating a strong demand for such features.
About Indus Appstore :
- Indus Appstore is available in English and 12 Indian languages, allowing users to navigate the platform in their preferred language.
- This multilingual approach supports a diverse user base.
- Indus Appstore provides a platform for developers to list, distribute, and promote their apps in the Indian ecosystem.
- It offers self-publishing, localization services, tools for monitoring growth, and 24×7 customer support.
Recent news :
- In Feb 2024, Walmart-backed Indian fintech PhonePe launched its app store for Android called Indus Appstore, becoming the first Indian rival to Google’s Play Store.
About Phonepe :
- Founded : 2015
- Headquarters : Bengaluru, Karnataka, India
- CEO : Sameer Nigam
SBI Card Launches its First Travel-Focused Core Credit Card ‘MILES’
- SBI Card has introduced its first travel-centric core credit card, named ‘SBI Card MILES’, offering a range of comprehensive travel benefits.
Key Highlights :
- Benefits of ‘SBI Card MILES’:The card promises comprehensive travel benefits, including the conversion of Travel Credits to Air Miles and Hotel Points, enhanced rewards on all travel bookings, and access to airport lounges.
- Partnerships with Leading Travel Brands:SBI Card has partnered with over 20 prominent airlines and hotel brands, including Air Vistara, Air India, SpiceJet, and IHG Hotels & Resorts.
- Variants of SBI Card MILES : There are 3 variants, SBI Card MILES ELITE, SBI Card MILES PRIME, and SBI Card MILES, which have been designed to elevate these experiences through curated travel benefits.
- Reward Structure : Cardholders can earn up to 6 Travel Credits on every Rs 200 travel spend and up to 2 Travel Credits on spending Rs 200 on other categories.
- Joining and Annual Fees:The joining and annual fees for SBI Card MILES ELITE are Rs 4,999.
- For SBI Card MILES PRIME and SBI Card MILES, the fees are Rs 2,999 and Rs 1,499, respectively.
About SBI Card :
- Founded : May 1998
- Headquarters : Gurugram, Haryana
- MD and CEO : Abhijit Chakravorty
- SBI Cards & Payment Services Limited, previously known as SBI Cards & Payment Services Private Limited, is a credit card company and payment provider in India.
- SBI Card was launched by the State Bank of India and GE Capital.
Razorpay Enters UPI Infrastructure with ‘UPI Switch’ Launch in Partnership with Airtel Payments Bank
- Fintech company Razorpay has introduced its own Unified Payments Interface (UPI) infrastructure called ‘UPI Switch’, a cloud-based solution developed in partnership with Airtel Payments Bank.
- This solution is designed to ensure smoother and faster transactions.
Key Highlights :
- Transaction Capacity and Uptime:‘UPI Switch’ can handle up to 10,000 transactions per second (TPS) at any given time.
- It provides 99.99% uptime, ensuring high reliability for users.
- Faster Access to UPI Innovations:The ‘UPI Switch’ enables businesses to access UPI innovations 5 times faster than conventional infrastructure.
- UPI’s Popularity in India:UPI has become India’s preferred payment method, accounting for 70% of digital transactions.
- In January 2024, UPI transactions reached a record Rs 18.41 trillion, indicating its widespread adoption and growth.
- Projected UPI Growth:With the addition of new payment methods like credit cards, wallets, and credit lines, UPI is projected to reach 2 billion transactions per day by 2030.
About Razorpay :
- Headquarters : Bengaluru, Karnataka
- CEO : Harshil Mathur
About Airtel Payments Bank :
- Founded : January 2017.
- Headquarters : New Delhi, Delhi
- MD & CEO : Anubrata Biswas.
- On 11 April 2016, Airtel Payments Bank became the first company to receive the Payments Bank license from the Reserve Bank of India under Section 22 (1) of the Banking Regulation Act, 1949.
- The Bank started with an 80:20 partnership between Bharti Airtel and Kotak Mahindra Bank.
CURRENT AFFAIRS: NATIONAL NEWS
Union Health Secretary visits pharmaceutical Bilthoven Biologicals, Netherlands; has an engaging meeting with CEO
- Union Health Secretary Shri Apurva Chandra visited the manufacturing unit of global pharmaceutical company Bilthoven Biologicals at Utrecht, Netherlands.
- He had an engaging meeting with CEO Mr Juergen Kwik & CEO of Poonawalla Science Park (PSP) at Bilthoven Mr Jef De Clercq on EU pandemic preparedness partnership and collaboration on the production of vaccines.
- He met the senior management and was briefed on the various manufacturing units of the facility.
- A detailed presentation was made on their future manufacturing plans.
- Bilthoven Biologicals B.V. Co. manufactures pharmaceutical products such as vaccines for polio, diphtheria-tetanus-polio, and tetanus along with bacillus calmette-guerin (BCG).
- The bioengineering and vaccine production firm Bilthoven Biologicals was purchased by Serum India Ltd., in 2012.
- This has strengthened its capacity of producing vaccines and also provided it with a valuable manufacturing base in Europe.
- Recently Serum and Bharat Biotech have announced collaboration for enhanced production of OPV.
India at World Energy Congress 2024: Power Secretary and Indian Ambassador to the Netherlands inaugurate India Pavilion
- India is showcasing its innovative technologies and power generation practices, at the 26th World Energy Congress, being held in Rotterdam, Netherlands.
- The India Pavilion at the Congress aims to be a hub for showcasing innovative technologies and power generation practices, reinforcing India’s commitment to environmental conservation on the global stage.
- Central Public Sector Enterprises under the Ministry of Power, Ministry of New & Renewable Energy, Ministry of Coal and Ministry of Petroleum & Natural Gas are participating in the India Pavilion, giving a collective testimony to India’s leadership in global energy transition.
- The Pavilion was jointly inaugurated by Secretary, Ministry of Power, Government of India, Shri Pankaj Agarwal and Ambassador of India to the Netherlands Mrs. Reenat Sandhu, on 22nd April, 2024.
- Additional Secretary, Ministry of Power, Shri Srikant Nagulapalli and CMDs and other senior officials of participating organizations such as NTPC, POWERGRID, PFC, REC, NHPC, SECI, IREDA, ONGC, and World Energy Council India were also present at the inauguration.
IIT Madras Carbon Zero Challenge announces top 25 teams with promising Sustainable Tech Innovation
- The Indian Institute of Technology Madras (IIT Madras) has announced the top 25 teams that form the fourth Cohort of the annual Carbon Zero Challenge, a pioneer pan-Indian competition to encourage start-ups in the Sustainability Sector.
- The teams were announced during the ‘Embarkment ’ event held on the campus.
- The CZC 4.0 launched the fourth cohort during January 2024 and has provided funding to 100 teams with over Rs. 5 crore in total. It has served as a seedbed for 13 start-ups and has transformed 42 students/researchers and eight faculties into entrepreneurs.
- The selected top 25 teams comprise students, early-stage startups, faculties, and researchers who showcased their sustainable and circular economy solutions in Water and wastewater, renewable energy, sustainable packaging and building materials, eco-friendly cold storage and transportation and waste management.
- These teams will be given six months and upto Rs. 5 lakh to develop their prototype.
- The Challenge is being supported by Thales, a French multinational company, and Aquamap Centre for Water Management – IIT Madras.
- The latest edition of CZC4.0 received 850 applications with validated proof of concept from 25 States, from which 25 teams were shortlisted after two rounds of stringent evaluations by 50 experts.
Target is to achieve $1 trillion goods exports by 2030: Trade Ministry
- The Commerce Ministry has initiated an exercise to identify required infrastructure needs, potential sectors, and clusters which would help the country achieve the $1 trillion merchandise exports target by 2030 but sustainability will be a major concern going forward.
- This comes a day after the European Parliament voted on Wednesday for a new law that will require larger companies operating in the bloc to check if their supply chains use forced labour or cause environmental damage and act to take action if they do.
- EU lawmakers backed the Corporate Sustainability Due Diligence Directive (CSDDD) by 374 votes to 235 against, with 19 abstentions, Reuters reported.
- Prior to CSDDD, the European Union enforced the carbon border adjustment mechanism (CBAM), another environment-related law that penalises products with high carbon footprints coming into the 27-member bloc.
- Notably, more than a fourth of India’s exports of iron, steel and aluminium were to the EU and as per industry estimates, the EU tariffs could raise the costs of Indian exports by 20 to 35 per cent.
CURRENT AFFAIRS : INTERNATIONAL NEWS
Italy’s Mount Etna Erupts with Perfect Smoke Rings in the Sky
- Mount Etna volcano has been sending up almost perfect rings of smoke into the air which are a rare phenomenon that scientists refer to as volcanic vortex rings.
About Volcanic Vortex Rings :
- Volcanic Vortex Rings are generated when gas, predominantly water vapour, is released rapidly through a vent in the crater.
- The rings can remain in the air for up to 10 minutes, but tend to disintegrate quickly if conditions are windy and turbulent.
- It was first observed at Etna and Vesuvius in Italy in 1724.
- Volcanic vortex rings have also been observed at other active volcanoes, including Redoubt in Alaska, Tungurahua in Ecuador, Pacaya in Guatemala, Eyjafjallajökull and Hekla in Iceland, Stromboli in Italy, Aso and Sakurajima in Japan, Yasur in Vanuatu, Whakaari in New Zealand, and Momotombo in Nicaragua.
About Mount Etna :
- Mount Etna is sometimes referred to simply as Etna, is an active volcano on the east coast of Sicily, the largest island in the Mediterranean Sea.
- Etna’s peak is the highest in Italy south of the Alps, and it is Europe’s largest and one of the most active volcanoes.
- It has been a UNESCO World Heritage Site since 2013.
About Italy :
- President : Sergio Mattarella
- Prime Minister : Giorgia Meloni
- Capital : Rome
- Currency : Euro
Indonesia Raises Highest Alert Level After Volcano Erupts 5 Times in 24 Hours
- Mount Ruang has erupted, sending an ash cloud over a mile high into the sky, indicating significant volcanic activity.
- It is a stratovolcano located in Indonesia’s North Sulawesi province.
- Its summit stands 10,932 feet above sea level, with a caldera that is about 2 miles wide.
About Stratovolcano :
- Stratovolcano is a tall, steep and cone-shaped type of volcano.
- Unlike flat shield volcanoes, they have higher peaks.
- They are typically found above subduction zones, and they are often part of large volcanically active regions, such as the Ring of Fire that frames much of the Pacific Ocean.
- It comprises the largest percentage (~60%) of the Earth’s individual volcanoes, and most are characterised by eruptions of andesite and dacite, lavas that are cooler and more viscous than basalt.
- At the peak, stratovolcanoes usually have a small crater.
- The crater may be filled with water or ice, or it may contain a volcanic dome during a period of relative inactivity.
About Indonesia :
- President : Joko Widodo
- Capital : Jakarta
- Currency : Indonesian rupiah
CURRENT AFFAIRS: BUSINESS NEWS
FPO marks the start of Vodafone Idea 2.0: Kumar Mangalam Birla
- Aditya Birla Group chairman Kumar Mangalam Birla, the success of Vodafone Idea’s ₹18,000-crore follow-on public offer, India’s largest FPO to date, marked a turning point for the telecom industry.
- Shares of Vodafone Idea Ltd opened at ₹11.80 on the NSE, a premium of 7.2% over the issue price of ₹11, after its FPO shares listed on the bourses.
- Vodafone Idea stock closed 6.1% up at ₹13.9 apiece on BSE
- Aditya Birla Group and Vodafone Group had invested around ₹1.7 trillion in the Indian telecom industry.
- Before the FPO, more than 75% of the ₹30,000 crore the company raised in the past five years came from the two promoter groups
- The latest fundraiser includes a ₹2,075-crore investment from the Aditya Birla Group.
- Proceeds from the fundraise will be used for significant capital expenditure, which will trigger a cycle of growth
Despite uncertainties, services exports grow 11.4% in 2023: UNCTAD
- India’s services exports jumped 11.4 per cent to $345 billion in 2023 despite global economic uncertainties, while China’s shipments from the sector contracted by 10.1 per cent to $381 billion, according to a UNCTAD report.
- Sectors that contribute to India’s services export growth include travel, transport, medical and hospitality.
- With an 8.9 per cent annual rise in current dollar value terms, the world services exports surpassed $7.9 trillion in 2023, a quarterly bulletin of UNCTAD said.
- The leading exporters among developing economies include India, China, Singapore, Turkiye, Thailand, Mexico, and Saudi Arabia
- India’s services imports, however, dipped marginally by 0.4 per cent to $248 billion last year.
- The main driver of the YoY (year-on-year) rise of services exports in Q4 2023 was the ample growth of international travel receipts.
- In the post-Covid-19 recovery, travel receipts increased by 70 per cent in Asia (YoY)
CURRENT AFFAIRS: MOUS AND AGREEMENT
Hindujas sign new India-UK healthcare pact with King’s College London
- The Hinduja Group and King’s College London announced a new partnership aimed at improving healthcare outcomes in India and the UK, through training and research capacity building as well as scholarships for Indian students.
- King’s College London, Guy’s & St. Thomas’ NHS Foundation Trust, the Hinduja Foundation UK and Mumbai’s P.D. Hinduja Hospital & Medical Research Centre – run by the National Health & Education Society – are involved in the new strategic partnership to advance two-way training, education and research capacity building.
- It will lead to the creation of a new Hinduja-King’s Health Partners Academy to drive forward the development of new technologies to address global healthcare challenges.
- The Hinduja family says the collaboration is in recognition of the philanthropic work of the late Srichand P. Hinduja, former chairman of the multinational Hinduja Group who passed away last year.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Axis Bank reappoints Amitabh Chaudhry as chief for a further period of 3 years
- The Board of Axis Bank approved the re-appointment of Amitabh Chaudhry as Managing Director & CEO of the Bank, for a further period of 3 years with effect from January 1, 2025 up to December 31, 2027.
- This re-appointment is subject to approval of the Reserve Bank of India (RBI) and approval of the members, in terms of applicable laws.
Other Appointments :
- The Bank’s board also approved re-appointment of Meena Ganesh and Gopalaraman Padmanabhan as Independent Directors of the bank for a second term of 4 years.
- Ganesh and Padmanabhan’s appointment will be with effect from August 1, 2024 up to July 31, 2028 and October 28, 2024 up to October 27, 2028, respectively, subject to approval of the members of the Bank.
About Amitabh Chaudhry :
- Amitabh Chaudhry, aged 59, assumed the position of MD & CEO at Axis Bank from January 1, 2019.
- Prior to joining Axis Bank, he served as the CEO of HDFC Standard Life Insurance Company Limited (HDFC Life) for over 9 years.
- Before his tenure at HDFC Life, Chaudhry held leadership positions at Infosys BPO and Infosys Technologies Limited.
About Axis Bank :
- Established : 1993
- Headquarters: Mumbai, Maharashtra, India
- MD & CEO: Amitabh Chaudhry
- Tagline : Badhti Ka Naam Zindagi (“Progress is the Name of Life”)
IIFL Samasta Finance Appoints Three New Members to Its Board
- IIFL Samasta Finance, a non-banking microfinance company (NBFC-MFI), has appointed 3 members including former National Bank for Agriculture and Rural Development (NABARD) Chairman, Govinda Rajulu Chintala to its Board of Directors.
- This appointment reflects the company’s strategic intent to enhance its governance structure and drive further growth and innovation within the microfinance sector.
- The other two members appointed to the board are R Venkataraman, a co-promoter of the IIFL Group, and Kalengada Mandanna Nanaiah, former Managing Director of Equifax Credit Information Services.
- Venkataraman has been appointed as an Additional Director (non-executive), while Chintala and Mr. Nanaiah has been appointed as Additional Directors in non-executive and Independent capacities,
- With the addition of these 3 members, the Board of Directors at IIFL Samasta Finance will now comprise a total of 6 members.
About IIFL Samasta :
- Managing Director : Venkatesh. N
Financial Services Institutions Bureau Recommends Rana Ashutosh Kumar Singh as State Bank of India’s Managing Director and Asheesh Pandey as Indian Bank’s MD
- The Financial Services Institutional Board (FSIB), responsible for appointing directors to state-owned banks and financial institutions, has recommended Rana Ashutosh Kumar Singh for the role of Managing Director (MD) at State Bank of India (SBI) and Asheesh Pandey for the position of Managing Director (MD) & Chief Executive Officer (CEO) at Indian Bank.
Background of Recommended Candidates:
- Rana Ashutosh Kumar Singh is currently serving as the Deputy Managing Director (Retail- Personal Banking & Real Estate) at SBI.
- Asheesh Pandey, currently an executive director at Bank of Maharashtra (BoM), will succeed Shanti Lal Jain upon his superannuation.
- FSIB had interviewed 16 candidates from various public sector banks on April 23 and 24, 2024 for the forthcoming positions of MD and CEO in public sector banks.
- Currently, India’s largest bank has 4 MDs — Challa Sreenivasulu Setty, Managing Director (International Banking, Global Markets & Technology), Alok Kumar Choudhary, Managing Director (Risk, Compliance & SARG), Ashwini Kumar Tewari, Managing Director (Corporate Banking & Subsidiaries) and Vinay M Tonse, Managing Director (Retail Business & Operations) and one chairman.
About FSIB :
- FSIB is headed by former Department of Personnel and Training (DoPT) Secretary Bhanu Pratap Sharma.
- The final decision on the FSIB recommendation would be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.
- Other members of the headhunter are Animesh Chauhan, former chairman and MD of erstwhile Oriental Bank of Commerce, RBI’s former executive director Deepak Singhal, and Shailendra Bhandari, ex-MD of erstwhile ING Vysya Bank.
About SBI :
- Established : 1 July 1955
- Headquarters : Mumbai, Maharashtra, India
- Chairman : Dinesh Kumar Khara
- CFO : Kameshwar Rao Kodavanti
About Indian Bank :
- Established : 15 August 1907
- Headquarters : Chennai, Tamil Nadu, India
Motilal Oswal AMC appoints Prateek Agrawal as MD and CEO
- Motilal Oswal Asset Management Company (MOAMC) Limited has appointed Prateek Agrawal as managing director (MD) and chief executive officer (CEO) of the company.
- He will be replacing Navin Agarwal, who is returning to the parent company.
About Prateek Agrawal :
- Prateek has close to 30 years of experience in the asset management business.
- He joined MOAMC in October 2022.
- Prateek, who is currently executive director, joined MO AMC in October 2022.
Other Appointments :
- Also, Akhil Chaturvedi, currently Chief Business Officer of MOAMC, has been elevated to the position of executive director.
- Chaturvedi has been associated with MOAMC for over 11 years and has been leading the entire sales and operations functions.
- Niket Shah, currently a Fund Manager for specific schemes at Motilal Oswal Mutual Fund, has been promoted to Chief Investment Officer (CIO).
- Shah has been with Motilal Oswal Group for over 11 years.
- All these appointments and role changes are effective from April 26, 2024.
About Motilal Oswal AMC :
- Chairman : Raamdeo Agrawal
- Motilal Oswal Asset Management Company Ltd. is promoted by Motilal Oswal Financial Services Limited (MOFSL).
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
Happiest Minds to Acquire PureSoftware Technologies for Rs 779 Crore
- IT company Happiest Minds Technologies Limited has signed definitive agreements to acquire 100% of the equity share capital of PureSoftware Technologies Private Limited for a total purchase consideration of $94.5 million (Rs 779 crores).
Key Highlights :
- Financial Terms of the Acquisition : The acquisition includes an upfront cash payment of Rs 635 crore.
- A deferred payment of up to Rs 144 crore will be made at the end of FY25, subject to meeting specific performance targets.
- Impact on Happiest Minds:The acquisition is expected to strengthen Happiest Minds’ domain expertise in Banking, Financial Services, Insurance (BFSI), and Healthcare and Life Sciences.
- It will also expand Happiest Minds’ presence in the US, UK, and India, while providing new locations in Mexico, Singapore, Malaysia, and Africa.
- PureSoftware’s Financials and Structure:PureSoftware Technologies has a paid-up capital of Rs 3.23 crore and reported a turnover of Rs 351 crore for fiscal year 2024.
- Advisors for the Acquisition:EY acted as the exclusive financial advisor to Happiest Minds.
- Avendus Capital served as the exclusive financial advisor to PureSoftware.
About Happiest Minds :
- Executive chairman : Ashok Soota
About PureSoftware :
- Headquarters : Noida, Uttar Pradesh
- PureSoftware is engaged in the business of providing digital engineering and transformation services and software solutions to its customers.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
NASA Unveils Probe to Explore Jupiter’s Icy Moon in Search of Extraterrestrial Life
- The United States (US) space scientists unveiled the interplanetary probe National Aeronautics and Space Administration (NASA) plans to send to one of Jupiter’s icy moons as part of humanity’s hunt for extraterrestrial life.
Key Highlights :
- Jupiter Icy Moons Explorer (Juice) will be Europe’s first dedicated robotic mission to Jupiter.
- Juice is due to reach the planet in July 2031 after performing an incredible flight path through the Solar System.
- The mission will enter into orbit around Jupiter and perform numerous flybys of its large icy moons: Europa, Ganymede and Callisto.
- After 4 years of moon flybys, Juice will then enter into orbit around Ganymede, the largest moon in the Solar System becoming the first spacecraft ever to reach orbit around the moon of another planet.
- The icy moons of Jupiter are interesting as they are all believed to host oceans of liquid water beneath their frozen surfaces.
- Europa, in particular, is regarded as one of the most likely abodes in the Solar System for extraterrestrial life.
- The Airbus-built JUICE spacecraft weighs 6.2 tonnes and will collect data from the moons using 10 state-of-the-art scientific instruments.
- While the JUICE mission is investigating three of Jupiter’s moons, NASA’s Europa Clipper mission will focus solely on Europa.
- This is the smallest of the planet’s Galilean moons, but there is strong evidence that it has a large area of water under its icy crust that could provide a suitable environment for life.
- Europa Clipper is due to launch in October 2024 and to be orbiting Jupiter in 2030.
- The spacecraft will be engraved with a poem by the US Poet Laureate Ada Limón entitled In Praise of Mystery: A Poem for Europa.
- This is part of NASA’s Message in a Bottle campaign, which seeks to express Earth’s desire to “reach out and understand what makes a world habitable”.
- The Europa Clipper and JUICE teams will collaborate to ensure they get as much evidence as possible from their missions, and will run joint meetings once a year.
About United States :
- President : Joe Biden
- Capital : Washington, D.C
- Currency : U.S. dollar
About NASA :
- Established : July 29, 1958
- Headquarters : Washington, D.C, United States of America
- Administrator : Bill Nelson
CURRENT AFFAIRS: SPORTS NEWS
AIFF records historic 138 pc rise in women’s footballers in last 21 months
- Indian football has recorded a historic 138 per cent surge in women’s player registration for the last two years, indicating a healthy growth in the popularity of the sport as well as an increase in young female athletes opting for football, professionally.
- According to the All India Football Federation (AIFF) Central Registration System (CRS) data, India has 27,936 registered female footballers as of March 2024.
- This is a massive 138 per cent rise in number of female footballers in the last 21 months.
- India had 11,724 female footballers registered in June 2022.
Key Highlights
- President of AIFF, Kalyan Chaubey attributed it to a slew of measures taken in the current season including the introduction of the 2nd tier competition Indian Women’s League (IWL-2).
- The 2022-23 season of IWL was played at a single venue in Ahmedabad among 16 teams, with Gokulam Kerala FC winning their third consecutive title.
- This season (2023-24) the format was changed to ‘home-and-away’, which was a big success, appreciated by the clubs, players and fans.
- Odisha FC emerged victorious ending GKFC’s 3-year-long dominance and will represent India in the AFC continental competition.
- The inaugural IWL-2 saw the participation of 15 clubs at the group stage, six of which have qualified for the final round scheduled next month in Kolkata.
- India also has 24 active State Leagues for women’s football, which acts as the 3rd tier of the pyramid and has helped the national federation populate the sport among the masses.
Langam Chaoba Devi Set to be India Women National Football Team Coach
- Former player Langam Chaoba Devi is set to take over as the national women’s football coach after the I M Vijayan-led AIFF technical committee recommended her name for the position.
- The 51-year-old Devi, who captained the national side in the 1999 Asian Championships in Philippines, has earlier been an assistant coach of the Indian team.
- The Manipuri has also represented the country in the 1998 Bangkok Asian Games.
- Devi is the only female coach from the north-east region to have an AFC ‘A’ License coaching badge.
- The recommendation is as good as an appointment given that the AIFF executive committee will approve it in its next meeting.
- The technical committee meet, chaired by Vijayan, was held virtually and was attended by Pinky Bompal Magar, Shabbir Ali, Victor Amalraj, Santosh Singh, and Climax Lawrence.
Daily CA One- Liner: April 27
- Union Health Secretary Shri Apurva Chandra visited the manufacturing unit of global pharmaceutical company Bilthoven Biologicals at Utrecht, Netherlands
- India is showcasing its innovative technologies and power generation practices, at the 26th World Energy Congress, being held in Rotterdam, Netherlands
- The Indian Institute of Technology Madras (IIT Madras) has announced the top 25 teams that form the fourth Cohort of the annual Carbon Zero Challenge, a pioneer pan-Indian competition to encourage start-ups in the Sustainability Sector
- The Commerce Ministry has initiated an exercise to identify required infrastructure needs, potential sectors, and clusters which would help the country achieve the $1 trillion merchandise exports target by 2030 but sustainability will be a major concern going forward
- Aditya Birla Group chairman Kumar Mangalam Birla, the success of Vodafone Idea’s ₹18,000-crore follow-on public offer, India’s largest FPO to date, marked a turning point for the telecom industry
- India’s services exports jumped 11.4 per cent to $345 billion in 2023 despite global economic uncertainties, while China’s shipments from the sector contracted by 10.1 per cent to $381 billion, according to a UNCTAD report.
- The Hinduja Group and King’s College London announced a new partnership aimed at improving healthcare outcomes in India and the UK, through training and research capacity building as well as scholarships for Indian students
- Indian football has recorded a historic 138 per cent surge in women’s player registration for the last two years, indicating a healthy growth in the popularity of the sport as well as an increase in young female athletes opting for football, professionally
- Former player Langam Chaoba Devi is set to take over as the national women’s football coach after the I M Vijayan-led AIFF technical committee recommended her name for the position
- AU Small Finance Bank (AU SFB) is planning to grow its advances at a compound annual growth rate (CAGR) of 25% in the next 3 years.
- PhonePe’s Indus Appstore, a homegrown app marketplace, has launched its voice search feature, in 10 Indian languages including Hindi, Marathi, Punjabi, Kannada, Tamil, Telugu, Malayalam, Bengali, Gujarati and Urdu to expand its user base and adoption.
- SBI Card has introduced its first travel-centric core credit card, named ‘SBI Card MILES’, offering a range of comprehensive travel benefits.
- Fintech company Razorpay has introduced its own Unified Payments Interface (UPI) infrastructure called ‘UPI Switch’, a cloud-based solution developed in partnership with Airtel Payments Bank.
- Mount Etna volcano has been sending up almost perfect rings of smoke into the air which are a rare phenomenon that scientists refer to as volcanic vortex rings.
- Mount Ruang has erupted, sending an ash cloud over a mile high into the sky, indicating significant volcanic activity.
- The Board of Axis Bank approved the re-appointment of Amitabh Chaudhry as Managing Director & CEO of the Bank, for a further period of 3 years with effect from January 1, 2025 up to December 31, 2027.
- IIFL Samasta Finance, a non-banking microfinance company (NBFC-MFI), has appointed 3 members including former National Bank for Agriculture and Rural Development (NABARD) Chairman, Govinda Rajulu Chintala to its Board of Directors.
- The Financial Services Institutional Board (FSIB), responsible for appointing directors to state-owned banks and financial institutions, has recommended Rana Ashutosh Kumar Singh for the role of Managing Director (MD) at State Bank of India (SBI) and Asheesh Pandey for the position of Managing Director (MD) & Chief Executive Officer (CEO) at Indian Bank.
- Motilal Oswal Asset Management Company (MOAMC) Limited has appointed Prateek Agrawal as managing director (MD) and chief executive officer (CEO) of the company.
- IT company Happiest Minds Technologies Limited has signed definitive agreements to acquire 100% of the equity share capital of PureSoftware Technologies Private Limited for a total purchase consideration of $94.5 million (Rs 779 crores).
- The United States (US) space scientists unveiled the interplanetary probe National Aeronautics and Space Administration (NASA) plans to send to one of Jupiter’s icy moons as part of humanity’s hunt for extraterrestrial life.
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