Important Monthly Current Affairs Capsule - April 2024

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Important Monthly Current Affairs Capsule – April 2024
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S. No Topics Page No
1. IMPORTANT DAYS 03
2. BANKING AND ECONOMY 08
3. NATIONAL NEWS 77
4. INTERNATIONAL NEWS 99
5. STATE NEWS 103
6. BUSINESS NEWS 105
7. AWARDS AND HONOURS 118
8. APPOINTMENTS & RESIGNATIONS 123
9. MOUS AND AGREEMENT 152
10. RANKING AND INDEXES 163
11. DEFENCE NEWS 170
12. SCIENCE & TECHNOLOGY 181
13. ACQUISITIONS & MERGERS 188
14. SPORTS NEWS 190
15. BOOKS AND AUTHORS 201
16. OBITUARIES 201
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IMPORTANT DAYS
World Autism Awareness Day 2024: April 2
• World Autism Awareness Day is celebrated annually on April 2nd.
• This day marks the 17th anniversary since its inception, which was recognized by the United
Nations to promote awareness and advocacy for the rights of people with autism.
• Autism, also known as autism spectrum disorder (ASD), is a developmental disorder that causes
difficulties in social communication and interaction. People on the autism spectrum experience the
world differently, which can affect how they communicate, behave, learn, and process sensory
information.
• Since the first observation of World Autism Awareness Day in 2008, various events and activities
have been marked worldwide.
International Day for Mine Awareness 2024: April 4

• International Day for Mine Awareness 2024 is observed all over the world on April 4th, 2024.
• The theme for International Day for Mine Awareness & Assistance in Mine Action 2024 is
'Protecting Lives, Building Peace.'
• The history of International Mine Awareness Day can be traced back to 1980 when the
International Committee of the Red Cross (ICRC) first proposed the idea of a day to raise
awareness about the dangers of landmines.
• The ICRC's proposal was endorsed by the United Nations General Assembly in 1982, and the first
International Mine Awareness Day was held on 4 April 1983.
National Maritime Day 2024: April 5
• Every year, National Maritime Day in India is celebrated on the 5th of April.
• It is a day celebrated to show gratitude to the men who spent many months in the sea, carrying out
the bulk of India’s trade and commerce at a global level.
• The 2024 World Maritime Day theme is "Navigating the future: safety first!"
• In 1964, on April 5, the first National Maritime Day was observed.
World Health Day 2024: April 7

• World Health Day 2024 is observed worldwide on 7th April.
• The theme for World Health Day 2024 is 'My health, my right’.
• On April 7, 1948 the constitution of the World Health Organisation came into being.
• The World Health Assembly (WHA) was formed to oversee the work for the WHO.
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Ugadi 2024: Telugu New Year- April 9

• Ugadi or Yugadi is grandly celebrated as the first day of the year by the people of Telangana,
Andhra Pradesh, and Karnataka.
• Ugadi, also known as Telugu New Year, is celebrated on the first day of Chaitra.
• It is an important day in most Hindu calendars that are based on lunisolar calendars, and it is
also known as Vikram Samvat and Bhartiya Nava Varsha.
World Homeopathy Day 2024: April 10, 2024
• World Homeopathy Day 2024 is celebrated on the 10th of April every year.
• The day is celebrated to spread knowledge of homeopathy medicine in public health.
• The World Homeopathy Day tribute to the father and founder of the Homeopathy system in
medicine Dr.Christian Samuel Hahnemann.
• The day is observed on the occasion of the birth anniversary of German physician Dr Christian
Friedrich Samuel Hahnemann, the founder of homoeopathy.
• Born in Paris on April 10, 1755, Hahnemann was an acclaimed scientist, great scholar, and
linguist.
National Pet Day 2024: April 11

• Every year April 11th is celebrated as National Pet Day.
• It is a day to celebrate the joy that pets bring into our lives and to raise awareness about the
importance of animal welfare.
• The day was first launched in 2006 by Colleen Paige, an animal welfare campaigner.
National Safe Motherhood Day 2024: April 11

• Every year on April 11 India celebrates National Safe Motherhood Day.
• National Safe Motherhood Day (NSMD) is observed on the birth anniversary of Kasturba Gandhi.
• The National Safe Motherhood Day was first proposed by (WRAI) White Ribbon Alliance.
• In 2003, the Government of India declared 11 April as National Safe Motherhood Day, upon the
request of WRAI.
Jallianwala Bagh Massacre 2024: April 13

• Every year April 13th is observed as Jallianwala Bagh Massacre.
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• Jallianwalla also called as Massacre of Amritsar incident on April 13, 1919, in which British troops
fired on a large crowd of unarmed Indians in an open space known as the Jallianwala Bagh
Massacre in the Punjab region of India.
• Jallianwala Bagh is a historic garden and memorial of national importance close to the Golden
Temple complex in Amritsar, Punjab, India, preserved in the memory of those wounded and killed
in the Jallianwala Bagh Massacre that took place on the site on the festival of Baisakhi Day, 13
April 1919.
World Haemophilia Day 2024: April 17

● World Haemophilia Day is celebrated on April 17th every year.
● This day is recognized worldwide to increase awareness of haemophilia and other inherited
bleeding disorders.
● The World Federation of Haemophilia established World Haemophilia Day in 1989.
● The date of April 17 was chosen to commemorate the birthday of the World Federation of
Haemophilia's founder, Frank Schnabel.
World Heritage Day 2024: April 18
● Every year, April 18th is celebrated as World Heritage Day or International Day for monuments
and sites.
● The International Council on Monuments and Sites 1982 suggested that April 18 should be
celebrated as World Heritage Day.
● The United Nations Educational, Scientific and Cultural Organization in its 22nd general
conference in 1983 approved the date.
National Civil Service Day 2024: April 21
● Every year April 21st is celebrated as National Civil Service Day.
● The National Civil Service Day is known as the spine of the administration of the country.
● After India became independent, the first batch of civil servants of the country was addressed by
Sardar Vallabh Bhai Patel.
● In 1947, Sardar Vallabh Bhai Patel announced that National Civil Service Day would be observed
every year to honour the contributions of the civil servants for the country.
● In Vigyan Bhavan, on April 21, 2006. The first National Civil Services Day was observed.
World Earth Day 2024: April 22
● The annual event of World Earth Day falls on April 22.
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● The theme for World Earth Day 2024 is Planet vs Plastics.

● The origin of Earth Day can be traced back to 1970.
● The idea behind the event originated from Gaylord Nelson, a US senator, and Denis Hayes, a
Harvard student.
● In 1995 Nelson the man behind the Earth Day movement was awarded the Presidential Medal of
Freedom.
World Book and Copyright Day 2024: April 23
● Every year World Book and Copyright Day is celebrated on April 23 and it is also known as World
Book Day.
● The day is celebrated by the United Nations, Educational, Scientific, and Cultural Organizations, and
other related organisations across the world to honour authors, and books, and to promote the art of
reading etc.
● In 1995, this date was finalised by the United Nations, Educational, Scientific and Cultural
Organizations general conference, held in pairs, to pay tribute to and honour authors and books
worldwide.
● The idea to celebrate a day of books came originally from the Catalan Day of Books called Dia del
Llibere.
● Dia del Llibere is celebrated in Catalonia every year on April 23.
English Language Day 2024: April 23

● Every year April 23rd is celebrated as UN English Language Day.
● The day was chosen because it is considered William Shakespeare's birthday and the anniversary of
his death.
● The English Language Day is celebrated as a mark of respect and to celebrate the life and work of
English poet and writer William Shakespeare.
● He was born on 23rd April 1564 and died on 23rd April 1616.
NRL celebrated the 32nd Foundation Day
● Numaligarh Refinery Limited celebrated its 23rd Foundation Day on April 22.
● It was on this day that the company was established in 1993 in fulfilment of the commitment made in
the historic Assam Accord of 1985.
● NRL Day was celebrated with enthusiasm in all company locations where employees got together to
observe this special day.
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National Panchayati Raj Day 2024: April 24

● In India, 24th April is designated as National Panchayati Raj Day.
● The day is held to remember the passing of the 73rd Amendment to the Constitution on June 17,
1992, and on April 24, 1993, the law went into force.
● In the early 1950s, the first National Development Council recommended the formation of a
democratic system of governance at the grassroots level.
World Malaria Day 2024: April 25
● World Malaria Day is observed on April 25 all over the world.
● World Malaria Day will reinforce the Global Fund Investment (GFI) using the themes of advancing
quality, building resilience, and ending malaria.
● World Malaria Day was established in May 2007 during the 60th session of the World Health
Assembly, which is the decision-making body of the WHO.
● Before the creation of World Malaria Day, Africa Malaria Day was observed on April 25 starting in
2001, after the signing of the Abuja Declaration by 44 malaria-endemic countries at the African
Summit on Malaria.
World Intellectual Property Day 2024: April 26

● Every year April 26 is celebrated as World Intellectual Property Day to learn about the role that
intellectual property rights play in encouraging innovation and creativity.
● Theme: “IP and the SDGs: Building Our Common Future with Innovation and Creativity.”
● In 1883, the Paris Convention for the Protection of Industrial Property was signed which further
established protection for intellectual properties.
● This was aimed to protect inventions, trademarks, and industrial designs.
● In 1970, the Convention establishing the World Intellectual Property Organization came to be known
as WIPO.
World Day for Safety and Health at Work 2024: April 28
● Every year, April 28th is celebrated as World Day for Safety and Health at Work all over the world.
● World Day for Safety and Health at Work Day is observed to promote the prevention of occupational
accidents and diseases globally.
● On April 29, 1971, the International Labour Organisation adopted the Occupational Safety and
Health Convention.
● In 2003, the International Labour Organisation announced that April 28 will be observed as World
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Day for Safety and Health at Work.
International Dance Day 2024: April 29

● Every year April 29th is celebrated as International Dance Day also known as World Dance Day.
● International Dance Day or World Dance Day celebration for those who can see the value and
importance of dance.
● It was established by the Dance Committee of the International Theatre Institute (ITI), UNESCO's
main partner for the performing arts.
● The date was chosen to commemorate the birthday of Jean-Georges Noverre, a French dancer and
ballet master often credited as the creator of modern ballet.
● The first International Day of Dance was celebrated in 1982.
Ayushman Bharat Diwas 2024: April 30
● In India, Ayushman Bharat Diwas is observed on April 30.
● The Ayushman Bharat Diwas is observed to uplift the ideals of the Ayushman Bharat Yojana.
● The scheme of the Ayushman Bharat Diwas reflects the fulfilment of the objectives of the Indian
government that align with the Sustainable Development Goals under the United Nations.
● The scheme was announced by Prime Minister Narendra Modi in 2018.

● It has two main pillars:
● Ayushman Bharat Health and Wellness Centres (AB-HWCs): These centres aim to bring primary
healthcare services closer to people's homes, offering preventive, promotive, and curative care.
● Pradhan Mantri Jan Arogya Yojana (PM-JAY): This is a health insurance scheme that provides
cashless and affordable medical cover of up to Rs. 5 lakh per year to economically disadvantaged
families.
BANKING AND ECONOMY

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.
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• 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
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
Reserve Bank of India Permits Small Finance Banks to Utilize Approved Rupee Interest Derivative
Products
• The Reserve Bank of India (RBI) has announced its decision to permit Small Finance Banks
(SFBs) to utilize permissible rupee interest derivative products.
• As per the current establishment, the SFBs are permitted to use only Interest Rate Futures (IRFs)
for proprietary hedging.
• An interest rate derivative is a financial instrument with a value that is linked to the movements of
an interest rate or rates.
• These may include futures, options, or swaps contracts.
Reserve Bank of India Introduces Cash Deposit Facility through Unified Payments Interface
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• The Reserve Bank of India (RBI) has proposed allowing cash deposit facility at Cash Deposit
Machines (CDMs) through Unified Payments Interface (UPI), which is currently accessible only
through the use of debit cards.
• This announcement came during the unveiling of the first monetary policy statement for the fiscal
year 2024-25.
• Reason for the Initiative: This initiative is driven by the widespread popularity and acceptance of
UPI, along with the observed benefits from the availability of UPI for card-less cash withdrawal at
automatic teller machines (ATMs).
Small Industries Development Bank of India Collaborates with Fintech Onion Life Private Limited for
Pilot Project Offering Micro Loans to Gig Workers Using KarmaLife Platform
• Small Industries Development Bank of India (SIDBI) has agreed with a fintech Onion Life Private
Limited to use the latter’s technology platform KarmaLife for a pilot to provide micro loans to gig
workers.
• This is expected to support the gig workers’ financial inclusion to formal institutional credit.
• KarmaLife will help gig workers access micro-loans through a mobile app and eliminate the hassle
of extensive paperwork or physical documentation.
About SIDBI :
• Headquarters : Lucknow, Uttar Pradesh, India
• Chairman & MD : Sivasubramanian Ramann
• The SIDBI is the apex regulatory body for overall licensing and regulation of micro, small and
medium enterprise finance companies in India.
• It is under the jurisdiction of the Ministry of Finance , Government of India (GoI).
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.
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• 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.
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.
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.
Reserve Bank of India to Introduce Central Bank Digital Currency-Retail Accessible to Non-Bank
Payment Operators
• The Reserve Bank of India (RBI) has proposed allowing non-bank payment system operators
(PSOs) to offer CBDC (Central Bank Digital Currency) wallets in order to make CBDC-R (Retail)
more accessible to a broader segment of users.
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• Enhanced Access and Choices: This is expected to enhance access and expand choices available
to users apart from testing the resiliency of the CBDC platform to handle multi-channel
transactions.
• Additional Functionalities Proposed : During the (Monetary Policy Committee) MPC meeting in
February 2024, RBI had proposed to enable additional functionalities of programmability and offline
capability in CBDC retail payments.
Reserve Bank of India Developing Mobile App for Retail Direct Portal to Enhance Retail Investors'
Access to Government Securities Market
• The Reserve Bank of India (RBI) announced that a mobile application of the Retail Direct portal is
being developed to improve further ease of access by retail investors to the government securities
market.
• The app will enable investors to buy and sell instruments/government securities (Government
Dated Securities, State Development Loans, Treasury Bills and Sovereign Gold Bonds,) on the go,
at their convenience.
• RBI Retail Direct Scheme, launched in November 2021, gives access to individual investors to
maintain gilt accounts with RBI and invest in government securities.
Reserve Bank of India Slaps Monetary Penalty on IDFC First Bank and LIC Housing Finance
• The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on IDFC First
Bank Limited for non-compliance with certain directions issued by the central bank on ‘Loans and
Advances – Statutory and Other Restrictions’.
• This penalty has been imposed in the exercise of powers vested in RBI conferred under the
provisions of section 47 of the Banking Regulation Act, 1949.
• In Another regulatory action, RBI imposed a monetary penalty of Rs 49.70 lakh on LIC Housing
Finance Limited for non-compliance with certain provisions of Fair Practices Code.
• This penalty has been imposed in exercise of powers vested in RBI conferred under section 52A of
the National Housing Bank Act, 1987.
About IDFC FIRST Bank :
• Founded : October 2015
• Headquarters : Mumbai, Maharashtra
• CEO: V. Vaidyanathan
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• IDFC FIRST Bank is an Indian private sector bank formed by the merger of the banking arm of
Infrastructure Development Finance Company and Capital First, an Indian non-bank financial
institution.
About LIC Housing Finance Ltd :
• Founded : 19 June 1989
• MD & CEO : Tribhuwan Adhikary
• LIC HFL is a subsidiary company of LIC.
Income Tax Department Issues Demands of Rs. 770 Crores to Indian Overseas Bank, Tamilnad
Mercantile Bank and Karur Vysya Bank
• The Income Tax (I-T) Department has slapped Tamilnad Mercantile Bank (TMB), Karur Vysya
Bank (KVB) and Indian Overseas Bank (IOB) with demand notices for ₹770 crores for the
assessment year 2022-23 on account of certain additions and disallowances.
• Indian Overseas Bank (IOB) received a demand notice of ₹620 crore due to certain additions and
disallowances, discovered on March 28, 2024.
• IOB is preparing to file an appeal before the Commissioner of Income Tax (Appeals), National
Faceless Appeal Centre (NFAC), within the stipulated time frame.
• There is a demand of ₹110 crore on IOB for certain additions and disallowances, with this
information received on March 30, 2024.
• Karur Vysya Bank (KVB) received a demand notice for ₹40 crore.
About the Income Tax Department :
• Headquarters : New Delhi, Delhi, India
• Chairman of Central Board of Direct Taxes : Nitin Gupta
• The Income Tax Department (also referred to as IT Department; abbreviated as ITD) is a
government agency undertaking direct tax collection of the government of India.
• It functions under the Department of Revenue of the Ministry of Finance.
• It is headed by the apex body Central Board of Direct Taxes (CBDT).
• The main responsibility of the Income Tax Department is to enforce various direct tax laws, most
important among these being the Income-tax Act, 1961, to collect revenue for the government of
India.
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About TMB :
• Founded : 1921 as the Nadar Bank, but changed its name to Tamilnad Mercantile Bank in
November 1962
• Headquarters : Thoothukudi, Tamil Nadu, India
• Tagline : Be a step ahead of Life
About IOB :
• Founded : 10 February 1937
• Headquarters : Chennai, Tamil Nadu, India
• MD & CEO : Ajay Kumar Srivastava
• Tagline : Good people to grow with
About KVB :
• Founded : 1916
• Headquarters : Karur, Tamil Nadu
• MD & CEO : B. Ramesh Babu
• Tagline : Smart Way to Bank
36.91 Million New Demat Accounts Opened in Fiscal Year 2024

• Nearly 3.7 crore (36.91 million ) demat accounts were added in the fiscal year 2024, marking the
largest increase ever, averaging over 30 lakh accounts a month, driven by a rally in the market.
• The number of Demat accounts opened with two depositories the Central Depository Services
(CDSL) and the National Securities Depository (NSDL) jumped 11.9% year-on-year, to 15.14 crore
from 11.45 crore.
• At the same time, the benchmark Sensex and Nifty50 jumped 24.85 percent and 28.61% in FY24,
while the broader BSE Midcap and Smallcap indices jumped 63.4% and 60%.
• The number of Rs 1-trillion market capitalization stocks increased to 80 from 48 in the previous
fiscal year.
Canara Bank Introduces Range of New Products and Services to Improve Customer Experience and
Banking Efficiency
• Canara Bank, a Public Sector Bank has unveiled a series of new products and services aimed at
enhancing customer experience and streamlining banking operations.
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• The bank is launching a healthcare-focused loan product Canara Heal, to meet the shortfall of
hospitalization expenditure while settling through Third Party Administrator (TPA) healthcare
insurance claims of self and/or dependents.
• A customized savings account for women -Canara Angel , with features like Cancer Care policy,
pre-approved personal loan Canara ReadyCash and online loan against term deposit product
Canara MyMoney.
About Canara Bank :
• Established : 1906
• Headquarters : Bengaluru, Karnataka, India
• MD & CEO : K. Satyanarayana Raju
• Tagline : Together We Can
State Bank of India and Standard Chartered Engage in Credit Default Swap Trade Under New Reserve
Bank of India Norms
• The Credit Default Swap (CDS) trade between the State Bank of India (SBI) and Standard
Chartered Bank India is significant as it marks the first transaction of its kind following the issuance
of fresh guidelines by the Reserve Bank of India (RBI) regarding CDS instruments.
• The CDS trade was valued at ₹25 crore, indicating a substantial financial commitment from both
parties involved.
• The trade involved a 1-year rupee CDS featuring REC.
• Credit default swaps are derivative instruments that provide a form of insurance against the risk of
default of the issuer of a bond.
About SBI :
• Founded : 1 July 1955
• Chairman : Dinesh Kumar Khara
SEBI Introduces SCORES 2.0 to Improve Investor Complaint Resolution System
• The Capital markets regulator Securities and Exchange Board of India (SEBI) launched the new
version of the SEBI Complaint Redress System (SCORES 2.0).
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• The new version of SCORES strengthens the investor complaint redress mechanism in the
securities market by making the process more efficient through auto-routing, auto-escalation,
monitoring by the designated bodies and reduction of timelines.
• Features of SCORES : SCORES is an online system where investors in the securities market can
lodge their complaints through web URL and an app.
• It was launched in June 2011.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Chairman : Madhabi Puri Buch (the first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
PhonePe Users Gain Ability to Utilise UPI for Payments in Singapore
• PhonePe, a fintech firm, has collaborated with The Singapore Tourism Board (STB) to enable its
users to make payments through the Unified Payments Interface (UPI) in Singapore.
• The collaboration aims to enhance the payment experience for Indian visitors in Singapore by
leveraging UPI technology.
• Cross-border Transactions:The partnership builds upon the existing UPI linkage between India and
Singapore, enabling customers to make instant cross-border transactions directly from their
existing Indian bank accounts.
About Phonepe :
• Founded : 2015
• Headquarters : Bangalore, Karnataka
• Founder & CEO : Sameer Nigam
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.
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• 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.
Banks Expected to Experience Slight Downturn in Credit Growth to Approximately 14-15% in Fiscal
Year 2025
• Credit rating agencies expect banks’ credit growth to slow a mite to about 14-15% in Fiscal Year
2025 (FY25) against the estimated 16% in FY24 amid elevated lending rates and global
headwinds.
• Factors Influencing Credit Growth:Elevated lending rates and global headwinds are cited as
factors contributing to the expected slowdown in credit growth.
• The moderation in economic growth is also expected to impact credit growth rates.
Foreign Portfolio Investors (FPIs) Witness Surge in Net Investments in Debt Market, Reaching $14.58
Billion in FY 2024
• Foreign Portfolio Investors' (FPI) net investments in the debt market surged to $14.58 billion in FY
2024, marking the highest net inflow in the past 6 years.
• The surge in investments was fueled by bullish investor sentiment following announcements to
include Indian government securities in global indices.
• Over 70% of the inflows occurred in the last 5 months of the fiscal year, particularly after JP
Morgan Chase's announcement in September to add Indian government bonds to its benchmark
Global Bond Index Emerging Markets Index.
Non-Banking Financial Company Loan Sanctions Decline by Approximately ₹19,000 Crore in Q3
• The Reserve Bank of India’s (RBI) measures to curb bank finances in some segments of Non-
Banking Financial Companies (NBFCs) appear to have slowed down growth for finance
companies.
• Loans sanctioned by NBFCs fell from Rs 4.47 lakh crore in Q2 FY23 to Rs 4.28 lakh crore in Q3
FY24 - a decline of 4.2% quarter-on-quarter. Compared to the year-ago period, loans fell 5.8%.
• The decline was primarily attributed to long-term loans, which fell by 40% or Rs 10,365 crore to Rs
15,500 crore.
AU Small Finance Bank Completes First-Ever Merger Among Small Finance Banks by Acquiring
Fincare Small Finance Bank
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• 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 :
• Headquarters : Jaipur, Rajasthan, India
• MD & CEO : Sanjay Agarwal
About Fincare Small Finance Bank :
• Headquarters : Bengaluru, Karnataka
• MD & CEO : Rajeev Yadav
Comprehensive Guidelines on Housing Finance: Master Circular

• The Master circular on Housing Finance is to consolidate the framework of rules/ regulations and
clarification on Housing Finance issued to banks by the Reserve Bank of India (RBI) from time to
time.
• Statutory Directive:A statutory directive issued by the Reserve Bank in the exercise of the powers
conferred by Sections 21 and 35 A of the Banking Regulation Act, 1949.
• Applicability:The circular applies to all Scheduled Commercial Banks, excluding Regional Rural
Banks.
Comprehensive Guidelines on Housing Finance for Urban Co-operative Banks: Master Circular
• The role of primary (urban) co-operative banks (UCBs) in providing housing finance has been
reviewed from time to time.
• These banks, with their vast network, occupy a very strategic position in the financial system and
have an important role to play in providing credit to the housing sector.
• Lending Flexibility:UCBs, based on their commercial judgment and other prudential business
considerations, with the approval of their Board of Directors, are free to identify the eligible
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borrowers, decide margins and grant housing loans depending upon the repaying capacity of
borrowers.
• Loan Limits:Tier-1 UCBs can extend individual housing loans up to a maximum of ₹60 lakh per
borrower, while UCBs categorized in Tier-2 to Tier-4 can extend loans up to ₹140 lakh per
borrower, subject to prudential exposure limits.
RBI Fines 64 Lenders a Total of ₹74 Crores on Amid Increased Supervision in FY24
• The Reserve Bank of India (RBI) imposed a monetary penalty on 64 banks and Nonbank financial
companies (NBFCs) during the financial year, for a cumulative amount of ₹74.1 crore.
• In comparison, 41 lenders had been fined for a total amount of ₹33.1 crore in FY23.
• The data excludes cooperative banks and regional rural banks.
• Monetary penalties: Out of the penalties, 35 regulatory actions were imposed on banks, including
16 PSU banks, 13 private banks, 4 foreign banks, and one small finance bank and payments bank
each.
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 :
• Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single
mobile application.
• It is developed by the National Payments Corporation of India (NPCI).
• It was introduced in April 2016.
After 3-Year break, RBI Reintroduces Multiple Price Auctions for Government Bonds
.
• The Reserve Bank of India (RBI) has shifted its methodology for conducting auctions of
government securities under the market borrowing program of the Government of India from
uniform pricing to multiple price auctions.
• This change comes after nearly 3 years, indicating a departure from the previous uniform pricing
method.
• Reasons for Change: The decision to switch methodologies is influenced by expectations of robust
demand for government bonds due to various factors, such as inclusion in JP Morgan’s Emerging
Market Bond Index and expectations of rate cuts.
About RBI :
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-on-
year 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.
Reserve Bank of India Considers Establishing Digital India Trust Agency to Combat Illegal Lending
Apps
• As a part of its efforts to curb growing cyber fraud, the Reserve Bank of India (RBI) is considering
establishing a Digital India Trust Agency (DIGITA) to stop the mushrooming of illegal lending apps.
• Role and Responsibilities of DIGITA:DIGITA would be responsible for verifying digital lending apps
and maintaining a public register of verified apps.
• Apps lacking the 'verified' signature of DIGITA would be considered unauthorized for law
enforcement purposes.
.
• Objective of Verification Process:The verification process aims to enhance transparency and

accountability within the digital lending sector, which has witnessed a surge in fraudulent activities.
About RBI :
Kotak Mahindra Bank Leads in Equity Offerings Ranking

• Kotak Mahindra Bank (KMB) topped the league table of equity offerings, with the private lender
being the manager to 43 issues in FY24, a year when companies raised about ₹2.9 trillion through
a total of 400 issuances.
• KMB topped the table with ₹31,655 crore in value terms and a 10.89% market
share.
• Citibank came in 2nd with 18 IPOs with Rs 31,467 crore in value terms and a 10.82% market
share.
• BofA Securities holds the 3rd spot with 14 issues and a market share of 8.87%.
• JP Morgan with a 7.82% market share of the total IPOs came in fourth, with IIFL Finance (6.13%),
ICICI (6.09%), JM Financial (6.07%), Morgan Stanley (5.75%) and Goldman Sachs (5.34%) being
the others in the top 10.
Securities and Exchange Board of India Likely to Provide Clarity on Currency Derivatives
• The Securities and Exchange Board of India (SEBI) is expected to provide clarity on exchange-
traded currency derivatives (ETCD) following a central bank circular that caused panic due to
limitations on their use for hedging purposes.
• The Reserve Bank of India (RBI) issued a circular on 5 January, limiting exposure to $100 million
across all contracts involving the rupee, without any existing underlying exposure.
• Expected Clarificatory Circular:SEBI is examining representations from broker associations, and a
clarificatory circular from either SEBI or stock exchanges is anticipated as early as Monday.
About SEBI :
.
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)

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 :
• Established : 14 October 2003
• Headquarters : New Delhi
• Chairman : Ravneet Kaur
• The CCI is the chief national competition regulator in India.
• It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the
Competition Act, 2002 to promote competition and prevent activities that have an appreciable
adverse effect on competition in India.
Mutual Funds' Equity Purchases Reach Record High of Rs 45,120 Crore in March 2024
• Domestic mutual funds (MFs) injected a record Rs 45,120 crore into domestic stocks in March
2024 marking their highest-ever buying in a month.
• This surge in domestic fund inflows occurred amid a selloff in small-cap and mid-cap stocks, as
well as the execution of large block trades in blue-chip companies.
• The March 2024 deployment by domestic mutual funds was more than 3 times the buying seen in
the previous month.
.
• The previous record for monthly inflows from domestic MFs was set during the unprecedented
COVID-19 selloff in March 2020, when they invested nearly Rs 30,300 crore.
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 :
• Established : July 7, 1944
• Headquarters : Washington, D.C., United States
• President : Ajay Banga (14th President)
• The World Bank Group consists of 5 institutions ie
• International Bank for Reconstruction and Development (IBRD)
• International Development Association (IDA)
• International Finance Corporation (IFC)
• Multilateral Investment Guarantee Agency (MIGA)
• International Centre for Settlement of Investment Disputes (ICSID)
City Union Bank Achieves Total Business Milestone Exceeding ₹1 Lakh Crore in FY24
• City Union Bank (CUB) has achieved a milestone in FY24 as the old private sector bank’s total
business crossed the ₹1 lakh crore mark for the first time.
• This milestone was reached in the bank's 120th year of operations, highlighting its longstanding
presence in the banking sector.
• Growth Trajectory:The bank's total business crossed the ₹50,000 crore mark in FY17 and
achieved the second ₹50,000 crore in just 7 years, indicating a rapid growth trajectory.
• Financial Performance:As of March 31, 2023, the bank's total business stood at ₹96,369 crore,
marking an increase from ₹88,846 crore recorded a year ago.
.
• In the December 2023 quarter, the bank's total business stood at ₹96,744 crore, and it reported a
profit after tax of Rs. 253 crore.
About City Union Bank :
• Founded : 1904
• Headquarters : Kumbakonam, Tamil Nadu
• MD & CEO : N Kamakodi
• Tagline : Trust and Excellence since 1904
• City Union Bank is bigger than Tamilnad Mercantile Bank in terms of business size but smaller
than Karur Vysya Bank.
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 respective categories such
as Agriculture, MSME etc.
Magma HDI General Insurance and Suryoday Small Finance Bank Partner to Provide Health Insurance
to Commercial Vehicle Loan Customers
• Suryoday Small Finance Bank, small finance banks in India and Magma HDI General Insurance
Company, a prominent player in India’s general insurance sector have entered into a corporate
agency agreement to offer health insurance to Suryoday Bank’s Commercial Vehicle Loan
customers.
.
• This strategic collaboration aims to bridge the health insurance accessibility gap by leveraging
Suryoday Bank’s extensive reach across urban and rural regions.
• With this tie-up, Suryoday Bank Commercial Vehicle Loan customers will gain access to
customised health insurance solutions, aligning with the Bank’s commitment to social
inclusiveness.
About Magma HDI General Insurance :
• MD & CEO : Rajive Kumaraswami
About Suryoday Small Finance Bank Ltd :
• MD & CEO : Baskar Babu Ramachandran
• Incorporated in 2008, it's a leading Small Finance Bank(SFB) in India.
• The company started offering SFB services in 2017.
Finance Ministry: Income Tax Slabs Unchanged from April 1, 2024

• The Ministry of Finance (MoF) has confirmed that there are no changes in the new income tax
regime for individuals for the current fiscal year.
• Individual taxpayers have the option to opt out of this regime at the time of filing their Income Tax
Returns (ITR).
• Introduction of Modified Tax Regime: A modified new income tax regime was introduced on April
1, 2023, for individuals, featuring significantly lower tax rates compared to the old regime.
• Exemptions and Deductions Limitations: Under the new regime, various exemptions and
deductions, except for standard deductions such as ₹50,000 from salary and ₹15,000 from family
pension, are not available.
About Ministry of Finance :
• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Bhagwat Karad, Pankaj Choudhar
Axis Bank Launches Digital Opening of US Dollar Fixed Deposits for NRIs at GIFT City
• Axis Bank announced the introduction of digital US dollar fixed deposit (FD) for Non-Resident
Indian (NRI) customers at the IFSC Banking Unit (IBU) at GIFT City, Gujarat.
• Axis Bank is the first bank to provide a digital journey for GIFT City Deposits, enhancing
convenience for NRI customers.
.
• NRI customers of the bank can now open US dollar fixed deposits at GIFT City through 'Open by
Axis Bank'; the mobile banking application of the lender.
• The US Dollar fixed deposit also offers a wide range of investment tenures from 7 days up to 10
years.
About Axis Bank :
• Established : 3 December 1993
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi
Mudra Loans Reach Record High, Exceeding ₹5 lakh-crore Mark in FY24

• According to the latest Government data, Small business loans under the Pradhan Mantri Mudra
Yojana (PMMY) witnessed record growth in disbursals in FY24 and also crossed the milestone of
₹5 lakh crore.
• Loans sanctioned in the last financial year were higher at ₹5.28 lakh crore.
• The total disbursals stood at ₹5.20 lakh in the year ended March 2024, as against ₹4.40 lakh
crore in the previous financial year.
• Nearly 70% of the beneficiaries of these loans are women.
Reserve Bank of India Declines 2 Additional Applications for Small Finance Banks Establishment
• The Reserve Bank of India (RBI) has rejected two more applications for setting up small finance
banks: Dvara Kshetriya Gramin Financial Services Private Limited and Tally Solutions Private
Limited.
• Dvara Kshetriya Gramin Financial Services applied for a small bank licence in April 2021 whereas
Tally Solutions had applied in August 2021.
• The RBI has so far received 13 applications to set up a universal or small finance bank as allowed
under the ‘on tap’ licensing guidelines for such banks.
Revolut Receives In-Principle Approval from Reserve Bank of India for Prepaid Payment Instruments
License
.
• Tiger Global and Softbank-backed neobank Revolut India has received an in-principle approval
from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI), including
prepaid cards and wallets.
• This enables it to operate as a domestic player in the market.
• This approval builds upon the existing licences which Revolut India has successfully obtained from
RBI to operate as a Category-II Authorised Money Exchange Dealer (AD II) and to be able to
provide multi-currency forex cards and cross-border remittance services,
About Revolut :
• Founded : 1 July 2015
• Headquarters : London, England, United Kingdom
• CEO of Revolut India : Paroma Chatterjee
• Revolut, a London-based neobank and financial technology company, has been gearing up for its
entry into India, working closely with the RBI over the past two years.
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.
• Minister of State : Bhagwat Karad, Pankaj Choudhary
About IRDAI :
• 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.
Reserve Bank of India Rejects Odisha-based Annapurna Finance Limited's Application for Universal
Bank License
• The Reserve Bank of India (RBI), in a cautious move, declined Annapurna Finance Limited’s
application for a universal bank license made in January 2023.
• The RBI expressed caution and hesitation about awarding a full-service bank license to the
Odisha-based lender.
• Annapurna Finance Limited primarily focuses on microfinance loans, which raised concerns for the
regulator regarding the bank's capability to operate as a universal bank.
Securities and Exchange Board of India Approves Hinduja's Ownership of Reliance Wealth
• Hinduja Group-owned Asia Enterprises has received Securities and Exchange Board of India’s
(SEBI) approval for taking control of Reliance Wealth Management.
• The approvals were received under SEBI’s regulations governing investment advisers and portfolio
managers, respectively.
• The approvals come in the wake of the successful bid by IndusInd International Holdings, the
promoter entity of the 5th largest private sector bank in India - IndusInd Bank.
• IIHL emerged as the successful resolution applicant to acquire the beleaguered financial services
company – Reliance Capital, under the Corporate Insolvency Resolution Proceedings process of
Insolvency and Bankruptcy Code.
Reserve Bank of India Initiates Manufacturing Company Survey, Essential Input for Policy Formulation
• The Reserve Bank of India (RBI) has launched the next round of quarterly order books, inventories
and capacity utilisation surveys of manufacturing companies, a key input for the monetary policy
formulation.
• The 65th round of the survey covers the reference period of January-March 2024 (Q4: 2023-24).
• Survey History:The RBI has been conducting the order books, inventories, and Capacity Utilization
Survey (OBICUS) of the manufacturing sector on a quarterly basis since 2008.
Karnataka Bank Collaborates with FISDOM to Provide Stock Broking Services
.
• Karnataka Bank has partnered with FISDOM to offer 3-in-1 (savings, demat and trading accounts)
through the bank’s mobile banking app ‘KBL Mobile Plus’.
• This association is all set to enhance the current value proposition of enabling customers to invest
in stocks and mutual funds.
• This offering will empower the customers with seamless access to both investment opportunities
and trading functionalities, all within a single, user-friendly interface.
• The 3-in-1 facility enables customers to streamline their investment journey by consolidating their
demat and trading accounts.
About FISDOM :
• Chief Executive Officer and Co-Founder : Subramanya SV
About Karnataka Bank :
• Founded : 18 February 1924
• Headquarters : Mangalore, Karnataka, India
• MD & CEO : Srikrishnan Hari Hara Sarma
Reserve Bank of India Issues Alert List of Entities Prohibited from Forex Trading under Foreign
Exchange Management Act 1999
• The Reserve Bank of India (RBI) has released another 'Alert List' including the names of
organisations that are not permitted to trade in foreign exchange under the Foreign Exchange
Management Act (FEMA), 1999 or to conduct foreign exchange transactions through electronic
trading.
• The Alert List contains names of entities which are neither authorised to deal in forex under the
FEMA 1999 nor authorised to operate electronic trading platforms (ETP) for forex transactions
under the Electronic Trading Platforms (Reserve Bank) Directions, 2018.
Securities and Exchange Board of India Approves ₹5,000 Crore IPO for Aadhar Housing Finance,
Backed by Blackstone
• Aadhar Housing Finance Limited (AHFL), focused on low-income housing in India, has received
final observations from the Securities and Exchange Board of India (SEBI) for its proposed Initial
Public Offering (IPO).
• The company aims to raise approximately ₹5,000 crore through the IPO.
• AHFL had previously submitted draft papers in February 2024.
.
• However, in January 2021, it had submitted draft papers to SEBI, receiving approval in May 2022
for an IPO of slightly over ₹7,000 crore, which it decided not to proceed with.
Tata Mutual Fund Introduces 6 Sectoral and Thematic Index Funds

• Tata Mutual Fund has launched 6 thematic index funds focused on various sectors including
infrastructure, healthcare, realty, financial services, automobile, and manufacturing.
• The new fund offer (NFO) of these schemes is available for subscription till April 22, 2024.
• The minimum investment during the NFO period is ₹5,000.
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.
PhonePe Collaborates with eSewa and Hotel Association of Nepal Pokhara to Boost Unified Payments
Interface Service Adoption in Nepal
• Fintech firm PhonePe has partnered with Nepal's digital wallet service eSewa and the Hotel
Association of Nepal (HAN) Pokhara to promote digital payments through Unified Payments
Interface (UPI) on the Himalayan country's payment processor Fonepay Network.
• The partnership is a part of the Fewa New Year Festival which will be held from April 11-14, 2024
in Nepal.
• Over 3,000 merchants will participate in the festival with more than 1,00,000 visitors expected to
visit.
About Phonepe :
.
• Headquarters : Bengaluru, Karnataka, India.

• CEO : Sameer Nigam
• PhonePe is an Indian digital payments and financial services company.
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 :
• Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
• MD & CEO : Sashidhar Jagdishan
• Tagline : We Understand Your World
National Investment and Infrastructure Fund Limited Injects $200 Million into iBUS to Expand Digital
Infrastructure
• The National Investment and Infrastructure Fund Limited. (NIIF) has invested $200 million in iBUS
Network and Infrastructure Private Limited., a connectivity technology firm, to support the growth of
India’s digital infrastructure.
• Utilization of Funds: The funds raised will be utilized for scaling iBUS’ operations through both
organic and inorganic growth initiatives.
About National Investment and Infrastructure Fund Limited :
• Founded : February 2015
• MD & CEO : Sanjiv Aggarwal
• The NIIFL is a Government-owned owned company which maintains infrastructure investments
funds for international and Indian investors anchored by the Government of India.
.
Computer Age Management Services Limited Receives Reserve Bank of India’s Approval to Function
as an Online Payment Aggregator
• Computer Age Management Services Limited (CAMS), India's largest mutual fund transfer agency,
has received authorization from the Reserve Bank of India (RBI) to operate as an online payment
aggregator.
• In-Principle Authorization: CAMS initially received an in-principle authorization from RBI in
February 2023, and the certificate of authorization was officially received on April 10, 2024.
About CAMS :
• Founded : 1988
• Headquarters : Chennai, Tamil Nadu, India
• CEO : Anuj Kumar
• The CAMS is a mutual fund transfer agency serving Indian asset management companies.
Kotak Alternate Asset Managers Secures Rs 2,000 Crore for Equity Investments
• Kotak Mahindra Bank's asset management arm Kotak Alternate Asset Managers Limited has
raised Rs 2,000 crore to invest in equities.
• Kotak Alternate Asset Managers' 'Iconic Fund' is a Sebi-registered category III Alternative
Investment Fund (AIF) and an open-ended platform conceptualised as an equity multi-advisor
portfolio solution.
• Aim of the fund : To solve the challenge of building and maintaining equity portfolios amid the
difficulties faced by investors due to the market volatilities.
Reserve Bank of India and National Payments Corporation of India Recommend Strategies to Reduce
Cross-Border Remittance Expenses to 3%
• The Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) have
collaborated to propose measures to the World Trade Organisation (WTO) aimed at reducing the
cost of cross-border remittances.
• The current costs of cross-border remittances can be as high as 8%, prompting the need for
measures to reduce these expenses.
About RBI :
.

About NPCI :
• Founded : 2008
• MD & CEO : Dilip Asbe
• The NPCI is an umbrella organization for operating retail payments and settlement systems in
India.
• It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the
provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment &
Settlement Infrastructure in India.
Draft Guidelines for Academic Bank of Credits Establishment Notified by Ministry of Skills Development
and Entrepreneurship
• The Ministry of Skills Development and Entrepreneurship has notified draft guidelines for setting
up the Academic Bank of Credit (ABC), paving way for implementation and operationalization of
the National Credit Framework as envisaged under the National Education Policy 2020.
• Purpose of ABC : The Academic Bank of Credit is a digital repository that stores credit
information earned by students or learners throughout their educational journey.
ICICI Bank Extends Rs 2675 Crore Debt Facility to Tata Steel: Report
• ICICI Bank has provided a ₹2,675 crore debt facility to Tata Steel for a term of 3 years to repay
its existing debt.
• It added that documents filed with the National Securities Depository showed that Tata Steel has
raised Rs 2,700 crore through unsecured fixed-rate bonds at 7.79%.
• Tata Steel is among the top three steel producers in India with 21.6 million tonnes per annum of
crude steel capacity on a standalone basis.
• The company targets to expand its total capacity to 40 mtpa by FY30.
About ICICI Bank :
• Founded : 5 January 1994
• Headquarters : Mumbai , Maharashtra, India
• MD & CEO : Sandeep Bakhshi
Securities and Exchange Board of India Proposes Direct Reporting of Alternative Investment Funds'
.
Private Placement Memorandum Changes to Reduce Compliance Costs

• To facilitate ease of doing business, the Securities and Exchange Board of India (SEBI) has
proposed that certain changes in the private placement memorandum (PPM) of alternative
investment funds (AIF) can be submitted directly to the regulator rather than through a merchant
banker.
• Also, the proposed move would rationalise the cost of compliance for AIFs.
• These included changes in the size of the fund, information related to affiliates, commitment
period, key investment team of the manager and key management personnel of AIF, and reduction
in expense or fee or cost charged to fund/investors.
About SEBI :
• Chairman : Madhabi Puri Buch (the first woman to lead the SEBI)
Foreign Portfolio Investments withdraw ₹325 crore from Indian equities so far in April 2024
• Foreign Portfolio Investments (FPIs) have turned cautious as they pulled out ₹325 crore from
Indian equities in the first week of April 2024 owing to relatively high valuations and the upcoming
general elections.
• The net outflow came after a staggering investment of ₹35,000 crore in March and ₹1,539 crore in
February, 2024.
• The US 10-year yield has spiked to 4.4%, potentially impacting FPI investment flows into India in
the near term.
Nippon India Mutual Fund, ICICI MF, HDFC MF Witness Double-Digit Growth in assets under
management for FY24
• Nippon India Mutual Fund, ICICI Mutual Fund, and HDFC Mutual Fund are among the top 10 fund
houses that registered double-digit growth in average assets under management (AUM) in the last
fiscal year.
.
• Nippon India MF’s average AUM increased 14% to ₹4.31 lakh crore in the fiscal ended March,
compared to ₹3.78 lakh crore in FY’23
• ICICI MF and HDFC MF logged an 11% rise to ₹6.83 lakh crore (₹6.14 lakh crore) and ₹6.12 lakh
crore (₹5.51 lakh crore), respectively.
• SBI MF topped the table with an average AUM jump of 7% at ₹9.14 lakh crore (₹8.51 lakh crore).
Reserve Bank of India Maintains FY25 Real GDP Forecast at 7%; Retail Inflation Expected to Remain
at 4.5%
• The Reserve Bank of India's (RBI) six-member Monetary Policy Committee (MPC) maintained the
policy repo rate at 6.50% at its first meeting of FY25 due to persisting retail inflation above the 4%
target.
• The policy repo rate under the liquidity adjustment facility (LAF) was also kept unchanged at
6.50%, alongside the standing deposit facility (SDF) rate at 6.25% and the marginal standing
facility (MSF) rate and the Bank Rate at 6.75%.
• The decisions align with the objective of achieving the medium-term target for Consumer Price
Index (CPI) inflation of 4% within a band of +/- 2% while supporting economic growth.
About RBI :
Compulsory Adoption of e-Insurance in Demat-Like Format for All New Policies Starting April 1, 2024
• Starting from April 1, 2024, it is mandatory for insurance policies to be held in electronic format,
akin to shares in a demat account.
• This highlights a significant shift towards digitalization in the insurance sector.
• The Insurance Regulatory and Development Authority of India (IRDAI) has mandated this
transition and requires insurers to have a Board-approved policy for issuing electronic insurance
policies.
India's Interest Rate Swaps Indicate Reserve Bank of India's Probable Decision to Maintain Rates
Stable Until 2024
.
• Indian overnight indexed swap (OIS) rates have increased since the Reserve Bank of India's latest
policy meeting, suggesting investors now expect a rate cut only in early 2025 instead of the last
quarter of 2024.
• OIS Rates:The one-year OIS rate, a commonly used indicator to gauge interest rate expectations,
reached 6.82%, the highest level since December 13.
• The five-year OIS rate was at 6.48%, marking its highest level in four months.
About RBI :
Public Sector Banks Authorized to Transfer Unclaimed Shares to the Investor Education and Protection
Fund
• The finance ministry is contemplating amending the Banking Companies (Acquisition and Transfer
of Undertakings) Act, 1970, which governs public sector banks (PSBs).
• Provision for Unclaimed Dividends : It governs public sector banks (PSBs), to make suitable
provisions for allowing PSBs to transfer shares to the Investor Education and Protection Fund
(IEPF) when dividends of such shares remain unclaimed by the investors for 7 consecutive years.
• Minister of State : Bhagwat Karad, Pankaj Choudhary
ICICI Lombard and Policybazaar Join Forces to Provide Accessible Insurance Solutions for Indian
Consumers
• ICICI Lombard announced that it has entered into a partnership with Policybazaar to bring together
the comprehensive product portfolio of ICICI Lombard and the reach of Policybazaar, promising
accessible insurance solutions for Indian consumers.
• The collaboration encompasses access to nearly 10 million customers with a wide range of
insurance products, including motor insurance, health insurance, travel insurance, home
insurance, and business insurance.
About ICICI Lombard General Insurance :
.

• Chairman & Managing Director : Sanjeev Mantri
• ICICI Lombard General Insurance Company Limited is a general insurance company in India. It is
engaged in general insurance, reinsurance, insurance claims management and investment
management.
About Policybazaar :
• Founded : July 2008
• Headquarters : Gurgaon, Haryana, India
• Policybazaar is an Indian insurance aggregator and multinational financial technology company.
Reserve Bank of India Levies Fine on The Uttarakhand Grameen Bank, Dehradun
• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹5.00 lakh on The
Uttarakhand Grameen Bank, Dehradun for contravention of the provisions of section 26 A (2) read
with section 51 of the Banking Regulation Act, 1949 (BR Act).
• The statutory inspection of the bank was conducted by the National Bank for Agriculture and Rural
Development (NABARD) with reference to its financial position as of March 31, 2023.
• This action is based on deficiencies in regulatory compliance and is not intended to pronounce
upon the validity of any transaction or agreement entered into by the bank with its customers.
Asian Development Bank Upgrades India's FY25 GDP Growth Projection to 7% Due to Strong
Investment and Consumer Demand
• The Asian Development Bank (ADB) has revised its Gross domestic product (GDP) growth
forecast for India, raising it to 7% for the current fiscal year (2023-24) from its previous projection
of 6.7%.
• According to the ADB's April, 2024 edition of the Asian Development Outlook, the robust growth
will be driven by strong public and private sector investment demand, as well as a gradual
improvement in consumer demand.
• However, the growth estimate for the 2024-25 fiscal year is lower than the 7.6% projected for
2022-23.
About ADB :
.
• Headquarters : Manila, Philippines

• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and
19 non-regional members (countries outside the region)
State Bank of India and ICICI Likely to Serve as third-party liaisons for European banks
• State Bank of India (SBI) and ICICI Bank, two of India's top three lenders, are expected to serve as
local intermediaries for European banks seeking third-party clearing services.
• This arrangement follows a meeting between top officials from the Reserve Bank of India (RBI) and
certain European banks.
• Background of ESMA Decision: The proposal for local banks to conduct third-party clearing for
European banks stems from the European Securities and Markets Authority's (ESMA) decision in
October 2022 to de-recognize the Clearing Corporation of India (CCIL).
About SBI :
• Established : 1 July 1955
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti
About ICICI Bank :
• Founded : 5 January 1994
• MD & CEO : Sandeep Bakhshi
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 :
• Kotak Mahindra Life Insurance Company Limited is a privately held life insurance company based
in India.
Pakistan Tops Asia with Highest Cost of Living and 25% Inflation Rate: Asian Development Bank
● The Manila-based lending agency Asian Development Bank (ADB) stated that the inflation rate in
Pakistan is expected to be 25% in the current fiscal year(2024), the highest in all of Asia.
● With this inflation rate, Pakistan has become the most expensive nation in Asia, surpassing its
previous status as the highest in South Asia.
● The ADB's Asian Development Outlook forecasts a 15% inflation rate for Pakistan in the next
fiscal year, which remains the highest among 46 countries.
● Additionally, it projects a 2.8% growth rate for the same period, ranking the 5th lowest for FY
2024-25.
● The State Bank of Pakistan (SBP) and federal government had set the inflation target at 21% for
this fiscal year but they are going to miss it despite inflicting huge losses in the shape of a 22%
interest rate.
● Pakistan's economic growth rate for the current fiscal year is forecasted to be 1.9%, making it the
fourth lowest among surveyed countries.
● The lowest ranks include Myanmar, Azerbaijan, and Nauru.
About ADB :
● Established : 1966
● Headquarters : Manila, Philippines
● President : Masatsugu Asakawa
● Membership : 68 members, including 49 regional members (countries in Asia and the Pacific)
and 19 non-regional members (countries outside the region)
HDFC ERGO General Insurance Launches Paws n Claws: Comprehensive Pet Insurance Covering
Diagnostics
● HDFC ERGO General Insurance has launched Paws n Claws, an extensive insurance policy
specifically designed for pet dogs and cats.
● The introduction of this product coincides with April 11, 2024 National Pets Day, aiming to
.
safeguard pet owners from unexpected expenses resulting from their pets' injuries, illnesses, and
surgeries.
● Growth of Pet Care Industry: India's pet care industry is witnessing a consistent annual growth
rate of approximately 13% and is expected to reach $800 million by 2025.
About HDFC ERGO General Insurance :
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Ritesh Kumar
● HDFC ERGO General Insurance Company Limited is a 51:49 joint venture firm between HDFC
and ERGO International AG, one of the insurance entities of the Munich Re Group in Germany
operating in the insurance field under the BFSI sector.
Bajaj Allianz Life Introduces Premium Payment Option via WhatsApp
● Leading private life insurer Bajaj Allianz Life Insurance has collaborated with Meta (formerly
known as Facebook) to introduce premium payment options on WhatsApp.
● Enhanced Premium Payment Services: The insurance company has enhanced its premium
payment services through WhatsApp, allowing customers to manage policies and payments
conveniently on a single platform.
● Variety of Payment Modes: Customers can now pay their premiums seamlessly through various
payment modes such as Netbanking, Credit card, and Unified Payments Interface (UPI) directly
within the WhatsApp interface.
● Expansion of Services on WhatsApp: Bajaj Allianz Life Insurance offers more than 25 services on
WhatsApp.
About Bajaj Allianz Life Insurance :
● Founded: 2001
● Headquarters: Pune, Maharashtra
● MD & CEO : Tarun Chugh
Reserve Bank of India Directs Lenders to Issue Key Facts Statement to Borrowers Starting October 1st,
2024
● The Reserve Bank of India (RBI) has asked lenders to provide a ‘key fact statement’ (KFS) to the
borrowers of all new retail and Micro, Small and Medium Enterprises (MSME) term loans
sanctioned on or after October 1, 2024, including fresh loans to existing customers.
.
● KFS contains key information regarding a loan agreement, including an all-in cost of the loan, in
a simple and easy-to-understand format.
● Applicable Entities: The circular issued by the RBI is addressed to regulated entities, including all
commercial banks, cooperative banks, and non-banking financial companies (including housing
finance companies).
● Prospective Borrowers: The KFS is to be provided to all prospective borrowers to help them
make informed decisions before signing the loan contract, following a standardised format.
● Exemptions: The directive exempts credit card receivables from the provisions outlined in the
circular.
● The KFS has to be provided with a unique proposal number and will have a validity period of at
least 3 working days for loans having a tenor of 7 days or more and a validity period of one
working day for loans having a tenor of less than 7 days, as per the circular.
What is meant by the Validity Period?
● Validity period refers to the period available to the borrower, after being provided the KFS by the
regulated entity (RE), to agree to the terms of the loan.
● They will be bound by the terms of the loan indicated in the KFS, if agreed to by the borrower
during the validity period.
● The KFS will include a computation sheet of annual percentage rate (APR) and the amortisation
schedule of the loan over the loan tenor.
● The APR will include all charges which are levied by the RE.
● Explicit Consent for Additional Fees or Charges: Any fee or charge not mentioned in the KFS
cannot be imposed by REs on borrowers during the term of the loan without the explicit consent
of the borrower.
● Implementation Timeline: RBI has directed REs to put in place the necessary systems and
processes to implement the guidelines relating to KFS for all retail and MSME term loan products
at the earliest.
About RBI :
● Established : 1 April 1935
● Governor : Shaktikanta Das
Reserve Bank of India Limits Sarvodaya Bank Customers' Withdrawal to Rs 15,000
.
● In a significant move, the Reserve Bank of India (RBI) has placed several constraints on the
Mumbai-based Sarvodaya Co-operative Bank.
● Starting (April 16, 2024), customers of the bank are now limited to a maximum withdrawal of Rs
15,000 from their accounts.
● Customers will feel the immediate effect of these restrictions through the imposed withdrawal
limit.
● Deposit insurance assurance : For depositors worried about their funds, the RBI has confirmed
that they are eligible to claim an insurance amount on deposits up to a limit of Rs 5 lakh.
● This insurance is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC),
offering some relief amid the restrictions.
● Operational restrictions : Under the new directives, which fall under Section 35A of the Banking
Regulation Act, 1949, the Sarvodaya Co-operative Bank faces strict limitations on its banking
activities.
Punjab National Bank Marks 130 Years of Banking Excellence with Celebrations
● Punjab National Bank (PNB), one of the largest Public Sector Banks in India, celebrated its 130th
Foundation Day in the city and across the country.
● PNB unveiled a commemorative history book titled "Anarkali Bazaar, Lahore to Dwarka, Delhi - A
130 Years Saga of Excellence," chronicling the bank's evolution from 1894 to the present.
● The bank also unveiled the January-March 2024 issue of PNB Pratibha, an in-house Rajbhasha
Patrika.
● The bank also introduced new digital offerings like Digi Education Loan, Digi Car Loan,
Interoperable Cardless Cash Withdrawal (ICCW) through UPI, Kisan Credit Card Digital Review
and DP (Drawing Power) enhancement, BHIM QR Soundbox with UPI 123 Pay, PNB Pay
Wearable Debit Card, and Financial Supply Chain Management (FSCM) – iCMS.
● As part of its ongoing commitment to environmental sustainability, PNB also unveiled PALAASH
2.0, a significant step towards environmental conservation.
About PNB :
● Founded : 19 May 1894
● Headquarters : Dwarka, Delhi, India
● MD & CEO : Atul Kumar Goel
● Tagline : You Can Bank Upon
.
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 the previous fiscal
year.
● Revised Projections by Rating Agencies: Rating agencies like Fitch and Barclays have also
revised India’s GDP growth projection for FY24 to 7.8%, attributing it to strong domestic demand
and persistent growth in business and consumer confidence levels.
● Inflation Projections: IMF projects India’s consumer price inflation to decline from an average of
5.4% in FY24 to 4.6% in FY25, and further to 4.2% in FY26.
● Global Growth Projection:The IMF has raised its global growth projection for 2024 to 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.
About IMF :
● Headquarters : Washington, D.C., United States
● Managing Director : Kristalina Georgieva
● Membership : 190 countries (189 UN countries and Kosovo)
Reserve Bank of India Takes Steps to Regulate Point of Sale Payment Providers Including Pine Labs,
Innoviti, and MSwipe
.
● The Reserve Bank of India (RBI) has issued draft rules to regulate point-of-sale payment service
providers (PA-P) after releasing guidelines for online payment aggregators like Razorpay and
Cashfree.
What is meant by payment service providers?
● A payment service provider (PSP) is a third-party company that allows businesses to accept
electronic payments, such as credit card and debit card payments.
● PSPs act as intermediaries between those who make payments, i.e. consumers, and those who
accept them, i.e. retailers.
● Companies Covered : Companies such as Innoviti Payments, Pine Labs, and MSwipe will now
come under regulatory cover with these draft rules.
● Authorization Deadline: Companies providing point-of-sale payment services need to apply for
authorization from the RBI by May 31, 2025.
● In case they fail to get authorisation, they will have to cease these services, as per the draft rules.
● Classification of Merchants : Payment aggregators will have to inform the regulator about their
intent to seek authorisation within 60 days from the date of issuance of formal guidelines.
● Closure of Non-Bank PA-Ps : It directed banks to close non-bank PA-Ps by October 31, 2025,
unless they provide evidence of applying to RBI for authorisation.
● All PAs must become members of the Financial Intelligence Unit under the finance ministry to
report any suspicious transactions.
● All these guidelines apply equally to PA-P as well as online payment aggregators (PA-O).
● These guidelines assume significance in the wake of RBI’s scrutiny of the digital payments
ecosystem and the level of KYC undertaken by these service providers on their merchants.
● Paytm Payments Bank had to face regulatory action recently because of improper KYC of its
user base over the years.
● Merchant Classification : For ease of operations for payment players, the central bank has
suggested the classification of merchants into small and medium categories.
● The regulator has defined small merchants as those physical merchants with a turnover of less
than Rs 5 lakh per annum.
● Medium merchants are those with a turnover beyond Rs 5 lakh but up to Rs 40 lakh per annum.
Fitch Maintains 'BBB-' Ratings for State Bank of India and Canara Bank
.
● Global ratings firm Fitch has affirmed the ratings of several public sector banks and maintained a
stable outlook for them.
● The rating decisions are in line with the sovereign rating of the country to which these ratings are
linked.
● Fitch has affirmed the ratings of Canara Bank, State Bank of India (SBI), Bank of Baroda New
Zealand, Union Bank of India, Punjab National Bank, Bank of India, and Bank of India New
Zealand at BBB-.
● Additional Ratings Affirmed:Fitch has also affirmed the bank's Viability Rating (VR) at 'bb' and
Government Support Rating (GSR) of 'bbb-'.
● Driving Factors for Ratings:For SBI, factors such as government support, strong operating
environment, dominant presence, double-digit loan growth, lower impaired loan ratio, strong
profitability, dominance of deposits, and modest capital buffers are driving factors for its ratings.
What is Credit Rating?
● Credit rating is a measure used to evaluate the reliability of a borrower, which can be a company,
individual, or government entity.
● While individuals are typically assigned "credit scores," corporations and governments receive
"credit ratings."
● It's crucial to note that these ratings apply to specific entities, not entire nations.
● For governments, the assessment is referred to as a sovereign rating, reflecting the
creditworthiness of the government or sovereign entity.
About Fitch Ratings Inc :
● Founded : 1914
● Fitch Ratings Inc. is an American credit rating agency and is one of the "Big Three credit rating
agencies", the other two being Moody's and Standard & Poor's.
India Mortgage Guarantee Corporation Partners with Bank of India to Provide Home Loan Products
Backed by Mortgage Guarantee
● India Mortgage Guarantee Corporation (IMGC), announced its strategic partnership with Bank of
India (BOI), one of India's largest public sector banks, to offer innovative mortgage guarantee-
backed home loan products.
● This collaboration focuses on salaried and self-employed home loan customers in the affordable
housing segment.
.
● With healthy growth in the affordable housing segment, this partnership aims to mitigate the risk
of defaults for the bank and offer more favourable loan terms to its customers.
About IMGC :
● MD & CEO : Mahesh Misra
● IMGC is India's first mortgage guarantee company with over 5,100 branches and plans to provide
home loan products with more flexibility and security to customers.
● IMGC has surpassed Rs 25,000 crore in home loan guarantees for over one lakh customers
across 400 locations nationwide.
About BoI :
● Headquarters : Mumbai, Maharashtra
● MD & CEO : Rajneesh Karnatak
BNP Paribas Acquires 9% Stake in Belgian Insurer Ageas for $780 Million
● BNP Paribas, the largest bank in the eurozone, has agreed to purchase a 9% stake in Belgian
insurer Ageas from China's Fosun Group for approximately 730 million euros ($780 million),
becoming the largest shareholder in Ageas.
● The deal concludes months of speculation regarding Fosun Group's direct and indirect holdings
in Ageas as the Chinese conglomerate seeks to reduce its debt burden through asset sales after
an aggressive acquisition phase.
● The acquisition, to be executed through BNP Paribas Cardif, aligns with BNP Paribas' strategy of
expanding its insurance business.
● Ageas and BNP Paribas have been long-time partners through joint shareholding in AG
Insurance, Belgium's leading insurer, with Ageas holding 75% and BNP Paribas holding the
remainder.
● BNPP stated that it would acquire the first 4.8% tranche in the coming days, with the rest of the
9% stake to be bought after receiving regulatory approvals.
About BNP Paribas :
● BNP Paribas is a multinational universal bank and financial services holding company
headquartered in Paris, France.
About Ageas :
● Ageas is a Belgian multinational insurance company co-headquartered in Brussels, Belgium.
● Ageas is Belgium's largest insurer and operates in 13 countries worldwide.
.
Paytm Receives National Payments Corporation of India Approval to Facilitate User Transition to New
Unified Payments Interface IDs
● Paytm owner One97 Communications (OCL) received approval from the National Payment
Corporation of India (NPCI) to start the user migration from the existing Paytm Payments Bank
UPI handle to the new Payment System Provider (PSP) bank handles.
● The approval follows NPCI's earlier decision to allow Paytm to function as a third-party
application provider (TPAP) on the Unified Payments Interface (UPI).
● Now, 4 banks-State Bank of India (SBI), Axis Bank, HDFC Bank, and YES Bank will act as PSPs
for Paytm.
What is TPAP?
● A TPAP is a service provider that participates in UPI through a PSP bank, according to the NPCI,
which runs the UPI ecosystem in India.
● There are currently 24 TPAPs operational in India, including major players like Amazon Pay,
PhonePe, and Google Pay.
● Multiple banks, such as Axis Bank, HDFC Bank, SBI, and ICICI Bank, support fintech companies
via the TPAP route.
● For instance, customers using PhonePe to transact on UPI have their VPAs issued through
financial institutions such as YES Bank, ICICI Bank, and Axis Bank.
● Their UPI handles end in @ybl, @ibl, or @axl, respectively.
● UPI Transaction Ranking: Paytm Payments Bank app ranks as the third-largest company, after
PhonePe and Google Pay, in terms of processing UPI transactions by volume and value.
About Paytm :
● Founded : August 2010
● Headquarters : Noida, Uttar Pradesh, India
About NPCI :
● Founded : 2008
● MD & CEO : Dilip Asbe
● The NPCI is an umbrella organization for operating retail payments and settlement systems in
India.
.
● It is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under
the provisions of the Payment and Settlement Systems Act, 2007, to create a robust Payment &
Settlement Infrastructure in India.
ICICI Lombard Reports Q4 Results: Net Profit Surges 18.9% to Reach Rs 520 Crore
● ICICI Lombard, the largest private sector general insurer, reported an 18.9% increase in its net
profit for the March quarter, reaching Rs 520 crore compared to Rs 437 crore in the year-ago
period.
● Annual Profit Growth: The company reported an 11% growth in profit after tax for the fiscal year
2023-24, amounting to Rs 1,919 crore compared to Rs 1,729 crore in the previous fiscal.
● Premium Income Growth : The gross direct premium income (GDPI) grew 22% to Rs 6,073 crore
for the reporting quarter from Rs 4,977 crore a year ago, 9.5% higher year-on-year
● Combined Ratio: The combined ratio for the March quarter improved to 102.2% compared to
104.2% in the year-ago period.
● For FY24, the ratio stood at 103.3%, with a target of achieving 102% for FY25.
● Industry Growth: Excluding crop and mass health, ICICI Lombard's GDPI growth outpaced the
industry, standing at 22% for the quarter compared to the industry's growth of 13.8%.
● The industry will continue to grow at 13-15% in FY25.
● Solvency Ratio : The solvency ratio was 2.62 times at March 31, 2024, against 2.57 times at
December 31, 2023, and 2.51 times in the year-ago period.
● Investment Returns: Returns on the investment book improved to 7.98% in FY24 from 7.50% in
FY23.
About ICICI Lombard General Insurance :
● Chairman & Managing Director : Sanjeev Mantri
Reserve Bank of India Releases Draft Regulations for Offline Payment Aggregators, Proposes ₹15
Crore Net Worth Requirement
● The Reserve Bank of India (RBI) has issued two draft directions regarding the regulation of
Payment Aggregators (PA), specifically focusing on physical Point-of-Sale (PoS) activities, net
worth requirements, and licensing prerequisites.
● The second circular aims to revise and update Know Your Customer (KYC) procedures, due
diligence for merchants, management of operations in escrow accounts, etc., to fortify the
.
payment ecosystem.
● Regulation Announcement: In September 2022, RBI announced its intention to regulate offline
Payment Aggregators handling proximity or face-to-face payments.
● The regulator has invited comments and feedback on the draft circular until May 31, 2024.
● Types of Payment Aggregators: The payments ecosystem in India comprises both online
Payment Aggregators (PA-O) and those facilitating face-to-face or proximity payment
transactions (PA-P).
● Approval and Compliance : An authorised non-bank PA-O (or PA-P) which wants to commence
physical (or online) PA activity (as the case may be), shall seek approval from Department of
Payment and Settlement Systems (DPSS), RBI, CO before commencement of such business.
● Minimum Net Worth Requirement : Non-banks providing PA-P services will need a minimum net
worth of ₹15 crore at the time of application and a minimum net worth of ₹25 crore by March 31,
2028.
● New non-bank PA-P will need a minimum net worth of ₹15 crore at the time of application and
will be required to grow it to ₹25 crore by the end of the third financial year of grant of
authorisation.
● Transition Period and Compliance : Existing non-bank PA-P which are not able to comply with
the net worth requirement or do not apply for authorisation within the stipulated time frame, shall
wind-up PA-P activity by July 31, 2025.
Master Circular on Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM)
● The Ministry of Rural Development (MoRD), Government of India (GoI) launched the National
Rural Livelihood Mission (NRLM) on April 1, 2013, by restructuring the Swarnajayanti Gram
Swarojgar Yojana (SGSY).
● Renaming: NRLM was renamed as DAY-NRLM (Deendayal Antyodaya Yojana - National Rural
Livelihoods Mission) w.e.f. March 29, 2016.
What is DAY-NRLM?
● The DAY-NRLM is the flagship program of the Government of India for promoting poverty
reduction through building strong institutions for the poor, particularly women, and enabling these
institutions to access a range of financial services and livelihoods.
● Affinity-based Women SHGs : DAY-NRLM primarily promotes women Self-Help Groups (SHGs)
based on affinity.
.
● Special Categories: In certain cases, such as groups formed with persons with disabilities,
elders, and transgenders, both men and women may be included in the SHGs.
● SHG Membership: Women SHGs under DAY-NRLM consist of 10-20 members.
● In case of special SHGs i.e., groups in the difficult areas, groups with disabled persons, and
groups formed in remote tribal areas, this number may be a minimum of 5 members.
● Revolving Fund (RF) Support : DAY-NRLM, MoRD, will provide Revolving Fund (RF) support as
corpus ranging between ₹20,000 - ₹30,000 per SHG to strengthen their institutional and financial
management capacity and build a good credit history within the group.
● Capital Subsidy: No capital subsidy is provided to any SHG under DAY-NRLM.
● Community Investment Support Fund (CIF) : CIF will be provided by MoRD to the SHGs
promoted under DAY-NRLM in all blocks and will be routed through the village level/cluster level
federations, to be maintained in perpetuity by the federations.
● Eligibility Criteria for SHGs to avail loans: SHGs should be in active existence for at least 6
months as per their books of accounts (and not from the date of opening of S/B account).
● Panchasutras: SHGs should adhere to the 'Panchasutras,' which include regular meetings,
regular savings, regular inter-loaning, timely repayment, and maintaining up-to-date books of
accounts.
● Grading Norms : SHGs should qualify as per grading norms fixed by National Bank for
Agriculture and Rural Development (NABARD).
● MUDRA Scheme : One woman in every SHG under DAY-NRLM may be provided a loan up to ₹1
lakh under the MUDRA Scheme, if she is otherwise eligible.
● Funding Pattern: DAY-NRLM is a Centrally Sponsored Scheme and the financing of the
programme would be shared between the Centre and the States in the ratio of 60:40 (90:10 in
case of North Eastern States including Sikkim; completely from the Centre in case of UTs).
State Bank of India report: Senior Citizen Deposits Surge to Rs 34 Lakh Crore, Marking 150% Growth
Over 5 Years
● The share of senior citizen term deposits has doubled in the last five years to 30 per cent in fiscal
year 2024 as many have locked in their savings at higher interest rates before the Reserve Bank
of India (RBI) starts cutting rates.
● The report estimates a staggering 74 million senior citizen term deposit accounts in India, holding
a combined value of Rs 34 lakh crore.
.
● This represents a remarkable 81% increase in account numbers and a staggering 150% jump in
total deposits compared to 2018.
● Out of such 74 million accounts, almost 73 million accounts are in the size of up to Rs 15 lakh.
● By assuming 7.5% interest on Senior citizen bank deposits, Rs.2.6 lakh crore is the interest
earned.
● So, in 6 years, there has been an increase of 81% growth in the number of accounts and 150%
in amounts.
About SCSS :
● Senior Citizen Savings Scheme (SCSS) allows deposits up to Rs 30 lakh with a guaranteed 5-
year tenure and an attractive 8.2% interest rate.
● SCSS was launched with the main aim of providing senior citizens in India a regular income after
they attain the age of 60 years old.
● It has a maturity period of 5 years.
● But, a depositor can extend one's maturity period for another three years.
● Minimum Deposit– Rs. 1,000 (and in multiples thereof)
Interest Subvention Scheme for Credit to Women Self-Help Groups Extended to all Public Sector
Banks, Private Sector Banks and Small Finance Banks in all districts in 2024-25
● Interest subvention scheme on Credit to Women Self Help Group (SHG) during the year 2024-25
for all Public Sector Banks, Private Sector Banks and Small Finance Banks in all districts.
● The scheme is limited to Women Self Help Groups under Deendayal Antyodaya Yojana -
National Rural Livelihoods Mission (DAY-NRLM) in rural areas only.
● Concessional Interest Rates: For loans up to ₹3 lakhs under the scheme, banks will extend
credit at a concessional interest rate of 7% per annum.
● For outstanding credit balances up to ₹3 lakh, banks will be subvented at a uniform rate of 4.5%
per annum during FY 2024-25.
● Higher Loan Range: For loans above ₹3 lakh and up to ₹5 lakh under the scheme, banks will
extend credit at an interest rate equivalent to their 1 year-MCLR or any other external
benchmark-based lending rate or 10% per annum, whichever is lower.
● Duration of Subvention: Interest subvention will be payable only when an account remains in the
standard category.
● Implementation : The interest subvention scheme shall be implemented for banks through a
.
Nodal Bank selected by the Ministry of Rural Development (MoRD).

● Operationalization : The Nodal Bank will operationalize the scheme through a web-based
platform, as advised by MoRD.
● For the year 2024-25, Indian Bank has been nominated as the Nodal Bank by MoRD.
● Submission of Claims : Any remaining claims pertaining to the disbursements made during the
year 2024-25 and not included during the year, may be consolidated separately and marked as
an 'Additional Claim' and submitted to the Nodal Bank by September 30, 2025, duly certified by
Statutory Auditors.
RBI Data Reveals Over 27% Increase in Urban Co-operative Banks Advances to Priority Sector in FY23
● According to the Reserve Bank of India's report-Primary (Urban) Co-operative Banks' Outlook
2022-23, the advances of Urban Co-operative Banks (UCBs) to the priority sector surged more
than 27% in the financial year 2023, compared to the previous year.
● Total Advances: The RBI report indicates that UCBs' advances in FY23 amounted to Rs 2.2
trillion, a notable increase from Rs 1.73 trillion in FY22.
● Focus on MSMEs: Majority of UCBs' advances were directed towards Micro, Small & Medium
Enterprises (MSMEs), totalling Rs 1.3 trillion in FY23 compared to Rs 1 trillion in FY22.
● Priority Sector Share: Of the total lending by UCBs to the priority sector, almost 40 per cent was
to the MSMEs in FY23 compared to 34.27 per cent last year.
● Within MSMEs, micro enterprises had the highest share at 17.23 per cent.
● Priority Sector Lending Target : The RBI has set a target of 60 per cent for priority sector lending
by UCBs till FY24.
● Comparison with Scheduled Commercial Banks : At the same time, scheduled commercial
banks' achievement under the priority sector lending as on March 31, 2023, stood at 44.7
percent.
● Overall PSL Target Achievement : Both public and private sector banks, including foreign banks,
have also achieved the prescribed 40 per cent overall priority sector lending (PSL) target during
2022-23.
● UCB Demographics : As of March 31, there were 1,502 UCBs in India, with 10,117 branches
across the country.
● It has total deposits of Rs 5.3 trillion and total advances of Rs 3.3 trillion.
● Regional Distribution : Maharashtra has the highest number of UCBs with a total of 475, and the
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western region of the country houses 693 UCBs.

Reserve Bank of India Fines 5 Cooperative Banks Rs 60.3 Lakhs for Violating Regulations
● The Reserve Bank of India (RBI) has imposed penalties totalling Rs 60.3 lakhs on 5 cooperative
banks for contravention of various regulatory norms.
Details of Penalties :
● Rajkot Nagarik Sahakari Bank : A penalty of Rs 43.30 lakh has been imposed for non-
compliance with RBI directions on 'ban on loans and advances to directors and their relatives,
and firms/concerns in which they are interested', 'prohibition on opening of saving bank accounts
in the names of certain bodies/organizations' and 'maintenance of deposit accounts'.
● The Kangra Co-operative Bank (New Delhi), Rajdhani Nagar Sahkari Bank (Lucknow), and Zila
Sahakari Bank, Garhwal (Kotdwar, Uttarakhand): Each of these banks has been fined Rs 5 lakh.
● District Co-operative Bank (Dehradun): A penalty of Rs 2 lakh has been imposed.
● Reasons for Penalties: The penalties are based on deficiencies in regulatory compliance, such
as non-compliance with RBI directions, but they are not intended to pass judgment on the validity
of any transaction or agreement entered into by the banks with their customers.
NPCI Bharat BillPay Collaborates with State Bank of India to Enable National Common Mobility Card
Recharge
● NPCI Bharat BillPay Limited. (NBBL), a wholly owned subsidiary of the National Payments
Corporation of India (NPCI), in association with the State Bank of India (SBI), has onboarded the
SBI National Common Mobility Card (NCMC) on its Bharat BillPay platform for the convenience
of travellers.
● The category is already live with SBI NCMC cards for Noida Metro, Nagpur Metro, MMRDA Line
2A & 7, Chennai Metro, Kanpur Metro, and Parliament Canteen via the bank’s Bharat BillPay-
enabled application, SBI Unipay, and more platforms will go live with the service soon.
● Recharge Limit: Customers can recharge their NCMC cards online with amounts of up to
₹10,000 through Bharat BillPay-enabled platforms, using various payment methods such as
prepaid, debit, and credit cards.
About NPCI Bharat BillPay Limited :
● CEO of NBBL : Noopur Chaturvedi
About SBI :
.
● Established : 1 July 1955

● Chairman : Dinesh Kumar Khara
● CFO : Kameshwar Rao Kodavanti
Reserve Bank of India Permits Resident Entities to Hedge Gold Price Risk with OTC Derivatives in
International Financial Services Centres
● The Reserve Bank of India (RBI) has expanded hedging options for resident entities by allowing
them to hedge exposure to gold price risk using Over-the-Counter (OTC) derivatives in the
International Financial Services Centre (IFSC), in addition to derivatives on exchanges.
● Aim : To provide further flexibility to resident entities to hedge their exposures to price risk of
gold.
● Previous Permissions: Earlier, resident entities were permitted to hedge their exposure to the
price risk of gold on exchanges in the International Financial Services Centre (IFSC) recognised
by the International Financial Services Centres Authority (IFSCA).
● Definition of Commodity Exposure : As per the directions, direct exposure to commodity price risk
includes all commodities, except gems and precious stones.
● Structured Products : Structured products may be permitted to eligible entities who are (a) listed
on recognized domestic stock exchanges or (b) fully owned subsidiaries of such entities or (c)
unlisted entities whose net worth is higher than INR 200 crore, subject to the condition that such
product are used for the purpose of hedging as defined under these directions.
● Hedging Definition : The activity of undertaking a derivative transaction to reduce an identifiable
and measurable risk is called Hedging.
What is an OTC derivative?
● Over the counter (OTC) derivatives are like special financial deals made directly between two
parties, without using a regular marketplace or middlemen.
Finance Ministry Notifies Updated Foreign Direct Investment Limits for Satellite-Related Activities under
FEMA
● The Finance Ministry has notified a new Foreign Direct Investment (FDI) limit for various satellite-
related activities under the Foreign Exchange Management (Non-Debt Instruments) Rules.·
● With the notification, all necessary regulations are now in place to implement the higher FDI limit
effectively.
.
● The new rules are set to come into effect from April 16, 2024.
● The Government had previously approved an amendment to the FDI policy for the space sector
in February, 2024.
● Under the amended FDI policy, 100% FDI is permitted in the space sector.
● FDI Limits for Satellite Activities:Satellite manufacturing & operation, satellite data products, and
ground segment & user segment can now receive FDI up to 74% under the automatic route.
● Previous Approval Route: Previously, FDI was only permitted to establish and operate satellites
through the government’s approval route.
● The new policy aligns with the vision and strategy outlined in the Indian Space Policy 2023.
● Cabinet Minister : Nirmala Sitharaman
● Minister of State : Bhagwat Karad, Pankaj Choudhary
Aditya Birla Capital Introduces Omnichannel Direct-to-Consumer Platform ABCD, Targets 30 Million
Users
● Aditya Birla Capital has introduced its omnichannel Direct-to-Consumer (D2C) platform called
ABCD, aiming to simplify finance with the tagline "Everything Finance as Simple as ABCD".
● The platform is housed under Aditya Birla Capital Digital Limited (ABCDL), a wholly-owned
subsidiary of Aditya Birla Capital Limited (ABCL).
● Aditya Birla Capital targets to onboard 30 million new users over the next 3 years through this
platform.
● The platform offers a comprehensive portfolio of 22 products and services, including payment
platforms like UPI, bill payment, online recharges, as well as financial services such as loans,
insurance, investments, and personal finance tracking tools like 'My Track'.
National Payments Corporation of India to Reevaluate Decision on 30% Unified Payments Interface
Market Share Limit by Year End
● The National Payments Corporation of India (NPCI) will review its decision to implement a 30%
cap on the market share of payment players offering Unified Payments Interface (UPI) services
by the end of 2024.
● The deadline to introduce the limit remains unchanged: December 2024.
● Previous Proposal on Market Share Cap: In November 2022, NPCI proposed a 30% volume cap
on third-party application providers (TPAPs).
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● UPI Market Share Distribution: As of current data, PhonePe and Google Pay collectively hold
about 86% of the UPI market share in terms of transaction volumes, with PhonePe holding
48.3% and Google Pay holding 37.6%.
● Paytm Payments Bank is the third-largest UPI player but has experienced a decline in market
share due to restrictions imposed by the Reserve Bank of India (RBI) in January 2023.
● Cred and Axis Bank Apps are the 4th and 5th largest UPI service providers but have a market
share of less than 1% each.
● UPI Transaction Growth: UPI transactions in India experienced significant growth, with a 56%
increase in volume and a 44% increase in value in Financial Year 2023-24 (FY24) compared to
the previous year.
● FY24 marked the first time UPI transactions surpassed 100 billion, reaching 131 billion
transactions for the financial year.
● There were 84 billion transactions in FY23.
● In March 2024, transaction volume grew by 55% to 13.44 billion, and transaction value increased
by 40% to Rs 19.78 trillion compared to March 2023.
Reserve Bank of India Grants Cred In-Principle Approval to Operate as a Payment Aggregator
● Bengaluru-based fintech unicorn Cred received in-principle approval from the Reserve Bank of
India (RBI) for its Payment Aggregation (PA) business.
● Once Cred obtains final approval, it can expand its services beyond credit card bill payments to
include merchant payments, joining companies like Razorpay and Cashfree.
● Timeline for Approval: Typically, it takes about 6 months after receiving in-principle approval for a
company to get the final approval from the RBI.
● Recent PA Licenses: Other payment companies such as CCAvenue, Innoviti Payments, and
MSwipe have recently received their final PA licenses.
● RBI's Guidelines for Payment Aggregators:The RBI has issued draft guidelines for payment
aggregators (PAs) with strict know-your-customer (KYC) requirements for merchants.
● Development of Offline Payments:Cred is developing an offline payments business with plans to
deploy QR code-based "scan and pay" at retail outlets.
● This move is part of Cred's push into UPI-based payments.
About Cred :
● Founded : 2018
.
● Headquarters : Bangalore, Karnataka, India

● CEO : Kunal Shah
Bank credit records 16% surge in fiscal year, marking fastest growth in a decade
● Bank credit grew by 16% during the fiscal year, the highest growth rate in the last 10 years,
indicating a stronger appetite for lending among banks.
● This is attributed to improved financial metrics due to the systemic cleansing of balance sheets.
● Economic Recovery: The increased credit growth is partly due to the ongoing economic recovery
from the pandemic and sustained retail demand for loans.
● RBI Data: According to the Reserve Bank of India's weekly data, bank loans grew by 16.1% year-
on-year as of April 5,2024 despite higher interest rates.
● Impact of HDFC Merger: When considering the merger of Housing Development Finance
Corporation (HDFC) into HDFC Bank, the growth rate reaches 19.9%.
● Deposit Growth: The banks' aggregate deposit grew 13.2% year-on-year while the growth was
recorded at AR 13.8% if the merger is considered.
Ashok Leyland and South Indian Bank Entered into Agreement to Offer Financing Solutions to Dealers
● South Indian Bank has signed an MoU (Memorandum of Understanding) with Commercial
vehicle maker Ashok Leyland Limited for financing their dealers under the Bank’s dealer finance
program.
● Under this partnership, the Bank will provide unmatched dealer finance options to the dealers of
Ashok Leyland Limited.
● With this tie-up, South Indian Bank aims to help the dealer partners of Ashok Leyland Limited,
streamline vehicle inventory funding.
● This arrangement is mutually beneficial for the vehicle manufacturer, their dealers, and for South
Indian Bank.
About Ashok Leyland :
● Founded : 7 September 1948
● Headquarters : Chennai, Tamil Nadu, India
● Ashok Leyland is an Indian multinational automotive manufacturer, It is now owned by the
Hinduja Group.
About South Indian Bank :
● Founded : 1929
.
● Headquarters : Thrissur, Kerala, India

● MD & CEO : P. R. Seshadri
● Tagline : Experience Next Generation Banking
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.”
● There is no limit on AYUSH treatment coverage.
About IRDAI :
● Chairperson: Debasish Panda
● Founded: 1999
● Headquarters: Hyderabad, Telangana
● Owner: Ministry of Finance, Government of India
Shriram Finance Introduces Digital-Only Fixed Deposit Scheme with 8.15% Interest Rate
● Shriram Finance Limited. (SFL), a non-banking financial company, has introduced a digital fixed
deposit (DFD) scheme, along with a fixed income plan (FIP) and a recurring deposit, available
exclusively through the Shriram One App and website.
● Customers would be able to obtain a Shriram Unnati fixed deposit (FD) with a tenor of 15 months
at a rate of interest of 8.15%.
● Additional Benefits for Special Categories :
.
➢ Senior citizens receive an additional 0.50% interest.

➢ Women depositors get an extra 0.10% interest.
➢ All depositors can claim an additional 0.25% benefit on FD renewal, provided it's done
digitally or through online channels.
● Minimum Deposit Requirements :
➢ While Unnati FDs with other tenors will be available both online and offline, the specific
15-month FDs will only be available for purchase through the Shriram One App and its
website.
➢ The minimum deposit amount would be ₹5,000.
● Fixed Income Plan (FIP) and Recurring Deposit (RD) :
➢ Along with the new launch, SFL has also made its Fixed Income Plan (FIP), or Recurring
Deposit (RD) currently marketed through digital and offline mode, exclusive to the Shriram
One App and SFL website.
➢ The FIP interest rates have been increased, with the following structure :
Tenor Existing Rate Increased Rate
12 months - 23 months 8.10 % 8.50 %
24 months - 35 months 8.40 % 8.75 %
36 months - 48 months 8.60 % 9%
➢ There will be an additional interest rate benefit of 0.10% for women depositors.
➢ The minimum deposit amount would be ₹1,000 a month.
About HDFC Bank :
● Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
● MD & CEO : Sashidhar Jagdishan
● Tagline : We Understand Your World
Reserve Bank of India Fines NABFINS Limited, Bengaluru Rs 10 Lakh for Rule Non-Compliance
● The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 10 lakh on NABFINS
Limited, a subsidiary of NABARD, for non-compliance with certain rules.
● This is related to non-compliance provisions of the non-banking financial company - systemically
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important non-deposit taking company and deposit taking company directions, 2016
● This penalty has been imposed in exercise of powers conferred on RBI under the provisions of
clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-section (5) of section 58
B of the Reserve Bank of India Act, 1934.
About NABFINS :
● Headquarters : Bengaluru, Karnataka
● NABFINS Limited (NABFINS), is a company incorporated under the Companies Act, 1956 and
registered with Reserve Bank of India as an NBFC-mFI.
● It is a subsidiary of National Bank for Agriculture and Rural Development (NABARD) with equity
participation from NABARD, Government of Karnataka, Canara Bank, Union Bank of India, Bank
of Baroda, Dhanalakshmi Bank and Federal Bank.
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.
● India's Nationally Determined Contribution (NDC):India aims to source 50% of its installed power
generation capacity from non-fossil fuel sources by 2030, as part of its updated NDC.
About World Bank :
● Established : July 7, 1944
● Headquarters : Washington, D.C., U.S
● 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.
About SBI :
● Established : 1 July 1955
● Chairman : Dinesh Kumar Khara
● CFO : Kameshwar Rao Kodavanti
PayU Receives RBI's In-Principle Approval to Operate as a Payment Aggregator
● Digital financial services provider PayU has received in-principle authorisation from the Reserve
Bank of India (RBI) to operate as a Payments Aggregator (PA) under the Payment Settlements
Act, 2007.
● In January 2023, RBI had returned applications of Prosus Group firm PayU and asked it to
resubmit them within 120 days.
● With in-principle approval in place, PayU can now onboard new merchants to provide them digital
payment services.
● PayU is a payment gateway that also offers services including buy-now-pay-later, and competes
with the likes of Tiger Global-backed Razorpay and Walmart-owned PhonePe.
What is a payment aggregator?
● A payment aggregator (PA) is a third-party service provider that enables customers to make and
businesses to accept payments online.
● Payment aggregators enable their clients to accept various payment methods such as debit
cards, credit cards, cardless EMIs, UPI, bank transfers, e-wallets, and e-mandates.
● A PA licence is mandatory for a platform to acquire merchants and deliver digital payment
acceptance solutions.
About PayU :
● Headquarters : Hoofddorp, Netherlands
● CEO : Anirban Mukherjee
.
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 :
● Founded : 2018
● Headquarters : New Delhi
● CEO : Nalin Negi
IndusInd Bank successfully conducted the Reserve Bank of India's (RBI) programmable Central Bank
Digital Currency (CBDC) pilot, becoming the first bank to do so
● IndusInd Bank has successfully executed a pilot for the Reserve Bank of India’s (RBI’s)
programmable Central Bank Digital Currency (CBDC), marking the first instance of such a project
by any bank in India.
● Collaboration and Purpose:The pilot project was conducted in collaboration with Circularity
Innovation Hub India Private Limited (CIH).
● This initiative involves an alternate form of CBDC, where the bank can program the end-use of
funds, specifically targeting farmers for carbon credit generation.
● Targeted Recipients : As a part of this pilot, IndusInd Bank initiated the programmable CBDC
disbursement to 50 farmers in Ratnagiri district of Maharashtra and will cover around 1,000
farmers going ahead, marking a milestone in the adoption of innovative financial solutions for the
agriculture sector.
● Future Phases:The next phase (Phase 2) of the project will focus on Safai Karmacharis
(sanitation workers), aiming to increase their income by leveraging revenues generated from the
collection, recycling, and repurposing of plastic waste.
.
About IndusInd Bank :

● Founded : April 1994
● MD & CEO : Sumant Kathpalia.
● Tagline : We Make You Feel Richer
Tata Power Solar Teams Up with Indian Bank to Boost Solar Rooftop Installations in Residential Sector
● Tata Power Solar Systems Limited (TPSSL) has partnered with the Indian Bank to encourage
and support the adoption of solar rooftop systems in residential properties.
● The tie-up aims to facilitate financing solutions under the Pradhan Mantri Surya Ghar Muft Bijli
Yojana scheme for installations up to 3 KW, as well as support for 3-10 KW installations under
the regular scheme.
● Pradhan Mantri Surya Ghar Muft Bijli Yojana:This scheme provides loans up to ₹2 lakh for solar
rooftop installations up to 3 KW with a 7% annual interest rate.
● There is a nominal margin money requirement of 10%, and the financing is collateral-free.
● The repayment tenure can be extended up to 10 years.
● Financing for Larger Installations (3 KW - 10 KW):For installations exceeding 3 KW but within the
10 KW limit, TPSSL and Indian Bank offer tailored financing solutions.
● Loans of up to ₹6 lakh are available, with a 20% margin money requirement and competitive
interest rates ranging from 8.4% to 10.8% per annum.
About Tata Power Solar Systems Limited :
● Founded : 1989
● Headquarters : Noida, Uttar Pradesh, India
● Tata Power Solar Systems Limited, formerly Tata BP Solar, is an Indian company that
specialises in solar energy services.
● In February 2017, Tata Power Solar became the first Indian company to ship over 1 GW solar
modules worldwide.
About Indian Bank :
● Founded : 15 August 1907
● MD & CEO : Shanti Lal Jain
Reserve Bank of India Imposes Restrictions on Kotak Mahindra Bank Over Information Technology
.
Concerns
● The Reserve Bank of India (RBI) has, in exercise of its powers under Section 35A of the Banking
Regulation Act, 1949, directed Kotak Mahindra Bank Limited to cease and desist, with immediate
effect, from (i) onboarding of new customers through its online and mobile banking channels and
(ii) issuing fresh credit cards.
● The bank shall, however, continue to provide services to its existing customers, including its
credit card customers.
● Reasons for the Restrictions:These actions are necessitated based on significant concerns
arising out of Reserve Bank’s IT Examination of the bank for the years 2022 and 2023 and the
continued failure on part of the bank to address these concerns in a comprehensive and timely
manner.
● Serious deficiencies and non-compliances were observed in several areas, including:
➢ IT inventory management
➢ Patch and change management
➢ User access management
➢ Vendor risk management
➢ Data security and data leak prevention strategy
➢ Business continuity and disaster recovery rigour
About Kotak Mahindra Bank Limited :
● MD & CEO : Ashok Vaswani
National Bank for Agriculture and Rural Development launches Climate Strategy 2030 to drive green
financing initiatives
● The National Bank for Agriculture and Rural Development (NABARD) unveiled its Climate
Strategy 2030 document on Earth Day to address India’s growing need for green financing.
● The Climate Strategy 2030 document has been released by Shaji KV, Chairman of NABARD.
● Its main aim is to address India’s need for green financing.
● India’s Green Financing Gap : India requires approximately $170 billion annually to reach a
cumulative total of over $2.5 trillion by 2030 for green financing.
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● As of 2019-20, India garnered about $49 billion in green financing, with most funds directed
toward mitigation. Only $5 billion was allocated to adaptation and resilience.
● Private sector engagement in green financing is limited due to challenges in bankability and
commercial viability.
● NABARD’s Climate Strategy 2030 is based on 4 key pillars:
1. Accelerating green lending across sectors,
2. Playing a broader market-making role,
3. Internal green transformation, and
4. Strategic resource mobilization.
● India's Sustainable Environment Goals:India is the world's third-largest emitter of greenhouse
gases, after China and the United States.
● India's Nationally Determined Contribution (NDC) under the Paris Agreement aims to reduce the
emissions intensity of GDP by 33-35% by 2030 from the 2005 level.
About NABARD :
● Chairman : Shri. Shaji K V
● It was established on the recommendations of B. Sivaraman Committee (by Act 61, 1981 of
Parliament) on 12 July 1982 to implement the National Bank for Agriculture and Rural
Development Act 1981.
● NABARD is an apex regulatory body for the overall regulation of regional rural banks and apex
cooperative banks in India.
● It is under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI).
Indian Overseas Bank Plans to Raise ₹5,000 Crore in Equity Capital for FY25
● Indian Overseas Bank (IOB) plans to raise ₹5,000 crore in equity capital in FY25 to comply with
the Securities and Exchange Board of India's (SEBI's) minimum public shareholding (MPS)
requirement.
Key Highlights :
● Compliance with SEBI's Norms: The Securities Contracts (Regulation) Rules, 2018, mandate
that every listed company must have at least 25% minimum public shareholding.
● As of March-end 2024, the Government of India holds a majority shareholding of 96.38% in IOB.
● The equity issuance will occur in one or more tranches within a 12-month period from the date of
.
approval.
● Shareholder Approval:The plans for equity issuance require approval from the Indian government
and shareholders, to be obtained through either an Annual General Meeting (AGM) or an
Extraordinary General Meeting (EGM).
● Tier-II Capital Raise:Additionally, IOB plans to raise tier-II capital by issuing BASEL III Compliant
tier-II bonds, up to ₹1,000 crore, depending on the requirement.
● This issuance may include a greenshoe option and will occur in one or more tranches within a
12-month period from the date of approval.
About IOB :
● Founded : 10 February 1937
● MD & CEO : Ajay Kumar Srivastava
● Tagline : Good people to grow with
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.
● These Directions have been issued in exercise of the powers conferred by Sections 3, 9, 10, 12
and 12A of the Securitisation and Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002 (54 of 2002).
● Operational Guidelines : An ARC shall commence business within 6 months from the date of
.
grant of CoR by the Reserve Bank. Reserve Bank may grant extension up to 12 months from the
date of grant of CoR on receipt of the application from the ARC.
● 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.
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.
AU Small Finance Bank Targets 25% Advance Growth Over Three Years
● AU Small Finance Bank (AU SFB) is planning to grow its advances at a compound annual growth
rate (CAGR) of 25% in the next 3 years.
● Currently, the balance sheet size of AU Small Finance Bank is Rs 1.09 lakh crore and Finance
Care Small Finance has Rs 17,267 crore.
● The merged balance sheet now stands at Rs 1.27 lakh crore.
● Merger with Fincare Small Finance Bank : AU Small Finance Bank had announced the merger
with Fincare Small Finance Bank in October 2023.
● The Bank received its SFB licence in 2017, and has grown its advances by over 30% annually
before the merger.
● In January 2024, the Competition Commission of India (CCI) gave approval for the merger and
on March 4 the Reserve Bank of India (RBI) approved the Scheme of Amalgamation between
both banks.
● Impact of the Merger:The merger, which is effective April 1,2024 marks a significant milestone in
the banking sector, creating an entity with a combined customer base of over 10 million, over
46,000 employees and a network of over 2,400 physical touchpoints with a balance sheet size of
Rs1.25 trillion.
About CAGR :
● Compound annual growth rate, or CAGR, is the mean annual growth rate of an investment over a
specified period longer than one year.
● It represents one of the most accurate ways to calculate and determine returns for individual
assets, investment portfolios, and anything that can rise or fall in value over time.
.

● Headquarters : Jaipur, Rajasthan, India
● MD & CEO : Sanjay Agarwal
● It was founded as a vehicle finance company and Non Banking Financial Company (NBFC), AU
Financiers (India) Ltd in 1996 and converted into a full-fledged small finance bank on 19 April
2017.
PhonePe’s Indus App Store launches voice search feature in 10 Indian languages
● PhonePe’s Indus Appstore, a homegrown app marketplace, has launched its voice search
feature, in 10 Indian languages including Hindi, Marathi, Punjabi, Kannada, Tamil, Telugu,
Malayalam, Bengali, Gujarati and Urdu to expand its user base and adoption.
● The homegrown appstore aims to cover 75% local language speakers among the internet users
in the country.
● Voice Search Technology: The voice search feature is powered by artificial intelligence (AI) and
machine learning (ML) algorithms.
● Growing Demand for Voice-Activated Technology: According to data, 82% of smartphone users
engage with voice-activated technology, indicating a strong demand for such features.
About Indus Appstore :
● Indus Appstore is available in English and 12 Indian languages, allowing users to navigate the
platform in their preferred language.
● This multilingual approach supports a diverse user base.
● Indus Appstore provides a platform for developers to list, distribute, and promote their apps in the
Indian ecosystem.
● It offers self-publishing, localization services, tools for monitoring growth, and 24×7 customer
support.
About Phonepe :
● Founded : 2015
● Headquarters : Bengaluru, Karnataka, India
● CEO : Sameer Nigam
SBI Card Launches its First Travel-Focused Core Credit Card 'MILES'
● SBI Card has introduced its first travel-centric core credit card, named 'SBI Card MILES', offering
a range of comprehensive travel benefits.
.
● Variants of SBI Card MILES : There are 3 variants, SBI Card MILES ELITE, SBI Card MILES
PRIME, and SBI Card MILES, which have been designed to elevate these experiences through
curated travel benefits.
● Joining and Annual Fees:The joining and annual fees for SBI Card MILES ELITE are Rs 4,999.
About SBI Card :
● Founded : May 1998
● Headquarters : Gurugram, Haryana
● MD and CEO : Abhijit Chakravorty
● SBI Cards & Payment Services Limited, previously known as SBI Cards & Payment Services
Private Limited, is a credit card company and payment provider in India.
● SBI Card was launched by the State Bank of India and GE Capital.
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 widespread
adoption and growth.
About Razorpay :
● CEO : Harshil Mathur
About Airtel Payments Bank :
● 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.
SBI Card's Q4 Profit Surges Unexpectedly Due to Consistent Retail Spending in India
● India's SBI Cards and Payment Services reported an unexpected 11% rise in fourth-quarter
profit, driven by steady retail spending that offset an increase in bad loans.
● The company's profit after tax reached 6.62 billion rupees ($79.4 million) for the January-March
period, up from 5.96 billion rupees a year earlier.
● This exceeded analysts' expectations, which were around 5.61 billion rupees, as per LSEG data.
● Credit Demand and Retail Spending:Credit demand, especially in unsecured categories like
credit cards, remained robust, fueled by retail consumer spending.
● Cardholder Spending and Interest Income: Total cardholder spending, or the aggregate
transacted amount, grew by 11% year-on-year to 796.53 billion rupees during the quarter.
● Gross Write-offs and Bad Loans:The company's gross write-offs rose by 60% to 8.64 billion
rupees, reflecting a higher level of bad loans and credit losses.
● Net Interest Margin (NIM): The net interest margin, a key measure of profitability, fell by 60 basis
points year-on-year to 10.9%, suggesting increased pressure on margins due to a combination of
higher write-offs and bad loans.
Edelweiss Mutual Fund Introduces Nifty Alpha Low Volatility 30 Index Fund
● Edelweiss Mutual Fund has launched the Nifty Alpha Low Volatility 30 Index Fund, a multi-factor
index fund.
● It will consist of 30 stocks selected from a pool of the top 150 listed stocks.
● These stocks have recently outperformed the broader market yet are relatively less volatile.
● The New Fund Offer (NFO) of the scheme will be from April 26 to May 10, 2024.
● Investment Strategy and Benchmark : The scheme will invest 95-100% in equity and equity-
related securities representing the Nifty Alpha Low Volatility 30 Index.
● Its scheme will be benchmarked against Nifty Alpha Low Volatility 30-TRI and will be managed
by Bhavesh Jain.
● Scheme Variants and Options : The scheme will offer regular and direct plans with growth and
.
Income Distribution cum Capital Withdrawal (IDCW) options.

● Systematic Investment Plan (SIP) Details : The minimum investment amount for daily, weekly,
fortnightly, monthly, and quarterly SIP will be Rs 100 and in multiples of Rs 1 thereafter.
What Is a New Fund Offer (NFO)?
● NFO refers to a new mutual fund scheme for the public in the financial markets with an aim of
first-time subscription.
● In other words, a new mutual fund scheme based on a new investment strategy is offered to
investors for a limited period.
● Asset management companies (AMCs) offer NFOs as new mutual fund products which are not
previously present as part of the product basket.
● NFOs are offered for both close-ended and open-ended mutual fund schemes.
About Edelweiss Mutual Fund :
● MD & CEO : Radhika Gupta
● Edelweiss Mutual Funds, managed by Edelweiss Asset Management Limited, is one of the
country's youngest and most dynamic mutual fund houses.
Reserve Bank of India Maintains Foreign Portfolio Investors Investment Limit in Government Securities
at 6% of Outstanding Stocks for FY25
● The Reserve Bank of India (RBI) announced that the investment limits for Foreign Portfolio
Investors (FPIs) in government securities, state development loans (SDLs), and corporate bonds
will remain unchanged for FY25.
● Investment Limits for Various Securities:
➢ The limit for FPI investment in government securities (G-secs) is 6% of the outstanding
stocks of securities.
➢ The limit for state development loans is 2%.
➢ The limit for corporate bonds is 15%.
➢ Allocation between General and Long-term Sub-categories:The distribution of incremental
changes in the G-secs limit, in absolute terms, will remain at 50:50 between the two sub-
categories 'General' and 'Long-term' for 2024-25.
➢ State Development Loans (SDLs) Allocation:The entire increase in limits for SDLs, in
absolute terms, has been allocated to the general sub-category of state development
loans.
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➢ Credit Default Swaps (CDS) Limit:The aggregate limit of the notional amount of CDS sold
by FPIs will be 5% of the outstanding stock of corporate bonds.
Government Partners with SBI Cards and Telcos to Tackle One-Time Password Frauds
● India's Ministry of Home Affairs, SBI Cards and Payment Services Limited (SBI Card), and
telecom operators have joined forces to develop an innovative solution to combat OTP (One-
Time Password) frauds, cybercrime, and phishing attacks targeting the banking ecosystem.
● The government is testing a solution that allows banks to track the registered address and
geolocation of a customer to monitor where an OTP is delivered, providing a way to detect
potential fraud.
● Cybercrime's Impact:According to the Indian Cyber Crime Coordination Centre (i4C),
cybercriminals siphoned off Rs 10,319 crore between April 2021 and December 2023.
● Most crimes originated from China, Cambodia, and Myanmar, involving non-state actors.
● Citizen Financial Cyber Fraud Reporting and Management System:Under the i4C framework, the
government established the 'Citizen Financial Cyber Fraud Reporting and Management System,'
which successfully prevented around Rs 1,200 crore in fraudulent transfers from over 470,000
citizen complaints received by February 2024.
About Ministry of Home Affairs :
● Union Minister : Amit Shah
● Minister of State : Nityanand Rai, Nisith Pramanik, Ajay Kumar Mishra
Reserve Bank of India Makes Record Net Purchase of $8.5 Billion in the Forex Market in February
2024, the Highest in 32 Months
● The Reserve Bank of India (RBI) bought $8.5 billion on a net basis in the foreign exchange
market in February,2024 marking the highest net purchase by the central bank in 32 months.
● In January, the RBI made a smaller net purchase of $1.9 billion in the spot market.
● This indicates a significant increase in buying activity in February.
● Comparison with Previous Records: The net purchase of $8.5 billion in February is the highest
since June 2021, when the RBI had net bought $18.6 billion in the foreign exchange market.
● All-Time High Foreign Exchange Reserves: The RBI's headline foreign exchange reserves
reached a record high of $648.56 billion as of April 5, demonstrating the central bank's growing
reserve position.
Securities and Exchange Board of India Approves Groww Mutual Fund's Launch of Nifty Non-Cyclical
.
Consumer Index Fund via New Fund Offering

● Groww Mutual Fund has received the Securities and Exchange Board of India’s (SEBI’s)
approval to launch the Nifty Non-Cyclical Consumer Index Fund through a new fund offering
(NFO).
● The NFO is expected to go live in the first week of May.
● The fund will be India’s first non-cyclical index fund.
● In this instance, the fund is benchmarked against the Nifty Non-Cyclical Consumer Index (Total
Return Index).
● This tracks the performance of the top 30 stocks under sectors such as consumer goods and
services, telecom and more.
● Aim of the fund : To generate long-term capital growth by investing in securities of the Nifty Non-
Cyclical Consumer Index (TRI) in the same proportion to offer returns.
● It is structured to allocate between 95-100% of its assets in equities and equity-related securities
of companies directly involved in or anticipated to gain from consumption and consumption-
related endeavours.
● Groww Nifty Non-Cyclical Consumer Index Fund will be an open‐ended scheme tracking Nifty
Non-Cyclical Consumer Index – TRI.
● The scheme will be managed by Abhishek Jain.
About Groww MF :
● Headquarters : Bangalore, Karnataka
● CEO : Lalit Keshre
KRAs Release Guidelines to Simplify the KYC Process
● In a bid to ease the Know Your Customer (KYC) process for investors due to new guidelines that
came into effect on April 1, 2024 the 5 KYC registration agencies (KRAs) - CDSL Ventures
(CVL), NSDL Database Management (NDML), CAMS, Karvy, and Dotex have come with
guidelines to simplify the process.
● Scope of KYC Records:The KRAs collectively hold the KYC records of 108.3 million investors,
playing a pivotal role in maintaining these records.
● Status of KYC Records:Out of the total KYC records:
➢ 73% are in the 'KYC Validated' status, indicating no further action is required for
.
transacting in the securities market.

➢ 15% are in the 'KYC Registered' status, allowing existing systematic investment plans
(SIPs) with mutual funds to continue.
➢ 12% are in the 'KYC On-Hold' status, requiring additional steps for compliance.
What is the KYC Registration Agency (KRA)?
● KRA is an agency registered with SEBI under the Securities and Exchange Board of India [KYC
(Know Your Client) Registration Agency] Regulations, 2011.
● The KRA will maintain KYC records of the investors centrally, on behalf of capital market
intermediaries registered with SEBI.
AU Small Finance Bank Launches New Rupay Credit Card and ATM Insurance Products
● AU Small Finance Bank (AU SFB) has introduced a range of new products, aiming to enhance
fee income through innovative credit cards and ATM insurance.
● New Credit Cards:Two new credit cards are among the latest offerings: the AU SPONT Rupay
Credit Card and the Secured Credit Card - NOMO (No Missing Out).
● The AU SPONT Rupay Credit Card is developed in collaboration with NPCI, while the Secured
Credit Card - NOMO is developed with VISA.
● Introduction of Secured Credit Cards:The NOMO (No Missing Out) Credit Card is AU SFB's first
secured credit card, which is backed by a Fixed Deposit (FD).
● This marks the bank's entry into the realm of secured credit cards.
● Headquarters : Jaipur, Rajasthan, India
● MD & CEO : Sanjay Agarwal
● It was founded as a vehicle finance company and Non-Banking Financial Company (NBFC), AU
Financiers (India) Ltd in 1996 and converted into a full-fledged small finance bank on 19 April
2017.
Reserve Bank of India Issues Guidelines for Voluntary Conversion of Small Finance Banks into
Universal Banks
● The Reserve Bank of India (RBI) has issued guidelines for the voluntary transition of Small
Finance Banks (SFBs) to Universal Banks effective immediately.
● The “Guidelines for ‘on-tap’ Licensing of SFBs in Private Sector”, dated December 5, 2019,
provide a transition path for SFBs to become universal banks.
.
● Minimum Requirements for Transition : The RBI has stated that SFBs should have a minimum
net worth of Rs 1,000 crore to become universal banks in accordance with the on-tap licensing
norms.
● According to the RBI, SFBs aspiring to become a universal bank need to have scheduled status
with a satisfactory track record of performance for a minimum period of 5 years.
● Stock Exchange Listing Requirement : An SFB intending to transition to a universal bank must be
listed on a recognized stock exchange.
● Out of the 10 SFBs, only North East Small Finance Bank is not listed.
● Gross non-performing assets (GNPA) and net non-performing assets (NNPA) must be less than
or equal to 3% and 1%, respectively, over the last two financial years.
● Regulatory Structure upon Transition:Upon transition, the universal bank will be subject to all
norms, including the Non-Operative Financial Holding Company (NOFHC) structure (as
applicable).
● RBI's Authority : These instructions are issued in exercise of the powers conferred on the
Reserve Bank of India under Section 22 (1) of the Banking Regulation Act, 1949.
Economic Think-Tank National Institute of Public Finance and Policy Forecasts India's GDP Growth at
7.1% for FY25
● Economic think-tank National Institute of Public Finance and Policy (NIPFP) has estimated
India's GDP growth at 7.1% for the current fiscal, using high-frequency models.
● The robust capital expenditure (capex) growth at the state level is a key factor driving this
projection.
Comparison with Other Forecasts:
● The NIPFP's estimate aligns with other projections from notable financial and economic
institutions:
➢ The Asian Development Bank (ADB) and Fitch Ratings have also estimated India's GDP
growth at 7%.
➢ The International Monetary Fund (IMF), S&P Global Ratings, and Morgan Stanley have
projected a 6.8% growth rate for FY25.
About NIPFP :
● The NIPFP is an autonomous research institute under India's Ministry of Finance.
Reserve Bank of India Permits Small Finance Banks to Trade in Authorised Rupee Interest Rate
.
Derivative Products
● Reserve Bank of India (RBI) has decided to permit Small Finance Banks (SFBs) to deal in
permissible rupee interest rate derivative products for hedging interest rate risk.
● Aim : To expand the avenues available to the SFBs for hedging interest rate risk in their balance
sheets and commercial operations more effectively and to provide them with greater flexibility.
● Prior to this decision, Small Finance Banks were only allowed to use interest rate futures (IRFs)
for proprietary hedging.
About Small Finance Banks :
● Definition and Target Customers : SFBs are a niche type of bank in India who cater to mainly
customers not being serviced by the big commercial banks such as small business units, small
farmers, Micro, Small and Medium Enterprises (MSMEs) and various other unorganised sectors.
● Naming Requirement and Subsidiaries : Every SFB must include the words "small finance bank"
in its name and cannot establish subsidiaries for non-banking financial service activities.
● Regulatory Status and Licensing : SFBs are granted the scheduled bank status after being
operational and are deemed suitable under section 42 of the RBI Act,1934.
● Small Finance Banks are registered as public limited companies under Companies Act 2013, and
are licensed under section 22 of the Banking Regulation,1949.
● Capital Requirements: SFBs must maintain a minimum Capital to Risk-Weighted Assets Ratio
(CRAR) of 15%.
● Priority Sector Lending: SFBs are required to extend 75% of their Adjusted Net Bank Credit to
Priority Sector Lending.
National Bank for Agriculture and Rural Development Collaborates with RBI Innovation Hub to
Accelerate Digital Agriculture Lending
● The National Bank for Agriculture and Rural Development (NABARD) has partnered with the
Reserve Bank's arm RBIH to put in place a system which will enable faster processing of
agricultural loans.
● The partnership agreement was signed by the NABARD chairman, Shaji K V and Rajesh Bansal,
CEO, RBIH.
● The collaboration will streamline the lending process and reduce the turnaround time for loans
from 3 to 4 weeks to just 5 minutes for India's 120 million farmers.
● NABARD will integrate its e-KCC loan origination system portal with the Public Tech Platform for
.
Frictionless Credit (PTPFC) of Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary
of the RBI.
● The PTPFC developed by RBIH was launched in 2023.
● NABARD has developed the loan origination system portal to facilitate digital Kisan Credit Card
(KCC) loan processing for cooperative banks and Regional Rural Banks (RRBs).
● Through the integration with PTPFC, about 351 district and state cooperative banks and 43
Regional Rural Banks (RRBs) will gain access to a range of services including digital state land
records, satellite data, Know Your Customer (KYC), credit history and transliteration for more
effective credit underwriting.
About RBIH :
● CEO : Rajesh Bansal
● The Reserve Bank Innovation Hub is a wholly owned subsidiary of the Reserve Bank of India
(RBI) set up to promote and facilitate an environment that accelerates innovation across the
financial sector.
NATIONAL NEWS
Food subsidy for FY25 may be revised upward by over Rs 35,000 cr
• The government’s food subsidy expenses for FY24 were around Rs 2.2 trillion, Rs 8,000 crore
more than the revised estimate (RE), and the outgo for FY25 would need to be revised upward by
more than Rs 35,000 crore from the budget estimate (BE).
• The initial projection of the subsidy outgo by the Ministry of food and Public Distribution for 2024-25
is Rs 2.42 trillion, the source said, citing the likely rise in MSPs of wheat and rice. In the interim
budget for 2024-25, the government had provisioned Rs 2.05 trillion under the food subsidy head.
• Over the last two fiscal years, MSPs of paddy and wheat witnessed an increase in the range of 5-
7% annually.
PFRDA mandates two-factor Aadhaar authentication for CRA access from April 1
• Pension regulator PFRDA has mandated 2-factor Aadhaar Authentication for access to the Central
Recordkeeping Agency (CRA) system for conducting National Pension System (NPS) related
activities.
.
• CRAs are responsible for centralised recordkeeping, administration, and customer service
functions for all NPS subscribers.
• As of date, there are three licensed CRAs in the country.
• Currently, Nodal Offices under Central and State Governments, including their underlying
Autonomous bodies, use a password-based login to access the CRA for NPS transactions.
• This new regime will be effective from April 1.
Linking of CGHS ID with Ayushman Bharat Health Account ID made mandatory

• The linking of the Central Government Health Scheme (CGHS) beneficiary ID with the Ayushman
Bharat Health Account ID will be mandatory with effect from 1st April 2024.
• Linking of the two – that is the CGHS beneficiary ID with the Ayushman Bharat Health Account ID
– must be completed within 30 days.
• The linking of the CGHS beneficiary ID with the Ayushman Bharat ID is aimed at creating digital
health identification of CGHS beneficiaries and storing their digital health records.
• According to the MoHFW, approximately 44,98,914 beneficiaries are covered under CGHS, pan-
India, which include 26,57,833 serving employees and around 18,41,081 pensioners.
• Ayushman Bharat Health account is a 14-digit number that allows citizens to maintain their
medical records digitally.
Kodaikanal Solar Observatory celebrates 125 years of studying the Sun.

• The 125th anniversary of the iconic Kodaikanal Solar Observatory (KSO) was celebrated on 1
April 2024 by the Indian Institute of Astrophysics (IIA), an autonomous institute of the Department
of Science and Technology (DST), to remember the history of KSO, felicitate its scientists, and
honour its legacy was a milestone for astronomy in India.
• The KSO houses a digital repository of 1.2 lakh digitised solar images and thousands of other
images of the Sun recorded every day since the start of the 20th century.
• Established on 1 April 1899 by the British, the Observatory has one of the longest continuous daily
records of the Sun in the world, and this unique database has been digitised and is publicly
available for astronomers from across the globe.
Over 60 Products Across India, Including Banaras Thandai, Receive Geographical Indication Tags
• Over 60 products from across India have received Geographical Indication (GI) tags, marking the
largest batch of GI tags awarded at once.
.
• A Geographical Indication (GI) is a designation used on products with a specific geographical

origin, indicating qualities or reputation linked to that origin.
• To date, around 635 products in India have been given the GI tag.
• The first GI tag in the country was given two decades ago to the famous Darjeeling tea.
• Administered by the Registrar of Geographical Indications (RGI), it identifies agricultural, natural,
or manufactured goods, providing legal protection for 10 years (renewable).
India's Smart Meter Programme to enable Rs 1.5 lakh cr investment in prepaid smart meters
• India's Smart Meter National Program (SMNP) is aiming to replace 25 crore conventional electricity
meters with prepaid smart meters, along with upgrading infrastructure such as feeders and
transformers, with an estimated capital expenditure of Rs 1.5 lakh crore slated for implementation
over the next fiscal years.
• The Smart Meter National Program (SMNP) uses a flexible spending plan and a secure payment
system to lower risks usually found in big projects.
• This will make billing and payment collection easier for distribution companies (discoms).
India's March manufacturing PMI rises to 16-year high as output and orders jump to highest since
October 2020
• The manufacturing sector in India closed out FY24 with a "stellar performance" in March, a private
survey showed, as companies stepped up hiring in response to strong production and new orders.
• The HSBC India Manufacturing PMI rose to a 16-year high of 59.1 in March 2024, from 56.9 in
February 2024.
• While this number was the highest since February 2008, it was lower than HSBC's preliminary
estimate of 59.2. A reading of over 50 separates expansion from contraction.
• India's manufacturing output rose for the 33rd consecutive month in the final month as growth
quickened across consumer, intermediate and investment goods sectors.
TRAI floats consultation paper to seek views on draft National Broadcast Policy
• The Telecom Regulatory Authority of India has floated a consultation paper to seek comments
from the stakeholders on the proposed National Broadcasting Policy, which will be released by the
Information & Broadcasting Ministry.
.
• The consultation paper has sought views on strategies that should be adopted to increase the
broadcasting sector’s contribution to the economy and make India a “Global Content Hub” among
other aspects.
• The telecom and broadcast regulator had last year issued a pre-consultation paper.
Agricultural trade on e-NAM crosses Rs 78,400-cr in FY24
• With more states opening up or facilitating trade of agricultural commodities on the government’s
electronic – National Agriculture Market (e-NAM), trade on the digital wholesale platform crossed
Rs 78,424 crore in FY24, up 5% on the year.
• In the last five years, trade on the digital wholesale market run by the agriculture ministry has
increased by 124% last fiscal from Rs 34,940 crore in 2019-20.
• There has also been a significant spurt in inter-mandi and inter-state trading of agri-commodities
on the digital platform, which currently integrates 1389 mandis across 27 states.
Centre gets a dividend boost as receipts from state-run undertakings surpass revised estimates by 26%
to Rs 63,000 crores
• The Centre's dividend receipts from CPSEs have exceeded the revised budget estimate by 26 per
cent to about ₹63,000 crores, with PSU behemoths like Coal India, ONGC, Powergrid and GAIL
making handsome payouts in the current fiscal.
• The revised estimates of the Budget presented in Parliament on February 1, 2024 pegged
dividend receipts from CPSEs at ₹50,000 crore for the current fiscal.
• As per the Department of Investment and Public Asset Management (DIPAM) website, actual
dividend collections have been about 26 per cent higher at ₹62,929.27 crore in the 2023-24 fiscal
ending March 31, 2024.
India aims for first strategic petroleum reserve with a private company by 2029-30
• India plans to build its first privately managed strategic petroleum reserve (SPR) by 2029-30,
granting the operator the freedom to trade all of the stored oil.
• Allowing a fully commercial SPR mirrors the model adopted by countries such as Japan and South
Korea, which allow private lessees, mostly oil majors, to trade the crude.
• The ISPRL had in the first phase built a strategic petroleum reserve in underground unlined rock
caverns for storage of 5.33 million tonnes of crude oil at three locations — Visakhapatnam (1.33
million tonnes) in Andhra Pradesh, and Mangalore (1.5 million tonnes) and Padur (2.5 million
tonnes) in Karnataka.
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New PLI scheme for components to be implemented post-elections

• The Ministry of Electronics and Information Technology (MeitY) will come out with a new
production-linked incentive scheme for component manufacturing after the elections.
• As a result, the current Rs 3,285-crore scheme for the promotion of manufacturing of electronic
components and semiconductors (SPECS), which came to an end on 31st March 2024, will not be
renewed.
• The SPECS scheme, which comes to an end, was launched in 2020 for three years and was
extended till March 31, 2024.
PLI schemes attract over Rs 1.06 lakh investment till Dec 2023; pharma sector gets major chunk
• Production-linked incentive (PLI) schemes for 14 sectors have attracted over Rs 1.06 lakh crore
investments till December 2023 with pharma and solar modules accounting for nearly half of the
total.
• The response to the schemes was tepid in sectors like IT hardware, auto, auto components,
textiles, and ACC battery storage till December 2023.
Producing green hydrogen is commercially viable, even without government support
• India’s first green hydrogen plant commissioned, highlighting commercial viability; Hygenco aims
for three more by FY25.
• Hygenco, a Haryana-based company, commissioned India’s first green hydrogen plant for steel
production in March and plans to build three more by FY25.
• Anshul Gupta, Co-founder of Hygenco, emphasised the importance of producing green hydrogen
at the lowest cost and in the most efficient way for various applications like steel and glass
production.
Over 6500 booked for drunk driving in 3 months: Delhi Police

• The number of drunken driving challans issued in the first three months of 2024 saw a staggering
rise of 1,550 per cent compared to the same period in 2022, according to Delhi Traffic Police.
• During the year 2024, from January 1 to March 31, the Delhi Traffic Police initiated special drives
against drunken driving and booked 6,591 violators compared to 399 in 2022 in the same period.
• Compared to the corresponding period last year, a rise of 22 per cent was witnessed with 5,384
challans issued for this offence in 2023
.
AGEL to invest ₹1.5 trillion in developing world's largest RE park in Khavda

• Adani Green Energy Ltd plans to invest about ₹1.5 trillion through 2030 to develop the world’s
largest renewable energy plant with a 30-gigawatt capacity at the Khavda renewable energy park
in Gujarat
• The project, part of the Adani Group's renewable energy flagship’s plan to achieve 45 gigawatt
(GW) installed renewable energy capacity in the country by 2030, will see 26 GW of solar and 4
GW of wind generation capacity coming up.
• Currently, AGEL has an operating renewable portfolio of 10.93 GW—7.39 GW solar, 1.4 GW wind,
and 2.14 GW of hybrid—across 12 states.
India Post opens third post office in Antarctica

• India Post opened its third post office in Antarctica.
• The new post office was inaugurated at Bharati Station.
• Almost four decades later, letters meant for Antarctica will now have a new PIN code, MH-1718,
with the Department of Posts opening a second branch of the post office on the Bharati research
station in Antarctica.
• The inauguration coincided with the 24th Foundation Day of the National Centre for Polar and
Ocean Research (NCPOR), Goa.
• The first post office was established in 1984 at Dakshin Gangotri, followed by another in 1990 at
Maitri Station.
Jan Dhan's balance rises 18% to Rs 2.35 trillion in FY24
• Net cash accretion in no-frills Pradhan Mantri Jan Dhan Yojana (PMJDY) bank accounts rose to an
all-time high of Rs 36,153 crore in 2023-24, which also showed that average cash deposits per
account at a high of Rs 4,524.
• As many as 33 million new PMJDY accounts were opened in FY24, taking the cumulative PMJDY
accounts at 519.5 million.
• The total balance in these accounts stood at Rs 2,34,997 crore compared with Rs 1,98,844 crore a
year ago.
• Around 33 million new accounts were opened in FY24 compared with 35.9 million in FY23 and
28.6 million in FY22.
Government approves 11 EV manufacturers for receiving incentives under EMPS
.
• The Ministry of Heavy Industries has approved 11 electric vehicle (EV) manufacturers, including
Ather Energy, Bajaj Auto, Hero MotoCorp, Ola Electric, and Mahindra, to receive incentives under
the recently introduced Electric Mobility Promotion Scheme (EMPS) 2024.
• The scheme aims to sustain the growth in EV sales, replacing the former Faster Adoption and
Manufacturing of Electric Vehicles – II (FAME-II) scheme.
• The new scheme, with an allocation of Rs 500 crore, commenced on April 1 and will continue till
July 31.
ECI holds ‘Conference on Low Voter Turnout’ to increase voter turnout in LS Elections
• In a first-of-its-kind initiative, the Election Commission of India (ECI) held a ‘Conference on Low
Voter Turnout’ with Municipal Commissioners and District Education Officers (DEO) from select
districts to increase voter turnout in the ensuing Lok Sabha Elections.
• Ahead of the polling in the ongoing general elections in 2024, the poll body has accelerated
efforts to enhance voter turnout in parliamentary constituencies (PCs) with a history of low poll
participation in previous general elections.
Central & state GST officials to conduct joint audits of firms
• In a move that is expected to help businesses as well as reduce litigation, a Model All India GST
Audit Manual 2023 has been finalised for use by the Centre and state tax officials.
• The manual lays out standard principles for the selection of audit cases, preparation and conduct
of audit as well as post-audit follow-up, which is expected to help both the Central and
state GST officials to carry out the process in a uniform manner, sources said.
• The norms, which were placed before the GST Council in February, are likely to be taken up for
audit cases from this fiscal.
Tata's military-grade satellite successfully placed into orbit

• India's first military-grade geospatial satellite manufactured in the private sector has been
successfully launched and placed in orbit, with full functionality expected to be achieved within a
few months.
• Built by Tata Advanced Systems Ltd (TASL) at its Vemagal facility in Karnataka, the TSAT-
1A was onboard the Bandwagon-1 mission launched by SpaceX's Falcon 9 rocket in Florida.
• The sub-metre resolution imaging satellite has given a signal that it is in the right orbit and tests
will be run on it for the next few weeks before it is fully functional, TASL officials stated.
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India's fuel demand up by 5% y-o-y in FY24, a new financial year record
• India's fuel consumption declined by 0.6 percent year-on-year (y-o-y) in March.

• However, demand for the 2024 financial year increased by about five percent, primarily due to
higher sales of automotive fuel and naphtha.
• Preliminary data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry
showed that the total consumption, a proxy for oil demand, stood at 21.09 million metric tonnes
(4.99 million barrels per day) in March.
NTPC aims to add 5 GW capacity in FY25
• State-run NTPC has set a target to add 5 gigawatts (GW) of installed capacity reflecting its
commitment to providing clean, reliable, and affordable energy solutions.
• NTPC aims to add 3 GW of renewable energy (RE) capacity, exemplifying its steadfast dedication
to environmental stewardship.
• Simultaneously, the power generator aims to add 2 GW to its thermal energy capacity,
strengthening India’s energy infrastructure.
Indian Railways on course to 100 per cent electrification, becoming the world's largest green network
• Indian Railways is all set to achieve a significant milestone with 100 percent electrification of its
broad gauge network before the end of this fiscal year(2023).
• Notably in the 2024-25 interim budget, Rs 6500 crore were allocated for further electrification
projects.
• Since 2014, over Rs 46,425 crore has been allocated for electrification endeavours, significantly
accelerating the transition from diesel to electric locomotives.
• It is noteworthy that 61,813 route km on the broad gauge network has been electrified, which is
about 94% of the total Broad Gauge (BG) network of the Indian Railway.
Government sets up panel to monitor thermal power capacity additions

• The Power Ministry has set up the Thermal Power Monitoring Group (TPMG) that will regularly
track the progress of upcoming thermal power plants (TPPs) in the country.
• Power Minister R K Singh approved the setting up of an independent TPMG, which will conduct
site inspections and provide an assessment of each site of the TPP under implementation by a
central or State utility and Independent Power Producers (IPPs).
• The 8-member TPMG will be headed by the Central Electricity Authority’s (CEA) member
(Thermal).
.
• The members also include a Chief Engineer or higher-level officer from the CEA.
Indo-Pacific Economic Framework for Prosperity (IPEF) to organise Clean Economy Investor Forum in
Singapore
• The Indo-Pacific Economic Framework for Prosperity (IPEF) was launched in May 2022 and
currently includes 14 partners – Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the
Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States and
Vietnam.
• It provides a platform for countries in the region to collaborate on advancing resilient, sustainable,
and inclusive economic growth, and aims to contribute to cooperation, stability and prosperity in
the region.
Global BioFuels Alliances to prepare charter, Finalize governance structure

• India- and US-backed Global Biofuels Alliance (GBA) is set to draw up a charter to achieve its
objective of promoting biofuels and lowering the dependence on fossil fuels.
• The meeting will be on the sidelines of a G20 working group meeting in Brazil.
• This would be the second meeting of the temporary executive committee, which has
representatives from all the member countries of the alliance.
• The committee had first met in December on the sidelines of the COP28 in the United 15 Apr
Energy Transition Working Group expected to meet the Arab Emirates.
The President of India has inaugurated a Homoeopathy Symposium on the occasion of World
Homoeopathy Day.
• The President of India, Smt. Droupadi Murmu, inaugurated a two-day Homoeopathy Symposium in
New Delhi on World Homoeopathy Day (April 10, 2024).
• The Central Council for Research in Homoeopathy organized the symposium under the theme
"Empowering Research, Enhancing Proficiency," which is highly relevant to the 21st century.
• Research and proficiency will play a crucial role in increasing the acceptance and popularity of
Homoeopathy.
Tata Advanced Systems Ltd. launches India’s 1st privately-built sub-metre resolution surveillance
satellite
.
• Tata Advanced Systems Ltd (TASL) and Satellogic have jointly launched TSAT-1A, India's first
sub-metre resolution earth observation satellite built entirely by the private sector.
• The satellite was launched on April 7th on Elon Musk’s SpaceX Falcon 9 rocket from Kennedy
Space Center, Florida.
• TASL assembled the satellite at their facility in Vemagal, Karnataka.
• TSAT-1A offers high-resolution optical satellite imagery with multispectral and hyperspectral
capabilities, and sub-metre resolution (0.5-0.8 meters natively), which can be enhanced further to
0.5 to 0.6-meter super resolution using software.
India secures second overseas port Sittwe in Myanmar

• India has gained the right to operate a second overseas port, Sittwe, in Myanmar.
• The Ministry of External Affairs (MEA) has approved a proposal for India Ports Global (IPGL) to
take over the operations of the entire port located on the Kaladan River.
• IPGL is a company 100 per cent owned by the Ministry of Ports, Shipping and Waterways.
• In the Indian Ocean, China and India are engaged in a struggle to expand their economic
influence.
About Myanmar
• Capital: Naypyidaw
• Currency: Myanmar Kyat
The government directs e-commerce firms to remove Bournvita, and other drinks from the ‘health
drinks’ category
● The government has asked all the e-commerce companies to remove drinks and beverages,
including Bournvita, from the health drinks category from their portals.
● "National Commission for Protection of Child Rights (NCPCR), a statutory body constituted under
section (3) of the Commission of Protection of Child Rights (CPCR) Act 2005 after its inquiry
under Section 14 of CRPC Act 2005 concluded that there is no 'health drink' defined under FSS
Act 2006, rules and regulations submitted by FSSAI and Mondelez India Food Pvt Ltd," the
Commerce and Industry Ministry said in an advisory to all e-commerce companies.
● “All e-commerce companies/ portals are hereby advised to remove drink/beverages including
Bournvita from the category of “Health Drinks” from their sites/ platforms.
● Recently, FSSAI had also expressed concerns over dairy-based beverage mix, cereal-based
beverage mix and malt-based beverage mix being sold on e-commerce sites under categories
.
such as “health drinks”.

Government likely to issue green bonds worth ₹20,000 crore- ₹25,000 crore in FY25
● India may boost the sale of green bonds this fiscal year to finance sustainable infrastructure
projects riding the increased global interest in Indian government securities.
● The government, which has already decided to borrow ₹12,000 crore via green bonds in the first
half of FY25, may borrow a total of ₹20,000 crore–25,000 crore through such bonds during the
full year.
● The green bond plan, part of the government's overall borrowing programme, will likely be
announced in the full-year budget to be presented in July.
● In FY24, the government issued sovereign green bonds of ₹20,000 crore, even though the
budget did not specifically mention the plan.
● Of this, bonds of ₹ 5,000 crore with a tenure of five years were sold in November 2023, and
₹10,000 crore worth of bonds with a tenure of 30 years in two tranches of ₹5,000 crore each in
January and February 2024; bonds worth another ₹5,000 crore were sold in March.
India adds record 18 GW renewable energy capacity in FY24
● India has added a record renewable energy capacity of 18.48 GW in 2023-24, which is over 21
per cent higher than 15.27 GW a year ago, according to the latest data of the Ministry of New &
Renewable Energy.
● There is a need to add at least 50 GW of renewable energy capacity annually for the next six
years to meet the ambitious target of 500 GW of renewables by 2030.
● India's installed renewable energy capacity is 143.64 GW as of March 31, 2024, excluding 47
GW of large hydropower capacity (each plant is more than 25 GW or above).
● The data showed that solar installations of 12.78GW led the renewable energy capacity addition
of 15.27 GW in 2023-24, followed by 2.27 GW of wind energy.
● Among the renewable energy capacity, the total solar installed capacity tops the chart at
81.81GW, followed by about 46 GW of wind energy, 9.43 GW of biomass cogeneration and 5
GW of small hydro (up to 25 MW capacity each).
● Among the states, Gujarat and Rajasthan have the largest renewable energy capacities of about
27GW each, followed by Tamil Nadu at about 22 GW, Karnataka at about 21 GW and
Maharashtra at about 17 GW.
● Himachal Pradesh and Andhra Pradesh have installed renewable energy capacity of about 11
.
GW each.
An amendment has been made to the Double Taxation Avoidance Agreement between India and
Mauritius.
● India and Mauritius recently signed an amendment to their Double Taxation Avoidance
Agreement (DTAA) that includes a principal purpose test (PPT) aimed at preventing tax
avoidance.
● This has raised concerns about increased scrutiny of foreign portfolio investments via Mauritius
and past investments.
● This will require existing structures and investments from Mauritius to pass the PPT test,
potentially affecting their tax treatment in India.
What is a Double Tax Avoidance Agreement (DTAA)?
● The Double Tax Avoidance Agreement (DTAA) is a treaty signed between two countries so that
non-residents can avoid paying double taxes.
● For example, if an Indian works in a company situated in Mauritius, they might have to double
taxes twice in both countries, which is something that the DTAA wants to prevent.
● India has signed DTAA with 85 nations in total to safeguard non-resident Indians from double
taxation.
● This agreement ensures that countries involved have agreed upon tax rates on income arising
from their country.
DTAA Between India and Mauritius :
● The governments of India and Mauritius came to a unanimous decision in 1983 regarding the
avoidance of double taxation.
● Objective: To promote bilateral economic relations and investment between India and Mauritius
by providing tax certainty and reducing tax barriers.
About Mauritius
● Capital: Port Louis
● Currency: Mauritian Rupee
● Prime minister: Pravind Jugnauth
India Top Choice For Digital Pursuit: Nasscom
● India remains the top choice for enterprises looking to expand their digital services portfolio and
companies are expected to increase spending on AI, data analytics and cybersecurity, according
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to industry body Nasscom.

● The report 'Digital Enterprise Maturity 5.0: Digital Readiness in the Era of AI' is based on a
survey of 550 enterprises across 11 major sectors and seven major geographical regions.
● The survey found that 71 per cent of enterprises in India spent over 20 per cent of their tech
spends on digital in 2023.
● Nearly 90 per cent of companies have signalled plans to boost investments in key digital
technology areas in 2024, including artificial intelligence (AI)/machine learning (AI/ML), big data
analytics, cloud computing, cybersecurity, and intelligent automation.
Ramkrishna Forgings secures ₹270 crore order for Vande Bharat trains
● Ramkrishna Forgings Ltd has received an order of Rs 270 crore from a consortium led by BHEL
to supply bogie frames of Vande Bharat train sets.
● The scope of the project involves the development and validation of the bogie frames for the
sleeper version of the Vande Bharat train sets, Ramkrishna Forgings Ltd (RKFL).
● This order encompasses 32 train sets, each comprising 16 coaches and RKFL will be producing
a total of 1,024 bogie frames.
● The order valued at Rs 270 crore is to be supplied to the BHEL TRSL consortium.
● Kolkata-based Ramkrishna Forgings is a manufacturer and supplier of closed-die forgings of
carbon and alloy steel, micro-alloy steel, and stainless steel forgings.
● The company also has a presence in the US, Mexico, Turkey, and Belgium.
India gifts 35 ambulances, and 66 school buses to various health and education institutions in Nepal
● India donated 35 ambulances and 66 school buses to various organisations across Nepal,
enhancing the local infrastructure in the health and education sectors.
● Indian Ambassador to Nepal Naveen Srivastava handed over the vehicles to the Nepalese
officials in the presence of Finance Minister Barshaman Pun at a ceremony.
● Out of 101 vehicles, two ambulances were handed over on location in the earthquake-affected
Jajarkot and West Rukum districts by the representative of the Embassy of India in the presence
of district officials and local residents.
● Since 1994, India has gifted 1,009 ambulances and 300 school buses across Nepal.
India raises windfall tax on petroleum crude to ₹9,600
● The Indian government announced an increase in the windfall tax on petroleum crude.
● Effective from April 16, the tax rate has been raised to 9,600 rupees ($114.99) per metric ton, up
.
from the previous rate of 6,800 rupees.

● This revision, which occurs every fortnight, maintains the windfall tax at zero for diesel and
aviation turbine fuel, providing some relief in those sectors.
● The government raised the windfall tax on petroleum crude to 6,800 rupees per metric ton from
4,900 rupees on April 4.
● India started the tax on crude oil producers and on exports of gasoline, diesel and aviation fuel in
July 2022 to regulate private refiners who wanted to sell fuel overseas instead of locally in a bid
to gain from robust refining margins.
● Windfall Tax is a tax levied by governments against certain industries when economic conditions
allow those industries to experience significantly above-average profits.
● The term “windfall” refers to an unexpected rise in profits, and the tax on windfall gains is known
as the windfall tax.
India lost 2.3 million hectares of tree cover between 2001 and 2023
● India has lost 2.33 million hectares of tree cover since 2000, according to the latest data from the
Global Forest Watch monitoring project.
● The Global Forest Watch, which tracks forest changes in near real-time using satellite data and
other sources, said the country lost 4,14,000 hectares of humid primary forest from 2002 to 2023,
making up 18 per cent of its total tree cover loss in the same period.
● Between 2001 and 2022, forests in India emitted 51 million tons of carbon dioxide equivalent a
year and removed 141 million tons of carbon dioxide equivalent a year.
● The data showed that 95 per cent of the tree cover loss in India from 2013 to 2023 occurred
within natural forests.
● The maximum tree cover loss of 189,000 hectares occurred in 2017.
● The country lost 175,000 hectares of tree cover in 2016 and 144,000 hectares in 2023, the
highest in the last six years.
● The GFW data showed that five states accounted for 60 per cent of all tree cover loss between
2001 and 2023.
● Assam had the maximum tree cover loss at 324,000 hectares compared to an average of 66,600
hectares.
● Mizoram lost 312,000 hectares of tree cover, Arunachal Pradesh 262,000 hectares, Nagaland
259,000 hectares, and Manipur 240,000 hectares.
.
● According to the Food and Agriculture Organisation, the rate of deforestation in India was
668,000 hectares per year between 2015 and 2020, the second highest worldwide.
● From 2001 to 2022, Odisha had the highest rate of tree cover loss due to fires with an average of
238 hectares lost per year.
● Arunachal Pradesh lost 198 hectares, Nagaland 195 hectares, Assam 116 hectares, and
Meghalaya 97.
About GFW
● Global Forest Watch (GFW) is an open-source web application to monitor global forests in near
real-time using satellite data and other sources.
● It is a project of the Washington-based nonprofit research organization, the World Resources
Institute (WRI).
Centre to set up dedicated test labs in six states for Kasturi Cotton global brand push
● To promote the global brand of Kasturi Cotton, the Center will set up dedicated testing
laboratories in six states.
● The central government plans to set up dedicated laboratories for testing high-grade cotton in
Maharashtra, Tamil Nadu, Haryana, Punjab, Gujarat, and Karnataka.
● It will be set up as part of an effort to establish Indian Kasturi cotton as a global brand.
● The laboratories will be set up in convergence with the Bureau of Indian Standards (BIS) testing
facilities, ensuring alignment with national quality standards.
● The aim of setting up this laboratory is that India wants to compete with global cotton brands like
Supima and Giza, known for their exceptional softness, strength, and durability.
● Egypt has successfully established its Giza cotton brand internationally with a modest annual
production of one million bales.
● The Indian product, Kasturi Cotton India, is produced according to stringent standards, with a
strict limit of 2% on waste content to ensure its premium quality and 100% traceability.
DD changes logo colours from red to orange
● The central government-owned news television channel DD News has undergone a makeover by
changing the colour of its logo from bright red to beaming saffron.
● The transformation of the logo came with the launch of its new studio channel.
● The change in the branding, set design, logo and general visual aesthetics was announced in
social media posts on April 16.
.
● The first Doordarshan logo, which was selected by the then prime minister Indira Gandhi and
broadcast for the first time along with the theme music composed by Pandit Ravi Shankar and
Ustad Ali Ahmed Hussain Khan on April 1, 1976, was an orange logo against a green
background.
The Government notifies the specifications of IFFCO's Nano Urea Plus
● The government has notified specifications of a new product 'Nano Urea Plus' fertiliser to be
manufactured by cooperative IFFCO in the country in the next three years.
● Nano Urea Plus is a new version of nano urea meant for meeting crop nitrogen requirements at
critical growth phases.
● According to a gazette notification, the government has approved Nano Urea Plus in liquid form
with 16 per cent nitrogen content in weight by weight, and pH value of 4-8.5 and viscosity of 5-30.
● This product will be manufactured by the cooperative major IFFCO for three years.
● Currently, IFFCO offers 'Nano Urea' which has 1-5 per cent weight by weight nitrogen content.
● The Nano Urea Plus has more nitrogen.
● IFFCO launched the world's first 'Nano liquid urea' fertiliser in June 2021. Thereafter, it came up
with 'Nano DAP' fertiliser in April 2023.
PHDCCI unveils 10-key enablers for ‘Viksit Bharat’ by 2047
● Industry body PHDCCI came up with 10 key enablers to help India become a “developed
country” (Viksit Bharat) by 2047 and ramp up its per capita income to $21,000 by that year.
● It also sees the country’s GDP growing at an average rate of 6.7 per cent between now and
2047, while pegging the growth forecast for the current fiscal at 8-8.3 per cent.
● PHDCCI has in the report forecast the size of the Indian economy at $34.7 trillion by 2047 as
against $3.7 trillion now.
● By 2047, PHDCCI sees the share of agriculture in the overall GDP coming down to 12 per cent
from 20 per cent in 2023 and that of manufacturing rising from 16 per cent in 2023 to 25 per cent
in 2047.
Shompen Tribes Of Andaman & Nicobar Islands Cast Vote For First Time
● For the first time in Andaman and Nicobar Islands, seven members of the Shompen tribe, a
particularly vulnerable tribal group (PVTGs) of Great Nicobar Islands exercised their voting rights
for the lone Lok Sabha seat in the union territory.
● Not only Shompen tribe members exercised their voting rights at polling station 411 named as
.
'Shompen Hut' built inside the forest staff quarters but also they posed for selfies at a designated
cut-out made by the Election Commission of India, which reads - "I vote for sure".
● The Shompen tribes were assisted in their language by an interpreter known as 'Mathiyas' (a
Nicobari tribal youth).
● As per the 2011 census the population of the Shompen was 229.
Amara Raja Infra bags 700 MWp solar project from Greenko
● Amara Raja Infra Pvt Ltd has secured a 700 MWp solar project from Greenko in Andhra Pradesh.
● With the latest win, the order book of Amara Raja Infra Private Limited (ARIPL) stands at Rs
1,516 crore at the end of FY24
● ARIPL has achieved a significant milestone in the renewable energy sector by securing a solar
BoS project of 500 MW/700MWp from Greenko
● The project spans a 2,200-acre site near Uyyalavada Town in Kurnool district of Andhra Pradesh.
Archer Aviation aims to start electric air taxi trials next year
● Archer Aviation, backed by Stellantis and Boeing, aims to begin trials of its electric air taxi in India
next year, ahead of a planned commercial launch in 2026
● U.S.-based Archer last year partnered with InterGlobe Enterprises, which backs India's top airline
IndiGo, to launch the air taxis to help people avoid ground traffic in congested cities
● Archer is working with India's aviation watchdog to get the "appropriate regulatory approvals"
before it can begin trials in the country
● For commercial operations, Archer is in final stages of getting approvals from the Federal
Aviation Administration (FAA) in the United States, which it expects will come through next year,
after which it will seek clearances in India.
● It will first launch in New York and India will be its first international market.
● Electric vertical takeoff and landing aircraft (eVTOL), also known as flying taxis, have been touted
as the future of urban air mobility.
Majority of top-100 companies making disclosures about carbon emissions:

● Supplementing the efforts of the Indian government to achieve a net-zero emission target by 2070,
as many as 51 per cent of the top 100 companies have started making disclosures voluntarily about
carbon emissions, according to a PwC India survey.
● The survey further said that about 31 per cent of the respondent companies have disclosed their net-
.
zero targets.
● The government and the regulators have introduced new regulations pertaining to ESG
(environmental, social and governance) for businesses.
● 51 per cent of India's top 100 listed companies by market capitalisation disclosed their Scope 3 data
for FY23 despite it being a voluntary disclosure in Business Responsibility and Sustainability
Reporting (BRSR).
All cases of organ transplants, whether from living or deceased donor, to be given unique NOTTO-ID
● All cases of organ transplants, whether from a living or deceased donor, will be allocated a unique
National Organ and Tissue Transplant Organisation (NOTTO)-ID for both the donor and the
recipient.
● It must be generated by the hospital from the NOTTO website (www.notto.mohfw.gov.in).
● The Union Health Ministry has issued the directive to eliminate commercial dealing in organs,
especially those involving foreign citizens.
● The Ministry of Power's Secretary Pankaj Agarwal and Ambassador of India to the Netherlands
Reenat Sandhu jointly inaugurated the India Pavilion at the 26th World Energy Congress (WEC)
2024.
● Participated by the Indian Renewable Energy Development Agency Limited (IREDA) and other
CPSEs under the Ministry of Power, New & Renewable Energy (MNRE), Coal and Petroleum &
Natural Gas, the pavilion serves as a testament to the country's technological progress in the energy
and power sector.
● The India Pavilion at WEC serves as a hub for showcasing innovative technologies and power
generation practices, reinforcing India's commitment to environmental conservation on the global
stage.
● Other CPSEs such as ONGC, NTPC, PFC, REC, Power Grid, NHPC, and SECI also participated in
the flagship event, collectively reinforcing India's leadership in the global energy transition.
Small exporters seek continuation of amnesty scheme till September 2024:

● Several small exporters have requested the government to continue the amnesty scheme for one-
time settlement of default in export obligation till September, an industry body.
● Ludhiana-based Hand Tools Association President S C Ralhan said the number of small exporters
have not been able to avail of benefits of the scheme due to fulfilling their obligations to make
payments to MSMEs within 45 days.
.
● According to Section 43B(h) of the Income Tax Act, introduced through the Finance Act 2023, if a
larger company does not pay an MSME on time -- within 45 days in case of written agreements -- it
cannot deduct that expense from its taxable income, leading to potentially higher taxes.
● The last date for payment of customs duty plus interest ended on March 31, 2024.
CMFRI develops seed production technology for high value marine fish golden trevally
● In a significant achievement in India’s mariculture sector, the researchers of the ICAR-Central
Marine Fisheries Research Institute (CMFRI) have succeeded in captive breeding of golden trevally
(Gnathanodon speciosus), a high value marine fish.
● Scientists at CMFRI’s Visakhapatnam Regional Centre achieved successful bloodstock
development, captive breeding and larval rearing of the fish after five years of research.
● Golden trevally or golden king fish is an ideal candidate species for mariculture (marine aquaculture)
due to its faster growth rates, good meat quality, and huge market demand for both consumption
and ornamental purposes.
● The farm-gate value of the fish is Rs. 400-500 per kg.
NBCC secures new work orders worth Rs 23,500 crore in 2023-24 fiscal
● State-owned construction firm NBCC Ltd secured projects worth Rs 23,500 crore during the last
fiscal year.
● NBCC has secured significant business during 2023-24 financial year.
● The company "has secured record new works of Rs 23,500 crore on consolidated basis and Rs
18,400 crore on standalone basis, as compared to Rs 6,700 crore (consolidated basis) and Rs 4,225
crore (standalone basis) in preceding fiscal."
● Among the major orders received in 2023-24, NBCC said it has got additional FAR (floor area ratio)
works in Amrapali worth about Rs 10,000 crore.
● NBCC also bagged its first re-development project outside of Delhi from Kerala State Housing Board
(KSHB) valuing Rs 2,000 crore.
The government gets Rs 3,443 crore special dividend from TCIL
● The government has received Rs 3,443 crore as a special dividend from Telecommunications
Consultants India Limited (TCIL), a public sector enterprise under the Ministry of Telecom.
● The "Government has received about Rs 3,443 crore from Telecommunications Consultants India
Limited (TCIL) as a special dividend," Department of Investment and Public Asset Management
(DIPAM) Secretary Tuhin Kanta Pandey
.
● Established in 1978, TCIL is an engineering and consultancy and a profit-making organisation since
its inception, as per its website.
● In the current fiscal, the government has budgeted to get Rs 48,000 crore as dividend from central
public sector enterprises (CPSEs).
About TCIL
● Headquarters: New Delhi
● Founder: Government of India
● Founded: 1978, India
SJVN CMD felicitates the winners of SJVN’s Inter-Projects Sports Meet 2023-24
● SJVN Limited's Chairman & Managing Director (CMD) Geeta Kapur graced the closing ceremony of
SJVN’s Inter-Projects Sports Meet 2023-24 held at Corporate Headquarters, Shimla.
● The event marked the culmination of a series of sports events that commenced in November 2023
and spanned till April 2024.
● Inter Project Sports Meet 2023-24 was organised from November 2023 till April, 2024 and comprised
of eight events viz Volleyball, Football, Cricket, Kabaddi, Badminton, Table Tennis, Chess and
Carrom for Men and four events for Women viz Badminton, Table Tennis, Chess and Carrom.
● Inter Project Sports Meet concluded with the Chess Tournament that was held on April 21 to 22.
About SJVN
● Founded: 1988
● Headquarters: India
Union Health Secretary visits pharmaceutical Bilthoven Biologicals, Netherlands; has an engaging
meeting with CEO
● Union Health Secretary Shri Apurva Chandra visited the manufacturing unit of global pharmaceutical
company Bilthoven Biologicals at Utrecht, Netherlands.
● He had an engaging meeting with CEO Mr Juergen Kwik & CEO of Poonawalla Science Park (PSP)
at Bilthoven Mr Jef De Clercq on EU pandemic preparedness partnership and collaboration on the
production of vaccines.
● Bilthoven Biologicals B.V. Co. manufactures pharmaceutical products such as vaccines for polio,
diphtheria-tetanus-polio, and tetanus along with bacillus calmette-guerin (BCG).
● The bioengineering and vaccine production firm Bilthoven Biologicals was purchased by Serum India
Ltd., in 2012.
.
● Recently Serum and Bharat Biotech have announced collaboration for enhanced production of OPV.
India at World Energy Congress 2024: Power Secretary and Indian Ambassador to the Netherlands
inaugurate India Pavilion
● India is showcasing its innovative technologies and power generation practices, at the 26th World
Energy Congress, being held in Rotterdam, Netherlands.
● The India Pavilion at the Congress aims to be a hub for showcasing innovative technologies and
power generation practices, reinforcing India's commitment to environmental conservation on the
global stage.
● Central Public Sector Enterprises under the Ministry of Power, Ministry of New & Renewable Energy,
Ministry of Coal and Ministry of Petroleum & Natural Gas are participating in the India Pavilion,
giving a collective testimony to India’s leadership in global energy transition.
● The Pavilion was jointly inaugurated by Secretary, Ministry of Power, Government of India, Shri
Pankaj Agarwal and Ambassador of India to the Netherlands Mrs. Reenat Sandhu, on 22nd April,
2024.
IIT Madras Carbon Zero Challenge announces top 25 teams with promising Sustainable Tech
Innovation
● The Indian Institute of Technology Madras (IIT Madras) has announced the top 25 teams that form
the fourth Cohort of the annual Carbon Zero Challenge, a pioneer pan-Indian competition to
encourage start-ups in the Sustainability Sector.
● The teams were announced during the ‘Embarkment ’ event held on the campus.
● The CZC 4.0 launched the fourth cohort during January 2024 and has provided funding to 100
teams with over Rs. 5 crore in total. It has served as a seedbed for 13 start-ups and has transformed
42 students/researchers and eight faculties into entrepreneurs.
● The Challenge is being supported by Thales, a French multinational company, and Aquamap Centre
for Water Management - IIT Madras.
● The latest edition of CZC4.0 received 850 applications with validated proof of concept from 25
States, from which 25 teams were shortlisted after two rounds of stringent evaluations by 50 experts.
Target is to achieve $1 trillion goods exports by 2030: Trade Ministry

● The Commerce Ministry has initiated an exercise to identify required infrastructure needs, potential
sectors, and clusters which would help the country achieve the $1 trillion merchandise exports target
by 2030 but sustainability will be a major concern going forward.
.
● EU lawmakers backed the Corporate Sustainability Due Diligence Directive (CSDDD) by 374 votes
to 235 against, with 19 abstentions, Reuters reported.
● Notably, more than a fourth of India’s exports of iron, steel and aluminium were to the EU and as per
industry estimates, the EU tariffs could raise the costs of Indian exports by 20 to 35 per cent.
NTPC Kanti, the first station among NTPC, started Girl Empowerment Mission 2024
● NTPC Kanti was among the first stations to start the GEM program pan NTPC.
● The GEM (Girl Empowerment Mission) program aims to empower girls by providing them with the
education and skills necessary for their holistic development.
● This workshop, themed ” Empowered Girls, Empowered Kanti”, will run from April 25 to May 20,
providing free education to students in subjects such as Mathematics, Computer, English, Hindi, etc.
Centre accords AEO status to the gem and jewellery sector
● The Centre has extended Authorised Economic Operator (AEO) status to the gem and jewellery
sector, the Gem & Jewellery Export Promotion Council (GJEPC), the apex body of the sector.
● The AEO programme was introduced as a pilot project in 2011 by the Customs Department as part
of a broader framework for ease of doing business, which has been instrumental in simplifying
export operations across various sectors, resulting in significant time and cost savings for exporters.
● The AEO is a programme under the World Customs Organisation (WCO) SAFE Framework of
Standards to secure and facilitate global trade.
Oil PSUs' output from overseas fields is up a tad
● India's state-run firms' output from overseas oil and gas fields marginally rose in 2023-24 after
declining for four straight years.
● The output, however, remained a fifth below the peak of 2018-19 as producing fields matured and no
new overseas assets were acquired in recent years.
● The share of India's state companies in oil and gas production from overseas fields increased to
19.9 million metric tonnes of oil equivalent (MMTOE) in 2023-24 from 19.5 MMTOE in the previous
year.
● ONGC Videsh, India's largest investor in overseas oil and gas fields, has a stake in Sakhalin-1,
where production had nearly halted for some time following the exit of its operator Exxon.
Centre to allocate higher sales quota may sugar mills in May to tame prices
● The Centre aims to allocate sugar mills a higher sales quota for May, which will cumulatively be
100,000-200,000 tonnes more than that in the same month a year ago, to tame prices of the
.
sweetener
● Ex-mill sugar (small and medium-sized grade) prices in Uttar Pradesh, Maharashtra and Karnataka
rose 2.6%-4.9%, depending on region and variety, to ₹3,540-3,930 a quintal in the past 30 days,
● Only seven mills in Maharashtra, about 15 in Uttar Pradesh and some in Tamil Nadu are still
crushing sugarcane.
India becoming attractive for clinical trials: Pharma industry leaders
● Over the past 10 years, clinical trials in India have become easier, more accessible and accelerated,
experts from the pharma sector have said as top multinationals are increasingly looking at the
country as their base for clinical trials.
● Data from 2017 to 2023 shows that phase two and phase three clinical trials are growing at about 15
per cent to 18 per cent in India.
● This is primarily because of the 10 modifications done to the Drugs and Cosmetics Act of 1940,
according to Badhri Srinivasan, head of Global Clinical Operations, Novartis.
● Novartis is one of the largest pharmaceutical companies in the world and was the fourth largest by
revenue in 2022.
Drone use for farming gets a big boost, to more than double by FY25
● According to industry estimates, while currently as many as 3,000 drones are being utilised in the
agriculture sector, the number could rise to over 7,000 by FY25 itself.
● With the government’s thrust on promoting drones for agricultural activities like crop mapping,
analysis and application of nutrients and pesticides, manufacturers see an exponential increase in
demand for these unmanned aerial vehicles (UAVs) in the next couple of years.
● This, analysts feel, would help boost crop productivity significantly through optimum use of water,
soil nutrients and crop protection formulations.
● The number of drones in operations could grow to 10,000 – 15,000 in the next couple of years with
rapid adoption in the agriculture sector
● The drone will become more prominent with government support by the end of FY26, as it helps
save 70% of water usage and reduce 20%-30% on fertilizer applications.
INTERNATIONAL NEWS
Taiwan Struck by Strongest Earthquake in 25 Years, 7.2 Magnitude Quake Hits Near Hualien County
• Taiwan was hit by a 7.2 magnitude earthquake, the strongest in the last 25 years.
.
• The epicentre of the quake was located just 18 kilometres south-southwest of Hualien County,
which is situated in eastern Taiwan.
• Taiwan is prone to earthquakes as it lies along the Pacific “Ring of Fire” - where 90% of the world’s
earthquakes take place.
• The Ring of Fire is essentially a string of hundreds of volcanoes and earthquake-sites which run
along the Pacific Ocean.
About Taiwan :
• President : Tsai Ing-wen
• Capital : Taipei
• Currency : New Taiwan dollar
North Atlantic Treaty Organization Commemorates 75th Anniversary as Foreign Ministers Convene in
Brussels
• North Atlantic Treaty Organization (NATO) Foreign Ministers gathered at NATO Headquarters,
Brussels, Belgium to mark 75 years since the signing of the Washington Treaty.
• NATO approved a proposal for a 100-billion-euro, 5-year fund to Ukraine.
• Since 1949, the Alliance has ensured peace, democracy and prosperity for its members, now
counting 32 Allies and one billion people on both sides of the Atlantic.
• This year’s NATO Day comes just weeks after Sweden joined as the thirty-second member of the
Alliance.
About NATO :
• Headquarter: Brussels, Belgium
• Secretary General Jens Stoltenberg
• It is a military alliance established by the North Atlantic Treaty.
• It currently has 32 alliance members from North America and Europe.
• Its fundamental goal is to safeguard the Allies’ freedom and security through political and military
means.
• It is a system of collective defence where independent member states agree for mutual defence in
case of an attack by an external party.
Nepal leads inaugural Rainbow Tourism Conference, pledges safe destination for all
.
● The first International Rainbow Tourism Conference opened, with Nepal offering itself as a safe
and respectful destination in South Asia for the sexual minority community.
● The single-day international conference was organised by Mayako Pahichan Nepal, a non-
governmental organisation.
● “This pioneer event organised by Mayako Pahichan Nepal in collaboration with Nepal Tourism
Board marks a significant milestone in promoting diversity and inclusivity within the tourism
industry,” reads a press release issued ahead of the event.
● The conference's main objective is to position Nepal as an LGBT-friendly tourism destination.
● The international conference was inaugurated by Minister for Women, Children and Senior
Citizens, Bhagawati Chaudhary, who underlined the need to forge collaboration among different
stakeholders to promote LGBT tourism in Nepal.
● In June 2023, through an interim order, it allowed same-sex marriage to be registered legally.
About Nepal:
● Capital: Kathmandu
● Currency: Nepalese Rupee
● President: Ram Chandra Poudel
● Prime minister: Pushpa Kamal Dahal
Italy's Mount Etna Erupts with Perfect Smoke Rings in the Sky
● Mount Etna volcano has been sending up almost perfect rings of smoke into the air which are a
rare phenomenon that scientists refer to as volcanic vortex rings.
● Volcanic Vortex Rings are generated when gas, predominantly water vapour, is released rapidly
through a vent in the crater.
● It was first observed at Etna and Vesuvius in Italy in 1724.
● Volcanic vortex rings have also been observed at other active volcanoes, including Redoubt in
Alaska, Tungurahua in Ecuador, Pacaya in Guatemala, Eyjafjallajökull and Hekla in Iceland,
Stromboli in Italy, Aso and Sakurajima in Japan, Yasur in Vanuatu, Whakaari in New Zealand,
and Momotombo in Nicaragua.
● Mount Etna is sometimes referred to simply as Etna, is an active volcano on the east coast of
Sicily, the largest island in the Mediterranean Sea.
● Etna’s peak is the highest in Italy south of the Alps, and it is Europe’s largest and one of the most
active volcanoes.
.
● It has been a UNESCO World Heritage Site since 2013.

About Italy :
● President : Sergio Mattarella
● Prime Minister : Giorgia Meloni
● Capital : Rome
● Currency : Euro
Indonesia Raises Highest Alert Level After Volcano Erupts 5 Times in 24 Hours
● Mount Ruang has erupted, sending an ash cloud over a mile high into the sky, indicating
significant volcanic activity.
● It is a stratovolcano located in Indonesia’s North Sulawesi province.
● Its summit stands 10,932 feet above sea level, with a caldera that is about 2 miles wide.
● Stratovolcano is a tall, steep and cone-shaped type of volcano.
● It comprises the largest percentage (~60%) of the Earth's individual volcanoes, and most are
characterised by eruptions of andesite and dacite, lavas that are cooler and more viscous than
basalt.
About Indonesia :
● President : Joko Widodo
● Capital : Jakarta
● Currency : Indonesian rupiah
European Union Adopts New Schengen Visa Rules Offering Greater Benefits for Indian Travellers
● The European Commission has introduced a new Schengen visa regime for Indian nationals,
offering multi-year visas for up to 5 years.
● This change is expected to boost outbound travel from India to European destinations.
● EU-India Common Agenda on Migration and Mobility:The new visa rules reflect strengthened
relations between the European Union (EU) and India under the EU-India Common Agenda on
Migration and Mobility.
● Cascade Regime Implementation:On April 18, 2024, the European Commission adopted the new
"cascade" regime for the application of the Schengen visa for Indian nationals.
● Criteria for Multi-year Schengen Visas:Indian nationals can be issued long-term, multi-entry
Schengen visas valid for two years after obtaining and lawfully using two visas within the
previous three years.
.
● Composition of the Schengen Area:The Schengen area comprises 29 European countries, of

which 25 are EU states.
● The EU states covered by Schengen area are, Belgium, Bulgaria, Croatia, Czech Republic,
Denmark, Germany, Estonia, Greece, Spain, France, Italy, Latvia, Lithuania, Luxembourg,
Hungary, Malta, The Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia,
Finland and Sweden.
● Countries that are not members of the European Union, but members of the Schengen area
include Iceland, Liechtenstein, Norway and Switzerland.
About European Union :
● Headquarters : Brussels , Belgium
● President of the European Council : Charles Michel
● President of the Commission : Ursula von der Leyen
● Members : 27
STATE NEWS
Tripura's 'Rignai Pachra' Textile and Tripureswari Temple's 'Pera' Granted Geographical Indication (GI)
Tag
• Tripura’s two iconic products -‘Matabari pera prasad’ offered at the famous Tripureswari temple
and ‘Rignai pachara’ textiles, representing a traditional hand-woven attire meticulously crafted by
skilled artisans using indigenous materials have been bestowed with the coveted Geographical
Indication (GI) tag.
• Early this month, the Northeastern State’s ‘Risa’, a hand-woven cloth worn by the indigenous
communities of the State, received the GI tag.
• In addition to the recently recognized products, Tripura's queen pineapple had previously received
a GI tag through the initiative of the North Eastern Regional Agricultural Marketing Corporation
(NERAMAC).
About Tripura :
• Governor : Indra Sena Reddy Nallu
• Chief Minister : Manik Saha
• Capital : Agartala
.
• National Park : Bison (Rajbari) National Park, Clouded Leopard National Park
• Wildlife Sanctuary : Sepahijala Wildlife Sanctuary, Trishna Wildlife Sanctuary
• Ramsar Site : Rudrasagar Lake
Commercial Plant for Recycling Lithium-Ion Batteries (LIB) and E-Waste Coming Soon at Uttarakhand
• The Technology Development Board (TDB) under the science & technology ministry has partnered
with a private entity to establish a commercial plant for recycling lithium-ion batteries (LIB) and e-
waste using indigenous technology in Uttarakhand.
• Aim : To enhance circularity and reduce the country's reliance on imported critical mineral
resources.
• Presently, a large portion of LIBs, about 95%, end up in landfills without recycling, while only 5%
undergo the process.
• India currently ranks 3rd among the largest generators of e-waste globally, behind only China and
the United States (US).
About Uttarakhand:
• Capital: Dehradun
• Chief Minister: Pushkar Singh Dhami
• Governor: Gurmit Singh
India’s first semiconductor fabrication unit chips in Punjab
● Nearly 35 years after a mysterious fire destroyed its facilities at the 51-acre campus at Mohali in
Punjab, Semi-Conductor Laboratory (SCL) is fighting back to extinguish old memories and earn
its place in the sun.
● That’s courtesy of a generous Rs 10,000 crore modernisation plan drawn up by the Ministry of
Electronics and IT (Meity), which wants India’s original semiconductor fabrication unit to not only
continue its operations in the 180 nanometers (nm) technology fab, but upgrade to 28 nm.
● It’s ironic that SCL first started manufacturing in 1984, three years before Taiwan’s
Semiconductor Manufacturing Company (TSMC), which eventually became a global chip leader,
set up shop.
● SCL has two fabrication lines — for 6-inch and 8-inch wafers — an ATMP unit, and a compound
semiconductor unit.
● So far, SCL has been serving strategic sectors like space and satellites, railways, and telecom,
.
among others by supplying them with 180 nm chips. Once it starts manufacturing 28
nm technology, the target is to increase its capacity to 24,000 wafers per month.
● Currently, it rolls out 700 wafers per month — 180 nm.
● Wafer acts as the foundation for creating chips. Chip manufacturing starts with wafer preparation.
About Punjab:
● Capital: Chandigarh
● Chief minister: Bhagwant Mann
● Governor: Banwarilal Purohit
BUSINESS NEWS
Adani Green Energy Is India's First Firm With a 10,000 MW Renewable Energy Capacity
• Adani Green Energy Ltd has commissioned 2,000 MW of solar capacity at the giant Khavda Solar
Park in Gujarat which has made it the first company in India with over 10,000 MW of renewable
energy capacity.
• The company now has an operating portfolio of 10,934 MW, the largest in India.
• It has brought 2,848 MW renewables capacity on stream in FY24.
• AGEL's operational portfolio consists of 7,393 MW solar, 1,401 MW wind and 2,140 MW wind-
solar hybrid capacity.
India's manufacturing hits a 16-year high in March 2024

• India's manufacturing industry expanded at a fast pace in the last 16 years due to accelerating
demand.
• The last time a reading of this level was recorded was in February 2008, when the HSBC India
Manufacturing Purchasing Managers’ Index (PMI) had touched a high of 59.5.
• India’s manufacturing PMI jumped to 59.1 in March 2024 from 56.9 in February 2024.
• In January 2024, the PMI was 56.5.
NSE cuts Nifty, Nifty Financial Services F&O lot sizes to 25

• After effecting changes in 54 individual derivative stocks, the National Stock Exchange (NSE)
revised the lot sizes of indices too.
• The Nifty lot size has been cut to 25 from the current 50 while Nifty Financial Services has been
reduced to 25 from 40 and Nifty Midcap Select to 50 from 75.
.
• However, the Nifty Bank lot size will remain at 15.

• All contracts i.e. weekly, monthly, quarterly, and half-yearly expire that will be introduced on April
26 will be with the revised market lot size.
India aims to achieve marine exports worth Rs 1 trillion within the next two years.
• India is aiming to reach Rs 1 trillion in marine product exports in the next two years by increasing
its processing capacity and a shift to higher value-added products.
• India’s exports of marine products were $8.09 billion (Rs 63,969 crore) in 2022-23 and in the April-
February exports from the sector were down 7.5% on year to $ 6.8 billion.
• The decline in demand from the US and Europe which are the key markets.
• Among marine products, shrimp exports have a 67% share.
Mobile phone output tops Rs 4.1 trillion in FY24

• The value of mobile devices produced in India for both export and domestic markets in the
financial year 2023-24 soared to Rs 4.1 trillion ($49.16 billion), up at least 17 year-on-year (Y-o-Y),
according to preliminary estimates by the Indian Cellular and Electronics Association (ICEA) which
represents most of the mobile players in the country.
• The final figure could be higher by another Rs 5,000 crore.
• Apple led the charge in exports, with the value of outbound shipments of mobile devices expected
to have crossed Rs 1.2 trillion ($14.39 billion) in FY24, a 33 per cent increase from Rs 90,000
crore in the previous financial year.
March 2024 sees second-highest gross GST revenue of ₹1.78 lakh crore, lifts FY24 collections to ₹20.2
lakh crore
• Gross Goods and Services Tax (GST) revenue for March 2024 witnessed the second highest
collection ever at ₹178,484 lakh crore, with an 11.5 per cent year-on-year growth.
• This surge was driven by a significant rise in GST collection from domestic transactions at 17.6 per
cent.
• The highest-ever GST collection was recorded at ₹1.87 lakh crore in April 2023.
• GST revenue net of refunds for March 2024 was ₹1.65 lakh crore, 18.4 per cent higher over the
same period a year ago.
• In terms of state Maharashtra topped in paying GST followed by Karnataka, Gujarat , Tamil Nadu,
and Haryana in March 2024.
.
UPI ends FY24 on a high note, with transactions worth ₹199 lakh crore processed
• The Unified Payments Interface (UPI) ended FY24 on a strong high, setting new records for both
the volume and value of transactions undertaken during March 2024.
• This was despite transactions dipping slightly in February 2024 due to the fewer number of days in
the month, and increased investment activity ahead of the financial year-end.
• Transactions worth ₹19.78 lakh crore were processed during March 2024, higher than the
previous record of ₹18.41 lakh crore set in January 2024.
• The number of transactions on the UPI network rose to 1,344 crore during the month, from the
January peak of 1,220 crore transactions.
Tata Steel to stop operations of coke ovens at Port Talbot plant

• Tata Steel has decided to cease operations of the coke ovens at its Port Talbot plant in Wales, UK.
• The move is part of Tata Steel’s transition from an emission-intensive blast furnace technology to
low-carbon steelmaking through the electric arc furnace route.
• The company said it had previously stated that many of its heavy-end assets in Port Talbot are at
their end-of-life capability.
• The plan involves a £1.25 billion investment in electric arc furnace technology in Port Talbot and
asset upgrades.
• Of the £1.25 billion investment, the UK government has committed £500 million to enable the
transition, and Tata Steel plans to invest £750 million.
Net FDI in India down 38.4% in April 2023-January 2024: RBI's March 2024 bulletin
• The net foreign direct investment (FDI) in India, inflows minus outflows, declined 38.4 per cent
year-on-year to $15.41 billion in the first 10 months of this financial year due to an increase in the
repatriation of capital.
• According to the Reserve Bank of India’s data in the March 2024 bulletin, FDI in India was $25.53
billion and outflows were $10.11 billion in April 2023-January 2024.
• Repatriation and divestment by those who made direct investments in India rose to $34 billion in
the 10 months of the financial year.
DCB, Ekam Eco Solutions join hands to set up a composting facility at Goa University
.
• Ekam Eco Solutions Pvt Ltd, a research spin-off of IIT Delhi’s works on sanitation, along with DCB
Bank, launched a composting facility at Goa University.
• Located on the university grounds, this facility has a capacity of processing 657 kgs of wet waste a
day.
• Sponsored by DCB Bank as part of its corporate social responsibility (CSR) initiatives, the facility is
designed and developed by Ekam Eco Solutions Pvt Ltd. Alterenergyz has taken charge of
commissioning and managing the facility.
• Murali M Natrajan, Managing Director and Chief Executive Officer of DCB Bank
Electric vehicles: India's share in global PV market may rise to 7% by 2040

• The latest estimate by Goldman Sachs has stated that India’s share of the global electric
passenger vehicle market may go up to 7.1 per cent by 2040 from the current level of 1 per cent in
2024.
• As per the estimates for 2024, Sachs has predicted that electric passenger car sales will remain at
more or less the same levels as 2023, around 0.1 million.
• But in 2030, they will cross the million mark for the first time, hitting 1.3 million in 2030 and then 5.5
million by 2040.
• The new scheme allocates Rs 333.39 crore to support the sale of 3.33 lakh electric two-wheelers
(e-2W) and Rs 126.19 crore for the sale of 25,238 large electric three-wheelers (e-3W L5).
Coal Sector Shows Highest Growth of 11.6 % among Eight Core Industries in February 2024
• The coal sector has exhibited the highest growth of 11.6 % (provisional) among the eight core
industries for February 2024 as per the Index of Eight Core Industries (ICI)) (Base Year 2011-12)
released by Ministry of Commerce & Industries.
• The index of coal industry has reached 212.1 points during Feb’24 as compared to 190.1 points
during the same period of last year and its cumulative index has increased by 12.1% during April to
February, 2023-24 over the corresponding period of previous year.
• The Combined Index of Eight Core Industries experienced a 6.7% increase in February 2024,
compared to the same period of the previous year.
• Adani Green Energy Ltd has commissioned 2,000 MW of solar capacity at the giant Khavda solar
park in Gujarat that has made it the first company in India with over 10,000 MW of renewable
energy capacity
.
• After effecting changes in 54 individual derivative stocks, the National Stock Exchange (NSE)
revised the lot sizes of indices too
• India is aiming to reach Rs 1 trillion in marine product exports in the next two years by increasing
its processing capacity and a shift to higher value-added products.
Retail inflation declines to a 5-month low of 4.85 per cent in March 2024
• According to the data released by the National Statistical Office (NSO), Consumer Price Index
(CPI) declined to a 10-month low of 4.85 per cent in March as against 5.1 per cent in February.
• Meanwhile, industrial growth based on the Index of Industrial Production rose to a four-month high
in February, to 5.7 per cent, against 4.1 per cent in January.
• The Quick Estimates of Index of Industrial Production (IIP) are released on 12th of every month.
Vodafone Idea announces price band for Rs 18,000 crore FPO

• Debt-ridden telecom operator Vodafone Idea announced that it will offer shares worth Rs 18,000
crore in its further public offering (FPO) from April 18-22 at a price band of Rs 10-11 per share.
• The share sale will open on April 18 (for anchor investors on April 16) and close on April 22,
Vodafone Idea, which is the country’s third-largest telecom service provider.
• During April-February, Vodafone Idea lost 16.2 million mobile subscribers, taking its total base to
220.5 million, according to data from the Telecom Regulatory Authority of India (Trai).
Sensex crosses 75,000 for the first time; Nifty 50 hits record high of above 22,700
• The benchmark Sensex crossed the 75,000 mark for the first time and the Nifty 50 opened above a
new record high of 22,700 mark led by strong Q4 earnings optimism and a positive Asian market.
• The 30-share Sensex had breached the first 25,000 mark in May 2014 and the 50,000 mark on
January 21, 2021.
• The market capitalisation, or the total value of all listed shares, of the BSE-listed firms stood at
401.82 lakh crore .
Former Gazprom unit rejects GAIL demand for compensation of $1.8 billion
• A former unit of Russian energy giant Gazprom has rejected state-owned GAIL (India) Ltd's
demand for compensation for non-delivery of LNG supplies in the aftermath of Russia's invasion of
Ukraine.
• In a stock exchange filing, GAIL said SEFE Marketing Trading Singapore Pte Ltd has stated that it
does not owe anything other than the defaulted cargoes.
.
• GAIL in December last year filed an arbitration claim before the London Court of International
Arbitration seeking $1.8 billion for "non-supply of LNG cargoes under a long-term contract
Vistara to cut 25-30 flights daily; 10 pc reduction in capacity mostly in domestic routes
• Facing disruptions due to the non-availability of crew, Vistara announced reducing 10 per cent of
its capacity or 25-30 flights daily and most of the cancellations are in the domestic network as the
Tata Group airline strives to stabilise operations.
• The full-service carrier is to operate daily in the ongoing summer schedule and witnessed
significant disruptions earlier this week as many pilots reported sick, resulting in cancellations of
flights.
• The airline hopes to have stable operations in April and beyond.
India’s February 2024 coal imports up 13%

• India saw a 13% increase in coal imports, reaching 21.64 million tonnes (MT) in February 2024,
attributed to buyers taking new positions to restock ahead of the summer season, reports
Mjunction, an online marketplace.
• This marked a rise from the 19.15 MT imported during the same period in FY23.
• mjunction's data indicates that non-coking coal imports surged to 13.77 MT in February, up from
11.68 MT in the previous year, while coking coal imports slightly increased to 4.56 MT compared to
4.40 MT in February 2023.
PC imports rose amid licence uncertainty, China’s share spiked after plan scrapped
• In January 2024, nearly 90 per cent of the laptops and personal computers (PCs) imported by
India came from China.
• Beijing’s share was well over 89 per cent and, in November 2023, the figure was 83 per cent.
• In all, until January in the 2023-24 financial year (FY), nearly eight out of 10 laptops sold in India
came from China, shows an Indian Express analysis of the Commerce Ministry’s import-export
data bank.
• From November 2023 to January 2024, after the licence plan was dropped, Beijing's share in
imports of the goods shot up to 87.5 per cent
Piramal Alternatives invests Rs 110 crore in Biodeal Pharmaceuticals
• Piramal Alternatives, the investment arm of the Piramal Group, has announced an investment of
Rs 110 crore in Biodeal Pharmaceuticals.
.
• Biodeal is a contract development and manufacturing organisation.

• The funding will be utilised to improve Biodeal's infrastructure and production capacity.
• It will also be directed towards upgrading technology and establishing a nutraceuticals
manufacturing facility.
Mcap of BSE-listed firms hit Rs 400 trn milestone after rally in equities
• The market capitalisation of BSE-listed companies reached an all-time high of Rs 401.10 trillion
on April 8, 2024, following a record rally in equities, wherein the 30-share BSE Sensex scaled its
lifetime peak.
• This is the first time that the market capitalisation of BSE-listed companies has gone past the
coveted Rs 400 trillion mark.
• From the Sensex basket, Mahindra & Mahindra, Maruti, Tata Steel, Bajaj Finserv, Power Grid,
Reliance Industries, Axis Bank and JSW Steel were the major gainers.
NTPC launches new edition of Girl Empowerment Mission
• NTPC Limited, India’s largest integrated power company, is gearing up to launch the latest edition
of Girl Empowerment Mission (GEM), its flagship Corporate Social Responsibility initiative.
• The program aligns with the Government of India's Beti Bachao, Beti Padhao initiative and aims to
tackle gender inequality by nurturing girls' imaginations and fostering their ability to explore
opportunities.
• GEM does this through a 1-month workshop for young girls during summer holidays, by offering
them a platform for their all-round upliftment and development.
India targets US$ 600 bn in textile exports

• India is working on an ambitious target to achieve $600 billion of textile exports by 2047 from $44
billion in FY22 and the domestic market to grow to $1.8 trillion from $110 billion in 2022.
• The textiles ministry is formulating its Vision 2047 based on five thematic pillars-research &
innovation; infrastructure, trade & investment; marketing & brand promotion; skilling & quality and
sustainability.
• The country also plans to reduce emission intensity to 2.25 tonnes of CO2 per tonne of crude steel
(2.25 T/tcs) production by FY29 from 2.50 T/tcs now, and even further by 2047.
Index Numbers of Wholesale Price in India for the Month of March, 2024
● The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 0.53%
.
(Provisional) for the month of March, 2024 (over March, 2023).

● The positive rate of inflation in March 2024 is primarily due to an increase in prices of food
articles, electricity, crude petroleum & natural gas, machinery & equipment and other
manufacturing etc.
● The index numbers and inflation rate for the last three months of all commodities and WPI
components are given below:
Index Numbers and Annual Rate of Inflation (Y-o-Y in %)*
All Weight Jan-24 Feb-24 (P) Mar-24 (P)

Commodities/Major (%)
Index Inflation Index Inflation Index Inflation
Groups
All Commodities 100.00 151.2 0.33 151.2 0.20 151.8 0.53
I. Primary 22.62 181.4 4.07 181.4 4.49 183.1 4.51

Articles
II. Fuel & Power 13.15 154.9 -0.45 155.1 -1.59 155.2 -0.77
III. Manufactured 64.23 139.7 -1.20 139.8 -1.27 140.1 -0.85

Products
Food Index 24.38 178.1 3.85 178.3 4.09 180.1 4.65
India’s Exports Estimate To Reach 776.68 Billion Dollars In Financial Year 2023-24
● India’s exports are estimated to reach 776.68 billion dollars in financial year 2023-24, surpassing
last year’s highest record.
● The Ministry of Commerce and Industry, in a release said that the overall exports in the
preceding financial year, 2022-23, were 776.40 Billion dollars.
● The Ministry added that overall imports in the financial year 2023-24 are estimated to be 854.80
Billion dollars, exhibiting a negative growth of minus 4.81 per cent compared to the preceding
financial year.
● The overall trade deficit is estimated to significantly improve by 35.77 per cent, from 121.62
Billion dollars in the financial year 2022-23 to 78.12 Billion dollars in the financial year 2023-24.
.
Brokerage firm Groww seals top spot with nearly 23% market share
● Brokerage firm Groww emerged as the largest broker in India with a market share of 23.4 per
cent and an active client base of 9.5 million in the Financial Year 2023-24 (FY24).
● The discount broker recorded a 77.5 per cent jump in the active client base in FY24 and a 42 per
cent overall jump in the market share.
● While its rival, Zerodha, recorded a 14 per cent jump in the number of active clients touching 7.3
million year-on-year.
● The top five largest brokers are – Groww followed by Zerodha, Angel One, Upstox, ICICI
securities.
● The share of top five discount brokers account in the total NSE active clients has also surged to
63.8 per cent as of March 2024 against 59.9 per cent in March 2023.
● The number of active clients at NSE surged to 40.8 million as of March 2024 against 32.7 million
the same month a year ago -- recording an increase for the ninth consecutive month.
● The total number of demat accounts has increased to 151 million in FY24, with an average
monthly addition of 3.1 million.
Hong Kong approves first bitcoin, Ethereum spot ETFs
● Hong Kong's securities regulator approved the first spot bitcoin and ethereum exchange-traded
funds (ETFs), a milestone on the way to becoming Asia's first city to accept the popular
cryptocurrencies as a mainstream investment tool.
● The Hong Kong unit of Bosera Asset Management and China Asset Management said they had
received regulatory approval from the Hong Kong Securities and Futures Commission (SFC) to
launch the ETFs.
● Bosera will launch its product in partnership with Hong Kong-based HashKey Capital.
● The step comes just three months after the U.S. launched the first U.S.-listed ETFs to track spot
bitcoin.
Indian economy projected to grow 6.5% in 2024: UNCTAD
● UN Trade and Development (UNCTAD) in its report released that India grew by 6.7 per cent in
2023 and is expected to expand by 6.5 per cent in 2024, continuing to be the fastest-growing
major economy in the world.
● The expansion in 2023 was driven by strong public investment outlays as well as the vitality of
the services sector which benefited from robust local demand for consumer services.
.
● Three countries in the region – Bangladesh, Pakistan and Sri Lanka – are currently under IMF
programmes, the conditionalities of which necessitate the application of tight monetary policies
and fiscal austerity measures whose impacts are most severely felt by low-income households.
● Global growth is projected to be 2.6 per cent in 2024, slightly slower than the 2.7 per cent in
2023.
● This makes 2024 the third consecutive year in which the global economy will grow slower than
before the pandemic when the average rate for 2015–2019 was 3.2 per cent.
IMF raises India’s GDP growth forecast to 6.8% for FY25
● The International Monetary Fund (IMF) upped its growth projection for India by 30 basis points to
6.8 per cent for the current fiscal year.
● However, it has not made any changes to its projections for FY26.
● In its April edition of World Economic Outlook, the IMF said it expects India's FY26 (next fiscal)
GDP growth at 6.5%.
● The agency has pegged GDP growth for FY24 at 7.8 per cent.
● For the current fiscal, the projection is 50 basis points higher than the projection made in October
and 30 basis points higher than the projection made in December.
● Despite upward revision, IMF’s latest projection is still lower than that of the Asian Development
Bank (ADB) and the Reserve Bank of India.
● ADB revised its projection to 7 per cent from 6.7 per cent for the current fiscal
● Recently, the World Bank also revised its forecast for India’s GDP growth to 6.6% for FY25 from
6.4% predicted for the fiscal earlier.
Net direct tax collections exceed the 2023-24 target

● India’s net direct tax collections grew 17.7% in 2023-24 to hit ₹19.58 lakh crore, marginally
surpassing the revised estimates for the year, thanks to a surge in personal income taxes whose
share of the tax kitty rose to 53.3% from 50.06% in the previous year while corporate taxes’
contribution dipped to 46.5% from 49.6%.
● Net collections of income and corporate taxes, which make up for most of the direct taxes, in the
2023-24 financial year exceeded the Budget estimates by Rs 1.35 lakh crore (7.40 per cent) and the
revised estimates by Rs 13,000 crore.
● The gross collection (provisional) of Direct Taxes (before adjusting for refunds) for the FY 2023-24
.
stood at Rs 23.37 lakh crore, showing a growth of 18.48 per cent over the gross collection of Rs
19.72 lakh crore in FY 2022-23.
● The gross corporate tax collection (provisional) in FY 2023-24 was up 13.06 per cent to Rs 11.32
lakh crore as compared to the gross corporate tax collection of Rs 10 lakh crore of the preceding
year.
● The Net Corporate Tax collection (provisional) in FY 2023-24 at Rs 9.11 lakh crore showed a growth
of 10.26 per cent over the net corporate tax collection of Rs 8.26 lakh crore of the preceding year.
IFCI gets Rs 500 cr capital infusion from govt via issuance of equity
● State-owned IFCI has received a capital infusion of Rs 500 crore through the issuance of equity
shares to the government on a preferential basis.
● Allotment of 123,977,188 shares to the Government of India was done on April 18, 2024, on a
preferential basis, IFCI in a regulatory filing.
● Following the capital infusion, the government holding in the oldest financial institution IFCI has
increased from 70.32 per cent to 71.72 per cent.
Sustained growth of 7% feasible for India
● Sustaining the economic growth momentum of 7 per cent in 2024-25 and beyond is feasible on the
back of favourable monsoon, higher farm productivity and improved global trade, RBI Monetary
Policy Committee (MPC) member Shashanka Bhide.
● During 2023-24, the economy is likely to record a growth rate of nearly 8 per cent on account of
good performance of manufacturing and infrastructure sectors.
● (India's economic) Growth in the current year will likely be supported by agriculture with a favourable
monsoon and improved global trade. Sustaining the growth momentum of 7 per cent seems feasible.
Gruner Renewable Energy bags projects worth ₹1,500 Cr for CBG plants
● Gruner Renewable Energy, India’s fastest-growing renewable energy company, has recently
secured multiple projects valued at Rs 1,500 crore for Compressed Biogas (CBG) Plants nationwide
within its first year of establishment.
● In a notable development, the company secured 11 projects worth Rs 1,100 crore from India’s
leading business conglomerate and an additional 19 projects valued at Rs 400 crore from individual
business leaders.
● These projects, collectively valued at Rs1,500 crore, will contribute to an annual production of over
88,000 tons of compressed biogas for the Indian market.
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Expect capex for EV components to cross ₹25,000 cr in next 3-4 years

● The auto component industry is expected to invest over ₹25,000 crore in the next 3-4 years to
expand the production of electric vehicle parts, rating agency ICRA
● EV penetration in the country has reached 4.7% in FY2024, with much of it driven by the electric
two-wheeler segment, although e-three-wheelers and electric buses have also contributed to the
same.
● However, advanced chemistry batteries, which remain the most critical and the costliest component,
accounting for almost 35%-40% of the vehicle price, are imported.
● The low localisation levels give rise to manufacturing opportunities for domestic auto component
suppliers.
About ICRA
● Headquarters: India
● CEO: Ramnath Krishnan
● Owner: Moody's Corporation
● Founded: 1991
FPO marks the start of Vodafone Idea 2.0: Kumar Mangalam Birla
● Aditya Birla Group chairman Kumar Mangalam Birla, the success of Vodafone Idea’s ₹18,000-crore
follow-on public offer, India’s largest FPO to date, marked a turning point for the telecom industry.
● Shares of Vodafone Idea Ltd opened at ₹11.80 on the NSE, a premium of 7.2% over the issue price
of ₹11, after its FPO shares listed on the bourses.
● Aditya Birla Group and Vodafone Group had invested around ₹1.7 trillion in the Indian telecom
industry.
● Before the FPO, more than 75% of the ₹30,000 crore the company raised in the past five years
came from the two promoter groups
Despite uncertainties, services exports grow 11.4% in 2023: UNCTAD
● India's services exports jumped 11.4 per cent to $345 billion in 2023 despite global economic
uncertainties, while China's shipments from the sector contracted by 10.1 per cent to $381 billion,
according to a UNCTAD report.
● Sectors that contribute to India's services export growth include travel, transport, medical and
hospitality.
● With an 8.9 per cent annual rise in current dollar value terms, the world services exports surpassed
.
$7.9 trillion in 2023, a quarterly bulletin of UNCTAD said.

● The leading exporters among developing economies include India, China, Singapore, Turkiye,
Thailand, Mexico, and Saudi Arabia
● India's services imports, however, dipped marginally by 0.4 per cent to $248 billion last year.
Commercial paper issuances touch a 4-year high of Rs 1.2 lakh crore
● Issuances of commercial papers (CP) have hit a four-year high, touching Rs 1.2 lakh crore, a level
seen last in July-Sept 2019, as companies seek to diversify funding sources.
● Higher CP issuances follow RBI's November mandate to increase risk weights on bank loans given
to higher rated NBFCs, a Crisil report.
● CP issuances are still not as high as 2018 levels when they touched Rs 3.1 lakh crore in July-
September, as NBFCs look for other funding avenues like securitisation, where volumes peaked in
FY24 at Rs 1.9 lakh crore.
IREDA granted 'Navratna' status
● Public sector Indian Renewable Energy Development Agency (IREDA) the government had granted
it the 'navratna' status, according to a company filing with the stock exchanges.
● This takes the total number of navratna PSEs to 17.
● These companies have the autonomy to invest up to ₹1,000 crore.
● IREDA is a Non-Banking Financial Institution engaged in promoting, developing and extending
financial assistance for setting up projects relating to new and renewable sources of energy and
energy
About Navratna Company

● A Navratna company is a public sector undertaking in India that has been granted Navratna status.
● These companies play a significant role in the nation's economy and hold a prestigious position
compared to other PSUs, both domestically and globally.
● Once designated as Navratna, these companies are given authority in areas such as capital
expenditure, investment in joint ventures or subsidiaries and human resources management.
About IREDA :
● Established: March 1987
● Headquarters : New Delhi, India
● Chairman & MD : Pradip Kumar Das
● IREDA is an Indian public sector enterprise which provides financial assistance and other services to
.
projects related to renewable sources of energy and energy efficiency/conservation.

● The company offers financial assistance to projects that produce electricity using fresh and
sustainable sources.
● The government holds a 75% ownership stake in the company.
Up 2.3 times in 15 years, India’s Chinese import bill to rise further
● India’s imports from China crossed $101 billion in 2023-24 from about $70 billion in 2018-19.
● The country’s share of India’s industrial goods imports has risen from 21% to 30% over 15 years,
according to a report by the Global Trade Research Initiative (GTRI) which reckoned that Chinese
imports will rise sharply in coming years.
● Goods imports from China have risen 2.3 times faster than India’s total imports over 15 years, the
GTRI study noted, adding that China is the top supplier in eight major industrial sectors, including
machinery, chemicals, pharmaceuticals, and textiles, belying the general perception that Chinese
imports are high only in the electronics sector.
● Moreover, imports from China have been even faster than the overall import growth as China’s
exports to India grew 2.3x faster than India’s overall import from all countries.
AWARDS AND HONOUR

Vineet Jain awarded the ENBA Lifetime Achievement Award 2023 for news broadcasting
• Vineet Jain, managing director of the Times Group, received the Exchange4Media News
Broadcasting Awards (ENBA) Lifetime Achievement Award 2023 for his significant contributions to
Indian television news.
• Jain attributed the achievement to the collective efforts of teams at the Times Group.
• The ENBA jury included former Supreme Court judge AK Sikri, Anurag Batra, chairman and editor-
in-chief of exchange4media and BusinessWorld, Dhanendra Kumar, chairman of Competition
Advisory Services (India) LLP, and Alok Mehta, former president of the Editors Guild of India.
REC wins SKOCH ESG Award 2024 in Renewable Energy Financing Category
• REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a
leading NBFC has been bestowed with the SKOCH ESG Award 2024 in the 'Renewable Energy
Financing' category.
• Through various initiatives and achievements, REC has committed to numerous sustainable
projects and signed various MOUs for green projects.
.
• Furthermore, REC has engaged in one-on-one discussions with various developers of green
projects, spanning sectors such as solar, wind, Pumped Storage Projects, E-mobility, RE
manufacturing, green ammonia and green hydrogen, and battery storage.
About REC Limited

• REC is a 'Maharatna' Central Public Sector Enterprise under the Ministry of Power, and is
registered with RBI as Non-Banking Finance Company (NBFC), and Infrastructure Financing
Company (IFC).
SJVN has been honoured with the 15th CIDC Vishwakarma Awards 2024 for its outstanding
contribution to the field of Corporate Social Responsibility.
• SJVN Limited has won two prestigious awards at the 15th CIDC Vishwakarma Awards 2024,
instituted by the Construction Industry Development Council.
• SJVN has been conferred the ‘Achievement Award for Creating Social Development & Impact’ and
‘CIDC Partners in Progress Trophy’.
• On behalf of SJVN, the awards were received by CGM (HR), Shri Baljeet Singh during a ceremony
held at India Habitat Centre, New Delhi.
‘All We Imagine as Light’ is the 1st Indian film to compete at Cannes in 30 years
• Writer-director Payal Kapadia‘s debut fiction feature ‘All We Imagine As Light’ will compete for the
top honours during the upcoming edition of Cannes Film Festival, scheduled to be held from May
14 to 25.
• All We Imagine As Light, Kapadia’s feature film debut, will be the first Indian film to compete for the
Palme d’Or award after nearly three decades.
• The film features Kani Kusruthi and Diya Prabha in the lead roles.
Prestigious John Dirks Gairdner global health award for Dr Gagandeep Kang
• India’s Dr Gagandeep Kang has been awarded the 2024 John Dirks Canada Gairdner Global
Health Award for her achievements in global health research.
• It is the most well-recognised global health award.
• The John Dirks Award in global health is awarded by the Gairdner Foundation in Canada.
Kannada poet Mamta G. Sagar wins international award
.
• Mamta G. Sagar, a Bengaluru-based Kannada poet, writer, academic and activist, has recently
won the World Literary Prize from the World Organization of Writers (WOW) for her contributions to
the world of literature.
• Dr Sagar, a facilitator at Srishti Manipal Institute of Art, Design, and Technology, known for her
involvement in diverse forms of transdisciplinary creative writing and cultural industries, received
the award on April 6 at a ceremony in Abuja, Nigeria.
Dr. Agarwal’s Eye Hospital Wins Best Scientific Poster Award 2024: Advancing Eye Care Innovation
• Dr Agarwal's Eye Hospital recently announced that their accomplished research team have been
honoured with the prestigious 'Best Scientific Poster Award' at the 2024 Annual Meeting of the
American Society for Cataract and Refractive Surgery (ASCRS).
• This recognition comes in light of their groundbreaking study on 'The efficacy of RevitalVision
vision-training software in improving best-corrected vision in stable keratoconus patients post
Crosslinking surgery.'
Indian Expert Ashwini Patil Joins Britain’s Dementia Research Team

• Dr. Ashwini Keshavan, a neurologist of Indian origin, has been chosen to be part of a top-notch
research team in the UK.
• This prestigious team has been entrusted with the crucial task of conducting research to detect
dementia through blood tests and gathering more evidence to support this approach.
• Dr. Ashwini Keshavan is currently working with a team that is dedicated to studying a biomarker
called p-tau217, which has the potential to be a reliable indicator of Alzheimer's disease.
Aleksei Navalny and Yulia Navalnaya have been honored with the Freedom Prize.
• The Ludwig Erhard Summit, a leading German forum, will award the Freedom Prize of the Media
to the late Russian dissident Aleksei Navalny and his wife, Yulia Navalnaya.
• This prestigious award is presented annually to public figures who have made significant
contributions to freedom of expression, dialogue, and democracy.
• Previous recipients of the Freedom Prize include Russian politician Garry Kasparov in 2023 and
Ukrainian President Volodymyr Zelenskyy.
Jain spiritual leader honoured with the US President’s Gold Volunteer Service
● The US President’s Gold Volunteer Service Award was presented to India's Jain spiritual leader
Lokesh Muni.
.
● This award has been given to him for his contribution to public welfare and humanity.
● Senior Democratic Congressman Brad Sherman presented the Presidential Award Golden Shield
and Certificate of Honor to Lokesh Muni at the US Capitol.
● Muni is the Founder of Ahimsa Vishwa Bharati and the World Peace Center in India.
● In 2003, the President’s Volunteer Service Award was established by the President's Council on
Service and Civic Engagement to recognize the vital role volunteers play in America's strength
and national identity.
● AmeriCorps selects the awardees of the President’s Volunteer Service Award.
● AmeriCorps is an independent agency of the U.S. government that engages more than five
million Americans in service through a variety of stipend volunteer work programs in a variety of
sectors.
Surinder S Jodhka wins Adiseshiah Awards 2024
● Malcolm and Elizabeth Adiseshiah Trust has announced the annual Dr Malcolm Adiseshiah
National Award 2024 for two professors.
● Professor Surinder S Jodhka, School of Social Sciences, JNU, was selected for the Malcolm
Adiseshiah Award (2L & citation) while Vikas Kumar, associate professor, Azim Premji University,
will get the Elizabeth Adiseshiah Award (1L & citation).
Venkaiah Naidu, Mithun, Usha Uthup, others conferred Padma awards

● Former vice president M Venkaiah Naidu, founder of Sulabh International Bindeshwar Pathak and a
host of other prominent persons were conferred with Padma Awards by President Droupadi Murmu
at the Rashtrapati Bhavan.
● Naidu, Pathak, who was given the award posthumously, and renowned Bharatanatyam dancer
Padma Subrahmanyam were conferred with the Padma Vibhushan.
● Pathak's wife Amola received the award from the President.
● Actor Mithun Chakraborty, singer Usha Uthup, former Uttar Pradesh governor Ram Naik and
industrialist Sitaram Jindal were conferred with the Padma Bhushan.
● Gujarat-based cardiologist Tejas Madhusudan Patel, veteran Marathi film director Dattatray
Ambadas Mayaloo alias Rajdutt and Chandreshwar Prasad Thakur, a distinguished Physician
known globally for his contribution to research and policy on Kala Azar, were given the Padma
Bhushan.
.
● Padma Shri awardees include master carpet weaver from Uttar Pradesh Khalil Ahamad, Madhya
Pradesh's folk singer Kaluram Bamaniya, Bangladeshi singer Rezwana Choudhury Bannya and
Chikankari embroidery artist from Uttar Pradesh Naseem Bano.
● Rajbongshi folk singer from West Bengal's Cooch Behar Gita Roy Barman, tennis player Rohan
Bopanna, spiritual figure from Tripura Chitta Ranjan Debbarma, banker Kalpana Morparia,
philanthropist Kiran Nadar, social worker from Haryana Gurvinder Singh and folk singer from Uttar
Pradesh Urmila Srivastava were also given the Padma Shri.
‘Sunflowers Were The First Ones To Know’ By FTII Student Selected At 77th Cannes Film Festival
● “Sunflowers were the first ones to Know”, a film by Chidanand Naik, a student of the Film and
Television Institute of India (FTII), has been selected in the 'La Cinef” Competitive section of 77th
Cannes Film Festival, France.
● The festival is to be held from 15th to 24th May 2024.
● The section is an official section of the festival aimed at encouraging new talents and recognising
films from film schools across the world.
● This is the only Indian film selected in ‘La Cinef’ section of Cannes.
● It is a story of an elderly woman who steals the village's rooster, which throws the community into
disarray.
● This is the first time a film by a student from a 1-year Television course has been selected at the
prestigious Cannes Film Festival.
Renowned Bangladeshi Singer Rezwana Choudhury Bannya Receives Prestigious Padma Shri Award
● Bangladeshi Singer Rezwana Choudhury received the Padma Shri Award.
● Renowned Bangladeshi singer Rezwana Chowdhury Bannya received the prestigious Padma Shri
Award.
● Droupadi Murmu presented the Padma Vibhushan, Padma Bhushan, and Padma Shri Awards for
the year 2024 at the Civil Investiture Ceremony held at Rashtrapati Bhavan.
● She received the award for her contribution to the field of Art. She is a practitioner of Rabindra
Sangeet.
Ratan Tata conferred with prestigious KISS Humanitarian Award by Achyuta Samanta
● Ratan Tata has received the KISS Humanitarian Award 2021.
● Founder of KIIT and KISS (Kalinga Institute of Social Sciences), Achyuta Samanta, presented the
award during the award ceremony.
.
● Tata Group Chairman N. Chandrasekaran and three-time Grammy Award winner Ricky Kej attended
the award ceremony.
● Tata’s receipt of the award was originally announced in 2021.
● However, it was delayed due to the COVID-19 pandemic.
● Ratan Tata is Chairman Emeritus of the Tata Group.
About KISS Humanitarian Award
● The KISS Humanitarian Award was established in 2008 by Achyuta Samanta.
● It aims to acknowledge organizations and individuals that epitomize humanitarian work on a global
scale.
Kenya’s Mwaniki and Lilian take the honours in TCS World 10K Bengaluru
● Kenyan runners Peter Mwaniki (28:15) and Lilian Kasait (30:56) cruised to the international elite
men’s and women’s titles respectively in the 16th edition of the Tata Consultancy Services World
10K Bengaluru.
● Mwaniki shifted gears at the 7.5 km mark to leave his countryman Hillary Chepkwony (28:33)
behind.
● It was a similar story for Lilian, who pulled away from the nearest rival Emmaculate Achol (31:17) at
the 7.1 km mark.
● Mwaniki and Lilian were unable to break the event records (men - 27:38, women - 30:35) on this
new route.
APPOINTMENTS & RESIGNATIONS

Rakesh Mohan appointed as a member of World Bank economic advisory panel
• President Emeritus and Distinguished Fellow of the Centre for Social and Economic Progress
(CSEP), Rakesh Mohan has been appointed by the World Bank Group to serve on the World Bank
Group’s Economic Advisory Panel.
• The World Bank panel will be chaired by Lord Nicholas Stern, the IG Patel Professor of Economics
and Government at the London School of Economics, while World Bank Group Chief Economist
Indermit Gill will co-chair the panel.
• The panel will focus on strategic issues for the World Bank Group in relation to their objectives,
research agenda and actions.
About World Bank :
.
• Established : July 7, 1944

• Headquarters : Washington, D.C., United States
• President : Ajay Banga (14th President)
• The World Bank Group consists of 5 institutions ie
• International Bank for Reconstruction and Development (IBRD)
• International Development Association (IDA)
• International Finance Corporation (IFC)
• Multilateral Investment Guarantee Agency (MIGA)
• International Centre for Settlement of Investment Disputes (ICSID)
Cleartrip Announces Mahendra Singh Dhoni as Brand Ambassador
• Cleartrip, a Flipkart company, has onboarded Mahendra Singh Dhoni as its new brand
ambassador.
• The collaboration marks a historic milestone for Cleartrip as it joins forces with Mahendra Singh
Dhoni and advocates to make the right choices in travel.
• Under the bucket of ‘ClearChoice,’ the brand aims to inspire travellers to simplify decision-making
and ensure seamless and anxiety-free travel experiences.
About Cleartrip :
• CEO : Ayyappan R
• Cleartrip is a global online travel company.
• The company operates an online travel aggregator website for booking flights, train tickets, hotel
reservations, and activities in India and the Middle East countries.
Uber Promotes Pradeep Parameswaran to Global Business Development Position
• Ride-hailing platform Uber has promoted Pradeep Parameswaran, previously the Asia Pacific
head, to a global role overseeing business development.
• In addition to leading business development, Parameswaran will also oversee Uber's enterprise
product and a new 'fleets' program team.
• Parameswaran will relocate to New York to assume his new global role.
• Currently, Uber’s India and South Asia operations are led by Prabhjeet Singh, who will continue in
the role.
.
Sanjay Nayar, Former Head of KKR India, Assumes the Presidency of ASSOCHAM
• The Associated Chambers of Commerce and Industry of India (ASSOCHAM) announced that
Sanjay Nayar, the Founder-Chairman of Sorin Investment Fund and a veteran of global financial
markets, has taken over the role of President.
• He has replaced Ajay Singh, Co-Founder of low-cost airline SpiceJet, who has completed his
tenure at the apex industry chamber.
• Sanjay Nayar is the Founder and Chairman of Sorin Investment Fund.
About ASSOCHAM :
• Headquarters : New Delhi, India
• The ASSOCHAM is a non-governmental trade association and advocacy group.
Judith Suminwa Tuluka Becomes Democratic Republic of Congo's 1st Female Prime Minister
• Judith Suminwa Tuluka has been appointed as the first woman Prime Minister of Congo.
• Her appointment was made by President Felix Tshisekedi of the Democratic Republic of Congo,
succeeding former Prime Minister Jean-Michel Sama Lukonde.
• Tuluka will take over the position at a time when violence in the mineral-rich east of the nation,
which borders Rwanda, is on the rise.
• Tuluka is an economist who previously worked for the United Nations Development Programme
(UNDP).
About Democratic Republic of Congo :
• Capital: Kinshasa
• Currency: Congolese Franc.
• The Democratic Republic of the Congo is a country in Central Africa.
• By land area, the DRC is the second-largest country in Africa and the 11th-largest in the world.
Former Chief of UK's National Cyber Security Centre Lindy Cameron Expected to Be Appointed as UK's
New High Commissioner to India
• Lindy Cameron, former chief of the United Kingdom’s (UK’s) National Cyber Security Centre, is
expected to be appointed as the country’s new high commissioner to India.
.
• If confirmed, Cameron will be the first woman to serve as the British high commissioner in New
Delhi.
• Cameron’s appointment is anticipated at a time of increasing closeness in the India-United
Kingdom (UK) relationship.
• Alex Ellis, who served as high commissioner until this month, will move on to Spain for his next
posting.
Joyshree Das Verma Assumes Presidency of FICCI Ladies Organisation

• Joyshree Das Verma took over as the 41st National president of FICCI Ladies Organisation (FLO),
the oldest women-led and women-centric business chamber of SouthEast Asia for 2024-25.
• As a public figure, she holds the position of Honorary Consul of Israel, Northeast India.
• Joyshree Das Verma’s entrepreneurial role is defined as Director of Kaapro Management
Solutions Pvt Ltd, her pan India entrepreneurial HR Consulting company in which she is a Co-
promoter.
• Under the theme 'Collective Vision, Collaborative Action for the year 2024-25, FLO endeavour is to
build a strong, inclusive community dedicated to sustainable progress, fostering individual growth,
and inspiring impactful change.
Atul Mehra Appointed Managing Director & Chief Executive Officer of Axis Capital
• Axis Capital has appointed Atul Mehra as the managing director (MD) and chief executive officer
(CEO).
• The appointment is subject to receipt of requisite approvals.
• Mehra, who was formerly with JM Financial, will oversee both the investment banking and
institutional equities businesses of Axis Capital.
• His appointment comes after the departure of Axis Capital’s current MD & co-CEO Salil Pitale.
• In December, JM Financial roped in Chirag Negandhi — who was the co-CEO at Axis Capital — as
its MD.
Tata International Names Rajeev Singhal as Managing Director

• Tata Group's global trading and distribution arm, Tata International has appointed Rajeev Singhal
as its Managing Director (MD).
.
• Singhal whose appointment to the new position is effective from April 1, 2024 succeeds Anand
Sen, who superannuated on March 31, 2024.
• Singhal brings over 36 years of experience to his new position, having transitioned from Tata Steel,
where he served in various positions including Vice President for marketing and sales for flat
products.
• Before this new role, Singhal was Executive Director and Chief Operating Officer (COO) at Tata
International.
Lindy Cameron, U.K. Cyber Security Chief, Appointed as Next High Commissioner to India
• Lindy Cameron, the former Chief Executive Officer (CEO) of the United Kingdom’s (UK’s) National
Cyber Security Centre, will take over as the country’s first-ever woman high commissioner to India.
• Cameron will be succeeding Alex Ellis, who served nearly 3 years between 2021 and 2024 and
oversaw the commencement of trade talks between India and the UK.
• Cameron’s new role begins as New Delhi and London are resetting their bilateral relationship,
which was marked, in part, by External Affairs Minister S. Jaishankar’s visit to London in November
2023.
• The sister of India’s first Prime Minister Jawaharlal Nehru, Pandit served in that capacity until 1961.
Senior IPS Officer Anurag Kumar Appointed as Joint Director of Central Bureau of Investigation
• Anurag Kumar, a senior Indian Police Service (IPS) officer, has been appointed to the position of
Joint Director (JD) at the Central Bureau of Investigation (CBI).
• The appointment was made as per an order from the Personnel Ministry.
• His tenure in this position is approved until February 24, 2027.
• Anurag Kumar belongs to the 2004 batch of the Indian Police Service (IPS) and is from the Assam-
Meghalaya cadre.
• He is currently serving in the Bureau of Police Research and Development (BPR&D).
About CBI :
• Headquarters : New Delhi, Delhi
• The CBI is the domestic crime investigating agency of India.
• It operates under the jurisdiction of the Ministry of Personnel, Public Grievances and Pensions.
Former Prime Minister Gilani Chosen as Chairman of Pakistan's Senate
.
• Former Pakistan Prime Minister and senior Pakistan Peoples Party (PPP) leader Yusuf Raza
Gilani was elected unopposed as chairman of the Pakistani Senate days after the PPP and
Pakistan Muslim League-Nawaz-led (PML-N) coalition swept the elections.
• PML-N's Saidal Khan Nasir was elected as the deputy chairman .
• Senate Secretary Qasim Samad Khan confirmed their election to the top roles in the upper house
of Pakistan parliament.
Financial Services Institutions Bureau Selects Manoj Mittal from IFCI as Next Small Industries
Development Bank of India Chief
• Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks
and financial institutions, has recommended the name of IFCI Limited (previously Industrial
Finance Corporation of India) Managing Director (MD) Manoj Mittal as Small Industries
Development Bank of India (SIDBI) Chairman and Managing Director (CMD).
• He will replace Sivasubramanian Ramann as SIDBI CMD.
• Ramann had joined SIDBI, the principal financial institution for MSMEs in India, in April 2021 for a
3-year period.
About SIDBI :
• Headquarters : Lucknow, Uttar Pradesh, India
• The SIDBI is the apex regulatory body for overall licensing and regulation of micro, small and
medium enterprise finance companies in India.
• It is under the jurisdiction of the Ministry of Finance , Government of India (GoI).
About FSIB :
• Came into effect : 01st July 2022, replacing Banks Board Bureau (BBB).
• FSIB is headed by the former secretary of the Department of Personnel and Training (DoPT),
Bhanu Pratap Sharma.
• FSIB which recommends persons for appointment as directors and non-executive chairpersons at
state-owned banks and financial institutions
Suryoday Small Finance Bank Appoints Deepak Kumar Sharma as Additional Director
.
• The Board of Directors of Suryoday Small Finance Bank have appointed Deepak Kumar Sharma
as an Additional Director (under the Independent category) on the Board of the Bank, with effect
from April 11, 2024.
• Sharma's appointment is based on the recommendation of the Nomination and Remuneration
Committee and is subject to the approval of the bank's shareholders.
• Sharma's tenure as an Additional Director is set for a period of 5 consecutive years.
About Suryoday Small Finance Bank :
• MD & CEO : Baskar Babu Ramachandran
Ashish Chauhan, CEO of NSE, and Zoho Founder Sridhar Vembu Appointed as UGC Members for 3-
Year Term
• The central government has appointed Ashish Kumar Chauhan, Chief Executive Officer (CEO) and
Managing Director of the National Stock Exchange (NSE), and Sridhar Vembu, Founder of Zoho,
as members of the University Grants Commission (UGC), India’s regulator for higher education,
taking the body’s strength to 8 members from just 4 .
• The Department of Higher Education in the Education Ministry also appointed Sachidananda
Mohanty, former vice chancellor of the Central University of Odisha and serving vice chancellor of
the National Institute of Educational Planning and Administration Shashikala Gulabrao Wanjari to
the Commission, with a tenure of 3 years, or till further orders.
About Chauhan & Vembu :
• Chauhan, apart from being the NSE CEO and MD, is also a Chancellor of the University of
Allahabad.
• Vembu has a doctorate in electrical engineering from Princeton University and is the founder and
CEO at Zoho, a cloud-based business software firm.
About UGC :
• The UGC is a statutory body under the Department of Higher Education, Ministry of Education,
Government of India.
.
National Investment & Infrastructure Fund appoints rajiv dhar as 1st chief investment officer
• India's National Investment & Infrastructure Fund (NIIF), supported by the federal government, will
appoint Rajiv Dhar to the newly created position of Chief Investment Officer (CIO).
• This appointment reflects NIIF's commitment to strengthening investment decisions and enhancing
oversight on deals.
• In his new role, Rajiv Dhar will serve as a voting member on the investment committee and
valuation panel for all funds managed by NIIF.
About NIIF :
• Founded : February 2015
• The NIIFL is an Government owned company which maintains infrastructure investments funds for
international and Indian investors anchored by the Government of India.
• NIIF is 49% owned by the Indian government and has more than $4.9 billion in assets under
management, making it the country’s biggest infrastructure fund.
• The fund’s backers also include Abu Dhabi Investment Authority and Canada Pension Plan
Investment Board.
RBL Bank Appoints Murali Ramakrishnan as Independent Director for 4-Year Term
• Private sector lender RBL Bank formerly known as Ratnakar Bank Limited appointed Murali
Ramakrishnan as Non-Executive Independent Director with immediate effect for 4 years.
• Ramakrishnan has 37 years of experience in the Banking and Financial Service Industry (BFSI)
sector.
• He headed various businesses and control functions at ICICI Bank Ltd for over two decades.
About RBL Bank :
• Established : August 1943
• MD & CEO : R Subramaniakumar
Manoj Panda Appointed as Member of the 16th Finance Commission by the Central Government
• Manoj Panda, formerly the director at the Institute of Economic Growth, has been appointed as a
full-time member of the 16th Finance Commission by the Government of India (GoI).
.
• The 16th Finance Commission is responsible for formulating recommendations on the revenue-
sharing formula between the central government and states for the 5-year period starting from
April 2026.
• Panda's tenure as a member of the Commission will last from the date of assuming office until
either the submission of the Commission's report or October 31, 2025, whichever comes earlier.
Wipro Names Malay Joshi as new Chief Executive Officer for 'Americas 1' Strategic Market Unit
• IT major Wipro Limited has appointed company veteran Malay Joshi as the chief executive officer
(CEO) of its largest and fastest-growing market, Americas 1, the company informed the stock
exchanges.
• Joshi succeeds Srini Pallia, who was appointed Wipro’s CEO and Managing Director (MD) on April
6,2024 following Thierry Delaporte’s resignation.
• Under Thierry Delaporte's tenure, Wipro implemented a new operating model with 4 Strategic
Market Units (SMUs): Americas 1, Americas 2, Europe, and Asia Pacific Middle East Africa
(APMEA).
About Wipro :
• Founded : 29 December 1945
• Headquarters : Bangalore, Karnataka, India
• Founder : M.H.Hasham Premji
• Executive Chairman : Rishad Premji
Kuldip Narayan Takes Over as Managing Director of National Capital Region Transport Corporation
• Kuldip Narayan, an Indian Administrative Service (IAS) officer and Joint Secretary at the Ministry of
Housing and Urban Affairs (MoHUA) in the Government of India, has assumed additional charge
as Managing Director (MD) of the National Capital Region Transport Corporation (NCRTC).
• Narayan has been associated with the NCRTC as a Government Nominee Director from
December 2022.
About NCRTC :
• Founded : 21 August 2013
• NCRTC, a joint venture of Govt of India and the States of NCT of Delhi, Haryana, Rajasthan and
Uttar Pradesh, under the administrative control of the Ministry of Housing and Urban Affairs, is
mandated to implement the Regional Rapid Transit System (RRTS) project across the National
.
Capital Region, ensuring a balanced and sustainable urban development through better
connectivity and access.
• At present, a 34-km section between Sahibabad and Modi Nagar North having eight stations of
India’s first RRTS corridor between Delhi-Ghaziabad-Meerut, is operational.
• The construction is advancing swiftly on the remaining sections, and the entire 82-km long corridor
is scheduled to be operational by June 2025.
Simon Harris Becomes Ireland's Youngest Prime Minister

• Simon Harris has been elected as the youngest Prime Minister (Taoiseach) of the Republic of
Ireland.
• In Ireland, the prime minister is called Taoiseach.
• Harris succeeds Leo Varadkar, who resigned from the position in March 2024.
• At the age of 37, Simon Harris became the youngest Prime Minister in Ireland's history.
• He is set to hold the post till the general election which is set to be held in March 2025.
About Ireland :
• Capital : Dublin
• Currency : Euro
Justice Aniruddha Bose To Head National Judicial Academy Post Retirement As Supreme Court Judge
• Justice Aniruddha Bose has been appointed as the Director of the National Judicial Academy
(NJAC) in Bhopal.
• The appointment was announced by Chief Justice DY Chandrachud during a ceremonial bench
honouring Justice Bose's retirement from the Supreme Court.
• Justice Bose's tenure in the Supreme Court concluded on April 10, after which he assumed the
role at NJAC.
About National Judicial Academy :
• Location : Bhopal, Madhya Pradesh
Srinivas Pallia to Take Over as Chief Executive Officer of Wipro Following Resignation of Managing
Director Thierry Delaporte
.
• Wipro Chief Executive Officer (CEO) and managing director (MD) Thierry Delaporte has resigned
from his position and Srinivas Pallia will succeed him as Wipro's new MD and CEO.
• The Board of Directors noted the resignation of Mr Thierry Delaporte with effect from April 6,
2024.
• He will be relieved from the employment of the Company with effect from the close of business
hours on May 31, 2024.
• Pallia will take over as the new CEO and MD from April 7, 2024, for a period of 5 years.
About Wipro :
• Founded : 29 December 1945
• Headquarters : Bangalore, Karnataka, India
• Founder : M.H.Hasham Premji
• Executive Chairman : Rishad Premji
Peter Pellegrini Emerges Victorious in Slovakia's Presidential Race

• In Slovakia, Peter Pellegrini ,the ruling nationalist won the Presidential Election defeating
opposition independent Ivan Korcok.
• Pellegrini is a close ally of populist Prime Minister Robert Fico.
• As 99.9% of ballots have been counted, Peter Pellegrini received 53% of the vote, while Korcok
got 47% votes.
• Pellegrini succeeded Zuzana Čaputová, the first female President of Slovakia.
About Slovakia :
• Prime Minister : Robert Fico
• Capital: Bratislava
• Currency: Euro.
New Appointments Made to Securities Appellate Tribunal: P S Dinesh Kumar as new Presiding Officer
and Dheeraj Bhatnagar as new Technical Member
• The Finance Ministry appointed P S Dinesh Kumar, a retired judge, as the presiding officer of the
Securities Appellate Tribunal (SAT) for a tenure of 4 years.
• The ministry has also appointed Dheeraj Bhatnagar as a technical member of the tribunal for 4
years or till he reaches the age of 67, whichever is earlier.
• Bhatnagar retired as principal chief commissioner of Income Tax, Delhi.
.
Meenesh Shah was Chosen as Chairman of the National Cooperative Dairy Federation of India Limited
• The apex body of dairy cooperatives, National Cooperative Dairy Federation of India Limited.
(NCDFI), in its Board elections, unanimously elected Dr. Meenesh Shah as the Chairman.
• Dr. Meenesh Shah is also serving as Director on the Board of the International Dairy Federation
(IDF).
• The election was conducted by Praveen Chaudhary, IAS, District Collector of Anand who served
as the Returning Officer.
About NCDFI :
• NCDFI is a national-level apex dairy cooperative registered on December 7, 1970 and is governed
under the provisions of the Multi-State Cooperative Societies (Amendment) Act, 2023.
• It has 20 Regular Members, 14 Associate Members and the National Dairy Development Board
(NDDB) as its Institutional Member.
Surinder Chawla Steps Down as Paytm Payments Bank Managing Director & Chief Executive Officer
Citing Personal Reasons
• Surinder Chawla, Managing Director (MD) and Chief Executive Officer (CEO) of Paytm Payments
Bank (PPBL) has resigned as the head of the company on account of “personal reasons and to
explore better career prospects”.
• Chawla will be relieved from the payments bank from the close of business hours on June 26,
2024.
• Before joining Paytm Payments Bank, Chawla worked at RBL Bank, where he served as Head of
Branch Banking.
• In February 2024, Paytm founder Vijay Shekhar Sharma stepped down from the board of Paytm
Payments Bank.
About Paytm Payments Bank :
• Founded : 28 November 2017
• Headquarters : Noida, Uttar Pradesh
Former Revenue Secretary Tarun Bajaj Named Chair of US-India Tax Forum by US-India Strategic
Partnership Forum (USISPF)
.
• The US-India Tax Forum, an initiative of the US-India Strategic Partnership Forum (USISPF) has
appointed former Revenue Secretary and ex-Secretary of Economic Affairs Tarun Bajaj as the
head of the US-India Tax Forum.
• Bajaj, aged 61, joined USISPF as an Advisor to the Board of Directors in January 2024 before
assuming his new role.
• Bajaj is a member of the Indian Administrative Service (IAS), 1988 batch, Haryana Cadre.
Kristalina Georgieva Secures Second Term as IMF Chief Prior to Spring Meetings
● The Executive Board of the International Monetary Fund (IMF) has chosen Kristalina Georgieva
to serve as the IMF Managing Director for a second consecutive 5-year term, commencing on
October 1, 2024.
● The announcement was made just before IMF and World Bank spring meetings in Washington
next week, which are expected to draw thousands of delegates, observers and journalists from
the fund’s 190 member countries.
● Georgieva, a national of Bulgaria, has been the IMF’s Managing Director since 2019.
About IMF :
● Headquarters : Washington, D.C., United States
● Managing Director : Kristalina Georgieva
● Membership : 190 countries (189 UN countries and Kosovo)
Senior Bureaucrat Vandita Kaul Appointed As Secretary, Department Of Posts
● In a significant development, Senior Bureaucrat Vandita Kaul, a seasoned professional with a
wealth of experience in financial services and banking, has been appointed as the Secretary of
the Department of Posts.
● She will succeed Vineet Pandey upon his superannuation.
About India Post :
● Established : 1 October 1854
● India Post is an Indian government-operated postal system in India and is the trade name of the
Department of Post under the Ministry of Communications.
Arjun Mohan Steps Down as Byju's India Chief Executive Officer; Raveendran to Oversee Daily
Operations
● Arjun Mohan, the Chief Executive Officer (CEO) of Byju’s India, resigned from his position a little
.
over 6 months after he took over, with founder Byju Raveendran resuming daily operational
responsibilities.
● Mohan will now transition to an external advisory role, lending his deep EdTech expertise to the
company and its founders during this transformation phase.
● Byju's 3.0 Initiative: The reorganization signifies the beginning of Byju's 3.0, aiming for a leaner
and more agile organization capable of quickly adapting to changing market dynamics, especially
in hyper-personalized education.
● Arjun Mohan assumed the role of CEO in September 2023, previously serving as the CEO of
UpGrad.
● The company has also announced a major rejig of its business, consolidating it into three
focused divisions -The Learning App, Online classes and Tuition centres, and Test-prep.
About Byju’s :
● Founded : 2011
● Headquarters : Bangalore, Karnataka, India
BharatPe Appoints Nalin Negi as Full-Time CEO Following Sameer's Departure in 2023
● Fintech firm BharatPe has elevated its interim Chief Executive Officer (CEO) and chief financial
officer Nalin Negi to full-time chief executive officer.
● Negi assumed the role of interim CEO in January 2023 following the resignation of then CEO
Suhail Sameer.
About Bharatpe :
● Founded : 2018
● Headquarters : New Delhi, India
● BharatPe is an Indian fintech company that sells digital payment and financial services to small
merchants and Grocery stores.
Saurabh Garg Assumes Additional Charge as Secretary of the Ministry of Statistics and Programme
Implementation
● The Central Government has given Indian Administrative Service (IAS) officer Saurabh Garg the
additional charge of Secretary of the Ministry of Statistics and Programme Implementation
(MoSPI).
● This comes following the completion of the tenure of Dr. G. P. Samanta.
● The decision to appoint Saurabh Garg was made through an order issued by the Department of
.
Personnel & Training (DoPT), which oversees administrative matters related to civil servants in
India.
● Garg will serve in this post till the appointment of a regular incumbent or further directives.
● Garg is currently the Secretary in the Department of Social Justice & Empowerment.
Vivek Aggarwal Granted 6-Month Extension as Director of Financial Intelligence Unit – India
● Vivek Aggarwal, an Indian Administrative Service (IAS) officer, has been granted a 6-month
extension on his additional charge as Director of the Financial Intelligence Unit – India (FIU-
India).
● The Appointments Committee of the Cabinet (ACC), as per an order from the DOPT, approved
the Department of Revenue’s proposal to extend Vivek Aggarwal’s (IAS) tenure.
● He is currently serving as an Additional Secretary in the Department of Revenue under the

Ministry of Finance.
About Financial Intelligence Unit – India :
● Established : November 18, 2004

● The Financial Intelligence Unit – India works within the Government of India’s Department of
Revenue.
● It collects financial intelligence regarding crimes covered by the Prevention of Money Laundering
Act, 2002.
UCO Bank Board Promotes Rajesh Upadhyay to General Manager Role
● The UCO Bank Board elevated Mr. Rajesh Upadhyay, Zonal Head, Bhopal Zonal Office to
General Manager of the Bank.
● Currently, he serves as the Zonal Head of the Bhopal Zonal Office.
About UCO Bank :
● Founded : 6 January 1943
● Headquarters : Kolkata, West Bengal, India
● MD & CEO : Ashwani Kumar
Vice Admiral Dinesh Kumar Tripathi was appointed as the next Chief of the Naval Staff
.
● Vice Admiral Dinesh Kumar Tripathi, currently serving as the Vice Chief of the Naval Staff, has
been appointed as the next Chief of the Naval Staff by the Government of India (GoI).
● His appointment will be effective from April 30, 2024.
● He will succeed the present Chief of the Naval Staff, Admiral R Hari Kumar, PVSM, AVSM, VSM,
who retires from service on the same day.
Government Approves Appointments of 3 Additional Secretaries
● The Appointments Committee of the Cabinet (ACC) has approved the appointment of 3 Indian
Administrative Service (IAS) officers to the Additional Secretary level positions.
Details of the Appointments :
● Rakesh Kumar Verma:Rakesh Kumar Verma, a 1993-batch IAS officer of the Punjab cadre, has
been appointed as Additional Secretary in the Department of Water Resources, River
Development & Ganga Rejuvenation under the Ministry of Jal Shakti.
● Presently, he is serving as Additional Secretary in the Ministry of Tourism.
● Suman Billa : Suman Billa, a 1996-batch IAS officer of the Kerala cadre, has been appointed as
Additional Secretary in the Ministry of Tourism.
● He replaced Rakesh Kumar Verma upon his appointment as Additional Secretary in the
Department of Water Resources, River Development & Ganga Rejuvenation.
● Aradhana Patnaik:Aradhana Patnaik, a 1998-batch IAS officer of the Jharkhand cadre, has been
appointed as Additional Secretary in the Department of Health & Family Welfare.
● Himani Pande:Himani Pande, also a 1998-batch IAS officer of the Jharkhand cadre, has been
appointed as Additional Secretary in the Department for Promotion of Industry and Internal Trade
(DPIIT).
● Kamal Kishore Soan:Kamal Kishore Soan, a 1998-batch IAS officer of the Jharkhand cadre, has
been appointed as Additional Secretary in the Ministry of Labour & Employment.
About ACC :
● Chairman : Narendra Modi
Singapore Prime Minister Lee Hsien Loong to Step Down, Lawrence Wong to Assume Leadership
● Singapore Prime Minister Lee Hsien Loong will step down from his position on May 15, after two
decades in office.
● Lawrence Wong will succeed him as the next Prime Minister.
.
About Singapore :
● President : Tharman Shanmugaratnam
● Currency : Singapore dollar
Kartik Aaryan was appointed as an ambassador for the Bundesliga Dream India Project
● Indian Bollywood actor Kartik Aaryan has been appointed as an ambassador for the Bundesliga
Dream India project.
● The Bundesliga Dream India project officially commenced this weekend.
● It is a collaboration between Bundesliga and BigHit, a multiple-sports platform dedicated to
identifying and promoting sporting talent across India.
● Objective: The primary objective of the Bundesliga Dream initiative is to select multiple squads
from the U-13 and U-15 age groups in India.
About Bundesliga:
● The Bundesliga, also known as the Fußball-Bundesliga or 1. Bundesliga, is a professional
association football league in Germany, renowned for its competitive and high-quality football.
Intel Names Santhosh Viswanathan as Head of Its Newly Established India Region
● Intel, a leading United States (US)-based semiconductor company, has appointed Santhosh
Viswanathan as the Managing Director for its newly established India region.
● Roles & Responsibilities ; By appointing Viswanathan to this pivotal position, Intel seeks to
enhance its responsiveness and efficacy in addressing the evolving needs and challenges
specific to India.
● Viswanathan, an Intel veteran of about 21 years, took on his role as Vice President and
Managing Director in July 2022 but will now lead the country as a distinct region within Intel's
global structure.
Why has India become a separate region?
● Intel designated India as a unique region within its Sales, Marketing, and Communications Group
(SMG) in March 2024.
● This strategic move reflects the need to address India's rapid growth and emerging business
opportunities.
● By establishing India as a separate region, Intel aims to enhance its focus, engagement, and
responsiveness to the local market.
Other Appointments :
.
● In addition to that appointment, Intel also announced the appointment of Hans Chuang as the
General Manager of the Sales, Marketing and Communications Group (SMG) for the Asia Pacific
and Japan (APJ) region.
About Intel :
● Founded : July 18, 1968
● Headquarters : Santa Clara, California, United States
● CEO : Patrick P. Gelsinger
Reserve Bank of India Approves Ajith Kumar KK as Managing Director & Chief Executive Officer of
Dhanlaxmi Bank
● The Reserve Bank of India (RBI) has approved the appointment of Ajith Kumar K.K as the
managing director (MD) and chief executive officer (CEO) of Dhanlaxmi Bank for 3 years with
effect from the date of taking charge.
● Kumar is set to succeed J.K. Shivan, whose term was set to end on 29 January 2024.
● Earlier in January, the RBI had approved Dhanlaxmi Bank's request to extend Shivan's tenure
until a successor was in place.
● The appointment of Kumar comes at a time when the Bank is planning a Rights Issue of up to
₹300 Crore (including premium) to the eligible Shareholders.
About Dhanlaxmi Bank Limited :
● Founded : 14 November 1927
● Headquarters : Thrissur, Kerala, India
OpenAI Appoints Pragya Misra as Its First Employee in India
● OpenAI has hired Pragya Misra as its first employee in India, appointing her as the head of
government relations.
● This development comes amid the ongoing elections in the country to elect a new government,
which will play an important role in shaping regulations concerning artificial intelligence (AI) in the
world's most populous nation.
● Role and Responsibilities : Pragya Misra will lead OpenAI's public policy affairs and partnerships
in India, focusing on government relations and regulatory frameworks.
About OpenAI :
.
● Founded : December 11, 2015

● Headquarters : San Francisco, California, United States
● CEO : Sam Altman
● Chairman : Bret Taylor
Narpat Singh (IRTS) Named Railway Adviser at the Indian High Commission in Dhaka, Bangladesh
● The Government has approved the appointment of Narpat Singh from the Indian Railway Traffic
Service (IRTS) to the post of Railway Adviser in the High Commission of India, Dhaka,
Bangladesh.
● The Appointments Committee of the Cabinet (ACC) approved the Ministry of Railways' proposal
for Singh's appointment.
● Singh will serve as Railway Adviser for 3 years from the date he assumes charge of the post or
until further orders, whichever is earlier.
● Previously, he was posted as Director (Traffic Transpiration) in the Railway Board.
Citroen India ropes in MS Dhoni as brand ambassador

● French automaker Citroen, a Stellantis brand, has signed popular Indian cricketer Mahendra
Singh Dhoni as its brand ambassador.
● The company has paid INR 7 crore in the initial phase, sources aware of the matter told ETAuto.
● Dhoni made his debut as captain for Team India in 2007.
● Over the years, he has won many accolades and has received various awards and honours,
including the Rajiv Gandhi Khel Ratna, Padma Shri, Padma Bhushan, ICC ODI Player of the
Year, and many others.
● Currently, it sells three more models including C3, eC3 and C3 Aircross.
● Since its market entry, the company has recorded wholesales of about 17,000 units for its four
products.
Parekh resigns as HDFC Life Chairman: Keki Mistry to chair the board
● Banker Deepak S Parekh resigned from the post of chairman and non-executive director
of HDFC Life Insurance on April 18, 2024.
● Now, Keki Mistry has been appointed the Chairman of HDFC Board in place of Deepak Parekh.
.
● Deepak S Parekh received the Padma Bhushan from the Government of India in 2006 for his
contributions to industry and trade.
Keki Mistry becomes chairman of HDFC board:
● HDFC Life Insurance Company has appointed Keki Mistry as the new chairman of the board.
● The company's board has unanimously approved Keki Mistry's appointment as Chairman of
HDFC Life Insurance with immediate effect.
● This decision will be implemented after getting the permission of the Insurance Regulatory and
Development Authority (IRDA).
Setu, a Pine Labs Company, Names Former SAP India Executive Anand Raisinghani as Chief
Executive Officer
● Pine Labs-owned API infrastructure company Setu appointed Anand Raisinghani as the
company’s new chief executive officer (CEO).
● Raisinghani, who succeeds Sahil Kini at the company, will work in the space of open banking,
account aggregation, API platforms, embedded finance, and data gateway.
About Setu :
● Founded : 2018
● CEO : Anand Raisinghani
● Setu has received a Certificate of Registration from the Reserve Bank of India (RBI) to operate
as an Account Aggregator.
● Setu is an application programming interface (API) company providing services in account
aggregation, data gateway, identity verification, embedded finance, Open Network for Digital
Commerce (ONDC), WhatsApp Business, and Bharat Bill Payment Service (BBPS).
● Pine Labs acquired Setu in 2022 for approximately $75 million.
About Pine Labs:
● Pine Labs is a merchant commerce omnichannel platform operating across India, the Middle
East, and Southeast Asia.
Hero MotoCorp's CTO Arun Jaura Resigns; Vikram Kasbekar to Head R&D
● Hero MotoCorp has announced the resignation of Arun Jaura, Chief Technology Officer (CTO),
from his position to pursue personal endeavors.
● It will be effective from April 30, 2024.
.
● Vikram Kasbekar, in addition to his existing role as Head of Global Product Planning, will assume
the responsibility of leading the R&D function.
About Hero MotoCorp Limited :
● Founded : 19 January 1984
● Headquarters : New Delhi
● Executive Chairman & Whole-time Director : Pawan Munjal
Nidhi S Jain (IA&AS) Appointed as Chief Vigilance Officer at the Cotton Corporation of India
● The Central Government has approved the appointment of Nidhi S Jain as Chief Vigilance Officer
(CVO) of Cotton Corporation of India Limited (CCI).
● The appointment is for an initial period of 3 years, starting from the date she assumes charge or
until further orders, whichever occurs earlier.
● The order for her appointment was issued by the Department of Personnel & Training (DoPT).
● Before her appointment as CVO at Cotton Corporation of India Limited, she was Director of Audit
(Environment & Scientific Departments) in Mumbai, Maharashtra.
About CCI :
● Founded : 1970
● Chairman & Managing Director : Lalit Kumar Gupta
● The CCI is a central public sector undertaking under the ownership of the Ministry of Textiles,
Government of India, engaged in diverse activities related to trade, procurement, and export of
cotton.
Gajanan Kale Appointed as Chief Executive Officer of Tata Power Delhi Distribution
● Gajanan Sampatrao Kale has been appointed as the new chief executive officer (CEO) of Tata
Power Delhi Distribution Limited (TPDDL).
● Kale replaces Ganesh Srinivasan, who served as CEO of TPDDL from 2019 until his departure.
About TPDDL :
● Founded : 4 July 2002
● Headquarters : Delhi, India
● Tata Power Delhi Distribution Limited (TPDDL) is an Indian electric utility serving the Northern
part of Delhi.
● It is a joint venture between the Government of NCT of Delhi and Tata Power Company Limited,
.
which holds a 51% majority stake in the venture.

● The company was the first in the country to initiate an Automated Metering Infrastructure based
Auto Demand Response programme to help manage grid stress and peak demand.
Sakshi Mittal appointed as Director in Department of Personnel & Training
● Sakshi Mittal has been selected for the appointment as Director in the Department of Personnel
and Training (DoPT).
● The appointment is under the Central Staffing Scheme for a period of 5 years from the date she
assumes charge or until further orders, whichever occurs earlier.
Naima Khatoon Becomes First Woman Appointed as Vice-Chancellor of Aligarh Muslim University in
Over a Century
● Naima Khatoon has been appointed as the Vice-Chancellor of Aligarh Muslim University (AMU)
for a term of 5 years, making her the first woman to hold the top post in over 100 years.
● Khatoon was appointed after obtaining approval from President Draupadi Murmu, who is the
Visitor of the University.
● In view of the implementation of the Model Code of Conduct (MCC), permission was also sought
from the Election Commission of India (ECI).
About Aligarh Muslim University :
● AMU was established in 1875 as Muhammadan Anglo-Oriental College and became Aligarh
Muslim University after the Aligarh Muslim University Act in 1920.
● In September 2020, AMU completed 100 years as a university, making it one of the oldest
universities in India.
● Before Naima Khatoon, AMU never had a woman Vice-Chancellor.
● Begum Sultan Jahan, appointed in 1920, is the only woman to have served as the AMU
Chancellor.
Appointments Committee of the Cabinet Approves Appointments of Multiple Officers to Joint
Secretary/Equivalent Positions
● The Appointments Committee of the Cabinet (ACC) has approved the appointments of several
officers for Joint Secretary / Joint Secretary equivalent-level posts.
Here is the full list of newly appointed officers:
➢ Muthukrishnan Sankaranarayanan (IAS) has been appointed as Joint Secretary in the
Department of Atomic Energy (DAE), replacing Richa Bagla (IAS).
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● He will serve for a combined tenure of 7 years, up to October 24, 2026, or until further
orders, whichever is earlier.
➢ Shobhit Gupta (IRSEE) has been appointed as Joint Secretary in the Ministry of Civil Aviation,
replacing Satyendra Kumar Mishra (IRS).
● His tenure is up to March 1, 2025, or until further orders, for an overall tenure of 5 years.
➢ Vimal Anand (IRS) has been appointed as Joint Secretary in the Department of Commerce,
replacing Nidhi Mani Tripathi (IAS).
● His tenure is for a combined seven-year period, up to December 9, 2026, or until further
orders.
➢ Monalisa Dash (IFoS) has been appointed as Joint Secretary in the Ministry of Development of
North Eastern Region (MoDNER), replacing Harpreet Singh (IPoS).
● She will serve for a five-year tenure up to October 11, 2026, or until further orders,
whichever is earlier.
➢ Rahul Jain (IAS) has been appointed as Joint Secretary in the 16th Finance Commission.
● His tenure is for 5 years up to November 3, 2024, which is further extendable for two
additional years, or until further orders.
➢ Ranjit Singh (IA&AS) has been appointed as Joint Secretary in the Ministry of Food Processing
Industries, replacing Sanoj Kumar Jha.
● He will serve for a 7-year tenure up to March 21, 2028, or until further orders, whichever is
earlier.
➢ Rajeev Kumar (IOFS) has been appointed as Joint Secretary in the Ministry of Home Affairs,
replacing Sumita Singh (CSS).
● His tenure is up to March 5, 2025, or until further orders.
➢ Vrunda Manohar Desai (IRS) has been appointed as Joint Secretary in the Ministry of
Information & Broadcasting, replacing Vikram Sahay (IRS).
● Her tenure is for 5 years up to April 12, 2027, or until further orders.
➢ Navin Agarwal (IRPS) has been appointed as Joint Secretary in the Department of Investment &
Public Asset Management, replacing Parama Sen (IA&AS).
● His tenure is up to March 14, 2027, or until further orders.
➢ Mahendra Kumar (IRSEE) has been appointed as Joint Secretary in the Ministry of Labour &
Employment.
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➢ Vivek Kumar Bajpai (IRSME) has been appointed as Joint Secretary in the Ministry of Mines,
replacing UC Joshi (IRTS).
● His tenure is for five years up to March 22, 2027, or until further orders.
➢ Rajiv Manjhi (CSS) has been appointed as Director at Institute of Secretariat Training &
Management (ISTM) under the Department of Personnel & Training (DoPT), replacing Sumita
Singh (CSS).
● His tenure is up to his superannuation on September 30, 2028, or until further orders.
➢ Jai Prakash Pandey (IRPS) has been appointed as Additional Secretary in the Union Public
Service Commission (UPSC), replacing Pushpendra Rajput (IAS).
● His tenure will be for a combined seven-year period up to February 20, 2027, or until
further orders.
➢ Abhishek Bhagotia (IAS) has been appointed as Joint Secretary in Lokpal, replacing Navin
Agarwal (IRPS).
● His tenure is for a total of 5 years up to April 3, 2027, or until further orders.
➢ Lal Chhandama (CSS) has been appointed as Joint Secretary in the Department of Rural
Development, replacing Abhishek Bhagotia (IAS).
● His tenure is for 5 years or until further orders.
➢ Debolina Thakur (IA&AS) has been appointed as Joint Secretary & Financial Adviser in the
Department of Social Justice & Empowerment, replacing Sanjay Pandey (ICAS).
➢ Rahul Kashyap (CSS) has been appointed as Secretary in the National Commission for Safai
Karamcharis (NCSK) under the Department of Social Justice & Empowerment, replacing RK
Khandelwal (IAS).
Recent News :
● In April 2024,Rakesh Kumar Verma, a 1993-batch IAS officer of the Punjab cadre, was appointed
as Additional Secretary in the Department of Water Resources, River Development & Ganga
Rejuvenation under the Ministry of Jal Shakti.
About ACC :
● Chairman : Narendra Modi
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Reserve Bank of India’s Deputy Governor T Rabi Sankar Granted 1-Year Extension
● The Appointments Committee of the Cabinet (ACC) has approved the re-appointment of Reserve
Bank of India (RBI) Deputy Governor T Rabi Sankar for 1 year from May 3, 2024, to May 2025.
● He was appointed as the RBI Deputy Governor in May 2021 for a period of 3 years.
About RBI :
● Established : 1 April 1935
● Governor : Shaktikanta Das
● Deputy Governors : M.D.Patra; M Rajeshwar Rao; J Swaminathan and T Rabi Sankar
Srei Infrastructure Finance Appoints Hardayal Prasad as Chief Executive Officer and Managing Director
● Srei Infrastructure Finance Limited (SIFL) has appointed Hardayal Prasad as its new Managing
Director (MD) and Chief Executive Officer (CEO).
● This change in leadership comes under the new management of the state-owned National Asset
Reconstruction Company Limited (NARCL).
● The Kolkata-based Kanorias previously controlled the twin companies of SIFL and Srei
Equipment Finance Company till RBI superseded their boards over alleged mismanagement in
October 2021 and subsequently initiated IBC proceedings.
● However, NARCL successfully acquired the companies under the Insolvency and Bankruptcy
Code (IBC) initiated by RBI to resolve over Rs 32,000 crore debt of the NBFCs.
About Srei Infrastructure Finance Limited (SIFL) :
● Srei began its journey in 1989 as an asset financing NBFC
● Chairman of the board of directors of SREI Infrastructure Finance : Hemant Kanoria
● SIFL is a financial institution providing a bouquet of services, which include construction and
mining equipment finance, advisory and development solutions and insurance broking.
Bajaj Auto Announces New Leadership Team to Drive Technological Innovation
● Abraham Joseph has been appointed as the Managing Director of Chetak Technology Limited, a
wholly-owned subsidiary of Bajaj Auto known for its pioneering work in electric vehicles (EVs).
● In his most recent role, Abrahm served Bajaj Auto as the Chief Technology Officer.
● In addition to Abraham Joseph’s appointment as the MD of Chetak Technology Ltd., Bajaj Auto
also announced the appointment of Ramtilak Ananthan as the Chief Technology Officer of Bajaj
Auto Limited.
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About Bajaj Auto Limited :

● Founded : 29 November 1945
● Headquarters : Pune, Maharashtra, India
● Chairman, MD & CEO : Rajiv Bajaj
Papua New Guinea Names Colonel Edison Napyo as Its First Defence Adviser to India
● Colonel Edison Napyo has been appointed as the first Defence Advisor to India from Papua New
Guinea (PNG).
● This is a key step towards improving defence cooperation between India and PNG.
● PNG’s acting Chief of Defence Force Commodore Philip Polewara gave Col Edison Napyo a
farewell on April 17, 2024.
● Prime Mininster Shri Narendra Modi visited Papua New Guinea (PNG) in May 2023.
● He attended the third summit of the Forum for India Pacific Islands Cooperation (FIPIC).
About Forum for India Pacific Islands Cooperation (FIPIC)
● Members: FIPIC includes Cook Islands, Fiji, Kiribati, Marshall Islands, Federated States of
Micronesia, Nauru, Niue, Samoa, Solomon Islands, Palau, PNG, Tonga, Tuvalu, and Vanuatu.
● India's Role in FIPIC: India is strengthening its engagement with Pacific Island nations through
FIPIC, focusing on regional cooperation and partnerships.
About Papua New Guinea :
● Prime Minister : James Marape
● Capital : Port Moresby
● Currency : Kina
Axis Bank reappoints Amitabh Chaudhry as chief for a further period of 3 years
● The Board of Axis Bank approved the re-appointment of Amitabh Chaudhry as Managing
Director & CEO of the Bank, for a further period of 3 years with effect from January 1, 2025 up to
December 31, 2027.
● This re-appointment is subject to approval of the Reserve Bank of India (RBI) and approval of the
members, in terms of applicable laws.
Other Appointments :
● The Bank’s board also approved re-appointment of Meena Ganesh and Gopalaraman
Padmanabhan as Independent Directors of the bank for a second term of 4 years.
● Ganesh and Padmanabhan’s appointment will be with effect from August 1, 2024 up to July 31,
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2028 and October 28, 2024 up to October 27, 2028, respectively, subject to approval of the
members of the Bank.
About Axis Bank :
● Headquarters: Mumbai, Maharashtra, India
● MD & CEO: Amitabh Chaudhry
● Tagline : Badhti Ka Naam Zindagi ("Progress is the Name of Life")
IIFL Samasta Finance Appoints Three New Members to Its Board
● IIFL Samasta Finance, a non-banking microfinance company (NBFC-MFI), has appointed 3
members including former National Bank for Agriculture and Rural Development (NABARD)
Chairman, Govinda Rajulu Chintala to its Board of Directors.
● This appointment reflects the company’s strategic intent to enhance its governance structure and
drive further growth and innovation within the microfinance sector.
● The other two members appointed to the board are R Venkataraman, a co-promoter of the IIFL
Group, and Kalengada Mandanna Nanaiah, former Managing Director of Equifax Credit
Information Services.
● Venkataraman has been appointed as an Additional Director (non-executive), while Chintala and
Mr. Nanaiah has been appointed as Additional Directors in non-executive and Independent
capacities, respectively.
● With the addition of these 3 members, the Board of Directors at IIFL Samasta Finance will now
comprise a total of 6 members.
About IIFL Samasta :
● Managing Director : Venkatesh. N
Financial Services Institutions Bureau Recommends Rana Ashutosh Kumar Singh as State Bank of
India's Managing Director and Asheesh Pandey as Indian Bank's MD
● The Financial Services Institutional Board (FSIB), responsible for appointing directors to state-
owned banks and financial institutions, has recommended Rana Ashutosh Kumar Singh for the
role of Managing Director (MD) at State Bank of India (SBI) and Asheesh Pandey for the position
of Managing Director (MD) & Chief Executive Officer (CEO) at Indian Bank.
● Rana Ashutosh Kumar Singh is currently serving as the Deputy Managing Director (Retail-
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Personal Banking & Real Estate) at SBI.

● Asheesh Pandey, currently an executive director at Bank of Maharashtra (BoM), will succeed
Shanti Lal Jain upon his superannuation.
● Currently, India’s largest bank has 4 MDs -- Challa Sreenivasulu Setty, Managing Director
(International Banking, Global Markets & Technology), Alok Kumar Choudhary, Managing
Director (Risk, Compliance & SARG), Ashwini Kumar Tewari, Managing Director (Corporate
Banking & Subsidiaries) and Vinay M Tonse, Managing Director (Retail Business & Operations)
and one chairman.
About FSIB :
● FSIB is headed by former Department of Personnel and Training (DoPT) Secretary Bhanu Pratap
Sharma.
● The final decision on the FSIB recommendation would be taken by the Appointments Committee
of the Cabinet headed by Prime Minister Narendra Modi.
● Other members of the headhunter are Animesh Chauhan, former chairman and MD of erstwhile
Oriental Bank of Commerce, RBI's former executive director Deepak Singhal, and Shailendra
Bhandari, ex-MD of erstwhile ING Vysya Bank.
Motilal Oswal AMC appoints Prateek Agrawal as MD and CEO
● Motilal Oswal Asset Management Company (MOAMC) Limited has appointed Prateek Agrawal
as managing director (MD) and chief executive officer (CEO) of the company.
● He will be replacing Navin Agarwal, who is returning to the parent company.
● Prateek, who is currently executive director, joined MO AMC in October 2022.
● Also, Akhil Chaturvedi, currently Chief Business Officer of MOAMC, has been elevated to the
position of executive director.
● Niket Shah, currently a Fund Manager for specific schemes at Motilal Oswal Mutual Fund, has
been promoted to Chief Investment Officer (CIO).
● All these appointments and role changes are effective from April 26, 2024.
About Motilal Oswal AMC :
● Chairman : Raamdeo Agrawal
● Motilal Oswal Asset Management Company Ltd. is promoted by Motilal Oswal Financial Services
Limited (MOFSL).
IRS Officer Sunil Kumar Yadav Appointed as Director at Ministry of Housing and Urban Affairs
.
● Sunil Kumar Yadav, an Indian Revenue Services (IRS-IT) officer from the 2010 batch, has been
appointed as Director in the Ministry of Housing and Urban Affairs, Delhi.
● According to an order issued by the Department of Personnel & Training (DoPT), Yadav's
appointment is for a period of 5 years from the date he assumes charge or until further orders,
whichever comes first.
About Ministry of Housing and Urban Affairs :
● Cabinet Minister : Hardeep Singh Puri
● Minister of State : Kaushal Kishore
Sarvadanand Barnwal Appointed as Director in the Department of Land Resources
● Sarvadanand Barnwal, an officer from the Indian Statistical Service (ISS), has been selected for
appointment as Director in the Department of Land Resources.
● The appointment is under the Central Staffing Scheme (CSS), which facilitates the recruitment of
officers for central government positions from various services.
● According to the Department of Personnel & Training (DoPT) order issued Barnwal's
appointment is for a period of 5 years from the date he assumes the position or until further
orders, whichever comes first.
Pakistan's Foreign Minister Ishaq Dar Named as Deputy Prime Minister
● Pakistan’s Foreign Minister Ishaq Dar was appointed as the country’s Deputy Prime Minister.
● According to a notification issued by the Cabinet Division, the appointment was made by Prime
Minister Sharif “with immediate effect and until further orders”.
● The appointment comes at a time when PM Shehbaz and Dar, along with other ministers, are in
Saudi Arabia to attend the World Economic Forum’s (WEF) special meeting on Global
Collaboration, Growth and Energy.
● The Pakistan Muslim League-Nawaz (PML-N) and the Pakistan Peoples Party (PPP) agreed to a
power-sharing deal to form a coalition government despite the former prime minister Imran Khan-
backed Pakistan Tehreek-e-Insaf-backed independents winning a majority of the 266-member
National Assembly.
● This is not the first time a Deputy Prime Minister has been appointed in Pakistan.
● Chaudhry Parvez Elahi served as Deputy Prime Minister during the tenure of the Pakistan
Peoples Party (PPP) from June 25, 2012, to June 29, 2013.
About Pakistan:
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● Capital: Islamabad
● Currency: Rupee
● President: Asif Ali Zardari
Public Enterprises Selection Board Appoints Darla Sunil Kumar as Director of Finance at South Eastern
Coalfields Limited
● Darla Sunil Kumar has been selected as the next Director of Finance for South Eastern
Coalfields Limited (SECL), a Public Sector Undertaking (PSU) under the Ministry of Coal.
● He has been recommended for the post by the Public Enterprises Selection Board (PESB).
● Role and Responsibilities: As Director (Finance) of SECL, Kumar will:
➢ Serve as a member of the Board of Directors, reporting directly to the Chairman and
Managing Director (CMD).
➢ Be responsible for overseeing the organization's financial operations, including
accounting, budgeting, and financial planning.
➢ Formulate and implement financial policies and strategies to ensure financial health and
compliance with regulations.
➢ Presently, he is serving as General Manager (Fnance) in Northern Coalfields Limited
(NCL).
About SECL :
● Founded : 1985
● Headquarters : Bilaspur, Chhattisgarh, India
● Chairman & MD : Dr Prem Sagar Mishra
● SECL is the largest coal producing company of India.
● It is a "Miniratna" Company, and one of eight fully owned subsidiaries of Coal India Limited.
MOUS AND AGREEMENT

J&K Bank partners with Paymart to launch Virtual ATM Facility
• J&K Bank announced its partnership with Paymart India Pvt Ltd to introduce a Virtual ATM (VATM)
facility.
• The partnership aims to introduce cardless cash withdrawals for the Bank’s customers through
their neighbourhood merchants.
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• The goal of the collaboration is to enhance banking convenience for its customers across its areas
of operations especially in J&K and Ladakh.
• It is to be noted that the Virtual ATM facility has a limit to the transaction amounts.
About Jammu & Kashmir Bank Limited
• Baldev Prakash, MD and CEO, J&K Bank.
• Jammu & Kashmir Bank Limited is an Indian private sector bank headquartered in Srinagar,
Jammu and Kashmir.
• J&K Bank was incorporated on October 1, 1938.
PhonePe Teams Up with Star Health for Health Insurance Options

• Star Health and Allied Insurance Ltd has tied up with PhonePe to offer comprehensive insurance
policies with monthly and annual EMI options.
• Under the partnership, payment options are available on the PhonePe app with coverage up to Rs
1 crore.
• This is a first-of-its-kind initiative in the industry.
• Users can also opt to pay their premium with the UPI AutoPay mandate with a monthly EMI option.
• The standalone health insurer is planning to roll out more such offerings across its indemnity and
benefit products.
• Anand Roy, MD and CEO, Star Health Insurance, Vishal Gupta, CEO, PhonePe Insurance.
Meta partners with PTI to expand its fact-checking program in India

• Social media giant Meta announced its collaboration with the Press Trust of India (PTI) under its
third-party fact-checking programme in India.
• The partnership will enable PTI to identify, review, and rate content as misinformation across Meta
platforms.
• Meta's fact-checking programme in India includes partnerships with independent fact-checking
organisations that assist users in identifying, reviewing, verifying information, and helping to
prevent the spread of misinformation on its platforms.
• Under the initiative, Meta partners with fact-checkers certified through the International Fact-
Checking Network (IFCN), who identify, review, and rate viral misinformation across Facebook,
Instagram, and WhatsApp.
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IIT Kharagpur partners with Jindal Stainless to execute R&D projects in metallurgical research and
development
• Indian Institute of Technology Kharagpur has signed an MoU with stainless steel manufacturer
Jindal Stainless to advance metallurgical research and development.
• They will work together on metallurgical projects, such as process optimisation, materials
characterisation, and primary alloy production.
• Under the terms of the MoU, IIT Kharagpur will provide technical consultancy and engage in
academic and industrial research to enhance productivity and process improvement at Jindal
Stainless.
CCPA partners with ASCI to bolster advertising regulation in India

• The Advertising Standards Council of India (ASCI) announced a tie-up with the Central Consumer
Protection Authority (CCPA) to strengthen regulation around misleading ads.
• This objective is central to the missions of both ASCI and the Central Consumer Protection
Authority (CCPA) when it comes to the issue of misleading advertisements.
• The CCPA has requested ASCI to forward any advertisement that is non-compliant with the ASCI
Code and could potentially violate the Consumer Protection Act, 2019, along with its
accompanying guidelines.
SJVN partners with IIT Patna to improve Tunneling Project Performance using Advanced Geological
Models
• SJVN Limited has signed a Memorandum of Understanding (MoU) with the Indian Institute of
Technology Patna (IIT Patna) to use advanced geological models in SJVN's tunnelling projects,
thus significantly reducing time and cost overruns.
• One of the key outcomes of this partnership will be the development of predictive analytics
algorithms.
• These algorithms, leveraging integrated geotechnical data, will forecast potential risks and provide
early warning systems specifically tailored for tunnelling projects.
Indian Oil, Panasonic Energy ink pact for lithium-ion cell Joint Venture
• India's top refiner Indian Oil Corp has entered a pact with Panasonic Energy to form a joint venture
to manufacture lithium-ion cells in India.
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• The agreement follows an initial understanding between the two companies on lithium-ion cells in
January.
• Lithium-ion batteries, which power electric vehicles (EV) and are used to store energy, are
expected to play a major role in India's goal to be a net zero emitter of greenhouse gases by 2070.
• The country is expected to see sales of more than 10 million EVs a year by 2030, according to an
annual Economic Survey.
Reliance And Disney Announce Strategic Joint Venture To Bring Together The Most Compelling And
Engaging Entertainment Brands In India
• Billionaire Mukesh Ambani's Reliance Industries Ltd. (RIL) and The Walt Disney Company have
agreed to merge their digital streaming and television assets in India, creating an $8.5-billion
media behemoth spanning at least 100 channels across entertainment and sports, and two digital
streaming platforms.
• The entity also has exclusive rights to sporting events like the Indian Premier League (IPL) and
Disney films and productions in India, as well as a diverse international content library.
Cochin Shipyard signs ship repair agreement with U.S. Navy
• Cochin Shipyard Limited (CSL) became the third Indian shipyard to enter into a Master Shipyard
Repair Agreement (MRSA) with the U.S., which will enable to repair of US Navy ships.
• Effective, MSRA is a non-financial agreement.
• With this agreement, India and the United States want to expand cooperation in ship repair and
maintenance to transform India into a regional hub.
• After Larsen & Toubro (L&T) and Mazagon Dock Shipbuilders Limited (MDL), the state-run
shipbuilding facility in Kochi is the latest.
Air India and BIAL sign agreement to develop Bengaluru airport as a hub
• Tata-owned Air India and Bangalore International Airport Ltd (BIAL) have entered into an
agreement intended to develop Bengaluru as a premier aviation hub for southern India.
• The idea would be to boost air travel connectivity to and from India over the next few years.
• Other Tata Group airlines – AIX and Vistara – and BIAL will collaborate to enhance international
connectivity, operational efficiency, and passenger experience over the next five years.
EU-India join forces to promote start-up collaboration on Recycling of e-vehicle batteries under Trade
and Technology Council
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• The European Union (EU) and India launched an Expression of Interest (EoI) for startups working
in Battery Recycling Technologies for Electric Vehicles (EVs) for a matchmaking event.
• The matchmaking aims to enhance the cooperation between European and Indian Small and
Medium-sized Enterprises (SMEs) and startups in the clean and green technologies sector.
• This initiative takes place under the India-EU Trade & Technology Council (TTC), announced by
India and the European Commission in New Delhi on 25th April 2022.
KABIL signed an MoU with CSIR-IMMT for technical collaboration on critical minerals
• Khanij Bidesh India Limited (KABIL) has signed an MoU with the Council of Scientific and Industrial
Research-Institute of Minerals and Materials Technology (CSIR-IMMT), aimed at fostering
technical and knowledge cooperation for Critical Minerals.
• The MoU was signed at the NALCO Corporate Office in Bhubaneswar
• According to the MoU, KABIL will use the technical expertise and services provided by CSIR-IMMT
to undertake various projects.
• KABIL, a joint venture company comprising National Aluminium Company Limited (NALCO),
Hindustan Copper Limited (HCL), and Mineral Exploration and Consultancy Limited (MECL),
operates under the aegis of the Ministry of Mines of Government of India.
BEL signs MoU with IIT Mandi

● Navratna Defence PSU Bharat Electronics Ltd (BEL) has signed an MoU with the Indian Institute
of Technology, Mandi, Himachal Pradesh, for cooperation in Research and Technology/Product
Development — in the areas of Semiconductors, Quantum Technologies and Drones.
● The MoU aims at leveraging the complementary strengths and capabilities of BEL and IIT-Mandi.
● It will support the indigenisation of products/solutions being supplied by BEL to its customers and
is in line with the Government of India’s ‘Make in India’ initiative.
About IIT Mandi
● Indian Institute of Technology Mandi is one among the eight, newer, second-generation IITs. It is
a research university located in Kamand Valley, Mandi district of Himachal Pradesh.
● Established in 2009, IIT-Mandi has in the last 15 years developed good infrastructure to foster
quality research in the fields of science and engineering.
● The institute ranks amongst the best technological institutions in the world and has contributed to
all sectors of technological development.
Engineers India inks MoU with Detect Technologies for AI-based monitoring of construction sites
.
● Engineers India has signed a memorandum of understanding (MoU) with Detect Technologies for
real-time artificial intelligence (AI) based monitoring of construction sites.
● Under the MoU, EIL and Detect Technologies will collaborate to provide real-time artificial
intelligence (AI) based monitoring for implementing safe practices and progress monitoring at
construction sites for various projects being executed by EIL.
● This MoU will facilitate the implementation, operation and maintenance of an AI-based solution
using cameras, drones, and cloud computing for maintaining a safe work environment at a site to
avoid loss of time accidents/injuries and monitor project progress.
About EIL
● Engineers India (EIL) is an engineering consultancy and technology licensing company in the
fields of hydrocarbons, petrochemicals, fertilizers, metallurgy, ports & terminals, and other
sectors of industry, having a DSIR-recognized R&D centre.
Jio Financial Services and BlackRock join hands for wealth management, broking business
● Jio Financial Services and BlackRock Group have entered into a 50:50 JV for wealth
management and broking businesses.
● The company (Jio Financial), BlackRock, Inc. and BlackRock Advisors Singapore Pte. Ltd. have
signed an agreement to form a 50:50 joint venture between the company and Blackrock, to
undertake wealth business including incorporation of a wealth management company and
subsequent incorporation of a brokerage company in India
● Jio and BlackRock had announced setting up a JV for asset management business in India in
July 2023.
● In October 2023, Jio Financial and BlackRock Management filed papers for their mutual fund with
the Securities and Exchange Board of India (SEBI).
● The application was under consideration for the regulator’s “in-principle approval” as of
December 2023.
About BlackRock Group
● BlackRock Asset Managers is one of the world’s largest asset managers.
● It previously operated in India in a JV with the DSP Group through DSP BlackRock Mutual Fund.
● The partnership ended in 2018, following which BlackRock announced its plans to re-enter India
with Jio Financial.
BPCL to link Noida airport with jet fuel pipeline
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● State-run Bharat Petroleum Corporation (BPCL) has signed an agreement with Noida
International Airport to construct a pipeline for jet fuel supply.
● The agreement on February 20 proposes to lay a dedicated aviation turbine fuel (ATF) pipeline
from BPCL’s Piyala terminal to the tank farm at the airport for efficient fuel supply and reduction
in carbon emissions by eliminating the need for tanker lorry movements.
● The 34-km dedicated ATF pipeline, including 1.2 km inside the airport, will operate on a
common/contract carrier basis.
Veranda XL Learning acquires Logic Management Training Institute
● Veranda Learning Solutions Ltd. (VLS) announced that its subsidiary Veranda XL Learning
Solutions Pvt. Ltd. had entered into a business transfer agreement with Kochi-based Logic
Management Training Institute Pvt. Ltd. to acquire the latter’s business with effect from April 1.
● The payout will be made in tranches from FY25 to FY29.
● The total payout has a floor price of ₹46 crore and a maximum cap of ₹75 crore, the education
firm said in a regulatory filing.
● Logic Management is engaged in the business of providing training of students for competitive
examinations.
● In FY23, it posted a turnover of ₹16 crore and net profit of ₹92 lakh.
ReNew partners with JERA to evaluate joint development of green ammonia project in India
● ReNew Energy Global (ReNew) signed an initial agreement with JERA, Japan’s largest power
generation company, to jointly evaluate developing a green ammonia production project in India.
● Under the agreement, ReNew, through its subsidiary ReNew E-Fuels, and JERA will jointly
evaluate the development of a green ammonia production project in Paradip, Odisha.
● The project will utilize around 500 megawatts (MW) of high-capacity utilisation factor (CUF)
renewable energy to produce green hydrogen, a key feedstock for green ammonia.
● The project will likely have a production capacity of around 100,000 tonnes of green ammonia
annually by 2030.
Deloitte collaborates with Yotta Data Services to help clients develop innovative GenAI applications
● Deloitte India has announced an alliance with Yotta Data Services to provide clients access to
NVIDIA GPU computing infrastructure and accelerate the development of new AI applications.
● The alliance combines Deloitte’s deep AI experience and top AI talent with Yotta’s GPU cloud
platform to help clients quickly build new AI applications that unlock the full value and potential of
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Generative AI (GenAI).
● The collaboration will bring world-class AI capabilities to organisations in India, where AI is
expected to contribute US$500 billion to India’s GDP by 2025 (10 percent of the country’s US$5
trillion GDP target) and ~US$1 trillion by 2035 (per INDIAai projections).
Indian Biogas Association joins hands with HAI to promote hydrogen
● The Indian Biogas Association (IBA) has partnered with the Hydrogen Association of India (HAI) to
promote bio-based energy solutions with a special emphasis on green and blue hydrogen.
● IBA and HAI have signed a memorandum of understanding (MoU) aimed at promoting the
production of green energy within the nation".
● This strategic alliance will facilitate comprehensive measures -- including training, capacity building,
and policy advocacy -- directed towards catalysing the promotion and advancement of bio-based
energy solutions with a special focus on green and blue hydrogen.
● The agreement is focussing on harnessing synergies from both associations, thereby catalysing the
continued growth of the growing bio-based energy sector.
Rashtriya Raksha University signs MoU with French Starburst Aerospace

● Gandhinagar-based Rashtriya Raksha University (RRU) and Starburst Aerospace of France entered
into a memorandum of understanding (MoU) to advance aerospace, defence, and homeland security
innovation.
● The MoU includes the creation of a venture capital fund of 100 million euros for aerospace, defence
and security technology and provides export promotion support for Indian start-ups to explore
international markets.
● The strategic alliance between RRU, Starburst, and Security and Scientific Technical Research
Association (SASTRA), a not-for-profit company set up by RRU, is aimed at fostering innovation and
driving advancements in the aerospace, defence and homeland security sectors.
Tata Power Solar Systems, Indian Bank partner to boost residential rooftops
● Tata Power Solar Systems announced its partnership with the state-owned Indian Bank to promote
the adoption of solar rooftops among residential consumers.
● The collaboration aims to facilitate financing solutions under the popular Pradhan Mantri Surya Ghar
Muft Bijli Yojana scheme for installations up to 3 KW, as well as extend support for installations
ranging from 3 to 10 KW under the regular scheme.
● Under the PM Surya Ghar Muft Bijli Yojana initiative, residential consumers can avail of loans up to
.
Rs 2 lakh at an annual interest rate of 7 per cent, in compliance with government regulations.
● For installations exceeding 3 KW up to 10 KW, TPSSL and Indian Bank present a tailored financing
solution that accommodates the diverse needs of homeowners.
● Eligible applicants can access loans up to Rs 6 Lakh, with a margin money requirement of 20 per
cent.
● Interest rates ranging from 8.4 per cent to 10.8 per cent per annum ensure competitive financing
options.
Juniper Green Energy, Tata Power sign PPA for 85 MW hybrid project in Maharashtra
● Juniper Green Energy has signed an agreement with Tata Power for the development of an 85-
megawatt hybrid power project in Maharashtra.
● The project is the first wind-solar energy project for the company.
● It will utilize both wind and solar resources by combining 51 MW of wind energy and 34 MW of solar
power.
● The power purchase agreement (PPA) with Tata Power is for the development of an 85 MW hybrid
power project in Maharashtra.
● The project is expected to generate a total of 215 million units (MUs) of electricity per year, and
contribute to the electrification of about 42,753 households.
● Juniper Green Energy is an independent renewable energy power producer and operator of solar,
wind and hybrid power projects.
Air India enters into codeshare pact with Japan's All Nippon Airways
● Air India has entered into a codeshare partnership with Japan's All Nippon Airways.
● With the codeshare, effective for travel from May 23, Air India and All Nippon Airways passengers
can fly to their desired destination by combining those flights between India and Japan with a single
ticket.
● Air India will add its 'AI' designator code on ANA's flights between Tokyo Haneda and Delhi as well
as Tokyo Narita and Mumbai.
● ANA will add its 'NH' designator code on Air India's flight between Tokyo Narita and Delhi.
● Now, Tata Group-owned Air India, which is expanding its presence, has codeshare partnerships with
15 airlines, including ANA .
C-DOT and IIT, Jodhpur sign agreement for “Automated Service Management in Network of 5G and
.
beyond Using AI”

● C-DOT, the premier Telecom R&D Centre of the Department of Telecommunications (DoT),
Government of India and Indian Institute of Technology, Jodhpur (IIT-J) signed an agreement for
“Automated Service Management in 5G and Beyond Networks Using AI”.
● The agreement is signed under the Telecom Technology Development Fund (TTDF) of the DoT,
which is designed to provide funding support to domestic companies and institutions involved in
technology design.
● The primary objective is to develop AI frameworks for automated network management, fault
detection, and diagnostic techniques by utilizing continuous information generated within the network
like 5G.
DARPG signs MoU with Cambodia Ministry of Civil Service for cooperation in HR development
● The Department of Administrative Reforms and Public Grievances (DARPG) under the Ministry of
Personnel, Public Administration and Pensions signed a Memorandum of Understanding with the
Ministry of Civil Service, Cambodia on cooperation in the field of Human Resource Development in
Civil Service.
● The MoU advances the cordial and friendly ties between India and Cambodia in the field of Human
Resource Development in Civil Service over the next 05 years.
● The MoU was signed by Excellency Mr. Hun Many, Deputy Prime Minister and Minister of Civil
Service, on behalf of the Kingdom of Cambodia, and Dr. Devyani Khobragade, Ambassador of India
to the Kingdom of Cambodia, on behalf of Government of India at a ceremonial function held in
Phnom Penh.
About Cambodia
● Phnom Penh is the capital and most populous city of Cambodia.
● The riel is the currency of Cambodia.
Hindujas sign new India-UK healthcare pact with King's College London
● The Hinduja Group and King's College London announced a new partnership aimed at improving
healthcare outcomes in India and the UK, through training and research capacity building as well as
scholarships for Indian students.
● King's College London, Guy's & St. Thomas' NHS Foundation Trust, the Hinduja Foundation UK and
Mumbai's P.D. Hinduja Hospital & Medical Research Centre – run by the National Health &
Education Society – are involved in the new strategic partnership to advance two-way training,
.
education and research capacity building.

● It will lead to the creation of a new Hinduja-King's Health Partners Academy to drive forward the
development of new technologies to address global healthcare challenges.
SJVN Collaborates with THDC India Limited to develop a High-Performance Water Sports Academy at
Uttarakhand
● SJVN signed a Memorandum of Understanding (MoU) with THDC India Limited for the development
of a High-Performance Water Sports Academy in Tehri, Uttarakhand in the benign presence of Smt.
Geeta Kapur, CMD, SJVN and Sh. Shallinder Singh, Director (Personnel), THDC at New Delhi.
● Smt. Geeta Kapur stated that as per the MoU, SJVN will provide financial assistance of Rs. One
Crore to THDC for establishing an advanced gymnasium as an integral part of the High-performance
Water Sports Academy.
● The facility is being developed in collaboration with SJVN, THDC, ITBP, Indian Kayaking &
Canoeing Association, and Olympic Association of Uttarakhand for training national-level athletes for
national & international competitions in Kayaking & Canoeing.
● The MOU was signed by Sh. Awadhesh Prasad, GM (CSR) SJVN and Sh. Amardeep, GM (CSR),
THDC, India Limited.
India to ink 6G co-operation agreement with European body

● India's Bharat 6G is on the verge of finalizing a Memorandum of Understanding (MoU) with Europe's
Industry Alliance 6G.
● The nation is expanding its collaboration on advanced technologies under the EU-India Trade and
Technology Council.
● The upcoming partnership is expected to boost cooperation in the field of 6G technology
development.
● An agreement between Bharat 6G and Industry Alliance 6G is imminent.
What is the Bharat 6G Alliance?

● The Bharat 6G Alliance, established in 2023 by the Department of Telecommunications (DoT), "aims
to bring together Indian start-ups, companies, and the manufacturing ecosystem to establish
consortia that drive the design, development, and deployment of 6G technologies in India."
● DoT also noted B6GA's aspiration to position India at the forefront of global 6G innovation, by
accelerating patent creation related to standards within the country.
● Actively participating in international standardization organizations such as 3GPP and ITU, is also
.
included.
India's 6G vision document has been approved by ITU

● The Indian government is keen on forming alliances with other global 6G entities, to gain a deeper
understanding of the commercial and societal implications of 6G beyond its technical aspects.
● The aim is to build consensus on these needs and stimulate R&D.
● The Bharat 6G Alliance has also strengthened India's position in the International Telecom Union,
which has approved India's 6G vision document, enabling it to play a significant role in setting
standards.
RANKING AND INDEX

Ambani breaks into the top 10, ranked at 9th in Forbes global rich list
• Oil-to-telecom conglomerate Reliance Industries Ltd head Mukesh Ambani continues to be the
richest Indian and has now broken into the world's top 10 wealthiest persons in the latest Forbes
2024 Billionaire List.
• Ambani, 66, is ranked 9th on the list with a wealth of $116 billion, up from $83.4 billion in the 2023
ranking, according to Forbes.
• Gautam Adani is the second richest Indian and is ranked at No.17 on the global list.
• Adani, 61, was worth $90 billion in 2022 ranking.
• Facebook founder Mark Zuckerberg comes next in the list with a net worth of $177 billion.
Paradip Port emerges as the largest Indian major port in cargo throughput in FY24
• Surpassing Deendayal Port Authority in Gujarat, the State-owned Paradip Port in Odisha has
emerged as India's largest major port in terms of cargo volume with a cargo throughput of 145.38
million tonnes in FY24.
• Deendayal Port Authority has been holding the pole position in cargo handling among the 12 major
ports for the last 16 years.
India ranks number 10 in cybercrime
• According to new research surveying cybercrime experts from around the world, India ranked 10th
in cybercrime, with fraud involving people asking for advance fee payments as the most common
type.
.
• An international team of researchers has prepared a 'World Cyber Crime Index' which ranks nearly
100 countries.
• It identifies major hotspots according to different categories of cybercrime, including ransomware,
credit card theft, and scams.
India among 12 nations responsible for 60% of mismanaged plastic waste

• India is among the twelve countries responsible for 60 percent of the planet's mismanaged plastic
waste though the fast-developing South Asian nation's per capita plastic waste production is
among the lowest in the world, according to a new report.
• The Plastic Overshoot Day report by Swiss non-profit EA Earth Action also said global plastic
waste generation has risen by 7.11 per cent since 2021.
• The world is estimated to have generated 220 million tons of plastic waste this year, 70 million tons
of which will pollute the environment.
IndiGo world's third largest airline by mcap as shares hit record high
• IndiGo has now become the world's third-largest airline in terms of market capitalisation (m-cap)
with shares of the operator InterGlobe Aviation Limited soaring nearly five per cent to achieve a
lifetime record-high mark during intra-day.
• According to Bloomberg data, IndiGo surpassed United Airlines to become the sixth-largest airline
in the world during December 2023.
• Delta Air and Ryanair Holdings are the top two airlines with $30.4 billion and $26.5 billion m-cap,
respectively, according to Bloomberg.
JNU ranked as India's top university, IIM-Ahmedabad among world's top 25 for management studies:
QS Rankings
• The Jawaharlal Nehru University emerged as the highest-ranked Indian university in the list
announced by Quacquarelli Symonds (QS), the London-based higher education analytics firm, for
various subjects.
• Under the subject of Development Studies, JNU was ranked 20th in the QS World University
Rankings.
• The Indian Institute of Management (IIM) - Ahmedabad grabbed the next best rank of 22nd in the
subject of Business & Management Studies.
• The Indian Institute of Technology Bombay (IITB) secured 25th rank in the subject of Engineering -
Mineral & Mining.
.
• The Indian Institute of Technology Madras (IITM) secured 29th spot in Petroleum Engineering.
In 2022, India was at the top of WADA's list of doping offenders.
• According to the 2022 World Anti-Doping Agency (WADA) report, India has the highest percentage
of doping offenders among countries. Out of 4,064 samples collected from Indian athletes, 127
individuals tested positive for banned substances, which is 3.26% of the sample size.
• Trailing India, South Africa, and Bangkok’s laboratories were ranked second and third, with doping
failures at 2.04% and 1.93% respectively.
• India’s count surpassed sporting nations like Russia, the United States, Italy, and France.
India becomes net importer of finished steel in FY23-24, shows government data
• India was a net importer of finished steel during the 2023/24 financial year that ended on March
31, according to provisional government data.
• The country imported 8.3 million metric tons of finished steel between April and March, up 38.1
percent from a year earlier, the data showed.
• The world's second-biggest crude steel producer remains a bright spot globally with robust
demand from its construction and automotive sectors.
• India's steel demand is likely to stay strong as the government expects economic growth will
outpace the global economy in the next fiscal year.
IIT Bombay Ranks 45th In QS World University Rankings For Engineering & Technology
• IIT Bombay has ranked 45th in Engineering and Technology with an overall score of 79.1 out of
100 in the Quacquarelli Symonds (QS) World University Rankings by Subject for 2024.
• The Institute has been ranked in 4 out of 5 broad subject areas, which include Engineering &
Technology, Natural Sciences, Social Sciences and Management, and Arts and Humanities.
• The Institution improved its 2023 performance by two places in Engineering and Technology.
Number of telecom subscribers grows marginally to 119.7 cr in Feb 2024: TRAI

• The number of telecom subscribers in India increased 0.38 percent to 119.7 crore in February
2024 as compared to the previous month, according to a TRAI report published.
• The urban telephone subscription increased to 66.37 crore while rural subscription increased to
53.13 crore with a sequential growth rate of 0.40 percent and 0.34 percent, respectively.
.
• The total broadband subscribers also increased from 91.10 crore at the end of January to 91.67
crore at February-end, as per the monthly subscriber report published by Telecom Regulatory
Authority of India (TRAI).
India's unicorn count drops, a gap with China widens
• According to the 6th annual Hurun Global Unicorn Index 2024, India’s start-up ecosystem has
slowed with the number of unicorns declining for the first time since 2017.
• According to the report, Indian founders co-founded 109 unicorns outside of India in comparison to
just 67 in India.
• Unicorns founded outside of India, significantly all were in the USA (95), led by the Bay Area, with
4 in the UK, 3 in Singapore and 2 in Germany.
Delhi Airport is among the top 10 busiest in the world with 72.2 million flyers
● Delhi airport has been named among the world's top 10 busiest airports for 2023 in a list topped
by Hartsfield-Jackson Atlanta International Airport.
● The Indira Gandhi International Airport in the national capital is ranked tenth while Dubai and
Dallas airports are at the second and third positions, respectively, according to the Airports
Council International (ACI) World.
● From the top 10 rankings for total passenger traffic, five airports are in the US.
● At tenth place, Delhi airport handled more than 7.22 crore passengers in 2023.
India's population estimated at 144 crore, 24% in 0-14 age bracket: UNFPA report
● The United Nations Population Fund's (UNFPA) State of World Population - 2024 report --
"Interwoven Lives, Threads of Hope: Ending Inequalities in Sexual and Reproductive Health and
Rights" -- revealed that India's population is estimated to double in 77 years.
● India's population is estimated to have reached 144 crore, with 24 per cent in the 0-14 age
bracket.
● India leads globally with an estimated population of 144.17 crore, followed by China at 142.5
crore.
● The report further detailed that an estimated 24 per cent of India's population is aged 0-14 while
17 per cent is within the 10-19 age range.
● The segment aged 10-24 is estimated to constitute 26 per cent, with the 15-64 age group making
up 68 per cent.
● Additionally, 7 per cent of India's population is aged 65 years and above, with men having a life
.
expectancy of 71 years and women 74 years.

● The report further detailed that an estimated 24 per cent of India's population is aged 0-14 while
17 per cent is within the 10-19 age range.
● The segment aged 10-24 is estimated to constitute 26 per cent, with the 15-64 age group making
up 68 per cent.
● Additionally, 7 per cent of India's population is aged 65 years and above, with men having a life
expectancy of 71 years and women 74 years.
● Recent studies conducted across India's 640 districts have shown that while close to a third of
these districts have successfully met the Sustainable Development Goal (SDG) target of
reducing maternal mortality ratios to below 70 per 100,000 live births, 114 districts still report
ratios of 210 or higher deaths per 100,000 live births.
● The most alarming rate, at 1,671 deaths per 100,000 births, is observed in the Tirap District of
Arunachal Pradesh, which is predominantly rural and has a substantial indigenous population.
At 7.1%, Odisha records highest retail inflation
● Even as the retail inflation rate in the country eased to a 10-month low of 4.85 per cent, it was the
highest in Odisha among major states in March.
● The inflation rate was 7.05 per cent in the state.
● As per the data released by the Ministry of Statistics and Programme Implementation, the rural
inflation rate was higher than the urban with 7.27 pc and 6.46 pc respectively.
● This was the highest in individual segments among the states having a population of more than
50 lakh.
● An analysis of the consumer price index (CPI) for the last four quarters indicated that the inflation
rate that had shot up from 3.75 pc in June 2023 to 8.73 pc in December dropped to 7.55 pc in
January and February 2024.
● At 3.75 pc, the inflation rate in Odisha was one of the lowest in the country in March last year
when the urban share (5.61 pc) was higher than the rural (3.02 pc).
● The inflation rate of vegetables was the highest at 28.34 pc, followed by pulses and products
(17.71 pc), spices (11.4 pc), eggs (10.33 pc) and food and beverages (7.68 pc).
● Odisha led with an inflation rate of 7.1%, trailed by Assam and Haryana at 6.1%. Bihar and
Telangana recorded rates of 5.7% and 5.6%, respectively.
● Delhi registered the lowest retail inflation rate at 2.3%, followed by Uttarakhand at 3.6%, West
.
Bengal and Maharashtra at 3.7%, and Himachal Pradesh at 4.1%.
Vedanta’s Hindustan Zinc Becomes the 3rd Largest Producer of Silver Globally
● Hindustan Zinc Limited a Vedanta group company in the zinc-lead-silver business has now
become the 3rd largest silver producer globally as per the World Silver Survey 2024 conducted
by ‘The Silver Institute’, USA.
● The company’s Sindesar Khurd Mine now stands as the world's 2nd largest silver-producing
mine moving up from last year’s 4th position.
● Additionally, the recognition of its Pantnagar silver refinery by the London Bullion Market
Association (LBMA) and inclusion in the ‘London Good Delivery’ list reaffirms the refinery's
adherence to international quality standards, marked by LBMA certification of 99.99% pure silver.
● Globally, solar – the fastest growing of all the sources of renewable energy with about 440 GW
installed in 2023 – is poised to elevate silver demand.
India ranks 4th in global military spending at $83.6 bn in 2023

● India was the world's fourth-largest military spender in 2023, making an expenditure of $83.6 billion
to modernise a range of weapons and combat systems.
● The United States (US), China, and Russia were the top three spenders in that order, according to
the Stockholm International Peace Research Institute (Sipri).
● India's military spending saw a 4.2 per cent increase compared to 2022.
● The Sipri report comes at a time when India and China have been locked in a standoff along the
Line of Actual Control (LAC) in eastern Ladakh since May 2020.
● The two countries have conducted 21 rounds of military talks to address the border dispute.
● India allocated Rs 6.21 trillion for defence spending in the interim Budget for 2024-25, marginally
lower than the previous year's revised estimates but 4.72 per cent higher than the budget estimates
for 2023-24.
● This year's defence budget represents 1.89 per cent of India's projected gross domestic product
(GDP) for 2024-25.
Top 10 countries with highest military spending in 2023

1. United States: $916 billion
2. China: $296 billion (estimated)
3. Russia: $109 billion (estimated)
.
4. India: $83.6 billion

5. Saudi Arabia: $75.8 billion (estimated)
6. United Kingdom: $74.9 billion
7. Germany: $66.8 billion
8. Ukraine: $64.8 billion
9. France: $61.3 billion
10. Japan: $50.32 billion
TRAI releases “Indian Telecom Services Performance Indicator Report” for the Quarter October-
December 2023
● The "Indian Telecom Service Performance Indicator Report" for the quarter ending December 31,
2023, was released by the Telecom Regulatory Authority of India (TRAI).
● In the total number of internet subscribers, the report shows an increase from 918.19 million in
September 2023 to 936.16 million in December 2023, showing a quarterly growth of 1.96%.
● Of these subscribers, wired internet customers number 38.57 million, while 897.59 million access the
internet wirelessly.
● The number of broadband internet subscribers reached 904.54 million by the end of December,
compared to 885 million in September, showing a growth of 2.21%.
● Additionally, monthly average revenue per user (ARPU) for wireless services increased from Rs
149.66 in the September quarter to Rs 152.55 in the December quarter, showing a growth of 1.93%.
India pips China to become the largest electric 3W market globally in 2023
● India overtook China in sales of electric three-wheelers in 2023, at over 5.8 lakh units, according to a
report by the International Energy Agency (IEA).
● Electric 3W sales grew 65 per cent year-on-year, with government financial incentives helping lower
prices.
● In China, sales fell 8 per cent in 2023 to 3.2 lakh units, making it the second-largest electric 3W
market.
● Globally, the 3W market expanded by 13 per cent in 2023, selling 4.5 million units, of which 21 per
cent was electric, compared to 18 per cent in 2022.
● In India, despite being 55 per cent costlier than gasoline variants in 2023, the average electric 3W
(autorickshaw) proves to be 50 per cent cheaper to own after eight years of service, and over 40 per
cent cheaper even without subsidies.
.
Emeritus Best; 15 Indian companies in the world’s top edtech list

● Emeritus has secured the top spot in TIME Magazine’s “World’s Top EdTech Companies of 2024”
ranking.
● Founded in 2015 by Ashwin Damera and Chaitanya Kalipatnapu, Emeritus offers courses from
global universities such as the University of Cambridge, Harvard Business School, the University of
Pennsylvania, MIT Sloan, Indian School of Business, Indian Institutes of Management (IIMs), Indian
Institutes of Technology (IITs), the University of Western Australia, John Hopkins, NTU Singapore,
Carnegie Mellon, UC Berkeley Executive Education, INSEAD and Wharton Executive Education,
among others.
● There are 14 more Indian edtech firms on the TIME list.
● At the 26th position is Miko, which makes AI-powered robots for kids, followed by the competitive
exam preparation app Unacademy at the 54th position.
● The US-headquartered upGrad that was founded in India is at the 69th rank, followed by Univariety
at 82nd position (it offers technology-backed solutions for educational institutes).
● At the 83rd rank is iNurture Education Solutions, which focuses on university-industry partnership,
and at the 90th position is Uolo, which empowers schools.
● In this list of 250 ed-tech companies, 91 are from the US, 25 are from China, 16 from the UK, eight
each from Brazil and Australia, seven from Spain, six each from Germany, France, Canada and
South Korea, and five each from Singapore and Japan.
● Two Indian companies found place in the TIME “World’s Top EdTech Rising Stars of 2024”.
● These are Scaler Academy at the top rank, and Eupheus Learning at seventh position.
DEFENCE NEWS
India Achieves Record Defence Exports of Rs ₹21,083 Crore in FY 2023-24
• Defence exports from India have touched an all-time high of Rs 21,083 crore in the financial year
2023-2024, with consignments reaching 85-plus countries in the neighbourhood and beyond.
• This was a growth of 32.5 percent over the previous fiscal.
• Although India is still the world’s largest arms importer, a strong push on Atmanirbharta in the last
decade has brought the country to a position wherein over 100 private and public sector
undertakings (PSUs) are now exporting defence equipment and systems to more than 85
countries.
.
• The total defence exports from 2004-05 to 2013-14 were ₹4,312 crore, which has gone up to
₹88,319 crore in the period from 2014-15 to 2023-24.
About Ministry of Defence :
• Defence Minister : Rajnath Singh
• Minister of State : Ajay Bhatt
• Defence Secretary : Giridhar Aramane
Indian Army Adopts Indigenous Akashteer System
• The Indian Army has initiated the induction of control and reporting systems under 'Project
Akashdeep' to enhance its air defense capabilities.
• The first batch of Control Centers for the Automated Air Defence Control and Reporting System,
named 'Project Akashteer', was flagged off from Bharat Electronics Limited (BEL) in Ghaziabad.
• Aim : To deliver an "unprecedented level" of situational awareness and control for the force to
ensure safety of friendly aircraft and engage hostile aircraft in in "contested airspace",
• 2024 has been designated as the 'Year of Technology Absorption'.
About Indian Army :
• Headquarters : New Delhi
• Chief of Defence Staff : General Anil Chauhan
• Chief of the Army Staff : General Manoj Pande
The India-United States Tri-Service Exercise 'Tiger Triumph-24' Comes to an End

• The 14-day bilateral tri-service exercise 'Tiger Triumph-24' between India and the United States
(US) has concluded.
• The exercise that began on March 18 aimed at developing interoperability for conducting
humanitarian assistance and disaster relief (HADR) operations and refining standard operating
procedures to enable rapid and smooth coordination between the forces of the two countries.
• The exercise took place in Visakhapatnam and Kakinada in Andhra Pradesh (AP).
Indian Air Force to Commence Mega 10-Day Drills 'Gagan Shakti-2024' on April 1, 2024
• The Indian Air Force (IAF) will conduct the Gagan Shakti-2024 exercise from April 1 to April 10,
2024.
• This exercise will involve all air force bases and assets across the country.
.
• Aim of the Exercise : To test the readiness of the IAF for a two-front war scenario with China and
Pakistan.
• The last Gagan Shakti exercise was organized in 2018.
• The IAF will host a multi-nation exercise later this year, named "Tarang Shakti."
About IAF :
• Chief of the Air Staff : Air Chief Marshal Vivek Ram Chaudhari
Indian Navy Chief Admiral R. Hari Kumar Unveils New Amenities at Karwar Naval Base
• Indian Navy Chief Admiral R. Hari Kumar inaugurated a 350m long major pier for Offshore Patrol
Vessels (OPVs) and a residential accommodation at Naval Base Karwar.
• These infrastructure developments are part of the ongoing Phase IIA of Project Seabird, which will
accommodate 32 ships and submarines, 23 yardcraft, a dual-use Naval Air Station, a full-fledged
naval dockyard, 4 covered dry berths and logistics for ships and aircraft.
About Indian Navy :
• Chief of Defence Staff : General Anil Chauhan
• Chief of the Naval Staff : Admiral R. Hari Kumar
Indian Army Acquires First Consignment of 24 Igla-S MANPADS and 100 Missiles from Russia
• The Indian Army has received the first batch of 24 Russia-made Igla-S Man Portable Air Defence
Systems (MANPADS) and 100 missiles as part of a larger deal that includes domestic production
in India.
• This procurement aims to enhance the Army’s Very Short Range Air Defence (VSHORAD)
capabilities, particularly in high mountainous terrain along the northern border.
• Background : In November,2023 India signed a contract with Russia for 120 launchers and 400
missiles.
• While the first batch from Russia has been received by the Army, the rest of these systems will be
made in the country through Transfer of Technology (ToT) from Russia by an Indian company.
Defence Ministry Initiates Procurement of 97 Tejas Mk-1A Fighters for IAF, Valued at ₹67,000 Crore
● The defence ministry has issued a tender to state-run plane-maker Hindustan Aeronautics
.
Limited for the proposed acquisition of 97 light combat aircraft (LCA Mk-1A) to strengthen the
Indian Air Force’s (IAF’s) capabilities at a time the force is grappling with a shortage of fighter
squadrons.
● The new fighter planes are expected to cost around ₹67,000 crore.
● The development comes around 4 months after the Defence Acquisition Council (DAC), headed
by Defence Minister Rajnath Singh, accorded its acceptance of the necessity (AoN) for more
Tejas Mk-1A fighters.
● AoN by the council is the first step towards buying weapons and systems under India’s
procurement rules.
● The LCA Mark 1A fighter jets will replace the MiG- 21s, MiG-23s and MiG-27s.
● The decision to buy 97 LCA Mark 1A fighter jets came after a review meeting of the indigenous
fighter jet programme.
● Defence Minister : Rajnath Singh
● Minister of State : Ajay Bhatt
● Defence Secretary : Giridhar Aramane
India and Uzbekistan to Commence 5th Edition of 'Dustlik' Joint Military Exercise in Termez District,
Uzbekistan
● The 5th edition of the 'Dustlik' Joint Military Exercise between India and Uzbekistan is scheduled
to take place in the Termez District of Uzbekistan for 14 days, starting from April 15, 2024 to 28
April 2024.
● Participating Contingents: Contingents from both the Indian Armed Forces (IAF) and the Armed
Forces of the Republic of Uzbekistan will participate in the exercise, focusing on collaboration
and future military interactions.
● Number of Participants: Each side will contribute 45 soldiers to the exercise, fostering positive
relations between the armies of both countries.
● Indian Army Contingent: The Indian Army contingent will consist of troops from the Garhwal
Rifles Regiment's infantry battalion.
Note :
● The 4th edition of the ‘Dustlik’ joint military exercise was held on February 20, 2023 at the
Foreign Training Node, Pithoragarh in Uttarakhand.
.
● The 1st edition of the Dustlik Joint Military Exercise was held in Uzbekistan in November 2019.
About Uzbekistan :
● President : Shavkat Mirziyoyev
● Prime Minister : Abdulla Nigmatovich Aripov
● Capital : Tashkent
● Currency : Uzbek sum
Defence Research & Development Organisation and Indian Army Successfully Test Indigenous Man-
Portable Anti-tank Guided Missile Weapon System
● Man Portable Anti-tank Guided Missile (MPATGM) Weapon System, indigenously designed and
developed by the Defence Research & Development Organisation (DRDO), has been field
evaluated in different flight configurations several times to prove the technology with high
superiority.
● The Warhead Flight Trials were successfully conducted at the Pokhran Field Firing Range
(PFFR), Rajasthan.
● With this, technology development and successful demonstration have been concluded and the
system is now ready for Final User Evaluation Trials leading towards its induction into the Indian
Army.
● Penetration trials of the Tandem Warhead System of MPATGM have been successfully
completed and it is found capable of defeating modern armour protected Main Battle Tank.
About MPATGM Weapon System :
● The system consisted of the MPATGM, Launcher, Target Acquisition System, and the Fire
Control Unit.
● As of 2022, it is being developed by the DRDO in partnership with Indian defence contractor
VEM Technologies Private Limited.
● The MPATGM is a low-weight, long cylindrical missile with two groups of four radial fins, larger
ones at the middle, and smaller ones at the tail.
● It is fitted with one high-explosive anti-tank (HEAT) shaped charge warhead.
● The missile has a length of about 130 cm and a diameter of about 12 cm with a collapsible tripod
and launch tube of aluminium and carbon fibre to reduce weight.
● It weighs 14.5 kg, with its command launch unit (CLU) weighing 14.25 kg which combines a laser
designator with digital all-weather sight.
.
● Minimum range is 200 to 300 m; maximum range is 4 km.

About DRDO :
● Chairman : Sameer V. Kamat
Hindustan Shipyard Ltd (HSL) Initiates Construction of India's First Indigenous Fleet Support Ship for
Indian Navy
● Hindustan Shipyard Limited (HSL), the premier shipbuilding yard in the country set up in 1941,
has initiated the construction of India's first indigenously designed Fleet Support Ship (FSS) for
the Indian Navy, marking a significant milestone.
● The project for constructing 5 FSS has been awarded to HSL as part of the 'Atma Nirbhar India'
mission, aimed at enhancing self-reliance in defence manufacturing.
● The contract at an estimated cost of Rs 19,000 crore with the Ministry of Defence was signed in
August, 2023.
● Delivery Schedule : HSL is scheduled to deliver the ships from mid-2027 onwards, contributing to
the modernization and expansion of the Indian Navy's fleet.
● Enhancing Naval Capabilities : The induction of FSS will enhance the 'Blue Water' capabilities of
the Indian Navy by enabling replenishment of fleet ships at sea, thereby extending operational
reach and endurance.
● First-of-Its-Kind Vessels: These five 44,000-tonne vessels will be the first-of-their-kind to be built
in India by an Indian Shipyard, showcasing indigenous expertise in shipbuilding.
● Employment Generation: The FSS project is expected to generate employment opportunities,
with nearly 16.88 million man-days of work over a period of 8 years, contributing to economic
growth and skill development.
About HSL :
● Founded : 21 June 1941
● Headquarters : Visakhapatnam, Andhra Pradesh, India
● Chairman & Managing Director : Hemant Khatri
About Indian Navy :
● Chief of Defence Staff : General Anil Chauhan
.
● Chief of the Naval Staff : Admiral R. Hari Kumar

Defence Research and Development Organisation Inaugurates Submersible Platform for Acoustic
Characterisation and Evaluation, Premier Sonar Systems Testing Hub for Indian Navy in Kerala
● A state-of-the-art Submersible Platform for Acoustic Characterisation and Evaluation (SPACE)
was inaugurated by the Secretary, the Department of Defence (R&D) and Chairman of Defence
Research and Development Organisation (DRDO) Dr Samir V Kamat at Underwater Acoustic
Research Facility, Kulamavu in Idukki, Kerala.
● The SPACE, set up by the Naval Physical & Oceanographic Laboratory of DRDO, has been
designed as a premier testing and evaluation hub for sonar systems destined for the Indian Navy
onboard various platforms including ships, submarines and helicopters.
● The SPACE marks a milestone in naval technology advancement.
● It will consist of two distinct assemblages - a platform which floats on the water surface, and a
submersible platform which can be lowered to any depth up to 100 m using winch systems.
● The SPACE will mainly be utilised for the evaluation of complete sonar systems, allowing for
quick deployment and easy recovery of scientific packages such as sensors and transducers.
● It will be suitable for survey, sampling, and data collection of air, surface, mid-water, and
reservoir floor parameters using modern scientific instrumentation.
Indian Army Commemorates 40th Anniversary of 'Operation Meghdoot' on Siachen Glacier
● The Indian Army and Indian Air Force (IAF) celebrated the 40th anniversary of Operation
Meghdoot (Cloud Messenger), which commenced on April 13, 1984.
About the Operation Meghdoot :
● Indian Army and Indian Air Force had advanced to the Siachen Glacier to secure heights
dominating the northern Ladakh region.
● Following Operation Meghdoot, the Siachen Glacier remains under Indian control.
● 17 days prior to Operation Meghdoot, the Indian Army launched Exercise Walnut Cracker to
occupy certain heights around the Siachen Glacier.
● Siachen is located at a height of around 20,000 feet in the Karakoram Mountain range, the
Siachen Glacier is known as the highest militarised zone around the world.
About Indian Army :
● Chief of the Army Staff : General Manoj Pande
.
About IAF :
● Chief of the Air Staff : Air Chief Marshal Vivek Ram Chaudhari
Defence Research and Development Organisation successfully test fires Indigenous Technology Cruise
Missile from Chandipur off Odisha coast
● The Defence Research and Development Organisation (DRDO) conducted a successful flight
test of the Indigenous Technology Cruise Missile (ITCM) from the Integrated Test Range (ITR),
Chandipur, off the coast of Odisha.
● The missile's performance was monitored using several range sensors, including Radar, Electro-
Optical Tracking System (EOTS), and Telemetry.
● These sensors were deployed by ITR at various locations to ensure complete coverage of the
flight path.
● The flight of the missile was also monitored from the Su-30-Mk-I aircraft of the Indian Air Force
(IAF).
● The missile is developed by Bengaluru-based DRDO laboratory Aeronautical Development
Establishment (ADE) along with contributions from other laboratories and Indian industries.
● The missile followed the desired path using waypoint navigation and demonstrated very low-
altitude sea-skimming flight.
● This successful flight test has also established the reliable performance of the indigenous
propulsion system developed by Gas Turbine Research Establishment (GTRE), Bengaluru,
Karnataka.
About DRDO :
● Headquarters : New Delhi, Delhi, India
● Chairman : Samir V Kamat
● The DRDO is the premier agency under the Department of Defence Research and Development
in the Ministry of Defence of the Government of India, charged with the military's research and
development.
Raksha Mantri Shri Rajnath Singh visits Siachen, the world’s highest battlefield
.
● Defence Minister Rajnath Singh stated that Siachen, the world’s highest battlefield, is no ordinary
land as it represents the sacrifice, valour and determination of Indian soldiers who serve in
extremely harsh terrain and inclement weather to protect the motherland.
● Interacting with the Armed Forces personnel deployed at Kumar Post, one of the world’s most
inhospitable locations, Singh thanked them for placing the call of duty above everything while
safeguarding the country’s sovereignty and perseverance.
● The Indian Army marked Siachen Day on April 13 as ‘Operation Meghdoot’ — launched on April
13, 1984 — completed 40 years.
Indian Army Allocates Rs 6,800 Crore for Indigenous Shoulder-Fired Missiles to Enhance Border
Security
● The Indian Army is undertaking two projects worth over Rs 6,800 crore to develop indigenous
Very Short Range Air Defence (VSHORAD) systems.
● These shoulder-fired missile systems are intended to counter aerial threats along the borders
with China and Pakistan.
● The Army plans to procure over 500 launchers and around 3,000 missiles through these
indigenous projects.
● Laser Beam Riding VSHORADS Project : The first project, valued at Rs 4,800 crore, is focused
on developing a laser beam riding VSHORADS.
● This project involves collaboration between a Hyderabad-based defense Public Sector
Undertaking (PSU) and a private sector firm from Pune.
● Allocation of Resources : The Army will be the lead service for this project, with the Indian Air
Force also set to receive a portion of the 1,200 missiles and 200 launchers being developed.
● DRDO’s Infra-Red Homing VSHORADS : The Defence Research and Development Organisation
(DRDO) is leading the development of an infra-red homing-based Very Short Range Air Defence
(VSHORADS) system.
About VSHORAD Systems :
● VSHORAD systems are essential for providing layered air defense against low-flying aircraft,
helicopters, and drones.
● The Indian military is working to replace its aging VSHORAD inventory, mainly consisting of the
Igla-1M system, which was inducted in 1989 and was set for de-induction in 2013.
● The versatility of VSHORAD systems has been demonstrated in recent conflicts, such as the
.
Russia-Ukraine war.
About Indian Army :
● Chief of the Army Staff : General Manoj Pande
About DRDO :
● Chairman : Samir V Kamat
● The DRDO is the premier agency under the Department of Defence Research and Development
in the Ministry of Defence of the Government of India.
Indian Navy Conducts Poorvi Lehar Exercise on East Coast
● The Indian Navy conducted Exercise Poorvi Lehar (XPOL) on the East Coast under the
Operational Control of The Flag Officer Commanding-in-Chief, Eastern Naval Command.
● Aim of the Exercise : To validate procedures and assess the Indian Navy's preparedness to meet
maritime security challenges in the region.
● Participants and Phases:The exercise involved the participation of various naval assets, including
ships, submarines, aircraft, and special forces.
● XPOL was conducted in multiple phases including combat training in a realistic scenario during
the Tactical Phase and successful conduct of various firings during the Weapon Phase towards
reaffirming Indian Navy’s capability to deliver ordnance on target.
● Interoperability with Other Services: The exercise involved not only assets from the Eastern
Naval Command but also from the Indian Air Force (IAF), Andaman & Nicobar Command, and
the Coast Guard, indicating a high degree of interoperability among different services.
About Indian Navy :
● Founded : 1950
● Chief of the Naval Staff : Admiral R. Hari Kumar (Till April 29, 2024)
Defence Research and Development Organisation Develops Lightest Bulletproof Jacket to Withstand
Highest Threat Level 6 of BIS
● A unit of the Defence Research and Development Organisation (DRDO) has successfully
.
developed the lightest bulletproof jacket in the country for protection against the highest threat
level 6.
● This jacket is based on a new design approach where novel material along with new processes
has been used.
● DRDO’s Defence Materials and Stores Research and Development Establishment (DMSRDE),
Kanpur has successfully developed the lightest bulletproof jacket in the country for protection
against 7.62 x 54 R API (level 6 of BIS 17051) ammunition.
● This bulletproof jacket was successfully tested at TBRL, Chandigarh as per BIS 17051-2018.
● The front Hard Armour Panel (HAP) of this jacket defeats multiple hits (06 shots) of 7.62 x 54 R
API (Sniper rounds) in both ICW (In-conjunction with) and Standalone design.
● The areal density of ICW Hard Armour Panel (HAP) and standalone HAP is less than 40 kg/m2
and 43 kg/m2 respectively.
● Defence Minister : Rajnath Singh
● Minister of State : Ajay Bhatt
● Defence Secretary : Giridhar Aramane
Indian Navy Engages in Maritime Partnership Exercise with UK’s Littoral Response Group
● Indian Navy’s indigenous stealth frigate, Indian Naval Ship (INS) Sahyadri participated in the
Maritime Partnership Exercise with Royal Navy’s Royal Fleet Auxiliary (RFA) Argus and RFA
Lyme Bay, part of the United Kingdom (UK) Littoral Response Group South
● Aim : To enhance interoperability and strengthen maritime cooperation between the two nations.
● Exercise Highlights include Tactical manoeuvres, Boarding operations, Surface engagement
against simulated asymmetric threats, Cross-deck visits, and Cross-deck helicopter operations.
About INS Sahyadri :
● INS Sahyadri (F49) is a Shivalik-class stealth multi-role frigate built for the Indian Navy.
● It was built at the Mazagon Dock Limited (MDL) located in Mumbai.
● This class features improved stealth and land attack capabilities over the preceding Talwar-class
frigates.
● It was commissioned on 21 July 2012 into the Eastern Naval Command headquartered at
Visakhapatnam.
.
SCIENCE & TECHNOLOGY

Microsoft and OpenAI to Collaborate on $100 Billion Investment for Stargate AI Supercomputer: Report
• Microsoft and OpenAI plan to invest $100 billion in the development of the Stargate AI
supercomputer.
• Microsoft and OpenAI are collaborating on a data centre project, which will include the Stargate AI
supercomputer to power OpenAI's artificial intelligence models.
• Microsoft is financing the project.
• The Stargate supercomputer will be the fifth phase of a series of supercomputers.
• The fourth phase of a supercomputer for OpenAI is likely to be launched around 2026.
India Among Nations Considering Moon-Based Telescopes
• Astronomers are looking forward to posting high-resolution telescopes on the moon and in orbit
around it, including one from India called Probing ReionizATion of the Universe using Signal from
Hydrogen (PRATUSH).
• PRATUSH is a radio telescope to be sited on the moon’s far side.
• It is being built by the Raman Research Institute (RRI) in Bengaluru with active collaboration from
the Indian Space Research Organisation (ISRO).
• Launch Plan:Initially, ISRO will deploy PRATUSH into Earth's orbit for adjustments and fine-tuning.
Bharat Biotech Partners with Bilthoven Biologicals BV to Manufacture and Distribute Oral Polio
Vaccines
• Bharat Biotech, a leading global vaccine and biotherapeutic innovator, and also the largest
manufacturer of oral polio vaccines and Bilthoven Biologicals BV (BBio), a subsidiary of Serum
Institute of India Private Limited based in the Netherlands, announced a collaboration to enhance
the production and supply security of Oral Polio Vaccines (OPV).
About Serum Institute of India :
• Founded : 1966
• Headquarters : Pune, Maharashtra, India
• CEO : Adar Poonawalla
About Bharat Biotech :
• Founded : 1996
• Headquarters : Hyderabad
.
• Chairman & MD : Dr. Krishna Ella

Indian Entrepreneur Gopi Thotakura to Be 1st Indian Tourist in Space on Blue Origin's NS-25 Mission
• Gopi Thotakura, an entrepreneur and a pilot, is set to become the first Indian to venture into space
as a tourist on Amazon founder Jeff Bezos's Blue Origin’s NS-25 mission.
• Selection and Crew:Thotakura was chosen as one of the 6 crew members for the NS-25 mission,
making him the first Indian space tourist.
• He will be the 2nd Indian to venture into space after Indian Army's Wing Commander Rakesh
Sharma in 1984.
Indian Institute of Science Scientists Develop Innovative Hydrogel for Microplastic Removal from Water
• Researchers at the Indian Institute of Science (IISc) have developed a sustainable hydrogel
specifically designed to remove microplastics from water.
• Composition : The hydrogel utilizes a complex interpenetrating polymer network (IPN) architecture
composed of chitosan, polyvinyl alcohol, and polyaniline.
• Catalytic Nanoclusters ; This structure is infused with nanoclusters of copper substitute
polyoxometalate (Cu-POM), which act as catalysts under UV light irradiation to degrade
microplastics.
Command Hospital, Pune Achieves Milestone as First Government Hospital in India to Acquire and
Perform Successful Piezoelectric Bone Conduction Hearing Implant
● Command Hospital, Pune has become the first government hospital across the country to
procure and conduct such implants.
● The Department of Ear, Nose & Throat (ENT) at Command Hospital (Southern Command)
conducted two such implants.
● One was on a 7-year-old male child with congenital external and middle ear anomalies, and the
other on an adult suffering from Single Sided Deafness.
● Command Hospital (Southern Command), Pune, has been recognized as the top hospital within
the entire Armed Forces Medical Services (AFMS) and received the prestigious "Raksha Mantri"
trophy.
● The ENT division of Command Hospital (Southern Command) has been accredited as an AFMS
Neurotology Centre, indicating its specialized expertise in this area.
United States and Japan Collaborate to Send Japanese Astronaut to the Moon
.
● President Joe Biden announced that Japanese astronauts would participate in future National
Aeronautics and Space Administration (NASA) lunar missions, emphasizing closer ties between
the United States (US) and Japan.
● In the future, two Japanese astronauts will join NASA's lunar missions, and one of them will
become the first non-American to land on the Moon.
● Artemis Program : Japan's astronauts will take part in the Artemis program, a NASA-led effort to
return astronauts to the Moon as early as 2026, more than half a century after the last Apollo
mission.
● Collaboration with India : In September 2023, during Indian Prime Minister Narendra Modi's visit
to Washington, both countries also announced that NASA would work with India's space agency
on a joint mission to the International Space Station.
● In addition, New Delhi agreed to sign the Artemis Accords, a US-backed project, to establish
guidelines for activity on the Moon and elsewhere in space.
● JapArtemis Agreement : Japan and India are among three dozen countries to sign the Artemis
agreement, with Greece and Uruguay signing in February.
● Artemis Missions Timeline : The first mission to take astronauts to the lunar surface, Artemis 3, is
planned for 2026.
● China meanwhile has said it seeks to put humans on the Moon by 2030.
● The first crewed landing on the Moon will be Artemis 3, currently scheduled for 2026.
About United States :
● President : Joe Biden
● Capital : Washington, D.C
● Currency : U.S. dollar
About Japan :
● Prime Minister: Fumio Kishida
● Capital: Tokyo
● Currency: Japanese yen
Russia Conducts Successful Maiden Test Launch of Angara-A5 Space Rocket from Vostochny
Cosmodrome
● Russia successfully test-launched its Angara-A5 space rocket for the first time from the
Vostochny Cosmodrome in the Far East.
.
● This marks a significant milestone in Russia's efforts to develop a new post-Soviet launch
vehicle.
● Objective of the Test Launch: The test launch of the Angara-A5 aimed to demonstrate Russia's
ambition to establish itself as a major space power and underscored the growing importance of
the Vostochny Cosmodrome in the Amur region of Russia's Far East.
About Angara-A5 space rocket :
● Payload Capacity and Design: The Angara-A5 space rocket is designed to carry heavy payloads
into low Earth orbit, with a capacity to carry payloads exceeding 20 tonnes.
● It is part of the Angara family of rockets developed to replace the Soviet-designed Proton rockets.
● Specifications: The Angara-A5 rocket is 54.5 metres (178.81 feet) tall, consists of three stages,
and has a mass of about 773 tonnes.
● It has the capability to carry approximately 24.5 tonnes into space.
About Russia :
● President : Vladimir Putin
● Prime Minister : Mikhail Mishustin
● Capital : Moscow
● Currency : Ruble
India Sets Target for Debris-Free Space Missions by 2030- ISRO Chief S. Somanath
● Indian Space Research Organisation (ISRO) Chairman S. Somanath announced India's pledge
to achieve debris-free space missions by 2030 at the 42nd Inter-Agency Space Debris
Coordination Committee (IADC) annual meet.
● India's commitment aligns with global efforts aimed at ensuring the sustainability of space
exploration and reducing space debris.
● Objective of Space Exploration Initiative:ISRO has a clearly defined plan for space exploration,
with the primary goal of achieving debris-free space missions by 2030.
● Current Status:Presently, India has 54 spacecraft in orbit, along with numerous non-functional
objects contributing to space debris.
● Future Plans:India aims to establish its own space station, named 'Bharatiya Antriksh Station,' by
the year 2035, indicating its ambitious goals in space exploration and infrastructure development.
About ISRO :
.
● Established: 15 August 1969

● Headquarters: Bangalore, Karnataka, India
● Chairman: S. Somanath
India Delivers First BrahMos Supersonic Cruise Missiles to the Philippines, Marking a Significant
Military Export Milestone
● India handed over the first batch of BrahMos supersonic cruise missiles to the Philippines,
signifying a major military export achievement.
● Deal Details:The Philippines signed a $375 million deal with India in January 2022 for three
batteries of the shore-based, anti-ship version of the BrahMos.
● This makes the Philippines the first export customer for the BrahMos missile, which is a joint
venture between India and Russia.
● Background and Collaboration:The BrahMos missile is developed by BrahMos Aerospace, a joint
venture between India's DRDO and Russia's NPO Mashinostroyeniya.
● The name "BrahMos" is derived from the Brahmaputra and Moskva rivers.
● Operational Capability:BrahMos is a supersonic cruise missile capable of being launched from
various platforms, including land, sea, sub-sea, and air, against surface and sea-based targets.
● History and Testing : The first successful test in 2001 was conducted from a specially designed
land-based launcher.
● Technical Specifications : BrahMos is a medium-range ramjet supersonic cruise missile.
● The missile travels at speeds of Mach 2.8 to 3.0, which is being upgraded to Mach 5.0.
● Originally limited by the Missile Technology Control Regime (MTCR) to a range of 290 km, the
range was extended to 450 km after India's entry into the regime in June 2016.
About Philippines :
● President : Bongbong Marcos
● Capital : Manila
● Currency : Philippine peso
NASA Unveils Probe to Explore Jupiter's Icy Moon in Search of Extraterrestrial Life
● The United States (US) space scientists unveiled the interplanetary probe National Aeronautics
and Space Administration (NASA) plans to send to one of Jupiter's icy moons as part of
humanity's hunt for extraterrestrial life.
● Jupiter Icy Moons Explorer (Juice) will be Europe’s first dedicated robotic mission to Jupiter.
.
● Juice is due to reach the planet in July 2031 after performing an incredible flight path through the
Solar System.
● Europa, in particular, is regarded as one of the most likely abodes in the Solar System for
extraterrestrial life.
● The Airbus-built JUICE spacecraft weighs 6.2 tonnes and will collect data from the moons using
10 state-of-the-art scientific instruments.
● Europa Clipper is due to launch in October 2024 and to be orbiting Jupiter in 2030.
● The spacecraft will be engraved with a poem by the US Poet Laureate Ada Limón entitled In
Praise of Mystery: A Poem for Europa.
About United States :
● President : Joe Biden
● Capital : Washington, D.C
● Currency : U.S. dollar
About NASA :
● Established : July 29, 1958
● Headquarters : Washington, D.C, United States of America
● Administrator : Bill Nelson
Rahul Bhatia's InterGlobe Enterprises Teams Up with Tech Veteran C P Gurnani's Assago to Launch AI
Business Venture AIonONS
● InterGlobe Enterprises, led by Rahul Bhatia, has partnered with technology veteran C P
Gurnani's Assago to launch an artificial intelligence business venture called AIonOS.
● The venture aims to provide a variety of AI-based solutions and also seeks to partner with
startups.
● InterGlobe has a diversified presence in the Travel, Transportation, Logistics, and Hospitality
(TTLH) sectors, with India's largest airline, IndiGo, as part of its group.
● Purpose of AIonOS: The venture is designed to help businesses accelerate their digital
transformation by offering AI-powered solutions that enhance both human and system
capabilities.
About AIonOS :
● AIonOS is a joint venture between InterGlobe, the majority partner, and Assago.
● The headquarters for AIonOS is in Singapore, indicating an international focus from the outset.
.
China Launches 3 Astronauts to Space Station, Aims for Moon Landing by 2030
● China launched a three-member crew to its Tiangong space station, as part of its program aiming
to send astronauts to the moon by 2030.
● The Shenzhou-18 spacecraft, also known as the "Divine vessel," lifted off from the Jiuquan
Satellite Launch Center on the edge of the Gobi Desert in northwestern China atop a Long March
2-F rocket.
● Crew and Mission: The three-member crew will relieve the Shenzhou-17 team that has been
staffing the Tiangong space station since October, 2023.
● China's Space Ambitions:China has built its own space station after being excluded from the
International Space Station (ISS), primarily due to U.S. concerns about the Chinese military's
involvement in the program.
● In 2024, the Tiangong space station is expected to host two cargo spacecraft missions and two
manned spaceflight missions.
● China's History in Crewed Space Missions:China conducted its first crewed space mission in
2003, becoming the 3rd country after the former Soviet Union and the United States (US) to put a
person into space using its own resources.
About China:
● President: Xi Jinping
● Capital: Beijing
● Currency: Renminbi
CURRENT AFFAIRS: APPS AND PORTALS

The Union Health Ministry has recently launched an iOS app called myCGHS.
• Shri Apurva Chandra, Secretary, Ministry of Health and Family Welfare launched the myCGHS
app for the iOS ecosystem of devices.
• The app is designed to enhance access to Electronic Health Records, information, and resources
for Central Government Health Scheme (CGHS) beneficiaries.
• The myCGHS iOS app is developed by the technical teams of the National Informatics Centre
(NIC) Himachal Pradesh and the NIC Health Team.
• It is a convenient mobile application offering features aimed at enhancing information and
accessibility for CGHS beneficiaries.
.
ACQUISITION AND MERGERS

Parent Company of IndusInd Bank to Purchase 60% Stake in Invesco India Asset Management
• IndusInd International Holdings Limited. (IIHL), a Mauritius-based investment holding company of
the Hinduja Group has entered into a definitive agreement to acquire a 60% stake in Invesco Asset
Management India Ltd. (IAMI) for an undisclosed amount.
• Invesco, the existing promoter, will hold the remaining 40% stake in the joint venture company and
both IIHL and Invesco will have sponsor status of the mutual fund house.
• With an AUM of ₹85,393 crore, IAMI is the 17th largest domestic asset manager in India and has a
presence in 40 cities across the country.
About IIHL :
• Chairman : Ashok Hinduja
• CEO : Moses Harding
Bain Capital Offloads 1.08% Stake in Axis Bank for Rs 3575 Crore
• Bain Capital has sold a 1.08% stake in Axis Bank for ₹3,575 crore through an open market
transaction.
• The stake sale involved the offloading of 33.37 million shares at ₹1,071 per share on the Bombay
Stock Exchange (BSE).
• In December,2023 Bain Capital had sold a similar quantity of shares at ₹1,120 per share,
generating $448 million.
• Bain Capital invested Rs 6,854 crore in Axis Bank as part of an Rs 11,626-crore capital raising
exercise in November 2017.
About Bain Capital :
• Founded : 1984
• Headquarters : Massachusetts, United States
About Axis Bank :
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi
.
Edelweiss Alternatives backed platform acquires L&T Infrastructure Development Projects for Rs 6,000
crore
• Edelweiss Alternatives has successfully completed a deal worth Rs 6,000 crore to acquire L&T
Infrastructure Development Projects (LTIDPL).
• This acquisition includes various road assets and power transmission lines owned by LTIDPL.
• Background of the Deal : The deal to buy LTIPDL, a joint venture where infra major L&T had a
51% stake and its partner Canada Pension Plan Investment Board had the rest, was first
announced in December 2022.
Happiest Minds to Acquire Macmillan Group Subsidiary for ₹4.5 Crore
● Ashok Soota-promoted Happiest Minds Technologies has executed a share purchase agreement
to acquire 100% equity interest in Macmillan Learning India, a wholly owned subsidiary of the
Macmillan Group, USA, for cash consideration of ₹4.5 crore.
● Transaction Details : Happiest Minds Technologies will acquire 1,00,000 equity shares of face
value ₹1/- each in Macmillan Learning India from its existing shareholders.
● The acquisition is expected to be completed by April 30,2024 and on closure of the transaction,
Macmillan Learning India will become a wholly owned subsidiary of Happiest Minds
Technologies.
About Happiest Minds Technologies Limited :
● Happiest Minds Technologies Limited is a digital transformation information technology (IT)
consulting and services company.
● Its segments include Infrastructure Management & Security Services (IMSS), Product and Digital
Engineering Services (PDES) and Generative AI Business Services (GBS).
UltraTech Cement gains on plan to acquire grinding unit from India Cements
● Ultratech Cement rose 1.80% to Rs 9,535.65 after the company announced that its board has
approved the purchase of a grinding unit from India Cements for Rs 315 crore.
● The grinding unit, with an installed capacity of 1.1 million metric tonnes per annum (mtpa), along
with a captive railway siding, is located at Parli, Maharashtra.
● The acquisition, valued at Rs 315 crore, was formalized through an asset purchase agreement
between UltraTech Cement and India Cements.
.
● After the acquisition, the cement major stated that it will expand the grinding capacity at Parli by
1.2 mtpa with an investment of Rs 166.4 crore.
● UltraTech will also expand capacity at its Dhule plant in Maharashtra by 1.8 mtpa with an
investment of Rs 338 crore.
Happiest Minds to Acquire PureSoftware Technologies for Rs 779 Crore
● IT company Happiest Minds Technologies Limited has signed definitive agreements to acquire
100% of the equity share capital of PureSoftware Technologies Private Limited for a total
purchase consideration of $94.5 million (Rs 779 crores).
● Financial Terms of the Acquisition : The acquisition includes an upfront cash payment of Rs 635
crore.
● A deferred payment of up to Rs 144 crore will be made at the end of FY25, subject to meeting
specific performance targets.
● Impact on Happiest Minds:The acquisition is expected to strengthen Happiest Minds' domain
expertise in Banking, Financial Services, Insurance (BFSI), and Healthcare and Life Sciences.
About Happiest Minds :
● Executive chairman : Ashok Soota
About PureSoftware :
● Headquarters : Noida, Uttar Pradesh
● PureSoftware is engaged in the business of providing digital engineering and transformation
services and software solutions to its customers.
SPORTS NEWS
Nakajima wins Indian Open title with record winning score, India's Ahlawat tied for second
• Keita Nakajima won the Hero Indian Open by four shots with a total of 17-under, setting a new
record.
• This marked Nakajima's fifth title overall, with four coming from the Japanese Tour, one of which
he earned as an amateur.
• He topped the 2023 Order of Merit, which allowed him to earn his DP World Tour card.
• Ahlawat tied for second place, which was his best finish on the DP World Tour and should give him
a spot in the upcoming event in Korea in two weeks' time. Ahlawat was also the top Indian golfer
for the second year in a row.
.
Rohan Bopanna and Matthew Ebden win the Miami Masters doubles title
• Top seeds Rohan Bopanna and Matthew Ebden won the $10,404,205 ATP Masters tennis
tournament in Miami by defeating second seeds Ivan Dodig and Austin Krajicek 6-7(3), 6-3, [10-6].
• They had earlier won the Australian Open in Melbourne and this was their second title of the
season.
• Rithvik Bollipalli and Niki Poonacha won the doubles title in the Challenger event in San Luis
Potosi, Mexico.
Hardik Singh and Salima Tete were named the Player of the Year for 2023
• Hardik Singh and Salima Tete were named the Player of the Year for 2023 among men and
women respectively at the sixth annual Hockey India awards even as the federation announced
the revival of the Hockey India League (HIL) in January 2025.
• With a total prize pool of ₹7.56 crores, the awards saw teams and individuals felicitated for their
achievements in the past year.
• Hardik, who was also the FIH Player of the Year, was presented the Balbir Singh Sr. Trophy and a
cash prize of ₹25 lakhs.
WTT Feeder Varazdin 2024 Event To Begin In Croatia

• In Table Tennis, the WTT Feeder Varazdin 2024 event is set to begin in Croatia.
• The competition will feature prominent Indian players such as Sathiyan Gnanasekaran and Manika
Batra, among others.
• Along with Sathiyan, Payas Jain, Harmeet Desai and Snehit Suravajjula will compete in the round
of 64 of the Men’s singles event, while in women’s singles, Reeth Tennison and Yashaswini
Ghorpade will represent India in the round of 64.
Italy’s Jannik Sinner Clinches Men’s Single Title Of Miami Open Tennis In US
• In Tennis, Italy’s Jannik Sinner won the Men’s Singles title of Miami Open tournament in the United
States.
• Second seed Sinner defeated 11th seed Bulgarian player Grigor Dimitrov 6-3, 6-1 in the final.
• In a major upset, Collins defeated fourth-seeded Elena Rybakina of Kazakhstan in straight sets 7-
5, 6-3 in the final.
• Earlier, Indian Tennis star Rohan Bopanna and his Australian partner Matthew Ebden clinched the
historic Men’s doubles title.
.
• The duo defeated Croatia’s Ivan Dodic and American Austin Krajicek 6-7, 6-3, 10-6.
Miami Open Tennis: Unseeded American Player Danielle Collins Wins The Women’s Singles Title
• In Miami Open Tennis, unseeded American player Danielle Collins has won the Women’s Singles
title.
• In a major upset, Collins defeated fourth-seeded Elena Rybakina of Kazakhstan in straight sets 7-
5, 6-3 in the Women’s Singles final in Florida.
• Earlier, Indian Tennis star Rohan Bopanna and his Australian partner Matthew Ebden clinched a
historic victory in the Men’s doubles final.
• The duo defeated Croatia’s Ivan Dodic and American Austin Krajicek 6-7, 6-3, 10-6.
Mirabai Chanu Becomes The Only Indian Weightlifter To Qualify For Paris Olympics
• Tokyo Olympics medallist Mirabai Chanu became the only Indian weightlifter to qualify for the Paris
Olympics this year(2024) after competing successfully at the IWF World Cup in Phuket, Thailand.
• The 29-year-old Olympic silver medalist finished third in Group B of the women’s 49kg (and 11th
overall) at the event to book her berth at the 2024 Paris Games.
• Chanu, who is back in action after a six-month-long injury lay-off, lifted 184kg at the World Cup, the
final and compulsory qualifier for Paris 2024.
Odisha thrash Kickstart to clinch maiden Indian Women’s League crown

• In the concluding match of the league, Odisha FC clinched the title in style with an impressive 6-0
win over Kickstart FC at the Kalinga Stadium, Bhubaneswar.
• With this victory, they dethroned defending champions Gokulam FC, who were known as the
undisputed leaders of Indian women’s football.
• Odisha FC Women, formed in 2022, earned the top spot with 31 points from 12 matches, which put
them two points ahead of their closest competitors, Gokulam Kerala FC.
Bindyarani Devi bags bronze medal in weightlifting World Cup

• Commonwealth Games medallist weightlifter Bindyrani Devi clinched the bronze medal in the
women's 55kg event at the IWF World Cup.
• Competing in a non-Olympic weight class, the 25-year-old lifted a total of 196kg (83kg+113kg) to
claim the last spot on the podium.
• However, it was an underwhelming display by the Manipuri lifter, who had won the CWG silver in
Birmingham with a total effort of 203kg in 2022.
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Olympic Champion Swimmer Joseph Schooling Announces Retirement

• Joseph Schooling, who famously beat his idol Michael Phelps in Rio to become Singapore’s first
and only Olympic champion, was retiring from competitive swimming.
• Joseph Schooling wins Singapore's first-ever gold medal
• How Singapore’s Joseph Schooling toppled swimming royalty
Dipendra Singh Airee becomes the third player to hit six sixes in an over in T20Is
• Dipendra Singh Airee of Nepal became only the third player to hit six sixes in an over in a T20I
during the match against Qatar.
• Airee hit Kamran Khan for 36 runs in the last over of the innings during the seventh match of the
ACC Men’s Premier Cup being held at AI Amerat Cricket Ground in Oman.
• Dipendra ended up with a score of 64 in 21 balls which included three fours and seven sixes.
Asian Wrestling Championship: Udit Bags Silver, Abhimanyu and Vicky Claim Bronze Each
• Rising Indian wrestler Udit settled for a silver medal after a 4-5 loss to Kento Yumiya of Japan in
the men’s freestyle 57kg final at the senior Asian Championship.
• India also won two bronze medals through Abhimanyu and Vicky in their respective categories.
• Abhimanyu defeated Begijon Kuldashev of Uzbekistan 6-5 in men’s 70kg freestyle, while Vicky
pinned down home favourite Andrey Romanovitch Aronov 10-1 in the men’s 97kg for India’s third
medal of the day.
Max Verstappen, representing the Red Bull team, dominated the Japanese Grand Prix.
• At the Japanese Grand Prix, Red Bull's Max Verstappen put on a dominant display, securing his
third victory out of four races in the 2024 season.
• Verstappen, who is a triple world champion, started the race from pole position and led his
teammate Sergio Perez to the first turn.
• He maintained his lead throughout the race, showcasing his exceptional driving skills and control of
the car.
• Verstappen's performance at the Japanese Grand Prix was a remarkable comeback after he had
to retire from the previous race due to a brake issue.
Nagal stuns world number 38 Arnaldi, makes history at Monte Carlo Masters
.
• Sumit Nagal became the first Indian player to win a singles main draw match at an ATP Masters
event on clay when he shocked world number 38 Matteo Arnaldi in a gruelling three-set contest
in Monte Carlo.
• Nagal, who entered the ATP Masters 1000 event via qualifying route, erased a one-set deficit to
turn the tables on his Italian opponent for a memorable 5-7, 6-2, 6-4 win in the first round.
• He will face world number seven Holger Rune in the 2nd round.
India’s D Gukesh Beats Nijat Abasov In 5th Round Of FIDE Candidates At Toronto
• In Chess, India’s D Gukesh managed to secure victory over Nijat Abasov in the fifth round of FIDE
Candidates in Toronto, Canada.
• Gukesh, the second youngest player ever to compete at the prestigious Candidates tournament, is
now the joint leader in the Open category with Ian Nepomniachtchi at 3.5 points.
• Meanwhile, Gukesh’s compatriots Praggnanandhaa and Vidit Gujrathi were both held to draws by
heavily favoured opponents.
About Canada
• Capital: Ottawa
• Currency: Canadian Dollar
• Prime Minister: Justin Trudeau
Neeraj Chopra to compete in Finland's Paavo Nurmi Games

• Superstar Indian javelin thrower Neeraj Chopra will compete in the prestigious Paavo Nurmi
Games in Turku, Finland, where he will be up against 19-year-old sensation Max Dehning of
Germany, the latest entrant in the 90m club.
• The 26-year-old Chopra, who will begin his season in the Doha Diamond League Meeting on May
10, had won a silver in the 2022 edition of the Paavo Nurmi Games with a throw of 89.30m -- his
career second best -- while he pulled out of the event in 2023 as he was recovering from an injury
then.
Badminton Asia Championship 2024 to Begin In Ningbo, China

• The 2024 edition of the Badminton Asia Championship will begin in Ningbo, China.
• Star shuttlers, including H S Prannoy, Kidambi Srikanth, Lakshya Sen, PV Sindhu and others will
represent the Indian contingent.
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• In Men’s singles, H S Prannoy will take on Lu Guangzhou of China whereas Kidambi Srikanth will
lock horns with Anthony Ginting of Indonesia in the opening round.
About China:
• Capital: Beijing
• President: Xi Jinping
• Currency: Chinese Yuan
Arjun-Jeevan duo clinches Challenger crown

● Third seeds Arjun Kadhe and Jeevan Nedunchezhiyan beat second seeds Piotr Matuszewski
and Matthew Romios 7-6(5), 6-4 in the doubles final of the $82,000 Challenger tennis tournament
in Cuernavaca, Mexico.
● The champion team collected $4665 and 75 ATP points.
● The runners-up got $2700 and 50 points.
● It was the 33rd doubles title for the 35-year-old Jeevan, and his 12th Challenger doubles title.
● For the 30-year-old Arjun, it was his 19th doubles title, and sixth Challenger title.
Badminton Asia Championships 2024: Jonatan Christie Wins Maiden Continental Title As Wang Zhi Yi
Grabs Second
● Indonesian shuttler Jonatan Christie captured his first continental title by beating home favourite
Li Shi Feng in the men’s singles final at the 2024 Badminton Asia Championships in Ningbo,
People's Republic of China.
● The reigning All England Open champion was in fine form, winning the match in straight games
(21-15, 21-16) to upgrade the silver he won in Manila 2022 to gold.
Stefanos Tsitsipas wins Monte Carlo Masters for third time
● Stefanos Tsitsipas completed a Monte Carlo Masters trophy hat-trick, holding off Casper Ruud 6-
1, 6-4 in a display of “ruthless” tennis.
● The 12th-ranked Greek, who will return to top 10, also won the title in the principality in 2021 and
2022.
● Tsitsipas produced 30 winners to the 20 of Ruud who had reached the final with victory over
world number one Novak Djokovic.
● He is the fifth man to win three or more Monte Carlo titles, joining Rafael Nadal (11) and Bjorn
Borg, Thomas Muster and Ilie Nastase who won three apiece.
Wrestling, Asian C’ships: Radhika and Shivanee Pawar add two medals to India’s tally in Bishkek
.
● Indian grapplers Radhika and Shivanee Pawar won silver and bronze medals respectively at the
2024 Asian Wrestling Championships in Bishkek, Kyrgyzstan.
● Radhika, who had won silver at the Under-23 Asian Championships in 2023, lost the gold medal
match to Japan’s Nonoka Ozaki in the women’s 68kg category by technical superiority.
● Radhika reached the final after a win against Kazakhstan’s Albina Kairgeldinova in the opening
match and then beat home favourite Gulnura Tashtanbekova by pinning her down to reach the
final.
Mohun Bagan pip Mumbai City to win maiden ISL League Shield
● A dominant Mohun Bagan defeated Mumbai City FC 2-1 to win their maiden ISL League Shield.
● Liston Colaco (28th), and Jason Cummings (80th) struck for Mohun Bagan, while Lallianzuala
Chhangte struck for Mumbai City FC against the run of play in the 89th minute when he
converted a freekick from Yoell Van Nieff.
● This was Mohun Bagan's first victory over the two-time Shield Winners across four seasons as
the Mumbai heavyweights were also unbeaten over them in previous eight matches, winning six
of them.
● The top-two teams, Mohun Bagan and Mumbai City, will directly play the semi-finals, while the
sides from third to sixth -- Goa, Odisha, Kerala Blasters and Chennaiyin -- will play single leg
playoff in a knockout format to determine the other two semifinalists.
● The ISL summit clash will be on May 4.
Alekna Breaks 38-yr-old Discus World Record
● Mykolas Alekna broke the longest-standing world record in men's athletics, producing a
mammoth 74.35-meter discus throw to shatter the nearly 38-year-old previous best mark.
● The 21-year-old Lithuanian, a silver medalist at the 2022 World Championships and bronze
medalist at last year's Budapest Worlds, broke the record at the Oklahoma Throws Series World
Invitational in Ramona, Oklahoma.
India’s D. Gukesh Stayed On Top Of Leaderboards Of FIDE Candidates 2024
● In Chess, India’s D. Gukesh stayed on top of the leaderboards after playing out a draw against
the joint leader Ian Nepomniachtchi in round ten of the FIDE Candidates 2024 at the Great Hall in
Toronto, Canada.
● Meanwhile, Vidit Gujrathi agreed to a draw against compatriot R Praggnanandhaa.
● With just four games left in the event, 18-year-old Praggnanandhaa is just half a point behind the
.
tournament leaders.
● The American duo of Hikaru Nakamura and Fabiano Caruana are also with Praggnanandhaa,
which means five people are still in contention to win the open section.
Rashmi Kumari wins national women’s carrom title for the 12th time
● Three-time World Champion Rashmi Kumari beat K Nagajothi 25-8, 14-20, 25-20 in the women’s
final of the 51st National Carrom championship organised by the Madhya Pradesh Carrom
Association.
● It was a record 12th national women’s singles title for Rashmi, employed as the Chief Manager at
the Oil and Natural Gas Corporation (ONGC).
● The men’s title was bagged by K Srinivas as he beat S Aditya 25-0, 19-6 in the final.
● It was the fourth national men’s singles title for Srinivas who was brilliant in the tournament,
executing seven white slams.
● The championship, sponsored by the Petroleum Sports Promotion Board (PSPB) and SYNCO
carrom company, had 237 men and 174 women participants from 12 institutions and 27 States.
India Clinches 2 Silver, and 2 Bronze Medals At 13th European Girls’ Mathematical Olympiad 2024 at
Tskaltubo, Georgia
● The Indian team has secured 2 Silver and 2 Bronze medals in the 13th European Girls’
Mathematical Olympiad (EGMO) 2024.
● This Olympiad was held in Tskaltubo, Georgia.
● Gunjan Agarwal of Gurgaon and Sanjana Philo Chacko of Thiruvananthapuram won Silver
medals while Larissa from Hissar and Pune’s Saee Patil won Bronze medals.
● This achievement marks the second instance of all four contestants securing medals at EGMO
since India’s debut in 2015.
Former World No. 1 Kento Momota announces retirement at 29
● 29-year-old former world champion Kento Momota announced that he was retiring from
badminton, citing mental and physical issues amid a lean patch at the highest level.
● The former World No. 1 confirmed that he will not represent his country again after the Thomas
and Uber Cup, scheduled to be held in Chengdu in China from April 27.
● Momota last played in the Badminton Asia Team Championships in Shah Alam in January before
which he failed to qualify for the main draw at Indonesia Masters.
Balraj Panwar Secures India’s 1st Paris Olympics Quota In Rowing In Men’s Single Scull Event Of 2024
.
World Asian, Oceanian, Olympic & Paralympic Qualification Regatta

● Balraj Panwar secured India’s first Paris Olympics quota in rowing by securing third position in
the men’s single scull event of the 2024 World Asian and Oceanian Olympic and Paralympic
Qualification Regatta at Chungju in South Korea.
● The 25-year-old rower from the Indian Army demonstrated remarkable performance by clocking 7
minutes and 1.27 seconds in the 2000-metre race and securing the quota.
● In the men’s single scull category, the top five finishers earn an Olympic berth.
Vinesh Phogat, Anshu Malik, And Reetika Hooda Secured Quotas For the 2024 Paris Olympics
● In wrestling, India’s star woman grapplers, Vinesh Phogat, Anshu Malik, and Reetika Hooda,
clinched the Paris Olympics 2024 quota at the Asian Olympic qualifiers in Kyrgyzstan’s Bishkek.
● Phogat beat Laura Ganikyzy of Kazakhstan, 10-Nil, in the 50 kg category, while Anshu defeated
Laylokhon Sobirova of Uzbekistan in the 57 kg category, 11-Nil.
● Reetika defeated Hui T. Chang of Chinese Taipei, 7-Nil, in the 76 kg category.
Candidates Chess Tournament: India’s D Gukesh Defeats Nijat Abasov In 12-Round
● In the Candidates Chess Tournament, India’s D. Gukesh produced another brilliant victory in the
12th round, defeating the bottom-placed Nijat Abasov at the Great Hall in Toronto, Canada.
● Gukesh now jointly leads the points table of the Open section at 7.5 points, along with Russia’s
Ian Nepomniachtchi and the American Hikaru Nakamura, and set up an exciting finale with two
more rounds to go.
● Another Indian R. Praggnanandhaa’s draw against the unbeaten Nepomniachtchi also helped the
17-year-old Gukesh to reach the top of the table.
Balraj Panwar secures India's first quota in rowing for Paris Olympics
● Balraj Panwar proved his talent by confirming his Paris Games berth by clinching the single scull
bronze at the Asia-Oceania Olympic Qualification rowing competition in Chungju, South Korea.
● Para rowers Anita and Narayana Konganapalle also made their trip to France official after winning
the mixed double scull gold ahead of Thailand's Chintana Chueasaart and Poramin
Phongamthippayakul - only two boats featured in the event.
Rybakina Wins Her Third Title This Season at Stuttgart Open
● World No.4 Elena Rybakina captured her third Hologic WTA Tour title of the year after defeating
No.27 Marta Kostyuk 6-2, 6-2 in the final of the Porsche Tennis Grand Prix.
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● Stuttgart is Rybakina's eighth career title and third on clay, following wins at 2023 Rome and 2019
Bucharest.
Karnataka's Nandini dairy to sponsor Ireland and Scotland teams in upcoming T20 World Cup
● The state-owned dairy brand in Karnataka, Nandini, is all set to present itself on a global stage
during the cricket T20 World Cup scheduled in June this year(2024).
● Karnataka Milk Federation (KMF)’s Nandini will sponsor Scotland and Ireland cricket teams during
the upcoming cricket tournament.
● This is the first time for a home-grown brand, which was in the news during the assembly elections,
to sponsor international cricket teams.
● Nandini is also reportedly going to enter the energy drink market in the United States with ‘Nandini
Splash,’ a whey-based energy drink.
Saurav Ghosal Announces Retirement From Professional Squash, To Continue To Play For India
● Indian squash player Saurav Ghosal announced his retirement from professional squash.
● During his career, Ghosal won 12 Professional Squash Association (PSA) titles and multiple medals
at the Commonwealth Games (CWG) and Asian Games.
● He is also the only Indian man to enter the top 10 in the World rankings.
● He is also the first Indian male player to secure a CWG squash medal in a singles competition at the
same event.
● He has also won the World Doubles Championships gold medal after partnering compatriot Dipika
Pallikal Karthik in the mixed event at the 2022 Glasgow competition.
Novak Djokovic, Simone Biles, Aitana Bonmati, Jude Bellingham Among Winners At the 2024 Laureus
Awards
● Novak Djokovic, Simone Biles, Aitana Bonmatí, and Jude Bellingham were honoured at the 2024
Laureus Sports Awards ceremony held in Madrid.
● Novak Djokovic, the world's top-ranked tennis player, was named the Laureus World Sportsman of
the Year for the fifth time, matching Roger Federer's record for the most decorated male athlete in
this category.
● Djokovic had previously won this award in 2012, 2015, 2016, and 2019.
● Bonmati became the first footballer to win the Laureus Sportswoman of the Year Award, after a
golden year that included Liga F and Champions League titles with Barcelona, and a World Cup with
Spain.
.
● USA’s Simone Biles, meanwhile, was honoured with the Laureus World Comeback of the Year
Award.
● Jude Bellingham won the Laureus World Breakthrough of the Year Award.
● Arisa Trew became the first female skater to win the Action World Sportsperson of the Year Award.
● The 13-year-old Australian made history in 2023 in becoming the first female athlete to land a 720
(two full rotations) in vert skateboarding
● Diede de Groot became the second wheelchair tennis player – after Esther Vergeer’s success in
2008 and 2002 – to pick up the Laureus World Sportsperson of the Year with a Disability Award.
● The Laureus World Sports Awards is an annual event that started in 2000. It celebrates great and
inspiring sporting achievements and also showcases Laureus Sport for Good's initiatives.
AIFF records historic 138 pc rise in women’s footballers in last 21 months
● Indian football has recorded a historic 138 percent surge in women’s player registration for the last
two years, indicating a healthy growth in the popularity of the sport as well as an increase in young
female athletes opting for football, professionally.
● According to the All India Football Federation (AIFF) Central Registration System (CRS) data, India
has 27,936 registered female footballers as of March 2024.
● This is a massive 138 per cent rise in the number of female footballers in the last 21 months.
● India also has 24 active State Leagues for women’s football, which acts as the 3rd tier of the
pyramid and has helped the national federation populate the sport among the masses.
Langam Chaoba Devi Set to be Indian Women National Football Team Coach
● Former player Langam Chaoba Devi is set to take over as the national women’s football coach after
the I M Vijayan-led AIFF technical committee recommended her name for the position.
● The 51-year-old Devi, who captained the national side in the 1999 Asian Championships in
Philippines, has earlier been an assistant coach of the Indian team.
● The Manipuri has also represented the country in the 1998 Bangkok Asian Games.
● Devi is the only female coach from the north-east region to have an AFC ‘A’ License coaching
badge.
India's Velavan Senthilkumar Wins Batch Open Squash
● India’s Velavan Senthilkumar secured his eighth Professional Squash Association Tour title by
winning the Batch Open Challenger.
● World No 58 Senthilkumar beat Frenchman Melvil Scianimanico 11-6, 11-9, 11-6 in the final
.
● National champion Velavan Senthilkumar advanced to his career 12 th Professional Squash

Association final at the USD 12,000 Batch Open Challenger Tour event in Paris.
● The top-seeded Indian, ranked 58 in the world, defeated Hong Kong’s Andes Ling 11-2, 11-1, 11-6
in 22 minutes in the semifinal, and took on Frenchman Melvil Scianimanico for the title.
Lionel Messi scores twice as Inter Miami beat New England
● Lionel Messi’s brace led Inter Miami to a 4-1 victory over the New England Revolution in Foxboro,
Massachusetts.
● Benjamin Cremaschi and Luis Suarez scored the other goals for Miami (6-2-3, 21 points), which has
points in five straight games.
● Miami improved to 4-3-0 all-time against the Revolution and avoided a third straight loss in Foxboro.
BOOKS AND AUTHOR

Salman Rushdie to release 'Knife' memoir recounting stabbing
● Booker Prize-winning author Salman Rushdie’s memoir "Knife" has been released.
● In 'Knife', Salman Rushdie has an imaginary conversation with his attacker.
● On this occasion, has spoken in detail about the moment he was attacked by a man with a knife
on a stage in New York in 2022.
● Rushdie's second novel, Midnight's Children (1981), won the Booker Prize in 1981.
OBITUARIES
Asian Games Veteran Deanna Syme Tewari Passed away
• Former Asian Games athlete and a torchbearer at the 1982 Delhi edition, Deanna Syme Tewari,
passed away in Dubai at the age of 85.
• Deanna Syme represented the State in the National Athletics Championship in erstwhile Bangalore
in 1957, and won the long jump gold, leapfrogging Aunt Marjorie's record.
• But her finest moment came in the 1958 National Games where she set a national mark by
recording 17 feet and 8 inches for the gold.
World War II Veteran Subedar Thanseia of the Army Passes Away
• Subedar Thanseia, a distinguished World War II veteran of the Indian Army, whose actions at the
crucial Battle of Kohima against formidable odds, contributed to a pivotal victory for the Allied
forces, has passed away at the age of 102.
.
• Hailing from Mizoram, Subedar Thanseia served with distinction in the Indian Army, particularly
during World War II.
• His valour and leadership were instrumental in shaping the legacy of the 1st Assam Regiment,
especially during their deployment at Jessami.
South African Footballer and Olympian Luke Fleurs Fatally Shot in Carjacking Incident
• South African footballer and Olympian Luke Fleurs has been killed in a hijacking in Johannesburg
at the age of 24.
• Fleurs was born in Cape Town on 3 March 2000.
• He made his National First Division debut aged 17 and made 18 league appearances in his first
season of professional football.
• He previously played for the national under-23 side, representing South Africa at the Tokyo
Olympics.
Renowned Physicist Peter Higgs, Pioneer of the 'God Particle' Discovery, Passed away
• Peter Higgs, the British physicist who won a Nobel Prize in 2013 for his discovery decades earlier
of a theoretical mechanism to explain the origin of mass in the universe, has passed away at the
age of 94.
• Peter Ware Higgs was born in Newcastle-upon-Tyne in northeast England on May 29, 1929.
• He was a British theoretical physicist, professor at the University of Edinburgh.
Iconic Ramsay Brothers' Cinematographer Gangu Ramsay Passed Away
• Cinematographer-filmmaker Gangu Ramsay, one of the seven Ramsay Brothers known for cult
horror films such as Purani Haveli and Tehkhana, passed away at the age of 83.
• Gangu Ramsay's career spanned decades as he worked on over 50 iconic films under the Ramsay
Brothers banner, including classics like Veerana, Purana Mandir, Bandh Darwaza, Do Gaz
Zameen Ke Neeche, Saamri, Tahkhana, Purani Haveli, and Khoj.
Renowned Fashion Icon Roberto Cavalli, Known for Leopard Print Designs, Passed Away
• Renowned Italian fashion designer Roberto Cavalli, celebrated for his bold python and extravagant
animal prints that captivated the global jet set, has passed away at the age of 83.
• Cavalli was born on 15 November 1940 in Florence,Italy renowned for its leatherwork and
craftsmanship.
• He debuted in the 1970s with daring designs that were embraced by icons like Sophia Loren and
Brigitte Bardot.
.
Legendary England Spin Bowler Derek Underwood Passed Away

● Derek Underwood, England's best spinner in the post-World War II era, who gave a torrid time to
the legendary Sunil Gavaskar, passed away at the age of 78.
● Underwood was born on June 8, 1945, in Bromley, Kent, England.
● He played 676 first-class games and 411 List-A games, claiming a total of 2,465 and 572 wickets
respectively.
● He was ranked as the No. 1 bowler in the world by the ICC Men's Test Player rankings from
September 1969 to August 1973.
● He served as the President of Kent Cricket Club in 2006, the President of Marylebone Cricket
Club (MCC) in 2008, and was inducted into the ICC Hall of Fame in 2009.
● He was inducted into the ICC Hall of Fame in 2009, recognizing his significant contributions to
the sport.
Renowned Carnatic Musician K.G. Jayan Passed Away
● Acclaimed Carnatic musician K.G. Jayan, the father of front-line Malayalam actor Manoj K.
Jayan, passed away at the age of 90.
● K. G. Jayan born on 21 November 1934 in Kottayam, Travancore, India
● He was renowned for his devotional songs and had composed over 1,000 songs during his
career.
● He, along with his twin brother, KG Vijayan was known in the world of South Indian music as
Jaya-Vijaya brothers.
Awards & Honors :
● 1991 – Kerala Sangeetha Nataka Akademi Award – Government of Kerala
● 2013 – Harivarasanam Award – Government of Kerala and Travancore Devaswom Board
● 2019 – Padma Shri – 4th highest civilian award in India
World Cup-winning German Soccer Player Hoelzenbein Passed Away
● Bernd Hoelzenbein, the 1974 World Cup-winning striker for Germany, passed away at the age of
78.
● Hoelzenbein played as a striker or winger and scored five goals in 40 matches for West
Germany.
● Additionally, he achieved success at the club level, winning three German Cups with Frankfurt
.
and the UEFA Cup in 1980.

● He also holds the club record for Frankfurt with 215 goals scored in 532 competitive appearances
between 1967 and 1981.
● He made significant contributions to Frankfurt's success, being part of the golden generation of
the 1970s and the UEFA Cup-winning team in 1980.
Ex-England Test batsman Raman Subba Row passed away
● The former England batter Raman Subba Row passed away at the age of 92.
● At the time of his death, he was England’s oldest living men’s Test cricketer.
● Raman Subba Row was born in Streatham, Surrey, England on 29 January 1932.
Father of Indian psychoanalysis Sudhir Kakar Passed away
● Sudhir Kakar, India’s foremost psychoanalyst who helped readers understand Indian men and
women like none other, passed away at the age of 85.
● Sudhir Kakar was a novelist and author in the fields of cultural psychology and the psychology of
religion.
● In 2012, Kakar was conferred Order of Merit by Germany, the country’s highest civilian honour
for special achievements in political, economic, cultural and intellectual fields.
● The German weekly Die Zeit described Kakar as one of “21 important thinkers for the 21st
century”.
● Kakar was honoured with numerous awards for his work, including the Kardiner Award of
Columbia University, Germany’s Goethe Medal and the Distinguished Service Award of the Indo-
American Psychiatric Association.
Renowned Senior Journalist Sarabjit Singh Pandher Passed away
● Senior journalist and former president of the Chandigarh Press Club Sarabjit Pandher passed
away at the age of 58.
● Sarabjit Singh Pandher was born in 1964 in Ludhiana, Punjab
● He was elected President and Secretary General of the Chandigarh Press Club twice,
demonstrating his leadership and influence within the journalistic community.

Important Monthly Current Affairs Capsule - April 2024

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Important Monthly Current Affairs Capsule – April 2024

Important Monthly Current Affairs Capsule – April 2024

2. BANKING AND ECONOMY 08

5. STATE NEWS 103

6. BUSINESS NEWS 105

7. AWARDS AND HONOURS 118

8. APPOINTMENTS & RESIGNATIONS 123

9. MOUS AND AGREEMENT 152

10. RANKING AND INDEXES 163

11. DEFENCE NEWS 170

12. SCIENCE & TECHNOLOGY 181

13. ACQUISITIONS & MERGERS 188

14. SPORTS NEWS 190

15. BOOKS AND AUTHORS 201

16. OBITUARIES 201

Important Monthly Current Affairs Capsule – April 2024

International Day for Mine Awareness 2024: April 4

World Health Day 2024: April 7

Important Monthly Current Affairs Capsule – April 2024

Ugadi 2024: Telugu New Year- April 9

National Pet Day 2024: April 11

National Safe Motherhood Day 2024: April 11

Jallianwala Bagh Massacre 2024: April 13

Important Monthly Current Affairs Capsule – April 2024

World Haemophilia Day 2024: April 17

Important Monthly Current Affairs Capsule – April 2024

● The theme for World Earth Day 2024 is Planet vs Plastics.

English Language Day 2024: April 23

Important Monthly Current Affairs Capsule – April 2024

National Panchayati Raj Day 2024: April 24

World Intellectual Property Day 2024: April 26

Important Monthly Current Affairs Capsule – April 2024

Day for Safety and Health at Work.

International Dance Day 2024: April 29

● The scheme was announced by Prime Minister Narendra Modi in 2018.

BANKING AND ECONOMY

Important Monthly Current Affairs Capsule – April 2024

• Requirement for Underlying Exposure: Rupee-denominated currency contracts traded on the

Important Monthly Current Affairs Capsule – April 2024

Important Monthly Current Affairs Capsule – April 2024

Important Monthly Current Affairs Capsule – April 2024

Important Monthly Current Affairs Capsule – April 2024

Important Monthly Current Affairs Capsule – April 2024

36.91 Million New Demat Accounts Opened in Fiscal Year 2024

Important Monthly Current Affairs Capsule – April 2024

Important Monthly Current Affairs Capsule – April 2024

Important Monthly Current Affairs Capsule – April 2024

Important Monthly Current Affairs Capsule – April 2024

Comprehensive Guidelines on Housing Finance: Master Circular

Important Monthly Current Affairs Capsule – April 2024

Important Monthly Current Affairs Capsule – April 2024

Important Monthly Current Affairs Capsule – April 2024

• Objective of Verification Process:The verification process aims to enhance transparency and

Kotak Mahindra Bank Leads in Equity Offerings Ranking

Important Monthly Current Affairs Capsule – April 2024

• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)