Current Affairs 27 April 2024

We are here for you to provide the important Recent and Latest Current Affairs 27 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

ADIF and IIT Guwahati TIC Sign MoU to Boost Startup Ecosystem
The Alliance of Digital India Foundation (ADIF) and the Indian Institutes of Technology Guwahati(Assam) Technology Incubation Centre (IITG TIC) signed a Memorandum of Understanding (MoU) to promote entrepreneurship and provide support to technology startups.

• The two-year MOU aims to strengthen the startup ecosystem by facilitating collaboration between ADIF’s network of startups and entrepreneurs, and IIT Guwahati’s source of innovators, faculty, and incubation facilities.
• Under the agreement, ADIF will provide alliance membership to IITG TIC’s portfolio startup companies, giving them access to ADIF’s startup toolkit of discounted services, resources, and mentorship opportunities.

INTERNATIONAL AFFAIRS

UNHCR launches Climate Resilience Fund to Shield Refugees and Displaced People from Climate ShocksOn April 24, 2024, the United Nations High Commissioner for Refugees (UNHCR) launched the UNHCR Climate Resilience Fund, aiming to raise USD100 million by 2025 for protecting refugees and displaced communities from climate change impacts and promoting their inclusion in climate-related measures.
Key Points:
i.Contributions to the Fund will extend UNHCR’s climate action to countries grappling with conflict-related displacement, including Bangladesh, Chad, Ethiopia, Kenya, and Mozambique.

• It will also support a range of activities in line with UNHCR’s Focus Area Strategic Plan for Climate Action 2024-2030.
• Four objectives of the plan are: protection, solutions, resilience, and adaptation

ii.The Fund will invest in climate-resilient shelters, climate-smart livelihoods, and minimizing the environmental impact of humanitarian responses.
iii.By prioritizing local impact, projects will involve affected communities in design and implementation, aligning with national climate strategies and development plans.
iv.In 2022, over 70% of refugees fled from highly climate-vulnerable countries. Around 60% of forcibly displaced people reside in fragile and conflict-affected nations, among the most susceptible to climate change and least prepared to adapt.
About United Nations High Commissioner for Refugees (UNHCR):
High Commissioner– Filippo Grandi
Establishment– 1950
Headquarters– Geneva, Switzerland

UNCTAD Report: India’s Services Exports Increased By 11.4% in 2023The fourth quarterly (Q4) report for 2023 of the United Nations Conference on Trade and Development (UNCTAD) states that India’s service exports increased by 11.4% to USD 345 billion in 2023, amid uncertainty in the global economy.

• Whereas China’s service export decreased by 10.1% to USD 381 billion in2023. But, China emerged as the top performer among the developing countries in terms of services exports followed by India.

Key Findings:
i.As per the report, World services export increased at 8.9% to USD 7.9 trillion in 2023.

• The world services exports increased to 8.0% in Q4 2023.

ii.United States of America(USA) is the top performing country (developed economy) with biggest services exports in the world at USD 999 billion followed by United Kingdom(U.K.) at USD 584 billion and Germany at USD 440 billion.
ii.Major services exporters among the developing economies are: China, India Singapore, Turkiye, Hong Kong, Thailand, and Taiwan.
iv.The report cited International Travel receipts as the main driver of the Year-On-Year(Y-O-Y) rise of services exports in Q4 2023.

• International travel receipts increased by 40% globally while it shows the growth of 70% in Asia in Post-COVID-19 recovery.

India-Specific
i.The report highlighted the sectors which contributed towards the growth of India’s services export are: travel, transport, medical and hospitality.
iv.In contrast to India’s positive growth in services export, India’s services imports (developing economy) decreased marginally by 0.4% to USD 248 billion in 2023.

• United States of America topped the leading importers among developed economies with USD 719 Billion.

Note: According the Government of India (GoI) official data, In FY24(2023-24), the services export increased by 4.4% YOY basis to USD 339.6 billion.
About United Nations Conference on Trade and Development (UNCTAD):
Secretary-General: Rebeca Grynspan (Costa Rica)
Headquarters: Geneva, Switzerland
Member nations: 195
Established: 1964

BANKING & FINANCE

NABARD Partners with Reserve Bank Innovation Hub to Fast-Track Digital Agri LendingOn April 25, 2024, the National Bank for Agriculture and Rural Development (NABARD) announced its partnership with the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the Reserve Bank of India (RBI), to develop a system that will help speed up the process of agricultural loans.

• The agreement was signed by Shaji K.V., Chairman of NABARD and Rajesh Bansal, Chief Executive Officer(CEO), RBIH.

Significance:
The digitization of agricultural lending will ensure instant delivery of credit to farmers. The collaboration will simplify the loan process and reduce the turnaround time for loans from 3-4 weeks to 5 minutes for 12 crore farmers in India.
Key Points:
i.According to the agreement, NABARD will integrate its electronic Kisan Credit Card (e-KCC) loan origination system portal with Public Tech Platform for Frictionless Credit(PTPFC) of RBIH.
Note: PTPFC was developed by RBIH was launched in 2023.

• PTPFC has seen the implementation in over 10 states by making land records digitally available to provide the seamless flow of credit information for lenders

ii.The integration will help 35 district and state cooperative banks and 43 Regional Rural Banks(RRBs) to give access to various range of services such as: digital state land records, satellite data, Know Your Customer (KYC), credit history and transliteration for effective credit underwriting.
iii.The pilot phase of partnership will be implemented in selected RRBs: Karnataka Gramin Bank, Maharashtra Gramin Bank and Cooperative Banks in Andhra Pradesh.
iv.Its main objective is to expand digital lending platform to cover about 5 crore Kisan Credit Card(KCC) loans across all cooperative banks and RRBs in India.
About Reserve Bank Innovation Hub(RBIH):
It is a wholly-owned subsidiary of RBI, focuses on promoting and facilitating an environment that accelerates innovation across the financial sector.
CEO: Rajesh Bansal
Headquarters: Bengaluru, Karnataka
Established: 2022

SBI Card launches its 1st core Travel credit card ‘SBI Card Miles’ with 3 variants  SBI Cards and Payment Services Limited (SBI Card) introduces its first travel-focused credit card, ‘SBI Card MILES,’ featuring three variants: SBI Card Miles Elite, SBI Card Miles Prime, and SBI Card Miles. 

• The cards are available on Mastercard and RuPay networks,

Charges:
The ELITE variant has a joining and annual fee of Rs. 4,999 + taxes, while PRIME and MILES variants cost Rs 2,999 and Rs 1,499 + taxes, respectively.
Benefits:
i.It will offer benefits like Travel Credits conversion, enhanced rewards on travel bookings, and lounge access.
ii.The card partners include over 20 leading airlines and hotels brands including Air Vistara, Air India, SpiceJet, and IHG Hotels & Resorts.
iii.For Elite, Prime and miles variants the Foreign Currency Mark-up Charge on International usage are 1.99%, 2.50% and 3.00% respectively
Travel credits:

The Travel Credits can be converted into Air Miles / Hotel Points of respective partners
About SBI Cards and Payment Services Limited:
It is a joint venture between the State Bank of India (SBI) and GE Capital.
MD and CEO– Abhijit Chakravorty
Establishment– 1998
Headquarters-Gurugram, Haryana

Groww Mutual Fund receives SEBI approval to launch India’s 1st Nifty Non-Cyclical Consumer Index FundGroww Mutual Fund, an asset management company (AMC), has received approval from the Securities and Exchange Board of India (SEBI) to launch India’s inaugural Nifty Non-Cyclical Consumer Index Fund.

• This open-ended scheme, set to launch in the first week of May 2024, will be managed by Abhishek Jain and bench-marked against the Nifty Non-Cyclical Consumer Index TRI (Total Return Index), comprising top 30 stocks from sectors like consumer goods and services, telecom, textiles, entertainment, etc.

Key Points:
Fund Objective: It aims for long-term capital growth by investing in securities mirroring the Nifty Non-Cyclical Consumer Index’s performance with minimal tracking errors.

• This fund targets stable-demand industries like utilities, healthcare, consumer staples, and sometimes financial shielding against market volatility.

Investment Strategy: The fund will primarily invest 95-100% in equities and equity-related securities of companies associated with or expected to benefit from consumption activities, with a small allocation (0-5%) to debt and money market instruments.
Minimum Investment: Investors can start with a minimum of Rs 500, with additional investments in multiples of Re 1 for purchases and Re 0.01 for switches.

• SIPs require a minimum investment of Rs 1,200, subject to specific installment criteria.

Redemption and Exit Load: The minimum redemption amount is Rs 500, with an exit load of 1% applicable for units redeemed within 30 days of allotment. After this period, no exit load is charged.
Fund Options: The scheme offers regular and direct plans, along with growth and IDCW (Income Distribution Cum Capital Withdrawal) options.
Risk Profile: The scheme carries a “very high” risk profile, and is suitable for those seeking long-term capital appreciation in equity and equity-related instruments of the Nifty Non-Cyclical Consumer Index.
About Groww Mutual Fund:
Co-founder & CEO– Lalit Keshre
Headquarters– Bengaluru, Karnataka
Establishment– 2017

CRISIL ESG Ratings Gets SEBI nod to Offer ESG ratingsThe Securities and Exchange Board of India (SEBI) has approved CRISIL ESG Ratings & Analytics Limited (CRISIL ESG Ratings), a wholly owned subsidiary of CRISIL Ratings Ltd (CRL), as a Category 1 provider of Environmental, Social and Governance (ESG) ratings.
Background:
i.In 2023, SEBI notified the amendment in the SEBI (Credit Rating Agencies) Regulations, 1999 to include provisions on ESG Rating Providers (ERPs).
ii.CRISIL ESG Ratings was incorporated in July 2023 to comply with these notification.
iii.CRISIL Limited launched ESG ‘scoring’ business in 2021 and expanded coverage from 225 to around 1,000 companies across 65 sectors. This ESG scoring business will be now transfered to CRISIL ESG Ratings.
ESG ratings:
ESG ratings process includes the analysis of more than 500 unique data points across ESG aspects for each company.
It will help the investors to measure and monitor ESG risks and enable them to identify investment opportunities considering long-term sustainability of business.
SEBI & ESG rating:
i.SEBI established 2 categories for rating entities based on their net worth and functions.
ii.As per SEBI, the rating agency is mandated to publish its evaluation methodology for all ESG ratings on its official website. This will ensure balance between transparency and the protection of proprietary or confidential information within these methodologies.
iiiThe rating agency should clearly describe the proportional weight assigned to each category and detail the significance attributed to overarching themes.
iv.The principal shareholder of an ESG rating agency is mandated to have minimum ownership of 26% in said agency for minimum 5 years subsequent to receiving regulatory approval.
v.Foreign entities that provide ESG rating service will be required to get SEBI certification if they want to provide services to entities within India.
About CRISIL Ratings Limited(CRL):
CRL is a subsidiary of CRISIL Limited(formerly Credit Rating Information Services of India Limited).
CRL is registered with the SEBI as a Credit Rating Agency under SEBI (Credit Rating Agencies) Regulation, 1999.
Managing Director(MD)– Gurpreet Chhatwal
Headquarters- Mumbai, Maharashtra

Hitachi Payment Services launches India’s first Upgradable ATM
Hitachi Payment Services Private Ltd, a 100% subsidiary of Hitachi Ltd., launched India’s first upgradable Automated Teller Machine (ATM) that can be converted to a cash recycling machine (CRM) as and when a bank needs it, eliminating the need for a separate CRM.

• These upgradable machines feature UPI-enabled cash deposits and withdrawals.
• CRM enables customers to make cash deposits and withdrawals in the same machine.

ECONOMY & BUSINESS

NTPC Signs MoU with RINL for Supply of Limestone
NTPC Limited (formerly National Thermal Power Corporation) and Rashtriya Ispat Nigam Limited (RINL) have signed a Memorandum of Understanding (MoU) for the supply of 9 lakh metric tonnes of limestone (lime chips – a by-product of the RINL) for the NTPC units across India for five years.

• Limestone is used as a raw material for the flue-gas desulphurisation system that is being installed at the coal-based thermal plants of the NTPC for the reduction of sulphur dioxide (SO2) emissions.
• The MoU was signed by Surinder Pal Singh Virk, Chief General Manager (corporate centre-fuel management) of NTPC, and Rajat Aich, General Manager (marketing) of RINL.

APPOINTMENTS & RESIGNATIONS

Former Wrestler Narsingh Pancham Yadav Elected Chairman of WFI’s 7-member Athletes’ CommissionFormer Indian Wrestler Narsingh Pancham Yadav was elected Chairman of the 7 member Athletes’ Commission of the Wrestling Federation of India (WFI), the governing body of wrestling in India.
Other Elected Members of Athletes Commission: 
i.Sahil (Delhi)
ii.Smitha AS (Kerala)
iii.Bharti Bhaghei (Uttar Pradesh)
iv.Khushboo S Pawar (Gujarat)
v.Sweta Dubey (West Bengal).
vi.Nikki (Haryana) will be the convener of the Athletes commission.
Election of Athletes Commission:
i.A total of eight candidates contested for the 7 positions in the commission.
ii.The 7 elected members of the commission chose Narsingh Yadav as Chairman of the commission.
iii.The commission members were elected for a term of 2 years.
Background:
i.in August 2023, United World Wrestling, international governing body for Wrestling, suspended the membership of UWW due to lack of elections.
ii.In February 2024, UWW lifted the suspension on the WFI and mandated WFI to conduct elections of its athletes’ commission before 1st July 2024 comprising active or retired athletes of no more than 4 years standing.
About Narsingh Pancham Yadav:
i.He secured the gold medal in the men’s freestyle 74 kg category at the 2010 Commonwealth Games hosted in New Delhi(India).
ii.He won the silver medal in the 74 kg category at the 2011 Commonwealth Championship held in Melbourne, Australia.
iii.He also won the Bronze (74kg category ) in the 2014 Asian Games held in Incheon, South Korea; 2015 UWW Asian Championship held in Doha, Qatar; and 2015 World Wrestling Championship 74kg category in Las Vegas, the United States of America (USA).
iv.In 2012, he was honoured with the Arjuna Award in Wrestling.

ACQUISITIONS & MERGERS

CCI approves Subscription to CCDs of Napino Auto and Electronics by IFC
On 23rd April 2024, the Competition Commission of India (CCI) approved the subscription to Compulsory Convertible Debentures (CCDs) of Napino Auto and Electronics Limited (Napino) by the International Finance Corporation (IFC).
Target – Napino
Acquirer – IFC

• IFC, a member of the World Bank Group, was established in 1956. It helps developing countries achieve sustainable growth by promoting private-sector development.
• Napino manufactures electrical and electronic products primarily for 2-wheeler and a small segment of 3-wheeler and 4-wheeler vehicles.

SCIENCE & TECHNOLOGY

China Launched 3 Member Shenzhou-18 Crew to its Space StationOn 25th April 2024, China launched its Shenzhou-18 spacecraft, also known as the “Divine vessel”, aboard the Long March 2-F rocket with 3 astronauts to its space station “Tiangong space station”.

• Shenzhou-18 was launched from Jiuquan Satellite Launch Center on the edge of the Gobi Desert in northwestern China.
• China Manned Space Agency (CMSA) held the send off ceremony of Shenzhou-18 crew.

About Shenzhou-18:
Crew: 
i.The 3 member crew of  Shenzhou-18 are Mission Commander Ye Guangfu(43), and former fighter pilots Li Cong (34) and Li Guangsu (36).
ii.This marks Ye Guangfu’s 2nd space flight mission. He was a crew member of
Shenzhou-13 mission (October 2021 to April 2022).
Functions: 
i.The crew will utilize the scientific experiment cabinets and extravehicular payloads to carry out more than 90 experiments in the fields of basic physics in microgravity, space material science, space life science, space medicine and space technology,
ii.They will also conduct space experiments and tests in cutting-edge fields such as aerospace medicine, basic physics, material science and life science.
iii.Using zebrafish and goldfish algae, China’s first in-orbit aquatic ecological research project will also be implemented during the mission
Points to note: 
i.The Shenzhou-18 crew will relieve the Shenzhou-17 team and spend approximately six months on the space station.
ii.The Shenzhou-18 crew are scheduled to return to the Dongfeng landing site in north China’s Inner Mongolia Autonomous Region in October 2024.
Additional info: 
i.China built the T-shaped Tiangong space station after being excluded from the International Space Station (ISS) in 2011.
ii.Tiangong space station has been permanently staffed since June 2022.

IMPORTANT DAYS

International Delegate’s Day 2024 – April 25 The United Nations (UN)’s International Delegate’s Day is annually observed across the globe on 25th April to raise awareness about the role of the representatives and delegates of the Member States to the UN.

• 25 April 2024 marks the observance of the 5th International Delegate’s Day.

Background:
i.On 2nd April 2019, the United Nations General Assembly (UNGA) adopted a resolution A/RES/73/286 and proclaimed the 25th April of every year as International Delegate’s Day.
ii.The 1st ever International Delegate’s Day was observed on 25 April 2020.
Why April 25? 
i.The day marks the anniversary of the 1st day of the San Francisco Conference, also known as the UN Conference on International Organisations.
About United Nations (UN):
Secretary-General– António Guterres
Headquarters– New York, USA
Established in– 1945
>> Read Full News

International Chernobyl Disaster Remembrance Day 2024 – April 26The United Nations (UN)’s International Chernobyl Disaster Remembrance Day is annually observed across the globe on 26th April to commemorate the anniversary of the 1986 Chernobyl nuclear disaster.

• The Day aims to remember the victims and survivors of the worst nuclear accident and create awareness about the long term effects of the Chernobyl disaster.

26th April 2024 marks the 38th anniversary of the Chernobyl nuclear disaster, which took place on 26th April 1986.
Background:
i.On 8th December 2016, the United Nations General Assembly (UNGA) adopted the resolution A/RES/71/125 and proclaimed the 26 April of every year as International Chernobyl Disaster Remembrance Day.
ii.The 1st ever International Chernobyl Disaster Remembrance Day was observed on 26th April 2017.
>> Read Full News

World Penguin Day 2024 – April 25World Penguin Day is annually observed across the globe on 25 April to raise awareness about Penguin and promote the preservation of these flightless birds and habitats.

• According to the Antarctic and Southern Ocean Coalition (ASOC), April 25th coincides with the annual northern migration of Adélie penguins living in Antarctica.

Note: ASOC is a global coalition of environmental groups, and the only organisation working full-time on Antarctic and Southern Ocean conservation.
Background:
i.World Penguin Day was established at McMurdo Station, an American research facility on Ross Island, Antarctica where the researchers discovered that the Adélie penguins began their annual migration around 25th April.
ii.Researchers were interested in this migration pattern, which led to the declaration of 25th April of every year World Penguin Day.
ii.In 2020, the Adélie penguin was assessed for the International Union for Conservation of Nature (IUCN) Red List of Threatened Species and is listed as Least Concern.
Related observance:
Every year January 20th is observed as Penguin Awareness Day across the world. The day aims to raise awareness about penguins and their struggle for survival.
Penguins:
i.Penguins are aquatic, flightless birds from the family Spheniscidae living almost exclusively in the southern hemisphere.
ii.There are 18 species in the penguin family, of which 11 are listed by the IUCN Red List as Globally Threatened.
iii.Penguins face threats such as climate change, habitat loss, and overfishing,
Legal Protection:
i.All 18 species of penguins are legally protected from hunting and egg collecting.
ii.The Antarctic Treaty, signed in 1959 and reauthorized in 1991, safeguards Antarctica and its living resources, making it illegal to harm penguins or their eggs.
iii.Collection of penguin specimens requires permits approved by the Scientific Committee for Antarctic Research (SCAR).
iv.The Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES), an international treaty developed in 1973, regulates wildlife trade, including penguins.

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