Current Affairs 19 & 20 May 2024

We are here for you to provide the important Recent and Latest Current Affairs 19 & 20 May 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

DPIIT Organised “ONDC Startup Mahotsav” in Delhi; 12 unicorns, over 125 startups showed interest to join ONDC Network On 17th May 2024, Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry, organised the “ONDC Startup Mahotsav”, a 1st of its kind event held at Vanijya Bhawan, New Delhi, Delhi.

• While addressing the event, Rajesh Kumar Singh, Secretary, DPIIT highlighted the Government of India’s (GoI’s) commitment to nurture and promote the ecosystem for startup growth and innovation.

Key Highlights:
i.ONDC Startup Mahotsav is a unique collaboration between Startup India initiative and Open Network for Digital Commerce (ONDC), both are flagship initiatives of DPIIT.

• So far, ONDC platform has over 5 lakh registered sellers, of which more than 70% are small and medium sized sellers.
• In April 2024, ONDC provided approximately 7.2 million transactions.

ii.The event organised various panel discussions on subjects such as: “Building a Collaborative Future of Indian E-commerce”, “ONDC – Startup Success Story” and “Driving Startup Growth through ONDC” and these subjects covers the areas of mutual collaboration and immense potential for startups to expand the ONDC network.
Point to Note:
i.GoI launched the “Startup India” initiative on 16th January, 2016 which aimed to support entrepreneurs and to build a robust startup ecosystem in India.
ii.At present, India is among the leading startup hubs with more than 13 lakh DPIIT recognised startups, operating in more than 55 sectors.
More than 125 startups including 12 unicorns commit to onboarding ONDC:
i.The event saw the participation of over 5,000 startups including 12 unicorns, in hybrid mode.
ii.During the event, more than 125 ecosystem stakeholders including: unicorns, startups have committed to join ONDC network.
iii.Some of the unicorns signed a Letter of Intent (LoI) to join ONDC, which are: EaseMyTrip, OfBusiness, Winzo, Livspace, GlobalBees, Pristyn Care, Cars24, Physics Wallah, PolicyBazaar, and Zerodha.
About Open Network for Digital Commerce (ONDC):
i.It is an initiative of DPIIT, Government of India (GoI) launched in 2021, it is 1st of its kind protocol which aims to promote open networks for all aspects of goods and services over digital or electronic network.
ii.At present, ONDC is fully operational across India as its digital infrastructure is completed.

INTERNATIONAL AFFAIRS

World Hydrogen 2024 Summit & Exhibition Held in Netherlands: India set up its Maiden PavilionWorld Hydrogen 2024 Summit & Exhibition, World’s Largest Dedicated Hydrogen Event, was held in Rotterdam Ahoy, the Netherlands from 13th to 15th May 2024.

• The summit featured the maiden India pavilion, set up by the Ministry of New and Renewable Energy (MNRE), government of India(GoI), showcasing National Green Hydrogen Mission (NGHM).

About World Hydrogen Summit 2024:
i.The summit was organised by the Sustainable Energy Council (SEC) in partnership with the Government of the Netherlands, the Province of Zuid-Holland, the City of Rotterdam, and the Port of Rotterdam.
ii.Around 15,000 delegates from around the world attended the Summit.
India Pavilion at World Hydrogen Summit 2024:
For the first time, India has set up its own pavilion at the World Hydrogen Summit 2024. The India pavilion, by MNRE, offered a platform for India to showcase its progress in the field of Green Hydrogen.

• The India Pavilion was inaugurated by Bhupinder Singh Bhalla, Secretary, MNRE.
• The Indian delegation includes representatives from MNRE, Department of Science and Technology, Ministry of Railways, Ministry of Petroleum and Natural Gas and from private sector companies as well.

India’s achievements in Green Hydrogen:
i.India launched its National Green Hydrogen Mission (NGHM) in January 2023 with a budget of Rs 19,744 crores, targeting a production capacity of 5 MMT (Million Metric Tonnes) by 2030.
ii.The MNRE has awarded tenders for 412,000 tonnes of green hydrogen production and 1,500 MW of electrolyzer manufacturing capacity.
iii.Guidelines have been set for using green hydrogen in steel, transport, and shipping sectors.
iv.The Department of Science and Technology (DST), Ministry of Science and Technology (MoST) has started Hydrogen Valley Innovation Clusters for innovation and promotion of Green Hydrogen ecosystem in India.
v.A dedicated portal for the National Green Hydrogen Mission has been launched as one stop solution for information and updates on mission.
vi.Approximately 43% of India’s current installed electricity capacity is from non-fossil-fuel sources, with projections indicating a rise to 50% by 2030.

BANKING & FINANCE

HDFC Bank Secures USD 500Mn from IFC for Women-Focused LendingOn May 17, 2024, HDFC Bank secured USD 500 million from the International Finance Corporation (IFC) to support underserved women borrowers. This funding aims to empower women by promoting financial inclusion, income generation, and socio-economic growth.
Key Points:
i.The funds will be used to provide microloans to Self-Help Groups (SHGs) and Joint Liability Groups (JLGs) under HDFC’s Sustainable Livelihoods Initiative (SLI).

• SLI is HDFC Bank’s business line for microfinance lending to women.

ii.Non-banking financial companies, including microfinance institutions (MFIs) and small finance banks, play a significant role in microfinance lending to women in India, with 65.7% of the total microfinance loans and a gross loan portfolio of USD 31.6 billion as of December 31, 2023, reaching around 47 million clients.
About International Finance Corporation (IFC):
Managing Director– Makhtar Diop
Parent organization– World Bank Group
Headquarters– Washington, DC, United States (US)
Establishment– 1956

SBI Mutual Fund Launches SBI Automotive Opportunities FundSBI Mutual Fund, India’s largest fund house, launched SBI Automotive Opportunities Fund, an open-ended equity scheme following the automotive and allied business activities theme.

• This first-of-its-kind active mutual fund will invest in stocks of automobile companies and allied businesses, both domestic and international.
• The new fund offer (NFO) opened for subscription on 17th May 2024 and will close on 31st May 2024.

About SBI Automotive Opportunities Fund:
i.Investment Objective: To generate long-term capital appreciation for unit holders.
ii.The fund will be benchmarked against the Nifty Auto Total Return Index (TRI).
iii.The scheme will be managed by the Fund Managers Tanmaya Desai and Pradeep Kesavan.
iv.The Scheme has two plans: Regular plan and the Direct plan.

• Regular Plan is for investors who wish to route their investment through any distributor.
• Direct Plan is only for investors who purchase /subscribe to Units in a Scheme directly with the Mutual Fund or through a Registered Investment Advisor (RIA).

Investment Strategy:
The fund will mainly invests 80%-100% of the net assets in equity and equity-related instruments of automotive and allied business.

• The fund will invest 0–20% in equity and equity-related instruments of other companies and in debt and debt-related instruments and money market instruments including tri-party repos.
• 0–10% will be invested in units issued by Real Estate Investment Trusts (REITs) and Infrastructure Investment Trust (InvITs).

Note: No assurance can be given that the investment objective will be realised.
Investment Solutions:
i.The fund offers systematic investment solutions like Systematic Investment Plan (SIP) and Systematic Withdrawal Plan (SWP) to create a flexible investment plan.
ii.The minimum application for lumpsum is Rs 5,000, and for SIP, it is Rs 500.
iii.The minimum number of installments would be 12.
Exit Load structure:
There is no entry load, but an exit load of 1% applies if units are redeemed within one year from the allotment. This exit load becomes nil after one year.
About SBI Mutual Fund:
SBI Mutual Funds are managed by SBI Funds Management Ltd. (SBIFML), backed by the State Bank of India (SBI)
SBIFML is a joint venture (JV) between SBI and AMUNDI (France), one of the world’s leading fund management companies.
MD & CEO(SBIFML)– Shamsher Singh
Headquarters– Mumbai, Maharashtra
Established in– 1987

Yes Bank launches YES Grandeur for India’s Emerging Affluent Segment Yes (Youth Enterprise Scheme) Bank has launched YES Grandeur, a banking program in the form of Savings Account and Debit card, for India’s emerging affluent segment.

• This program targets those with an Average Monthly Balance (AMB) of Rs 5 lakh or a Net Relationship Value (NRV) of Rs 20 lakh.

Key Points:
i.Yes Grandeur Debit Card offers travel benefits, including zero cross-currency markup charges and airport lounge access.
ii.The program offers dedicated relationship managers, preferential rates, fee exemptions, and a special 3-in-1 account combining demat, trading, and savings.
Note –Notably, as per, Mumbai, Maharashtra-based People Research on India’s Consumer Economy (PRICE) ICE 360° pan India primary surveys, Indian middle class nearly double to 61% by 2046-47.
About Yes Bank:
Managing Director & Chief Executive Officer– Prashant Kumar
Headquarters– Mumbai, Maharashtra
Tagline– Life Ko Banao Rich
Incorporated in 2003, commenced in 2004.

APPOINTMENTS & RESIGNATIONS

IndiaFirst Life Insurance Approved the Appointment of Rushabh Gandhi as its New MD and CEO
The Board of IndiaFirst Life Insurance Company Limited has approved the appointment of Rushabh Gandhi as its new Managing Director (MD) and Chief Executive Officer (CEO) for a period of 5 years, with effect from (w.e.f) 1st July, 2024 or the date of regulatory approvals, whichever is earlier.

• The appointment will come effective only after the final approval of Insurance Regulatory and Development Authority of India (IRDAI), company shareholders and statutory clearances.

Key Points:
i.At present, Rushabh Gandhi is serving as the Deputy CEO of IndiaFirst Life Insurance.
ii.He will succeed R.M. Vishakha who is currently serving as MD and CEO of the company. Her term will expire on 30th June, 2024.
iii.He has had extensive experience in the financial services industry for nearly three decades.

SCIENCE & TECHNOLOGY

Pakistan Conducted Training Launch of ‘Fatah-II’, an Indigenous Rocket SystemPakistan conducted a successful training launch of  the indigenously developed “Fatah-II”, the guided Multi-Launch Rocket System (MLRS). It is being inducted in Artillery Divisions of Pakistan Army for stand-off, precision engagement of deep targets.

• This marks a substantial advancement in long-range artillery capabilities of Pakistan.

About Fatah:
Range: The rocket system is capable of engaging targets with high precision up to range of 400 kilometers (km).
Key Features:
i.It is equipped with state-of-the-art avionics, a sophisticated navigation system, unique flight trajectory and manoeuverable features.
ii.It uses cutting-edge flight control technology and an advanced pathfinding mechanism. It is an up graded version of Fatah rocket series.
iii.It is unique because of its advanced precision-targeting technology and capable of any missile defense system. It utilizes a blend of satellite and inertial navigation systems.
iv.Its navigation system enables precision-guided strikes with a Circular Error Probable (CEP) of less than 10 meters which enhances its capability to hit targets with unparalleled accuracy.
Points to Note:
i.Pakistan successfully conducted a flight test of indigenously developed Fatah-I, guided MLRS in 2021. Fatah has a maximum range of 140 Km.
ii.In December 2023, Pakistan military successfully conducted a flight test of indigenously developed Fatah-II.
About Pakistan:
President- Asif Ali Zardari
Prime Minister(PM)– Shehbaz Sharif
Capital- Islamabad
Currency- Pakistani Rupee (PKR)

Researchers Discovered “Super fluffy” Exoplanet with Cotton candy-like Density
Researchers have discovered a “super fluffy” exoplanet named as “WASP-193b”.The size of exoplanet is 50% larger than Jupiter and its weighs only 1/7th of Jupiter. Therefore, it has cotton candy-like density. The exoplanet was initially spotted by the Wide Angle Search for Planets(WASP).
Key Points:
i.The exoplanet was found beyond solar system i.e. 1200 light years away from Earth.
ii.Now, WASP-193b is the 2nd lightest exoplanet after the “Kepler-51d”, a Neptune like density.
iii.The researchers suspected that the exoplanet is largely made of Hydrogen and Helium gas.

SPORTS

Australia & Uzbekistan Confirmed as Host of AFC Women’s Asian Cup 2026 & 2029
Australia and Uzbekistan have been confirmed as the hosts of the 2026 and 2029 editions of the Asian Football Confederation (AFC) Women’s Asian Cup, respectively.

• The recommendation of AFC Women’s Football Committee was ratified during the 3rd AFC Executive Committee meeting held in Bangkok, Thailand. The meeting was held on the eve of the 34th AFC Congress.

i.Australia, the co-host of FIFA (Fédération Internationale De Football Association) Women’s World Cup 2023, is set to host the AFC Women’s Asian Cup for a 2nd time. Australia has previously hosted the AFC Women’s Asian Cup in 2006.
ii.Uzbekistan will become the first Central Asian nation to organize the AFC Women’s Asian Cup. Uzbekistan was the host country of the AFC Under 20(U20)Women’s Asian Cup 2024, held from 2 to 16 March 2024.

PUMA India signed with AFI to Become Official Kit Sponsor of Indian Athletes
PUMA India has signed a multi-year deal with the Athletics Federation of India (AFI) to become its official kit sponsor, aiming to enhance athlete performance and create excellence within India’s sporting community.
i.Under this partnership, Puma will provide performance kits, speed suits and travel gear to every athlete under AFI representing India in track & field, jumps, throws, cross country running and marathons at both domestic and international tournaments.
ii.This is the first time that Indian athletes get access to speed suits that PUMA supplies globally to other athletes.
iii.Puma will equip over 400 athletes with products comprising apparel, footwear and accessories.

• International sports stars like Neeraj Chopra (javelin throw), Kishore Kumar Jena (javelin throw), Parul Chaudhary (steeplechase), Subha Venkatesan (4x 400 meter relay), Murali Sreeshankar (long jump), Jyothi Yarraji (hurdle), Priyanka Goswami (race walk) and Jeswin Aldrin (long jump) will benefit from PUMA’s gear across sporting events.

iv.This partnership does not include the Olympics, Asian Games and Commonwealth Games.
Note: AFI established in 1946, is the apex body for running and managing athletics in India. It is affiliated with the World Athletics, Asian Athletics Association (AAA), and Indian Olympic Association (IOA).

OBITUARY

Padma Awardee and Former Chairman of ICICI Bank, Narayanan Vaghul passed away Renowned Indian Banker and Former Chairman of ICICI Bank, Narayanan Vaghul passed away at the age of 88 in Chennai, Tamil Nadu (T.N.).
Awards:
i.He was awarded the Padma Bhushan, India’s 3rd highest civilian honour, in 2010 in the Trade and Industry category.
ii.He was honoured with The Economics Times Lifetime Achievement Award for his exceptional contribution in the banking industry of India  in 2006.
iii.He received Businessman of the Year by Business India in 1992.
About Narayanan Vaghul:
i.He started his banking career with the State Bank of India (SBI) as an Officer.
ii.He became the Executive Director of Central Bank of India in 1978.
iii.He was the youngest person to became the chairman of Bank of India (BOI) in 1981.
iv.He had also worked as Director of National Institute of Bank Management (NIBM) in Pune, Maharashtra.
v.He was the Chairman of ICICI (then ICICI Limited) from September 1985 to April 2009.

• He became Chairman of ICICI Bank in 2002 following the merger of ICICI with the Bank.

vi.He was the founder chairman of CRISIL Limited (formerly known as Credit Rating Information Services of India Limited),1st credit rating agency in India.
His Noted Work: In 2023, Union Minister of Finance, Nirmala Sitharaman released his memoir titled “Reflections” (published by Piramal Enterprises Limited ) which carried vivid account of his experiences spanning over several decades in financial sector of India.

IMPORTANT DAYS

International Day Against Homophobia, Transphobia, and Biphobia 2024 – May 17 The International Day Against Homophobia, Transphobia, and Biphobia is annually observed across the globe on 17 May to commemorate the day on which the World Health Organization(WHO) decided to declassify homosexuality as a mental disorder.

• The day highlight the violence and discrimination faced by Lesbian, Gay, Bisexual, Transgender, Queer, Intersex, and Asexual (LGBTQIA+), others with diverse sexual orientations, gender identities.

The theme of International Day Against Homophobia, Transphobia, and Biphobia 2024 is “No One Left Behind: equality, freedom and justice for all”.
Background:
i.The International Day Against Homophobia, Transphobia, and Biphobia was established in 2004.
ii.The day was founded by Louis-Georges Tin, a French academic, gay rights campaigner, and anti-racist activist.
>> Read Full News

International Museum Day 2024 – May 18International Museum Day (IMD) is annually observed across the globe on 18 May, to increase public awareness of the role of museums in the development of society and recognise their role in education, and heritage preservation.

• The 2024 theme of IMD is, “Museums for Education and Research.”

Background:
i.The International Council of Museums (ICOM) officially established International Museum Day in 1977 by adopting a resolution during the ICOM General Assembly in Moscow, Russia.
ii.Every year since 1977, ICOM has organised IMD, representing a unique moment for the international museum community.
About International Council of Museums (ICOM):
President– Emma Nardi (Italy)
Director General (interim)- Medea Ekner
Headquarters– Paris, France
Established in– 1946
>> Read Full News

World AIDS Vaccine Day 2024 – May 18 World AIDS Vaccine Day (WAVD), also known as HIV Vaccine Awareness Day (HVAD), is annually observed across the globe on 18th May to raise awareness about the significance of Human immunodeficiency viruses (HIV) infections in preventing Acquired immunodeficiency syndrome (AIDS).

• WAVD recognises the community members, health professionals, and scientists working together to develop a vaccine for HIV prevention.
• 18th May 2024 marks the observance of the 27th annual HIV Vaccine Awareness Day (HVAD).
• The red ribbon is the universal symbol of awareness and support for people living with HIV.

Background:
i.The day 18th May marks the anniversary of the 1997 speech by then President of the United States of America (USA) Bill Clinton advocating the development of an AIDS vaccine.
ii.The 1st WAVD was observed on 18 May 1998, to commemorate the anniversary of Clinton’s speech.
>> Read Full News

STATE NEWS

Assam Launched DRIMS For Reporting Damages During Disasters Assam has launched the Disaster Reporting and Information Management System (DRIMS), a digital platform for accurate reporting and assessment of damages caused by disasters.
About DRIMS:
i.It is a state-of-the-art initiative of the Assam State Disaster Management Authority (ASDMA) which was inaugurated by Ravi Kota, Chief Secretary of Assam, at Assam Administrative Staff College (AASC), Khanapara in Guwahati, Assam.
ii.The digital platform was developed in collaboration with United Nations Children’s Fund (UNICEF) which captures critical impact indicators of damages during disasters and assists in providing relief and rehabilitation grants to the impacted beneficiaries.
iii.Additionally, it tracks livestock losses, crop damages, and other damages which speeds up post-disaster repair work.
Other Inaugurations:
i.Ravi Kota inaugurated the State Level Training Programme on Incident Response System (IRS) for responders which is being conducted by the National Institute of Disaster Management (NIDM).
ii.He also released a handbook on financial assistance during disasters, which will empower people particularly women and children to understand their entitlements during and after disasters.
About Assam:
Chief Minister (CM) – Himanta Biswa Sarma
Governor – Gulab Chand Kataria
Capital – Dispur
Wildlife Sanctuaries – Pobitora Wildlife Sanctuary, Sonai Rupai Wildlife Sanctuary
Tiger reserves – Manas Tiger Reserve, Nameri Tiger Reserve.

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