Current Affairs 3 May 2024

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BANKING & FINANCE

Credit Card Spends Rise 27% to Rs 18.26Tn in FY24: RBI DataAccording to the latest data from the Reserve Bank of India (RBI), credit card spending surged by 27% year-on-year (Y-o-Y) to Rs 18.26 trillion in financial year 2023-24 (FY24) from nearly Rs 14 trillion in FY23.
Key Points:
i.In March 2024, credit card spending rose by nearly 10.07% to Rs 1.64 trillion from Rs 1.49 trillion in February 2024, attributed to financial year closures and festival sales during March.
ii.During FY24, the top four credit card issuer’s in India: HDFC Bank, SBI Card, ICICI Bank and Axis Bank, experienced a decrease in their market share, dropping to 71.98% in March 2024 from 74.79% in March 2023.
iii.HDFC Bank led in credit card transactions with Rs 43,471.29 crore in March 2024, 8.57% higher than Rs 40,288.51 crore in February 2024.
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 Updated Guidance Note on Operational Risk Management to Extend it to NBFCOn 30th April 2024, The Reserve Bank of India (RBI) issued the updated “Guidance Note on Operational Risk Management and Operational Resilience” for the financial sector and extended it to Non-Banking Financial Companies (NBFCs) including Housing Finance Companies.

• This updates the “Guidance Note on Management of Operational Risk” dated October 14, 2005

>> Read Full News

RBI launches IESH & CCS to Get Inputs for June’s 2024 Monetary PolicyOn April 29, 2024, the Reserve Bank of India (RBI) launched two surveys, the ‘Inflation Expectations Survey of Households (IESH)’ and the ‘Consumer Confidence Survey (CCS),’ aimed at providing essential inputs for the upcoming bi-monthly monetary policy scheduled for June 5-7, 2024.
Inflation Expectations Survey of Households:
It targets subjective assessments on price movements and inflation based on individual consumption baskets across 19 cities, including Ahmedabad (Gujarat), Bengaluru (Karnataka), Bhopal (Madhya Pradesh), Bhubaneswar (Odisha), Chandigarh, Chennai (Tamil Nadu), Delhi, Guwahati (Assam), Hyderabad (Telangana), Jaipur (Rajasthan), Jammu, Kolkata (West Bengal), Lucknow (Uttar Pradesh), Mumbai (Maharashtra), Nagpur (Maharashtra), Patna (Bihar), Raipur (Chhattisgarh), Ranchi (Jharkhand) and Thiruvananthapuram (Kerala).

• It seeks qualitative and quantitative responses on price changes and inflation rates for the current, three months ahead, and one-year ahead periods.

Consumer Confidence Survey:
The ‘Consumer Confidence Survey’ gathers qualitative responses from households regarding sentiments on the general economic situation, employment scenario, price level, household income, and spending.

• The CCS will be conducted in 19 cities, the same as IESH, and it aims to gauge consumer confidence levels.

About the Survey:
Hansa Research Group Pvt. Ltd., Mumbai, has been engaged to conduct both the surveys (IESH and CCS) on behalf of the Reserve Bank of India.
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

Yes Bank & ANQ Finance Partnered to Launch Pi and Phi Co-branded Credit Cards Private sector lender, Yes Bank (Youth Enterprise Scheme Bank) has partnered with Bengaluru (Karnataka)-based financial services provider, ANQ Finance to launch 2 co-branded credit cards Pi and Phi, towards offering Indian consumers diverse spending and rewards options.

• This partnership aims to bridge traditional banking with fintech solutions and meet evolving consumer needs.

Note: ANQ is a trademark of ANQ Digital Finserv Private Limited, a company based in India.
Features of YES BANK ANQ Pi Credit Card:
i.It is a digital-only card for seamless credit on the Unified Payments Interface (UPI) for domestic transactions.
ii.No joining or annual fees are required. It is a lifetime free Rupay credit card providing financial flexibility.
iii.Accelerated rewards on UPI spending and easy conversion of purchases into Equated Monthly Instalments (EMIs).
Features of YES BANK ANQ Phi Credit Card:
i.Physical card for both domestic and international purchases.
ii.No joining fees, ensuring accessibility.
iii.Rewards across dining, travel, and other categories.
iv.Comprehensive and rewarding payment solutions for online and offline shopping.
Note: YES BANK ANQ Pi credit card is complimentary, and issued against the YES BANK ANQ Phi credit card.
About YES Bank Ltd.:
Managing Director (MD) and Chief Executive Officer (CEO)- Prashant Kumar
Headquarters– Mumbai, Maharashtra
Established in– 2004
Tagline– Life Ko Banao Rich

Neobank Fi Secures NBFC Licence from RBIFi, the neobank platform of Epifi Technologies Private Limited, has received Non-Banking Financial Company(NBFC) licence from the Reserve Bank of India(RBI).
Points to note:
i.The Bengaluru(Karnataka) based fintech startup Epifi Technologies, is backed Peak XV and Temasek.
ii.The NBFC licence will enable Fi to offers loans from its own books and also eliminates the need of external dependencies such as: banks and other NBFCs which have authorization to provide loans.
Worldline ePayments India Received the RBI Approval to Operate as PA
Worldline ePayments India Private Limited, a digital payment service provider, has received the approval from RBI to operate as online Payment Aggregator(PA) under the Payment and Settlement Systems Act, 2007.
About Worldline ePayments India:
i.It is a part of Worldline Group, which is a financial services company that provides services like in-store and online secure payment processing.
ii.The platform worked with various merchants from different segments such as: e-commerce, retail, utilities, education, travel and hospitality for digital payments.
Chief Executive Officer(CEO)(India)– Ramesh Narasimhan
Headquarters– Mumbai, Maharashtra

NIPL & Bank of Namibia inks Pact to Develop UPI-like Payment System for NamibiaNPCI International Payments Limited (NIPL), the overseas arm of the National Payments Corporation of India (NPCI), has signed a pact with the Bank of Namibia (BoN), the central bank of the Republic of Namibia, to develop a Unified Payments Interface (UPI)-like instant payment system for Namibia.

• This partnership aims to modernise Namibia’s financial ecosystem by leveraging India’s UPI experience and technology.
• This includes improving accessibility, affordability connectivity with domestic and international payment networks, and interoperability.

Objective: To enhance digital financial services and facilitate real-time Person-to-Person (P2P) and person-to-merchant (P2M) payment transactions in Namibia.
About the Partnership:
i.Through this partnership, BoN will gain access to technology and insights from NIPL, to create a robust digital platform in Namibia for the digital welfare of its citizens.
ii.By enabling this technology, Namibia will gain supreme authority in digital payments.

• Benefits include enhanced payment interoperability and improved financial access for underserved populations.

Platform Impact:
i.Anticipated reduction in cash dependency and promotion of financial inclusion in Namibia.
ii.This platform targets rural and informal sectors for essential financial services.
About NPCI International Payments Limited (NIPL):
CEO– Ritesh Shukla
Headquarters– Mumbai, Maharashtra
Established in– 2020
NIPL is a wholly owned subsidiary of NPCI.
About Bank of Namibia (BoN):
BoN was founded on 16 July 1990 and commenced its operations on 1 August 1990. It was initially called the ‘Swabank’.
Governor– Johannes !Gawaxab
Headquarters– Windhoek, Namibia

Groww Receives Licence to Operate as Payment Aggregator from RBI
On 29th April 2024, Groww Pay Services Private Limited(Groww Pay), the Unified Payments Interface (UPI) payments platform of the Bengaluru (Karnataka)-based broking firm Groww, secured an online payment aggregator (PA) licence from the Reserve Bank of India (RBI).

• This online PA license will allow the company to enable e-commerce transactions through its UPI app, Groww Pay.
• With the PA license, Groww can onboard merchants and provide digital payment solutions.
• Groww introduced UPI payment services in July 2023, expanding its financial offerings, after receiving third party application provider (TPAP) licence for Groww Pay from the National Payments Corporation of India (NPCI).

ECONOMY & BUSINESS

NHPC & Norway’s Ocean Sun Signed MoU to Implement Floating Solar Energy Technology in India 
NHPC Limited, signed a Memorandum of Understanding (MoU) with Norway based Ocean Sun AS to explore various facets of cooperation to demonstrate Ocean Sun’s floating solar energy technology based on photovoltaic panels which would be mounted on hydro-elastic membranes, at sites identified by NHPC.

• This is in line with NHPC’s efforts towards sustainable development and addition of renewable energy capacity.

Note:
i.NHPC Ltd (formerly National Hydroelectric Power Corporation Limited) is a Miniratna Public Sector Undertaking (PSU) under the Ministry of Power;
ii.Ocean Sun is operating as a technology provider to the floating solar industry.

AWARDS & RECOGNITIONS

Designer Bhavi Mehta wins Oxford Bookstore Book Cover Prize 2024 for ‘The Book Beautiful’
Designer Bhavi Mehta won the 9th edition of the Oxford Bookstore Book Cover Prize (2024) for creating the book jacket of Pradeep Sebastian’s “The Book Beautiful.”

• The award comprises of a trophy, a certificate, and a one lakh rupee cash prize.
• The Book Beautiful was published by Hachette India.
• She received the award in the ceremony attended by art historian and chair of the jury Alka Pande, author-politician Shashi Tharoor, Norway’s Ambassador to India May-Elin Stener, and chief executive officer (CEO) of Apeejay Oxford Bookstores Swagat Sengupta.

Note:The Oxford Bookstore Book Cover Prize 2023 was won by Paramita Brahmachari for creating the book jacket of Manindra Gupta’s “Pebble Monkey”.

APPOINTMENTS & RESIGNATIONS

Jeremiah Manele Sworn in as New Prime Minister of Solomon Islands
Jeremiah Manele, former Foreign Minister of the Solomon Islands was sworn in as the new Prime Minister (PM) of the Solomon Islands by winning the PM vote in the secret ballot after the results of the 2024 national election failed to deliver a majority to any political party.

• Jeremiah Manele replaced Manasseh Sogavare, who served as PM of Solomon Islands for 4 terms.

Note: The Solomon Islands conducted “joint elections” for the first time in 2024, holding simultaneous province, city council, and national elections.
Election and Secret ballot:
i.The Solomon Islands 12th national general election was held on April 17, 2024.
ii.Former PM Sogavare withdrew from running for a new term, forming a coalition, and endorsed Jeremiah Manele as the party’s prime ministerial candidate.

• He also passed on the OUR Party leadership to Jeremiah Manele.

iii.Manele had won 31 votes in the secret ballot of the 49-seat parliament; His opponent, longtime opposition leader Matthew Wale, secured 18 votes.
About Jeremiah Manele:
i.Before his political career, Manele held senior government positions, serving as the:

• Permanent Secretary of the Ministry of Development Planning;
• Secretary to the PM and Cabinet; and
• The Permanent Secretary to the Ministry of Foreign Affairs and External Trade.

ii.In 2014, he was first elected to the National Parliament of Solomon Islands as a Member of Parliament for Hograno-Kia-Havulei Constituency.
iii.He held posts as the Leader of the Official Opposition Group in Parliament (2014-2017).
iv.He served as the Minister for Development Planning and Aid Coordination (2017-2018) and Minister of Foreign Affairs and External Trade.
Note:
Manasseh Sogavare was elected Prime Minister of the Solomon Islands four times: from June 2000 to December 2001, then again from April 2006 to December 2007, November 2014 to November 2017, and 2019 to 2024.
About Solomon Islands:
Head of  state of Solomon Islands– King Charles III
Capital– Honiara
Currency– Solomon Islands Dollar

SCIENCE & TECHNOLOGY

DRDO successfully tests Long-range SMART System from OdishaOn May 1, 2024, the Defence Research and Development Organisation (DRDO) successfully flight-tested a long range Supersonic Missile-Assisted Release of Torpedo (SMART) system from Dr APJ Abdul Kalam Island off the coast of Chandipur in Balasore, Odisha using a ground mobile launcher.

• Developed by DRDO, it is the next-generation missile-based light-weight torpedo delivery system.
• It should be noted that torpedo is an underwater ranged weapon launched above or below the water surface which is self-propelled towards a target with an explosive warhead.

About SMART:
i.It is designed to enhance the Indian Navy’s anti-submarine warfare (ASW) capabilities, and to counter the increasing deployment of submarines by the  naval forces of other countries in the Indian Ocean region.

• It will be used when no other assets are available for immediate response upon detecting an enemy submarine.
• It can be launched from both coasts and warships.

ii.The system includes a long-range supersonic missile carrier with a range of up to 643 km and a lightweight torpedo with a 20 km range and a 50 kg high explosive warhead.
iii.It features a canister-based design with advanced subsystems like a two-stage solid propulsion system, electromechanical actuator system, and precision inertial navigation system.
iv.It uses a parachute-based release system for payload delivery.
About Defence Research and Development Organisation (DRDO):
It is the Research and Development (R&D) wing of Ministry of Defence (MoD).
Chairman – Dr Samir Vankatpati Kamat
Headquarters– New Delhi, Delhi
Establishment– 1958

SPORTS

FIDE Bestows Grandmaster(GM) Title to Indian Chess Player  Vaishali RameshbabuIndian Chess Player Vaishali Rameshbabu has officially bestowed with title of GrandMaster(GM) by International Chess Federation(FIDE).

• Now, She and her brother GM Rameshbabu Pragnanandhaa are the world’s 1st GrandMaster(GM) Brother-Sister duo.

Key Points:
i.After this GM title, she becomes the 84th Indian GM and 42nd woman from any country to hold the GM title.
ii.Now, She is the 3rd Indian woman after Koneru Humpy (2002) and Harika Dronavalli (2011) to become a GM.
iii.Vaishali completed the requisite 2500 ELO points in IV El llobregat Open which took place in Barcelona, Spain in 2023.
iv.She officially received the GM title only after the final decision was taken at FIDE Council meeting during the Candidates Tournament in Toronto, Canada in April 2024.
Note:
To become a GM, a player has to secure three GM norms and cross the live rating of 2,500 Elo points.
Awards:
i.On 9th January 2024, Vaishali Ramesh Babu was honoured with India’s one of the most prestigious sports honour “Arjuna Award for 2023”. The award was presented by Droupadi Murmu, President of India.
ii.She was a part of the women’s chess team that won the silver medal in the 19th Asian Games (Hangzhou 2022).
About Federation International des Echecs or International Chess Federation(FIDE):
President: Arkady Dvorkovich
Deputy President: Vishwanathan Anand
Headquarters: Lausanne, Switzerland
Established: 1924

BOOKS & AUTHORS

Former RBI Governor D Subbarao launched a new book titled, ‘Just A Mercenary?: Notes from My Life and Career’
Dr. Duvvuri Subbarao, former Governor of the Reserve Bank of India (RBI), launched his memoir titled ‘Just A Mercenary? : Notes from My Life and Career’

• The book was published by Penguin Random House India and narrates about Dr Subbarao’s career, which would help inspire young professionals to navigate their career paths.
• D Subbarao served as Governor of the Reserve Bank of India (RBI) for five years (2008-13).
• He also served as Secretary to the Prime Minister’s Economic Advisory Council (2005-07).

Note: His previous book, “Who Moved My Interest Rate: Leading the Reserve Bank Through Five Turbulent Years,” was published by Penguin Random House India in 2016.

IMPORTANT DAYS

World Immunization Week 2024 – 24 to 30 April World Immunization Week (WIW) is annually observed across the globe in the last week of April to highlight the crucial efforts required to protect individuals from vaccine-preventable diseases.

• World Immunization Week 2024 was observed from 24 to 30 April 2024.
• WIW 2024 commemorates the 50th anniversary of the World Health Organization’s (WHO) Essential Programme on Immunization (EPI).
• The theme of World Immunization Week 2024 is “Humanly Possible: Immunization for All”.

Background:
In May 2012, the 65th World Health Assembly (WHA) adopted the resolution WHA65.18 requesting the Member States to designate the last week of April, as the World Immunization Week.
>> Read Full News

International Workers’ Day 2024 – May 01 International Workers’ Day (also known as International Labour Day) is annually observed across the globe on 1 May to promote worker’s rights and honour the contribution of workers in every industry and field to society.

• The Day aims to pay tribute to the struggle of workers for their rights and decent working conditions.

History of May Day:
i.The origins of May Day can be traced back to the 1886 Haymarket Massacre(aka Haymarket Riot) violent confrontation between police and labor protesters in Chicago, Illinois, the United States of America (USA) on 4th May 1886.
ii.The riot occured during a peaceful labor demonstration in support of an eight-hour workday.
iii.In 1889, The Second International, an organisation of socialist and labour parties, announced that May 1 would be marked as International Workers’ Day.
>> Read Full News

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