Current Affairs 21 May 2024

We are here for you to provide the important Recent and Latest Current Affairs 21 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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BANKING & FINANCE

SEBI revises Market Capitalization Computation Basis for LODR Regulationsi.On May 17, 2024, the Securities and Exchange Board of India (SEBI) amended its Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015 with SEBI (LODR) (Amendment) 2024 for revising the method for calculating the market capitalization of listed companies under the LODR Regulations.
ii.Instead of using a single day’s market cap (previously calculated on March 31), SEBI now employs an ‘Average Market Capitalization’ over a defined period.
iii.This change affects ten provisions in the LODR Regulations viz. 3, 15, 17, 21, 25, 26A, 29, 30, 34, 43A, 44. For Sub Regulations Click Here
About Securities and Exchange Board of India (SEBI):
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra
Establishment–1992
>> Read Full News

Bank of Maharashtra tops among PSU banks in Business Growth in FY24; SBI FY24 net profit rises 21.59%i.Bank of Maharashtra (BoM) emerged as the top performer among Public Sector Banks (PSBs) in terms of business growth during the Fiscal Year 2023-24 (FY24), according to published financial numbers of the public sector banks (PSBs). BoM recorded a remarkable 15.94% rise in total business (domestic) in FY24.
ii.State Bank of India (SBI) followed closely with a growth rate of 13.12%.
iii.SBI’s total business (deposit and advances) stood significantly higher at Rs 79,52,784 crore (about 16.7 times) compared to BoM’s Rs 4,74,411 crore.
iv.State Bank of India (SBI), the largest state-owned lender in India, announced its Q4FY24 results, showcasing robust performance with a net profit of Rs 20,698.35 crore, up 24% from Q4FY23.
About State Bank of India (SBI):
Chairperson – Dinesh Kumar Khara
Headquarters – Mumbai, Maharashtra
Establishment– 1955
Tagline– The Banker to Every Indian
>> Read Full News

AIC Signs MoU with CSC to Widen “Sampoorna Pashudhan Kawach” across Rural India
Agriculture Insurance Company of India Ltd. (AIC) has signed a Memorandum of Understanding (MoU) with CSC e-Governance Services India Ltd. (CSC) at AIC Head Office, New Delhi, Delhi, to widen the reach of its cattle insurance product “Sampoorna Pashudhan Kawach,” designed to protect farmers’ livestock from unforeseen risks.

• Through this MoU, CSC shall serve as a pivotal distribution channel, leveraging its vast digital network of 6 lakh Common Service Centres (CSCs) across rural India.

Objectives:
This collaboration aims to mitigate challenges for farmers such as:

• Lack of awareness and limited veterinary services in rural areas;
• Lack of awareness about the benefits of livestock insurance and its protection.

Key Benefits:
i.This partnership shall further cover AIC’s other Products like Saral Krishi Bima, Sampoorna Ritu Kavach, etc.
ii.The whole process from enrollment, claim assessment, and Policy Servicing shall be system-enabled from end to end.
Note: CSC is a government-owned entity facilitating digital access to various services across rural India.

ECONOMY & BUSINESS

BEML Secured Order Worth Rs 250 Cr from NCL to Supply BH100 Rear Dump Trucks
BEML Limited (formerly Bharat Earth Movers Limited) has secured an order worth Rs 250 crore from Northern Coalfields Limited (NCL) for supplying 28 units of BH100 rear dump trucks.

• Under this order, the dumpers will be maintained through a 5-year Guaranteed Spare Parts contract, ensuring operational efficiency.
• The BH100 Rear Dump Truck can transport payloads of up to 100 tonnes, ideally for heavy-duty mining operations.
• The BH100, designed to handle overburden and coal mining, boasts a robust design, advanced features, and operational efficiency.

Note: BEML Limited, is a Public Sector Undertaking (PSU) under the Ministry of Defence and serves India’s core sectors like Defence & Aerospace, Mining & Construction, and Rail & Metro.

APPOINTMENTS & RESIGNATIONS

ITC Chairman Sanjiv Puri Take Charge as President of CII for 2024-25Sanjiv Puri, Chairman and Managing Director (CMD) of ITC Limited, formally took charge as President of the Confederation of Indian Industry (CII) for the years 2024–25.

• He has succeeded R.Dinesh, Chairman of TVS Supply Chain Solution (TVS SCS), who served as President of CII for 2023-24.

Other Office-Bearers for 2024-25:
i.Rajiv Memani, Chairman and Chief Executive Officer (CEO) of Ernst &Young (EY), India has been named as President-designate for 2024-25.

• He also serves as the Chairman of Emerging Markets Committee, Ernst & Young LLP.

ii.R.Mukundan, CEO and MD of Tata Chemicals Ltd. named as Vice-President of CII for 2024-25.
About Sanjiv Puri:
i.At present, he is the chairman of ITC Infotech India Ltd., I3L and its wholly-owned subsidiaries in the United Kingdom (U.K.) and United States of America (U.S.A.).
ii.He served as MD of Surya Nepal Private Limited, Joint Venture  subsidiary company of ITC in Nepal, from October, 2001 to April, 2006 and is currently serving its chairman.
iii.He was appointed as the Chairman of Expert Group on agri-exports formed by the 15th Finance Commission (FC) of India.
iv.He has served  as the member of National Institution for Transforming India (NITI Aayog) Group on “Farm-to-Table-driving India’s agriculture sector digitally”.
v.He has also worked as the Chairman of the Action-Council on ESG in Business under the aegis of Business 20 India.
vi.At present, he is the chairman of Board of Governors of Indian Institute of Technology (IIT) Gandhinagar, Gujarat and member of BRICS Business Council.
Awards:
He was recognised with the “Best CEO Award” by Business Today in 2024.
About Confederation of Indian Industry (CII):
President: Sanjiv Puri
Director-General: Chandrajit Banerjee
Headquarters: New Delhi, Delhi
Established: 1895

William Lai Ching-te Sworn in as 16th President of Taiwan; Bi-khim Hsiao Took Oath as Vice PresidentDr William Lai Ching-te, a doctor turned politician was sworn in as the 16th President of Taiwan (Republic of China (ROC)) in a ceremony held at the presidential office in Taipei. The First Lady and Vice President Bi-khim Hsiao also attended the inaugural celebrations.

• William Lai Ching-te succeeded Tsai Ing-wen, the 1st female head of state of Taiwan and Asia, who served as president for 2 consecutive 4-year terms since 2016.
• Bi-khim Hsiao succeeded Lai Ching-te as the 16th Vice President of Taiwan.

About Dr William Lai Ching-te:
i.In 1994 he was a chief resident at the National Cheng Kung University Hospital and in 1996, during the Taiwan Strait Crisis, he left his medical career to enter politics.
ii.In 1998, he was elected to the Legislative Yuan representing Tainan City and was elected to the legislature for 4 consecutive terms (1999-2010).
iii.In 2010, he was elected as the 1st mayor of Tainan Special Municipality (a merger of Tainan County and Tainan City).
iv.In 2014, he was re-elected with 72.9% of the vote, the highest in Tainan’s history, and the highest for any county or city head since martial law was lifted in 1987.
v.He served as Taiwan’s premier from 2017 to 2019. In 2020, he was officially sworn in as the 15th-term Vice President of Taiwan (May 2020 to May 2024).
vi.In 2023, he began serving as the Democratic Progressive Party (DPP) chairperson.
About Bi-khim Hsiao:
i.She began her political career as program coordinator for the DPP’s US mission in 1995.

• She became the deputy director of its Department of International Affairs in 1996, and director from 1997 to 2006.

ii.In 2000, she served as an advisor in Taiwan’s Presidential Office and as secretary, and interpreter for the president.
iii.In 2001, she served as a representative at-large for the DPP and was a member of the 5th, 6th, 8th, and 9th Legislative Yuan.
iv.In 2020, she served as senior advisor to the National Security Council and was appointed as representative of Taiwan to the US.

SCIENCE & TECHNOLOGY

ISRO’s Mangalyaan-2 Mission to Include Helicopter, Sky Crane, Rover for Navigation on MarsThe Indian Space Research Organisation (ISRO) has unveiled comprehensive strategy for its next Mars mission “Mangalyaan-2”. It was unveiled during special presentation held at the Space Application Centre (SAC) on the eve of National Technology Day (May 11th , 2024).

• With the successful launch of Mangalyaan-2 mission, India will become 4th country in the world after United States of America (U.S.A.), Russia and China to successfully land a spacecraft on Mars.

Key Features:
i.ISRO plans to use a Rover and helicopter for Mars exploration which is similar to the National Aeronautics and Space Administration’s (NASA) Perseverance Rover.
ii.At present, ISRO is working on a supersonic Parachute and Sky-Crane system, draws inspiration from deployment techniques of NASA.

• This deployment technique will ensure safe and accurate landing of Indian rover on Mars surface.

iii.The Mangalyaan-2 mission will be launched aboard the Geosynchronous Satellite Launch Vehicle Mk III (LVM3) .
iv.ISRO will develop technology customized specially to meet the unique requirements of Indian rover which includes: To refine the sky-crane system and other critical components of mission in order to withstand harsh conditions of Mars.
v.It will design a fully functional helicopter to operate in Mar’s thin atmosphere. It will be equipped with various scientific instruments such as: Martian Boundary Layer Explorer (MARBLE), can reach altitudes of up to 100 metres(m) which makes it suitable for aerial exploration of Mars.
vi.ISRO plans to deploy a relay communication satellite ahead of the mission launch. It will use Polar Satellite Launch Vehicle (PSLV) which will ensure smooth and uninterrupted communication between Mars mission and Earth.
About Mangalyaan-1:
i.The mission was named Mars Orbiter Mission(MOM), launched by ISRO on 5th November, 2013 from Satish Dhawan Space Centre, Sriharikota, Andhra Pradesh (A.P.).
ii.It was successfully placed in Mars orbit on 24th September, 2014. It observed the planet Mars from 2014 to 2022.
iii.Its core objective was to study Martian surface and its mineral composition.
About Indian Space Research Organisation (ISRO):
Chairman:  Sreedhara Panicker Somanath
Headquarters: Bengaluru, Karnataka
Established in: 1969

Blue Origin’s NS-25 mission Lifted off with 6 Crew Members Including One Indian On 19th May 2024, New Shepard rocket system built by Blue Origin, the company owned by Jeff Bezos, Founder of Amazon, under the space tourism mission named New Shepard-25 (NS-25) lifted off with 6 crew members including one Indian from Launch site one in West Texas, United States of America (U.S.A).
About NS-25 Mission:
i.It is the 7th human space flight for the New Shepard program.

• Till date, the program has flown 31 human above the Karman line.

ii.The space flight travelled in the space at more than 3 times the speed of sound and passed the Karman line.
iii.After spending time in zero gravity, the crew returns under parachutes.
Note: Karman line is internationally recognised boundary line of space i.e. 62 miles or 100 kms above the Earth.
Gopi Thotakura, the 1st Indian Space Tourist:
i.Among the 6 crew members, Gopi Thotakura, commercial jet pilot and entrepreneur from Andhra Pradesh(India), is the only Indian on this human space flight.
ii.He is the 1st Indian space tourist and the 2nd Indian to venture into space after Wing Commander Rakesh Sharma of Indian Army (1984).
iii.He is the co-founder of Preserve Life Corp , a global center for holistic wellness and applied health located near Hartsfield-Jackson  Atlanta International Airport, U.S.A.
Other Crew Members:
i.Captain Ed Dwight is the 1st Black astronaut on the space flight. He was selected by former President of United States of America (U.S.A.), John F Kennedy in 1961.

• Dwight became the oldest person to fly in space at the age of 90. He broke the record set by Canadian actor William Shatner who went to space on Blue Origin flight in 2021, as he is two months older than him.

ii.Names of other members are: Mason Angel (USA), Sylvain Chiron (France), Kenneth L. Hess (USA), Carol Schaller (USA).
New Shepard Rocket :
i.It is designated to take passengers into suborbital space inside of a crew capsule.
ii.It is fully reusable and has the capacity to carry 6 passengers.
iii.New Shepard is named after National Aeronautics and Space Administration (NASA) Mercury program astronaut Alan Shepard who was the 1st American to fly in space in 1961.
iv.It is fueled with liquid oxygen and hydrogen, the only by product is water vapour with zero carbon emission.
Elon Musk Launched Starlink Satellite Internet Service in Indonesia
On 19th May 2024, Elon Musk, CEO of Tesla and SpaceX launched Starlink satellite internet service in Indonesia, which is known for largest archipelago in the world.

• It was launched at community health centre in Denpasar, Bali, Indonesia.

Key Points:
Its main objective is to provide affordable access to high-speed internet services specifically in underserved and remote regions of the Indonesia.
About Indonesia:
Capital: Jakarta
President: Joko Widodo
Currency: Indonesian Rupiah

IRRPL Handed Over 27,000 AK-203 Assault Rifles to Indian ArmyIndo-Russian Rifles Private Limited (IRRPL) based in Amethi, Uttar Pradesh, handed over 27,000 AK-203 assault rifles to Indian Army. These assault rifles achieved 25% of localization.

• Another Batch of 8000 AK-203 assault rifles will be handed over to the Indian Army in next 2 weeks.

Key Points:
i.The 1st 70,000 rifles will be manufactured in India with gradual increase of localization from 5% to 70%, remaining rifles will be manufactured with 100% localization.
ii.These assault rifles will be manufactured through special purpose Joint Venture (JV) called Indo-Russian Rifles Private Limited (IRRPL) at Korwa Ordnance factory in Amethi, Uttar Pradesh.
Key Features of AK-203 Assault Rifle:
i.These rifles will replace India’s indigenously developed Indian Small Arms Systems (INSAS) rifles inducted in Indian Army more than 3 decades ago.
ii.AK-203 assault rifle has magazine capacity of 30 rounds. It has an effective range of 800m.
iii.It has unique features such as folding and adjustable buttstock, windowed and rifled magazine and pistol grip made it more ergonomic.
iv.It has a gas operated, rotary bolt locking rifle and can fire 600 rounds in one minute.
About IRRPL:
It was established in 2019 between Ordnance Factory Board(OFB), now known as Advanced Weapons and Equipment India Limited (AWEIL) and Munitions India Limited (MIL) from India and Rosoboronexport (RoE) and concern Kalashnikov of Russia.
Background:
i.In July 2021, Union Minister of Defence (MoD), Rajnath Singh and Russian Defence Minister General Sergey Shoigu signed contract worth Rs 5,124 crore. It aimed to manufacture over 6.1 lakh (6,01,427), 7.63×39mm AK-203 assault rifles in India under a joint India-Russia venture.
ii.The contract also included a clause of complete technology transfer from Russia that will enable their exports to friendly foreign nations.
About Indian Army:
Chief of Army Staff: Manoj Pande
Headquarters: New Delhi, Delhi
Established: 1st April, 1895

3AI Holding & SML Launched India’s GenAI Platform ‘Hanooman’
Abu Dhabi(United Arab Emirates (UAE))-based AI investment firm 3AI Holding and Seetha Mahalaxmi Healthcare (SML) India have launched India’s homegrown generative artificial intelligence (GenAI) platform ‘Hanooman AI’, an Indian large language model (LLM) in 98 global languages, including 12 Indian languages, along with text translation capabilities.

• The 12 Indian languages are Hindi, Marathi, Gujarati, Bengali, Kannada, Odia, Punjabi, Assamese, Tamil, Telugu, Malayalam, and Sindhi.
• The platform aims to serve four sectors, including healthcare, governance, financial services, and education.
• The Hanooman platform is set to provide an open-source alternative to commercial LLMs and a closed-source model for enterprise on-premise solutions.
• Hanooman’s features can handle casual chats, professional advice, and complex technical tasks like coding and tutoring.

Note: SML India has also partnered with HP, National Association of Software and Service Companies (NASSCOM), Yotta, the Government of Telangana, and the Department of Administrative Reforms and Public Grievances (DARPG) for this initiative.

SPORTS

Satwiksairaj Rankireddy and Chirag Shetty won the doubles title in BWF Thailand Open 2024 Indian shuttlers Satwiksairaj Rankireddy and Chirag Shetty have won the men’s doubles title in the Badminton World Federation (BWF) Thailand Open Super 500 badminton tournament 2024 which was held from 14th to 19th May 2024 in Bangkok, Thailand.

• The world No. 3 Indian pair clinched the title by defeating the 29th-ranked Chen Bo Yang and Liu Yi of China.
• This was their second tournament win of 2024 and second Thailand Open title after winning it in 2019.

Note– The victory made the Indian pair earn 9200 ranking points and prize money of USD 33180.
Achievements of Satwiksairaj Rankireddy and Chirag Shetty:
i.On the whole, this was Satwik and Chirag’s eighth title in the Badminton World Federation (BWF) World Tour.
ii.The Indian duo won the Swiss Open, the Indonesia Open and the Korea Open in 2023 as well as won the French Open Super 750 in March 2024.
Key Highlights of the tournament:
i.Malaysia’s Lee Zii Jia won the Men’s Singles title defeating Hong Kong’s Ng Ka Long Angus to claim his second Thailand Open Title after winning in 2022.
ii.In the Women’s Singles, Thailand’s Supanida Katethong won the Women’s Singles title by defeating China’s Han Yue which became her first Super 500 tournament win.
Results:

About BWF Thailand Open 2024:
i.The Thailand Open (officially known as Toyota Thailand Open) is a part of the BWF World Tour Super 500 marks the first BWF World Tour tournament since the Spain Masters 2024 which was held at the end of March.
ii. It was held in 1984for the first time and is now the 36th edition of the Thailand Open.
iii. The Thailand Open 2024 offers a prize money pool of USD 420,000.

Max Verstappen beats Lando Norris to win the Emilia-Romagna Grand Prix 2024Red Bull’s Max Verstappen won the Emilia Romagna Grand Prix 2024 defeating McLaren’s Lando Norris who finished on the second spot. The Emilia-Romagna Grand Prix was held on 19th May 2024 in Imola, Italy.

• This was the 59th Formula 1 win of his career and third consecutive win in Imola, Italy.

Key Highlights of the Tournament:
Ferrari’s Charles Leclerc clinched the third position while McLaren’s Oscar Piastri finished fourth in the race.
About Max Verstappen:
i.After winning the Emilia-Romagna Grand Prix 2024, the three-time Formula 1 champion’s tally has reached to five wins in seven races for 2024 season.
ii.Max Verstappen has also won the virtual Nurburgring 24 Hours event with Team Redline at the same time giving him dual victory.
Results:

About Emilia-Romagna Grand Prix 2024:
i.The 2024 Emilia Romagna Grand Prix (officially the Formula 1 MSC Cruises Gran Premio del Made in Italy e dell’Emilia-Romagna) is the seventh race of the 2024 FIA Formula One World Championship
ii.The name “Emilia-Romagna” originates from the Italian region where the circuit is located. The venue has previously hosted the Italian Grand Prix in 1980, and the San Marino Grand Prix from 1981 to 2006.

Brazil Declared Host of FIFA Women’s World Cup 2027
International Federation of Association Football (FIFA) President Gianni Infantino announced Brazil as the host for the 10th edition of FIFA Women’s World Cup (FIFAWWC) 2027 during the 74th FIFA Congress in Bangkok, Thailand.

• Brazil became the 1st South American country to hold the Women’s World Cup, beating the joint bid of Belgium, Netherlands and Germany (BNG).
• Brazil hosted the men’s football World Cups twice in 1950 and 2014.

ii.Spain emerged as the winner of  2023 edition held in Australia and New Zealand.
iii.The United States Women’s National Soccer Team (USWNT) leads with 4 titles in 1991, 1999, 2015, and 2019.

OBITUARY

Iran President Ebrahim Raisi Passed away; Mohammad Mokhber Takes Charge as Interim President On May 19 2024, Iran’s 8th President Ebrahim Raisi died in a helicopter crash in northwestern Iran (Iran-Azerbaijan border), Following his death Iran’s 1st Vice President Mohammad Mokhber was appointed as Interim President of Iran for 50 days (before mandatory presidential elections).

• Iran’s government cabinet also appoints Deputy Foreign Minister Ali Bagheri Kani as acting foreign minister after the death of Hossein Amir-Abdollahian in the crash.
• Mohammad Mokhber’s elevation to presidential office will be subject to the approval of Supreme Leader Ayatollah Ali Khamenei.

Note:
i.According to Iran’s constitution, the vice president assumes the presidency if the president dies, is absent, or is incapacitated while in office.
ii.The 1st vice president of Iran is the second most powerful person in the elected branch of government after the president.
About Ebrahim Raisi:
i.Ebrahim Raisi  was born on 14 December 1960 and grew up in the northeastern city of Mashhad.
ii.In 1985, he was appointed deputy prosecutor general of Tehran, Iran, and served as prosecutor general of Tehran between 1989 and 1994.
iii.He was named first deputy head of the judiciary from 2004 to 2014. He was Iran’s prosecutor general from 2014 to 2016.
iv.He was appointed Iran’s chief justice in 2019 and became deputy chief of the Assembly of Experts in 2019.
v.He won Iran’s 2021 presidential election with 62% of the vote.
About Mohammad Mokhber:
i.He served as an officer in the Islamic Revolutionary Guard Corps (IRGC) medical corps during the Iran-Iraq War.
ii.Before becoming the deputy governor of the Khuzestan Province, he worked as the Chief Executive Officer (CEO) of Dezful Telecommunications.
iii.He was appointed commercial vice president of the Mostazafan Foundation and later served as the chairman of Sina Bank’s board of directors for around 10 years.
iv.He also served as head of the Execution of Imam Khomeini’s Order (EIKO) from July  2007 to August 2021.
v.He served as deputy governor of the Khuzestan Province and has been a member of Iran’s Expediency Council since 2022.
vi.He was appointed the 1st Vice President of Iran in August 2021, after the now-deceased President Raisi chose him as his deputy.

IMPORTANT DAYS

World Bee Day 2024 – May 20The United Nations (UN) World Bee Day is annually observed across the globe on 20 May to raise awareness about the importance of bees and beekeeping globally and the significance of pollinators, the threats they face, and their contribution to sustainable development.

• World Bee Day 2024 was focused on the theme “Bee Engaged with Youth.”

Background:
i.World Bee Day was proposed by the Republic of Slovenia, with the support of Apimondia, at the Food and Agriculture Organization of the UN (FAO) Regional Conference for Europe in 2016.
ii.In 2017, the proposal for World Bee Day was submitted for consideration at the 40th Session of the FAO Conference.
iii.On 20 December 2017, the UN General Assembly (UNGA) adopted the resolution A/RES/72/211, proclaiming  20 May of every year as World Bee Day.
iv.The 1st World Bee Day was observed on 20 May 2018.
About Food and Agricultural Organisation (FAO):
Director-General– QU Dongyu
Headquarters– Rome, Italy
Established in– 1945
FAO is a specialized agency of the UN that leads international efforts to defeat hunger.
>> Read Full News

World Metrology Day 2024 – May 20World Metrology Day (WMD) is annually observed across the globe on 20 May to raise awareness about Metrology, the science of measurement, and its application and to highlight the importance of measurement science in our daily lives.

• 20 May 2024 marks the official recognition of WMD by the United Nations Educational, Scientific and Cultural Organization (UNESCO).

The theme for World Metrology Day 2024 is “Sustainability.”

• UNESCO organised an official launch event of WMD under the theme “We Measure Today for a Sustainable Tomorrow“.

Background:
i.In 1999, the International Committee for Weights and Measures (CIPM) designated 20 May as World Metrology Day during the 21st General Conference on Weights and Measures (CGPM).
ii.The 1st celebration of WMD took place on 20 May 2000.
UNESCO Proclamation:
In November 2023, the UNESCO General Conference during its 42nd session as per the resolution 42 C/Resolution 21 officially proclaimed that 20 May would be celebrated as World Metrology Day.
>> Read Full News

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