Current Affairs 26 April 2024

We are here for you to provide the important Recent and Latest Current Affairs 26 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

SJVN Limited inaugurates India’s 1st Multipurpose Green Hydrogen Pilot ProjectOn 23rd April 2024, Geeta Kapur, Chairman and Managing Director(CMD) of SJVN Limited(formerly known as Satluj Jal Vidyut Nigam) inaugurated India’s 1st multipurpose(combined Heat and Power) green hydrogen pilot project at the 1,500 megawatt (MW) Nathpa Jhakri Hydro Power Station (NJHPS) in Jhakri, Himachal Pradesh(HP).

• She also inaugurated the first-of-its-kind centralised operation of 1500MW NJPHS and 412 MW Rampur Hydrogen Power Station(RHPS) by remotely operating Unit-II of RHPS from NJHPS, Jhakri.

Note: The project in line with the National Green Hydrogen Mission (NGHM) will accelerate the development of green hydrogen production infrastructure in the power sector.
About the green hydrogen pilot project:
i.The state of the art green hydrogen pilot project has the capability to cater to the high-velocity oxygen fuel (HVOF) coating facility of NJHPS to meet its combustion fuel requirements.
ii.This will also have the capacity to generate electricity through its 25 kilowatt (kW) capacity fuel cell.
iii.The green hydrogen plant will utilise a alkaline electrolyzer of 20 Nm^3/Hr (normal meter cubed per hour) capacity which enables the production of hydrogen gas by splitting hydrogen and oxygen from water.

• This will use renewable energy supplied from the 1.31 MW solar power plant of SJVN located in Wadhal, Himachal Pradesh.

Benefits:
i.The project is set to produce 14 kg of green hydrogen per day during 8 hours of operation which will be stored in 6 storage tanks.
ii.The green hydrogen will be utilized for HVOF coating of turbine underparts. Also, it has the capacity of generating electricity through its 25KW capacity fuel cell.
About SJVN Limited:
It is a Mini Ratna, Category-I and Schedule ‘A’ Central Public Sector Enterprises (CPSE) under the Ministry of Power. It is a Joint Venture of Government of India and Government of Himachal Pradesh.
CMD (Additional Charge) – Geeta Kapur
Headquarters- Shimla, Himachal Pradesh(H.P.)
Established in 1988

Central Government Expands Committee for Drug and Medical Device Pricing ReformsAs per the official order of Department of Pharmaceuticals under the Ministry of Chemicals and Fertilizers, Government of India (GoI) has approved the expansion of the committee formed to look into pricing reforms for drugs and medical devices by admitting representatives from various industry bodies.

• Government has invited at least 7 industry associations to the committee.
• The main objective of the committee is to strike a balance between pricing and availability of essential medicines.

Note:
The committee  suggests institutional reforms within the National Pharmaceutical Pricing Authority (NPPA).
Special Invitees inducted in the committee are:
Director –General(DG), Organisation of Pharmaceutical Producers of India(OPPI), Managing Director(MD), United States-India Strategic Partnership Forum(USISPF).

• Representatives from various industries:

Medical Technology Association of India(MTal), Confederation of Indian Industry(CII), Forum Coordinator, Association of Indian Medical Device Industry(AiMed), Federation of Pharma Entrepreneurs(FOPE), Representative of Advanced Medical Technology Association( AdvaMed), Representative of Association of Diagnostic Manufacturers of India (ADMI), Representative of Bulk Drug Manufacturers Association of India(BDMAI) and Representative of Associated Chambers of Commerce and Industry of India (ASSOCHAM).
Background:
On 12th March 2024, Department of Pharmaceuticals announced the formation of the committee for regulating prices of Drugs and Essential medicines.
The committee consists of 3 core members:
Secretary, Department of Pharmaceuticals, Chairman, National Pharmaceutical Pricing Authority(NPPA) and Senior Economic Advisor, Department of Pharmaceuticals.
Apart from them, The committee will have two special invitees from the industry: Secretary-General, Indian Pharmaceutical Alliance(IPA), Chief Executive Officer(CEO), Indian Drugs Manufacturers Association(IDMA).
Key Functions of Committee:
i.It will prepare a framework for price moderation for medical devices.
ii.It will also offer incentives to the industry to foster growth and exports.
About National Pharmaceutical Pricing Authority(NPPA):
It is an apex regulatory body that controls the prices of pharmaceutical drugs in India.
Chairman: Kamlesh Kumar Pant
Headquarters: New Delhi, Delhi
Formation: 29th August, 1997

KABIL inks MoU with CSIR-NGRI for advancing Geophysical Investigations
On April 24, 2024, Khanij Bidesh India Limited (KABIL) signed a Memorandum of Understanding (MoU) with the Council of Scientific and Industrial Research – National Geophysical Research Institute (CSIR-NGRI) for long-term collaboration in the field of geophysical investigations.

• It will strengthen KABIL’s ongoing projects and activities in critical and strategic minerals.
• This collaboration will focus on surveys, data analysis, scientific knowledge sharing, and technical support, and advisory services in geophysics, geochemistry, and geology.

The MoU was signed by Sadashiv Samantaray, Chief Executive Officer (CEO), KABIL; and Dr. Prakash Kumar, Director, CSIR-NGRI; in the presence of Sridhar Patra, Chairman, KABIL, at National Aluminium Company Limited (NALCO) Corporate Office in Bhubaneswar, Odisha.
Note: Established in 2019, KABIL is a Joint Venture company of three Public Sector Undertakings (PSUs)- NALCO, Hindustan Copper Limited (HCL) and Mineral Exploration and Consultancy Limited (MECL), under the aegis of Ministry of Mines.

INTERNATIONAL AFFAIRS

India’s IFSCA & Kuwait’s CMA signed MoU for Information SharingOn 23rd April 2024, International Financial Services Centres Authority(IFSCA) of India signed a Memorandum of Understanding(MoU) with Capital Markets Authority (CMA) of Kuwait to share information regarding technologies and innovation within the financial and regulatory ecosystem.

• The MoU was signed on the sidelines India-Kuwait Investment Conference 2.0 held in Kuwait City, Kuwait.
• This partnership aims to boost the development of financial market in both India and Kuwait.

India-Kuwait Investment Conference 2.0:
The conference was organised by Embassy of India in Kuwait in collaboration with Indian Business and Professional Council(IBPC), with the support of Union Investment of Companies(UIC) and Kuwait Chamber of Commerce and Industry(KCCI).

• Ghanem Al Ghenaiman, Managing Director(MD) of Kuwait Investment Authority(KIA) graced the event as Chief Guest.

Key Participants:
Representatives from Gujarat International Financial Tec-City(GIFT City), National Investment and Infrastructure Fund(NIIF), Invest India and Confederation of Indian Industry(CII) attended the conference.
About International Financial Services Centres Authority(IFSCA):
It is the unified regulator for the development and regulation of financial products, financial services and financial institutions such as GIFT International Financial Services Centre in India.
It was established under the International Financial Services Centres Authority(IFSCA) Act, 2019.
Chairman- K. Rajaraman
Headquarters- GIFT City, Gujarat
Established in 2020
About Kuwait:
Emir(Head of State)- Sheikh Meshal Al Ahmad Al Jaber Al Sabah
Prime Minister(PM): Sheikh Dr. Muhammad Sabah Al-Salem Al-Sabah
Capital- Kuwait City
Currency- Kuwaiti Dinar(KWD)

BANKING & FINANCE

RBI raises Minimum Capital Requirements for ARCs to Rs 300cr; Deputy Governor T. Rabi Sankar gets 1-Year Extensioni.The Reserve Bank of India (RBI) issued Master Direction – Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024 in exercise of its powers conferred by Sections 3, 9, 10, 12 and 12A of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 (54 of 2002) which came into effect from April 24, 2024.
ii.Under this, RBI raised the Minimum Capital Requirement for ARCs from Rs 100 crore to Rs 300 crore.
iii.The Appointments Committee of the Cabinet (ACC) has re-appointed T. Rabi Sankar as Deputy Governor of RBI for a period of one year w.e.f. May 03, 2024, or until further orders, whichever is earlier.
iv.RBI has imposed a monetary penalty of Rs 10 Lakh on NABFINS Limited based in Bengaluru, Karnataka which is a subsidiary of National Bank for Agriculture and Rural Development (NABARD).
About Reserve Bank of India (RBI):
Governor – Shaktikanta Das
Establishment–April 1, 1935
Headquarters– Mumbai, Maharashtra
>> Read Full News

RBI restricts Kotak Mahindra Bank from Adding New Customers Online and Issuing New Credit CardsOn April 24, 2024, the Reserve Bank of India (RBI) in exercise of its powers under Section 35A of the Banking Regulation (BR) Act, 1949, barred Kotak Mahindra Bank Limited from onboarding of new customers through its online and mobile banking channels and issuing fresh credit cards.

• However, the bank will still serve its current customers, including those with credit cards.

Reason behind this Direction:
The RBI’s Information Technology (IT) examinations for 2022 and 2023 revealed serious deficiencies in the bank’s IT management, which the bank failed to promptly address. These deficiencies included issues with 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 and drill.
i.Kotak Mahindra Bank’s IT risk and information security governance did not meet regulatory standards for two consecutive years, despite corrective action plans. As a result, the bank experienced frequent outages in Core Banking System (CBS) and digital channels, culminating in a disruption on April 15, 2024.
ii.So, to safeguard customer interests, prevent disruption in efficient customer service, and digital banking and payment systems’, RBI impose business restrictions on the bank.
Key Points:
i.RBI cracks down on regulated entities for non-compliance.
ii.The banks barred by RBI in the last three months included Paytm Payments Bank Limited (PPBL) from new deposits, IIFL (India Infoline Finance Limited) Finance from new gold loans, and JM Financial from undertaking any business related to shares or bond funding.
iii.Bank of Baroda (BoB) banned from onboarding customers on Bob World app since October 2023.

PayU gets RBI’s approval to operate as Payments Aggregator
PayU Payments Private Limited(PayU), a leading payments solution provider, has received in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA).

• With this approval, PayU can onboard new merchants, offering them seamless digital payment services.
• It focuses on driving digitisation and financial inclusion, especially for small merchants.
• The approval reflects PayU’s commitment to fostering a robust digital payment infrastructure in India in alignment with the Government of India’s Digital India initiative and progressive RBI regulations.

AWARDS & RECOGNITIONS

Indian Institutes from Delhi NCR & Mumbai Won NASA Human Exploration Rover Challenge 2024 Awards Indian student teams from the Delhi National Capital Region (NCR) area and Mumbai (Maharashtra) have won awards from NASA‘s (National Aeronautics and Space Administration) 30th Human Exploration Rover Challenge (HERC) 2024.

• The Krishna Institute of Engineering & Technology (KIET) Group of Institutions, Delhi-NCR has won the “Crash and Burn” award;
• The Kanakia International School from Mumbai won the “Rookie of the Year” award.

HERC 2024 competition was held at the United States of America (USA) Space & Rocket Center in Huntsville, Alabama, near NASA’s Marshall Space Flight Center.
Winners:
i.Parish Episcopal School from Dallas, USA secured 1st place in the high school division.
ii.University of Alabama in Huntsville, USA won the college/university category.
Click for full list of winners
Objective of HERC:
The objective of HERC is to provide student teams with the opportunity to design, develop, construct, and test human-powered rovers that can navigate difficult terrain and a task tool to complete different mission.
Event Overview:
i.Over 600 students comprising 72 teams from across the globe participated in the NASA HERC 2024.
ii.Teams hailed from 42 colleges/universities and 30 high schools across 24 US states, the District of Columbia, Puerto Rico, and 13 other nations worldwide.
Competition Format:
Points were awarded for navigating a half-mile obstacle course, mission-specific tasks, and safety/design reviews with NASA engineers.
Note: The NASA HERC competition is open to the USA and international students in High School, College, and University grade levels.
NASA HERC:
i.HERC is one of NASA’s 8 Artemis Student Challenges, reflecting the goals of the Artemis program, aiming to land the 1st woman and 1st person of colour on the Moon.
ii.HERC has seen over 15,000 participants since its inception in 1994, many of whom have pursued careers at NASA or within the aerospace industry.

APPOINTMENTS & RESIGNATIONS

Amitabh Chaudhry re-appointed as MD and CEO of Axis Bank The board of Axis Bank Limited has approved the re-appointment of Amitabh Singh Chaudhry as its Managing Director(MD) and Chief Executive Officer(CEO)for further period of 3 years with effect from 1st January 2025 up to 31st December 2027.

• This mark’s his 2nd extension of 3 years. His previous extension came into effect from 1st January 2022.
• He has been serving as the MD & CEO of Axis Bank since January 2019.

Note: The re-appointment is subject to approval of the Reserve Bank of India (RBI) and approval of the members, in terms of applicable laws.
About Amitabh Singh Chaudhry:
i.Amitabh Chaudhry started his career with Bank of America in 1987 and later joined Credit Lyonnais Securities in 2001.
ii.Before joining Axis bank in 2019, He served as the MD & CEO of HDFC Standard Life Insurance Company (HDFC Life) from 2010 to 2019.
iii.He has also served as MD and CEO of Infosys BPO from 2006 to 2010.
Other Appointments:
The board of Axis Bank has also approved the re-appointment of Meena Ganesh and Gopalaraman Padmanabhan as its Independent Directors for a 2nd term of 4 years with effect from 1st August 2024 up to 31st July 2028 and  28th October,2024 up to 27th October 2028 respectively.
About Axis Bank Limited:
MD & CEO– Amitabh Singh Chaudhry
Headquarters- Mumbai, Maharashtra
Established in 1993
Tagline- Badhti ka Naam Zindagi

India’s Gita Sabharwal Appointed as the UN Resident Coordinator in IndonesiaOn 22nd April 2024, Gita Sabharwal of India took charge as the United Nations (UN) Resident Coordinator (UN RC) in the Republic of Indonesia. 
She succeeded Valerie Julliand of France, who held the post since October 2020.
Note: She was appointed as UN RC of Indonesia by the UN Secretary-General António Guterres with prior approval from the government of Indonesia(host).
About Gita Sabharwal:
i.Prior to the appointment, Gita Sabharwal was serving as the UN RC in Thailand (since 2020) and as Peacebuilding and Development Advisor at the UN in Sri Lanka.
ii.She has an extensive experience of nearly 3 decades in development supporting climate transition, sustainable peace, governance and social policy.
iii.Before joining the UN, she served as The Asia Foundation’s Deputy Country Representative for the Maldives and Sri Lanka.
iv.She also worked as the Poverty and Policy Advisor for the United Kingdom’s Department for International Department in India and VietNam.
About United Nations(UN):
Secretary-General– António Guterres (Portugal)
Headquarter– New York City, the United States of America(USA)
Established in 1945
Member countries- 193

Hardayal Prasad Appointed as MD & CEO of Srei Infrastructure Finance Limited
The board of Srei Infrastructure Finance Limited (SIFL), managed by the National Asset Reconstruction Company Limited (NARCL), has appointed Hardayal Prasad as its new Managing Director (MD) and Chief Executive Officer (CEO).

• Previously, he served as MD & CEO of SBI Cards & Payment Services Ltd and PNB Housing Finance Ltd.
• Under his leadership, SIFL plans to re-enter the Construction & Mining Equipment (CME) financing industry to enable customer needs of the segment.

Note: In October 2021, Reserve Bank of India (RBI) superseded the board of SIFL and Srei Equipment Finance Company managed by Kolkata based Kanorias and initiated the Insolvency and Bankruptcy Code (IBC) proceedings.  NARCL acquired the companies under IBC to resolve their debt of over Rs. 32000 crore.

Usain Bolt named as an Ambassador of ICC Men’s T20 World Cup 2024
On April 24, 2024, the International Cricket Council (ICC) named Jamaican sprinter Usain Bolt, an eight-time Olympic gold medallist, as the ambassador of the 9th edition of ICC Men’s T20 World Cup 2024 which will be played in West Indies and the United States of America (USA) from June 1 to 29, 2024.

• As an ambassador he will play a key role in promoting the event.
• Usain Bolt currently holds world records in the 100m, 200m and 4x100m with times of 9.58 secs, 19.19 secs and 36.84 secs.

Note: The ICC Men’s T20 World Cup 2024 will feature 20 teams competing across 55 games.

SCIENCE & TECHNOLOGY

Rocket Lab launches NASA’s ACS3 and South Korea’s ‘NEONSAT-1’ into orbitOn 24th April 2024, Rocket Lab USA, Inc.’s (Rocket Lab) ‘Electron’ rocket launched the National Aeronautics and Space Administration’s (NASA) Advanced Composite Solar Sail System (ACS3) and South Korea’s ‘NEONSAT-1’ under the ‘Beginning of the Swarm’ mission from Rocket Lab Launch Complex 1 in Mahia, New Zealand.
About NASA’s ACS3:
i.NASA’s ACS3 is a technology demonstration of new materials that use sunlight to propel a spacecraft.
ii.It has a CubeSat, which deploys a solar sail with booms after being released from the rocket.
iii.The twelve-unit (12U) CubeSat, measuring 20x20x30 centimeters, was built by Kongsberg NanoAvionics, a United States of America (USA)-based spacecraft engineering firm.
iv.The mission also plans to test new composite booms that will unfurl the square-shaped solar sail, which is approximately 30 feet [9 meters] per side.

• The booms are made from flexible polymer and carbon fiber materials.

v.By angling towards or away from the sun, solar sails utilise the pressure of sunlight to propel a spacecraft forward by bouncing photons off the reflecting sail.
vi.The benefits of the technology eliminate heavy propulsion systems and could enable longer-duration and lower-cost missions.
About NEONSAT-1:
i.NEONSAT-1, an Earth observation satellite, equipped with a high-resolution optical camera designed to monitor the natural disasters along the Korean Peninsula by pairing its images with Artificial Intelligence(AI).
ii.NEONSAT-1 is the first satellite developed under the NEONSAT program by the Satellite Technology Research Center (SaTReC) at the Korea Advanced Institute of Science & Technology(KAIST).
iii.With an aim to build the NEONSAT constellation, other NEONSAT satellites are planned to be launched in 2026 and 2027.
Additional info:
The previous solar sail missions were Japan’s Ikaros spacecraft (launched in 2010) and the USA-based Planetary Society’s LightSail 2 (2019).

IMPORTANT DAYS

International Day of Multilateralism and Diplomacy for Peace 2024- April 24 The United Nations (UN)’s International Day of Multilateralism and Diplomacy for Peace is annually observed across the globe on 24th April to promote the values of multilateralism and international cooperation, which are fundamental principles of the UN Charter, and to achieve the 2030 Agenda for Sustainable Development.

• The Day acknowledges the role of multilateral decision-making and diplomacy in achieving peaceful resolutions to conflicts among nations.

Background:
i.On 12 December 2018, the United Nations General Assembly (UNGA) adopted a resolution A/RES/73/127 proclaiming the 24th April of every year as the International Day of Multilateralism and Diplomacy for Peace, with effect from the 73rd session of the General Assembly.
ii.The International Day of Multilateralism and Diplomacy for Peace was 1st observed on 24th April 2019.
>> Read Full News

International Girls in ICT Day 2024 – April 25

The International Girls in ICT (Information and Communications Technology) Day is annually observed across the globe on the 4th Thursday of April to inspire and encourage girls and women to pursue studies and careers in ICT and promote bridging the gender digital divide.

• The International Girls in ICT Day 2024 was observed on 25 April 2024.
• The Day is annually observed by the International Telecommunication Union (ITU), the United Nations (UN) specialised agency for ICTs.
• The theme for International Girls in ICT Day 2024 is “Leadership”.

Background:
i.On 8th April 2011, ITU announced the establishment of an international Girls in ICT Day”, which will be held every year on the 4th Thursday in April.
ii.The “Girls in ICT Day” is the direct result of the adoption of Resolution 70 by ITU’s Plenipotentiary Conference in Guadalajara, Mexico, in October 2010.
iii.The 1st annual International Girls in ICT Day was observed on 28 April 2011.
About International Telecommunication Union (ITU):
ITU was established in Paris (France) in 1865 as the International Telegraph Union. ITU became a specialized agency of the United Nations on January 1, 1949.
Secretary-General– Doreen Bogdan-Martin
Headquarters– Geneva, Switzerland
>> Read Full News

World Malaria Day 2024 – April 25 World Malaria Day (WMD) is annually observed across the globe on 25 April to raise awareness of the global efforts to control and eradicate malaria, a mosquito-borne disease caused by Plasmodium parasites.
The World Health Organisation (WHO) leads the annual observance of WMD
The theme of WMD 2024 is “Accelerating the fight against malaria for a more equitable world”.
Background:
i.World Malaria Day was instituted by WHO member states during the World Health Assembly (WHA) of 2007.
ii.The 1st World Malaria Day was observed on 25 April 2008.
About World Health Organization (WHO):
Director-General (DG)- Dr. Tedros Adhanom Ghebreyesus
Headquarters– Geneva, Switzerland
Established on– 7 April 1948
>> Read Full News

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