Current Affairs 7 & 8 April 2024

We are here for you to provide the important Recent and Latest Current Affairs 7 & 8 April 2024, which have unique updates of Latest Current Affairs 2024 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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NATIONAL AFFAIRS

BEML & BEL partners to Develop Indigenous Train Control Management System (i-TCMS)BEML Limited (formerly Bharat Earth Movers Limited) signed a Memorandum of Understanding (MoU) with Bharat Electronics Limited(BEL) to jointly develop an indigenous Train Control Management System (i-TCMS).
Key People: The MoU was exchanged in the presence of Shantanu Roy, Chairman and Managing Director(CMD) of BEML, and Manoj Jain, Director (Research and Development-R&D) BEL at BEML headquarters in Bengaluru, Karnataka.
Features of the partnership:
i.The partnership between BEML and BEL aims to promote innovation and foster self-reliance in the domain of train control management systems.
ii.The objective of the MoU is to identify potential areas of cooperation between BEML and BEL, focusing on exploring the joint development of high-value products and solutions customised to the requirements of Indian Railways and Metro systems.
iii.The partnership, in line with India’s Make in India initiative, aims to develop TCMS indigenously to meet the future needs of rail projects in India.
Note: At present, TCMSs are supplied by propulsion suppliers which leads to dependence on imported technology.
About TCMS:
i.TCMS, known as the “Brain of the train”, plays a major role in coordinating control and monitoring across various systems.
ii.This includes distributed control system comprising computer devices, software, humanmachine interfaces, digital and analogue input/output capabilities, and secure data networks.
iii.TCMS ensures efficient and reliable rail operations by facilitating seamless data communication interfaces with other train-borne and wayside systems.
About BEML Limited:
BEML is a Schedule A public sector undertaking(PSU) under the Ministry of Defence. It received Mini Ratna status in 2006.
CMD- Shantanu Roy
Headquarters– Bengaluru, Karnataka
Established in 1964
About Bharat Electronics Limited(BEL):
BEL is a PSU under the Ministry of Defence (MoD). It received Navratna status in 2007.
CMD(Additional charge)- Bhanu Prakash Srivastva
Headquarters– Bengaluru, Karnataka
Established in 1954

IFFCO & ACME Signed MoU To Boost Sustainability in Agriculture and Renewable Energy Usage In IndiaThe Indian Farmers Fertiliser Cooperative Limited (IFFCO), the world’s largest fertilizer cooperative, has signed a Memorandum of Understanding (MoU) with ACME Cleantech Solutions Private Limited (ACME) for the purchase and supply of about 200,000 Metric Ton (MT) of ammonia produced using renewable energy.

• ACME is India’s leading renewable energy company specialising in developing renewable energy projects, including green hydrogen and ammonia plants.

About the MoU
i.As per the MoU, the ammonia will be produced using a renewable energy source at ACME’s facility in Gopalpur, Odisha.
ii.The commercial-grade ammonia delivered under this arrangement will be utilized to manufacture complex fertilizers at IFFCO’s Paradeep Unit in Odisha and Kandla Unit in Gujarat.
iii.The MoU plays a significant step towards sustainable agriculture and renewable energy usage in India.
iv.This initiative will significantly reduce the nation’s reliance on imports of fossil fuels, decarbonise the economy, and provide India the opportunity to take the lead in Green Hydrogen Technology and market share.
v.This will also help India achieve its goal of using clean energy to become Aatmanirbhar Bharat and act as a model for the global clean energy transition.
vi.It aligns with India’s National Green Hydrogen Mission(NGHM). As a result, India will become the world’s centre for the production, use, and export of green hydrogen and its derivatives.
vii.Under Article 6 of the Paris Agreement, the MoU will facilitate the signing of bilateral agreements between India and other nations.
About Indian Farmers Fertiliser Cooperative Limited (IFFCO):
Managing Director – Dr Udai Shanker Awasthi
Headquarters – New Delhi, Delhi
Establishment – 3 November 1967.

Maharashtra’s Miraj Tanpura and Miraj Sitar; UP’s Bundelkhand Kathiya Gehu got GI Tag

The Chennai (Tamil Nadu)-headquartered Geographical Indications Registry under the Department for Promotion of Industry and Internal Trade (DPIIT), the Ministry of Commerce and Industry awarded geographical indication (GI) tags to Miraj Tanpura and Miraj Sitar of Maharashtra and Bundelkhand Kathiya Gehu (Wheat) of Uttar Pradesh (UP).
List of Goods received GI tags:

Miraj Tanpura:
i.Miraj Tanpura is manufactured from Miraj in the Sangli district in Maharashtra. Since 1850, Miraj City has been known for producing string instruments, including sitars and tanpuras.
ii.The Tanpura or Tambura, Tanpuri is a long-necked plucked string instrument.
iii.It has four or five (rarely six) metal strings, which are plucked one after another in a regular pattern to create a harmonic resonance on the basic notes of a key.
Miraj Sitar:
i.The sitar is one of the key instruments in Hindustani music with three strings.
ii.It belongs to the lute family where the strings of the instruments are parallel to its resonator and have bowed chordophone.
Bundelkhand Kathiya Gehu:
i.“Triticum Durum” is the scientific name of Bundelkhand Kathiya Gehu which is also called Durum wheat, Dalia, pasta wheat, or macaroni wheat.
ii.It is the second most cultivated variety of wheat after common wheat and it represents 5% to 8% of total wheat production.
iii.This variety of Wheat is grown in water-scarce, unfriendly, and harsh climatic conditions.

 

SJVN & IIT Patna inks MoU to Use Advanced Geological Models in Tunnelling Projects 
SJVN Limited has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology Patna (IIT Patna), Bihar, to utilise the advanced geological models in tunnelling projects of SJVN.
i.Under this partnership, predictive analytics algorithms leveraging integrated geotechnical data will be developed. This will predict potential risks and offer early warning systems tailored for tunnelling projects. 

• Integrated geotechnical data and 3D geological models will be used to identify and analyze potential risks and hazards.

ii.The MoU will focus on developing cutting-edge methodologies to integrate diverse geotechnical data sources, which includes geological surveys, borehole data, geophysical measurements and monitoring data from projects of SJVN.
Note: SJVN Limited, formerly known as Satluj Jal Vidyut Nigam, is a Mini Ratna, Category-I and Schedule –’A’ Central Public Sector Enterprises (CPSE) under the Ministry of Power.

BANKING & FINANCE

Highlights of RBI’s 1st Bi-monthly Monetary Policy of FY25; India’s real GDP to grow at 7% in FY25i.The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) met on April 3-5, 2024, and released 1st Bi-monthly Monetary Policy of FY25 i.e. ‘Monetary Policy Statement, 2024-25 Resolution of the MPC‘ which kept India’s real Gross Domestic Product (GDP) growth at 7% for FY25 (2024-25) with FY25’s Q1 (April-June) at 7.1%, Q2 (July-September) at 6.9%, Q3 (October-December) at 7%, and Q4 (January-March) at 7%.
ii.The stance is to focus on withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth.
iii.Consumer Price Index (CPI) inflation or retail inflation is projected at 4.5% (unchanged vis-a-vis February 2024 projection) for FY25, with FY25’s Q1 at 4.9%, Q2 at 3.8%, Q3 at 4.6%, and Q4 at 4.5%.
iv.India’s Foreign Exchange (Forex) Reserves hit a new high for the third consecutive week, reaching USD 645.58 billion by the end of the week on March 29, 2024, as per RBI data.
Static Points:
i.Under the Reserve Bank of India (RBI), Act, 1934 (RBI Act, 1934) (as amended in 2016), RBI is entrusted with the responsibility of conducting monetary policy in India with the primary objective of maintaining price stability while keeping in mind the objective of growth.
ii.Section 45ZB of the amended RBI Act, 1934 provides for an empowered six-member Monetary Policy Committee (MPC) to be constituted by the Central Government by notification in the Official Gazette.

• The first such MPC was constituted on September 29, 2016.

>> Read Full News

RBI Cancels CoR of 4 NBFCs; Imposes fine on IDFC First Bank & LIC Housing FinanceThe Reserve Bank of India(RBI) has cancelled the Certificate of Registration(CoR) of Four Non-Banking Financial Companies (NBFCs) in the exercise of powers conferred on it under Section 45-IA (6) of the RBI Act, 1934.
The 4 NBFCs are,

• Kundles Motor Finance Private Limited (Bareilly, Uttar Pradesh-UP)- CoR cancelled with effect from 12th March 2024.
• Nithya Finance Limited (Coimbatore, Tamil Nadu-TN) – CoR cancelled w.e.f 14th March 2024.
• Bhatia Hire Purchase Private Limited (Bathinda, Punjab) – CoR cancelled w.e.f 19th March 2024.
• Jiwanjyoti Deposits and Advances Limited (Hamirpur, Himachal Pradesh) – CoR cancelled w.e.f 21st March 2024.

Note: Following the cancellation of CoR the NBFCs shall not transact the business of a Non-Banking Financial Institution(NBFI) as defined in clause (a) of Section 45-I of the RBI Act, 1934.
Five NBFCs surrender their CoR to RBI:
The following five NBFCs have surrendered their CoR granted by RBI,

• Growing Opportunity Finance(India)  Private Limited (Chennai, TN)
• Invel Commercial Private Limited(Kolkata, West Bengal-WB)
• Mohan Finance Limited (Kolkata, WB)
• Saraswati Properties Limited, (Bareilly, UP)
• Quick Marketing Private Limited(Rajendra Nagar, Telangana)

In the exercise of powers conferred under Section 45-IA (6) of the RBI Act 1934, RBI cancelled the CoR of these NBFCs.
RBI imposes monetary penalty on IDFC First Bank & LIC Housing Finance
i.RBI has imposed a monetary penalty of Rs 1 crore on IDFC First Bank Limited  for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’.

• The penalty was imposed in the exercise of the power vested in RBI under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) of the Banking Regulation Act, 1949.
• The Statutory Inspection for Supervisory Evaluation (ISE 2022) of the IDFC First Bank was conducted by RBI with reference to its financial position as on 31st March 2022.

ii.RBI has imposed a monetary penalty of Rs 49.70 lakhs on LIC Housing Finance Limited for non-compliance with certain provisions of  ‘Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021’.

• The penalty was imposed in exercise of powers vested in RBI conferred under section 52A of the National Housing Bank Act, 1987.
• The statutory inspection of LIC Housing Finance was conducted by the National Housing Bank with reference to its financial position as on 31st March 2022.

About IDFC First Bank Limited:
Managing Director(MD) and Chief Executive Officer(CEO)– V. Vaidyanathan
Headquarters- Mumbai, Maharashtra
Established- 1997

J&K Bank Partners with Paymart India to Launch Virtual ATM Facility Jammu & Kashmir Bank Limited (J&K Bank) signed a Memorandum of Understanding (MoU) with Paymart India Pvt Ltd to launch an innovative Virtual Automated Teller Machine (ATM)(VATM) facility. The collaboration aims to introduce cardless cash withdrawals for the Bank’s customers through local merchants in the neighbourhood.
Signatories: Amit Narang, Chief Executive Officer (CEO) of Paymart India Pvt Ltd and Imtiyaz Ahmad Bhat, General Manager (GM) (S&IT) of J&K Bank singed the MoU in the presence of Baldev Prakash, Managing Director (MD) and CEO of J&K Bank.
Goal:
i.Enhance banking convenience for consumers across the bank’s operations, especially in J&K and Ladakh.
ii.Utilise technology to improve accessibility and convenience for customers.
Procedure for Availing VATM Facility:
i.Customer’s smartphone with the J&K Bank’s mobile app “mPAY – Delight” serves as the Virtual Card and the merchant’s smartphone with the app acts as the VATM.
ii.The cash withdrawal process is initiated through the bank’s mobile application.
iii.Once the cash withdrawal process is validated by OTP, the cash is dispensed hassle-free.
Note: The current limit for VATM service is set at Rs 2,000 per transaction and Rs 10,000 per month.
About Jammu & Kashmir Bank Ltd.
MD and CEO– Baldev Prakash
Headquarters– Srinagar, J&K
Established in– 1938
Tagline– Serving to Empower

SEBI gets ISO/IEC 27001:2022 Certification for Information Security Management SystemsThe Securities and Exchange Board of India (SEBI) has received the International Organization for Standardization/International Electrotechnical Commission(ISO/IEC) 27001:2022 certification for its

•  Information Security Management System(ISMS) at the Primary Data Centre,
• ISMS at the Disaster Recovery site, and
• Security  Operations  Control  (SOC)  and  Network  Operations  Control  (NOC) Operations.

Key Points:
i.Sebi received this certification following an audit by the certification body under the accreditation of the National Accreditation Board for Certification Bodies (NABCB), a member of the International Accreditation Forum(IAF).
ii.This certification emphasises SEBI’s commitment to ongoing improvement and enhancement of its systems and controls to achieve the Confidentiality, Integrity, and Availability (CIA) of data and operations.
About ISO/IEC 27001:
i.ISO/IEC 27001 is an international standard for ISMS which defines the specification for an effective ISMS.
ii.This offers guidance to establish, implement, maintain and continously  improve an ISMS to organisations of all size and across all sectors.
iii.This supports organisations to become risk-aware and proactively identify and address weaknesses.
iv.This promotes holistic approach to information security: vetting people, policies and technology.
v.The ISMS with this standard is a tool for risk management, cyber-resilience and operational excellence.
About ISO:
i.ISO is an independent non-governmental organisation comprised of members from 170 countries’ national standards bodies.
ii.It creates and publishes an array of proprietary, industrial, and commercial standards.
President – Sung Hwan Cho
Headquarters – Geneva, Switzerland
Established in – 1947

UBI Raises Rs 4,200 Crore from DIFC To Fund Overseas Business
The Union Bank of India (UBI), has raised USD 500 million (about Rs 4,200 crore) from foreign markets to fund overseas business growth.

• The fund was arranged by Dubai International Financial Centre (DIFC), Dubai Branch, United Arab Emirates (UAE).
• There would be two tranches of a USD 500 million syndicated term loan with terms of three and five years each (USD 400 million and USD 100 million for Green Shoe).

Note: The first tranche of USD 100 million was drawn on 3rd April 2024.

American Express Launches New Metal Corporate Platinum Card
On April 5 2024, American Express launched the new Metal Corporate Platinum Card, designed to meet the changing needs of business owners and entrepreneurs in India.

• The card offers best-in-class advantages including Taj Epicure Plus Membership and Gold Elite Status at Marriott Bonvoy.
• The card members can receive up to 5X rewards on purchases made in a few specific categories, such as Information Technology/ Information Technology Enabled Services (IT/ITES), e-commerce, and airlines.

The new Metal Card will be subject to 100% payment of annual Card fee (Rs 40,000 + taxes). Click here to know more

AWARDS & RECOGNITIONS

SJVN Ltd Won 15th CIDC Vishwakarma Awards 2024 for its CSR ContributionSJVN Limited, a hydroelectric power generation company, received the Achievement Award for Creating Social Development and Impact at the 15th CIDC Vishwakarma Awards (VKA) (2024) instituted by the Construction Industry Development Council(CIDC).

• The award recognises its contribution towards positive changed through its Corporate Social Responsibility (CSR) initiatives. SJVN Ltd has secured the award for the 3rd consecutive time.
• SJVN also received the CIDC Partners in Progress Trophy 2024.

Baljeet Singh, Chief General Manager (CGM) (Human Resources (HR)), SJVN Ltd received the awards during a ceremony held at India Habitat Centre, New Delhi, Delhi.
SJVN’s CSR Initiatives:
i.All CSR initiatives of SJVN are executed through the registered trust, SJVN Foundation.
ii.SJVN has spent over Rs. 450 crores on various CSR activities, spanning Education & Skill Development, Health & Hygiene, Infrastructural Development, etc.
About CIDC Vishwakarma Awards:
i.The CIDC Vishwakarma Awards recognises organisations and individuals contributing to national growth and sustainable development, particularly in the field of CSR.

• CIDC Vishwakarma Awards for 2008, the inaugural edition of the award were presented in 2009.

ii.The awards are inspired by the spirit of creation and construction embodied by Lord Vishwakarma, a ruling deity in Indian construction practices.
iii.Hosted annually in March by CIDC, the awards celebrate outstanding achievements within the Indian Construction Industry.
iv.The Award comprises a total of 12 categories (and a Life Time Achievement Award) and covers the entire spectrum of the Indian Construction Industry.
v.The CIDC Partners in Progress Trophy is a token of appreciation to honour organisations that have displayed their utmost commitment, to fostering a dynamic work environment for the construction fraternity.
Complete list of winners of 15th CIDC VKA (2024) & Complete 15th CIDC VKA – List of Partner In Progress 
About SJVN Limited:
SJVN Ltd, formerly known as Satluj Jal Vidyut Nigam, is a Mini Ratna, Central Public Sector Enterprises (CPSE) under the Ministry of Power.
SJVN Ltd is a Joint Venture (JV) of the Government of India (GoI) and the Government of Himachal Pradesh (GoHP).
Chairman & Managing Director(CMD)– Geeta Kapur
Headquarters– Shimla, Himachal Pradesh

APPOINTMENTS & RESIGNATIONS

Fin Min appoints Justice PS Dinesh Kumar as Presiding Officer of SAT; Dheeraj Bhatnagar as Technical MemberThe Ministry of Finance has appointed Justice Pratinidhi Srinivasacharya (PS) Dinesh Kumar, former Chief Justice (CJ) of Karnataka High Court(HC) as the Presiding Officer of the Securities Appellate Tribunal (SAT) for 4 years, or until he attains the age of 70 years.

• PS Dinesh Kumar succeeds Justice Tarun Agarwala, Who served as the Presiding Officer of SAT from December 2018 to December 2023.

Dheeraj Bhatnagar, former Principal Chief Commissioner of Income Tax (Delhi), was appointed as a Technical Member of SAT for 4 years, or until he attains the age of 60 years.

• Dheeraj Bhatnagar succeeds Justice MT Joshi, who served as member of SAT from March 2019 to February 2023.

Note: Since December 2023, SAT has been functioning with just one technical member, Meera Swarup, who joined SAT in 2022.
About Justice PS Dinesh Kumar:
i.He started Practice in the High Court of Karnataka in 1990.
ii.He was appointed as an Additional Judge of the Karnataka HC in January 2015 and as Permanent Judge in December 2016.
iii.He served as the chief justice of the Karnataka HC from 3rd to 24th February 2024.
iv.He has served as a Senior Panel Counsel for the Central Bureau of Investigation (CBI) and Senior Standing Counsel for BSNL, Union Public Service Commission (UPSC), University Grants Commission (UGC), All India Council for Technical Education (AICTE), and National Council for Teacher Education (NCTE).
About Dheeraj Bhatnagar:
i.In 2022, he was appointed as Chief Commissioner of Income Tax (CCIT) (OSD) in the office of Principal CCIT Delhi Region.
ii.He also served as Additional Secretary to the Government of India at the Ministry of Finance.
About SAT:
i.SAT is a statutory body established under the provisions of Section 15K of the SEBI Act, 1992.
ii.SAT hears and disposes of appeals against orders passed by regulatory bodies like SEBI, the Insurance Regulatory and Development Authority of India (IRDAI), and the Pension Fund Regulatory and Development Authority (PFRDA).
Composition of SAT:
As per section 15 (L) of the Securities and Exchange Board of India (SEBI) Act, a SAT Bench is supposed to consist of 3 members:

• A presiding officer, who will be a retired/sitting judge of the Supreme Court or High Court; and
• 2 members – one judicial and one technical.

Note: The Presiding Officer of SAT shall be appointed by the Central Government in consultation with the Chief Justice of India or his nominee.

CMD of NDDB, Dr. Meenesh Shah Elected as Chairman of NCDFIChairman and Managing Director (CMD) of the National Dairy Development Board (NDDB), Dr. Meenesh kumar Champaklal Shah has been unanimously elected as the Chairman of the National Cooperative Dairy Federation of India Ltd. (NCDFI) in the Board elections held on 5 April 2024. He represents the Jharkhand Milk Federation on the board.

• Dr. Meenesh Shah replaced Mangal Jit Rai, who served as Chairman of NCDFI for 2 terms from 2017 to 2024.

Composition of the Board:
i.NCDFI in its General Body meeting held on April 4, 2024, elected 8 directors on the board unopposed including Meenesh Shah. The other elected members are:

• Dr. Mangal Jit Rai from Sikkim Milk Union;
• Shamalbhai B. Patel from Gujarat Milk Federation;
• Randhir Singh from Haryana Milk Federation;
• K. S. Mani from Kerala Milk Federation;
• Balachandra L Jarkiholi from Karnataka Milk Federation;
• Narinder Singh Shergill from the Punjab Milk Federation; and
• Sameer Kumar Parida from West Assam Milk Union.

ii.Additionally, S. Regupathi, Executive Director of NDDB, was nominated as a director on the NCDFI Board.

• Srinivas Sajja, Managing Director of NCDFI, retains his position as one of the board of directors.

About Meenesh Shah:

i.He brings extensive experience from his Chairman role in prestigious institutions like:

• NDDB Dairy Services (NDS), NDDB Mrida Ltd; and NDDB Calf Ltd;
• Mother Dairy Fruit & Vegetable Pvt Ltd;
• IDMC Ltd;
• Indian Immunologicals Ltd (IIL);

ii.He is also on the Governing Boards of many premier institutions like Vidya Dairy, Foundation for Ecological Security (FES), North East Dairy and Foods, etc.
iii.He is the Member Secretary of the Indian National Committee of the International Dairy Federation (INC-IDF).
iv.He is also a Member of the Standing Committee on Dairy Policies and Economics of IDF.
v.In 2021, he was appointed as Chairman of the Institute of Rural Management Anand (IRMA).
vi.He is also a member of IRMA’s Society and Board of Governors and has been unanimously elected by the Board as its Chairman.
Membership Structure:
i.NCDFI an apex body of dairy cooperatives comprises 20 regular members and 14 associate members.
ii.NDDB holds institutional membership within NCDFI.
About National Cooperative Dairy Federation of India Ltd. (NCDFI):
The Ministry of Cooperation oversees the National Cooperative Dairy Federation of India Ltd.
In 1984, it started functioning as the apex body of the cooperative dairy industry.
Headquarters– Anand, Gujarat

MCA Appoints Two Part-Time Members to IBBI Governing Board 
The Ministry of Corporate Affairs (MCA) has appointed M.P. Ram Mohan, a Professor at the Indian Institute of Management (IIM) Ahmedabad(Gujarat), and Dinabandhu Mohapatra, a Non-Executive Independent Director at Indiabulls Housing Limited, as part-time members of the Governing Board of the Insolvency and Bankruptcy Board of India (IBBI).

• The appointment came into effect on 19th February 2024. They will hold the post for a period of 5 years or until they attain the age of 65 or until further orders. 

Note: Dinabandhu Mohapatra is a former Managing Director & Chief Executive Officer (CEO) of the Bank of India.
IBBI Governing Board: 
i.At present, IBBI Governing Board has 3 whole-time members, one Reserve Bank of India (RBI) nominee, and three other ex-officio members from the Department of Economic Affairs in the Finance Ministry, the Corporate Affairs Ministry, and the Legislative Department, the Department of Legal Affairs in the Ministry of Law and Justice. 
ii.With these appointments, the composition of IBBI Governing Board is completely in line with the Insolvency and Bankruptcy Code 2016.

• IBBI is a statutory body established on 1st October, 2016 in accordance with the provisions of the Insolvency.

IMPORTANT DAYS

International Day of Sport for Development and Peace 2024 – April 6 The United Nations (UN) International Day of Sport for Development and Peace (IDSDP) is annually observed across the globe on 6 April, to recognise the positive roles of sport and physical activity in global communities and the lives of people worldwide.

• 6 April 2024 marks the observance of the 11th edition of the IDSDP.

The global theme for IDSDP 2024 is “Sport for the Promotion of Peaceful and Inclusive Societies”.
Background:
i.On 23rd August 2013, The UN General Assembly (UNGA) adopted the resolution A/RES/67/296 and proclaimed the 6 April of every year as the International Day of Sport for Development and Peace.
ii.The 1st ever International Day of Sport for Development and Peace was observed on 6 April 2014.
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