Daily Current Affairs 28 May 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

BharatPe and PhonePe Resolve Long-Standing Trademark Dispute Over ‘Pe’ Suffix        

• BharatPe Group and PhonePe Group have amicably settled all long-standing legal disputes related to the use of the trademark with the suffix ‘Pe’.
• The fintechs have been engaged in a legal dispute across multiple courts for the past 5 years.
• The settlement will bring an end to all ongoing judicial proceedings.
• Further, both entities will undertake other necessary steps to comply with the obligations under the settlement agreement in respect of all cases before the Delhi and Bombay High Courts.

Background on BharatPe:

• BharatPe, a brand name of Resilient Innovations, was established in 2018.
• It introduced India’s first UPI interoperable QR code for zero MDR payment acceptance service.
• BharatPe also operates the card acceptance terminal called BharatPe Swipe and has 1.3 crore registered merchants across over 450 cities.

Background on PhonePe Group:

• PhonePe Group’s digital payments app, PhonePe, was launched in August 2016.
• The platform boasts 53.5 crore registered users and a digital payments acceptance network of 3.9 crore merchants..

About BharatPe :

• Founded : 2018
• Headquarters : New Delhi, India
• Chairman : Rajnish Kumar
• CEO : Nalin Negi
• BharatPe is an Indian fintech company that sells digital payment and financial services to small merchants and Grocery stores.

About Phoepe :

• Headquarters : Bengaluru, Karnataka, India.
• Founder and CEO : Sameer Nigam

Reserve Bank of India Scrutiny Raises Investor Caution in Fintech Sector               

• The Reserve Bank of India (RBI) is urging fintech firms towards calibrated growth, leading investors to adopt a cautious approach.
• In a recent meeting, the RBI instructed lending-focused fintechs to reduce their growth rates.
• Firms growing at over 30% have been advised to limit their growth to 15-20%, as per industry sources.

Key Highlights :

• Investment Trends:Investment in the fintech segment decreased to $203 million in the first four months of 2024 from $1572 million a year ago, indicating a more selective investment approach.
• QED Investors’ Involvement:QED Investors has invested approximately $150 million in Indian fintechs, including Jupiter (digital banking platform), FPL Technologies (OneCard credit card issuer), and OneScore (digital credit score platform).
• Regulatory Oversight Impact:The fintech industry has faced increased regulatory oversight over the last 12 months.
• RBI’s directive to Paytm Payments Bank to curtail operations reflects its stringent stance.
• Regulatory Measures:In November, the RBI instructed banks and traditional non-banking financial companies (NBFCs) to raise risk weights on their exposure to unsecured personal loans.
• This has affected co-lending partnerships between consumer-facing fintechs and traditional lenders, leading to a slowdown in fintech loan disbursals.

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

South African Regulator Imposes Fine on SBI Branch     

• The Prudential Authority of the South African Reserve Bank has imposed a financial penalty of 10 million rand (₹4.5 crore) on the State Bank of India’s South Africa branch.

Key Highlights :

• Payment Details:The penalty includes an immediately payable portion of 5.50 million rand, which has already been paid by the SBI branch in South Africa.
• The remaining 4.50 million rand is suspended for 36 months, conditional on compliance within this period.
• Reason for Penalty:The penalty was imposed under Section 45C of South Africa’s Financial Intelligence Centre Act 38 of 2001 (FIC Act).
• The fine is due to non-compliance with certain provisions of the FIC Act or other related orders or directives.
• In 2018, another public sector lender, Bank of Baroda, had wound up its South Africa operations after being hauled up by authorities for transactions in accounts controlled by the Gupta Brothers.

Recent News :

• In May 2024, The Reserve Bank of India (RBI) levied a penalty of Rs 3.1 lakh on Hero FinCorp Limited for non-compliance with specific provisions concerning fair practices code.

About South African Reserve Bank (SARB) :

• Established : 30 June 1921
• Headquarters : Pretoria, South Africa
• Governor : Lesetja Kganyago

Burgan Bank Chooses TCS BaNCS for Core Banking Transformation       

• Tata Consultancy Services (TCS) has signed a deal to modernize the core banking technology of Burgan Bank, a leading commercial bank in Kuwait.
• The bank will deploy TCS BaNCS to consolidate multiple standalone legacy applications into a contemporary universal banking solution that drives innovation and strengthens customer relationships.

Key Highlights :

• Burgan Bank is one of the youngest commercial banks in Kuwait, with a regional network of over 160 branches and 360 ATMs.
• The TCS BaNCS solution will enable the bank to manage higher transaction volumes, enhance automation, and improve staff productivity.
• With TCS BaNCS’s rich set of APIs, Burgan Bank will provide an integrated solution to its diversified customer base across corporate, retail, and private banking segments.

About Burgan Bank :

• Established : 27 December 1975
• Headquarters : Kuwait City
• CEO : Raed Al Haqhaq
• It is Kuwait’s second-largest conventional bank by assets.

About TCS :

• Founded : 1968
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Natarajan Chandrasekaran
• CEO : K. Krithivasan

CURRENT AFFAIRS: BUSINESS NEWS

India in trade deficit with nine of top 10 trading partners in 2023-24

• China emerged as India’s largest trading partner with $118.4 billion in two-way commerce in 2023-24, surpassing the USA.

Bilateral Trade with the USA

• Bilateral trade between India and the US stood at $118.28 billion in 2023-24.
• The US had been India’s top trading partner during 2021-22 and 2022-23.

Free Trade Agreements

• India has a free trade agreement with four of its top trading partners: Singapore, the UAE, Korea, and Indonesia (as part of the Asian bloc).

Trade Surplus with the USA and Others

• India recorded a trade surplus of $36.74 billion with the US in 2023-24. The US is one of the few countries with which India has a trade surplus.
• Other countries with a surplus include the UK, Belgium, Italy, France, and Bangladesh.

Total Trade Deficit

• India’s total trade deficit narrowed to $238.3 billion in the last fiscal year, compared to $264.9 billion in the previous fiscal year.

GAIL’s 10 MW green hydrogen plant in Madhya Pradesh inaugurated

• GAIL (India) Ltd, the nation’s leading natural gas transmission and distribution firm, has achieved a significant milestone with the commissioning of its first green hydrogen plant. Located in Vijaipur, Madhya Pradesh, this marks the company’s entry into the realm of new and alternative energy sources.

Inauguration by Ministry Representative

• The inauguration ceremony was graced by the presence of Pankaj Jain, Secretary of the Ministry of Petroleum & Natural Gas, symbolizing governmental support and recognition of this initiative.

Plant Specifications

• This innovative Green Hydrogen plant boasts a capacity to produce 4.3 Tons Per Day (TPD) of hydrogen.
• It achieves this through 10 Megawatt (MW) PEM (Proton Exchange Membrane) Electrolyzer units, utilizing the process of electrolysis of water powered by renewable energy sources.
• Initial Applications
• Initially, the hydrogen generated by this facility will serve as a fuel alongside natural gas for internal consumption within various processes and equipment at the existing Vijaipur plant.

Renewable Power Integration

• In addition to tapping into renewable power through open access, GAIL is actively installing approximately 20 MW of solar power plants at Vijaipur, including both ground-mounted and floating units.
• This infrastructure aims to fulfill the green power needs of the 10 MW PEM Electrolyzer.

Future Collaborative Efforts

• GAIL is embarking on collaborative studies with Engineers India Limited and IIT Kanpur to explore further possibilities of blending hydrogen with natural gas, indicating a forward-looking approach towards sustainable energy solutions.

CURRENT AFFAIRS: AWARDS AND HONOURS

India’s Historic Show At Cannes- Payal Kapadia Wins Grand Prix Award For Her Film ‘All We Imagine As Light’

• India’s performance at the 77th Cannes Film Festival has been phenomenal with two filmmakers, an actress and a cinematographer winning top awards at the world’s leading film festival.
• Multifaceted Victory: India excels with filmmakers, actresses, and cinematographer clinching top honours.

Payal Kapadia’s Milestone Achievement

• Palme d’Or Nomination: “All We Imagine as Light” marks the first Indian film nominated in 30 years.
• Grand Prix Win: Kapadia’s film secures second place, making history for Indian cinema.

Payal Kapadia’s Trailblazing Journey

• Alumni Achievement: Payal Kapadia becomes first Indian to win Grand Prix, representing FTII.
• Indo-French Collaboration: Kapadia’s film granted official co-production status under bilateral treaty.

Historical Representation

• Main Competition Milestone: Kapadia’s film first by Indian female director in 30 years.
• Landmark Entry: Indian film showcased in festival’s main segment after three decades.

Individual Accolades

• La Cinef Triumph: FTII student Chidananda S Naik wins top prize for “Sunflowers Were the First Ones to Know.”
• Prestigious Tribute: Santosh Sivan honored as first Asian with Pierre Angénieux Tribute award.

Notable Performances

• Best Actress Awardee: Anasuya Sengupta makes history with “The Shameless” in ‘Un Certain Regard’ category.
• Independent Filmmaker Spotlight: Maisam Ali shines with “In Retreat” screened at ACID Cannes sidebar.

Prestigious Awards

• Top Honors: Palme d’Or and Grand Prix remain the most coveted prizes at Cannes.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Appointments Committee of Cabinet Approves One-Month Extension for Chief of Army Staff General Manoj Pande Until June 30, 2024      

• The Appointments Committee of Cabinet (ACC) approved a one-month extension for Chief of the Army Staff (COAS) General Manoj C. Pande.
• The extension is beyond his normal age of superannuation (May 31, 2024) and extends his service up to June 30, 2024, under Rule 16 A (4) of the Army Rules 1954.
• General Pande attained the age of 62 on May 6, 2024 and was originally due to retire on May 31, 2024.

About General Manoj C. Pande :

• General Manoj Pande was appointed as the COAS on April 30, 2022.
• He was commissioned in December 1982 in the Corps of Engineers (The Bombay Sappers).
• Before becoming the COAS, he held the position of Vice Chief of the Army Staff.

Key Highlights :

• Significance of Extension:The extension suggests that the decision on selecting the next Army chief will be left to the next government.
• Historical Context:Extensions of service for Army chiefs are rare.
• An example is the extension of Army chief General G G Bewoor’s term in the 1970s, which some believe prevented Lt General P S Bhagat from becoming the new Army chief.
• General Bewoor was succeeded by General T N Raina.
• Norms for Army Chief Appointment:Typically, the most senior Army commander or the Army vice chief is appointed as the Army chief upon the retirement of the serving COAS.
• The Army chief retires either after completing 3 years in the appointment or on reaching the age of 62, whichever comes first.

About Ministry of Defence :

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

Saudi Arabia Appoints Faisal bin Saud Al-Mejfel as First Ambassador to Syria Since 2012         

• Saudi Arabia appointed Faisal bin Saud Al-Mejfel as its ambassador to Syria, marking the kingdom’s first envoy to Damascus since the closure of the Saudi embassy in 2012 during the Syrian civil war.
• Riyadh severed ties with Damascus in 2012 during the Syrian civil war.
• Faisal al-Mujfel’s appointment comes over a year after Syria was readmitted to the 22-member Arab League.
• Syria had been suspended from the Arab League for over a decade due to President Bashar Assad’s crackdown on anti-government protesters in 2011.
• In March 2023, Saudi Arabia and Iran agreed to reestablish diplomatic ties after talks in Beijing, marking a major diplomatic breakthrough with an aim to reduce conflict between the two countries.

About Saudi Arabia :

• Prime Minister : Mohammed bin Salman Al Saud
• Capital : Riyadh
• Currency : Saudi riyal

About Syria :

• President : Bashar al-Assad
• Prime Minister : Hussein Arnous
• Capital : Damascus
• Currency : Syrian pound

Andhra Native Jaya Badiga Appointed as Judge in US County Superior Court       

• Indian-American attorney Jaya Badiga, a certified family law specialist, has been appointed as a Judge in the Sacramento County Superior Court in the US state of California.
• Badiga, born in Vijayawada, Andhra Pradesh, is the first Telugu woman to be appointed as a judge in the United States.

Appointment Process:

• Governor Gavin Newsom of California made the appointment, filling the vacancy left by the retirement of Judge Robert S. Lapham.

About Jaya Badiga :

• Badiga is a member of the Democrat Party and has worked as an Attorney at the California Department of Health Care Services in 2020 and at the California Governor’s Office of Emergency Services in 2018.
• Badiga had previously served as a Commissioner at the Sacramento County Superior Court since 2022.

Other Appointments :

• Raj Singh Badhesha of Fresno County was also appointed as a Judge in the Fresno County Superior Court by Governor Newsom.
• Badhesha, a Democrat, fills the vacancy created by the retirement of Judge Jon N. Kapetan.
• Badhesha is the 1st Sikh to be appointed to the Fresno County bench and the 1st Sikh judge in California who observes the practice of wearing the Sikh headdress known as the dastar or pagri.

About Sacramento County Superior Court :

• Established : 1850
• Location : Sacramento
• The Superior Court of California, County of Sacramento, alternatively called the Sacramento County Superior Court, is the California Superior Court located in Sacramento with jurisdiction over Sacramento County.

French Automaker Citroen Appoints MS Dhoni as Brand Ambassador in India      

• French automaker Citroen has appointed former India cricket captain Mahendra Singh Dhoni as its brand ambassador in India.
• Dhoni will mark his debut innings with Citroen in a campaign that will soon go live.

About Citroën :

• Citroën is a French automobile brand.
• The “Automobiles Citroën” manufacturing company was founded in 4 June 1919 by André Citroën.

Reserve Bank of India Approves Appointment of PK Sinha as Part-time Chairman of ICICI Bank        

• The Reserve Bank of India (RBI) has granted its approval for the appointment of Pradeep Kumar Sinha as the Part-time Chairman of ICICI Bank. for a term of 3 years, starting from July 1, 2024.
• Pradeep Kumar Sinha will step into the position vacated by C. Chaturvedi, who is due to retire as Non-Executive Part-time Chairman on June 30, 2024, at the close of business hours.

About Pradeep Kumar Sinha :

• Pradeep Kumar Sinha joined the Indian Administrative Service in 1977.
• He has been a Government Nominee Director in numerous major Public Sector Undertakings like ONGC, IOCL, HPCL, BPCL, GAIL, etc.
• He served in Uttar Pradesh, whereafter he served mostly in the Government of India and rose to the highest position of Cabinet Secretary.
• He served as the Cabinet Secretary for more than 4 years before moving to the Prime Minister’s Office.

About ICICI Bank :

• Founded : 5 January 1994
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sandeep Bakhshi

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Google to Acquire Minority Stake in Flipkart in New Funding Round   

• Internet major Google has proposed an investment of around $350 million (about Rs 2,900 crore) to buy a minority stake in e-commerce company Flipkart during a fresh funding round.

Key Highlights :

• Funding Round Details:Flipkart is raising $1 billion in its ongoing funding round.
• The parent firm and US retail giant Walmart have committed to infuse $600 million into Flipkart.
• Valuation:As of January 31, 2024, Flipkart was valued at $35 billion based on equity transactions conducted by its parent firm Walmart.
• Walmart’s Shareholding:In FY24, Walmart increased its shareholding in Flipkart by 10% to approximately 85% by investing $3.5 billion.
• This transaction raised Flipkart’s enterprise valuation to $35 billion.
• Financial Performance:In FY23, Flipkart reported a net loss of Rs 4,846 crore and consolidated net total income of Rs 56,012.8 crore.
• Domicile and Listing Plans:Flipkart is in discussions to shift its domicile from Singapore to India with the intention of listing in the public markets.

About Google :

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

About Flipkart :

• Founded : 2007
• Founders : Binny Bansal and Sachin Bansal
• Headquarters : Bengaluru, Karnataka
• CEO : Kalyan Krishnamurthi

CURRENT AFFAIRS: MOUS AND AGREEMENT

Reliance’s agreement with Norway’s Nel to speed up new energy investments

• Reliance Industries Ltd (RIL) has signed an agreement with Norway’s Nel ASA to source technology for producing green hydrogen.
• This move is part of billionaire Mukesh Ambani’s strategic shift toward green

Technology Licensing Agreement

• RIL entered into a technology licensing agreement with Nel ASA.
• This agreement grants RIL an exclusive license to use Nel’s alkaline electrolysers in India and permits RIL to manufacture these electrolysers for its own use globally.

Nel ASA’s Market Share

• Nel ASA holds a 10-15 percent global market share in electrolysers, with deliveries of 350MW to 400MW expected in 2023-2024.

Importance of Green Hydrogen

• Green hydrogen, produced by splitting water using clean electricity in an electrolyser, is considered vital for achieving emissions reduction goals.

Reliance’s Carbon Emission Goals

• Reliance has committed to becoming a net zero carbon emission company by 2035, setting a more ambitious target than any other energy company in the region.

India’s Renewable Energy Targets

• The Indian government aims to achieve 500GW of installed renewable energy capacity by 2030, with solar energy expected to contribute the largest share of 280GW.

New WIPO Treaty on Genetic Resources Disclosure

• Members of the World Intellectual Property Organization (WIPO) have agreed that patent applicants must disclose the country of origin or source of genetic resources if their inventions are based on these materials or associated traditional knowledge.

Enhanced Protection for Indian Resources

• The treaty will provide additional protection for Indian genetic resources and traditional knowledge, which are currently vulnerable to misappropriation in countries without disclosure obligations.

Current Legislation and Treaty Adoption

• Presently, only 35 countries have some form of disclosure obligations, often non-mandatory.
• The new treaty, adopted on May 24, requires ratification by 15 parties to establish an international legal framework enforcing this disclosure.

Treaty Background

• Negotiations began in 2001, initiated by Colombia in 1999, with significant participation from Indigenous Peoples and local communities.

WIPO Overview

• WIPO is a specialized United Nations agency based in Geneva, established in 1967.

CURRENT AFFAIRS: SPORTS NEWS

Dipa Karmakar becomes the first ever Indian gymnast to win a gold medal at the Asian Championships

• Dipa Karmakar won the gold medal in the vault event, making her the first Indian gymnast to secure the continental title at the Asian Women’s Artistic Gymnastics Championships in Tashkent.

Outstanding Performance in the Final

• The 30-year-old Dipa, who placed eighth with a score of 12.650 in the qualification round, achieved an identical score of 13.566 in both of her attempts during the final, resulting in an overall score of 13.566.

Competition and Rivals

• Dipa was followed by North Koreans Kim Son Hyang, who scored 13.466 after a 0.100 penalty, and Jo Kyong Byol, who scored 12.966.

Previous Championship Success

• This gold medal is Dipa’s second medal in the Asian Championships, following her bronze medal with a score of 14.725 in Hiroshima in 2015.

Other Indian Medalists

• Other Indian gymnasts who have claimed medals in the Asian Championships include Ashish Kumar, who won a bronze in floor exercise in Surat in 2006, and Pranati Nayak, who won bronze medals in the vault event in Ulaanbaatar in 2019 and Doha in 2022.

Olympic Achievement

• Dipa made history by finishing fourth in the vault final at the 2016 Rio Olympics, narrowly missing out on a medal.

Return to Competition

• Dipa returned to competitive gymnastics last year after a 21-month suspension for a doping offense, but she is out of contention for the upcoming Paris Olympics.

Indian mixed 4x400m team sets National record

• In a remarkable display of athleticism, the Indian mixed 4x400m relay team comprising Muhammed Ajmal, Jyothika Sri Dandi, Amoj Jacob, and Subha Venkatesan clinched the gold medal at the 2024 Asian Relay Championships held in Bangkok, Thailand.

National Record Broken

• The quartet achieved this feat by clocking an impressive time of 3:14.12, thereby surpassing the previous national record of 3:14.34.
• Notably, this record-breaking performance betters the mark set by Ajmal, Vithya Ramraj, Rajesh Ramesh, and Subha, who secured a bronze medal at the Asian Games in Hangzhou the preceding year.

Podium Standings

• While Team Sri Lanka secured the silver medal with a timing of 3:17.00, Vietnam claimed the bronze with a time of 3:18.45.

Olympic Quota Pursuit

• Despite the outstanding achievement and national record, India’s mixed 4x400m relay team is yet to secure a quota for the Paris 2024 Olympics.
• The performance in Bangkok will elevate India to the 21st position in the Road to Paris rankings.
• However, only a top-16 placement guarantees India a berth in the event at the Paris Olympics.
• This milestone underscores the team’s determination and skill, positioning them as contenders on the international stage while highlighting the ongoing pursuit of Olympic qualification.

IOC launches ‘Let’s move India’ campaign with Reliance Foundation and Abhinav Bindra

• The International Olympic Committee (IOC) has teamed up with the Reliance Foundation and the Abhinav Bindra Foundation to introduce the “Let’s Move India” campaign, encouraging everyone to rally behind the Olympians gearing up for the Paris Olympics.

Motivating Public Participation

• This initiative aims to inspire the public to show their support for the athletes competing in the upcoming Olympic Games in Paris.

Social Media Challenge

• Through a digital challenge on various social media platforms, the campaign extends an invitation to individuals across the nation to join in the celebration.

Partnership with Abhinav Bindra

• Abhinav Bindra, India’s first individual Olympic gold medalist and a member of the IOC Athletes’ Commission, has joined forces with the IOC for this endeavor.

Educational Collaboration

• As part of the Olympic Values Education Programme, they will collaborate to engage educational institutions nationwide in this movement.

Global Impact

• The IOC’s ‘Let’s Move’ campaign, initiated on Olympic Day, June 23, 2023, has garnered significant momentum, with over 1000 athletes and more than 1.5 million individuals worldwide participating in physical activities.

CURRENT AFFAIRS : OBITUARIES

Two-Time PGA Tour Champion Grayson Murray Passed away    

• Two-time PGA Tour winner Grayson Murray passed away at the age of 30.
• He had withdrawn from the Charles Schwab Challenge the day before, citing an illness.

About Grayson Murray :

• Grayson Colby Murray was an American professional golfer from Raleigh, North Carolina.
• Murray was regarded as one of the world’s best junior players, winning three IMG Junior World titles in 2006, 2007, and 2008.
• According to the PGA Tour, at age 16, he became the second youngest to make the cut on the Korn Ferry Tour, and at age 19, he played in the 2013 U.S. Open.
• He won two PGA Tour events: the 2017 Barbasol Championship and the 2024 Sony Open in Hawaii.

About PGA Tour :

• Founded : December 2, 1929 (broke from PGA in 1968)
• Commissioner : Jay Monahan
• The PGA Tour is the organizer of professional golf tours in the United States and North America.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day Of Action For Women’s Health 2024 – May 28

• Every year, International Day of Action for Women’s Health is observed on May 28.
• This year, International Day of Action for Women’s Health falls on Tuesday.
• THEME: The International Day of Action for Women’s Health 2024 is yet to be announced.
• HISTORY: In 1987, South Africa was first recognized this day as the International Day of Action for Women’s Health.
• This day creates an opportunity to get awareness about the sexual and reproductive health of women to illiterate people
• Every year this day is celebrated by women and health groups.
• It is a platform for the recognition of sexual rights, sexuality, reproductive rights, health, etc.
• In 1984, the Women’s Global Network for Reproductive Rights (WGNRR) was created to organize the International Day of Action for Women’s Health.

Daily CA One- Liner: May 28

• China emerged as India’s largest trading partner with $118.4 billion in two-way commerce in 2023-24, surpassing the USA
• GAIL (India) Ltd, the nation’s leading natural gas transmission and distribution firm, has achieved a significant milestone with the commissioning of its first green hydrogen plant. Located in Vijaipur, Madhya Pradesh, this marks the company’s entry into the realm of new and alternative energy sources
• India’s performance at the 77th Cannes Film Festival has been phenomenal with two filmmakers, an actress and a cinematographer won top awards at the world’s leading film festival.
• Reliance Industries Ltd (RIL) has signed an agreement with Norway’s Nel ASA to source technology for producing green hydrogen.
• Members of the World Intellectual Property Organization (WIPO) have agreed that patent applicants must disclose the country of origin or source of genetic resources if their inventions are based on these materials or associated traditional knowledge
• Dipa Karmakar won the gold medal in the vault event, making her the first Indian gymnast to secure the continental title at the Asian Women’s Artistic Gymnastics Championships in Tashkent
• In a remarkable display of athleticism, the Indian mixed 4x400m relay team comprising Muhammed Ajmal, Jyothika Sri Dandi, Amoj Jacob, and Subha Venkatesan clinched the gold medal at the 2024 Asian Relay Championships held in Bangkok, Thailand
• The International Olympic Committee (IOC) has teamed up with the Reliance Foundation and the Abhinav Bindra Foundation to introduce the “Let’s Move India” campaign, encouraging everyone to rally behind the Olympians gearing up for the Paris Olympics
• BharatPe Group and PhonePe Group have amicably settled all long-standing legal disputes related to the use of the trademark with the suffix ‘Pe’.
• The Reserve Bank of India (RBI) is urging fintech firms towards calibrated growth, leading investors to adopt a cautious approach.
• The Prudential Authority of the South African Reserve Bank has imposed a financial penalty of 10 million rand (₹4.5 crore) on the State Bank of India’s South Africa branch.
• Tata Consultancy Services (TCS) has signed a deal to modernize the core banking technology of Burgan Bank, a leading commercial bank in Kuwait.
• The Appointments Committee of Cabinet (ACC) approved a one-month extension for Chief of the Army Staff (COAS) General Manoj C. Pande & the extension is beyond his normal age of superannuation (May 31, 2024) and extends his service up to June 30, 2024, under Rule 16 A (4) of the Army Rules 1954.
• Saudi Arabia appointed Faisal bin Saud Al-Mejfel as its ambassador to Syria, marking the kingdom’s first envoy to Damascus since the closure of the Saudi embassy in 2012 during the Syrian civil war.
• Indian-American attorney Jaya Badiga, a certified family law specialist, has been appointed as a Judge in the Sacramento County Superior Court in the US state of California.
• French automaker Citroen has appointed former India cricket captain Mahendra Singh Dhoni as its brand ambassador in India.
• The Reserve Bank of India (RBI) has granted its approval for the appointment of Pradeep Kumar Sinha as the Part-time Chairman of ICICI Bank. for a term of 3 years, starting from July 1, 2024.
• Internet major Google has proposed an investment of around $350 million (about Rs 2,900 crore) to buy a minority stake in e-commerce company Flipkart during a fresh funding round.
• Two-time PGA Tour winner Grayson Murray passed away at the age of 30.
• Every year, International Day of Action for Women’s Health is observed on May 28