Daily Current Affairs March 27 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Private Banks Expand ATM Network While PSU Banks Decrease

• In the 12 months ending January 2024, public sector banks (PSUs) reduced their Automated teller machine (ATM) network by 1,343 machines to 1,36,173 ATMs.
• In contrast, private banks expanded their ATM network by adding 3,502 ATMs, bringing their total to 79,225 machines.
• This highlights the diverging strategies between PSU and private banks regarding ATM deployment and network expansion.
• HDFC Bank has announced ambitious plans to add 1,500 branches during the financial year 2025.

Key Highlights :

• Reduction in Offsite ATMs by PSBs:PSBs have primarily reduced their offsite ATM deployment, which decreased to 93,381 from 96,243 a year ago and 87,160 two years ago.
• This reduction may be attributed to factors such as profitability concerns due to capped charges and uncertainty surrounding new regulations that could increase operational costs.
• Average ATM Usage Statistics:The average number of transactions per ATM is approximately 2,400.
• The average withdrawal amount per transaction is Rs 4,918.
• Bandhan Bank’s High ATM Transaction Rate:Bandhan Bank boasts the highest average transactions per ATM, with 5,269 transactions.
• PSB and Private Bank ATM Distribution:Among PSU banks, Punjab National Bank leads in ATM distribution, with 30 ATMs per one lakh debit cardholders.
• Bank of Baroda has the lowest number of ATMs per cardholder among PSU banks, standing at 11.
• Among large private banks, ICICI Bank has 52 ATMs per lakh cardholders, while HDFC Bank has 38, showcasing their efforts to ensure accessibility for customers.

Difference between Private Sector Banks and Public Sector Banks :

Motilal Oswal Predicts 24% Decline in Paytm Revenue

• Motilal Oswal Financial Services Limited estimates that Paytm’s revenue for the financial year 2025 (FY25) could decline by 24% due to the regulatory restrictions imposed by the Reserve Bank of India (RBI).
• The contribution profit of Paytm is expected to decline by 30% for FY25, indicating a substantial impact on the company’s profitability.
• Despite the decline in revenue and profit, the company’s contribution margin is projected to sustain at 51%, suggesting a relatively stable operational efficiency.

Key Highlights :

• Loss of Customers and Merchants: The restrictions imposed by RBI may lead to Paytm losing customers and merchants, with a potential loss of 15-20% of merchants.
• NPCI Approval: Paytm’s parent company, One97 Communications Ltd (OCL), has received approval from the National Payments Corporation of India (NPCI) to become a third party UPI app under the multi-bank model under which 4 banks– YES Bank, State Bank of India, HDFC and Axis Bank– will be included.
• Projected Revenue Decline: Apart from Motilal Oswal’s estimation, there is an additional forecast of a 27% decline in Paytm’s revenue, primarily attributed to a 28% cut in payment processing margin and reduced business volumes.
• GMV Growth Expectation: The gradual recovery of Gross Merchandise Value (GMV) growth is anticipated, with an estimated Compound Annual Growth Rate (CAGR) of around 20% over FY25-27E, compared to approximately 45% CAGR witnessed during FY22-24E.

About Motilal Oswal Financial Services Limited :

• Founded : 1987
• Headquarters : Mumbai, Maharashtra

Insurance Regulatory and Development Authority of India Abandons Proposal to Relax Insurance Surrender Fees

• The Insurance Regulatory and Development Authority of India (IRDAI) decides to keep most existing surrender charges intact in the revised product regulations, providing relief to life insurance company investors.
• Policyholders cancelling their policies will receive less compared to what was initially proposed under the draft exposure norms aimed at curbing mis-selling in December 2023.

Key Highlights :

• Impact on Life Insurance Stocks: After the release of draft norms by IRDAI, life insurance companies’ stocks experienced a significant decline, reflecting market concerns over the potential impact of the proposed regulations.
• Industry Lobbying: Both public and private sector companies within the insurance industry lobbied with the regulator, expressing apprehensions that the proposed norms could impede growth prospects for the sector.
• Responsibility of Boards: Under the new norms, boards of insurance companies are tasked with ensuring fair pricing in insurance products, highlighting the importance of governance and oversight in the industry.
• Surrender Charges Status Quo: The revised product regulations largely maintain the status quo on surrender charges, providing stability in this aspect of insurance policies.
• Revision of Special Surrender Charges: A revision of special surrender charges has been introduced, benefiting policyholders by 10-15%, enhancing consumer protection in the insurance sector.
• Objective of Draft Norms: The draft norms aimed to cap maximum surrender charges to discourage premature policy exits, thereby curbing mis-selling practices and ensuring policyholder interests are safeguarded.
• Concerns Raised by Insurance Companies: Insurance companies argued that the proposed norms could compel them to remain liquid or liquidate long-term securities, which could adversely affect stakeholders’ interests and disrupt long-term investment strategies.
• Variation in Surrender Charges: Surrender charges on insurance policies vary based on factors such as policy year and annualized premium.
• For policies with an annual premium up to Rs 50,000, the maximum discontinuance charge is determined as a percentage of the yearly premium or fund value, whichever is lower.

About IRDAI :

• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairman : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF) , Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.

State Bank of India and Axis Bank Innovate Mobile Apps to Expand Unified Payment Interface Market Share         

• Leading banks, such as State Bank of India (SBI) and Axis Bank are looking to increase their Unified Payment Interface (UPI) market share by making innovations in their mobile application that can be used by both customers and non-customers.
• Armed with third-party application provider licenses, these banks are aggressively entering the UPI space, which is currently dominated by PhonePe, Google Pay, and

Key Highlights :

• Revamped YONO 2.0 Platform: SBI is set to launch an upgraded YONO 2.0 platform accessible to both customers and non-customers.
• It will function as a marketplace offering banking services and products.
• TPAP Licence Requirement: Banks require a third-party application provider (TPAP) license to cater to non-customers, prompting them to obtain such licenses to tap into this segment.
• Rising UPI Transactions: The increasing popularity of UPI transactions is driving banks’ eagerness to enter this segment.
• National Payments Corporation of India(NPCI) data reveals that UPI transaction volumes exceeded 12 billion, with a transaction value surpassing Rs 18 trillion in December.
• Other Banks Target Non-Customers: Besides SBI, YES Bank, Axis Bank, and ICICI Bank are also targeting non-customers through their mobile applications, indicating a widespread trend in the banking sector.
• Market Dominance: PhonePe currently holds the largest market share in UPI transactions, accounting for 47% of the volume market share.
• PhonePe, along with Google Pay and Paytm, collectively holds around 95% of the volume market share as of February.

About UPI :

• Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application.
• It is developed by the National Payments Corporation of India (NPCI).
• It was introduced in April 2016.

Reserve Bank of India  Holds 3 variable rate repo Auctions Amid Overnight Rates Surpassing marginal standing facility Rate                                  

• The Reserve Bank of India (RBI) conducted 3 variable rate repo (VRR) auctions to ease the liquidity tightness in the banking system.
• As per the latest data by the RBI, The liquidity deficit in the system widened to ₹1.38 trillion.
• Consequently, weighted average money market rates rose above the marginal standing facility (MSF) rate.
• The weighted average money market rate closed at 6.77%, against 6.73%.
• The MSF rate currently stands at 6.75%.
• RBI data showed that the liquidity deficit in the banking system was Rs 138.65 trillion compared to Rs 97,529 crore.

Details of VRR auctions:

• First 14-day VRR auction:
• Bids received: Rs 1.05 trillion against the notified amount of Rs 25,000 crore.
• Allotted funds: Rs 25,004 crore.
• Weighted average rate: 6.73 percent.
• Second 4-day VRR auction:
• Bids received: Rs 1.32 trillion against the notified amount of Rs 50,000 crore.
• Allotted funds: Rs 50,005 crore.
• Weighted average rate: 6.74 percent.
• Third 4-day VRR auction:
• Bids received: Rs 40,700 crore against the notified amount of Rs 50,000 crore.
• Allotted funds: Rs 40,700 crore.
• Weighted average rate: 6.73 percent.

HDFC Bank and TD Bank Group Collaborate to Enhance Banking Services for Indian Students in Canada                       

• HDFC Bank and TD Bank Group have announced an expanded pact to support Indian students planning to study in Canada.
• With this agreement, TD and HDFC Bank have announced a new referral programme where HDFC Bank will refer students planning to study in Canada to TD’s International Student GIC Program, which enables students to comply with the Government of Canada’s Student Direct Stream (SDS) study permit pathway.
• Purpose of TD International Student GIC Program: To facilitate the opening of accounts digitally for students and help them meet their study visa and living expense requirements in Canada.
• Correspondent Banking Partnership : TD has been HDFC Bank’s main correspondent banking partner for Canadian dollar clearing since 2015.
• Significance of Indian Student Population in Canada : In 2023, there were more than 425,000 Indian international students with active study permits in Canada.
• TD is the 2nd largest Bank in Canada and 6th largest in North America by assets, and serves over 27.5 million customers around the globe.

About HDFC Bank :

• Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sashidhar Jagdishan
• Tagline : We Understand Your World

CURRENT AFFAIRS: NATIONAL NEWS

India to join US-led co-operative work programme on carbon market

• India has decided to join at least one of the four cooperative work programmes launched last week under the ‘clean energy pillar’ of the US-led Indo-Pacific Economic Framework (IPEF) – the one on facilitating and promoting carbon market activities.
• India will join the cooperative working group on carbon markets through the Ministry of Power and the Bureau of Energy Efficiency will be the nodal body.
• The IPEF, an initiative led by US President Joe Biden, was launched in May 2022, bringing together 14 regional partners – Australia, Brunei, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the US, and Vietnam.

About IPEF

• The IPEF was launched in 2021 with a dozen initial partners who together represent 40% of the world GDP.
• The IPEF is NOT a Free Trade Agreement (FTA) but allows members to negotiate the parts they want to.
• The IPEF aims to have a common set of rules and standards around four pillars: connectivity and digital trade; resilient supply chains; clean energy; and corruption-free fair trade. Tariff cuts are not on the agenda at all, but India has still decided to exclude itself from the trade pillar, while joining the other three.
• Carbon markets, also known as emissions trading systems or cap-and-trade programs, are market-based mechanisms designed to reduce greenhouse gas emissions.

Government notifies bonus for Postal Life Insurance, Rural Postal Life Insurance schemes for FY25

• The Centre has approved a simple reversionary bonus for the Postal Life Insurance Scheme and Rural Postal Life Insurance Scheme for fiscal year 2024-25.
• There is no change in the rate.
• According to a notification, under the Postal Life Insurance Scheme, rate of bonus will be ₹76 per thousand of sum assured for whole life assurance (WLA).
• Similarly, for endowment assurance (EA) (including joint life and children policies), it will be ₹52 per thousand of sum assured.
• Anticipated endowment assurance (AEA) will fetch ₹48 per thousand of sum assured.
• In the case of convertible whole life assurance (CWLA), whole life bonus rate would be applicable, but on conversion, endowment assurance bonus rate will be applicable.
• Rate of terminal bonus will be ₹20 per sum assured of ₹10,000, subject to maximum of ₹1,000 for WLA and EA policies with term of 20 years or more.

About PLI

• Postal Life Insurance (PLI), the oldest in the country, was introduced on February 01, 1884 as a welfare scheme for the benefit of postal employees and later extended to the employees of Telegraph Department in 1888.
• In 1894, PLI extended insurance cover to female employees of P&T Department when no other insurance company covered female life.
• It now covers employees of Union Government and State governments, Central and State public sector undertakings, universities, government aided educational institutions, nationalised banks, local bodies, autonomous bodies, joint ventures having a minimum of 10 per cent government/PSU stake, credit cooperative societies, etc.

About RPLI

• Rural Postal Life Insurance (RPLI) was introduced on March 24, 1995 for rural people on recommendations of the Official Committee for Reforms in the Insurance Sector headed by ex-RBI Governor RN Malhotra.
• The prime objective of the scheme is to provide insurance coverage to the rural public in general and to benefit weaker sections and women workers of rural areas in particular and also to spread insurance awareness among the rural population.

CURRENT AFFAIRS: BUSINESS NEWS

FPIs Inject Over 38,000 Crore Rupees In Equities In March 2024 So Far Amid Strong Domestic Macroeconomic Outlook

• Foreign portfolio investors have shown a significant resurgence in their investment activity within the Indian equity markets this month, injecting over 38,000 crore rupees, mainly driven by favourable shifts in the global economic scenario and a strong domestic macroeconomic outlook.
• The investment came following a modest investment of 1,539 crore rupees in February, and a massive outflow of 25,743 crore rupees in January.
• With this, foreign portfolio investors’ (FPIs) investment has turned positive to the tune of 13,893 crore rupees in equities so far in 2024 and 55,480 crore rupees in the debt market.
• The improved global economic conditions and positive Indian macroeconomic scenario have driven FPIs to invest in high growth-oriented markets like India.
• The influx of FPIs can be attributed to robust GDP growth and expectations of a potential shift in the RBI’s policy in the latter half of fiscal 2025.

Key Highlights

• FPIs have injected a massive 13,223 crore rupees into the debt market this month till March 22.
• This came in the backdrop of Bloomberg announcing India’s bonds inclusion in its Emerging Market (EM) Local Currency Government Index and related indices from January 31 next year.
• FPIs have been investing in the debt markets for the past few months.
• They invested 22,419 crore rupees in February and 19,836 crore rupees in January this year.

Direct selling industry grew 12% in 2022-23, crosses Rs 21,000 crore in turnover

• An annual survey report released by the Indian Direct Selling Association (IDSA) India’s direct selling industry grew over 12% year-on-year in 2022-23, clocking an overall industry turnover of Rs 21,282 crore.
• The report noted that the sector grew 8.3% by CAGR in the four-year period between 2019-20 and 2022-23.
• According to the report, the total sales have increased by ₹2252 crore compared to the year 2021-22 which was partially impacted by the pandemic.
• India has improved its ranking by one step to climb to 11th place in 2022 on the global direct selling map, up from 15th in 2019.
• Around 86 lakh direct sellers are actively self-employed in the direct selling industry in India.
• Direct selling is a business model that involves a party buying products from a parent organization and selling them directly to customers.
• It can take the form of either single-level marketing and multi-level marketing.
• Vivek Katoch, Chairperson, IDSA.

Amul to sell ‘fresh milk’ for the first time in the United States

• For the first time in its history of milk cooperatives in India, Amul’s brand of “fresh milk” will be sold in the United States.
• The Gujarat Cooperative Milk Marketing Federation (GCMMF) — the umbrella body of milk cooperatives in Gujarat that markets and sells milk under the brand Amul — has tied up with the Michigan Milk Producers Association to sell “fresh milk” in the East Coast and Midwest markets of the US.
• The GCMMF official said the dairy plant of the Michigan Milk Producers Association in Ohio was strategically placed and Amul could access markets in Chicago, Dallas and other areas on the East Coast of the US.
• GCMMF is India’s largest exporter of dairy products and has also been accorded a “trading house” status.
• Last year, GCMMF registered more than 20 percent growth in Exports and added Tanzania, Ghana, Mozambique, Haiti and Republic of Congo on the list of export markets.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Boeing Chief Executive Officer Dave Calhoun to Depart by End of 2024 Amid Safety Crisis                     

• Embattled aerospace giant Boeing Chief Executive officer (CEO) Dave Calhoun will step down at the end of 2024.
• Additionally, board chairman Larry Kellner will leave after Boeing’s annual meeting in May.
• Stan Deal, the president and CEO of Boeing Commercial Airplanes, has resigned with immediate effect.
• Steve Mollenkopf, a Boeing director, will replace Larry Kellner as board chairman.
• Additionally, Stephanie Pope, Boeing’s Chief Operating Officer, will take over Stan Deal’s position as CEO of Boeing Commercial Airplanes.
• Reasons for Changes: The leadership changes come amidst escalating customer frustration with Calhoun and Deal, particularly following safety incidents such as a fuselage panel blowing out of an airborne 737 Max in January 2024.
• Calhoun’s has been under pressure since the January 5 incident, when a door plug ripped off an Alaska Airlines flight about 16,000 feet above the ground.
• Calhoun was appointed to the top job in late 2019 and took the helm at Boeing in early 2020 after the company ousted its previous chief executive, Dennis Muilenburg, for his handling of the aftermath of two deadly 737 Max crashes.

About Boeing :

• Founded : July 15, 1916
• Headquarters : Arlington, Virginia, United States

Vinay Kumar Appointed as India’s New Ambassador to Russia by Ministry of External Affairs                                          

• Vinay Kumar, a seasoned diplomat who served as India’s envoy in hotspots such as Afghanistan and Myanmar in recent years, was named as the new ambassador to Russia.
• He will replace Pavan Kapoor, appointed the new secretary (West) in the external affairs ministry, in Russia.

About Vinay Kumar :

• Kumar served as India’s envoy in Kabul from 2018-20.
• He is an officer of the 1992 batch of the Indian Foreign Service (IFS), and has been the ambassador to Myanmar since late 2021.
• Russia remains one of the main suppliers of defence equipment and civilian nuclear technology to India and has also emerged as a key provider of energy in the past two years.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Space Research Organisation’s PSLV Orbital Experimental Module-3 (POEM-3) Achieves Mission of Zero Orbital Debris                    

• The Indian Space Research Organisation (ISRO) announced that its PSLV Orbital Experimental Module-3 (POEM-3) re-entered the Earth’s atmosphere without leaving any debris in orbit.
• The PSLV-C58/XPoSat mission has practically left zero debris in orbit.

Key Highlights :

• PSLV-C58 Mission Accomplishment: The PSLV-C58 Mission was completed on January 1, 2024.
• Transformation into POEM-3: Following the primary mission of satellite deployment, the terminal stage of PSLV was converted into a 3-axis stabilized platform known as POEM-3.
• De-orbiting Process: The stage was deliberately de-orbited from 650 km to 350 km to facilitate early re-entry and minimize accidental break-up risks. Passivation was also performed to remove residual propellants.
• Experimental Payloads: POEM-3 was configured with a total of 9 different experimental payloads to conduct technology demonstrations and scientific experiments.
• 6 payloads were delivered by National Geo-spatial Data (NGE) entities through IN-SPACe.
• Orbital Decay: The orbital altitude of the upper stage continued to decay under the influence of natural forces, with the module expected to impact the North Pacific Ocean on March 21, 2024.
• Cost-Effective Platform: POEM serves as a cost-effective platform for carrying out short-duration space-borne experiments, offering opportunities for academia, startups, and NGEs to experiment with new payloads.
• Stabilization and Innovation: Body rates were stabilized to less than 0.5 deg/s throughout the experiment. Innovative schemes like controlled dumping of residual propellant were introduced to minimize disturbances.
• Role of Vikram Sarabhai Space Centre (VSSC): VSSC played a pivotal role in conceptualizing and realizing the POEM by enhancing the 4th stage of PSLV.

About ISRO :

• Established: 15 August 1969
• Headquarters: Bangalore, Karnataka, India
• Chairman: S. Somanath

CURRENT AFFAIRS: MOUS AND AGREEMENT

CAG signs MoU with IIT Delhi on Artificial Intelligence

• The Comptroller and Auditor General (CAG) of India signed a Memorandum of Understanding (MoU) with Indian Institute of Technology (IIT) Delhi on Artificial Intelligence.
• The MoU was signed and exchanged between Additional Deputy C AG A. M. Bajaj and IIT Delhi Director, Prof. Rangan Banerjee, in the presence of CAG Girish Chandra Murmu.
• The Government of India had unveiled the national strategy for AI in 2018.
• It aims to encourage innovation, skilling of the workforce, and promotion of responsible AI adoption.
• As part of the MoU, the CAG will have access to cutting-edge AI expertise, capacity building for our workforce, and development of bespoke AI solutions tailored to specific audit needs.

CURRENT AFFAIRS: RANKING AND REPORTS

Forced labour generates $236 billion illegal profits per year

• According to the International Labour Organization (ILO) forced labour in the private economy generates $236 billion in illegal profits per year with the total amount of illegal profits from forced labour rising by $64 billion or 37% since 2014.
• The report, was titled ‘Profits and poverty: The economics of forced labour’.
• Forced labour generates illegal profits worth $36 billion per year.
• According to ILO, there were 27.6 million people engaged in forced labour on any given day in 2021.
• This figure translates to 3.5 people for every thousand people in the world. Between 2016 and 2021 the number of people in forced labour increased by 2.7 million.
• Total annual illegal profits from forced labour are highest in Europe and Central Asia ($84 billion), followed by Asia and the Pacific ($62 billion), the Americas ($52 billion), Africa ($20 billion), and the Arab States (US$18 billion).

CURRENT AFFAIRS: SPORTS NEWS

USA secures third straight Concacaf Nations League title with 2-0 victory over Mexico

• The United States clinched their third consecutive Concacaf Nations League title with a commanding 2-0 victory over Mexico in the final of the 2023-24 Concacaf Nations League Finals at AT&T Stadium in Arlington, Texas, USA
• were the heroes for the USA, each finding the back of the net to secure the historic win against their arch-rivals.
• The match kicked off with an electrifying atmosphere, and the intensity was palpable from the start.
• Christian Pulisic had an early opportunity to put the USA ahead but was denied by Mexico goalkeeper Guillermo Ochoa in the 5th minute.
• Mexico responded by applying pressure in the USA’s half, and their best chance of the first half came in the 22nd minute when Luis Chavez’s shot was saved by USA goalkeeper Matt Turner after a flicked-on header.

CURRENT AFFAIRS: IMPORTANT DAYS

World Theatre Day: March 27

• World Theatre Day is celebrated every year on March 27.
• In 1961, the International Theatre Institute (ITI) proposed that there should be a day every year to celebrate the importance of theatre.
• Every year on this day, a certain message is spoken about by a renowned theatre performer.
• The first message in 1962 was spoken by Jean Cocteau and ITI has more than 85 centers worldwide.
• While people usually consider the acting and narration of a story as a play, there are multiple elements like the writer, director, actors, sound producer, costume designer, light and set designer, show caller and more who works tirelessly to successfully execute the entire performance.

Daily CA One- Liner: March 27

• India has decided to join at least one of the four cooperative work programmes launched last week under the ‘clean energy pillar’ of the US-led Indo-Pacific Economic Framework (IPEF) – the one on facilitating and promoting carbon market activities
• The Centre has approved a simple reversionary bonus for the Postal Life Insurance Scheme and Rural Postal Life Insurance Scheme for fiscal year 2024-25.
• Foreign portfolio investors have shown a significant resurgence in their investment activity within the Indian equity markets this month, injecting over 38,000 crore rupees, mainly driven by favourable shifts in the global economic scenario and a strong domestic macroeconomic outlook
• An annual survey report released by the Indian Direct Selling Association (IDSA) India’s direct selling industry grew over 12% year-on-year in 2022-23, clocking an overall industry turnover of Rs 21,282 crore
• For the first time in its history of milk cooperatives in India, Amul’s brand of “fresh milk” will be sold in the United States
• The Comptroller and Auditor General (CAG) of India signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology (IIT) Delhi on Artificial Intelligence
• According to the International Labour Organization (ILO) forced labour in the private economy generates $236 billion in illegal profits per year with the total amount of illegal profits from forced labour rising by $64 billion or 37% since 2014
• The United States clinched their third consecutive Concacaf Nations League title with a commanding 2-0 victory over Mexico in the final of the 2023-24 Concacaf Nations League Finals at AT&T Stadium in Arlington, Texas, USA.
• In the 12 months ending January 2024, public sector banks (PSUs) reduced their Automated teller machine (ATM) network by 1,343 machines to 1,36,173 ATMs.
• Motilal Oswal Financial Services Limited estimates that Paytm’s revenue for the financial year 2025 (FY25) could decline by 24% due to the regulatory restrictions imposed by the Reserve Bank of India (RBI).
• The Insurance Regulatory and Development Authority of India (IRDAI) decides to keep most existing surrender charges intact in the revised product regulations, providing relief to life insurance company investors.
• Leading banks, such as State Bank of India (SBI) and Axis Bank are looking to increase their Unified Payment Interface (UPI) market share by making innovations in their mobile application that can be used by both customers and non-customers.
• The Reserve Bank of India (RBI) conducted 3 variable rate repo (VRR) auctions to ease the liquidity tightness in the banking system.
• HDFC Bank and TD Bank Group have announced an expanded pact to support Indian students planning to study in Canada.
• Embattled aerospace giant Boeing Chief Executive officer (CEO) Dave Calhoun will step down at the end of 2024.
• Vinay Kumar, a seasoned diplomat who served as India’s envoy in hotspots such as Afghanistan and Myanmar in recent years, was named as the new ambassador to Russia.
• The Indian Space Research Organisation (ISRO) announced that its PSLV Orbital Experimental Module-3 (POEM-3) re-entered the Earth’s atmosphere without leaving any debris in orbit.
• World Theatre Day is celebrated every year on March 27.

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