Hindu Review May 2024 PDF

Current Affairs | May 2024 1 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current...

Current Affairs | May 2024 1 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | May 2024 Contents The Most Important Current Affairs May 2024............................................................................................. 3 Banking and Financial Current Affairs.......................................................................................................... 9 Economy Current Affairs............................................................................................................................ 12 Business Current Affairs............................................................................................................................. 14 International Current Affairs...................................................................................................................... 17 National Current Affairs............................................................................................................................. 21 States Current Affairs................................................................................................................................ 22 Schemes and Committees.......................................................................................................................... 24 Agreement/Memorandum of Understanding (MoU).................................................................................. 24 New Appointments: International............................................................................................................. 25 Sports Current Affairs................................................................................................................................ 27 Summits And Conferences......................................................................................................................... 29 Ranks and Reports..................................................................................................................................... 30 Important Days......................................................................................................................................... 31 Defence Current Affairs............................................................................................................................. 32 Awards and Recognitions........................................................................................................................... 33 Science and Technology............................................................................................................................. 35 Books & Authors........................................................................................................................................ 36 Miscellaneous Current Affairs.................................................................................................................... 36 Obituaries Current Affairs.......................................................................................................................... 37 Static Current Affairs................................................................................................................................. 38 2 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | May 2024 The Most Important Current Affairs May 2024 Kolkata Knight Riders Win IPL 2024 against Sunrisers Here is the full list of awards for the Indian Premier League 2024 Hyderabad season Kolkata Knight Riders emerged as champions of IPL 2024, Kolkata Knight Riders (KKR) etched their name in the annals of defeating Sunrisers Hyderabad in the final. Sunil Narine (KKR) IPL history by clinching their third title after a resounding eight- wicket victory over the Sunrisers Hyderabad (SRH) in the final won the Most Valuable Player and Ultimate Fantasy Player of the IPL 2024 at the MA Chidambaram Stadium in Chennai. awards, while Virat Kohli (RCB) and Harshal Patel (PBKS) The triumphant Knights, led by the astute captaincy of Shreyas claimed the Orange and Purple Caps respectively. Iyer, showcased their dominance throughout the tournament, Award Recipient culminating in a comprehensive triumph over SRH in the Winner (Rs. 20 crore) Kolkata Knight Riders summit clash. Runner Up (Rs. 12.5 crore) Sunrisers Hyderabad SRH’s Batting Debacle Sets the Stage Emerging Player of the Season The final witnessed a batting collapse of epic proportions from Nitish Kumar Reddy (SRH) (Rs. 10 Lakh) the Sunrisers Hyderabad, who were bundled out for a paltry Ultimate Fantasy Player of the 113 runs in just 18.3 overs. This lowest score in an IPL final set Sunil Narine (KKR) Season (Rs. 10 Lakh) the stage for a straightforward chase for the Knights, who had previously defeated SRH twice in the league stage. Most Valuable Player (Rs. 10 Sunil Narine (KKR) Lakh) Venkatesh Iyer’s Blistering Knock Seals the Deal Orange Cap (Rs. 10 Lakh) Virat Kohli (RCB) Leading the charge for KKR was the in-form Venkatesh Iyer, Purple Cap (Rs. 10 Lakh) Harshal Patel (PBKS) who played a blistering innings of 50 runs off just 24 balls. His explosive batting not only propelled KKR towards the target but Most Sixes Award (Rs. 10 Lakh) Abhishek Sharma (SRH) also cemented his position as the team’s most prolific run- Most Fours Award (Rs. 10 Lakh) Travis Head (SRH) scorer in IPL Playoffs, surpassing the 200-run mark in just five Best Strike Rate Award (Rs. 10 innings. Jake Fraser-McGurk (DC) Lakh) With an unbeaten streak extending to six completed matches, Catch of the Season (Rs. 10 the Knights cruised to victory, ensuring their third IPL title Ramandeep Singh (KKR) Lakh) triumph in a one-sided contest that showcased their overall Fair Play Award (Rs. 10 Lakh) Sunrisers Hyderabad superiority. Pitch and Ground Award (Rs. 50 Rajiv Gandhi International KKR’s Resurgence and Dominance Lakh) Stadium, Hyderabad The victory marked a momentous occasion for the Kolkata- Player of the match (IPL Final) Mitchell Starc based franchise, as they celebrated their third IPL title triumph, Fantasy player of the match (IPL 12 years after their maiden triumph at the same venue against Mitchell Starc Final) the Chennai Super Kings. Under the guidance of Shreyas Iyer, Most sixes in the match (IPL the Knights displayed a resurgence that saw them dominate the Venkatesh Iyer Final) tournament from start to finish. Most fours in the match (IPL Rahmanullah Gurbaz IPL 2024 Award Winners, Check the Complete list Final) Most dot balls in the match (IPL Kolkata Knight Riders (KKR) won the IPL 2024 title, defeating Harshit Rana Final) Sunrisers Hyderabad (SRH) in the final. KKR’s Sunil Narine was named the Most Valuable Player and Ultimate Fantasy Player of Alok Shukla Wins Prestigious Goldman Environmental Prize the Season. SRH’s Nitish Kumar Reddy was the Emerging Player 2024 of the Season. Virat Kohli (RCB) won the Orange Cap for most runs, while Harshal Patel (PBKS) took the Purple Cap for most Alok Shukla, a renowned environmental activist and convenor wickets. Other award winners included Abhishek Sharma (SRH) of Chhattisgarh Bachao Andolan, has been selected for the for Most Sixes, Travis Head (SRH) for Most Fours, and Jake prestigious 2024 Goldman Environmental Prize. Also known as Fraser-McGurk (DC) for Best Strike Rate. SRH received the Fair the “Green Nobel Prize,” this annual award honours grassroots Play Award, while the Rajiv Gandhi International Stadium in environmental champions worldwide for their outstanding Hyderabad won the Pitch and Ground Award. contributions to environmental protection. 3 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | May 2024 Winners of the 2024 Goldman Environmental Prize activism in protecting the environment and preserving natural This year, seven people from six inhabited regions of the globe resources for future generations. have been selected for the annual Goldman Environmental As Alok Shukla receives this prestigious award, his efforts serve Prize. They are : as an inspiration for environmental champions around the world, reminding us of the power of collective action and the Serial Winner Country Region importance of protecting our planet’s precious ecosystems. no. South and Eminent Personalities Honoured with Prestigious Pandit 1 Marcel Gomes Brazil Central Lacchu Maharaj Award America Murrawah Maroochy Islands & Noted Hindi film superstars Hema Malini and Saira Banu, along 2 Australia Johnson Island Nations with other prominent personalities from the fields of art and 3 Alok Shukla India Asia culture, will be honoured with the prestigious Pandit Lacchu Maharaj Award. The award ceremony will take place on 31 4 Teresa Vicente Spain Europe August 2024 in Lucknow, Uttar Pradesh. United North 5 Andrea Vidaurre States of 10 eminent personalities to be awarded the Lacchu Maharaj America America award Nonhle Mbuthuma The Lacchu Maharaj Award, Instituted in memory of the famous 6 South Africa Africa kathak exponent Lacchu Maharaj, was not given after 2014. and Sinegugu Zukulu Thus, the Pandit Lacchu Maharaj Ballet Foundation has decided Protecting the Hasdeo Arand Forest to honour 10 personalities this year. No award has been Shukla’s recognition stems from his relentless efforts to announced for the year 2020 due to COVID-19. The awardees safeguard the Hasdeo Arand Forest, considered the lungs of are: Chhattisgarh. In 2010, the government auctioned two coal blocks in this area to private companies for mining. To counter Award Serial Belongs Exponent of this threat, Shukla founded the Hasdeo Aranya Bachao Awardee for Number to Place Dance form Sangharsh Samiti and mobilized local tribal communities. Year Through sustained activism and pressure, Shukla succeeded in New 1 Uma Sharma 2015 Kathak compelling the government to reverse its policy of auctioning Delhi 21 proposed coal mines in the Hasdeo Aranya area, ultimately Rama New 2 2016 Kathak leading to the cancellation of the proposed auction in 2022. Vaidyanathan Delhi 3 Uma Dogra 2017 Jaipur Kathak Global Recognition for Environmental Leadership The Goldman Environmental Prize, established in 1989 by Kathak, Film 4 Hema Malini 2018 Mumbai American couple Richard and Rhoda Goldman, aims to honor actress grassroots environmental leaders, draw international attention Kathak, Film 5 Saira Banu 2019 Mumbai to environmental problems, and encourage action. This year, actress seven individuals from six inhabited regions of the globe have Sandhaya been selected for the prestigious award. Puricha, Chairman of Bharatanatyam Previous Indian Winners 6 2018 Mumbai Sangeet Exponent Alok Shukla joins the ranks of seven previous Indian recipients Natak of the Goldman Environmental Prize, including renowned Akademi activists like Medha Patkar (1992), M.C. Mehta (1996), Rashida Dr. Malabika Bee and Champa Devi Shukla (2004), Ramesh Agarwal (2014), 7 2021 Kolkata Kathak Mitra and Prafulla Samantara (2017). These remarkable individuals Kathak, Film have fought tirelessly for environmental justice, land rights, and 8 Prachi Shah 2022 Mumbai actress sustainable development across various parts of India. Ashim Grassroots Environmental Activism 9 Bandhu 2023 Mumbai Kathak The Goldman Environmental Prize defines grassroots leaders as Bhattacharya individuals involved in local efforts where positive change is Pandit created through community or citizen participation. Shukla’s 10 Rajendra 2024 Jaipur Kathak recognition highlights the critical role played by grassroots Gangani 4 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | May 2024 Reviving a Celebrated Tradition Press Freedom Index Overview The decision to honor these esteemed individuals was taken The World Press Freedom Index evaluates 180 countries based during a meeting held at Bhatkhande Sanskriti University, on the freedom and independence journalists have to work and Lucknow, presided over by the university’s Vice-Chancellor, report. The rankings shed light on the varying degrees of press Prof. Mandavi Singh. The meeting was attended by the freedom across the globe. In the Asia-Pacific region, which secretary of the Pt. Lachhu Maharaj Ballet Foundation and ranks as the world’s second most challenging area for senior disciple of Pandit Lachhu Maharaj, Kumkum Adarsh. journalism, several countries, including Myanmar, China, North Korea, Vietnam, and Afghanistan, are among the most Honoring a Decade of Excellence dangerous for media personnel. Notably, no Asian country The Pandit Lacchu Maharaj Ballet Foundation has decided to made it to the Index’s top 15 this year, indicating a pervasive honor ten personalities this year, as the award was not given challenge to press freedom in the region. after 2014. The esteemed awardees, spanning various years Press Freedom in South Asia from 2015 to 2024, represent the pinnacle of artistic excellence The recently released 2024 World Press Freedom Index by in fields such as Kathak, Bharatanatyam, and cinema. Reporters Without Borders (RSF) has once again shed light on Celebrating Kathak Legends the state of press freedom across the globe. In South Asia, India Among the awardees are renowned Kathak exponents like Uma finds itself ranked at 159th, while its neighbor Pakistan stands Sharma (2015), Rama Vaidyanathan (2016), Uma Dogra (2017), marginally higher at 152. Sri Lanka, another regional player, is and Pandit Rajendra Gangani (2024). Film actresses Hema positioned at 150. These rankings underscore the challenges Malini (2018) and Saira Banu (2019), both accomplished Kathak journalists face in the region, where the ability to work and dancers, will also be honored for their remarkable report independently is often compromised. contributions. Changing Dynamic in Asia-Pacific Region Recognizing Artistic Brilliance The Asia-Pacific region, known for its complexities, presents a Other notable awardees include Sandhaya Puricha, Chairman challenging landscape for journalists. Myanmar, China, North of Sangeet Natak Akademi (2018), a Bharatanatyam exponent; Korea, Vietnam, and Afghanistan are among the top ten most Dr. Malabika Mitra (2021), a Kathak maestro; Prachi Shah dangerous countries for media personnel, reflecting the precarious environment journalists operate in. Notably, this (2022), a Kathak dancer and film actress; and Ashim Bandhu year sees none of the region’s countries in the top 15 of the Bhattacharya (2023), a Kathak exponent. index, signaling a concerning trend for press freedom Honoring the Legacy of Lacchu Maharaj advocates. The Pandit Lacchu Maharaj Award is named after the legendary Middle East and North Africa Kathak exponent, Lacchu Maharaj (1907-1978), who was born In the Middle East and North Africa, press freedom concerns Baij Nath Prasad in Lucknow. He is renowned for persist, with nearly half of the countries facing “very serious” choreographing Kathak dance sequences in iconic films like situations. Countries like Yemen, Saudi Arabia, Iran, and Syria Mahal, Mughal-e-Azam, and Pakeezah, as well as numerous continue to grapple with challenges to journalistic freedom. The ballets. United Arab Emirates joins the list of countries in the red zone, As these eminent personalities are honoured with the Pandit highlighting widespread issues across the region. Lacchu Maharaj Award, it serves as a testament to the rich cultural heritage of India and the enduring legacy of artistic Europe’s Role and Challenges excellence that continues to inspire generations. Contrastingly, Europe, particularly within the European Union, boasts countries where press freedom is considered “good.” However, challenges persist, with countries like Hungary, World Press Freedom Index 2024 Announced, India Ranked Malta, and Greece facing scrutiny for their treatment of the 159th Out of 180 Countries media. The adoption of the European Media Freedom Act In the latest edition of the World Press Freedom Index (EMFA) reflects efforts to safeguard press freedom within the published annually by Reporters Without Borders (RSF), India EU. finds itself at a concerning position, ranking 159th out of 180 Global Trends and Concerns countries. This marks a slight improvement from its previous The 2024 World Press Freedom Index reveals a worrying rank of 161, yet it still underscores significant challenges faced decline in the political indicator, one of five detailed indicators by journalists in the country. Surprisingly, India trails behind its in the report. States and political forces are increasingly failing neighboring nation Pakistan, which holds the 152nd position, to protect press freedom, leading to hostile actions against while Sri Lanka stands at 150th place. Norway topped the journalists. The use of artificial intelligence, particularly in ranking, while Denmark was on the second rank in World Press disinformation campaigns, poses a significant threat, with Freedom Index. Sweden ranked third on the list. deepfakes being utilized to influence elections. 5 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | May 2024 War Against Nature and Journalist Peril Special Awards and Citations Journalists covering environmental stories also face significant A special citation was issued to the late writer and critic risks, with 44 journalists killed in the past 15 years while Gregory Stephen Tate (Greg Tate), an American writer, reporting on environmental issues. This underscores the musician, and producer. dangers associated with reporting on critical global issues and A special citation was also given to journalists and media the need to protect journalists working in these areas. workers covering the war in Gaza. About the Pulitzer Prize 2024 Pulitzer Prize Winners Announced The Pulitzer Prize was established by Joseph Pulitzer, a newspaper owner who, in 1904, provided funds for the The prestigious Pulitzer Prizes for 2024 were announced on foundation of the Pulitzer Prize as an incentive for excellence in May 7, 2024, by Columbia University in the United States of journalism, arts, and culture. He donated money to the Faculty America. The awards, considered the most prestigious in the of Journalism at Columbia University to administer the prizes. fields of journalism and arts, were conferred by Columbia The first Pulitzer Prizes were awarded in 1917, and they University on the recommendation of the Pulitzer Prize Board. continue to recognize outstanding achievements in these fields The winners will be formally recognized at a ceremony later, annually. presided over by the president of Columbia University. Journalism Category Indian Literary Masterpieces Inscribed on UNESCO’s Memory of the World Register Category Winner In a proud moment for India, three of its literary treasures – the Pro Publica (Joshua Kaplan, Justin Elliott, Ramcharitmanas, Panchatantra, and Sahṛdayāloka-Locana – Public Service Brett Murphy, Alex Mierjeski, and Kirsten have been inscribed on UNESCO’s Memory of the World Asia- Berg) Pacific Regional Register. This prestigious recognition Investigative celebrates India’s rich literary heritage and cultural legacy, Hannah Dreier (The New York Times) Reporting affirming the timeless wisdom and artistic expressions that International have shaped the nation’s identity. Staff of The New York Times Reporting Preserving Timeless Wisdom for Future Generations Editorial Writing David E. Hoffman (The Washington Post) The inclusion of these masterpieces in the Register signifies a Breaking News crucial step in global cultural preservation efforts. It ensures Photography Staff of Reuters that the profound teachings and narratives embodied within Photography Feature these works continue to inspire and enlighten generations to Photography Staff of Associated Press come, transcending boundaries of time and place. Photography Staff of the Invisible Institute and USG Honoring the Creative Genius of Literary Legends Audio Reporting Audio The Ramcharitmanas, authored by the renowned Goswami Tulsidas, the Panchatantra by Pt. Vishnu Sharma, and the Book, Drama, and Music Category Sahṛdayāloka-Locana by Acharya Anandvardhan, have profoundly influenced Indian literature and culture. These Category Winner literary gems have left an indelible mark on readers and artists Fiction Night Watch by Jayne Anne Phillips alike, shaping the nation’s moral fabric and artistic expressions. Drama Primary Trust by Eboni Booth IGNCA’s Pivotal Role in Securing Global Recognition No Right to an Honest Living: The Struggles of The Indira Gandhi National Centre for the Arts (IGNCA) played History Boston’s Black Workers in the Civil War Era by a pivotal role in securing this historic achievement during the Jacqueline Jones 10th meeting of the Memory of the World Committee for Asia King: A Life by Jonathan EigMaster Slave and the Pacific (MOWCAP). Professor Ramesh Chandra Gaur, Biography Husband Wife: An Epic Journey from Slavery representing IGNCA, successfully presented and defended the to Freedom by Ilyon Woo nominations, highlighting their cultural significance and Memoir and Liliana’s Invincible Summer: A Sister’s Search garnering support from representatives and observers. Autobiography for Justice by Cristina Rivera Garza A Milestone in Cultural Preservation and Promotion Poetry Tripas: Poems by Brandon Som This milestone not only celebrates India’s literary gems but also Adagio (For Wadada Leo Smith) by Tyshawn underscores IGNCA’s unwavering dedication to preserving and Music promoting the nation’s cultural heritage on a global stage. It Sorey General A Day in the Life of Abed Salama: Anatomy of reaffirms the organization’s commitment to advancing India’s literary legacy and contributing to the collective efforts of Nonfiction a Jerusalem Tragedy by Nathan Thrall cultural preservation worldwide. 6 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | May 2024 With the Ramcharitmanas, Panchatantra, and Sahṛdayāloka- World’s super-rich list of the Bloomberg Billionaires Index Locana now inscribed on the prestigious Register, India’s Mukesh Ambani and Gautam Adani have made it to the top 15 literary treasures have secured their rightful place among the world’s super-rich list of the Bloomberg Billionaires Index. This world’s most significant cultural assets, ensuring their enduring marks a significant achievement, especially for Gautam Adani, impact for generations to come. who reclaimed his position after losing it in 2023 due to short selling in his company’s stock. Notably, for the first time, all 2024 MOWCAP Regional Register for Asia-Pacific individuals in the top 15 have a net worth of $100 billion or Serial more. Inscribed Item Country Number Mukesh Ambani’s Ranking and Wealth Funafuti: The Edgeworth David 1897 Australia Mukesh Ambani, Chairman and Managing Director of Reliance 1 Expedition Documents and Tuvalu Industries Limited (RIL), is ranked 12th with a wealth of $110 2 Sultana’s Dream- by Rokeya S. Hossain Bangladesh billion. RIL operates across various sectors including petrochemicals, oil and gas, telecom, retail, and financial Archives Relating to the Chengdu 3 China services, making Ambani one of the wealthiest individuals Traditional Teahouses globally. 4 Huizhou Genealogy Archives China Gautam Adani’s Comeback Printing Blocks Housed at the Derge 5 China Gautam Adani, with a wealth of $100 billion, is ranked 14th. Printing House Adani Group’s business interests span ports, airports, power The Illustrated Manuscripts of generation and transmission, green energy, edible oils, cement, 6 India Rāmacaritamānasa of Tulasīdāsa and real estate. After a challenging year in 2023 due to The Manuscript of the Sahṛdayāloka- accusations from Hindenburg Research and a subsequent sharp 7 India Locana: Seminal Text of Indian Poetics decline in his company’s stock prices, Adani’s fortunes The 15th Century Manuscript of the rebounded. The Securities and Exchange Board of India (SEBI) 8 India and the Supreme Court cleared his name, leading to a Pañcatantra Fables Indarung I, The First Cement Plant in resurgence in share prices driven by foreign investment. 9 Indonesia Southeast Asia (1910-1972) First Woman to Reach $100 Billion Indonesian Sugar Research Institute’s Bettencourt Meyers, owner of the famous L’Oreal company, Archives 1887-1986: The Role of ISRI’s has become the first woman to achieve a net worth of $100 10 Indonesia billion. Her wealth reached $101 billion, placing her 14th on the Research Activities to the World Sugar Industry list, due to L’Oreal’s share price recording its best year since 1998. This milestone marks a significant achievement in gender The Tambo Tuanku Imam Bonjol 11 Indonesia representation among the world’s wealthiest. Manuscript Al-Tarikh Salasilah Negeri Kedah: Richest Person in South America 12 Malaysia Carlos Slim of Mexico, with a net worth of $106 billion, has Genealogical History of Kedah State been included in the list for the first time, ranking 13th. Slim’s The Royal Correspondence of Baginda wealth comes from his diverse business interests, including 13 Omar (Surat Persendirian Baginda Malaysia construction, telecommunications, and retail. He is the richest Omar) person in South America, highlighting the region’s economic Family Chart of Hereditary Lords of the potential. 14 Khalkha Mongols, the House of Mongolia Genghis Khan Mongolia’s First Postage Stamps ‘Eldev 15 Mongolia Ochir’ Doctrina Christiana en Lengua 16 Española y Tagala (Christian Doctrine Philippines in Spanish and Tagalog), Manila, 1593 17 Hinilawod Epic Chant Recordings Philippines Images of Khorezm Oasis by 18 Uzbekistan Khudaibergan Devanov (1879-1937) 19 Turkestan Album” 1871-1872 Uzbekistan Bas-reliefs on the Nine Bronze Urns in 20 Vietnam Huế Imperial Palace 7 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | May 2024 World’s Richest Man The festival is observed according to the lunisolar calendars Bernard Arnault, the founder and CEO of LVMH, continues to used in Asian countries, and the date varies each year in the lead the world’s richest list with a net worth of $222 billion. Gregorian calendar, typically falling in April or May. In some LVMH’s luxury brands have maintained robust performance, leap years, it may extend into June. The public holiday for securing Arnault’s top position. Buddha Purnima in India was first introduced by B. R. Ambedkar, a key figure in Indian history and a convert to Other notable rankings on the list of billionaires in the world: Buddhism. Jeff Bezos: The founder of Amazon.com Inc. is the second Celebrations of Buddha Purnima 2024 richest person with a net worth of $208 billion. Rituals and Observances: On Buddha Purnima, Buddhists Elon Musk: CEO of Tesla, ranks third with a net worth of gather at viharas (monasteries) and engage in extended $187 billion. Despite a significant drop of over $40 billion sessions of reading Buddhist sutras, resembling religious this year, Musk remains one of the wealthiest individuals services. Idols of the Buddha are worshipped, prayer globally. meetings are held, and devotees participate in religious discussions and group meditations. Buddha Purnima 2024 Major Sites: In Bodh Gaya, the Mahabodhi Temple is Buddha Purnima 2024, also known as Buddha Jayanti or Vesak, adorned with colorful decorations, and special prayers are is celebrated on Thursday, 23 May 2024. This significant conducted under the Bodhi tree, where Buddha attained Buddhist festival commemorates the birth, enlightenment, and enlightenment. The national museum in Delhi also displays holy relics of the Buddha on this day. death of Gautama Buddha. Observed with reverence across Food Traditions: A popular dish prepared on Buddha South, Southeast, and East Asia, the day is marked by prayer Purnima is ‘Kheer,’ a sweet rice and milk pudding. This dish meetings, religious discussions, and cultural events, highlighting is symbolic and is shared among devotees as a part of the the profound teachings and enduring legacy of the Buddha. celebration. Buddha Purnima 2024 – Date International Celebrations: While Buddha Purnima is a Buddha Purnima, also known as Buddha Jayanti or Vesak, will major festival in India, it is also celebrated with great enthusiasm in countries like Sri Lanka, Indonesia, Malaysia, be celebrated on Thursday, 23 May 2024. This day is a public and other parts of South, Southeast, and East Asia. Each holiday in several Indian states, including Haryana, Delhi, region has its own unique traditions and rituals to honor Himachal Pradesh, Jammu Kashmir, West Bengal, Uttar the Buddha. Pradesh, Uttarakhand, Maharashtra, and the Andaman and Community and Cultural Events: Public talks, seminars, Nicobar Islands. and cultural performances are often organized to spread Buddha Purnima 2024: History the teachings of the Buddha and to reflect on his life and philosophy. These events aim to promote peace, Buddha Purnima commemorates the birth, enlightenment, and compassion, and understanding among people. death (Mahaparinirvana) of Prince Siddhartha Gautama, who later became known as Gautama Buddha, the founder of ICC Players of the Month for April 2024 Announced Buddhism. Born around 563-483 BCE in Lumbini, Nepal, Siddhartha Gautama was the son of King Śuddhodana and The International Cricket Council (ICC) has revealed the winners Queen Maya Devi. Raised in luxury, he was shielded from the of the ICC Player of the Month awards for April 2024. sufferings of the world until he encountered old age, sickness, Hayley Matthews: ICC Women’s Player of the Month and death during excursions outside the palace. These Hayley Matthews, the West Indies captain, has been named encounters led him to renounce his royal life and seek the ICC Women’s Player of the Month for her exceptional all- enlightenment. round performances that spearheaded the West Indies’ success After years of ascetic practices and meditation under the Bodhi in Pakistan across both ODI and T20I series. tree in Bodh Gaya, India, Siddhartha attained enlightenment Dominant Displays Across Formats and became the Buddha. He spent the rest of his life teaching Matthews’ third ICC Women’s Player of the Month award the path to Nirvana until his death at the age of 80. comes after an array of eye-catching all-round displays in April, resulting in 451 runs and 12 wickets across both ODIs and Significance of Buddha Purnima T20Is. Buddha Purnima is a significant festival in the Buddhist The West Indies skipper set the tone early with an unbeaten tradition, celebrated across South, Southeast, and East Asia. It 140 and three wickets in the opening ODI, followed by a 141- marks the birth, enlightenment, and death of Gautama Buddha, run knock and two wickets in the third ODI, sealing the series making it a day of great reverence for Buddhists worldwide. sweep. 8 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | May 2024 In the subsequent T20I series, Matthews reinforced her position Explosive Batting Displays as the top-ranked Women’s T20I all-rounder, scoring back-to- Waseem becomes the first UAE player to win the accolade, back half-centuries and taking six wickets, inspiring the tourists thanks to a string of powerful knocks that saw his side claim the ACC Premier Cup in Oman. to a 4-1 series triumph. The opener struck 269 runs during the month at an average of Muhammad Waseem: ICC Men’s Player of the Month 44.83, including a sparkling 56-ball century in the final Muhammad Waseem, the UAE captain and opener, has been showdown against the hosts. With an eye-catching strike rate of 182.99, Waseem’s explosive named the ICC Men’s Player of the Month for his notable run- strokeplay was evident throughout the UAE’s campaign, with scoring feats as the UAE triumphed in the ACC Premier Cup. brisk knocks against Bahrain, Oman, and Cambodia. Banking and Financial Current Affairs The Reserve Bank of India (RBI) has issued comprehensive 40% in value. The dip in April is attributed to the typically guidelines outlining the voluntary transition path for higher transaction volumes in March. (Read the Complete Small Finance Banks (SFBs) seeking to become Universal Article) Banks. These guidelines set specific eligibility criteria and The Government of India has signed an agreement with the procedural requirements for such a transition, aiming to Government of Bangladesh to renew the Memorandum of ensure financial stability and operational effectiveness in Understanding (MoU) for training 1500 Bangladeshi the banking sector. (Read the Complete Article) officers from 2025 to 2030. The agreement was signed The Reserve Bank of India (RBI) has issued guidelines for between the Department of Administrative Reforms and Small Finance Banks (SFBs) seeking to transition into Public Grievances (DARPG), Government of India, and the Universal Banks, providing a pathway for conversion. This Bangladeshi Ministry of Public Administration. (Read the voluntary conversion is subject to specific criteria laid out Complete Article) by the RBI. (Read the Complete Article) The Reserve Bank of India (RBI) has imposed monetary The Ministry of Home Affairs has joined forces with SBI penalties on five co-operative banks for deficiencies in Cards and select telecom operators to address the rising regulatory compliance. The co-operative banks that faced issue of one-time password (OTP) frauds. In light of the central bank's action are Navsarjan Industrial Co- increasing phishing attacks targeting bank customers, a operative Bank Ltd, Mehsana Jilla Panchayat Karmachari solution is being developed to alert individuals about Co-operative Bank Ltd, Halol Urban Co-operative Bank Ltd, potential OTP thefts. (Read the Complete Article) Stambhadri Co-operative Urban Bank Ltd and The Reserve Bank of India’s decision to increase risk Subramanianagar Co-operative Urban Bank Ltd. (Read the weights on bank loans to higher-rated non-banking Complete Article) financial companies (NBFCs) has led to a significant uptick The Government of India has introduced a Floating Rate in quarterly commercial paper (CP) issuances. This, Bond (FRB) maturing in 2034, with the Reserve Bank of coupled with investor confidence and diversified funding India (RBI) declaring an 8% interest rate for the Floating sources, has propelled CP issuances by NBFCs to a four- Rate Savings Bond (FRSB) 2034. This bond offers a variable and-a-half-year high of ₹1.2-lakh crore in January-March interest rate that resets every six months, reflecting market 2024. (Read the Complete Article) conditions. (Read the Complete Article) The Reserve Bank of India (RBI) has revoked the license of In a remarkable achievement, ICICI Bank has etched its Acemoney (India) Limited, a Delhi-based non-banking name among India’s top five companies by market financial company (NBFC), citing irregular lending capitalization, surpassing the Rs 8 trillion mark. The private practices. This action stems from the company’s violation lender’s shares surged over 5%, propelling its market value of RBI guidelines regarding excessive interest charges and to new heights and cementing its position as a financial inadequate protection of customer information. powerhouse. (Read the Complete Article) Specifically, the RBI noted discrepancies in Acemoney’s Fi, a neobanking startup, backed by investors such as Peak management of risks and code of conduct in its digital XV and Temasek, has obtained a non-banking finance lending operations through third-party apps. (Read the company (NBFC) license from the Reserve Bank of India Complete Article) (RBI), enabling it to provide loans from its own books. This In April 2024, Unified Payment Interface (UPI) transactions development aligns with the trend seen among fintech witnessed a marginal dip of 1% in volume and 0.7% in startups in recent years, where acquiring NBFC licenses value compared to March. Despite this, year-on-year facilitates direct lending and asset base establishment. growth remains robust, with a 50% increase in volume and (Read the Complete Article) 9 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | May 2024 YES Bank has partnered with ANQ to introduce two The Reserve Bank of India (RBI) has announced the lifting innovative credit cards, Pi and Phi, aiming to blend of restrictions on Bank of Baroda’s BoB World mobile traditional banking with fintech solutions. The Pi card application, permitting the bank to onboard customers offers digital-only credit on UPI for domestic transactions, immediately. This decision follows the RBI’s directive in while the Phi card provides physical access for both October 2023 to suspend customer onboarding on the app domestic and international purchases. (Read the Complete due to supervisory concerns. Bank of Baroda, in response, Article) has undertaken corrective measures to address these HDFC Life launches the “No Jhanjhat Life Insurance concerns. (Read the Complete Article) Fatafat” campaign, aimed at simplifying and expediting life HDFC Bank and Atal Innovation Mission, under NITI insurance purchases through its online platform. The Aayog, have empowered social sector startups in India by providing grants totaling Rs 19.6 crore in FY24. This campaign underscores the importance of addressing India’s initiative, known as the ‘Parivartan Start-up Grants low insurance penetration and vast protection gap. (Read programme,’ supported 170 startups through 41 the Complete Article) incubators, focusing on critical areas such as climate The Reserve Bank of India (RBI) has disclosed that 97.76% innovation, financial inclusion, agriculture, healthcare, of the Rs 2000 denomination banknotes have been education, livelihood enhancement, and gender diversity. reabsorbed into the banking system, leaving only Rs 7,961 (Read the Complete Article) crore in circulation with the public. Since the Investments through participatory notes (P-notes) in the announcement of their withdrawal from circulation on May Indian capital markets reached a staggering Rs 1.5 lakh 19, 2023, the total value of Rs 2000 banknotes has crore at the end of February 2024, marking the highest significantly decreased. (Read the Complete Article) level in nearly six years. This surge in P-note investments, In a groundbreaking move, GetVantage, a start-up encompassing Indian equity, debt, and hybrid securities, specializing in revenue-based finance (RBF), has achieved has been driven by the strong performance of the domestic a significant milestone by obtaining a non-banking financial economy. (Read the Complete Article) company (NBFC) license from the Reserve Bank of India The Reserve Bank of India recently conducted a buyback of (RBI). This accomplishment marks a pivotal moment as government securities (G-Secs), receiving offers totaling GetVantage becomes the first RBF and alternative funding ₹17,384.552 crore, but accepting only ₹10,513 crore, platform in India to receive such authorization. (Read the despite the notified amount being ₹40,000 crore. Market Complete Article) analysts speculate that banks may have offered G-Secs at In response to the introduction of the T+1 settlement higher prices, leading to rejection of offers out of sync with regime for stocks, the Reserve Bank of India (RBI) has secondary market prices. (Read the Complete Article) updated the guidelines for custodian banks regarding the YES BANK, a leading private sector bank in India, is issuance of Irrevocable Payment Commitments (IPCs). collaborating with EBANX, a global fintech firm specializing Under these revised guidelines, custodian banks issuing in payment solutions for emerging markets. Together, they IPCs will be subject to a maximum intraday risk, considered aim to provide a comprehensive range of scalable payment as capital market exposure (CME), capped at 30 percent of solutions to merchants, facilitating seamless cross-border transactions and expanding global commerce opportunities the settlement amount. (Read the Complete Article) for both merchants and customers in India. (Read the Following the reduction in trade settlement time from T+2 Complete Article) to T+1 and T+0 for select equities by stock exchanges, the In its latest quarterly report, State Bank of India (SBI) Reserve Bank of India (RBI) has decreased the maximum showcased remarkable financial performance, recording its risk for custodian banks issuing irrevocable payment highest standalone quarterly net profit at ₹20,698 crore. commitments (IPCs) from 50% to 30%. This decision is This exceptional result was primarily driven by a surge in based on the assumption of potential downward price non-interest income, effective cost management, and a movements of equities purchased by foreign institutional favorable adjustment in asset provisions. (Read the investors/mutual funds over two successive days from the Complete Article) trade date. (Read the Complete Article) India’s fiscal deficit for the fiscal year ending March 2024 is ICICI Bank has unveiled a groundbreaking feature allowing anticipated to outperform government projections, coming non-resident Indian (NRI) customers to utilize Unified in slightly better than the estimated 17.35 trillion rupees Payments Interface (UPI) transactions in India through ($207.81 billion). This optimistic outlook is attributed to their international mobile numbers. This innovation aims to increased tax receipts and bolstered non-tax revenues, simplify daily payments for NRIs by eliminating the need to according to a government source speaking anonymously register an Indian mobile number with their NRE/NRO in New Delhi. The official announcement regarding the accounts, thereby enhancing convenience. (Read the 2023/24 fiscal deficit is slated for May 31st. (Read the Complete Article) Complete Article) 10 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | May 2024 The Reserve Bank of India (RBI) has granted approval to SEBI has introduced significant amendments to its Listing Quant Mutual Fund (MF) to increase its stake in RBL Bank Obligations and Disclosure Requirements (LODR) to 9.98% by May 12, 2025. This approval, subject to regulations, focusing on the computation of market conditions and provisions under the Banking Regulation capitalization for listed companies. The amendments aim to Act, 1949, was disclosed in a regulatory filing. (Click to redefine the criteria for applicability and establish a defined Read the Article) period for calculating average market capitalization. (Click HDFC Bank has rolled out Pixel Play, the nation’s inaugural to Read the Article) virtual credit card partnered with Visa. Offering two distinct Bank of Maharashtra has emerged as a top performer variants, Pixel Play and Pixel Go, this innovative card among public sector banks, showcasing impressive growth empowers users to craft personalized cards tailored to in total business and deposit mobilization. With a 15.94% their lifestyle preferences and chosen merchants, all rise in total business and a 15.66% increase in deposits, it through the bank’s PayZapp mobile app. (Click to Read the outshines competitors like State Bank of India. The bank’s Article) focus on low-cost CASA deposits, coupled with robust loan growth and exemplary asset quality, positions it as a In a move aimed at granting additional time to Life resilient and efficient player in the banking sector. (Click to Insurance Corporation (LIC) of India to meet regulatory Read the Article) requirements, the Securities and Exchange Board of India Public sector banks (PSBs) are poised to deliver (Sebi) has extended LIC’s deadline to achieve a minimum approximately 30% higher dividends to the government in 10% public shareholding. LIC, a state-owned insurance FY24 compared to the previous fiscal year. The total giant, now has until May 16, 2027, to fulfill this obligation. dividends from PSBs are estimated at ₹18,013 crore for (Click to Read the Article) FY24, a significant uptick from ₹13,804 crore in FY23, India’s internet economy is poised for significant growth, reflecting their robust financial performance. (Click to Read with industry experts predicting it will reach $1 trillion by the Article) 2030. This surge is primarily driven by the e-commerce In a strategic move to cater to the evolving needs of sector, which is expected to grow at an annual rate of 25%, affluent and elite customers, YES Bank has introduced ‘YES from $60 billion in FY2023 to $325 billion, making it the Grandeur,’ a premium banking service designed to provide third largest globally. (Click to Read the Article) tailored financial and lifestyle solutions. (Click to Read the In an effort to combat tax evasion in the pan masala and Article) tobacco sectors, the GST portal has introduced new forms Online food delivery platform Swiggy has partnered with and procedures for manufacturers to register their SHIELD, a device-first risk AI platform, to bolster its fraud machinery and report monthly inputs and outputs. This prevention and detection capabilities. This strategic move initiative follows recommendations from the GST Council aims to address promo abuse and deter fraudulent and aims to enhance compliance and reduce illicit trade. practices within Swiggy’s Delivery Partner ecosystem. (Click (Click to Read the Article) to Read the Article) The Reserve Bank of India (RBI) repurchased government The Central Board of Directors of the Reserve Bank of bonds worth only Rs 2,069 crore out of the notified Rs India (RBI) has approved the transfer of Rs 2.11 lakh crore 60,000 crore. Banks resisted selling at lower prices, as a dividend to the Government of India for the financial resulting in limited acceptance. The bonds, purchased year 2023-24. This announcement was made after the during the pandemic at higher rates, posed a challenge for Central Board of Directors meeting on 22 May 2024 in the RBI, prompting smaller buyback amounts. (Click to Mumbai. This is the highest-ever dividend despite the Read the Article) Contingent Buffer Risk being increased to 6.5% for 2023-24. SBI General Insurance, the non-life insurance arm of State (Click to Read the Article) Bank of India (SBI), has launched ‘Surety Bond Bima’ to HDFC Bank divested its entire 3.20% stake in Protean eGov support infrastructure development by providing a security Technologies, amounting to 12,94,326 shares, for Rs 150 arrangement for infrastructure projects. (Click to Read the crore. The shares were sold at an average price of Rs Article) 1,160.15 apiece through an open market transaction. The Insurance Regulatory and Development Authority of Simultaneously, Nippon India Mutual Fund acquired a India (IRDAI) has made significant adjustments to the 3.16% stake in Protean eGov Technologies for Rs 148 crore. regulations governing surety bonds in response to feedback (Click to Read the Article) from insurance stakeholders. These changes aim to The Reserve Bank of India (RBI) has imposed a penalty of Rs 3.1 lakh on Hero FinCorp Limited due to non-compliance enhance the accessibility of surety insurance products and with certain provisions of the fair practices code. This encourage more insurers to participate in servicing the penalty is based on deficiencies in regulatory compliance growing demand across various sectors of the economy, and does not affect the validity of any transactions or particularly the infrastructure sector. (Click to Read the agreements the company has with its customers. (Click Article) here to read the Article) 11 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | May 2024 The Reserve Bank of India (RBI) Governor Shaktikanta Das The Reserve Bank of India (RBI) has levied a penalty of Rs has unveiled three major initiatives: the Pravaah portal, 36.38 lakh on HSBC Limited for breaching regulations the Retail Direct Mobile App, and a FinTech Repository. outlined in the Foreign Exchange Management Act These initiatives, previously announced in the RBI’s bi- (FEMA). Specifically, HSBC failed to adhere to reporting monthly Statement on Development and Regulatory requirements under the Liberalised Remittance Scheme of Policies in April 2023, April 2024, and December 2023, aim to enhance regulatory processes, provide easier access to FEMA, 1999. The central bank’s action follows a thorough government securities for retail investors, and improve the review of the case, including HSBC’s response to a show understanding of the FinTech sector. (Click here to read cause notice issued earlier. (Click here to read the Article) the Article) The Reserve Bank of India (RBI) has taken stringent action The Reserve Bank of India (RBI) has penalized ICICI Bank against Edelweiss Group’s lending and asset reconstruction and YES Bank for violations of regulatory norms pertaining arms due to concerns regarding the manipulation of loans to their financial positions as of March 31, 2022. Following and structured transactions. This move comes amidst the supervisory inspections, the RBI issued notices to both banks, which subsequently failed to provide satisfactory central bank’s ongoing efforts to curb evergreening of loans explanations for the identified lapses, leading to the and ensure regulatory compliance in the financial sector. imposition of penalties. (Click here to read the Article) (Click here to read the Article) Economy Current Affairs Deloitte India has revised its GDP growth forecasts for FY24 India Ratings and Research have revised upward their GDP and FY25, with a significant increase in projections. The growth estimate for FY25 to 7.1%, citing strong consultancy anticipates a robust GDP growth of 7.6-7.8% government expenditure, improved corporate and banking for FY24, up from the previous estimate of 6.9-7.2%. sector balance sheets, and a budding private corporate Looking ahead to FY25, Deloitte expects GDP to expand by capex cycle. However, they caution that growth could be 6.6%, driven by strong economic activity fueled by rising constrained by factors such as uneven consumption consumption expenditure. (Read the Complete Article) demand and export challenges due to global economic India has adjusted its windfall tax on petroleum crude, sluggishness. (Read the Complete Article) reducing it to 8,400 Indian rupees ($100.66) per metric ton India’s industrial production growth rate decelerated to from 9,600 rupees, effective May 1. This decision comes 4.9% in March 2024 compared to 5.7% in February, as per after a recent increase in the tax from 6,800 rupees to data from the Ministry of Statistics and Programme 9,600 rupees per metric ton on April 16. (Read the Implementation. The Index of Industrial Production (IIP) Complete Article) for FY24 stood at 5.8%, up from 5.2% in the previous year. In March 2023, industrial output had grown by 1.9%. (Read In April 2024, India witnessed a historic milestone in its the Complete Article) Goods and Services Tax (GST) revenue collection, reaching Factory output in India saw a notable rise, registering a an unprecedented Rs 2.10 lakh crore. This marked a growth of 4.9% in March, a significant leap from the 1.9% substantial 12.4% increase from the previous year’s recorded in the same period the previous year. However, collections. The surge was primarily driven by a robust this figure fell slightly short of February 2024’s 5.7%. For 13.4% growth in domestic transactions and an 8.3% rise in the fiscal year 2023-24, the factory output grew by 5.8%, a imports. (Read the Complete Article) marginal increase from the previous year. The uptick was In March, the growth of India’s core sectors slowed to particularly evident in manufacturing and construction 5.2% from February’s 7.1%, primarily due to the statistical goods output. (Click to Read the Article) effect of a high base. However, sequentially, there was a India’s retail inflation has eased marginally to touch an 11- notable increase of 9.9%, marking the highest growth in a month low of 4.83 per cent on an annual basis in April, year. (Read the Complete Article) according to government data released on Monday. This The Organisation for Economic Co-operation and slight dip from the previous month’s figure of 4.85 per cent Development (OECD) has revised India’s GDP growth aligns closely with the projections of a Reuters poll of 44 projection upward to 6.6% for the fiscal year 2024-25. This economists, who estimated the number to come down to adjustment reflects the anticipation of robust growth 4.80 per cent. Importantly, this figure falls within the driven primarily by increased public investment and Reserve Bank of India’s (RBI) tolerance band of 2-6 per improved business sentiment. (Read the Complete Article) cent. (Click to Read the Article) 12 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | May 2024 In the financial year ending March 2024, the cumulative numbers for Q4 and provisional estimates for FY24 will be profit of public sector banks (PSBs) surged, reaching over released on May 31. (Click to Read the Article) ₹1.4 lakh crore, marking a significant 35% increase from India’s MSME sector, contributing over 30% to the GDP and the previous year’s earnings of ₹1.04 lakh crore. State Bank employing approximately 12 crore people, faces a of India (SBI) emerged as a major contributor, accounting significant credit gap of around Rs. 28.2 lakh crores. RXIL’s for over 40% of the total earnings. (Click to Read the Trade Receivables Discounting System (TReDS) platform Article) has achieved a milestone by facilitating financing of over 50 In the fiscal year 2023-24, the Reserve Bank of India (RBI) lakh invoices worth ₹1,00,000 crore since its inception. saw a significant increase in its gold reserves, adding 27.46 (Click to Read the Article) metric tonnes and reaching a total of 822.10 metric tonnes Net foreign direct investment (FDI) into India experienced by the end of March 2024. This brought the share of gold in a notable decrease of 62.17% in the fiscal year 2023-24 the total foreign exchange reserves to about 8.15%, up (FY24), plummeting to $10.58 billion from the previous from 7.81% in the previous year. (Click to Read the Article) year’s $27.98 billion. This decline is attributed primarily to In April, wholesale inflation in India soared to a 13-month increased repatriation of capital and Indian companies’ high of 1.26%, up from 0.53% in March. This surge was investments abroad. (Click to Read the Article) primarily fueled by rising prices of food articles, particularly vegetables, and a year-on-year increase of 1.4% in fuel and In a move aimed at strengthening corporate governance in power costs after months of deflation. (Click to Read the the insurance industry, the Insurance Regulatory and Article) Development Authority of India (IRDAI) has issued new Moody’s Ratings predicts a 6.6% expansion for the Indian guidelines that reduce the engagement period of statutory economy in the fiscal year ending March 2025 (FY25). This auditors with insurance companies from 10 years to 4 growth trajectory is anticipated to fuel strong credit years. This strategic decision is poised to ensure regular demand, particularly benefiting the Non-Banking Financial rotation and independence of audit firms, thereby Companies (NBFCs), despite challenges posed by rising enhancing transparency and accountability in the sector. funding costs. (Click to Read the Article) (Click here to read the Article) The United Nations has revised India’s economic growth In a strategic move to improve liquidity in the commodity forecast for 2024, projecting a robust expansion driven by derivatives market, the Securities and Exchange Board of strong public investment and resilient private consumption. India (SEBI) has reduced the deliverable period for India’s economy is now expected to grow by 6.9% in 2024, commodity derivatives from the previous 5 days to 3 days. up from the 6.2% forecast in January, with a 6.6% growth This regulatory change is set to take effect from July 1, rate projected for 2025. This optimistic outlook highlights 2024, and will apply to contracts with staggered delivery India’s role in bolstering South Asia’s overall economic scheduled after this date. (Click here to read the Article) performance. (Click to Read the Article) In its latest report, CRISIL Ratings predicts a slowdown in India’s foreign exchange reserves saw an increase of $2.56 bank credit growth for fiscal year 2025 to 14%, marking a billion, reaching a total of $644.15 billion for the week decline of 200 basis points from the estimated 16% growth ended May 10, according to the Reserve Bank of India in FY24. This moderation is attributed to various factors (RBI). This follows a previous increase of $3.668 billion after including a high base effect, revision in risk weights, and a three consecutive weeks of decline. (Click to Read the slightly slower pace of GDP growth. (Click here to read the Article) Article) In response to rising credit demand and falling liquidity, State Bank of India (SBI) has increased short-term retail fixed deposit rates by 25-75 basis points (bps), marking its first interest rate hike since December. This move, likely to be emulated by other banks, reflects a strategic adjustment to offer better returns for depositors. (Click to Read the Article) The Indian economy showed robust growth in the first three quarters of the 2023-24 fiscal year, with GDP expanding by 8.2% in the June quarter, 8.1% in the September quarter, and 8.4% in the December quarter. India Ratings and Research (Ind-RA) expects the GDP growth rate to be 6.7% for the March quarter and around 6.9-7% for the entire fiscal year, according to their principal economist, Sunil Kumar Sinha. The official GDP 13 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | May 2024 Business Current Affairs The increasing reliance of India on Chinese industrial In the dynamic landscape of Indian startups, former goods presents significant economic and security BharatPe COO Dhruv Dhanraj Bahl steps into the world of concerns, with China’s share in New Delhi’s imports rising venture capital with the launch of his maiden fund, Eternal from 21% to 30% over the last 15 years. This situation Capital, with a substantial corpus of Rs 240 crore, including demands a strategic reassessment of import strategies to a greenshoe option. (Read the Complete Article) foster diversified and resilient supply chains. (Read the Micron India’s Sanand unit gears up to unveil its inaugural Complete Article) batch of domestically manufactured semiconductor chips Hitachi Payment Services has unveiled new upgradable in 2025, with a focus on global exportation. Anand ATMs in India, allowing banks to adapt their machines into Ramamoorthy, the managing director, underscores the Cash Recycling Machines (CRMs) as per evolving needs. burgeoning global demand, strategic partnerships, and the Manufactured under the ‘Make in India’ initiative, these diverse applications spanning various sectors, notably ATMs offer flexibility and efficiency to banks, potentially emphasizing agility and the scarcity of talent in niche revolutionizing the Indian ATM industry. (Read the domains such as cybersecurity. (Read the Complete Complete Article) Article) The Indian Renewable Energy Development Agency Adani Green Energy Ltd (AGEL) has successfully secured (IREDA), a public sector enterprise, has been granted the USD 400 million financing from a consortium of five leading coveted ‘Navratna’ status by the government, according to international banks for its 750 MW solar projects in a recent filing with the stock exchanges. This prestigious Rajasthan and Gujarat. The financing will support the designation takes the total number of Navratna PSEs construction of these projects, expected to come online (Public Sector Enterprises) in India to 17. (Read the from November 2024 onwards. (Read the Complete Complete Article) Article) Cred has launched an innovative UPI-based ‘Scan and Pay’ In a significant development, REC Ltd., under the Ministry service, marking its entry into the offline payments sphere, of Power, has obtained approval from the Reserve Bank of challenging incumbents like PhonePe, Google Pay, and India (RBI) to establish a subsidiary in Gujarat International Paytm. This service allows users to make payments directly Finance Tech-City (GIFT), Gandhinagar. This move reflects from their bank accounts using any QR code, extending REC’s strategic initiative to diversify its portfolio and tap convenience to large format stores such as supermarkets, into new avenues for growth within the burgeoning hub of fast-food joints, beauty salons, and fashion boutiques. financial services in India. (Read the Complete Article) (Read the Complete Article) India and Ghana are poised to integrate their payment Indian Oil Corporation (IOC) has announced a significant systems, UPI and GHIPSS, to facilitate instant and cost- investment of Rs 5,215 crore to develop 1 gigawatt (GW) effective fund transfers between the two nations. Within of renewable energy capacity in India. This strategic move six months, NPCI’s UPI is set to be operational on Ghana’s aligns with IOC’s broader diversification strategy beyond GHIPSS platform, marking a significant step in financial traditional oil and gas ventures. (Read the Complete collaboration. (Read the Complete Article) Article) Worldline ePayments India has announced its receipt of Bhavesh Gupta, the President and Chief Operating Officer approval from the Reserve Bank of India (RBI) to operate as overseeing payments and lending businesses, will transition a payment aggregator. This approval underscores the to an advisory role due to personal reasons. This move aims company’s dedication to the Indian market and emphasizes to ensure smooth continuity in Paytm’s growth initiatives. its commitment to compliance within a well-regulated Meanwhile, Rakesh Singh has been appointed as the new payments landscape. (Read the Complete Article) CEO of Paytm Money Ltd, signaling a renewed focus on India’s manufacturing sector has continued its robust scaling and innovation in wealth management products. performance into the first quarter of the new fiscal year, (Read the Complete Article) maintaining its momentum from the previous year’s stellar The National Company Law Tribunal (NCLT) Mumbai has showing. In April, the HSBC India Manufacturing sanctioned Sapphire Media’s acquisition plan for Reliance Purchasing Managers’ Index (PMI) revealed a buoyant Broadcast Network’s Big 92.7 FM. This approval follows a picture, with manufacturing activity registering its second resolution process initiated in February 2023 under the strongest expansion since early 2021. (Read the Complete Insolvency and Bankruptcy Code. (Read the Complete Article) Article) 14 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | May 2024 IREDA, a state-owned entity under the Ministry of New In a groundbreaking move, Hero MotoCorp, India’s leading and Renewable Energy (MNRE), has formed a subsidiary two-wheeler manufacturer, has become the first in its named IREDA Global Green Energy Finance IFSC Limited at sector to integrate with the Open Network for Digital the International Financial Services Centre (IFSC) within Commerce (ONDC). By leveraging ONDC’s platform, Hero GIFT City, Gujarat. This move aims to leverage global MotoCorp aims to enhance accessibility and convenience financial markets to support the growth of the renewable for its customers, offering a seamless digital experience for energy sector in India. (Read the Complete Article) purchasing two-wheeler parts, accessories, and Bharti Enterprises, led by Sunil Bharti Mittal, divested merchandise. (Click to Read the Article) 38.50 lakh shares of ICICI Lombard General Insurance In a significant move, PhonePe has joined forces with Company for ₹663 crore through open market LankaPay to introduce UPI payments in Sri Lanka. This transactions. This sale reduced Bharti Enterprises’ stake in collaboration allows PhonePe users to seamlessly utilize ICICI Lombard from 2.43% to 1.63%. Concurrently, ICICI UPI for transactions across LankaPay QR merchants, Bank, the promoter, increased its stake in ICICI Lombard to providing them with familiarity and security while traveling. 51.7% by purchasing 21 lakh shares. (Read the Complete (Click to Read the Article) Article) The Federation of Indian Export Organisations (FIEO) Zeta, a global provider of cutting-edge banking technology, has unveiled its Digital Credit as a Service offering at forecasts India’s merchandise exports to reach $500-510 Democratizing Credit 2024. Leveraging NPCI’s Credit Line billion in FY25, rebounding from a 3% contraction in the on UPI scheme, Zeta aims to tap into the burgeoning credit previous fiscal year. Services exports are estimated to market in India, projecting transaction volumes to surpass contribute $390-400 billion, culminating in total exports of $1 trillion by 2030. With a goal to capture 50% of this approximately $890-910 billion. Noteworthy sectors driving market, Zeta’s solution streamlines credit issuance this growth include engineering, advertising services, and processes for banks, facilitating the rapid deployment of the expansion of global capability centers. (Click to Read diverse credit products. (Read the Complete Article) the Article) Thomas Cook India has revolutionized international money In anticipation of increased demand in the automotive transfers with the launch of TCPay, a user-friendly digital sector, Mahindra & Mahindra Ltd has unveiled an service designed to simplify and enhance the remittance ambitious plan to invest ₹26,000 crore in its automotive process. Traditionally, sending money abroad involved business over the next three years. This significant tedious paperwork and limited operating hours. With investment will span from FY25 to FY27 and is aimed at TCPay, customers can now enjoy 24×7 remittances with developing new vehicles and enhancing production ease and efficiency. (Read the Complete Article) capacity. (Click to Read the Article) Hinduja Group’s IndusInd International Holdings (IIHL) has The Indian government has announced plans for public obtained approval from the Insurance Regulatory and sector companies like Coal India, NMDC, and ONGC Videsh Development Authority of India (IRDAI) for the acquisition Ltd (OVL) to actively seek critical mineral assets overseas. of Reliance Capital. This acquisition encompasses Reliance This strategic move aims to secure vital mineral resources Capital’s insurance subsidiaries, including Reliance General essential for various industries, including clean energy Insurance and Reliance Nippon Life Insurance. (Click to technologies and electric vehicles. (Click to Read the Read the Article) Article) Infosys, a global leader in digital services and consulting, Fusion Micro Finance has obtained a $25 million loan from has been awarded the ISO 42001:2023 certification by TUV India, for its Artificial Intelligence Management System the United States International Development Finance (AIMS). This certification highlights Infosys’ commitment to Corporation (DFC) to fuel its expansion plans, primarily implementing responsible AI practices and adhering to focusing on empowering rural women entrepreneurs. The regulatory standards. (Click to Read the Article) initial disbursement of $20 million, part of an eight-year In a significant stride towards sustainable energy practices, loan, aims to enhance business operations and advance the Bhilai Steel Plant (BSP), a key unit of the Steel financial inclusion efforts. (Click to Read the Article) Authority of India Limited (SAIL) situated in Chhattisgarh, Tata Motors’ subsidiaries, Tata Motors Passenger Vehicles is set to inaugurate the state’s premier floating solar (TMPV) and Tata Passenger Electric Mobility (TPEM), have project. This venture marks a pivotal moment in teamed up with Bajaj Finance to offer an innovative Chhattisgarh’s journey towards renewable energy and financing programme for their authorised passenger and underscores BSP’s commitment to reducing its carbon electric vehicle dealers. This partnership aims to streamline footprint while promoting eco-friendly initiatives. (Click to financing options and support the business operations of Read the Article) these dealers. (Click to Read the Article) 15 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | May 2024 Tech mogul Elon Musk introduced SpaceX’s Starlink Tata Consultancy Services (TCS) has signed a deal to satellite internet service in Indonesia, aiming to enhance modernize the core banking technology of Burgan Bank, a connectivity in remote regions of the archipelago nation. leading commercial bank in Kuwait. Burgan Bank will The inauguration took place in Bali, where Musk, alongside deploy TCS BaNCS to consolidate multiple legacy Indonesian officials, emphasized the transformative applications into a contemporary universal banking potential of improved internet access. (Click to Read the solution, enhancing innovation and customer relationships. Article) (Click here to read the Article) In a strategic move to expand its foothold within the The Prudential Authority of the South African Reserve Bank Gujarat International Finance Tec City (GIFT City), the has imposed a financial penalty of 10 million rand (₹4.5 State Bank of India (SBI) has finalized the acquisition of a crore) on the State Bank of India’s South Africa branch for 6.125% stake in CCIL IFSC Limited. The transaction, valued non-compliance with certain provisions of the country’s at ₹6.125 crore, marks SBI’s commitment to enhancing its Financial Intelligence Centre Act 38 of 2001 (FIC Act). The penalty comprises an immediately payable portion of 5.50 role in the International Financial Services Centre (IFSC) at million rand, already paid, and a suspended amount of 4.5