Current Affairs 28 & 29 April 2024

We are here for you to provide the important Recent and Latest Current Affairs 28 & 29 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.

Our Current Affairs April 2024 events will help you to get more marks in Banking, Insurance, SSC, Railways, UPSC, CLAT and all State Government Exams. Also, try our Latest Current Affairs Quiz and Monthly Current Affairs 2024 PDF which will be a pedestrian to crack your exams.

Read Current Affairs in CareersCloud APP, Course Name – Learn Current Affairs – Free Course – Click Here to Download the APP

We are Hiring – Subject Matter Expert | CA Video Creator | Content Developers(Pondicherry)

Click here for Current Affairs 27 April 2024

Click here for Affairscloud Hindu Free Vocabs telegram channel

NATIONAL AFFAIRS

IREDA & HUDCO granted ‘Navratna status’ by Department Of Public EnterprisesThe Department of Public Enterprises (DPE), Ministry of Finance has granted Navratna status to Indian Renewable Energy Development Agency Ltd (IREDA).

• The Department of Public Enterprises (DPE) has also granted the Navratna Status to Housing and Urban Development Corporation Limited (HUDCO).

Key Points:
i.IREDA’s net profit rose by 32% year-on-year to Rs 337 crore, remaining steady quarter-on-quarter.
ii.Assets under management (AUM) grew by 26.8% year-on-year to Rs 59,698 crore
iii.IREDA, a government-owned entity with 75% government stake.

• Established in March 1987, it is a ‘miniratna’ public limited company under the Ministry of New and Renewable Energy.
• It functions as a Non-Banking Financial Institution (NBFC), providing financial assistance for renewable energy and energy efficiency projects.

iv.HUDCO is a Public Sector Company, under the Ministry of Housing and Urban Affairs (MoHUA).
What is a Navratna Status?
Navratna status is granted by the Indian government to top-tier Public Sector Undertakings (PSUs), allowing them to make investments up to Rs 1,000 crore without central approval. These companies can invest up to 30% of their net worth annually, provided it remains under Rs 1,000 crore, and can participate in joint ventures, alliances, and establish foreign subsidiaries.

• To qualify for navratna status, a company must already hold miniratna category I status and be listed under Schedule A of Central Public Sector Enterprises (CPSEs).

List of Navratna Companies in India:

1. Engineers India Ltd (EIL)
2. Container Corporation of India Ltd (CONCOR)
3. Bharat Electronics Ltd (BEL)
4. Hindustan Aeronautics Ltd (HAL)
5. Neyveli Lignite Corporation Ltd (NLC India)
6. Rashtriya Ispat Nigam Ltd (RINL)
7. Rashtriya Chemicals & Fertilisers Ltd (RCF)
8. Mahanagar Telephone Nigam Ltd (MTNL)
9. National Buildings Construction Corporation Ltd (NBCC)
10. National Aluminium Company Ltd (NALCO)
11. National Mineral Development Corporation Ltd (NMDC)
12. Rail Vikas Nigam Ltd (RVNL)
13. Shipping Corporation of India Ltd (SCI)
14. ONGC Videsh Ltd (OVL)
15. RITES Ltd
16. IRCON International Ltd
17. Indian Renewable Energy Development Agency Ltd (IREDA)
18. National Fertilizers Limited(NFL)
19. Housing and Urban Development Corporation Limited (HUDCO)

More than 27% of identified Glacial Lakes in Himalayas Expanded since 1984: ISROThe Indian Space Research Organisation (ISRO)’s long-term satellite imagery covering the catchments of Indian Himalayan river basins from 1984 to 2023 shows that more than 27% of the identified glacial lakes in the Himalayas have expanded since 1984.

• Among the 2,431 lakes larger than 10 hectares identified during 2016-17, around 676 glacial lakes have notably expanded since 1984.

Points to note:
i.Out of these 676 lakes, 601 have expanded more than twice; 10 lakes have grown between 1.5 to 2 times and 65 lakes have expanded 1.5 times.

• 130 of these lakes are located within India, with 65 in Indus river basins, 7 in Ganga river basin and 58 in Brahmaputra river basin.

ii.Elevation-based analysis shows that 314 lakes are in the 4,000 to 5,000 meters (m) elevation range, while 296 lakes are above 5,000 m.
iii.Based on their formation process, the glacier lakes are classified into 4 categories.

• Moraine-dammed (water dammed by moraine)
• Ice-dammed (water dammed by ice)
• Erosion (water dammed in depressions formed by erosion)
• other glacial lakes

Around 307 of the expanding lakes are Moraine-dammed followed by Erosion (265), other (96), and Ice-dammed (8) glacial lakes.
iv.Case Study: Ghepang Ghat glacial lake (Indus River Basin) at an elevation of 4,068 m in Himachal Pradesh, increased by 178% in size (from 36.49 to 101.30 hectares) between 1989 and 2022. The annual growth rate is about 1.96 hectares.
Significance of Glacier Lakes:
i.The water bodies formed by the melting of glaciers are known as glacial lakes. They serve as vital freshwater sources for Himalayan rivers.
ii.They also pose as a significant risks like Glacial Lake Outburst Floods (GLOFs) which occurs when glacial lakes release large volumes of meltwater due to the failure of natural dams.
Additional info:
The satellite derived analyses provides insights for better understanding about the glacial lake dynamics which are required for
i.assessing environmental impacts and developing strategies for GLOF risk management
ii.Climate change adaptation in glacial environments

INTERNATIONAL AFFAIRS

Indian Navy Participates in Maritime Partnership Exercise with UK’s Littoral GroupIndian Navy’s indigenous stealth frigate, Indian Naval Ship(INS) Sahyadri participated in Maritime Partnership Exercise with the United Kingdom(UK) Littoral Response Group South(LRGS) comprising British Royal Navy’s Royal Fleet Auxiliary(RFA) Argus and RFA Lyme Bay at Sea.
Aim: To improve interoperability and strengthen maritime cooperation between India and U.K.
About the Exercise:
i.The exercise included Tactical manoeuvres, Boarding operations, Surface engagement against simulated asymmetric threats, Cross-deck visits and Cross-deck helicopter operations.
ii.The exercise offered various opportunities to the Navies of India and U.K. to share best practices.
iii.Through this exercise, both the navies benefited from each others experience and  expertise.
iv.This reflects Indian Navy’s commitment to strengthening maritime partnership and promoting regional stabilities.
About INS Sahyadri:
i.It is the 3rd ship of indigenously designed and built Project-17 class multirole stealth frigates.
ii.It was built at Mazagon Dock Limited at Mumbai , Maharashtra.
iii.It was officially commissioned in Indian Navy on 21st July, 2012 into Eastern Naval Command, Vishakapatnam.
iv.At present, there are 3 Stealth Frigates under Project-17 class series namely: INS Shivalik, INS Sahyadri and INS Satpura.
About Indian Navy:
Chief of Naval Staff- Radhakrishnan Hari Kumar
Headquarter- New Delhi, Delhi

BANKING & FINANCE

RBI lays out Framework for Voluntary Transition of Small Finance Banks(SFBs) to Universal Banks(UBs)On 26th April 2024, Reserve Bank of India (RBI) laid out a framework in the form of eligibility conditions for the voluntary transition of Small Finance Banks(SFBs) to Universal Banks(UBs).
RBI laid down some conditions for conversion of SFBs into UBs like these SFBs must have minimum paid-up capital of Rs1000 crore, satisfactory track record of performance for minimum 5 years etc.
Background:

• These conditions are in reference of “Guidelines for ‘on-tap’ Licensing of Small Finance Banks in Private Sector” issued on 5th December, 2019. These guidelines provide a transition path for SFBs to convert into UBs.

About Small Finance Banks(SFBs):
SFBs are financial institutions that will provide financial services to the unserved and unbanked region of the country. They are established under the Companies Act, 2013 and governed by the provisions of RBI Act, 1934 and Banking Regulation Act, 1949.
>> Read Full News

SEBI allows AIFs to Pledge Equity Shares of Investee Companies in Infrastructure SectorSecurities and Exchange Board of India (SEBI) has notified a framework for Category I and Category II Alternative Investment Funds (AIFs) in the infrastructure sector to raise debt by pledging the equity of their investee companies.

• In this regards, SEBI  (AIF) Regulations, 2012 has been amended and notified SEBI (AIF) (second amendment) Regulations, 2024.
• The notification was issued in exercise powers conferred under Section 11(1) of the SEBI Act 1992.

Sebi Notified BSE to Pay Regulatory Fee on Options Contract
SEBI has notified BSE (formerly Bombay Stock Exchange) to pay regulatory fees based on notional value rather than premium value for options contracts.

• SEBI has instructed BSE to pay a differential regulatory fee for the past periods with applicable interest of 15% per annum on the amount remaining unpaid or belatedly paid or short paid for every month of delay.

About Securities and Exchange Board of India (SEBI):
SEBI is the regulatory authority for the capital market. It was established as a statutory body in 1992.
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra
>> Read Full News

ADB Pledged USD23.6 billion in 2023 to Help Asia and Pacific Progress on Sustainable DevelopmentAsian Development Bank(ADB) pledged USD 23.6 billion from its own resources in 2023 which also include USD 9.8 billion for climate action, to help Asia and Pacific progress on sustainable development.

• The amount is raised through loans, grants, equity investments, guarantees and technical support provided to governments and private sector.
• ADB also raised an additional USD16.4 billion in co-financing through its strong partnerships.

Key Points:
i.These figures are among the financial and operational results published by ADB in its Annual Report 2023 on 25th April, 2024.
ii.The report highlighted the steps taken by ADB which helped its Developing Member Countries (DMCs) to address the certain challenges such as climate crisis, impacts of conflicts, food security and increased debt burden, among others.
iii.The investments made by ADB in adaptation and mitigation focused mainly on climate-resilient agriculture, renewable energy and low-carbon transport.
iv.The report recognised the work done by ADB in addressing gender inequality. Most of its operations in 2023 were focused on mitigating the disproportionate gender impacts of climate change.
Background:
ADB launched a Nature Solutions Finance Hub for Asia and Pacific in December 2023 at 28th Conference of Parties United Nations Framework Convention on Climate Change(UNFCCC)(COP28) held in Dubai, The United Arab Emirates(UAE).
i.It aims to attract USD2 billion into investment programs that include Nature –based solutions.
ii.Through this hub, ADB aims to provide USD100 billion in climate financing from its own resources from 2019 to2030.
About Asian Development Bank(ADB):
President: Masatsugu Asakawa(Japan)
Headquarters: Mandaluyong City, Manila, The Philippines
Members Nations: 68(49 members nations are from Asia-Pacific region)
Established: 1966

HDFC Life Enters into a Corporate Agency Tie-Up with Peerless Financial Products Distribution Ltd.
HDFC Life, one of India’s leading insurers, and Peerless Financial Products Distribution Ltd. (PFPDL) join hands in a corporate agency tie-up. This partnership would enable PFPDL to distribute HDFC Life’s life insurance products to its customers.

• Through this tie-up, PFPDL would offer financial protection to its customers and provide both digital and physical platforms for customer convenience.
• The partnership aims to strengthen HDFC Life’s presence in eastern India.
• The tie-up would further bolster the reach of HDFC Life in Tier 2 and Tier 3 cities across the 42 locations of PFPDL.

Note:
i.PFPDL, a subsidiary of the Peerless General Finance & Investment Co. Ltd (PGFI) is one of India’s oldest and biggest Non-Banking Financial Companies (NBFCs) in East India.
ii.HDFC Life has secured over 66 million lives with an overall claim settlement ratio of 99.7% in FY 2024.

Ericsson India & IIT Kanpur’s F.I.R.S.T. Partners to Boost Mobile Fintech Innovation
Ericsson India and the Foundation for Innovation & Research in Science & Technology (F.I.R.S.T) at the Indian Institute of Technology (IIT) Kanpur, Uttar Pradesh(UP) have signed a 2-year partnership to boost innovation in Mobile Financial Services (MFS) and Fintech solutions.

• This aims to leverage Ericsson’s global expertise and F.I.R.S.T’s innovation ecosystem to create groundbreaking solutions.

i.IIT Kanpur’s F.I.R.S.T. provides a platform for start-ups by aspiring entrepreneurs and intrapreneurs to convert their innovative ideas into commercially profitable products. It also provides services related to patenting and commercialization.
ii.Ericsson’s wallet platform supports over 400 million registered mobile wallets, processing 2.8 billion transactions valued at over USD 40 billion monthly.

APPOINTMENTS & RESIGNATIONS

Former Indian Cricketer Yuvraj Singh Named ICC Men’s T20 World Cup 2024 AmbassadorInternational Cricket Council (ICC) has named former Indian Cricketer Yuvraj Singh as the ambassador of the ICC Men’s Twenty20 International (T20I) World Cup 2024 which is set to be hosted by the United States of America(USA) and the West Indies from 1st to 29th June 2024.

• Yuvraj Singh joins West Indies cricketer Chris Gayle, and Jamaican Athlete Usain Bolt (8-time Olympic Gold Medallist) as the first ambassadors of the 2024 T20 World Cup.

Sana Mir, Former Pakistan women’s cricketer, has been named the ambassador of the ICC Women’s T20 World Cup Qualifier 2024, being held in Abu Dhabi, the United Arab Emirates(UAE) from 25th April to 7th May 2024.
About International Cricket Council(ICC):
Chairman– Greg Barclay
Headquarters– Dubai, United Arab Emirates(UAE)
>> Read Full News

ACQUISITIONS & MERGERS

ATC Telecom Infrastructure Sells Entire 2.87% Stake in Vodafone Idea for Rs 1,840 CrATC Telecom Infrastructure Pvt Ltd sold its entire 2.87% stake in telecom operator Vodafone Idea Limited (Vi) for Rs. 1,840 crore through an open market transaction.
Key Points:
i.The shares were disposed at an average price of Rs 12.78 per share, totaling 144 crore shares.
ii.ATC Telecom Infrastructure is one of the largest infrastructure service providers for Vi.
iii.In March 2024, ATC converted Vi’s debentures into equity.
Buyers of Vi Shares:
i.Citigroup Global Markets Mauritius acquired over 49.12 crore shares, constituting a 0.98% stake in Vi, at an average price of Rs 12.70, amounting to Rs 623.88 crore.
ii.Subsequently, Citigroup Global Markets Mauritius offloaded 98.74 lakh shares of Vi at an average price of Rs 13.47, totaling Rs 13.30 crore.
Other buyers of the shares could not be ascertained.
Vi’s Follow-On Public Offer (FPO):
i.Vi raised Rs 18,000 crore through an FPO, subscribed 6.36 times, with strong global institutional investor demand.
ii.Vi priced the issue at Rs 10-11 a share, a 26% discount to the recent preferential issue price.
Additional info:  In January 2024, Canada’s Brookfield acquired ATC’s India unit in a USD 2.5 billion all-cash deal. The acquisition is set to close in the second half of 2024.
Note: ATC India is one of the leading independent Passive Telecom Infrastructure Providers in India and is an indirectly held subsidiary of American Tower Corporation(ATC).

ENVIRONMENT

Rare Butterfly Species ‘Neptis philyra’ Discovered in Arunachal Pradesh
A group of butterfly enthusiasts from Assam and other states discovered a rare butterfly species named Neptis philyra, also known as a long-streak sailor, at Tale Valley Wildlife Sanctuary, Arunachal Pradesh. The species was documented for the 1st time in India, representing a new record for India.
Features:
i.The species has serrated wings with rich brownish-black on the upper side and yellow-brown on the underside.
ii.The fore wing features a white cell streak forming a “hockey stick” marking, accompanied by spots in space.
iii.The newly discovered species has been formally published in the journal “Tropical Lepidoptera Research”.

• Neptis (Sailers) is an Old World genus of more than 160 recognised species, widely distributed across Africa to Australasia. It belongs to the family Nymphalidae.
• Neptis philyra was first described by M. Ménétriés in 1859 from the Amur region, Russia (Ménétriés, 1859).
• This species has been found across East Asia, including eastern Siberia, Korea, Japan, Taiwan, Central and Southeast China, etc.

Note: In Greek mythology, Philyra was a nymph who was the daughter of Oceanus and Tethys.

BOOKS & AUTHORS

Former Australian cricketer Shane Watson launches a new book, ‘The Winner’s Mindset’
Former Australian cricketer Shane Robert Watson launched his new book titled ‘The Winner’s Mindset’, published by HarperCollins Publishers.

• In this self-help book, he shares his mental journey, the lessons he has learned during his career, and the lessons that he is now passing on to the next generation as a highly sought-after coach.

About Shane Robert Watson :
i.He scored 10,950 runs and took 291 wickets for Australia across formats between 2002 and 2016. He retired from all forms of cricket in 2020.
ii.He was also part of the Australian team that won the International Cricket Council (ICC) Men’s One Day International (ODI) Cricket World in 2007 and 2015.

IMPORTANT DAYS

World Intellectual Property Day 2024 – April 26  World Intellectual Property Day (World IP Day) is annually observed across the globe on 26 April to raise awareness and understanding of intellectual property (IP) and the significance of IP in fostering innovation and creativity globally.
The day also marks the anniversary of the establishment of World Intellectual Property Organization (WIPO).

• The theme of World IP Day 2024 is, “IP and the SDGs: building our common future with innovation and creativity“.

Background:
i.In 2000, WIPO’s member states designated April 26 of every year as World IP Day, to increase general awareness and understanding of IP.
ii.The 1st ever World IP Day was observed on 26 April 2001.
Why April 26?
i.26 April marks the day on which the WIPO Convention came into force in 1970.
About World Intellectual Property Organisation (WIPO):
Director General– Daren Tang (Singapore)
Headquarters– Geneva, Switzerland
>> Read Full News

World Veterinary Day 2024 – April 27World Veterinary Day (WVD) is annually observed across the globe on the last Saturday of April to raise awareness about veterinarians and recognise and celebrate the contributions of veterinarians to the health of animals, welfare, people, and the environment

• World Veterinary Day 2024 is observed on 27th April 2024.
• The annual observance of WVD is led by the World Veterinary Association (WVA), a federation of veterinary associations.
• The theme of World Veterinary Day 2024 is “Veterinarians are essential health workers“.

Background:
i.The World Veterinary Association (WVA) established the WVD in 2000 to be celebrated annually on the last Saturday of April.
ii.The first ever WVD by WVA was celebrated on 29th April 2000.
About World Veterinary Association (WVA):
President– Dr. Rafael Laguens
Headquarters– Brussels, Belgium
>> Read Full News

Manipur observes 133rd Khongjom Day –  23 April 2024Khongjom Day is annually observed in Manipur on 23 April to pay homage to the martyrs of the 1891 Anglo-Manipur War, the last battle fought between the erstwhile Kingdom of Manipur and the British Empire.

• The Anglo-Manipuri War of 1891 was a significant armed conflict lasting from March 31 to April 27, 1891.

23 April 2024 marks the 133rd observance of Khongjom Day.
Note: Khongjom is a village in Manipur.
Cause of Conflict:
i.Manipuri people resisted British interference in internal affairs, sparking the conflict.
ii.The attempted arrest of Crown Prince Jubaraj Tikendrajit at Kangla on March 24, 1891, escalated conflicts.
Escalation and British Actions:
i.The British Army fired the first shot at Kangla, attacked the palace of Manipur, and killed many innocent Manipuris.
ii.Subsequently, those British officials were murdered leading to the declaration of war on 31st March 1891 against Manipur.
The Battle of Khongjom:
i.The war erupted when Manipuri soldiers resisted British forces marching from Tamu (present-day on the border between Manipur and Myanmar).
ii.400 Manipuri sepoys, led by commander Paona Brajabasi and others, resisted British advances at the Manipur valley at Khongjom.

• The hero of the battle, Major Paona Brajabashi, who died in the battle is being honoured by the Manipuris as the epitome of patriotism and bravery.

Other Gallant Fighters
Others who fought gallantly in the battle were Major Chongtham Mia, Chinglen Sana, Khumbong Major, Loitongba Jamadar, Keisa Jamadar, Heirang Kongja, and many more.
Khongjom War Memorial Complex:
i.It is located at Khongjom in the Thoubal district of Manipur.
ii.The memorial was built as a tribute to the brave Manipuri soldiers who fought in the Anglo-Manipuri War of 1891.
State Observance:
i.On 23 April 2024, Manipur observed Khongjom Day at the Khongjom War Memorial Complex, Khebaching in Khongjom Thoubal district.
ii.The observance was attended by the Governor of Manipur Anusuiya Uikey and the Chief Minister (CM) of Manipur N Biren Singh as the Chief Guest.

*******

List of Less Important News – Click Here

Current Affairs Today (AffairsCloud Today)