The Ultimate April 2024 Current Affairs

THE ULTIMATE APRIL 2024 The Bigger Picture+ PDF FOR : IRDAI and IBPS SO Covering MONTHLY CURRENT FROM APRIL 2024 to sept 2024 9 of sept : FIRST CLASS USE CODE: Y674 for maximum discount 🔗Join Paid Telegram Reserve Bank of India Permits Foreign Investors in International Financ...

THE ULTIMATE APRIL 2024 The Bigger Picture+ PDF FOR : IRDAI and IBPS SO Covering MONTHLY CURRENT FROM APRIL 2024 to sept 2024 9 of sept : FIRST CLASS USE CODE: Y674 for maximum discount 🔗Join Paid Telegram Reserve Bank of India Permits Foreign Investors in International Financial Services Centre to Access Sovereign Green Bonds The Reserve Bank of India (RBI) has decided to allow eligible foreign investors in the International Financial Services Centre (IFSC) to invest in Sovereign Green Bonds (SGrBs), aiming to broaden non-resident participation in these bonds. Presently, foreign portfolio investors (FPIs) registered with the Securities and Exchange Board of India (SEBI) are permitted to invest in SGrBs through various routes available for investment in government securities. Separate Scheme Notification: A separate scheme for investment and trading in SGrBs by eligible foreign investors in IFSC will be notified in consultation with the Government and the IFSC Authority. CA dav Ya inky @P Reserve Bank of India Permits Third-Party Apps for Unified Payments Interface Payments via Prepaid Payment Instruments Wallets The Reserve Bank of India (RBI) has proposed allowing the linking of Prepaid Payment Instruments (PPIs) through third-party Unified Payments Interface (UPI) applications, enhancing flexibility for Prepaid Payment Instruments (PPI) wallet holders to make UPI payments. Current UPI Payment System:At present, UPI payments from bank accounts can be made only by linking a bank account through the UPI application of the bank or using any third-party UPI application. CA dav Ya inky @P Reserve Bank of India Delays Implementation of Rules on Exchange-Traded Forex Derivatives to May 3rd, 2024 The Reserve Bank of India (RBI) has postponed the implementation of norms on exchange-traded currency derivatives (ETCDs) linked to the Indian rupee until May 3, 2024, in response to investor concerns. The norms were scheduled to take effect starting from April 05, 2024. Requirement for Underlying Exposure: Rupee-denominated currency contracts traded on the National Stock Exchange (NSE) and the BSE now require underlying exposure. Though traders are not required to provide evidence of underlying exposure for positions up to $100 million, they must confirm the existence of such exposure. About RBI : Established : 1 April 1935 Headquarters : Mumbai, Maharashtra, India Governor : Shaktikanta Das CA dav Ya inky @P Reserve Bank of India to Enhance Liquidity Coverage Ratio Framework for Improved Liquidity Risk Management by Banks The Reserve Bank of India (RBI) is planning to make certain modifications to the Liquidity Coverage Ratio (LCR) framework to facilitate better management of liquidity risk by banks. Objective of LCR Framework: Banks covered under the LCR framework are mandated to maintain a reserve of high-quality liquid assets (HQLA) to cover their net outflows for a period of 30 days under stressed conditions. LCR Requirement: Since January 1, 2019, banks are required to maintain an LCR of 100%, ensuring they have sufficient liquid assets to meet their obligations. CA dav Ya inky @P Zimbabwe Introduces New Gold-Backed Currency: ZiG Zimbabwe has launched a new gold-backed currency called ZiG, short for "Zimbabwe Gold", to stabilize its economy. This introduction marks the latest attempt by Zimbabwe to bring stability to its economy, which has faced significant challenges over the past 25 years. Market-Determined Exchange Rate : The central bank governor, John Mushayavanhu, announced that the ZiG would be structured and set at a market-determined exchange rate, aiming to bring transparency to currency valuation. About Zimbabwe : President : Emmerson Mnangagwa Capital : Harare CA dav Ya inky @P Banks' Tier-1 Capital Raise Drops by nearly 50% to Rs 17,516 Crore in 2023-24 With a strong capital adequacy base and higher interest rates, the activity of raising debt capital -- tier I and tier II bonds by banks declined sharply in Financial Year 2023- 24. Banks raised about Rs 17, 516 crore through the additional tier I (AT1) bonds in Fy24, which was 49.8% less than the amount raised in Fy23. State Bank of India (SBI) raised Rs 8,101 crore through AT1 bonds in FY24. Other significant issuers of AT1 bonds included two public sector lenders, Punjab National Bank (PNB) and Canara Bank. CA dav Ya inky @P Reserve Bank of India's Liberalised Remittance Scheme Witness 27% Surge in Outward Remittances from April 2023 to January 2024 Outward remittances under the Reserve Bank of India’s (RBI’s) Liberalised Remittance Scheme (LRS) in the April-January period of financial year 2023-24 (FY24) increased 24 per cent year-onyear to $27.42 billion. In January 2024, overseas remittances amounted to $2.62 billion, indicating a nearly 9% increase from $2.40 billion in December 2023. In the April 2023-January 2024 period of FY24, the international travel segment rose to $14.95 billion, 30.67 per cent up from $11.44 billion in the year-ago period. CA dav Ya inky @P World Bank Revises India's Growth Forecast for FY25 to 6.6%; Estimates FY24 GDP Growth at 7.5% The World Bank has upgraded its economic growth forecast for India for the fiscal year 2024-25 (FY25) by 20 basis points to 6.6%. This revision is primarily attributed to upward revisions to investment growth in the country. Comparison with FY24 GDP Growth:The projected growth rate for FY25 is notably lower than the estimate of 7.5% real GDP growth for the current financial year (FY24). Despite the moderate forecast for FY25, the World Bank anticipates growth to accelerate in subsequent years due to the positive impacts of robust public investment About World Bank : CA Established : July 7, 1944 v Headquarters : Washington, D.C., United States a President : Ajay Banga (14th President) d The World Bank Group consists of 5 institutions ie a International Bank for Reconstruction and Development (IBRD) Y International Development Association (IDA) y International Finance Corporation (IFC) nk Multilateral Investment Guarantee Agency (MIGA) i International Centre for Settlement of Investment Disputes (ICSID) @P Competition Commission of India Greenlights Axis Bank's Acquisition of ₹1,612 Crore Stake in Max Life Insurance The Competition Commission of India (CCI) has approved the transaction involving Axis Bank’s additional 6% stake buy in Max Life Insurance, a private life insurer. The deal, valued at ₹1,612 crore, received an IRDAI nod in February 2024. Background of Capital Infusion : In August 2023, Axis Bank announced a capital infusion into Max Life Insurance by issuing 14.25 crore equity shares. The purpose of the capital infusion was to support Max Life's future growth ambitions, enhance its capital position, and improve solvency margins. This resulted in Axis Bank's direct stake in Max Life increasing to 16.22%, with the collective stake of Axis Entities rising to 19.02%. About CCI : CA Established : 14 October 2003 av Headquarters : New Delhi d a Chairman : Ravneet Kaur y Y The CCI is the chief national competition regulator in India. k in It is a statutory body within the Ministry of Corporate Affairs and is responsible for P enforcing the Competition Act, 2002 to promote competition and prevent activities @ that have an appreciable adverse effect on competition in India. AU Small Finance Bank Completes First-Ever Merger Among Small Finance Banks by Acquiring Fincare Small Finance Bank AU Small Finance Bank (AU SFB) finalised the acquisition of Fincare Small Finance Bank on April 1, 2024, marking the first merger among small finance banks. The merger aims to strengthen AU SFB's pan-India retail banking franchise by leveraging complementary geographic footprints, diverse customer segments, expanded product offerings and enhanced digital capabilities. Leadership Changes:Rajeev Yadav, former MD and CEO of Fincare SFB, assumes the role of Deputy CEO at AU SFB and will lead all key asset businesses previously under Fincare SFB. About AU Small Finance Bank : Established : 1996 A Headquarters : Jaipur, Rajasthan, India C MD & CEO : Sanjay Agarwal av About Fincare Small Finance Bank : d Ya Established : 2017 y Headquarters : Bengaluru, Karnataka nk MD & CEO : Rajeev Yadav @Pi In FY24, Annual Unified Payment Interface Transactions surpassed 100 Billion Mark for the First Time The Unified Payment Interface (UPI) transactions in India posted a record 57% rise in volume and 44% rise in value in Financial Year 2023-24, compared to the previous financial year. In March 2024 too, the transactions saw a 55% rise in volume to 13.44 billion and 40% in value to Rs 19.78 trillion compared to March 2023. This was the first time that UPI transactions crossed 100 billion and closed at 131 billion in a financial year, compared to 84 billion in 2022-23. The year also saw a record value touching Rs 199.89 trillion, compared to Rs 139.1 trillion. About UPI : CA Unified Payments Interface (UPI) is a system that powers multiple bank accounts into v a single mobile application. da It is developed by the National Payments Corporation of India (NPCI). a Y It was introduced in April 2016. inky @P Reserve Bank of India directs banks to step up hassle-free loans to Self Help Groups The Reserve Bank of India (RBI) directed all banks to provide adequate incentives to their branches in financing the Self Help Groups (SHGs) and establish linkages with them, making the procedures simple and easy. Accordingly, the guidelines should be adhered to enable effective linkage of SHGs with the banking sector. Loan-related Charges Waiver : The circular specifies that no loan-related and ad hoc service charges or inspection charges should be levied on priority sector loans up to 25,000. In the case of eligible priority sector loans to SHGs/ JLGs, this limit will be applicable per member and not to the group as a whole. Priority Sector Lending (PSL) Classification : The RBI has also pointed out that loans to SHGs are allowed to be classified under Priority Sector Lending (PSL) under the A respective categories such as Agriculture, MSME etc. av C Yad inky @P Jana Small Finance Bank Collaborates with Kotak Mahindra Life to Provide Insurance Products Jana Small Finance Bank has partnered with Kotak Mahindra Life Insurance Company Limited to offer life insurance products to the customers of the bank. The partnership will help 52 lakh customers of the bank with a wide range of life insurance products offered by Kotak Life, including long-term savings and retirement solutions About Jana Small Finance Bank : Commenced operations : March 28, 2018 Headquarters : Bangalore,Karnataka India CEO: Ajay Kanwal About Kotak Mahindra Life Insurance Company Limited : Established : 2001 Kotak Mahindra Life Insurance Company Limited is a privately held life insurance A company based in India. av C Yad inky @P ICRA Downgrades Banking Sector Outlook to Stable Due to Credit Growth Slowdown in FY25 Domestic rating agency ICRA revised downwards its outlook for the banking sector to 'stable' from 'positive' on expectations of a moderation in credit growth and profitability. ICRA predicts that credit growth will moderate to 11.6-12.5% in FY25 from 16.3% (excluding the HDFC twins merger impact) in FY24. This moderation is expected to impact profitability due to lower net interest income margins resulting from higher deposit rate payouts. ICRA: Headquarters: Gurgaon, Haryana ICRA: Investment Information and Credit Rating Agency. ICRA was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional investment Information and Credit Rating Agency CA dav Ya inky @P Reserve Bank of India and the Insurance Regulatory and Development Authority of India Mobilized to Mitigate the Impact of the Red Sea Crisis on Indian Exports The Ministry of Finance (MoF) has reached out to regulatory bodies like the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority of India (IRDAI) to address concerns regarding export credit availability and insurance premium increases. This proactive approach aims to support Indian exporters in navigating trade disruptions caused by Houthi attacks on cargo ships in the Red Sea. In March 2024, the MoF sent a letter to the RBI, IRDAI, and the state-run export finance institution Exim Bank, urging these entities to closely monitor and address the issues flagged by exporters to the Ministry of Commerce and Industry regarding disruptions that could potentially drive up India's export expenses. A About Ministry of Finance : av C Cabinet Minister : Nirmala Sitharaman d Minister of State : Bhagwat Karad, Pankaj Choudhary Ya About IRDAI : inky Established : 1999 P 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. HDFC Bank Becomes First Private Lender to Establish Branch on Kavaratti Island Largest private sector lender HDFC Bank inaugurated a branch in Lakshadweep's Kavaratti island. The bank becomes the first private sector lender to have a presence in Lakshadweep. The bank seeks to serve customers wherever they are and looks forward to serving the financial needs of individuals, families, and businesses in Lakshadweep, the bank's retail branch banking. The branch inauguration ceremony was attended by Captain Lovekesh Thakur, Commanding Officer of the Indian Navy, and K P Muthukoya, a prominent local resident, along with bank officials. About HDFC Bank : A Founded : 1st July 2023 (via the merger between HDFC-HDFC bank) C Headquarters : Mumbai, Maharashtra, India v MD & CEO : Sashidhar Jagdishan a Tagline : We Understand Your World Yad inky @P International Monetary Fund Boosts India's Gross Domestic Product Growth Projection for FY25 to 6.8% by 30 Basis Points The International Monetary Fund (IMF) has raised India’s Gross Domestic Product (GDP) growth projection for 2024-25 by 30 basis points to 6.8% in its update to the World Economic Outlook (WEO). This adjustment is attributed to buoyant domestic demand. However, the IMF's estimate falls below the Indian government's projection of 7% growth for the same period. Projected Growth Rates: Growth in India is forecasted to remain robust at 6.8% in FY25 and 6.5% in FY26, driven by continuing strength in domestic demand and a rising working-age population. For FY24, the IMF has raised India’s GDP growth projection to 7.8%, compared to 6.7% in its previous report. Growth Estimates by National Statistical Office: The National Statistical Office's second advance estimates indicate a GDP growth rate of 7.6% for 2023-24, compared to 7% in A the previous fiscal year. v C Revised Projections by Rating Agencies: Rating agencies like Fitch and Barclays have a also revised India’s GDP growth projection for FY24 to 7.8%, attributing it to strong d domestic demand and persistent growth in business and consumer confidence levels. Ya Inflation Projections: IMF projects India’s consumer price inflation to decline from an y average of 5.4% in FY24 to 4.6% in FY25, and further to 4.2% in FY26. ink Global Growth Projection:The IMF has raised its global growth projection for 2024 to P 3.2%, with slightly faster growth in advanced economies and stable growth in emerging @ markets. China's Projected GDP Growth: The IMF projects China's GDP growth to decelerate from 5.2% in 2023 to 4.6% in 2024, and further to 4.1% in 2025. International Monetary Fund Boosts India's Gross Domestic Product Growth Projection for FY25 to 6.8% by 30 Basis Points About IMF : Headquarters : Washington, D.C., United States Managing Director : Kristalina Georgieva Membership : 190 countries (189 UN countries and Kosovo) CA dav Ya inky @P World Bank Proposes $1 Billion Line of Credit to State Bank of India for India's Clean Energy Initiative About SBI : Established : 1 July 1955 Headquarters : Mumbai, Maharashtra, India Chairman : Dinesh Kumar Khara CFO : Kameshwar Rao Kodavanti CA dav Ya inky @P BharatPe Introduces 'BharatPe One', an All-in-One Payment Device Indian fintech major BharatPe launched BharatPe One, an all-in-one payment product that integrates POS (point of sale), QR code, and speaker into one device. The product is designed to streamline payment transactions for merchants, offering a versatile range of payment acceptance options, including dynamic and static QR codes, tap-and-pay, and traditional card payments across various debit and credit cards. BharatPe plans to launch BharatPe One in over 100 cities in the first phase, with further expansion to 450+ cities in the next 6 months. Market Potential for Soundboxes:A Bank of America (BofA) Securities report published in June 2023 estimated that the target market for soundboxes in India is approximately 25 million medium-sized small and medium enterprises (SMEs) and 15-17 million smaller SMEs. About BharatPe : C Founded : 2018 A v Headquarters : New Delhi a CEO : Nalin Negi Yad inky @P World Bank Proposes $1 Billion Line of Credit to State Bank of India for India's Clean Energy Initiative The World Bank is planning to provide a USD 1 billion line of credit to the State Bank of India (SBI) to accelerate India's transition to clean energy, according to sources familiar with the development. The financing aims to support the expansion of battery storage systems and electric mobility initiatives across the country. Objective and Context : The credit line comes at a crucial time as India races to meet its ambitious renewable energy targets while grappling with rising crude oil prices and import dependency on fossil fuels. Significance of Battery Energy Storage Systems (BESS) : Large-scale Battery Energy Storage Systems are crucial for integrating solar and wind power into India's electricity grid, compensating for intermittent energy production. The Central Electricity Authority (CEA) estimates India will need 27 GW of battery storage systems with four hours of storage by 2030 to support renewable energy production. CA India's Nationally Determined Contribution (NDC):India aims to source 50% of its v installed power generation capacity from non-fossil fuel sources by 2030, as part of its da updated NDC. Ya About World Bank : nky Established : July 7, 1944 i Headquarters : Washington, D.C., U.S P President : Ajay Banga @ The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international organizations owned by the World Bank Group. IRDAI removes the age limit of 65 years for individuals buying health insurance policies To widen the market and foster adequate protection from healthcare expenses, insurance regulator IRDAI has removed the age limit of 65 years for individuals buying health insurance policies. This marks a significant departure from the conventional constraints that limited individuals in securing comprehensive coverage. Under the earlier guidelines, individuals were allowed to purchase a new insurance policy only till the age of 65. However, with the recent amendment, which is from April 1, anyone, regardless of age, is eligible to buy a new health insurance policy. In a recent gazette notification, IRDAI stated, “Insurers shall ensure that they offer health insurance products to cater to all age groups. Insurers may design products specifically for senior citizens, students, children, maternity, and any other group as specified by the competent authority.” A There is no limit on AYUSH treatment coverage. av C d About IRDAI : Ya Chairperson: Debasish Panda ky Founded: 1999 n Headquarters: Hyderabad, Telangana i Owner: Ministry of Finance, Government of India @P Reserve Bank of India's Master Direction on Asset Reconstruction Companies to Take Effect from April 24,2024 The Reserve Bank of India (RBI) released a compiled master direction for the asset reconstruction companies (ARCs) raising the minimum capital requirement to begin securitization to Rs 300 crore from Rs 100 crore as on October 11, 2022. Notably, the RBI said that the regulation would be effective from April 24, 2024. ARCs, as on October 11, 2022, have been provided a glide path to achieve the minimum required Net Owned Fund (NOF) of Rs 300 crore. ARCs must have Rs 200 crore by March 31, 2024 and Rs 300 crore by March 31, 2026. ARCs with a minimum NOF of Rs 1,000 crore can act as resolution applicants. ARCs may deploy funds for undertaking restructuring of acquired loan account with the sole purpose of realising dues in government securities and deposits with scheduled commercial banks, Small Industries Development Bank of India (SIDBI), National Bank for Agriculture and Rural Development (NABARD) or such other entity as may be specified by the RBI. CA These Directions have been issued in exercise of the powers conferred by Sections 3, 9, v 10, 12 and 12A of the Securitisation and Reconstruction of Financial Assets and da Enforcement of Security Interest Act, 2002 (54 of 2002). Ya Operational Guidelines : An ARC shall commence business within 6 months from the y date of grant of CoR by the Reserve Bank. Reserve Bank may grant extension up to 12 k months from the date of grant of CoR on receipt of the application from the ARC. Pin Every ARC shall maintain, on an ongoing basis, a capital adequacy ratio of minimum 15% of its total risk weighted assets. @ Governance Requirements : No person shall continue as MD/ CEO or WTD beyond the age of 70 years.  Reserve Bank of India's Master Direction on Asset Reconstruction Companies to Take Effect from April 24,2024 What is an Asset Reconstruction Company (ARC)? An ARC is a financial institution that buys the Non Performing Assets (NPA) or bad assets from banks and financial institutions so that the latter can clean up their balance sheets. CA dav Ya inky @P Razorpay Enters UPI Infrastructure with 'UPI Switch' Launch in Partnership with Airtel Payments Bank Fintech company Razorpay has introduced its own Unified Payments Interface (UPI) infrastructure called 'UPI Switch', a cloud-based solution developed in partnership with Airtel Payments Bank. This solution is designed to ensure smoother and faster transactions. Transaction Capacity and Uptime:'UPI Switch' can handle up to 10,000 transactions per second (TPS) at any given time. It provides 99.99% uptime, ensuring high reliability for users. Faster Access to UPI Innovations:The 'UPI Switch' enables businesses to access UPI innovations 5 times faster than conventional infrastructure. UPI's Popularity in India:UPI has become India's preferred payment method, accounting for 70% of digital transactions. In January 2024, UPI transactions reached a record Rs 18.41 trillion, indicating its A widespread adoption and growth. av C About Razorpay : ad Headquarters : Bengaluru, Karnataka Y CEO : Harshil Mathur inky About Airtel Payments Bank : P Founded : January 2017. @ Headquarters : New Delhi, Delhi MD & CEO : Anubrata Biswas. On 11 April 2016, Airtel Payments Bank became the first company to receive the Payments Bank license from the Reserve Bank of India under Section 22 (1) of the Banking Regulation Act, 1949. The Bank started with an 80:20 partnership between Bharti Airtel and Kotak Mahindra Bank. MoA&FW Introduced ‘CDP- SURAKSHA’, a Digital Platform to Disburse Subsidies to Horticulture Farmers The Ministry of Agriculture & Farmers Welfare (MoA&FW) introduced a digital platform called CDPSURAKSHA (Cluster Development Programme – System for Unified Resource Allocation, Knowledge, and Secure Horticulture Assistance) to disburse subsidies to horticulture farmers under the CDP. Note: CDP, launched by MoA&FW, is a central sector scheme of the National Horticulture Board (NHB) which aims to reform agriculture markets and promote the horticulture sector About CDP-SURAKSHA: The CDP-SURAKSHA will allow an instant disbursal of subsidies to farmers in their bank account by utilising the e-RUPI (electronic rupee/e-Rupee) voucher from the National Payments Corporation of India (NPCI). Features: CA dav a Database integration with PM-KISAN(Pradhan Mantri Kisan Samman Nidhi), cloud-based Y server space from NIC(National Informatics Centre), UIDAI(Unique Identification y Authority of India) validation, eRUPI integration, local government directory (LGD), k content management system, geotagging, and geo-fencing. Pin @ SJVN Limited inaugurates India’s 1st Multipurpose Green Hydrogen Pilot Project On 23rd April 2024, Geeta Kapur, Chairman and Managing Director(CMD) of SJVN Limited(formerly known as Satluj Jal Vidyut Nigam) inaugurated India’s 1st multipurpose(combined Heat and Power) green hydrogen pilot project at the 1,500 megawatt (MW) Nathpa Jhakri Hydro Power Station (NJHPS) in Jhakri, Himachal Pradesh(HP). She also inaugurated the first-of-its-kind centralised operation of 1500MW NJPHS and 412 MW Rampur Hydrogen Power Station(RHPS) by remotely operating Unit-II of RHPS from NJHPS, Jhakri About the green hydrogen pilot project: i.The state of the art green hydrogen pilot project has the capability to cater to the high- velocity oxygen fuel (HVOF) coating facility of NJHPS to meet its combustion fuel requirements. CA ii.This will also have the capacity to generate electricity through its 25 kilowatt (kW) capacity fuel cell. iii.The green hydrogen plant will utilise a alkaline electrolyzer of 20 av Nm^3/Hr (normal meter cubed per hour) capacity which enables the production of d hydrogen gas by splitting hydrogen and oxygen from water. Ya This will use renewable energy supplied from the 1.31 MW solar power plant of SJVN y located in Wadhal, Himachal Pradesh. ink @P ISRO launches ‘START’ Online Training Program for Space Science Enthusiasts Indian Space Research Organisation (ISRO) has launched ‘Space Science and Technology Awareness Training (START)’, a new introductory-level online training programme to encourage youngsters to choose the field of space science and technology. The programme targets students doing postgraduate (PG) and final year undergraduate in physical science and technology. START 2024 programme will be conducted during April and May 2024. For this programme, ISRO solicits Expressions of Interest to host START 2024 in institutes, universities and colleges within India. CA dav Ya inky @P GI Tags Awarded to 19 Goods from Assam; 2 from Tripura and 4 from Meghalaya The Government of India’s (GoI) Geographical Indication Registry granted Geographical Indication (GI) tags to 19 traditional crafts of Assam, 2 from Tripura, and 4 from Meghalaya. ii.Assam Jaapi: Symbolizing pride, made of bamboo and palm leaves, used traditionally as headgear by farmers and holds cultural significance in Assam. iii.Sarthebari Metal Craft: Handmade bell metal utensils with socio-cultural and religious significance, part of ritual practices in Assam. iv.Assam Pani Mateka Craft: Utilized for craft-making by Assam State Rural Livelihood Mission, generating employment from what was once considered waste. v.Assam Mising Handloom Products: Traditional cloth-making by the Mising indigenous community includes garments with cultural significance, often woven for special occasions. A vi.Assam Asharikandi Terracotta Craft: Produced by over 100 families in Assam’s Dhubri C district, part of one of North East India’s largest clusters, using clay and sand baked with earthen color. Thirteen other Assamese items, associated with the Bodo people, the av state’s largest indigenous population, have also been granted GI tags. These include, ad Dokhona (traditional attire), Eri Silk / Indi Silk (fabric of peace), Jwmgra (scarf), Y and Gamsa (traditional dress for men). ky Among these 13 items, three are agricultural products viz. Gongar Dunjia, n Keradapini – (Plant, Shrub), and Khardwi while six are musical instruments viz. Pi Kham, Serja, Thorkha, Jotha – Bodo Musical Instrument, Gongona, and Sifung. @ Tripura’s Pachra/Rignai Textile and Tripura Matabari Peda gets GI tag GI Tags Awarded to 19 Goods from Assam; 2 from Tripura and 4 from Meghalaya Tripura’s Pachra/Rignai Textile and Tripura Matabari Peda gets GI tag The Tripura also secured the following two GI tags: i.The ‘Tripura Pachra/Rignai Textile’, which is a traditional hand-woven attire, meticulously crafted by skilled artisans using indigenous materials. ii.The other for the Tripura Matabari Peda (Sweet made of milk and sugar) of Mata Tripura Sundari Temple. Meghalaya secured 4 GI tags Meghalaya also secured 4 GI tags which are as follows: Meghalaya Garo Dakmanda Textile, which is linked to socio-cultural and religious rituals Meghalaya Lyrnai Pottery Meghalaya Chubitchi (Rice Liquor) A Lakadong Turmeric av C Yad inky @P GoI Introduced new EMPS 2024 scheme from 1st April, after FAME-II The new Electric Mobility Promotion Scheme 2024(EMPS 2024) under Ministry of Heavy Industries, Government of India came into effect on 1st April, 2024 and will continue till the end of July 2024. Meanwhile, the 2nd phase of FAME-II (Faster Adoption and Manufacturing of Electric Vehicles in India) scheme ends on 31st March, 2024. Electric Mobility Promotion Scheme 2024(EMPS 2024): i.Ministry of Heavy Industries introduced EMPS 2024 scheme on 13th March, 2024. ii.The scheme aims to promote the adoption of Electric Vehicles (EVs) in India, specifically for electric-2 wheelers (e-2w) and electric-3 wheelers(e-3w). iii.The scheme has set the budget outlay of Rs500 crore and will replace FAME-II scheme. CA iv.As of now, the scheme will be implemented for 4 months i.e. from 1st April,2024 to v 31st July,2024. da v.It offers subsidies for e-2w and e-3w including registered e-rickshaws and carts, and L5 (e-3w). a y Y Note: L5 category includes electric-3 wheelers with a maximum speed of over 25 Km/h. k Pin @ UNHCR launches Climate Resilience Fund to Shield Refugees and Displaced People from Climate Shocks On April 24, 2024, the United Nations High Commissioner for Refugees (UNHCR) launched the UNHCR Climate Resilience Fund, aiming to raise USD100 million by 2025 for protecting refugees and displaced communities from climate change impacts and promoting their inclusion in climate-related measures. Key Points: i.Contributions to the Fund will extend UNHCR’s climate action to countries grappling with conflict-related displacement, including Bangladesh, Chad, Ethiopia, Kenya, and Mozambique. It will also support a range of activities in line with UNHCR’s Focus Area Strategic Plan for Climate Action 2024-2030. CA Four objectives of the plan are: protection, solutions, resilience, and adaptation dav Ya inky @P IREDA & HUDCO granted ‘Navratna status’ by Department Of Public Enterprises The Department of Public Enterprises (DPE), Ministry of Finance has granted Navratna status to Indian Renewable Energy Development Agency Ltd (IREDA). The Department of Public Enterprises (DPE) has also granted the Navratna Status to Housing and Urban Development Corporation Limited (HUDCO). Key Points: i.IREDA’s net profit rose by 32% year-on-year to Rs 337 crore, remaining steady quarter- on-quarter. ii.Assets under management (AUM) grew by 26.8% year-on-year to Rs 59,698 crore iii.IREDA, a government-owned entity with 75% government stake. CA dav Ya inky @P NHAI’s One Vehicle, One FASTag‘ Rules Come into Force on 1 April 2024 The National Highways Authority of India’s (NHAI)‘One Vehicle, One FASTag‘ norm to discourage the practice of using a single FASTag for multiple vehicles or linking multiple FASTags to one vehicle has come into force from 1 April 2024. Note: Users with multiple FASTags for one vehicle are unable to utilise them all. One Vehicle, One FASTag: NHAI has introduced One Vehicle, One FASTag to streamline the electronic toll-collection process, enhance the efficiency of the electronic toll-collection system, and alleviate congestion at toll plazas. FASTag Regulations: i.FASTags with a valid balance but with incomplete Know Your Customer (KYC) details face deactivation/blocklisting. ii.Ensure KYC completion for FASTags by updating details as per RBI guidelines by 31 March 2024. CA dav Ya inky @P GoI Introduced new EMPS 2024 scheme from 1st April, after FAME-II Key Points: i.Government of India(GoI) will provide financial support up to Rs10,000 to per 2- wheeler. It aims to provide support for about 3.33 lakh 2- wheelers. ii.Under the EMPS 2024 scheme, financial support of up to Rs25,000 will be given for the purchase of small 3-wheelers including e- rickshaws and e- carts. The scheme will cover more than 41,000 such vehicles. iii.The financial support will be given up to Rs50,000 in case of large3-wheelers. Faster Adoption and Manufacturing in India (FAME India): i.It was introduced in 2015 under the National Electric Mobility Mission Plan. ii.Its primary objective was to promote the adoption of electric and hybrid vehicles by A offering incentives on purchase. v C iii.The scheme was implemented in two phases: a ad i.FAME-I, started in 2015 and was completed in 2019. Y ii.FAME-II was implemented from 1st April,2019 to 31st March, 2024, with total ky budget outlay of Rs10,000 crore. Pin @ RBI to set up Digital India Trust Agency to Check Illegal Lending Apps The Reserve Bank of India (RBI) will establish a Digital India Trust Agency (DIGITA) to combat the proliferation of illegal lending apps. Key Points: i.DIGITA would serve as a crucial checkpoint to tackle the issue of illegal lending apps. ii.Apps lacking the ‘verified’ mark from DIGITA would be deemed unauthorized for law enforcement purposes. iii.The agency aims to vet digital lending apps for compliance and maintain a public register of verified apps. iv.The RBI has provided a list of 442 digital lending apps to Google for whitelisting, over 2,200 apps were removed from the PlayStore. A v.Google now enforces a policy allowing only RBI-regulated entities (REs) or their partners C to publish apps on the PlayStore. av vi.This policy change came in response to requests from the RBI and the Department of d Financial Services (DFS) under the Finance Ministry. Ya inky @P SEBI launches SCORES 2.0 to Strengthen Complaint Redressal System On April 1, 2024, the Securities and Exchange Board of India (SEBI) launched the new version of SCORES (SEBI Complaint Redressal System), i.e., SCORES 2.0. This will enhance investor complaint resolution in the securities market by auto routing and auto escalation, monitoring by designated bodies, and reducing timelines. Key Points: i.This revised version of SCORES enhanced with additional features for improved user experience. ii.It establishes uniform timelines for complaint resolution across the securities market: 21 calendar days from complaint receipt. iii.It incorporates two-level review process; SEBI intervenes at second level if investor remains dissatisfied. iv.Non-adherence to prescribed timelines triggers automatic escalation of complaints to A SEBI. v.Integration with KYC (Know Your Customer) registration agency database C facilitates seamless investor registration on SCORES. dav Ya inky @P PM Modi addresses RBI@90 Programme; RBI marks 90 years Prime Minister (PM) Narendra Modi addressed the opening ceremony of RBI@90, as the Reserve Bank of India (RBI) marked its 90th year on April 1, 2024. The ceremony took place at National Centre for the Performing Arts in Mumbai, Maharashtra. Key Points: i.During his address, PM highlighted the pivotal role of RBI in strengthening the economic growth of India. ii.PM mentioned that more than 1200 crore monthly transactions were made via UPI (Unified Payments Interface). This makes UPI an internationally recognized platform. Note: At present, 7 countries have officially accepted UPI system : Sri Lanka, Mauritius, France, United Arab Emirates(UAE), Singapore, Bhutan and Nepal. iii.He informed that as of December 2023, women in India hold 56% of total Jan Dhan accounts, and about 51.25 crore bank accounts were opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY). CA iv.More than 7 crore farmers, fishermen and cattle owners have access to Pradhan v Mantri Kisan Credit Cards. ada ky Y Pin @ RBI Kept FPI Investment Limit in G-Sec Unchanged at 6% of Outstanding Stock For FY25 On 26th April 2024, The Reserve Bank of India (RBI) announced that the investment limit by Foreign Portfolio Investors(FPI) in Government Securities(G-Sec) will remain unchanged at 6% of outstanding security stocks for FY25(2024-25). The FPI limits for investment in the state government securities (SGSs) and corporate bonds are maintained at 2% and 15% respectively, of outstanding security stocks for FY25. As of now, all investments by eligible investors in the ‘specified securities’ will be considered under the Fully Accessible Route(FAR). CA dav Ya inky @P CAMS Receives RBI’s Nod to Operate as an Online Payment Aggregator Computer Age Management Services Ltd (CAMS), India’s largest mutual fund transfer agency, has received a Certificate of Authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator. CAMS obtained in-principle authorisation from RBI in February 2023. CAMS applied for the certificate of authorisation following the regulatory guidelines ‘Guidelines on Regulation of Payment Aggregators and Payment Gateways’ (Guidelines) issued in March 2020. CAMSPay, CAMS’s payment business unit, boasts 15 years of experience in the payment solutions industry. It caters to a diverse portfolio of clients, including mutual funds, insurance companies, banks, and non-banking finance companies (NBFCs). CA dav Ya inky @P RBI lays out Framework for Voluntary Transition of Small Finance Banks(SFBs) to Universal Banks(UBs) On 26th April 2024, Reserve Bank of India (RBI) laid out a framework in the form of eligibility conditions for the voluntary transition of Small Finance Banks(SFBs) to Universal Banks(UBs). These conditions are in reference of “Guidelines for ‘on-tap’ Licensing of Small Finance Banks in Private Sector” issued on 5th December, 2019. These guidelines provide a transition path for SFBs to convert into UBs. RBI issued these instructions in exercise of the power given under Section 22(1) of the Banking Regulation Act 1949. Eligibility Criteria for conversion of SFBs into UBs: A RBI has prescribed 6 eligibility conditions for conversion of SFBs into UBs are: v C i.SFBs should have a minimum net worth of Rs1000 crore as at the end of the previous a quarter(audited). ad ii.Interested SFBs should have scheduled status with a satisfactory track record of Y performance for a minimum period of 5 years. nky iii.It should meet the prescribed Capital to Risk-Weighted Assets Ratio (CRAR) i requirements of 15% of SFBs. @P iv.Shares of the bank should have been listed on a recognized stock exchange. Forbes World’s Billionaires List 2024: Indian Billionaires Make Their Mark According to the Forbes 38th Annual World’s Billionaires List 2024, Mukesh Ambani, Chairman and Managing Director (CMD) of Reliance Industries Limited (RIL), is the only Indian to make it to the list of the top 10 billionaires in the world. Ambani was ranked 9th on the list, which was topped by Bernard Arnault & family, owner of the French luxury giant LVMH. Youngest Indian Billionaire: Nikhil Kamath At the age of 37 years, Nikhil Kamath, cofounder of Zerodha, is the youngest Indian billionaire in the Forbes list. Top 10Billionairesin the World 1. Bernard Arnault & family (France): $233 billion 2. Elon Musk (USA): $195 billion A 3. Jeff Bezos (USA): $194 billion C 4. Mark Zuckerberg (USA): $177 billion v 5. Larry Ellison (USA): $114 billion a 6. Warren Buffett (USA): $133 billion d 7. Bill Gates (USA): $128 billion a 8. Steve Ballmer (USA): $121 billion Y 9. Mukesh Ambani (India): $116 billion y 10. Larry Page (USA): $114 billion ink @P Hurun Global Unicorn Index 2024: Unveiling the State of Global Startup Ecosystem In 2024, the global unicorn landscape witnessed significant developments and challenges, as outlined in the Hurun Global Unicorn Index. While the United States maintained its lead with 703 unicorns and China followed with 340, India ranked third with 67 unicorns. However, India experienced a notable decline in unicorn creation for the first time since 2017, attributed primarily to a lack of investment despite robust stock market performance. GlobalUnicorn Landscape: Insights and Trends The Hurun Global Unicorn Index cataloged 1,453 unicorns across 53 countries and 291 cities, reflecting the diverse and expansive nature of the startup ecosystem. While the US and China led in unicorn count, the index underscored the emergence of unicorns from diverse locations, including Australia and Malta. CA dav Ya inky @P Indian Girls Shine at 13th European Girls’ Mathematical Olympiad 2024 The 13th edition of the prestigious European Girls’ Mathematical Olympiad (EGMO) took place in the picturesque city of Tskaltubo, Georgia, from April 11 to 17, 2024. Amidst fierce competition, the Indian contingent emerged victorious, showcasing their remarkable mathematical prowess and securing a coveted haul of medals. Student’s Name Location (State) Award/Medal Gunjan Agarwal Gurgaon, Haryana Silver Medal Sanjana Philo Thiruvananthapuram, Kerala Silver Medal Chacko Larissa Hisar, Haryana Bronze Medal A Saee Vitthal Patil Pune, Maharashtra Bronze Medal av C Yad inky @P The Laureus World Sports Awards 2024 Announced The prestigious 2024 Laureus Sports Awards ceremony, held in Madrid, was a grand celebration of the world’s best athletes and their remarkable achievements. The event honored several sporting icons who have left an indelible mark on their respective disciplines. Laureus World Sportsman ofthe Year: NovakDjokovic Novak Djokovic, the world’s top-ranked tennis player, etched his name in the annals of Laureus history by becoming the Laureus World Sportsman of the Year for the fifth time. This achievement matched Roger Federer’s record for the most decorated male athlete in this category. Djokovic had previously won this coveted award in 2012, 2015, 2016, and 2019. Laureus World Sportswoman ofthe Year: Aitana Bonmatí In a historic moment, Aitana Bonmatí, a football star from Barcelona and the Spanish national team, became the first footballer to be named the Laureus World Sportswoman of the Year. CA dav Ya inky @P Alok Shukla Wins Prestigious Goldman Environmental Prize 2024 Alok Shukla, a renowned environmental activist and convenor of Chhattisgarh Bachao Andolan, has been selected for the prestigious 2024 Goldman Environmental Prize. Also known as the “Green Nobel Prize,” this annual award honours grassroots environmental champions worldwide for their outstanding contributions to environmental protection. CA dav Ya inky @P Economy News The Asian Development Bank (ADB) has raised India’s GDP growth forecast for the current fiscal year (FY25) to 7% from the previous estimate of 6.7%. This growth will be driven by robust investment in public and private sectors, as well as an improvement in consumer demand. For the 2025-26 fiscal, ADB has projected India’s growth at 7.2%. The growth estimates for the current fiscal are lower than the 7.6% estimated GDP expansion in 2022-23 fiscal, where strong investment was the primary driver. CA dav Ya inky @P Business News Paradip Port Authority, Odisha, surpasses Deendayal Port Authority, Kandla, to become India’s leading cargo-handling major port in the fiscal year 2023-24, handling 145.38 Million Metric Tons (MMT) of cargo, marking a 7.4% growth from the previous year. Star Health Insurance, a leading provider of retail health insurance in India, has collaborated with PhonePe, a prominent digital payments platform. This partnership aims to make quality health insurance accessible through PhonePe’s app, offering the Star Comprehensive Insurance Policy with monthly and annual payment options. In a strategic move aimed at enhancing insurance distribution across India, ICICI Lombard General Insurance Company has forged a partnership with Policybazaar. This collaboration aims to leverage Policybazaar’s digital platform to offer a wide range of insurance products to approximately 10 million customers. CA dav Ya inky @P International News The International Year of Millets (IYM) 2023, concluded with a closing ceremony held at the Food and Agriculture Organization (FAO) headquarters in Rome, Italy, on March 29th, 2024. The event served as a platform to assess the accomplishments and insights gained from the year-long celebration. Katchatheevu, an Indian island with a tumultuous past, has been a focal point of contention between India and Sri Lanka since its cession in 1974. Zimbabwe, along with Zambia and Malawi, has declared a state of disaster due to a severe drought sweeping across southern Africa. President Emmerson Mnangagwa cited an “El Nino-induced drought” causing below-normal rainfall, affecting over 80% of the country. This drought, exacerbated by climate change, has led to dire food shortages and humanitarian crises across the region. The North Atlantic Treaty Organization (NATO) is marking its 75th anniversary this year. The alliance, founded in 1949, will hold a special event in Brussels, Belgium to commemorate this milestone. Egypt’s President Abdel Fattah al-Sisi, 69, has commenced his third term as the leader of the nation, extending his tenure until 2030. Amidst battling economic challenges, Sisi A vows to prioritize national interests and fulfill the aspirations of the Egyptian people for C a modern, democratic state. av Zimbabwe, along with Zambia and Malawi, has declared a state of disaster due to a d a severe drought sweeping across southern Africa. President Emmerson Mnangagwa Y cited an “El Nino-induced drought” causing below-normal rainfall, affecting over 80% of the country. This drought, exacerbated by climate change, has led to dire food ky shortages and humanitarian crises across the region. in The North Atlantic Treaty Organization (NATO) is marking its 75th anniversary this year. P The alliance, founded in 1949, will hold a special event in Brussels, Belgium to @ commemorate this milestone. Simon Harris, aged 37, has been elected as Ireland’s youngest-ever prime minister, succeeding Leo Varadkar who resigned last month. Harris, a former health and higher education minister, secured the nomination with a vote of 88-69 in parliament, garnering support from independent lawmakers, as well as his coalition partners Fianna Fail and the Green Party National News India aims to halt urea imports by the end of 2025 by boosting domestic production and promoting alternative fertilizers. This is in response to the nation’s significant reliance on imports, which currently satisfy around 30% of its annual urea demand. In a strategic move to bolster its maritime presence and enhance regional connectivity, India has gained operational control over the Sittwe Port in Myanmar, following approval from the Ministry of External Affairs (MEA). The agreement allows India Ports Global (IPGL), a company fully owned by the Ministry of Ports, Shipping and Waterways, to manage the entire port on the Kaladan River, marking India’s second overseas port acquisition after Chabahar in Iran. In a move to simplify and streamline the process of students’ transition from one school to another, the School Education Department in the state has made the use of Permanent Education Number (PEN) mandatory from the academic year 2024-25. PEN is a unique identification number assigned to every student by the Union Ministry of Education, through the UDISE+ (Unified District Information System for Education Plus) portal, which covers more than 14.89 lakh schools, 95 lakh teachers, and 26.5 crore children CA dav Ya inky @P Appointments News The Associated Chambers of Commerce and Industry of India (ASSOCHAM), a prominent industry chamber, has appointed Sanjay Nayar as its new President. Nayar has replaced Ajay Singh, the Co-Founder of SpiceJet airline, whose tenure has ended. The World Bank Group has appointed former Reserve Bank of India (RBI) deputy governor Rakesh Mohan as a member of its Economic Advisory Panel. This panel will be chaired by Lord Nicholas Stern, the IG Patel Professor of Economics and Government at the London School of Economics. World Bank Group Chief Economist Indermit Gill will cochair the panel. (Read Complete Article) The National Cooperative Dairy Federation of India Ltd. (NCDFI), the national-level apex dairy cooperative, has elected its new Board of Directors. In the elections held, Dr. Meenesh Shah was unanimously chosen as the new Chairman of the organization. PhonePe, in collaboration with eSewa and the Hotel Association of Nepal (HAN) Pokhara, is set to promote UPI during the Fewa New Year Festival in Nepal. The festival, spanning from April 11-14th, is a celebrated event attracting both locals and Indian tourists, offering cultural experiences and culinary delights. The United Nations Secretary-General, António Guterres, has appointed Gita Sabharwal A of India as the new UN Resident Coordinator in Indonesia. Sabharwal assumed her post C on Monday, bringing with her nearly three decades of experience in development, v supporting climate transition, sustainable peace, governance, and social policy, while a leveraging digital technology and data to accelerate the Sustainable Development Goals ad (SDGs). ky Y Pin @ Awards News GAIL (India) Limited has been honored with the prestigious 15th CIDC Vishwakarma Award in the ‘Achievement Award for Best Construction Projects’ category for its remarkable accomplishment in the Barauni – Guwahati Natural Gas Pipeline project (BGPL). The project, an integral component of the Jagdishpur – Haldia & Bokaro – Dhamra Pipeline project, marks a significant milestone by connecting North-East India to the National Gas Grid for the first time. CA dav Ya inky @P Sports News In the latest FIDE rankings released by the world governing body of chess, India has a new number 1 chess player – Arjun Erigaisi. With a standard rating of 2756, Erigaisi is ranked ninth in the world. This is his debut in the top 10 of the Open standard list. CA dav Ya inky @P Summits And Conferences The 19th annual meeting of the secretaries of the security councils of the Shanghai Cooperation Organisation (SCO) member states was held in Astana, Kazakhstan, from 2 to 3 April 2024. The Indian delegation was led by the National Security Advisor (NSA) Ajit Doval. He also met Kazakhstan President Kassym-Jomart Tokayev, the current Chairman of SCO. CA dav Ya inky @P Ranks and Reports News The northern Indian state of Uttar Pradesh has taken the lead in having the highest number of Geographical Indication (GI) certified products in the country. With the recent addition of 15 new products, Uttar Pradesh now boasts a total of 69 GI-tagged products, surpassing Tamil Nadu’s 58. CA dav Ya inky @P Ranks and Reports News The northern Indian state of Uttar Pradesh has taken the lead in having the highest number of Geographical Indication (GI) certified products in the country. With the recent addition of 15 new products, Uttar Pradesh now boasts a total of 69 GI-tagged products, surpassing Tamil Nadu’s 58. CA dav Ya inky @P CRISIL ESG Ratings Gets SEBI nod to Offer ESG ratings The Securities and Exchange Board of India (SEBI) has approved CRISIL ESG Ratings & Analytics Limited (CRISIL ESG Ratings), a wholly owned subsidiary of CRISIL Ratings Ltd (CRL), as a Category 1 provider of Environmental, Social and Governance (ESG) ratings. Background: i.In 2023, SEBI notified the amendment in the SEBI (Credit Rating Agencies) Regulations, 1999 to include provisions on ESG Rating Providers (ERPs). ii.CRISIL ESG Ratings was incorporated in July 2023 to comply with these notification. iii.CRISIL Limited launched ESG ‘scoring’ business in 2021 and expanded coverage from 225 to around 1,000 companies across 65 sectors. This ESG scoring business will be now transfered to CRISIL ESG Ratings. ESG ratings: CA ESG ratings process includes the analysis of more than 500 unique data points across v ESG aspects for each company. It will help the investors to measure and monitor ESG a risks and enable them to identify investment opportunities considering long-term d sustainability of business. Ya inky @P PhonePe Partnered with eSewa and HAN Pokhara To Promote UPI Payments Bengaluru (Karnataka)-based Fintech company PhonePe, has partnered with eSewa, a digital wallet service of Nepal and the Hotel Association of Nepal (HAN)–Pokhara (a regional association of HAN, Nepal) to promote digital payments through Unified Payments Interface (UPI) on the Nepal payment processor Fonepay Network. This partnership is a part of the 19th Fewa New Year Festival which will be held in Nepal from 11th to 14th April 2024. CA dav Ya inky @P PhonePe Partnered with eSewa and HAN Pokhara To Promote UPI Payments Bengaluru (Karnataka)-based Fintech company PhonePe, has partnered with eSewa, a digital wallet service of Nepal and the Hotel Association of Nepal (HAN)–Pokhara (a regional association of HAN, Nepal) to promote digital payments through Unified Payments Interface (UPI) on the Nepal payment processor Fonepay Network. Background: This partnership is a part of the 19th Fewa New Year Festival which will be held in Nepal from 11th to 14th April 2024. ESG ratings: CA ESG ratings process includes the analysis of more than 500 unique data points across v ESG aspects for each company. It will help the investors to measure and monitor ESG a risks and enable them to identify investment opportunities considering long-term d sustainability of business. Ya inky @P PayU partners with PayPal to enhance cross border payments for Indian merchants PayU a leading online payment solution, has announced its partnership with PayPal, an American multinational fintech company. The strategic partnership aims to improve the cross border payment experience for Indian merchants. i.PayU will leverage PayPal ISU2.0 API(Application Programming Interface) to provide customers access to more personalized , secure and inclusive payment experience. ii.It will provide a more efficient merchant onboarding process which is directly linked with PayU dashboard. Also, it will allow Indian merchants to open accounts with PayPal, using an Artificial intelligence (AI)-driven approach that reduces drop-offs and enables real-time activation. iii.It will offer customers various payment methods at checkout like: PayPal, PayPal Pay later, and various local Alternative Payment Methods(APMs). CA dav Ya inky @P 10 Multilateral Development Banks (MDBs) Launched new “Global Collaborative Co-Financing” Platform On the sidelines of the 2024 International Monetary Fund(IMF) and World Bank Spring meetings which took place in Washington D.C.(U.S.A.) on 20th April 2024, 10 Multilateral Development Banks (MDBs) jointly launched the Global Collaborative Co- financing platform. About Global Collaborative Co-Financing Platform: Global Collaborative Co-Financing Platform has two components: i.Co-Financing Portal: It will be a secure platform for registered co-financiers to share their project pipelines. The portal will be hosted at the World Bank. ii.Co-Financing Forum: It will provide a platform for various participants to discuss co- financing opportunities and share their best practices and common issues. CA dav Ya inky @P IPPB Introduces Aadhaar ATM Service for Convenient Cash Withdrawals The India Post Payments Bank (IPPB) has introduced the Aadhaar ATM service facility for its users. It works on the principle of the Aadhaar Enabled Payment System (AePS), which was introduced by the National Payments Corporation of India (NPCI). Key Features: i.This IPPB Online Aadhaar ATM facility will enable customers to avail cash without visiting a bank or an Automated teller machine (ATM) and simply avail cash at their doorsteps with the help of a postman/gramin dak sevak. This facility is particularly helpful for those with busy schedules or for people living in remote places, especially rural areas. ii.NPCI has set a maximum transaction amount of Rs. 10,000 on a single AePS financial transaction. iii.As the acquiring bank, IPPB does not impose any restrictions on AePS transactions for A other bank clients. v C iv.The Aadhaar Enabled Payment System (AePS) is a banking service enabling a customers to utilize their Aadhaar identification for accessing associated bank accounts. d This can be accessible through designated Business Correspondents (a verified Bank a Agent who provides basic banking service using a MicroATM (terminal) to any bank Y customer wishing to avail their BC service) ky v.The services provided by the AePS include – in P Balance Enquiry @ Cash Withdrawal Cash Deposit (done under IPPB Aadhaar ATM) Mini Statement Aadhaar to Aadhaar Fund Transfer NABARD releases Climate Strategy 2030 to promote green financing National Bank for Agriculture and Rural Development (NABARD) released its Climate Strategy 2030 document. The document was released by Shaji K.V., Chairman, NABARD on the occasion of World Earth Day (22nd April, 2024). The main objective of this strategy document is to promote and boost green financing in India. Key Points: i.To achieve a cumulative total of over USD 2.5 trillion by 2030, India requires an estimated USD 170 billion annually. In current scenario, green finance inflows are not sufficient to achieve this target. ii.As of 2019-20, India received around USD 49 billion in green financing, which is just a fraction of what is required. CA Only, USD 5 billion was allocated towards adaptation and resilience efforts, showing the v limited engagement of the private sector in these critical areas due to challenges in a bankability and commercial viability. Yad Key Pillars of Climate Strategy 2030: inky The Climate Strategy 2030 is based on four key pillars to address the demand for green financing, and these key pillars are: @P i.Accelerating green lending across sectors ii.Playing a broader market-making role iii.Internal green transformation of NABARD iv.Strategic Resource Mobilisation IndusInd Bank Becomes 1st Bank to Successfully Execute RBI’s Programmable CBDC Pilot IndusInd Bank Limited became the 1st bank to successfully execute the Reserve Bank of India’s (RBI) programmable Central Bank Digital Currency (CBDC) pilot, to compensate farmers for carbon credits. This pilot project is executed in collaboration with Circularity Innovation Hub India Private Limited (CIH), as an alternate form of CBDC. The introduction of programmable CBDC marks a significant milestone in innovative financial solutions for agriculture. Innovative CBDC Pilot: i.The project focuses on programming end use of funds, disbursed to farmers for carbon credit generation. ii.As part of this pilot, IndusInd Bank initiated the programmable CBDC disbursement to 50 farmers in Ratnagiri district, Maharashtra, and plans to cover 1000 farmers. CA dav Ya inky @P PayU gets RBI’s approval to operate as Payments Aggregator PayU Payments Private Limited(PayU), a leading payments solution provider, has received in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA). With this approval, PayU can onboard new merchants, offering them seamless digital payment services. It focuses on driving digitisation and financial inclusion, especially for small merchants. The approval reflects PayU’s commitment to fostering a robust digital payment infrastructure in India in alignment with the Government of India’s Digital India initiative and progressive RBI regulations. CA dav Ya inky @P L&T Finance Holdings Renamed as “ L&T Finance Limited” L&T Finance Holdings Ltd (LTFH), a subsidiary of Larsen & Toubro (L&T) Limited, has received approval from Registrar of Companies (RoC) to change its name to “L&T Finance Limited(LTF)” with effect from 28th March 2024. The rebranding reflects LTF’s commitment to create a simplified ‘Single Lending Entity’, housing all lending businesses under one operating NBFC. In December 2023, LTFH(now LTF) completed the merger of its subsidiaries, namely L&T Finance Ltd., L&T Infra Credit Ltd., and L&T Mutual Fund Trustee Ltd., with itself to creates a “Single Lending Entity”. Post merger, the Certificate of Registration of L&T Finance Ltd. and L&T Infra Credit Ltd. were surrendered to the Reserve Bank of India (RBI). CA dav Ya inky @P L&T Finance Holdings Renamed as “ L&T Finance Limited” L&T Finance Holdings Ltd (LTFH), a subsidiary of Larsen & Toubro (L&T) Limited, has received approval from Registrar of Companies (RoC) to change its name to “L&T Finance Limited(LTF)” with effect from 28th March 2024. The rebranding reflects LTF’s commitment to create a simplified ‘Single Lending Entity’, housing all lending businesses under one operating NBFC. In December 2023, LTFH(now LTF) completed the merger of its subsidiaries, namely L&T Finance Ltd., L&T Infra Credit Ltd., and L&T Mutual Fund Trustee Ltd., with itself to creates a “Single Lending Entity”. Post merger, the Certificate of Registration of L&T Finance Ltd. and L&T Infra Credit Ltd. were surrendered to the Reserve Bank of India (RBI). CA dav Ya inky @P TATA AIG General Insurance Company Introduces ‘Travel Guard Plus’ Insurance Product TATA AIG General Insurance Company Limited, a leading general insurance provider, has launched “Travel Guard Plus“, a comprehensive travel insurance product aimed at redefining complete coverage for travelers. Key Features: i.Customers can choose from 3 add-on bundles: Cruise Bundle, Travel Plus Bundle, and Accident Bundle, catering to specific needs. ii.Travel Guard Plus covers Loss of Personal Baggage, Compassionate Travel/Stay, Accommodation extension, Upgrade to Business class, Personal Accident in India, and Instant Gratification for flight delays or cancellations. iii.The customers can customize the coverage further with optional assistance services including Care at Home, Baggage tracking, and Lost Passport tracking. A New Features: C i.Annual Multi-Trip cover with up to 180 days per trip duration. av ii.Single Trip option with a policy duration of up to 365 days. d iii.Non-medical coverage plan for students or short-duration travelers. a iv.A separate plan for Schengen geo-scope. Y v.New age covers include pandemic coverage and adventure sports. inky @P IRDAI Celebrates Silver Jubilee on 19th April 2024 The Insurance Regulatory and Development Authority of India (IRDAI), the statutory body of insurance companies and intermediaries in India, marked the celebration of its Silver Jubilee(25 year) on 19th April 2024. History of IRDAI: i.In 1993, the Government of India formed a committee under the chairmanship of RN Malhotra, former Governor of the Reserve Bank of India (RBI), to propose recommendations for reforms in the insurance sector. ii.Following the recommendations of the Malhotra Committee report, IRDAI was constituted as an autonomous body to regulate and develop the insurance industry in 1999. iii.IRDAI was formed as a statutory body under the IRDAI Act, 1999 and was incorporated on 19th April 2000. CA dav Ya inky @P IRDAI Removes Age Limits on Health Insurance Purchase i.IRDAI has instructed health insurance providers to introduce tailored policies for specific demographics, like senior citizens, and establish dedicated channels for handling their claims and grievances. ii.IRDAI has also decreased the health insurance waiting period from 48 months to 36 months. iii.IRDAI has stated that all pre-existing conditions should be covered after 36 months, regardless of whether the policyholder disclosed them initially or not. IRDAI has prohibited health insurers from rejecting claims based on pre-existing health conditions after 36 months. iv.Insurance companies can offer only benefit-based policies, which offering fixed costs upon the occurrence of a covered disease. They are barred from introducing indemnity- based health policies, which compensate for hospital expenses. About the Insurance Regulatory and Development Authority of India (IRDAI): CA Chairman– Debasish Panda v Headquarters– Hyderabad, Telangana ada ky Y Pin @ Razorpay launched “UPI Switch” in partnership with Airtel Payments Bank On 23rd April 2024, Razorpay Software Private Limited (Razorpay), online instant payment company launched its own Unified Payments Interface (UPI) infrastructure with “UPI Switch”, a next-generation cloud based innovation, in partnership with Airtel Payments Bank. UPI Switch: i.UPI Switch is powered by Technology Service Providers (TSPs) for banks. ii.It is an infrastructure that holds the power to process UPI transactions at scale and enable new UPI innovations for millions of businesses to access. Key Features: i.It is designed to handle up to 10,000 Transactions per Second (TPS) at any given time. ii.UPI Switch aims to boost success rates by 4-5%, ensuring smoother transactions for businesses. CA ii.It will also enable 5 times faster access to UPI innovations for businesses, compared to v the industry standards of 10 months. da iii.It can resolve disputes 7 times faster (i.e. within 24 hour) than conventional industry a time of 7 days. y Y iv.It can process refunds instantly compared to conventional industry standards of up to k 3 days. Pin Note: @ i.In March 2024, total UPI transactions in India increased by 55% to 13.44 billion. ii.UPI is an instant payment system in India developed by National Payments Corporation of India(NPCI) in 2012. It was formally introduced by Reserve Bank of India(RBI) in 2016. World Bank projects Indian Economy to grow at 7.5% in 2024; EAP is projected to ease to 4.5% in 2024 World Bank(WB)’s South Asia Development Update April 2024 – Jobs for Resilience, stated that India’s economy is projected to grow by 7.5% in 2024, a revision of 1.2% from 6.3% estimated in the October 2023 report. India’s output growth is forecasted to reach 7.5% in FY 2023-24 (FY24) before moderating to 6.6% in FY25, primarily due to a deceleration in investments. South Asia is projected to maintain its status as the fastest-growing Emerging Market and Developing Economy (EMDE) region globally for the next two years, with growth anticipated at 6.1% in 2025. Key Points: i.Growth in South Asia is expected to be robust at 6% in 2024, driven by strong performances of India’s economy and the recoveries seen in Pakistan and Sri Lanka. ii.Over the medium term, fiscal deficit and government debt in India are projected to A decline, supported by robust output growth and consolidation efforts. v C iii.India’s economic activity in the fourth quarter (Q4) of 2023 exceeded expectations a with an 8.4% growth compared to the previous year, supported by increased d investment and government consumption. Ya iv.In February 2024, India’s composite Purchasing Managers Index (PMI) stood at 60.6, y well above the global average of 52.1 (a value above 50 indicates expansion). ink v.In India, inflation has remained within the Reserve Bank of India’s (RBI) 2–6% target P range since mid2023, with unchanged policy rates since February 2023. @ vi.Financial conditions have stayed favorable, with domestic credit issuance growing by 14% year-on-year in December 2023, marking the fastest pace since 2013, and improvements in financial soundness indicators, including a decrease in the nonperforming-loan ratio to 3.2%. v.Despite a decrease in FDI (Foreign Direct Investment) as a share of GDP in 2023, a rebound in foreign portfolio investment inflows in FY2023/24 led to an 8% increase in foreign reserves by January 2024. ADB projected India’s GDP Growth Forecast for FY25 to 7% On April 11, 2024, the Asian Development Bank (ADB) in its ‘Asian Development Outlook (ADO) April 2024‘ raised India’s Gross domestic product (GDP) growth forecast for FY25 (2024-25) to 7% from 6.7% amid robust growth which will be driven by public and private sector investment demand and gradual improvement in consumer demand. Growth Projections: i.For 2025, the ADB has projected India’s growth at 7.2%. ii.India’s inflation will be 4.6% in 2024 and 4.5% in 2025. iii.All data in the outlook were accessed from Feb 1 – 31 March 2024. CA dav Ya inky @P Moody’s Analytics forecasts India’s GDP to grow 6.1% in 2024 According to Moody’s Analytics report titled “APAC Outlook: Listening Through the Noise,” India’s Gross Domestic Product (GDP) is expected to decrease to 6.1% in 2024 from 7.7% growth recorded in 2023. Key Points: i.The report mentioned that output in India remains 4% lower than it would have been without the COVID-19 pandemic and its various aftershocks including: supply disruptions and military conflicts abroad. ii.As per the report, economies in South and South-East(SE) Asia region will witness some of the strongest output gains in 2024; but their performance is flattered due to delay in post-pandemic rebound. CA dav Ya inky @P IREDA setup new office in GIFT City to promote renewable energy projects in foreign currencies The Indian Renewable Energy Development Agency(IREDA) has established a new office in GIFT City (Gujarat International Finance Tec-City) in Gandhinagar, Gujarat. This will facilitate the financing of renewable and green hydrogen projects in foreign currencies and thereby, reducing financial cost for renewable and green hydrogen projects. Significance: i.This new initiative will play pivotal role in the implementation of National Green Hydrogen Mission of India which aims to produce hydrogen of more than 5 million Metric Tonnes Per Annum (MTPA) by 2030. ii.It is estimated that India’s storage capacity to around 400 GigaWatts-hour (GWh) by 2030-32 with an investment of Rs 3.5 lakh crore. CA dav Ya inky @P India, Mauritius amends Double Tax Avoidance Agreement The Government of the Republic of India and the Government of Mauritius have amended the IndiaMauritius Double Tax Avoidance Agreement (DTAA) to focus on preventing tax evasion instead of promoting bilateral investment flows. Background: i.In February 2024, the Mauritius Cabinet of Ministers approved an amendment to the DTAA with India to align with the Organisation for Economic Co-operation and Development (OECD)’s proposal on Base Erosion and Profit Shifting (BEPS). ii.India and Mauritius signed the protocol to amend the India-Mauritius DTAA in March 2023. iii.India has signed the DTAA with 85 countries to safeguard non-resident Indians (NRI) from double taxation. About the Amendment: CA v Aim: To exclude encouragement of mutual trade and investment and to include the a intention of not providing treaty benefit that creates a situation of reduced taxation or d non-taxation. Ya y The expression “encouragement of mutual trade and investment” has been removed k from the preamble of the agreement. Pin This highlights the shift in the focus towards preventing tax evasion over promoting @ bilateral investment flows. This emphasises India’s commitment to international tax cooperation standards while raising critical considerations for investors leveraging the India-Mauritius corridor. KABIL & CSIR-IMMT Signed MoU for Technical and Knowledge Cooperation for Critical Minerals Khanij Bidesh India Limited (KABIL) has signed a Memorandum of Understanding (MoU) with the Council of Scientific and Industrial Research – Institute of Minerals and Materials Technology (CSIR-IMMT) for bolstering technical and knowledge cooperation for Critical Minerals at the National Aluminium Company Ltd. (NALCO) Corporate Office in Bhubaneswar, Odisha. Signatories: The MoU was signed by Sadashiv Samantaray, Director (Commercial) of NALCO and Chief Executive Officer (CEO) KABIL; and Dr. Ramanuj Narayan, Director of CSIR-IMMT, in the presence of Sridhar Patra, Chairman- cum-Managing Director (CMD) of NALCO and Chairman, KABIL About Khanij Bidesh India Limited (KABIL): KABIL is a Joint Venture (JV) of 3 Government Enterprises: NALCO; Hindustan Copper Limited (HCL); and Mineral Exploration & Consultancy Limited (MECL), in the ratio of 40:30:30, under the aegis of the Ministry of Mines. KABIL was Incorporated in 2019 under the Companies Act 2013. Chairman– Sridhar Patra CA dav Ya inky @P CBDT signs record number of 125 Advance Pricing Agreements (APAs) in FY24 In Financial Year 2023-24 (FY24), the CBDT set a record by signing 125 Advance Pricing Agreements (APAs) with Indian taxpayers, comprising 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs). This marks a 31% increase from 95 APAs in FY23 and the highest number of APAs signed in any financial year since its inception, bringing the total to 641 comprising 506 UAPAs and 135 BAPAs. Key Points: i.FY24 also saw the highest number of BAPAs signed to date, a result of Mutual Agreements with seven of India’s treaty partners viz. Australia, Canada, Denmark, Japan, Singapore, the United Kingdom (UK) and the United States (US). ii.Since their inception in August 2012 in India, only 5 APAs were signed by the CBDT in the first full financial year of 2013-14. Since then, the yearly number of concluded APAs has risen exponentially. CA About Advance Pricing Agreements (APAs): dav It aims to prevent double taxation for taxpayers, streamline tax procedures and attract a foreign investment. APA scheme is administered by the CBDT to facilitate ease of doing Y business. ky i.APAs ensure predictability and transparency in transfer pricing matters. Pin ii.In India, it allows taxpayers to determine the arm’s length price of international transactions in advance for up to five future years, with an option to roll back for four @ preceding years, providing taxpayers with certainty for a total of nine years. Skytrax World Airport Awards 2024: Hamad International Airport of Doha (Qatar) Named World’s Best Airport Doha’s (Qatar) Hamad International Airport (HIA) has been named the World’s Best Airport in 2024 in the 2024 Skytrax World Airport Awards, held at Passenger Terminal EXPO in Frankfurt, Germany on 17th April 2024. The 2023 Airport of the Year and 12-times previous winner, Singapore Changi Airport (Singapore) secured 2nd place, winning Best Airport in Asia and the World’s Best Airport Immigration Service. Incheon Airport (Seoul, South Korea) ranked 3rd, winning the World’s Most Family Friendly Airport for 2024. CA dav Ya inky @P UNDP Report on Small Island Digital States Highlights Digital Transformation for Small Island Developing States The United Nations Development Programme (UNDP) released a report, ” Small Island Digital States: How Digital Can Catalyse SIDS Development,” highlighting the transformative potential of digital for Small Island Developing States (SIDS). The report emphasises the pivotal role of digitalization in the development of SIDS. Digital transformation requires longer-term planning, strategic thinking, and dedicated funding. Efforts in the digital direction must continue and accelerate to address challenges faced by the global island community effectively. Key Findings from the Report: i.Geographic isolation and vulnerability to climate change necessitate innovation, particularly in the digital sphere. A ii.A whole-of-society approach is crucial for leveraging digital tools, and technologies C effectively in SIDS. av iii.Insights from the report serve decision-makers, policymakers, industry leaders, d innovators, and citizens. Ya iv.Collaboration among various stakeholders is essential to explore and implement y emerging technologies like Artificial Intelligence (AI), 5G, and the Internet of Things k (IoT). Pin @ WTO Projects Global Merchandise Trade Volume to Grow by 2.6% in 2024 According to the “Global Trade Outlook and Statistics: April 2024” report released by the World Trade Organization(WTO), the global merchandise trade volume is projected to grow by 2.6% in 2024 and 3.3% in 2025 as demand for traded goods rebounds following a contraction in 2023. Note: Regional conflicts, geopolitical tensions and economic policy uncertainty pose downside risks to the forecast. Key Findings of Report: i.In October 2023, WTO projected world merchandise trade volume to grow 0.8% in 2023. A ii.High energy prices and inflation continued to influence the demand for manufactured C goods resulting in a 1.2% decline in world merchandise trade volume for 2023. av iii.In terms of value, world merchandise trade fell 5% in 2023 to USD 24.01 trillion. The d decline was offset by a strong increase in commercial services trade, which rose 9% to a USD 7.54 trillion. y Y iv.The decline in merchandise exports was partly due to falling prices for commodities, k such as oil and gas. Pin @ WTO Projects Global Merchandise Trade Volume to Grow by 2.6% in 2024 According to the “Global Trade Outlook and Statistics: April 2024” report released by the World Trade Organization(WTO), the global merchandise trade volume is projected to grow by 2.6% in 2024 and 3.3% in 2025 as demand for traded goods rebounds following a contraction in 2023. Note: Regional conflicts, geopolitical tensions and economic policy uncertainty pose downside risks to the forecast. Key Findings of Report: i.In October 2023, WTO projected world merchandise trade volume to grow 0.8% in 2023. A ii.High energy prices and inflation continued to influence the demand for manufactured C goods resulting in a 1.2% decline in world merchandise trade volume for 2023. av iii.In terms of value, world merchandise trade fell 5% in 2023 to USD 24.01 trillion. The d decline was offset by a strong increase in commercial services trade, which rose 9% to a USD 7.54 trillion. y Y iv.The decline in merchandise exports was partly due to falling prices for commodities, k such as oil and gas. Pin @