Current Affairs 3 & 4 March 2024

We are here for you to provide the important Recent and Latest Current Affairs 3 & 4 March 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

Ministry of Defence signs Five Major Capital Acquisition Contracts worth Rs 39,125.39 CroreOn 1st March 2024, the Ministry of Defence (MoD) has signed five major capital acquisition contracts worth Rs 39,125.39 crore in New Delhi, Delhi.

• Out of the five contracts, one was with M/s Hindustan Aeronautics Limited (HAL), two with M/s Larsen & Toubro Limited (L&T) and two with M/s BrahMos Aerospace Private Limited (BAPL).

Key People:
The Contracts were exchanged in the presence of Union Minister, Rajnath Singh, MoD under the guidance of Giridhar Aramane, Defence Secretary, MoD.
Contract With HAL:
i.MoD signed a contract worth Rs 5,249.72 crore with Bengaluru (Karnataka) headquartered HAL for the procurement of Klimov RD-33 Aero Engines for Mikoyan MiG-29 aircraft.
ii.The contract also aims to increase the indigenous content in future Repair and Overhaul (ROH) tasks of RD-33 engines
iii.These aero-engines will be manufactured by the Koraput Division of HAL under a Transfer of Technology (TOT) license from the Russian Original Equipment Manufacturer (OEM).
iv.These Aero Engines will be deployed in the Indian Air Force (IAF) to sustain the operational capability of the MiG-29 fleet for the residual service life.
Contract With L&T:
MoD signed two contracts with Mumbai (Maharashtra) headquartered L&T for procurement of a Close-in Weapon System (CIWS) and High-Power Radar (HPR) system.
CIWS:
i.The contract, worth Rs 7,668.82 crore, aims to increase participation of Indian aerospace, defence and associated industries.
ii.CIWS will offer terminal Air Defence to select locations in India.
HPR:
i.The contract for procurement of HPR is valued at Rs 5,700.13 crore.
ii.HPR is the first-of-its-kind radar to be built by the private sector in India.
iii.It will replace existing long-range radars of lAF and improve IAF’s air defence capabilities.
Contract With BAPL:
MoD signed two contracts with New Delhi (Delhi)-based BAPL for procurement of BrahMos missiles and procurement of Shipborne BrahMos missile system.
i.BrahMos missiles: The contract is valued at Rs 19,518.65 crore. The missiles will be deployed to fulfil the combat and training needs of the Indian Navy (IN).
ii.Shipborne BrahMos missile: At a cost of about Rs 988.07 crore, the contract aims to develop a Shipborne BrahMos missile for IN which is capable of hitting land or sea targets from extended ranges with pinpoint accuracy at supersonic speeds.
About Ministry of Defence (MoD):
Union Minister – Rajnath Singh (Constituency- Lucknow, Uttar Pradesh)
Minister of State (MoS) – Ajay Bhatt (Constituency- Nainital-Udhamsingh Nagar, Uttarakhand)

DPIIT & World Bank jointly organise National Workshop on Logistics Efficiency EnhancementThe Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry(MoCI), has partnered with the World Bank to organise a National Workshop on Logistics Efficiency Enhancement in New Delhi, Delhi.

• The workshop brought together the logistics sector community to discuss and identify factors affecting logistics performance and areas of improvement.

Key People: 
Rajeev S. Thakur, Additional Secretary, DPIIT; E. Srinivas, Joint Secretary, DPIIT; Auguste Tano Kouame, Country Director, World Bank; Mio Oka, Country Director, Asian Development Bank (ADB), were present during the inaugural session of the workshop.
About the workshop:
The national workshop was divided into 3 sessions:
i.Session 1: discussed the approach and methodology adopted in calculating the Logistics Performance Index (LPI) by the World Bank.

• This ensured a better understanding of the methodologies for LPI calculation and its 6 parameters.

ii.Session 2: discussed the corridor approach including Bharatmala and Sagarmala Corridors which enhances the logistics efficiency, brings down logistics costs, and increases first and last-mile connectivity.
iii.Session 3: Officials from various States shared their best practices, reforms, and digital initiatives undertaken to improve logistics efficiency.
iv.The workshop also discussed on databases like E-Way Bill, Fastag, etc. emerging from increased levels of digitisation to ease logistics operations in India
About World Bank:
The World Bank is an international development organization owned by 187 countries.
President– Ajay Banga
Headquarters– Washington, D.C., The United States of America(USA)
Established in 1944

Anant Ambani launched ‘Vantara’ programme for Welfare of Animals
Anant Ambani, Director on the boards of Reliance Industries Limited (RIL) and Reliance Foundation, has launched an umbrella initiative called the ‘Vantara’ (Star of the Forests) programme to rescue, treat, care for, and rehabilitate injured, abused, and threatened animals, in India and abroad.

• The initiative is the first of its kind in India and it aims to construct the world’s largest animal rescue and rehabilitation centre spanning about 3,000 acres within the Green Belt of Reliance’s Jamnagar Refinery Complex in Gujarat.
• Vanatara also aims to protect critically endangered species native to India, restore vital habitats, and address urgent threats to species survival.
• The initiative offers dedicated medical facilities and specialized animal kitchens.

BANKING & FINANCE

RBI revises BBPS Framework to Streamline Bill Payments; Issues Master Direction for Filing of Supervisory ReturnsOn February 29, 2024, Reserve Bank of India (RBI) has revised the regulatory framework for Bharat Bill Payment Systems (BBPS) based on a review of developments in the payments landscape. The revised directions, called as RBI (BBPS) Directions, 2024, will be applicable from 1st April 2024.

• This will streamline the process of bill payments, enable greater participation, and enhance customer protection among other changes.

The master direction of RBI (BBPS) directions 2024 was issued under Section 18 read with Section 10(2) of the Payment and Settlement Systems (PSS) Act, 2007 (Act 51 of 2007).
i.The RBI (Filing of Supervisory Returns) Directions 2024 were issued to reduce the compliance burden of banks and non-banks on issues related to filing supervisory returns and risk mitigation. These directions are single reference for all Supervisory Returns.
ii.As per the RBI’s Quarterly House Price Index (HPI) for Q3FY24, all-India HPI increased by 3.8% (Year-on-Year/Y-o-Y) in Q3FY24 compared to 3.5% growth in Q2FY24 and 2.8% in Q3FY23.
About Reserve Bank of India (RBI):
Governor – Shaktikanta Das
Deputy Governors – Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Establishment– 1st April 1935
Headquarters– Mumbai, Maharashtra
>> Read Full News

RBI Updates Framework for Fintech Sandbox to Streamline the ProcessOn 28th February 2024, the Reserve Bank of India (RBI) has updated its “Enabling Framework for Regulatory Sandbox” to streamline the process for fintech companies.

• This update reflects the learnings gathered from running four cohorts over the past 4.5 years along with feedback from participants like fintech companies, banking partners and other stakeholders.

Key Changes:
i.Extended timelines: RBI has extended the overall timeline for the Regulatory Sandbox (RS) process from 7 months to 9 months, excluding the preliminary screening period.
ii.Data protection compliance: The updated framework mandates compliance with the Digital Personal Data Protection Act, 2023.

• Sandbox entities must implement appropriate technical and organizational measures to ensure effective compliance with the data protection rules.

iii.Partnership arrangements: Fintech companies can now include “in-principle partnership arrangements, if any, with various stakeholders” in their initial application for the sandbox program.
iv.Test design and integration: RBI has introduced an additional phase called “formulation of test design and integration” in the regulatory sandbox process.

• RBI’s fintech department will finalize the test design and identify metrics (within 45 days) for evaluating benefits and risks during this phase.

v.User Consent: The updated framework mandates that user consent must be sought in a “language understood by the customer”. Previously, the framework required participants to obtain consent in a “local language”.
vi.Theme neutral cohorts: New RS framework allows for “theme neutral cohorts”. This means that entities can apply to test any innovative product, service or technology, cutting across various functions in the RBI’s regulatory domain.
vii.Already Tested under RS: In case a proposed product or service is similar to one already tested under RS and no new innovation is envisaged, the same may not be considered eligible under RS.
What is RS?
i.The RS was established on August 13, 2019 based on the recommendations of the Working Group on FinTech and Digital Banking, set up by Financial Stability and Development Council – Sub Committee (FSDC-SC).
ii.It refers to the live testing of new products or services in a controlled/test regulatory environment. Through this, field tests are conducted on the advantages and drawbacks of the new financial innovations.
Additional Info:
i.RBI first set up an inter-regulatory working group to review the regulatory framework for the fintech sector in 2016.
ii.In 2019, RBI unveiled the ‘Enabling Framework for Regulatory Sandbox’.
About Reserve Bank of India (RBI):
Governor – Shaktikanta Das
Headquarters – Mumbai, Maharashtra
Established in – 1935

NIPL & Eurobank S.A. Signed MoU to Offer Foreign Inward Remittances Using UPINPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI) signed a Memorandum of Understanding (MoU) with Greece-based Eurobank S.A., to transform cross-border payments using the Unified Payments Interface (UPI) platform.

• This initiative will place Greece as one of the 1st European countries to facilitate UPI remittances, empowering the Indian diaspora in Greece to undertake efficient remittances to India.

Objective: To revolutionalise the process of international money transfers, with a focus on streamlining remittances from Greece to India.
Signatories: Ritesh Shukla, Chief Executive Officer (CEO) of NIPL, and Fokion Karavias, CEO of Eurobank, signed the MoU at the Embassy of Greece in New Delhi, Delhi.
Functional Aspects of the Alliance:
i.Through this MoU, both parties shall serve as points of contact for enabling Foreign Inward Remittance transactions from Greece to India.
ii.Responsibilities include fund settlement, reconciliation, and dispute resolutions in their respective jurisdictions.
About the MoU:
i.This alliance is a milestone in expanding Indian payment technologies globally, emphasizing the versatility and strength of UPI.
ii.Eurobank aims to become the bank of choice for Indian businesses in Greece or Cyprus, acting as an entry point for their EU franchise.
iii.The alliance emphasises a commitment to innovation and customer-centric solutions., aiming to set new standards for international payment systems, and strengthening a vision for a connected and financially inclusive world.
About NPCI International Payments Limited (NIPL):
NIPL is devoted to the deployment of RuPay (domestic card scheme) and UPI (mobile payment solution) outside of India.
CEO– Ritesh Shukla
Incorporated on April 3, 2020
Headquarters- Mumbai, Maharashtra

Kotak Mahindra Bank launched the ‘Smart Choice Gold Loan’
Kotak Mahindra Bank Limited (KMBL) launched the ‘Smart Choice Gold Loan’ with a simpler application & disbursal process which aims to offer consumers the maximum value and flexibility to meet their credit needs

• The monthly interest rate of the loan is as low as 0.88%.
• The loan comes with other features like zero processing fee, same-day disbursement, flexible repayment options, and minimal documentation.
• These loans also serve as an easy and reliable financial tool to bridge the gap between aspirations and reality.

ECONOMY & BUSINESS

GDP growth in FY24 likely to be within striking distance of 8%: SBI reportOn March 1, 2024, according to the ‘Ecowrap‘ report by the State Bank of India (SBI), the GDP growth for Financial Year 2023-24 (FY24)is likely to be within striking distance of 8%.

• Indian Economy grew 8.4% in Q3FY24.
• The buoyancy in indirect tax mop-up (32 per cent year-on-year growth), gap between Gross Domestic Product (GDP) and Gross Value Added (GVA) growth widened.

Key Points:
i.Manufacturing and Services sectors showed strong growth due to a low base from the previous period.
ii.Industry, Manufacturing, Electricity, Gas, Water Supply & Other Utility services, and construction sectors propelled growth, with Industry at 10.4% and Manufacturing at 11.6%.
iii.Services also saw significant growth, surpassing 7%.
iv.However, Agriculture declined by -0.8% in Q3 due to uncontrollable factors.
v.Annually, there was a substantial deceleration in GDP deflator from 6.8% in FY23 to 1.4% in FY24.
vi.In Q3, GDP deflator increased mildly to 1.7% from 1.5% in Q2 FY24.

APPOINTMENTS & RESIGNATIONS

RBI Approves Appointment of S Ravindran as Part-time Chairman of TMBThe Reserve Bank of India (RBI) approved the appointment of S Ravindran  as the part-time Chairman of Tamilnad Mercantile Bank Ltd. (TMB) with effect from 29th February 2024 till 2nd August 2026.

• He is currently serving as an Independent Director of TMB.
• He is also serving as the Independent Director on the boards of the National Stock Exchange of India Ltd (NSE India); LTIDPL Invit Services; Shriram Finance Ltd; and Bandhan AMC Ltd.

Conditions of Approval:
The approval comes with the condition that Ravindran must step down from his Directorships in Shriram Finance Ltd and Bandhan AMC Ltd before assuming charge as the Part-time Chairman of TMB.
Points to note:
i.The post of non-executive part-time Chairman of TMB has been vacant since 2nd February 2020, following the departure of S. Annamalai who held the post from February 2017 to February 2020.
ii.On August 20, 2022, TMB recommended B. Vijayadurai for the Post of Chairman but was declined by RBI on September 19, 2022.
About Ravindran Shunmugakani:
i.Initially, he worked as an Internal Auditor and functioned as Chief Financial Officer (CFO) of subsidiary companies of Shaw Wallace and Sesa Goa.
ii.He was an advisor to the Central Bank of Bahrain on deputation from the Securities and Exchange Board of India (SEBI) from January 2005 to January 2010.
iii.He also served in various roles as Chief General Manager (CGM), General Manager (GM), and Deputy General Manager (DGM) at SEBI from March 1993 to January 2005.
iv.He also served as the Executive Director of SEBI from August 2011 to May 2022.
v.In 2023, he was appointed as an Additional Director in the category of Non-Executive Independent Director of TMB for 3 years up to 2026.
About Tamilnad Mercantile Bank Ltd. (TMB):
TMB was established as The Nadar Bank Ltd in 1921 and was renamed as “Tamilnad Mercantile Bank Ltd” pm 26th November 1962.
The bank became a Scheduled Bank under the RBI Act on 11 May 1935
MD & CEO– S Krishnan
Headquarters– Thoothukudi, Tamil Nadu
Tagline– Be a step ahead of Life

SCIENCE & TECHNOLOGY

Russia Launches Iran’s ‘Pars 1’ Research Satellite into SpaceRussia launched Pars 1, an Iranian research-sensing and imaging satellite by its Soyuz-2.1b rocket from the Vostochny Cosmodrome launch base of Russia (some 8,000 kilometers(km) east of Moscow) into an orbit 500 km above Earth.

• Pars 1 will scan Iran’s topography and carry a 15-meter camera, enabling it to send high-resolution images of surface locations from its orbit.
•  Pars-1 marks the 12th satellite launched under the current administration of President Ebrahim Raisi, which took office in August 2021.

Note: The Russian rocket also carried a Russian weather satellite and 17 Russian small satellites.
Primary Mission Objectives:
Pars-1 is designed to fulfill several critical missions, which includes,
i.Practical imaging for diverse applications.
ii.Developing the market for domestic remote sensing data.
iii.Testing technologies for future operational satellites.
About Pars-1:
i.The Pars-1 Satellite was indigenously developed by the Iranian Space Research Institute.It is designed for remote sensing and testing future satellite technologies.
ii.The Satellite, weighing 134 kilograms, is equipped with 3 cameras for capturing Earth images in visible, short-wave infrared (IR), and thermal IR ranges.
iii.The satellite can covers 95% of Iran’s territory in less than 100 days and the whole country in less than 45 days with night-vision capabilities.
Cutting-Edge Technology:
i.The satellite utilizes a transmitter operating in the X-band telecommunication spectrum at a rate of Mbps, facilitating high-speed data transmission.
ii.The Pars 1 marks the inaugural use of the X-band link, a leap forward in enhancing data transmission speeds from satellite to Earth.
Ground Station Efficiency:
Equipped ground stations efficiently receive satellite images, optimising the functionality of the Pars 1 mission.

ENVIRONMENT

Melanochlamys Droupadi: A New Species of Head-Shield Sea Slug Discovered in Odisha and West BengalResearchers from the Zoological Survey of India (ZSI) have identified a new species of head-shield sea slug ‘Melanochlamys Droupadi’ along the coasts of Odisha and West Bengal.

• The species is named after Droupadi Murmu, the 15th President of India.
•  The discovery was published in the online edition of the molluscan journal ‘Mollusca Research’.

About Melanochlamys Droupadi:
i.The new species belongs to the Melanochlamys genus.
ii.The proposed common name of the new species is Droupadi’s head-shield sea slug.
iii.Melanochlamys Droupadi was found in the Bay of Bengal along the coastlines of Udaipur (Odisha) and Digha (West Bengal).
iv.This brownish-black (with a ruby red spot) invertebrate can grow up to 7 millimetres.
v.The species possesses a shell within its body and it is hermaphroditic (has both male and female reproductive organs) in nature.
vi.It has a posterior, accounting for 61% of its body length.
vii.This is also the second Melanochlamys species discovered in India.

• The first species was Melanochlamys Bengalensis which was discovered in 2022.

Additional Info:
i.Sea slugs are marine invertebrates belonging to the phylum Mollusca which includes squid, snails, and clams.
ii.These sea slugs are active marauders and rapid hunters, feeding on small animals.
iii.They can be found from the shallow intertidal to the deep sea and from the polar regions to the tropics.

SPORTS

Puneri Paltan Defeats Haryana Steelers to Win Pro Kabaddi League Season 10
Puneri Paltan won the Pro Kabaddi League (PKL) Season 10 by defeating the Haryana Steelers in the finals held at the GMC Balayogi Stadium in Gachibowli, Hyderabad, Telangana.

• It marks Puneri Paltan’s first-ever PKL title win since its first edition in 2014.
• The title winner, Puneri Paltan, was awarded prize money of Rs 3 crore, and runner-up Haryana Steelers was awarded Rs 1.8 crore.
• PKL 10, featuring 12 teams, was held from 26 February to 1 March 2024.

Awards:
Best Raider of the Season: Ashu Malik (Dabang Delhi K.C.) – Rs 15 Lakhs
Best Defender of the Season: Mohammadreza Chiyaneh Shadloui (Puneri Paltan) – Rs 15 Lakhs
New Young Player of the Season: Yogesh Dahiya (Dabang Delhi K.C.) – Rs 8 Lakhs
Most Valuable Player of the Season: Aslam Inamdar (Puneri Paltan)- Rs 20 Lakhs
Game Changer of the Final: Gaurav Khatri (Puneri Paltan)- Rs 50,000
Moment of the Final: Pankaj Mohite (Puneri Paltan)- Rs 50,000

OBITUARY

Eminent Archaeologist & Padma Shri Awardee Arun Kumar Sharma Passed AwayRenowned Archaeologist and Padma Shri awardee, Arun Kumar Sharma, passed away at the age of 91 in Raipur, Chhattisgarh. He was born on 12 November 1933, in Mohandi village near Chandkhuri in Chhattisgarh.
Awards:
The government of India honoured him with Padma Shri (Others category) in 2017.
About Arun Kumar Sharma:
i.Arun Kumar Sharma joined the Archaeological Survey of India (ASI),  in 1959.
ii.He served in ASI for 33 years, and retired as Superintendent Archaeologist at ASI Nagpur, Maharashtra in 1992.
iii.He served as the Archaeological advisor to the Chhattisgarh government from 2004 to 2018.
iv.After his retirement, he assisted ASI in excavation at archaeological sites Sirpur (Chhattisgarh) and Mansar (Maharashtra).
v.He also served as General Secretary of an All-India Association of Archaeologists and also published 35 books on archaeology.

BOOKS & AUTHORS

Odisha CM Naveen Patnaik Releases Coffee Table Book Titled ‘FIH Odisha Hockey Men’s World Cup 2023’
Odisha Chief Minister Naveen Patnaik released a coffee table book titled ‘FIH Odisha Hockey Men’s World Cup 2023’ published by Sportstar, the sports magazine of The Hindu Group.

• The 252-page book captured every on-field and off-field moment of the 15th edition of the (Fédération Internationale de Hockey, or International Hockey Federation) FIH Odisha Hockey Men’s World Cup 2023, which was held from 13th to 29th January 2023 in Bhubaneswar & Rourkela, Odisha.
• The book also showcases the hockey World Cup’s sporting actions, cultural extravaganza, and spectators’ excitement.

Note:
Germany won the FIH Odisha Hockey Men’s World Cup 2023 by defeating Belgium in the finals held in Kalinga Stadium in Bhubaneswar, Odisha.

IMPORTANT DAYS

World Seagrass Day 2024 – March 1 The United Nations (UN)’s World Seagrass Day is annually observed across the globe on 1 March to raise awareness of the significance of seagrasses, emphasising their fundamental role in marine biodiversity, their threats, and their contributions to sustainable development and climate change mitigation and adaptation.

• 1 March 2024 marks the observance of the 2nd World Seagrass Day.

Seagrasses are marine flowering plants (angiosperms) that grow submerged in shallow marine waters.
Background:
i.On 23 May 2022, the UN General Assembly (UNGA) adopted the resolution A/RES/76/265 and proclaimed the 1st March of every year as World Seagrass Day.
ii.UNGA also invited the UN Environment Programme (UNEP) to facilitate the observance of the Day.
iii.The first ever World Seagrass Day was observed on 1st March 2023.
>> Read Full News

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