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

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CURRENT AFFAIRS : BANKING & FINANCE

Life Insurance Corporation of India Named World’s Strongest Insurance Brand by Brand Finance Insurance Report      

• According to the Brand Finance Insurance 100 2024 report, Life Insurance Corporation of India (LIC) is recognized as the world’s strongest insurance brand, with a steady brand value of $9.8 billion, a brand strength index score of 88.3, and an associated AAA brand strength rating.

Key Highlights :

• Top Insurance Brands : Cathay Life Insurance is the second strongest brand, with a 9% increase in brand value to $4.9 billion, followed by NRMA Insurance, which saw an 82% rise in brand value to $1.3 billion.
• Meanwhile, Chinese insurance brands maintain dominance in the global rankings of most valuable insurance brands, with Ping An leading with a 4% increase in brand value to $33.6 billion followed by China Life Insurance and CPIC retaining their 3rd and 5th positions, respectively.
• Allianz from Germany and AXA from France are holding on to their 2nd and 4th positions in the top 5 rankings.
• Apart from NRMA Insurance from Australia, another insurance company experiencing significant growth in brand value is Denmark’s Tryg, which saw a 66% rise to $1.6 billion.
• Financial Performance of LIC: LIC achieved the highest first-year premium collection of Rs 39,090 crore in the financial year 2023, while SBI Life Insurance and HDFC Life Insurance led the private sector with new business premium collections of Rs 15,197 crore and Rs 10,970 crore, respectively.
• Employee Benefits : The government also approved a 17% wage revision for LIC employees, effective from August 2022, benefiting over 110,000 employees.
• Market Valuation : LIC’s shares also reached an all-time high of Rs 1,175, making it India’s most valuable public sector undertaking (PSU) company and reclaiming its status as the 5th most valuable Indian listed company, surpassing SBI in market valuation.

About LIC :

• Established : 1956
• Headquarters : Mumbai, Maharashtra
• Chairman : Siddharth Mohanty

India’s Forex Reserves Increase by $32.9 Billion on Balance of Payments Basis from April to December 2023        

• India’s foreign exchange reserves increased by $32.9 billion during April-December 2023, on a balance of payments basis (excluding valuation effects), as against a depletion of $14.7 billion during the year-earlier period, data released by the Reserve Bank of India (RBI) showed.

Key Highlights :

• Nominal Increase in Forex Reserves: On a nominal basis, which includes valuation effects, India’s foreign exchange reserves saw a substantial increase of $44.0 billion during April to December 2023.
• This contrasts with a decrease of $44.6 billion observed during the same period in the previous year.
• Valuation Gain: The valuation gain amounted to $11.1 billion during April to December 2023.
• This gain reflects the depreciation of the U.S. dollar against major currencies, along with lower bond yields and higher prices of gold.
• In comparison, there was a valuation loss of $29.9 billion recorded during the corresponding period in the preceding year.

What is balance of payments (BoP)?

• The Balance of Payments (BoP) is a systematic account that tracks all economic dealings between a country’s residents and the rest of the world over a defined period, typically annually.
• It operates on the principle of the Double Entry System and is structured into two sides: the Credit side and the Debit side.
• The balance of payment is divided into three types:
• Current account
• Capital account
• Finance account

Tata Capital Raises $200 Million via Foreign Term Loans                                         

• Tata Capital Limited, the flagship financial services company of the Rs 31-lakh crore Tata Group, has raised $200 million through a three- year loan from Singapore’s DBS Bank and Taiwan’s CTBC Bank.
• Tata Capital has the flexibility to price the loan at 120 basis points above the one month, three months, or six months Secured Overnight Financing Rate (SOFR), aligning with market movements.

Key Highlights :

• Regular Borrowing Programme: This loan is part of Tata Capital’s regular borrowing programme, indicating its ongoing financing activities to support its business operations and growth initiatives.
• ECB Programme: The funds raised are part of Tata Capital’s $750-million external commercial borrowing (ECB) programme, in compliance with guidelines set by the Reserve Bank of India (RBI).
• Financial Performance: Tata Capital reported a net profit of Rs 1,023 crore in the quarter ended December 2023, marking a significant increase of 78% compared to the same period the previous year.
• Credit Ratings:In Feb 2024, the Tata Capital Ltd obtained a first-time long-term issuer credit rating of ‘BBB-‘ from global rating agencies Standard and Poor’s (S&P) and Fitch Ratings, which is equivalent to India’s sovereign rating.

About Tata Capital Limited :

• Founded : 2007
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Rajiv Sabharwal

Insurance Regulatory and Development Authority of India Approves Creation of Bima Sugam: Online Insurance Marketplace for Streamlined Policy Processes

• The Insurance Regulatory and Development Authority of India (IRDAI) has approved the establishment of Bima Sugam, an online insurance marketplace, aimed at simplifying the process of buying, selling, and servicing insurance policies, as well as settling claims.

Key Highlights :

• Single Interface for Insurance: Bima Sugam will serve as a single interface for customers, intermediaries, and agents, facilitating the buying and selling of insurance policies across insurers in various categories such as life, health, and non-life.
• E-commerce Platform: Bima Sugam functions as an e-commerce platform where insurance companies can offer their products, providing customers with a seamless end-to-end digital journey.
• Paperless Policies: The platform eliminates paperwork by offering policies in electronic format, allowing customers to access all their policies (life, health, and non-life insurance) in one application or window.
• Affordability of Insurance Policies: Bima Sugam is expected to make insurance policies more affordable by reducing commissions paid to intermediaries, potentially leading to lower premiums for policyholders.
• Unified Platform for Policy Management: Bima Sugam offers a unified platform for policy issuance, claim settlement, and service requests, enhancing transparency and collaboration in the insurance sector.
• Ownership and Governance: IRDAI has appointed a committee for the creation of Bima Sugam.
• Life insurance and general insurance companies will each own a 47.5% stake, while brokers and agent bodies will own 2.5% each, ensuring industry representation in the platform’s governance.

About IRDAI : 

• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairperson : 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.

IRDAI Decision to Maintain Surrender Value Norms Seen as Favorable for Life Insurers by Analysts

• The Insurance Regulatory and Development Authority of India (IRDAI) decision to retain the existing surrender value norms, amid requests from life insurance companies, is deemed positive for the companies.
• The norms will be effective on April 1, 2024.

Key Highlights :

• In December 2023, the insurance regulator proposed to increase the surrender value paid by insurance companies to policyholders.
• In the new norms, the guaranteed surrender value (GSV) under the revised regulations for other than single premium products is 30 percent if the policy is surrendered in the second year, 35 per cent in the third year, 50 per cent between four years and seven years, and 90 per cent during the last two years.
• For single premium products, the GSV will be 75 per cent if surrendered within three years and 90 per cent if surrendered in the last two years of the policy tenure.
• An industry official noted that the regulation is broadly in line with the existing regulation on surrender value, with policyholders getting a near 8-10 percent benefit in longer tenure (above five years) non-participating (non-par) policies.
• Furthermore, the final product regulations also note that the sale of index-linked insurance products will be linked to the net asset value of the underlying publicly available index.

CURRENT AFFAIRS: NATIONAL NEWS

DGCA defers June 1 deadline for new rules on pilots’ rest, duty times

• India’s aviation regulator has postponed the deadline for airlines to implement new rules on rest and duty times for pilots without giving any reason or new target date.
• Announced in January, the rules increased flight crews’ weekly rest periods to 48 hours from 36 and cut pilots’ night flight duty times to a maximum of 10 hours from 13.
• however, the Directorate General of Civil Aviation (DGCA) allowed airlines to retain the older norms for the time being.
• The rule changes followed a review of data on pilot fatigue drawn from spot checks and airline surveillance after a pilot for budget carrier IndiGo collapsed and died in August before his flight.
• The Federation of Indian Airlines warned of the cancellation risk as the watchdog’s deadline left too little time to hire and train the 25% more pilots required to satisfy the new rules.
• Recently Tata Group-owned Air India was fined 8 million rupees ($96,000) by the regulator for breaching limits on flight duty times and fatigue management.

India’s GAIL to commission its first green hydrogen project in April 2024

• India’s state-run natural gas company, GAIL (India) Ltd, is preparing to commission the country’s first green hydrogen project.
• As reported by Reuters and confirmed by multiple sources within the company, this pioneering initiative is slated to commence operations at GAIL’s Vijaipur complex in Madhya Pradesh by April.
• The project comprises a 10-megawatt proton exchange membrane electrolyser imported from Canada for the production of green hydrogen.
• The report added that once operational, the unit is expected to produce approximately 4.3 metric tons of hydrogen per day, boasting a purity level of 99.999% by volume.
• The green hydrogen production unit will rely on renewable power sources, aligning with India’s ambitious goal of reaching 5 million tons of annual green hydrogen production capacity by 2030.
• This project marks a significant stride in the country’s pursuit of cleaner and more sustainable energy solutions.

CURRENT AFFAIRS: BUSINESS NEWS

Galaxy Health gets IRDAI approval to launch health insurance business

• Galaxy Health and Allied Insurance Company has secured approval from the IRDAI to commence its health insurance business in the country.
• This decision came during the 125th meeting of the regulator, marking a significant entry into the Indian insurance sector.
• With this approval, the count of stand-alone health insurers (SAHIs) in India will rise to seven, adding to the existing six.
• Galaxy is the second stand-alone health insurer to receive the nod from the IRDAI in 2024.
• This is the sixth registration issued by the authority across various insurance segments within almost a year.

Key Highlights

• Notably, earlier this year, IRDAI granted Narayana Health in-principle approval to establish a health insurance enterprise in the country.
• Other standalone players in the sector include Care Health, Aditya Birla Health, Niva Bupa, Star Health and Manipal Cigna.
• Galaxy is a venture set up by the TVS Group and V Jagannathan, the founder and former chairman and managing director (CMD) of Star Health and Allied Insurance Company.
• Jagannathan, who resigned from his position in May 2023 and left the board in June 2023, has brought on board S Prakash, the former CEO of Star Health, to lead Galaxy Health Insurance as its CEO.
• Galaxy Health Insurance will have an initial capital of over Rs 200 crore.
• The minimum equity capital requirement to set up a Life, General or Health Insurance Company is INR 100 crore; b. in case of a Reinsurance company, the requirement is a minimum of INR 200 crore.

CURRENT AFFAIRS: AWARDS AND HONOURS

Professor Emeritus James Boyce Wins First Global Inequality Research Award

• The World Inequality Lab (WIL) and Sciences Po’s Center for Research on Social Inequalities (CRIS) have joined forces for the first edition of the Global Inequality Research Award (or GiRA), which aims to recognize every two years researchers from all disciplines who have made a significant contribution to the understanding of global inequalities.
• GiRA wants to acknowledge leading scholarship in the area of global inequality understood from two major perspectives:
• First, the perspective of inequality research is being conducted in all corners of the world.
• Second, the perspective of inequality is a complex phenomenon that requires light from all angles to be fully understood and ultimately mitigated.
• The 2024 GiRA Prize is jointly awarded to Bina Argawal and James K. Boyce for their groundbreaking work in the field of social and environmental inequalities.
• Bina Agarwal (University of Manchester), an economist, is the author of pioneering work on gender inequalities, environmental governance, ecofeminism and environmental inequalities.
• James K. Boyce (University of Massachusetts Amherst), an economist, is the author of seminal work on the relationship between social inequality and environmental degradation, and has made a major contribution to structuring the field of environmental political economy.
• The two laureates will be invited to receive their awards and present an overview of their work at conferences in Paris in the fall and spring of 2024, organized in conjunction with Sciences Po’s Social-Ecological Transitions (SET) initiative.

ISRO gets Aviation Week Laureates Award for historic Chandrayaan-3 mission

• The Aviation Week Laureates Award was presented to ISRO for its achievements in the historic Chandrayaan-3 mission.
• Sripriya Ranganathan, Deputy Ambassador at the Indian Embassy in the US, received the award on behalf of ISRO.
• The Aviation Week Laureates Award is known for recognizing exceptional achievements within the aerospace industry.
• With a cost of a modest $75 million, this mission achieved a historic milestone by making a successful landing at the lunar South Pole.
• Chandrayaan-3 confirmed the presence of water in this region, a discovery that has profound implications for future lunar exploration and the possibility of sustaining life on the Moon.
• The recognition by Aviation Week reflects international appreciation and respect for ISRO’s contribution to space exploration.

Key Highlights

• Earlier, the Leif Erikson Lunar Prize was given to ISRO from the Husavik Museum for its unwavering commitment and significant contribution to lunar exploration.
• In another accolade for the space agency, the International Astronomical Union (IAU) working group for Planetary System Nomenclature has approved the name ‘Station Shiv Shakti’ for the landing site of Chandrayaan-3’s lander.
• It is located at the co-ordinates 69.373°S 32.319°E and lies between the lunar craters Manzinus C and Simpelius N.
• Soon after the landing PM Narendra Modi had on Aug 26, 2023, named the moon landing site ‘Shiv Shakti’.
• The point where the moon lander of Chandrayaan-3 landed will now be known as Shiv Shakti.
• In Shiv, there is resolution for the welfare of humanity and Shakti gives us strength to fulfil those resolutions. This Shiv Shakti point of the moon also gives a sense of connection with Himalaya to Kanyakumari.
• India is represented by the Astronomical Society of India (ASI).
• PM previously named the Chandrayaan-2 crash site ‘Tiranga point’, while former President A.P.J. Abdul Kalam suggested ‘Jawahar Point’ for the Chandrayaan-1 impact probe landing site, reflecting a tradition of honoring national figures and symbols.

About IAU

• The International Astronomical Union (IAU) was founded in 1919. It is the world’s largest professional body for astronomers.
• In 1982, the United Nations, at its ‘Fourth Conference on the Standardization of Geographical Names’ held in Geneva, recognised the authority of the IAU on assigning “extraterrestrial names” by adopting a resolution.
• IAU membership spans 92 countries. Out of those countries, 85 are National Members.

IndiGo awarded ‘Airline of the year’ at Air Transport Awards 2024

• Budget airline IndiGo is named as the ‘Airline of the Year’ at the Air Transport Awards 2024 held in Greece’s Athens.
• IndiGo recently became India’s first carrier to operate 2,000 daily flights and carry 100 million passengers in a year.
• The low-cost carrier aims to aggressively expand its network by doubling its fleet size by the end of this decade.
• The 2024 Air Transport Awards was organised in partnership with Hermes – Air Transport Organisation and ATN – Air Transport News to recognize the contributions made in the aviation sector.
• The winners are voted for by both the readers of Air Transport News as well as a jury of international aviation experts.
• Founded in 2005, IndiGo is the largest aviation company in India with respect to market share and operates a fleet of over 350 aircraft.
• The airline is currently operating around 2000 daily flights and connecting over 85 domestic destinations and more than 30 international destinations.

Michel Talagrand awarded the 2024 Abel Prize

• The Norwegian Academy of Science and Letters has decided to award the Abel Prize for 2024 to Michel Talagrand of the French National Center for Scientific Research (CNRS), Paris, France.
• Michel Talagrand is awarded for his work in probability theory and stochastic processes.
• From the outset, the development of probability theory was motivated by problems that arose in the context of gambling or assessing risks.
• The Abel Prize was modelled after the Nobel Prizes — which do not include mathematics — and was first awarded in 2003.
• The recipient wins a sum of 7.5 million Norwegian kroner (US$700,000).

About Norwegian Parliament

• The Norwegian Parliament established the prize in 2002.
• It is named after Norwegian mathematician Niels Henrik Abel.
• The Abel Prize is a prestigious award in mathematics that recognizes pioneering scientific achievements in mathematics.
• It is awarded by the Norwegian Academy of Science and Letters on behalf of the Ministry of Education of Norway.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Tejas Networks announces strategic partnership with Telecom Egypt

• Tejas Networks Ltd. announced that it signed a Memorandum of Understanding with Telecom Egypt (TE), ITIDA (Information Technology Industry Development Agency), and National Telecom Institute to replicate implementing Bharatnet (Rural Broadband Project) and NKN (National Knowledge Network) projects in Egypt.
• The agreement aims to accelerate the vision of Digital Egypt, upskill Egyptian engineers and technicians, establish local manufacturing and R&D facilities, and set up technical support services in Egypt.
• Bangalore-based Tejas Networks Ltd designs and manufactures wireline and wireless networking products for telecommunications service providers, internet service providers, and defence and government entities in over 75 countries.

RPF and NCW signed MoU to combat human trafficking

• The National Commission for Women (NCW) and the Railway Protection Force came together to announce a landmark Memorandum of Understanding (MoU) aimed at strengthening efforts to combat human trafficking across India.
• The MOU was signed by NCW Joint Secretary A Asholi Chalai and RPF Inspector General Sarvapriya Mayank.
• It underscores the commitment of both organizations to tackle the grave issue of human trafficking, especially within the extensive network of Indian Railways.
• The initiative comes as a response to the alarming statistics revealing that 70% of trafficked victims are women, highlighting the urgent need for concerted action to protect the most vulnerable in society.

About NCW

• NCW, which established an Anti-Human Trafficking Cell on April 2, 2022, has already been working with the Central Industrial Security Force (CISF) to combat the trafficking of women.
• Rekha Sharma is the chairperson of the National Commission for Women. Its headquarters is located in New Delhi.

CURRENT AFFAIRS: RANKING AND INDEX

The Hurun Research Institute has released the 13th edition of the 2024 Hurun Global Rich List.

• Among global billionaires of Hurun Global Rich List, Tesla CEO, Elon Musk, has re-emerged as the richest man, boasting a fortune of $231 billion followed by Amazon founder Jeff Bezos, with a net worth of $185 billion, Bernard Arnault ($175 billion), Mark Zuckerberg ($158 billion) and Larry Willson ($140 billion).
• Hurun Global Rich List’s wealth calculations are a snapshot for the year ended January 15, 2024.
• It is the 13th edition of the ranking.
• Pop superstar Taylor Swift, 34, joined the billionaire club with wealth valued at $1.2 billion, earned not through typical celebrity side hustles but through her music. Taylor Swift became the youngest self-made woman billionaire at 34.
• The global billionaires list witnessed as many as 94 new entrants from India. India billionaire tally touched 271 with their combined wealth at $1 trillion.
• India witnessed a “super strong year”, with the country adding the most new entrants to the billionaire list, after the US (132). China added only 55 new faces.
• Mukesh Ambani (10th rank)i, chairman & managing director of Reliance Industries, is the only Indian to make it into the top 10 of the Hurun Global Rich List 2024, a ranking of billionaires in US dollar terms.
• Despite a 40 per cent increase in his wealth to $115 billion, Ambani, dropped one rank to 10th place on the global list.
• Gautam Adani, chairman of the Adani group, is the next Indian on the global rich list, ranking 15th. Adani, 61, has a net worth of $86 billion, a figure that includes a $33 billion increase in wealth following a sharp recovery in his companies’ shares in 2023.
• Shiv Nadar & Family (34) has been ranked 3rd followed by Cyrus Poonawala(55) and Dilip Shangavi(61).
• The report highlighted the dominance of specific industries in contributing to India’s billionaire boom, with the pharmaceutical sector leading the pack with 39 billionaires, followed by the automobile and auto components industry (27), and the chemicals sector (24).
• Mumbai has pipped Beijing to become Asia’s billionaire capital for the first time. New Delhi with 57 billionaire ranked at 9th.
• New York has the highest concentration of billionaires (119), followed by London (97) Mumbai (92) Beiing(91) Shangai (87).
• India added the second-highest number of new billionaires (94) after the US (109) China ranked 3rd with 55.
• With 271 billionaires, India is now the third-ranked country globally, surpassing Germany.
• Mumbai was the fastest-growing billionaire capital in the world, adding 26 in the year and taking it to third in the world and Asia’s billionaire capital.
• The number of billionaires globally increased by 5% to 3,279. AI was the biggest driver of wealth creation, generating over half of all new wealth.
• Financial services led as the primary sector for wealth generation, contributing 10% of the billionaire wealth. This was closely followed by consumer goods (8%), and a tie between food & beverages and real estate (7% each).

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

IIT Alumnus Pavan Davuluri to Assume Leadership Role for Microsoft Windows and Surface

• Microsoft has made a strategic move by reuniting its Windows and Surface teams under a single leadership, marking a return to a familiar structure within the company’s Engineering and Devices organization.
• This decision comes after a brief separation, during which the Windows team was temporarily aligned with Microsoft’s new AI division.
• Pavan Davuluri, an IIT Madras alumni, was appointed the new head of Microsoft Windows and Surface, making him the latest Indian to take on a leadership role at a Big Tech company much like Google’s Sundar Pichai and Microsoft’s Satya Nadella
• Mr Davuluri takes over from longtime product chief Panos Panay who left the department to join Amazon last year.
• In his new role, Davuluri will lead a dedicated team that develops silicon systems for Microsoft’s Windows and Surface products.
• Davuluri, who previously oversaw Microsoft’s hardware initiatives, will now take on the additional responsibility of leading Windows engineering.

About Pavan Davuluri :

• Pavan Davuluri began his career at Microsoft as a Reliability Component Manager in 2001.
• He has held various leadership positions at Microsoft over 23 years, including working on PC and Xbox hardware, Surface, and Windows.
• In his most recent role as corporate vice president, Davuluri oversaw Windows Silicon and Systems Integration.

CURRENT AFFAIRS ; SCIENCE & TECHNOLOGY

Gaia Telescope Unveils Two Ancient Star Streams Shaping Milky Way Over 12 Billion Years Ago          

• The European Space Agency’s (ESA) Gaia telescope has made a significant discovery, unveiling two ancient streams of stars that contributed to the formation of the Milky Way galaxy over 12 billion years ago.
• ESA’s Gaia mission has provided unprecedented insights into the history of our galaxy, shedding light on its formation and evolution over billions of years.

Key Highlights :

• Naming of Star Streams: Researchers named the discovered star streams “Shakti” and “Shiva,” drawing inspiration from Hindu philosophy where these divine figures are believed to have united to create the universe.
• Age and Composition: The stars comprising the Shakti and Shiva streams are estimated to be 12 to 13 billion years old, making them some of the oldest components of the Milky Way.
• Each stream contains a mass equivalent to about 10 million Suns.
• Galactic Structure: The Milky Way is described as a large spiral-shaped galaxy with a diameter of approximately 100,000 light-years.
• It consists of hundreds of billions of stars, along with gas and dust, arranged in spiraling arms extending from the galactic center.
• Definition of Light Year:A light year is the distance light travels in a year, 5.9 trillion miles (9.5 trillion km).
• Stars, gas and dust extend from the galactic center in lengthy spiraling arms, with our sun residing on one of those.
• Gaia’s Mission : Gaia, launched in 2013, is assembling the largest and most precise three-dimensional map of the Milky Way, measuring the positions, distances and motions of stars.

International Astronomical Union Working Group Approves ‘Station Shiv Shakti’ as Chandrayaan-3 Lander Landing Site Name    

• The International Astronomical Union (IAU) working group for Planetary System Nomenclature has approved the name ‘Station Shiv Shakti’ for the landing site of Chandrayaan-3’s lander.
• The landing site is situated at the coordinates 373°S 32.319°E, positioned between the lunar craters Manzinus C and Simpelius N.

Key Highlights :

• Naming by PM Narendra Modi: Prime Minister Narendra Modi named the moon landing site ‘Shiv Shakti’ on August 26, 2023, soon after the landing of Chandrayaan-3’s lander. He emphasized the significance of the name, relating it to resolutions for the welfare of humanity and the strength to fulfill those resolutions, along with a sense of connection with India, from Himalaya to Kanyakumari.
• IAU Background: The International Astronomical Union (IAU) was founded in 1919. It is the world’s largest professional body for astronomers.
• In 1982, the United Nations, at its ‘Fourth Conference on the Standardization of Geographical Names’ held in Geneva, recognised the authority of the IAU on assigning “extraterrestrial names” by adopting a resolution.
• Membership and Representation: The IAU comprises 92 countries, with 85 being National Members. India is represented by the Astronomical Society of India (ASI).
• Tradition of Naming: The tradition of naming lunar landing sites after national figures and symbols is evident from previous instances such as PM Modi naming the Chandrayaan-2 crash site ‘Tiranga point’ and former President P.J. Abdul Kalam suggested ‘Jawahar Point’ for the Chandrayaan-1 impact probe landing site.

About International Astronomical Union :

• Established : 28 July 1919
• Headquarters : Paris, France
• President : Debra Meloy Elmegreen
• The International Astronomical Union is a non-governmental organisation to advance astronomy in all aspects, including promoting astronomical research, outreach, education, and development through global cooperation.

CURRENT AFFAIRS : OBITUARIES

Chief of Ramakrishna Mission, Swami Smaranananda Maharaj, Passed Away

• Swami Smaranananda Maharaj, president of Ramakrishna Math and Ramakrishna Mission, Passed away at the age of 95 in Kolkata.

About Swami Smaranananda Maharaj :

• Swami Smaranananda was born in 1929 in Thanjavur in Tamil Nadu
• He received initiation from Swami Shankarananda in 1952, and joined the Ramakrishna Order that same year at its Mumbai centre.
• He was the Ramakrishna Math.
• In 1976, he became the secretary of the Ramakrishna Mission Saradapitha, a large educational institution located next to Belur Math, where he served for nearly 15 years.
• In 1991, he became the head of Sri Ramakrishna Math, Chennai.
• In 1983, he was appointed a trustee of the Ramakrishna Math and a member of the governing body of the Ramakrishna Mission.
• In 1997, he became the general secretary of the organization, and was made a vice-president in 2007.
• He was elected as the 16th President of Ramakrishna Math and Ramakrishna Mission during a meeting of the Math’s Board of Trustees and the Mission’s Governing Body on July 17, 2017.

Daily CA One- Liner: March 28

• India’s aviation regulator has postponed the deadline for airlines to implement new rules on rest and duty times for pilots without giving any reason or new target date
• India’s state-run natural gas company, GAIL (India) Ltd, is preparing to commission the country’s first green hydrogen project
• Galaxy Health and Allied Insurance Company has secured approval from the IRDAI to commence its health insurance business in the country.
• The World Inequality Lab (WIL) and Sciences Po’s Center for Research on Social Inequalities (CRIS) have joined forces for the first edition of the Global Inequality Research Award (or GiRA), which aims to recognize every two years researchers from all disciplines who have made a significant contribution to the understanding of global inequalities
• The Aviation Week Laureates Award was presented to ISRO for its achievements in the historic Chandrayaan-3 mission
• Budget airline IndiGo is named as the ‘Airline of the Year’ at the Air Transport Awards 2024 held in Greece’s Athens.
• The Norwegian Academy of Science and Letters has decided to award the Abel Prize for 2024 to Michel Talagrand of the French National Center for Scientific Research (CNRS), Paris, France.
• Tejas Networks Ltd. announced that it signed a Memorandum of Understanding with Telecom Egypt (TE), ITIDA (Information Technology Industry Development Agency), and National Telecom Institute to replicate implementing Bharatnet (Rural Broadband Project) and NKN (National Knowledge Network) projects in Egypt.
• The National Commission for Women (NCW) and the Railway Protection Force came together to announce a landmark Memorandum of Understanding (MoU) aimed at strengthening efforts to combat human trafficking across India.
• Among global billionaires, Tesla CEO, Elon Musk, has re-emerged as the richest man, boasting a fortune of $231 billion followed by Amazon founder Jeff Bezos, with a net worth of $185 billion, Bernard Arnault ($175 billion), Mark Zuckerberg ($158 billion) and Larry Willson ($140 billion)
• According to the Brand Finance Insurance 100 2024 report, Life Insurance Corporation of India (LIC) is recognized as the world’s strongest insurance brand, with a steady brand value of $9.8 billion, a brand strength index score of3, and an associated AAA brand strength rating.
• India’s foreign exchange reserves increased by $32.9 billion during April-December 2023, on a balance of payments basis (excluding valuation effects), as against a depletion of $14.7 billion during the year-earlier period, data released by the Reserve Bank of India (RBI) showed.
• Tata Capital Limited, the flagship financial services company of the Rs 31-lakh crore Tata Group, has raised $200 million through a three- year loan from Singapore’s DBS Bank and Taiwan’s CTBC Bank.
• The Insurance Regulatory and Development Authority of India (IRDAI) has approved the establishment of Bima Sugam, an online insurance marketplace, aimed at simplifying the process of buying, selling, and servicing insurance policies, as well as settling claims.
• The Insurance Regulatory and Development Authority of India (IRDAI) decision to retain the existing surrender value norms, amid requests from life insurance companies, is deemed positive for the companies.
• Pavan Davuluri, an IIT Madras alumni, was appointed the new head of Microsoft Windows and Surface, making him the latest Indian to take on a leadership role at a Big Tech company much like Google’s Sundar Pichai and Microsoft’s Satya Nadella
• The European Space Agency’s (ESA) Gaia telescope has made a significant discovery, unveiling two ancient streams of stars that contributed to the formation of the Milky Way galaxy over 12 billion years ago.
• The International Astronomical Union (IAU) working group for Planetary System Nomenclature has approved the name ‘Station Shiv Shakti’ for the landing site of Chandrayaan-3’s lander.
• Swami Smaranananda Maharaj, president of Ramakrishna Math and Ramakrishna Mission, Passed away at the age of 95 in Kolkata.