Current Affairs 5 & 6 May 2024

We are here for you to provide the important Recent and Latest Current Affairs 5 & 6 May 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

Flying Wedge Defence and Aerospace unveiled FWD-200B, India’s 1st Indigenous Bomber UAVBengaluru (Karnataka) based Flying Wedge Defence and Aerospace Technologies Private Limited launched its Unmanned Combat Aerial Vehicle (UCAV) – Flying Wedge Defence 200B (FWD-200B), India’s first indigenous military grade bomber drones.

• This drone strengthens national defense capabilities, reduces import reliance, and supports the Make in India initiative.

Key Points:
i.FWD-200B is a Medium-Altitude, Long-Endurance (MALE) UCAV entirely designed and manufactured in India.
ii.It boasts a 12-20 hour endurance and can achieve a maximum speed of 200 knot (kts)/370 kilometre per hour(kmph). It holds a ground control station (GCS) range of 200 km.
iii.The FWD-200B has a payload capacity of 100 kgs and can carry a maximum takeoff weight of 498 Kg.

• The drone including optical surveillance payloads and precision air-strike weapons.

iv.FWD-200B will be available for just Rs 25 crores.  The cost of FWD-200B is significantly lower compared to imported drones like the United States (US) Predator. This makes it more accessible and cost-effective for India’s defense needs.
Note:
i.In 2023, FWDA became the first entity to secure Directorate General of Civil Aviation (DGCA) type certification for indigenous Unmanned Aerial Vehicle (UAV) technology in India.
ii.They have deployed drones to protect the Indian Prime Minister (PM) in collaboration with the Special Protection Group (SPG) and Larsen & Toubro (L&T).

Fship Logistics Partners with India Post for Last-mile E-commerce Delivery Services
Fship Logistics, a tech-driven logistics platform, has partnered with India Post to enhance last-mile delivery services for e-commerce products, benefiting Direct-to-Consumer (D2C) startups, small and medium businesses (SMBs), and Micro, Small, and Medium Enterprises (MSMEs) across India.
Aim:
This partnership aims to create economical deliveries, particularly in rural areas with less developed logistics infrastructure.

• Fship will also address the increasing logistics demand.

Key Points:

• Fship expands its reach nationwide, including remote areas where India Post is the exclusive courier service.
• Fship will seamlessly integrate its platform, offering comprehensive shipping solutions, including pick-up and delivery services with real-time shipment tracking and notifications.

Market Trends:

• The Indian logistics market is set to grow at 8.8% annually, reaching USD 484.43 billion by 2029.
• The E-commerce market is expected to hit USD 18.81 trillion by 2029, with a 15.80% compound annual growth rate (CAGR).

Note: India Post is one of the world’s most widely distributed postal systems and India’s government-operated postal service under the Ministry of Communications.

C-DAC developed Thermal Camera transferred to CP Plus; Meity launched ITS Booklet
The Indigenous Technologies of Thermal camera, designed and developed by the Centre for Development of Advanced Computing(C-DAC), Thiruvananthapuram, Kerala under the Program of Ministry of Electronics and Information Technology (MeitY), was transferred to CP PLUS, a division of  M/s Aditya Infotech Limited.
This is in line with the Innovation, Science and Technology theme of Viksit Bharat @2047.

• The thermal Smart camera has an inbuilt Data Processing Unit (DPU) to run various Artificial intelligence (AI) based analytics. This targets applications in domains like Smart cities, Industries, Defence and Health.

MeitY launched the Intelligent Transportation System (ITS) Technology/Product Booklet during the event.

• The booklet compiles the technologies/product/solution developed for Traffic control, Public Transit, Road Safety, and Sensors for traffic Applications under the Intelligent Transportation Systems Endeavour (InTranSE) program of MeitY.

IFFCO Receives FCO Approval for Nano Zinc Liquid, Nano Copper Liquid Fertilisers
Indian Farmers Fertiliser Cooperative Limited(IFFCO) has received FCO (Fertiliser Control Order) approval to launch its IFFCO Nano Zinc (Liquid) and IFFCO Nano Copper (Liquid) fertilisers which will mitigate zinc and copper deficiencies in agriculture crops and boost productivity.

• IFFCO Nano Zinc (Liquid) and IFFCO Nano Copper (Liquid) have been notified by the Government of India for 3 years.
• Zinc and copper are the crucial micro-nutrient for the enzyme functioning in plants.  Zinc helps plant growth and development and copper helps in chlorophyll and seed production.
• These will help to ameliorate zinc and copper deficiencies in crops, increase crop yield & quality and address the issue of malnutrition

With this launch, a total of five liquid fertiliser products of IFFCO based on nanotechnology will be now available for farmers. The other 3 are IFFCO Nano Urea, Nano Di-Ammonia Phosphate (DAP) and Nano Urea Plus.

BANKING & FINANCE

RBI Revises banks’ Capital Market Exposure norms for T+1 settlementi.On 3rd May 2024, the Reserve Bank of India (RBI) has revised the guidelines for custodian banks to issue Irrevocable Payment Commitments (IPCs) in light of the T+1 settlement regime for stocks.

• The maximum intraday risk for custodian banks issuing IPCs will be considered as capital market exposure (CME) at 30% of the settlement amount.

ii.On 2nd May 2024, RBI lifted the restrictions on Bajaj Finance Limited’s Insta EMI Card and its e-commerce platform, eCOM.
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

SEBI introduces Framework for Stock Exchanges to supervise RAs & IAsOn May 2, 2024, the Securities and Exchange Board of India (SEBI) introduces framework for administration and supervision of Research Analysts and Investment Advisers, as stock exchange will be recognized as RAASB (Research Analyst Administration and Supervisory Body) and IAASB (Investment Adviser Administration and Supervisory Body) for administration  and  supervision of Research Analysts (RAs) and Investment Advisers (IAs) respectively.

• This framework follows the ‘Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2024’ on April 26, 2024, of which Regulation 38A permits recognized stock exchanges to undertake the activities of administration and supervision, subject to terms and conditions.
• It will effective from July 25, 2024.

This information by SEBI is provided in exercise of its powers conferred under Section 11(1) of SEBI Act, 1992 read with regulation 14 of RA Regulations and IA Regulations to protect the interests of investors and to promote the development of securities market.
Key Points:
i.Stock Exchanges  are recognized as RAASB and IAASB under Regulation 14 of the ‘RA Regulations’ and ‘IA Regulations’.
ii.For efficiency and economies of scale, RAASB and IAASB must be the same stock exchange.
iii.Requirements for recognition:

• Operational for at least 15 years.
• Net worth of at least Rs 200 crore.
• Nationwide terminals and investor service centers in 20 cities.
• Provide a grievance redressal mechanism, including online dispute resolution.

About Securities Exchange Board of India (SEBI):
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra
Establishment–1992

ADB Agreed to Replenish USD 5 billion for ADF 14 & TASF 8Asian Development Bank (ADB) and donors have agreed to replenishment of USD 5 billion for Asian Development Fund(ADF) 14 and Technical Assistance Special Fund(TASF) 8.

• The decision was made During its 57th Annual Meeting held in Georgia, the United States of America(USA).

Points to note:
i.ADF 14, the 13th of replenishment of ADF, will support grant operations during 2025­­­–2028.
ii.TASF 8 will provide grants that help in preparing projects, building capacity, and providing technical or policy advice.
About Asian Development Fund(ADF):
ADF, established in 1974, is the largest source of grants of ADB, for operations in the poorest and most vulnerable developing member countries.  It is replenished after every 4 years.
Objective: To eradicate poverty and enhance the quality of life in poorest and most vulnerable countries of Asia-Pacific region.
Significance of ADF 14:
i.ADF 14 is about 22% higher than USD 4.1 billion available in ADF 13 and It will provide largest-ever volume of ADF grants to eligible ADB members.
ii.Around 51%, of the replenishment (around USD 2.5 billion) will be funded by contributions from donors which includes 2 new countries: Armenia and Georgia.
iii.A significant increase of 35% will be seen in ADB net income transfer to ADF i.e. from USD 1.2 billion(ADF 13) to USD 1.6 billion(ADF 14).
iv.Additionally, ADB intend to provide USD 16.7 billion in concessional loans (with low interest rates over long repayment periods) during the ADF 14 period.
Additional info:
i.ADF14 will prioritize dedicated assistance to small island developing states vulnerable to climate changes and to countries in fragile and conflict-affected situations.
ii.It will continue to play vital role in supporting climate change adaptation and disaster risk reduction.
Donors of ADF 14:  Armenia; Australia; Austria; Canada;  Denmark; Finland; France; Georgia; Germany; Hong Kong, China; India; Indonesia; Ireland; Italy; Japan; Luxembourg; Malaysia; Netherlands; New Zealand; Norway; People’s Republic of China; Philippines; Portugal; Republic of Korea; Spain; Sweden; Switzerland; Taipei,China; Türkiye; United Kingdom; and USA.
About Technical Assistance Special Fund(TASF):
i.TASF provides technical assistance grants to borrowing members to help prepare projects and undertake technical or policy studies.
ii.All ADB developing member countries are eligible to receive support from the fund.
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 in 1966

APPOINTMENTS & RESIGNATIONS

Atanu Chakraborty Reappointed as Part-Time Chairman & Independent Director of HDFC Bank The Reserve Bank of India (RBI) has approved the reappointment of Atanu Chakraborty as Part-Time Chairman of HDFC Bank Limited for 3 years with effect from 5th May 2024 to 4 May 2027.

• Following this, the Board of Directors of HDFC Bank has also approved the reappointment of Atanu Chakraborty as Part-Time Chairman and Independent Director of HDFC Bank for 3 years.
• He has been serving as the Part-time Chairman and Independent Director of HDFC Bank Limited since 2021.

About Atanu Chakraborty:
i.Atanu Chakraborty, a 1985 batch Indian Administrative Service (IAS) officer of Gujarat cadre, retired as Secretary of Department of Economic Affairs, Ministry of Finance in April 2020.
ii.He has also served as Secretary of the Department of Investment and Public Asset Management) (DIPAM) and Joint Secretary, Department of Expenditure in the Ministry of Finance.
iii.He has also served on the Board of the World Bank as alternate Governor and on the Central Board of Directors of RBI.
iv.He also served as the Chairman of the National Infrastructure Investment Fund (NIIF).
v.He served as the Chief Executive Officer (CEO) and Managing Director (MD) of the Gujarat State Petroleum Corporation Limited (GSPC) group of companies; and Gujarat State Fertilizers and Chemicals Limited.
About HDFC Bank Ltd:
MD and CEO– Sashidhar Jagdishan
Headquarters– Mumbai, Maharashtra
Incorporated in August 1994
Tagline– We Understand Your World

RBI Approves Appointment of Sanjeev Nautiyal as Next MD & CEO of Ujjivan SFB The Reserve Bank of India (RBI) has approved the appointment of Sanjeev Nautiyal as the Managing Director (MD) & Chief Executive Officer (CEO) of the Ujjivan Small Finance Bank Limited (Ujjivan SFB) for 3 years with effect from 1 July 2024. He will join the Bank before taking charge as the MD and CEO and will be designated as the President in the interim.
About Sanjeev Nautiyal:
i.He boasts a distinguished career spanning over 3 decades in the banking sector.
ii.Earlier he served as Deputy MD (Financial Inclusion & Micro Markets) of the State Bank of India (SBI) and MD and CEO of SBI Life Insurance.
iii.He is currently the Independent Director of the Life Insurance Corporation of India (LIC) and an advisor in various organisations.
About Ittira Davis:
The current MD and CEO, Ittira Davis, was re-appointed for 2 years, starting January 14, 2023.
He assumed the role of MD & CEO of Ujjivan SFB from July 2018 to March 2021 and again reappointed in January 2022 for 1 year.
Note: Ittira Davis is set to be released before his original term expiry.
About Ujjivan Small Finance Bank Limited (Ujjivan SFB):
Part-Time Chairman– Banavar Anantharamaiah Prabhakar
Headquarters– Bengaluru, Karnataka
Established in– 2017
Tagline– Build a Better life

Mallika Nadda Appointed as Chairperson of Special Olympics Asia-Pacific Advisory CouncilDr. Mallika Nadda, President of Special Olympics(SO) Bharat(India), has been appointed as Chairperson of Special Olympics Asia-Pacific Advisory Council(APAC) for 3 years with effect from 1st May 2024 till 31st March 2027.
Roles and Responsibilities:
i.As the chairperson of APAC, Mallika Nadda will represent the entire Special Olympics Asia Pacific (SOAP) region which includes 34 countries.
ii.She will be SO Bharat representative on the APAC. SO Bharat is a permanent member of APAC.
About Dr.Mallika Nadda:
i.Dr.Mallika Nadda has been serving as the President of SO Bharat (India) since 2021. she is associated with the Himachal Pradesh University, Shimla.
ii.She is a noted social activist and worked extensively for the cause of differently-abled, underprivileged and women empowerment for over 30 years.
iii.She established Chetna Sanstha in Bilaspur, Himachal Pradesh and She is also the founding member of Viklang Seva Bharti in Jabalpur, Madhya Pradesh.
iv.She organised the first of a kind National Health Festival for Divyangjan on 7th April, 2022(World Health Day) across 139 locations in India.

• For this, SO Olympics Bharat has made it to the Guinness Book of World Records for most people running in place simultaneously (multiple venues).

Awards/Accolades:
i.She was honoured with  Rajiv Gandhi Manav Seva Award in 2010 by Ministry of Women and Child Development(MoWCD) in recognition of her contribution in the field of child development.
ii.She was awarded with the Derozio Award in 2011 in the field of education and human enrichment.
Note: Dipak Natali is the Regional President and Managing Director of SO Olympics of Asia-Pacific region.
About Special Olympics Bharat:
It is a National Sports Federation also registered under the Indian Trust Act 1882 in 2001 and is accredited by Special Olympics International to conduct Special Olympics Programs in India.
Special Olympics, establishment in 1968, is a global organization that serves athletes with intellectual disabilities.
Founder– Air Marshal Denzil Keelor
President– Dr. Mallika Nadda
Headquarters– New Delhi, Delhi.

Dr. Subhransu Sekhar Acharya Assumed Charge as CMD of NSICOn 2nd May 2024, Dr. Subhransu Sekhar Acharya assumed charge of Chairman- cum- Managing Director (CMD) of the National Small Industries Corporation Limited (NSIC), a Mini Ratna (category-II) Government of India Enterprise under Ministry of Micro Small and Medium Enterprises(MoMSME).

• He replaced Vipul Goel, Joint Secretary of the MoMSME, who has been serving as CMD (additional charge) since July 2023.
• Prior to this appointment, Subhransu Sekhar Acharya was serving as the Chief General Manager, Small Industries Development Bank of India (SIDBI), New Delhi(Delhi) since 2022.

About Dr. Subhransu Sekhar Acharya:
i.He has over 3 decades of experience in various areas of MSME Financing, and development including Credit, Risk Management, small and medium enterprises (SME) Rating, Business Planning, etc.
ii.He was a founding member of SMERA Ratings Private Limited, India’s first SME Rating Agency.
iii.He also served as the Chief Executive Officer (CEO) of India SME Technology Services Ltd (ISTSL), promoted by SIDBI and 4 other commercial banks.
iv.He served as a Director on the Boards of

• India SME Technology Services Ltd. ( A Technology Co. for MSMEs);
• National Backward Classes Finance & Development Corporation; and
• Delhi Finance Corporation(DFC).

About National Small Industries Corporation Ltd. (NSIC):
It is an ISO 9001-2008 certified Government of India Enterprise under the MoMSME.
It also runs a B2B(business-to-business) e-commerce marketing platform MSME Global Mart for MSME
CMD– Dr. Subhransu Sekhar Acharya
Established in 1955
Headquarters– New Delhi, Delhi

Vice-Admiral Krishna Swaminathan Assumed Charge as Vice-Chief of Naval Staff
On 1 May 2024, Vice Admiral Krishna Swaminathan assumed charge as the Vice Chief of Naval Staff. He previously served as Chief of Personnel at the Naval Headquarters (NHQ) in New Delhi, Delhi. He replaced Admiral Dinesh K Tripathi who assumed charge as Chief of Naval Staff (CNS).
About Vice Admiral Krishna Swaminathan:
i.He was commissioned into the Indian Navy on 1 July 1987 and is a Communication and Electronic Warfare specialist.
ii.He was a recipient of Ati Vishisht Seva Medal (2021) and Vishisht Seva Medal.
iii.He also served as Chief of Staff of the Western Naval Command; and Controller of Personnel Services at NHQ.
iv.He was appointed as the Flag Officer Commanding the Western Fleet.
v.He was appointed the Flag Officer Offshore Defence Advisory Group and Advisor, Offshore Security, and Defence to the Government of India.

SCIENCE & TECHNOLOGY

German Company HyImpulse Launched Candle Wax-Powered Rocket on a Test Flight into SpaceOn 3rd May 2024, German private space company HyImpulse successfully test launched a candle wax-powered rocket “SR75” from a launch site in Koonibba, South Australia.

• It is for the 1st-time a rocket carrying commercial satellites on a test suborbital flight into space.

Key Features of Rocket:
i.The test rocket is 12 metre(m) long and weighs around 2.5 tonne single stage rocket.
ii.The rocket has the capacity of carrying satellites which weighs up to 250 kg to an altitude of up to 250 kilometers.
iii.It is fuelled by paraffin (candle wax) and liquid oxygen.
iv.Paraffin is used as fuel for rockets because of its cost effectiveness as it can help to reduce transportation cost by 50% and also can be used as a safer alternative fuel for rockets.
Note:
i.It also aims to launch “SL-1”, a larger multi-stage rocket capable of carrying satellites weighing up to 600 kg and deploying them into Low Earth Orbit(LEO) by the end of 2025.
ii.HyImpulse company aims to expand demand for commercial satellites and to achieve annual sales worth 700 million euros by 2032.

IMPORTANT DAYS

International Firefighters’ Day 2024 – May 4 International Firefighters’ Day (IFFD) is annually observed across the globe on 4 May to acknowledge the sacrifices of firefighters and honour their dedication to keeping communities and environments safe.

• IFFD significantly honours those who have lost their lives in the line of duty and expresses gratitude for the ongoing dedication of firefighting professionals.

May 4 also marks St Florian’s Day, named after St Florian (250-304AD), the patron saint of firefighters and a high-ranking Roman Army officer.
Background:
i.International Firefighters’ Day (IFFD) was initiated to honour the loss of lives of 5 firefighters in a wildfire held in Linton, Australia on 1998.

• The 5 firefighters were Garry Vredeveldt, Chris Evans, Stuart Davidson, Jason Thomas, and Matthew Armstrong of Geelong West, Australia.

ii.On 4 January 1999, JJ Edmondson, a volunteer Lieutenant and firefighter in Australia sent a proposal to promote the need for IFFD on 4 May.
iii.The first IFFD was observed on 4 May 1999.
>> Read Full News

International Leopard Day 2024- May 3 International Leopard Day is annually observed across the globe on 3rd May to raise awareness about the conservation and protection of leopards, the most adaptable of the big cats, and their habitats worldwide.
i.Leopards are listed as “Vulnerable” in the International Union for the Conservation of Nature (IUCN) Red List of Threatened Species, with some subspecies classified as Critically Endangered.
ii.India is home to 13,874 leopards, Madhya Pradesh leads with 3,907 leopards, followed by Maharashtra, Karnataka, and Tamil Nadu.
>> Read Full News

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