Current Affairs 31 March 2024

We are here for you to provide the important Recent and Latest Current Affairs 31 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

India Renews Agreement to Export Electricity to Nepal for 3 MonthsOn 29 March 2024, India renewed the agreement to export electricity to Nepal for 3 months until the end of June 2024, in response to the request of the Nepal Electricity Authority (NEA) just days before the expiry of the existing pact on 31 March 2024.

• Nepal can import up to 554 megawatts (MW) of electricity from India between 6 am to 6 pm under this agreement.
• This includes 500 MW from the Dhalkebar-Muzaffarpur cross-border transmission line and 54 MW through Tanakpur.

Nepal’s Energy Situation:
i.Nepal faces electricity shortages due to its reliance on run-of-the-river power plants, particularly evident during winter when river water levels decrease.
ii.Domestic electricity production in Nepal is approximately 1,200 MW, while demand reaches 1,800 MW to 2,000 MW during peak periods.
Challenges:
i.Also, the NEA requested that India export 650 MW through the Dhalkebar-Muzaffarpur transmission line to manage domestic demand. However, India has agreed to sell only 554 MW.
ii.Nepal may face 10-hour-long load-shedding if it can’t import around 600MW of electricity from India during the dry season.
Note: After mid-June 2024, Nepal will have surplus electricity to export to India.
About Nepal:
Capital– Kathmandu
President– Ram Chandra Paudel
Prime Minister– Pushpa Kamal Dahal
Currency– Nepalese rupee (NPR)

BANKING & FINANCE

SEBI Launched Beta Version of T+0 Trade SettlementSecurities and Exchange Board of India (SEBI) launched the beta version of T+0 rolling settlement cycle (same-day transaction settlement) on an optional basis in addition to the existing T+1 settlement cycle in equity cash market.

• The provisions of T+0 came into effect from March 28, 2024.

i.This allows same-day settlement of stock trades, instead of one-day settlement period (T+1) i.e. waiting for a day for the trade to settle and funds/stocks to be delivered.
ii.The beta version of the T+0 settlement was introduced for a limited set of 25 scrips and with a limited number of brokers.
NSE Cuts Transaction Charges by 1%
The National Stock Exchange of India (NSE) has approved a reduction of overall transaction charges across cash equity and equity derivatives segments by 1% starting April 1, 2024.

• This decision is estimated to impact NSE’s revenue by approximately Rs 130 crore per annum.

About Securities and Exchange Board of India (SEBI):
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra
Establishment- 1992
>> Read Full News

RBI data: Credit cards surpassed the 100 million mark in IndiaAs per the Reserve Bank of India(RBI) latest data, the total number of credit cards issued by banks in India breached the 100 million mark in February 2024.

• Data revealed that till February 2024, the total number of credit cards in circulation was 100.6 million. Whereas, In February 2023, the total number of credit cards in circulation stood at 99.5 million.

Key Points:
i.HDFC Bank, the largest private bank in India, leads in the number of credit card issuances with 20.40 million credit cards in circulation, followed by SBI (State Bank of India) with 18.75 million credit cards, ICICI Bank with 16.84 million, and Axis Bank with 13.90 million cards.
ii.Overall credit card spending among Indians has slightly decreased from Rs 1.66 trillion (in January 2024) to Rs 1.49 trillion ( in February 2024). It is due to the significant decline in Point of Sale (PoS) and e-commerce payments

• E-commerce payments decreased from Rs 1.08 trillion to Rs 0.95 trillion.
• The PoS transactions decreased from Rs 58,531.77 crore in January 2024 to Rs 54,431.48 crore in February 2024.

Dip in transactions of leading credit cards issuers:
i.Transactions through HDFC Bank credit cards decreased from Rs 43,711.47 crore(in January 2024) to Rs 40,288.51 crore (in February 2024).
ii.Transactions through ICICI Bank credit cards declined from Rs 29,672.96 crore (in January 2024) to Rs 26,843.03 crore (in February 2024).
iii.Axis Bank witnessed a decrease in transactions from Rs 20,305.45 crore (in January 2024) to Rs 17,528.09 crore (February 2024).
iv.SBI Bank’s credit card transactions slipped to from Rs 30,693.83 crore (January 2024) to Rs 23,247.79 crore (February 2024).
iv.Overall credit card transactions in February 2024 showed a growth of 26.67% on yearly basis from Rs 1.18 trillion (February 2023).
v.Data underscored the structural factors which will drive the increase in usage of credit card are: greater digitalization of financial transactions, ease of usage and consumers find usage of credit card reliable to fund their consumption needs.
About Reserve Bank of India(RBI):
Governor – Shaktikanta Das
Headquarters – Mumbai, Maharashtra
Established– 1935

PFRDA Mandates Two-Factor Aadhaar Authentication for CRA Access from April 1, 2024The Pension Fund Regulatory and Development Authority (PFRDA) in its Digital Safety Practices for Government Nodal Offices Under NPS Architecture Advisory, 2024, has mandated two-factor Aadhaar authentication for accessing the Central Record keeping Agency (CRA) system, enhancing security for National Pension System (NPS) transactions.

• Effective from April 1, 2024 about 1,600 government offices will implement two-factor Aadhaar authentication for accessing the CRA system.

Key Points:
i.Previously, Nodal Offices used password-based login for NPS transactions.
ii.The new system adds an extra security layer, reducing the risk of unauthorized access and safeguarding NPS transactions.
iii.The Aadhaar-based login authentication will be integrated with the current user ID and password-based login process, enabling two-factor authentication for accessing the CRA system.
iv.NPS assets under management (AUM) have been growing steadily, with an overall AUM exceeding Rs 11.56 lakh crore as of March 16, 2024, 30% higher than the previous year. The Government sector accounts for Rs 8.95 lakh crore of this AUM, covering 9.2 million employees.
About Pension Fund Regulatory and Development Authority (PFRDA):
Chairperson– Deepak Mohanty
Headquarter– New Delhi, Delhi
Establishment– 2003

IRDAI Mandates E-Insurance for All New Policies From 1st April 2024Insurance Regulatory and Development Authority of India (IRDAI) has mandated that all insurance policies should be issued in electronic form with effect from 1st April 2024. This is similar to how investors hold shares in demat account.

• The process of acquiring and managing insurance policies electronically is known as “e-insurance”.
• The insurance plans of an individual will be collectively recorded in his e-Insurance Account (eIA).

This move aims to streamline access to policies and simplify policy management across different insurers and segments.
E-insurance:
i.E-insurance, introduced in 2013, enables policyholders to maintain digital policies through repositories.
ii.At present, there are 4 insurance repositories viz. CAMS Insurance Repository, Karvy Insurance Repository, NSDL Database Management Limited (NDML), and Central Insurance Repository of India that facilitate the opening of e-Insurance accounts in India.
Key Points:
i.IRDAI requires insurers to issue new policies digitally, aligning with regulations for policyholders’ interests.
ii.Transitioning to e-insurance is expected to enhance accessibility and efficiency for policyholders and the insurance ecosystem.
iii.Policyholders have the flexibility to retain older policies in physical form, with exceptions in exceptional cases.

• IRDAI has already created an industry service i-Trex, which ensures that there is no duplication of eIAs (e-insurance accounts) across insurance repositories.

iv.Opening an e-insurance account is facilitated by insurers during new policy purchases, and existing physical policies can be converted digitally at no cost.
About Insurance Regulatory and Development Authority of India (IRDAI):
Chairperson – Debasish Panda
Headquarters – Hyderabad, Telangana
Establishment– 1999 (Incorporated in 2000)

ECONOMY & BUSINESS

UAE, Russia, & Saudi Arabia Among the Top Importers of Indian Engineering Goods: EEPCAccording to the analysis of the Engineering Export Promotion Council (EEPC) of India, the premier trade and investment promotion organisation in India, India’s engineering goods exports surged during April-February 2023-24. Russia, The United Arab Emirates (UAE), and Saudi Arabia are among the top importers of  Indian Engineering Goods .

• Despite an overall decline in exports, the engineering segment experienced a modest growth (Year-on-Year/Y-o-Y) of 1.23%, amounting to USD 98.03 billion.
• However, overall goods exports in April-February 2023-24 contracted 3.45% (Y-o-Y) to USD 394.99 billion. In February 2024, engineering exports made up 24.01% of India’s total goods exports, up from 23.75% in January 2024.

Note: EEPC India is sponsored by the Ministry of Commerce & Industry, Government of India.
Key Points:
i.Exports to Russia saw 99% increase to USD 1.22 billion. This growth was facilitated by a successful rupee payment mechanism implemented to counter economic sanctions against Russia.
ii.The exports to the UAE increased by 16% to USD 5.22 billion, making it the 2nd largest market for Indian engineering goods, and exports to Saudi Arabia spiked by 75% to USD 4.62 billion, making it the 3rd-largest market.
iii.India’s export of engineering goods to Australia increased 5% to USD 1.3 billion.
iv.India’s exports to traditional markets like the United States of America (USA) and China declined.

Vedanta’s BALCO Receives India’s First ASI Performance Standard Certification
The Bharat Aluminium Company Limited (BALCO), a unit of Vedanta Aluminium, has emerged as the first company in India to obtain the Aluminium Stewardship Initiative (ASI)Performance Standard V3 Certification for the production and distribution of a broad range of primary aluminum products at its Korba facility, Chhattisgarh.
Note:
Previously, Vedanta Aluminium has also achieved ASI Performance Standard V2 Certification for its smelter and its captive power plant located within the Special Economic Zone (SEZ) at Jharsuguda, Odisha.

APPOINTMENTS & RESIGNATIONS

Joyshree Das Verma Took Over as 41st National President of FICCI Ladies Organisation Joyshree Das Verma took over as the 41st National President of the Federation of Indian Chamber of Commerce & Industry (FICCI) Ladies Organisation (FLO) for the year 2024-2025.

• Joyshree Das Verma succeeds Sudha Shivkumar, the 40th President of FICCI FLO (2023-2024).
• Before this appointment, Joyshree Das Verma served as the National Senior Vice President of FICCI FLO.

The theme for her tenure 2024-25, is “Collective Vision, Collaborative Action.”
Note: FLO, the women wing of FICCI, is the oldest women-led and women-centric business chamber in Southeast Asia.
About Joyshree Das Verma:
i.Joyshree Das Verma has been serving as a Director and Co-promoter of Kaapro Management Solutions Pvt Ltd, a entrepreneurial HR Consulting company, since 2010.
ii.Her corporate and entrepreneurial excellence spans 25 years with a diverse professional presence.
iii.She began her entrepreneurial career as a Business Partner of MAFOI Management Consultants Ltd (Now Randstad) in the Northeast in 2003.
iv.She has been appointed by Israel as its Honorary Consul for Northeast India, integrating her work with all the 8 northeastern states of India.
v.She has also served as Committee Member of India ASEAN(Association of Southeast Asian Nations) Women Business Forum (IAWBF) and trustee on the Board of Mission Smile.
Roles in FICCI and FLO Engagement:
Held various regional and national roles, including:

• Chairperson, FLO Northeast in the year 2015-2016;
• National Coordinator for FLO’s E-Commerce Initiative in 2016 for a 3-year tenure;
• FICCI FLO National Governing Body member;
• First Chair of FICCI Micro, Small & Medium Enterprise (MSME) Northeast;
• Member of the FICCI MSME National Committee.

About FICCI Ladies Organisation (FLO):
FLO is the apex body of industry and commerce in India. FLO at present has 19 chapters across India and represents over 9500 women entrepreneurs and professionals.
President– Joyshree Das Verma
Headquarters-New Delhi, Delhi
Established in– 1983

Bassirou Diomaye Faye Elected as President of SenegalBassirou Diomaye Diakhar Faye was elected president of Senegal after winning the election that was held on March 24, 2024.

• Faye succeeds Macky Sall who served as the President of Senegal from 2012 to 2024.
• On April 2, 2024, Faye is scheduled to take over as president, replacing Macky Sall.

About the election:
i.Faye became the 5th president of Senegal with 54.28% of the votes in the presidential election, while former prime minister Amadou Ba came in second with 35.79%.
ii.He also became Senegal’s and Africa’s youngest elected president at the age of 44.
iii.He was the first opposition candidate to win the presidential election since Senegal’s independence from France in 1960.
Note: Senegal’s highest judicial authority, the Constitutional Council, has confirmed the Victory of Bassirou Diomaye Faye as president.
About Bassirou Diomaye Faye:
i.Faye served as a tax collector in the Senegal government before he entered politics.
ii.He served as the secretary general of the African Patriots of Senegal for Work, Ethics, and Fraternity (PASTEF) party, which was dissolved in July 2023.
iii.He was imprisoned in April 2023 and was released on 14th March 2024 following the enactment of an amnesty law by former President Macky Sall.
About Senegal:
President – Macky Sall (As of April 1, 2024)
Capital – Dakar
Currency – West African CFA franc (XOF)

ACQUISITIONS & MERGERS

RIL buys 26% stake in Adani’s Madhya Pradesh Power Project
The Reliance Industries Limited (RIL), owned by Mukesh Ambani, has bought a 26% share in Gautam Adani’s Madhya Pradesh power project and has agreed to use the 500 MW of electricity produced by the facility for captive use. The two billionaires are working together on a business project for the first time.

• Under the terms of the Captive User policy as outlined in the Electricity Rules, 2005, Mahan Energen Limited (MEL), a wholly owned subsidiary of Adani Power Limited (APL), and RIL have signed into a 20-year long-term Power Purchase Agreement (PPA) for 500 MW.
• Reliance will purchase five crore equity shares at par (Rs 50 crore) in Mahan Energen Ltd.
• Out of the 2800 megawatt (MW) total existing and future capacity of MEL’s Mahan Thermal Plant, one unit with a 600 MW capacity will be selected as the captive unit.

Warburg Pincus Sells Entire 2.25% Stake in IDFC First Bank
Warburg Pincus, a Private equity firm sold its entire 2.25% stake in IDFC (formerly Infrastructure Development Finance Company Limited) First Bank  for Rs 1,195 crore through the open market transaction.
Note:Warburg Pincus sold its IDFC First Bank shares on the BSE (formerly Bombay Stock Exchange) through its affiliated  Cloverdell Investment Limited.

• As per BSE, the investment group used block deals to sell its 2.25% stake in the bank. More than 15.88 crore IDFC First Bank shares were sold by Cloverdell Investment.

About IDFC First Bank
Managing Director & Chief Executive Officer (MD & CEO)- V. Vaidyanathan
Headquarters – Mumbai, Maharashtra
Established – 2018
Tagline – Always you First

ICICI Securities Delists its Share and Merges with ICICI Bank
The Industrial Credit and Investment Corporation of India (ICICI) Securities has received approval from shareholders to delist its shares to proceed with its merger with ICICI Bank, the parent company and main shareholder.

• The delisting motion received 71.9% of the votes, and the minority shareholders of the brokerage supported the move.
• The 83.8% of public institutional investors, who collectively own 16.68%  of the company voted in favor of the delisting.
• Norges Bank Investment Management has the largest public share of 3.2% in ICICI Securities.
• As of March 28, 2024, ICICI Bank holds a roughly 75% stake in ICICI Securities.

OBITUARY

Louis Cameron: First Black man to win Oscar for Best Supporting Actor Passed AwayOn March 29 2024, Louis Cameron Gossett Jr, the first Black man to win Oscars for Best Actor in a Supporting Role passed away at the age of 87 in California, United States.

• In 1983 he won Oscars for his performance in ‘’An Officer and a Gentleman’’.
• Louis Gossett Jr. became the second black man to win a Golden Globe (1983) for best Supporting Actor.

Early life
Louis Cameron Gossett Jr was born on May 27 1936 in Brooklyn, New York.
Career
i.In 1961, Gossett made his first trip to Hollywood to work on a film version of the Broadway success “A Raisin in the Sun’’.
ii.He made his breakthrough on the small screen, as a fiddler in the ground-breaking 1977 TV miniseries Roots, which portrayed the horrors of slavery.
iii.He co-starred with Colman Dolmingo, Danielle Brooks, and Halle Bailey in the musical adaptation of The Colour Purple in 2023 as patriarch Ol' Mister Johnson.
Awards 
i.He had won a Golden Globe Award in 1992 for The Josephine Baker Story.
ii.He had won an Emmy award for Outstanding Lead Role in 1977 for Roots.

IMPORTANT DAYS

International Day of Zero Waste 2024 – March 30 The United Nations(UN)’s International Day of Zero Waste is annually observed across the globe on 30th March to highlight the importance of bolstering waste management and promoting sustainable consumption and production patterns.

• 30th March 2024 marks the observance of the 2nd annual International Day of Zero Waste.

The observance is led by the UN Environment Programme (UNEP) and the UN Human Settlements Programme (UN-Habitat).
Background:
i.On 14th December 2022, the United Nations General Assembly (UNGA) adopted a resolution A/RES/77/161 and proclaimed the 30th March of every year as the International Day of Zero Waste.
ii.The first-ever International Day of Zero Waste was observed on 30th March 2023. 
iii.The resolution was proposed by Türkiye and sponsored by around 105 countries.
About United Nations Environment Programme (UNEP):
UNEP is the primary environmental authority in the UN System.
Executive Director– Inger Andersen
Headquarters– Nairobi, Kenya
Founded in 1972
Member States– 193 Member States
>> Read Full News

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