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NATIONAL AFFAIRS
NSDC & ILO Partners to Enhance Skill Development & Lifelong Learning 
The National Skill Development Corporation (NSDC) under the Ministry of Skill Development and Entrepreneurship (MSDE) has signed an Memorandum of understanding (MoU) with the International Labour Organization (ILO) to advance skill development and lifelong learning in India and globally.
Signatories:
i.The MoU was signed by Ved Mani Tiwari, Chief Executive Officer (CEO) of NSDC and Managing Director (MD) of NSDC International, and Sangheon Lee, Director of the Employment Policy, Job Creation and Livelihoods Department at ILO.
ii.Atul Kumar Tiwari, Secretary, MSDE, and other officials of the Ministry were present during the event.
Key Highlights:
i.This partnership aims to empower individuals across the globe, by equipping them with essential competencies and qualifications, thereby enhancing employability and sustainable economic growth.
ii.It develops effective policies, governance and financing structures which will enhance skill development both nationally and internationally.
iii. A key aspect of the partnership is the implementation of the Skill India Digital Hub (SIDH).
- Governments, workers’ and employers’ organizations in ILO’s member countries will be able to use SIDH to digitize systems, processes, skills delivery, and job matching, based on a cost-effective model.
iv.It will also enhances public-private partnerships and knowledge exchange to enhance Sector Skill Councils (SSCs), develop micro-credentials, and promote Recognition of Prior Learning (RPL) through a global knowledge-sharing platform.
v.These programs are flexible and inclusive, fostering adaptability among learners, ensuring that skills development remains relevant and accessible to all segments of society.
About National Skill Development Corporation (NSDC)
Chief Executive Officer (CEO)- Ved Mani Tiwari
Headquarters- New Delhi, Delhi
Incorporated- 31st July 2008
About International Labour Organization (ILO)
Director-General (DG)- Gilbert F. Houngbo
Headquarters- Geneva, Switzerland
Established- 1919
Member nations- 187
BANKING & FINANCE
RBI Launched PRAVAAH Portal, Retail Direct App and Fintech Repository for Enhanced Public Access
On 28th May 2024, Governor of Reserve Bank of India (RBI), Shaktikanta Das launched 3 major initiatives namely – Platform for Regulatory Application, Validation and Authorisation (PRAVAAH) portal, RBI Retail Direct Mobile Application and a Fintech Repository. The main objective of these initiatives is to enhance regulatory processes, facilitate retail investment and to provide comprehensive data on the fintech sector.
- These 3 initiatives were announced by RBI in its bi-monthly statement on Development and Regulatory Policies in April 2023, April 2024 and December 2024 respectively.
About PRAVAAH Portal:
i.It is a centralised, secure web-based platform that will allow individuals or entities to apply online for regulatory approvals, licenses and authorisations from the RBI.
ii.Currently, there are 60 application forms available on the portal and these forms covers different regulatory and supervisory departments of the RBI.
Key Features:
i.Applicants can submit the application online on the portal.
ii.Applicants can track and monitor the status of their application or reference.
iii.Portal will enable the applicants to respond to any clarification or query raised by RBI in connection with the application or reference.
iv.Applicants will receive a decision from RBI in a time-bound manner.
RBI Retail Direct Mobile Application:
The app will facilitate seamless and convenient access to retail investors to buy and sell Government-Securities (G-Sec) directly from their smart phones (available on Android and iOS). It simplifies transactions in the primary and secondary markets.
Background:
i.In November 2021, RBI launched Retail Direct portal to facilitate retail investors to open their Retail Direct Gilt (RDG) accounts with RBI, using an online portal (https://rbiretaildirect.org.in) under the RBI Retail Direct (RBI-RD) Scheme .
ii.The scheme allows retail investors to buy G-secs in the primary auctions as well as buy and sell G-secs in the secondary market.
- Primary issuance of government securities: Investors can place bid as per the non-competitive scheme for participation in primary auction of government securities and procedural guidelines for Sovereign Gold Bond (SGB) issuance.
- Secondary market: Investors can buy and sell G-secs on Negotiated Dealing System- Order Matching (NDS-OM) (‘Odd Lot’ and ‘Request for Quotes’ segments).
Fintech Repository:
i.Fintech Repository will provide comprehensive data on fintech firms including regulated and unregulated firms.
ii.RBI has also launched a related repository “Emtech Repository” only for RBI Regulated Entities (REs) i.e. Banks and Non-Banking Financial Companies (NBFCs) on their adoption of emerging technologies such as: Artificial Intelligence (AI), Machine Language (ML), Cloud Computing etc.
- It would provide access to aggregate data, trends and analytics for policymakers and industry participants.
iii.Both these repositories are managed by Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of RBI.
About Reserve Bank of India(RBI):
Governor: Shaktikanta Das(25th Governor of RBI)
Headquarter: Mumbai, Maharashtra
Established: 1 April, 1935
Poonawalla Fincorp & IndusInd Bank Jointly Launch Co-branded Poonawalla Fincorp IndusInd Bank eLITE RuPay Credit Card
Poonawalla Fincorp Limited, a Cyrus Poonawalla group Non-Banking Finance Company (NBFC) in collaboration with IndusInd Bank, launched the co-branded, Poonawalla Fincorp IndusInd Bank eLITE RuPay Credit Card, to redefine and elevate the banking experience of customers by offering various rewards and benefits.
Note: Poonawalla Fincorp Ltd. is only involved in the marketing and distribution of this co-branded credit card under a revenue-sharing arrangement with IndusInd Bank.
Key Features:
i.Fees: No joining or annual fee.
ii.Rewards: Earn rewards for every Rs 100 spent (except fuel), including Unified Payments Interface (UPI) transactions.
iii.Enhanced Points: 2.5 times reward points on e-commerce purchases.
iv.Point of Sale (POS) Transactions: Reward Points earned value (Rs 5,000 spends every month)
v.Cash Credit: A higher value of Rs 0.40 per reward point.
Additional Benefits:
i.Entertainment: Buy-one-get-one movie ticket offer (maximum Rs 200) through BookMyShow, every month.
ii.Fuel Savings: 1% fuel surcharge waiver (Monthly fuel usage of Rs 3000).
iii.Milestone Rewards: Extra rewards of 3000 bonus points for reaching specific milestones.
Assurance Benefit:
To ensure safe cashless transactions, ‘Total Protect’, a first-of-its-kind program has been introduced that covers an amount equal to the credit limit on the card. It covers:
i.Unauthorised Transactions: Insurance up to 48 hours before reporting loss/theft.
ii.Counterfeit Fraud: Protection against misuse of stolen card details.
iii.Air Accident Cover: Complimentary personal insurance up to Rs 25,00,000.
About IndusInd Bank Ltd:
Managing Director (MD) & Chief Executive Officer (CEO)- Sumant Kathpalia
Headquarters– Mumbai, Maharashtra
Established in 1994
Tagline– We Care Dil Se; We Make You Feel Richer
GoI Announces USD 1 Million Immediate Relief Aid for Landslide-Hit Papua New Guinea
The Government of India (GoI) through the Forum for India-Pacific Islands Cooperation (FIPIC), announced a relief assistance of USD 1 million for Papua New Guinea (PNG) following a massive landslide that occurred on 24 May 2024 in Enga Province, PNG that buried over 2,000 people.
- As committed to Humanitarian Assistance and Disaster Relief (HADR), India’s immediate relief assistance aims to support relief, rehabilitation, and reconstruction efforts.
Evacuation:
The PNG government has ordered evacuations from the landslide-affected areas, particularly Yambali village, where over 150 houses were buried.
Note: India has a history of aiding PNG during natural disasters, including an earthquake in 2018 and volcanic eruptions in 2019 and 2023.
ECONOMY & BUSINESS
BHEL Signed Agreement with BARC For 50 KW Alkaline Electrolyser System
Bharat Heavy Electricals Limited (BHEL) has signed a Technology Transfer Agreement (TTA) with the Bhabha Atomic Research Centre (BARC) for a 50 Kilowatt (KW) alkaline electrolyser system for hydrogen production.
- Under this partnership, BHEL aims to scale up Indigenous Alkaline Electrolyser Technology and commercialise it for application in sectors such as refineries, fertiliser, steel, transportation, etc.
- This indigenously developed technology has high local material content.
- This will be a step further in BHEL’s contribution to the National Green Hydrogen Mission (NGHM) and Atma Nirbhar Bharat Abhiyan.
- BHEL aims to contribute to the development of sustainable hydrogen production methods, supporting India’s transition towards cleaner energy sources and promoting a greener future.
AWARDS & RECOGNITIONS
Indian-Origin Sculptor Anish Kapoor Topped the 6th Hurun India Art List 2024
i.According to the 6th edition of Hurun India Art List (2024) released by the Hurun Research Institute on 28th May 2024, British Indian sculptor Anish Kapoor topped the list for the 6th consecutive year.
- He topped the list due to the robust sales of his artwork at public auctions, which amounted to Rs 79.9 crore.
ii.Arpita Singh, 87 year old (ranked 3rd ) topped among the female artists in the list
iii.Raghav Babbar(27) from Rohtak, Haryana, ranked at 8th spot, is the youngest Indian artist in the Hurun India Artist List 2024 with total sales of Rs 12.1 crore.
iv.Krishen Khanna (99) is the oldest Indian artist in the list, ranked 5th with combined value of his art work Rs 18 crore. This showed an increase of 32% compared to previous year.
About Hurun India:
Hurun Report Inc. is a leading research, luxury publishing and events group established in 1998 in London (UK). Hurun India was launched in 2012.
Managing Director(MD) and Chief Researcher- Anas Rahman Junaid
Headquarters- Mumbai, Maharashtra
>> Read Full News
APPOINTMENTS & RESIGNATIONS
Emmanuelle Soubeyran Elected as New Director General of WOAH
The World Organisation for Animal Health (WOAH) has elected Dr.Emmanuelle Soubeyran, head of France’s veterinary services, as its 8th Director General (DG) for a 5-year term (2024-2029) during its 91st annual general session was held from 26th to 30th May 2024 in Paris, France. 2024 marks the 100th anniversary of WOAH.
- Emmanuelle Soubeyran succeeded Dr Monique Eloit, who completed her eight – year tenure from 2016 to 2024 at WOAH.
About Emmanuelle Soubeyran:
i.Emmanuelle Soubeyran, a Chief Veterinary Officer, Ministry of Agriculture and Food Sovereignty (France), is a specialist in veterinary public health, animal health and food-related issues with experience of crisis management, building large-scale prevention programmes.
ii.She has been serving as the Deputy head of the General Directorate for Food at the Ministry of Agriculture and Food Sovereignty since 2021.
iii.She was also serving as the Vice-Chair of the Executive Committee of the The European Commission for the Control of Foot-and-Mouth Disease (EuFMD) since 2023.
iv.She will engage WOAH in the joint “One Health” action plan linking with other international organisations like World Health Organization (WHO), Food and Agriculture Organization(FAO) and United Nations Environment Programme (UNEP) in order to meet the Sustainable Development Goals (SDG).
About the World Organisation for Animal Health (WOAH):
Director-General – Dr Monique Eloit
Headquarters – Paris, France
Members – 183 members (as of May 2024)
Founded in 1924 as the Office International des Epizooties (OIE), in May 2003 adopted the common name World Organisation for Animal Health(WOAH).
ACC Approves Five Secretary Level Appointments
On 27th May 2024, The Appointments Committee of the Cabinet (ACC) of the Department of Personnel and Training (DoPT) under the Ministry of Personnel, Public Grievances and Pensions (MoPP&P) approved five Secretary level appointments.
Details of the Appointments:
Pradip Kumar Tripathi:
i. Pradip Kumar Tripathi, a 1987-batch Indian Administrative Service officer (IAS) of Arunachal Pradesh-Goa-Mizoram and Union Territory (AGMUT) cadre has been appointed as the Secretary to the Lokpal of India till the date of his superannuation (30th June 2024).
ii.This appointment will be extended further on contract basis for a period of two years beyond the date of his superannuation on usual terms and conditions applicable to re-employed Central Government officers.
iii.He is currently serving as Secretary (Coordination) in the Cabinet Secretariat.
Raj Kumar Goyal:
i.Raj Kumar Goyal, a 1990-batch IAS officer of AGMUT cadre has been appointed as the Secretary in the Department of Justice under the Ministry of Law & Justice(MoL&J).
ii.Presently, he is serving as Secretary of the Department of Border Management under the Ministry of Home Affairs (MHA).
Rajendra Kumar:
i.Rajendra Kumar, a 1992-batch IAS officer of Tamil Nadu (TN) cadre has been appointed as the Secretary in the Department of Border Management under the MHA.
ii. He has been appointed to the post in place of Raj Kumar Goyal IAS after his appointment as Secretary in the Department of Justice.
iii.He is currently serving as Director General (DG) of Employees’ State Insurance Corporation (ESIC) under the Ministry of Labour & Employment (MoL&E).
Amit Yadav:
i. Amit Yadav, a 1991-batch IAS officer of AGMUT cadre has been appointed as the Officer on Special Duty (OSD) in the Department of Social Justice & Empowerment, Ministry of Social Justice and Empowerment(MoSJE) in the rank and pay of Secretary to the Government of India (GoI).
ii.He will take over the post upon Saurabh Garg‘s superannuation on July 31 2024.
iii.He is currently serving as the Chairperson of New Delhi Municipal Council (NDMC).
Rakesh Ranjan:
i.Rakesh Ranjan, a 1992-batch IAS officer of Manipur cadre has been appointed as the Chairman of Staff Selection Commission (SSC).
ii.The appointment includes a temporary upgrade of the post, assuming the rank and pay equivalent to that of a secretary to the GoI.
iii.He is currently serving as the Special Secretary in the Department of Agriculture and Farmers Welfare under the Ministry of Agriculture & Farmers’ Welfare (MoA & FW).
Jetha Ahir Elected as Chairman of NAFED
Jethabhai Bharvad (Ahir) of Bharatiya Janata Party (BJP), a Member of the Legislative Assembly (MLA) from Shehra constituency (Gujarat) has been elected unopposed as the chairman of the National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) in the election held in Delhi.
- He replaces Bijender Singh who held the position as NAFED Chairman since 2007.
- He has secured the support of Mohan Kundariya, Member of Parliament (MP), Rajkot Lok Sabha constituency (Gujarat) and was elected uncontested by the board comprising 21 directors of which two are from Gujarat, including Rajkot MP Mohan Kundariya.
About Jetha Ahir:
i.Jetha Ahir, an Indian politician was born on 1st June 1950 in Aniyad, Gujarat.
ii.He has been serving as a deputy speaker of Gujarat Assembly since 2022.
iii.He is also the Chairman of Panchamrut Dairy as well the Panchmahal District Cooperative (PDC) Bank Limited.
About National Agricultural Cooperative Marketing Federation of India Limited (NAFED)
It is an apex organisation of marketing cooperatives for agricultural produce in India.
Chairman – Jethabhai Ahir
Managing Director – Ritesh Chauhan
Headquarters – New Delhi, Delhi
Established – 1958
ACQUISITIONS & MERGERS
CCI Approved De-Merger of Hotel Business of ITC Limited to Separate Entity
On 28th May 2024, The Competition Commission of India (CCI) has approved the de-merger of all businesses, undertakings, activities, operations and properties of ITC Limited related to Hotels Business to its newly incorporated wholly owned subsidiary, ITC Hotels Limited.
- Following the de-merger, shares of ITC Hotels Limited, new entity will be listed on the stock exchange.
Note: The proposed combination is only an internal restructuring exercise and will not impact market situations.
Key Points:
i.ITC will retain 40% of stake in ITC Hotels Limited and remaining 60% will be held by the shareholders of ITC(proportionate to their stake in ITC).
ii.As per the directions of National Company Law Tribunal (NCLT), ITC Limited has to conduct a meeting of shareholders on 6th June, 2024, to consider and approve the proposed demergers of its hotel business.
Background:
i.The demerger was approved as per the terms of the Scheme of Arrangement approved by the boards of ITC and ITC Hotels on 14th August 2023.
ii.Shareholders of ITC Limited will get 1 share in ITC Hotels Limited for every 10 shares they hold in the company.
Note: During Q4 of FY24 (2023-24), ITC’s revenue o f the hotel business reached around Rs 3000 crore.
About Competition Commission of India(CCI):
It is a statutory body constituted under Competition Act,2002.
CCI was established in 2003, although it became fully functional only by 2009.
Chairman- Ravneet Kaur
Headquarters- New Delhi, Delhi
About ITC Limited:
Chairman and Managing Director (CMD)- Sanjiv Puri
Headquarters- Kolkata, West Bengal
Disney Sells 30% Stake in Tata Play, Valuing Company at USD1 billion
The Walt Disney Company has entered an agreement to sell its 30% minority stake in a satellite TV service provider Tata Play Limited to Tata Group, valuing the company at approximately USD1 billion.
Key Points:
i.The sale of USD1 billion stake will allow Disney to focus on its merger with Reliance Group, aiming to create an USD 8.5 billion entertainment powerhouse that will have over 750 million viewers.
ii.The Tata Group takes full control of Tata Play after buying the 29.8% stake from Disney.
Background:
i.In February 2024, Disney signed a binding agreement to combine its India unit with Viacom18 Media Private Limited creating a massive USD8.5 billion entertainment entity.
ii.In April 2024, Singaporean state-owned investment firm Temasek Holdings Limited sold its 10% stake (USD100 million) in Tata Play to Tata Sons for Rs 835 crore, raising Tata Son’s shareholding in Tata Play to 70%.
iii.Tata Play operates as a 70:30 joint venture (JV) between Tata and Disney following Temasek’s exit.
Note: Tata Play, a joint venture between Tata Group and TFCF Corp. (formerly known as Twenty-First Century Fox), was incorporated in 2001.
SCIENCE & TECHNOLOGY
TCS & IIT-Bombay Partnered to Develop India’s 1st Quantum Diamond Microchip Imager
Tata Consultancy Services (TCS), a global leader in Information Technology (IT) services, consulting, and business solutions, has partnered with the Indian Institute of Technology, Bombay (IIT-Bombay) in Mumbai, Maharashtra, to develop India’s 1st Quantum Diamond Microchip Imager.
- This advanced sensing tool will enhance precision in semiconductor chip examination, reduce chip failures, and improve the energy efficiency of electronic devices.
- This project is aligned with the Government of India’s (GoI) National Quantum Mission, an initiative to position India as a leader in global quantum technology.
- Over the next 2 years, experts from TCS will work with Dr. Kasturi Saha, Associate Professor in the Department of Electrical Engineering of IIT-Bombay, to develop the quantum imaging platform in the PQuest Lab.
Note: IIT-Bombay was the 1st institute to be signed as an academic partner for TCS’ Co-Innovation Network (COIN), fostering industry-academia collaboration for innovative solutions.
ENVIRONMENT
Oedocladium sahyadricum: New Algal Species Discovered in Western Ghats
Phycologists from the Department of Botany, Catholicate College in Pathanamthitta, Kerala, has discovered Oedocladium sahyadricum, a new algal species in the natural forests (Western Ghats) of Kumbhavurutty region in Kollam district, Kerala.
i.The name ‘sahyadricum’ refers to the ‘Western Ghats’, also known as Sahyadri
ii.This is the first time a species in the Oedocladium category has been recorded in Kerala.
iii.This discovery was published in Taiwania, an International Journal of Biodiversity.
- The species looks like moss protonema. It is velvety green but turns yellowish-green when it matures.
- It has potential practical applications in medicine, agriculture, and in the production of a natural pigment, astaxanthin, which is well-documented for its unique biological activities and health benefits.
Note: Phycology is the study of algae and the person or scientist who studies algae is called a phycologist.
IMPORTANT DAYS
International Day of United Nations Peacekeepers 2024 – May 29
International Day of United Nations (UN) Peacekeepers is annually observed across the globe on 29th May to pay tribute to the professionalism, dedication, and courage of UN peacekeepers, the uniformed civilian, military, and police personnel all working together to protect civilians.
- The day honour those who have lost their lives in the cause of peace.
- 29 May 2024 marks the 76th anniversary of UN Peacekeeping, which began in 1948 when the UN Security Council (UNSC) authorised the deployment of UN military observers to the Middle East.
The theme of International Day of UN Peacekeepers 2024 is “Fit for the Future: Building Better Together”.
Background:
i.In 2002, the UN General Assembly (UNGA) adopted a resolution A/RES/57/129, proclaiming 29 May as the International Day of the UN Peacekeepers.
ii.The 1st ever International Day of the UN Peacekeepers was observed on 29 May 2003.
>> Read Full News
World Digestive Health Day 2024 – May 29
World Digestive Health Day (WDHD) is a public advocacy and awareness campaign, annually observed across the globe on 29 May to raise awareness of the prevention, prevalence, diagnosis, management, and treatment of digestive diseases or disorders worldwide.
- WDHD also highlights ways to mitigate the risk of Gastrointestinal (GI) disorders and associated complications.
The 2024 theme of WDHD is, “Your Digestive Health: Make It A Priority“.
- WDHD is annually organised by the World Gastroenterology Organisation (WGO) and
- 29 May 2024 marks the 66th anniversary of the foundation of WGO.
Background:
i.WDHD was established to commemorate the 45th anniversary of WGO in 2003 .
ii.WGO Was founded on 29 May 1958, on the last day of the 1st World Congress of Gastroenterology in Washington, the United States of America (USA).
iii.The 1st ever WDHD was observed on 29 May 2004.
iv.2005 was the 1st year that the Member Societies and members of WGO were invited to begin WDHD activities.
About World Gastroenterology Organisation (WGO):
President– Professor Geoffrey Metz (Australia)
Headquarters– Milwaukee, Wisconsin, USA
>> Read Full News
International Everest Day 2024 – May 29
International Everest Day is annually observed across the globe on 29th May to commemorate the first-ever successful summit of Mount (Mt) Everest in 1953 by Sir Edmund Hillary, a mountaineer from New Zealand, and Tenzing Norgay, a Sherpa from Nepal.
- This Day also honours the accomplishments of mountaineers around the world and recognise their efforts.
29th May 2024 marks the 71st anniversary of the 1953 Mt Everest Summit.
- International Everest Day has been celebrated since 2008, following the death of Sir Edmund Hillary on 11th January 2008.
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