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CURRENT AFFAIRS 27th APRIL 2024

Current Affairs 27th April 2024

Current Affairs 27th April 2024

Mark your calendars, history buffs and trivia enthusiasts, because April 27th, 2024, isn’t just any ordinary Saturday. This date is packed with a surprising variety of observances, from honoring international heroes to indulging in delicious national treats. So, whether you’re an animal lover with a soft spot for tapirs or a bookworm celebrating independent bookstores, there’s something for everyone on April 27th, 2024. Dive in with us as we explore the unique tapestry of events woven into this single day!


NATIONAL AFFAIRS

1) ADIF and IIT Guwahati TIC Sign MoU to Boost Startup Ecosyste

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The Alliance of Digital India Foundation (ADIF) and the Indian Institutes of Technology Guwahati (Assam) Technology Incubation Centre (IITG TIC) have signed a Memorandum of Understanding (MoU) to encourage entrepreneurship and give assistance to technology firms.

The two-year MOU seeks to boost the startup ecosystem by promoting engagement between ADIF’s network of companies and entrepreneurs and IIT Guwahati’s pool of innovators, professors, and incubation facilities.

According to the agreement, ADIF will give alliance membership to IITG TIC’s portfolio startup firms, granting them access to ADIF’s startup toolbox of subsidized services, resources, and mentorship opportunities.

Click here to read from source


INTERNATIONAL AFFAIRS

2) UNHCR launches Climate Resilience Fund to Shield Refugees and Displaced People from Climate Shocks

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On April 24, 2024, the United Nations High Commissioner for Refugees (UNHCR) launched the UNHCR Climate Resilience Fund, aiming to raise USD100 million by 2025 for protecting refugees and displaced communities from climate change impacts and promoting their inclusion in climate-related measures.

Key Points:

  • Contributions to the Fund will help UNHCR expand its climate action to countries dealing with conflict-related displacement, such as Bangladesh, Chad, Ethiopia, Kenya, and Mozambique.
  • It will also assist a variety of actions aligned with the UNHCR’s Focus Area Strategic Plan for Climate Action 2024-2030.
  • The strategy has four objectives: protection, solutions, resilience, and adaptation.
  • The Fund will invest in climate-resilient shelters, climate-smart livelihoods, and reducing the environmental effect of humanitarian assistance.
  • By prioritizing local impact, initiatives would engage impacted communities in their design and execution, ensuring that they are consistent with national climate and development policies.
  • In 2022, more than 70% of refugees left from nations with significant climate vulnerability. Approximately 60% of forcibly displaced individuals live in unstable and conflict-affected countries, which are among the most vulnerable to climate change and least equipped to adapt.

About United Nations High Commissioner for Refugees (UNHCR):

  • High Commissioner– Filippo Grandi
  • Establishment– 1950
  • Headquarters– Geneva, Switzerland

Click here to read from source


3) UNCTAD Report: India’s Services Exports Increased By 11.4% in 2023

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According to the United Nations Conference on Trade and Development’s (UNCTAD) fourth quarterly (Q4) report for 2023, India’s service exports rose 11.4% to USD 345 billion in 2023, despite global economic uncertainties.

China’s service exports fell by 10.1% to USD 381 billion in 2023. However, China emerged as the leading performer among emerging nations in terms of service exports, followed by India.

Key Findings:

  • According to the data, world services exports climbed by 8.9% to USD 7.9 trillion in 2023.
    Global services exports grew by 8.0% in Q4 2023.
  • The United States of America (USA) is the top performing country (developed economy) with the world’s largest services exports of USD 999 billion, followed by the United Kingdom (UK) at USD 584 billion and Germany at USD 440 billion.
  • China and India are the major service exporters among developing economies. Singapore, Turkey, Hong Kong, Thailand, and Taiwan.
  • The analysis identified International Travel revenues as the primary driver of the year-on-year (Y-O-Y) increase in services exports in Q4 2023.
  • International travel revenues climbed by 40% overall, with a 70% surge in Asia following the COVID-19 rebound.

India-Specific

  • The survey identified the following industries as contributing to the growth of India’s service exports: travel, transportation, medical, and hospitality.
  • Contrary to India’s good development in services exports, India’s services imports (emerging economy) fell by 0.4% to USD 248 billion in 2023.
  • The United States of America was the highest importer among developed economies, with USD 719 billion.

Note: According to official statistics from the Government of India (GoI), services exports rose by 4.4% year on year to USD 339.6 billion in FY24 (2023-24).

About United Nations Conference on Trade and Development (UNCTAD):

  • Secretary-General: Rebeca Grynspan (Costa Rica)
  • Headquarters: Geneva, Switzerland
  • Member nations: 195
  • Established: 1964

Click here to read from source


BANKING & FINANCE

4) NABARD Partners with Reserve Bank Innovation Hub to Fast-Track Digital Agri Lending

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On April 25, 2024, the National Bank for Agriculture and Rural Development (NABARD) announced a cooperation with the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the Reserve Bank of India (RBI), to create a technology to assist speed up the agricultural loan process.

The agreement was signed by Shaji K.V., Chairman of NABARD, and Rajesh Bansal, RBIH’s CEO.

Significance:

The digitalization of agricultural finance will ensure that farmers receive loans instantly. The agreement would streamline the credit procedure and lower loan turnaround times from 3-4 weeks to 5 minutes for India’s 12 crore farmers.

Key Points:

  • According to the agreement, NABARD will link its e-KCC loan origination system portal with RBIH’s Public Tech Platform for Frictionless Credit (PTPFC).

Note: RBIH developed PTPFC, which was commercialized in 2023.

  • PTPFC has implemented digital land records in over 10 states, enabling lenders to access credit information seamlessly.
  • The integration would enable 35 district and state cooperative banks and 43 Regional Rural Banks (RRBs) to provide access to a variety of services, including digital state land records, satellite data, Know Your Customer (KYC), credit history, and transliteration for better credit underwriting.
  • The pilot phase of the cooperation will be conducted in selected RRBs, including Karnataka Gramin Bank, Maharashtra Gramin Bank, and Andhra Pradesh Cooperative Banks.
  • The primary goal is to develop the digital lending platform to cover approximately 5 crore Kisan Credit Card (KCC) loans across all cooperative banks and RRBs in India.

About Reserve Bank Innovation Hub(RBIH):

It is a wholly-owned company of the RBI that promotes and facilitates an environment conducive to financial sector innovation.

  • CEO: Rajesh Bansal
  • Headquarters: Bengaluru, Karnataka
  • Established: 2022

Click here to read from source


5) SBI Card launches its 1st core Travel credit card ‘SBI Card Miles’ with 3 variants

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SBI Cards and Payment Services Limited (SBI Card) has launched its first travel-focused credit card, ‘SBI Card MILES,’ with three variants: SBI Card Miles Elite, SBI Card Miles Prime, and SBI Card Miles.

The cards are accessible on the Mastercard and RuPay networks.

Charges:

The ELITE model has a joining and yearly charge of Rs 4,999 + taxes, and the PRIME and MILES variants cost Rs 2,999 and Rs 1,499 + taxes, respectively.

Benefits:

It will provide perks such as travel credit conversion, increased incentives for trip reservations, and lounge access.

The card’s partners include more than 20 major airlines and hotel brands, including Air Vistara, Air India, SpiceJet, and IHG Hotels & Resorts.

For Elite, Prime, and miles versions, the Foreign Currency Mark-up Charge for International use is 1.99%, 2.50%, and 3.0%, respectively.

Travel credits:

SBI Card MILES ELITE

SBI Card MILES PRIME SBI Card MILES

6 Travel Credits for every Rs. 200 that you spend on travel

Earn 4 Travel Credits for every Rs. 200 that you spend on travel

Earn 2 Travel Credits for every Rs. 200 that you spend on travel

2 Travel Credits for every Rs. 200 on all other spends 2 Travel Credits for every  Rs. 200 on all other spends

1 Travel Credits for every  Rs. 200 on all other spends

Travel Credits can be converted into Air Miles or Hotel Points of the relevant partners.

About SBI Cards and Payment Services Limited:

It is a joint venture between SBI and GE Capital.

  • MD and CEO– Abhijit Chakravorty
  • Establishment– 1998
  • Headquarters-Gurugram, Haryana

Click here to read from source


6) Groww Mutual Fund receives SEBI approval to launch India’s 1st Nifty Non-Cyclical Consumer Index Fund

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Groww Mutual Fund, an asset management company (AMC), has got clearance from the Securities and Exchange Board of India (SEBI) to create India’s first Nifty Non-Cyclical Consumer Index fund.

This open-ended scheme, which will launch in the first week of May 2024, will be managed by Abhishek Jain and benchmarked against the Nifty Non-Cyclical Consumer Index TRI (Total Return Index), which includes the top 30 stocks in sectors such as consumer goods and services, telecom, textiles, entertainment, and so on.

Key Points:

Fund Objective: It seeks long-term capital gain by investing in stocks that closely replicate the performance of the Nifty Non-Cyclical Consumer Index while minimizing tracking mistakes.

This fund focuses on areas with predictable demand, such as utilities, healthcare, and consumer staples, as well as financial protection from market volatility.

Investment Strategy: The fund will invest 95-100% in shares and equity-related securities of firms linked with or expected to gain from consumer activities, with a limited allocation (0-5%) to debt and money market assets.

Minimum Investment: Investors can begin with a minimum of Rs 500, with further investments in multiples of Re 1 for purchases and Re 0.01 for swaps.
SIPs demand a minimum commitment of Rs 1,200, with strict installment conditions.

Redemption and Exit Load: The minimum redemption value is Rs 500, and an exit load of 1% applies to units redeemed within 30 days of issuance. After this time, no exit load is paid.

Fund Options: The system provides regular and direct plans, as well as growth and IDCW (Income Distribution Cumulative Withdrawal) choices.

Risk Profile: The plan has a “very high” risk profile and is appropriate for people looking for long-term capital appreciation in equity and equity-related products from the Nifty Non-Cyclical Consumer Index.

About Groww Mutual Fund:

  • Co-founder & CEO– Lalit Keshre
  • Headquarters– Bengaluru, Karnataka
  • Establishment– 2017

Click here to read from source


7) CRISIL ESG Ratings Gets SEBI nod to Offer ESG ratings (Current Affairs 27th April 2024)

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The Securities and Exchange Board of India (SEBI) has certified CRISIL ESG Ratings & Analytics Limited (CRISIL ESG Ratings), a fully owned subsidiary of CRISIL Ratings Ltd (CRL), as a Tier 1 supplier of Environmental, Social, and Governance (ESG) ratings.

Background:

  • In 2023, SEBI notified a change to the SEBI (Credit Rating Agencies) Regulations, 1999, to add provisions for ESG Rating Providers.
  • CRISIL ESG Ratings was established in July 2023 to comply with these notifications.
  • In 2021, CRISIL Limited began its ESG’scoring’ business, expanding coverage from 225 to about 1,000 firms across 65 industries.
  • The ESG score business will now be transferred to CRISIL ESG Ratings.

ESG ratings:

The ESG ratings approach involves analyzing more than 500 distinct data points across ESG factors for each organization.

It will assist investors in measuring and monitoring ESG risks, as well as identifying investment possibilities that take into account the long-term sustainability of the firm.

SEBI & ESG rating:

  • SEBI created two categories for grading entities based on their net worth and functions.
  • SEBI requires the rating agency to publish its evaluation process for all ESG ratings on its official website.
  • This will strike a compromise between transparency and the preservation of private or secret data inside these approaches.
  • The rating agency should explicitly clarify the relative weight accorded to each area, as well as the relevance of overarching themes.
  • The major shareholder of an ESG rating agency must own at least 26% of the agency for at least 5 years after it receives regulatory approval.
  • If foreign firms seek to provide ESG rating services to entities in India, they must obtain SEBI accreditation.

About CRISIL Ratings Limited(CRL):

CRL is a subsidiary of CRISIL Limited, previously Credit Rating Information Services of India Limited.

CRL is a Credit Rating Agency licensed with the SEBI under the SEBI (Credit Rating Agencies) Regulations of 1999.

  • Managing Director(MD)– Gurpreet Chhatwal
  • Headquarters- Mumbai, Maharashtra

Click here to read from source


8) Hitachi Payment Services launches India’s first Upgradable ATM (Current Affairs 27th April 2024)

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Hitachi Payment Services Private Ltd, a 100% subsidiary of Hitachi Ltd., has unveiled India’s first upgradable Automated Teller Machine (ATM) that can be transformed into a cash recycling machine (CRM) as needed by a bank, removing the need for a separate CRM.

These upgradeable machines support UPI for cash deposits and withdrawals.
CRM allows clients to make cash deposits and withdrawals from the same machine.

Click here to read from source


Click here to read: Current Affairs 26th April 2024


ECONOMY & BUSINESS

9) NTPC Signs MoU with RINL for Supply of Limestone (Current Affairs 27th April 2024)

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NTPC Limited (previously National Thermal Power Corporation) and Rashtriya Ispat Nigam Limited (RINL) have signed a Memorandum of Understanding (MoU) for the delivery of 9 lakh metric tonnes of limestone (lime chips, a byproduct of RINL) to NTPC facilities across India over a five-year period.

Limestone is utilized as a raw material in the flue-gas desulphurisation system being built at the NTPC’s coal-based thermal plants to reduce sulphur dioxide (SO2) emissions.

The MoU was signed by Surinder Pal Singh Virk, NTPC’s Chief General Manager (corporate centre-fuel management), and Rajat Aich, RINL’s General Manager (Marketing).

Click here to read from source


APPOINTMENTS & RESIGNATIONS

10) Former Wrestler Narsingh Pancham Yadav Elected Chairman of WFI’s 7-member Athletes’ Commission (Current Affairs 27th April 2024)

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Former Indian wrestler Narsingh Pancham Yadav has been chosen Chairman of the Wrestling Federation of India’s (WFI) 7-member Athletes’ Commission, which governs wrestling in India.

Other Elected Members of Athletes Commission:

  • Sahil (Delhi)
  • Smitha AS (Kerala)
  • Bharti Bhaghei (Uttar Pradesh)
  • Khushboo S Pawar (Gujarat)
  • Sweta Dubey (West Bengal).
  • Nikki (Haryana) will be the convener of the Athletes commission.

Election of Athletes Commission:

  • Eight individuals competed for seven slots on the commission.
  • The commission’s seven elected members picked Narsingh Yadav as Chairman.
  • Commission members were elected for two-year terms.

Background:

  • In August 2023, United World Wrestling, the worldwide regulatory body for wrestling, banned UWW membership owing to a lack of elections.
  • In February 2024, UWW revoked the WFI’s ban and directed the WFI to hold elections for its athletes’ commission by July 1st, 2024, consisting of current or retired athletes with no more than four years of service.

About Narsingh Pancham Yadav:

  • He won the gold medal in the men’s freestyle 74 kg event at the 2010 Commonwealth Games in New Delhi (India).
  • He earned the silver medal in the 74 kg division at the 2011 Commonwealth Championships in Melbourne, Australia.
  • He also won bronze (74kg category) in the 2014 Asian Games in Incheon, South Korea, the 2015 UWW Asian Championship in Doha, Qatar, and the 2015 World Wrestling Championship 74kg category in Las Vegas, United States of America.
  • In 2016, the Court of Arbitration for Sport (CAS) banned him for four years after he failed drug tests.
  • In 2012, he received the Arjuna Award in wrestling.

Click here to read from source


ACQUISITIONS & MERGERS

11) CCI approves Subscription to CCDs of Napino Auto and Electronics by IFC (Current Affairs 27th April 2024)

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On April 23, 2024, the Competition Commission of India (CCI) allowed the International Finance Corporation’s (IFC) subscription to Napino Auto and Electronics Limited’s (Napino) Compulsory Convertible Debentures (CCD).

  • Target – Napino
  • Acquirer – IFC

IFC, a member of the World Bank Group, was founded in 1956. It promotes private-sector development, assisting emerging nations in achieving long-term economic prosperity.

Napino manufactures electrical and electronic devices mostly for two-wheelers, with a tiny portion of three-wheeler and four-wheeler vehicles.

Click here to read from source


SCIENCE & TECHNOLOGY

12) China Launched 3 Member Shenzhou-18 Crew to its Space Station (Current Affairs 27th April 2024)

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On April 25, 2024, China launched its Shenzhou-18 spacecraft, also known as the “Divine vessel,” atop the Long March 2-F rocket with three people to its “Tiangong space station”.

Shenzhou-18 was launched from Jiuquan Satellite Launch Center, located on the outskirts of the Gobi Desert in northwest China.

The China Manned Space Agency (CMSA) staged a ceremony to send out the Shenzhou-18 crew.

About Shenzhou-18:

Crew: 

  • The Shenzhou-18 crew consists of three members: Mission Commander Ye Guangfu (43), and veteran fighter pilots Li Cong (34) and Li Guangsu (36).
  • This is Ye Guangfu’s second space travel mission. He was a crew member on the Shenzhou-13 mission (October 2021-April 2022).

Functions: 

  • The crew will conduct over 90 experiments in microgravity, space material science, space life science, space medicine, and space technology using scientific experiment cabinets and extravehicular payloads.
  • Additionally, they will conduct space experiments and tests in cutting-edge fields like aerospace medicine, basic physics, material science, and life science.
  • China’s first in-orbit aquatic ecological research study, using zebrafish and goldfish algae, will be implemented throughout the mission.

Points to note: 

  • The Shenzhou-18 crew will replace the Shenzhou-17 crew and spend around six months aboard the space station.
  • The Shenzhou-18 crew will return to the Dongfeng landing site in north China’s Inner Mongolia Autonomous Region in October 2024.

Additional info:

  • China constructed the T-shaped Tiangong space station after being barred from joining the International Space Station (ISS) in 2011.
  • The Tiangong space station has been permanently manned since June 2022.

Click here to read from source


IMPORTANT DAYS

13) International Delegate’s Day 2024 – April 25 (Current Affairs 27th April 2024)

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Every year on April 25th, the United Nations (UN) commemorates International Delegates Day across the globe. This day aims to raise awareness about the critical role that Member State representatives and delegates play in the UN. Coincidentally, on April 25, 2024, the world observed the fifth iteration of International Delegates Day.

Background:

  • On April 2, 2019, the United Nations General Assembly (UNGA) enacted Resolution A/RES/73/286, designating April 25th as International Delegate’s Day.
  • The first International Delegate’s Day was marked on April 25, 2020.

Why April 25? 

  • Today is the anniversary of the first day of the San Francisco Conference, commonly known as the UN Conference on International Organizations.

About United Nations (UN):

  • Secretary-General– António Guterres
  • Headquarters– New York, USA
  • Established in– 1945

Click here to read from source


14) International Chernobyl Disaster Remembrance Day 2024 – April 26 (Current Affairs 27th April 2024)

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Every year, on the anniversary of the 1986 Chernobyl nuclear accident, the United Nations marks April 26th as International Chernobyl Disaster Remembrance Day, thereby honoring the victims and survivors of this tragedy.

The purpose of the Day is to remember the victims and survivors of the world’s worst nuclear catastrophe and to raise awareness about the long-term consequences of the Chernobyl tragedy.

The 26th of April 2024 marks the 38th anniversary of the Chernobyl nuclear accident, which occurred on that date in 1986.

Background:

  • On December 8, 2016, the United Nations General Assembly (UNGA) approved resolution A/RES/71/125, designating April 26 as International Chernobyl Disaster Remembrance Day.
  • The first-ever International Chernobyl Disaster Remembrance Day was commemorated on April 26, 2017.

Click here to read from source


15) World Penguin Day 2024 – April 25 (Current Affairs 27th April 2024)

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Every year, on April 25th, we commemorate World Penguin Day, which serves not only to raise awareness about these fascinating flightless birds but also to encourage the conservation of both the penguins themselves and their habitats.

According to the Antarctic and Southern Ocean Coalition (ASOC), April 25th marks the yearly northern migration of Adélie penguins in Antarctica.

ASOC is a global alliance of environmental groups and the only organization dedicated only to Antarctic and Southern Ocean protection.

Background:

  • Observing the Adélie penguins’ annual migration commencing around April 25th at McMurdo Station, an American research station on Ross Island in Antarctica, intrigued researchers.
  • This fascination led them to designate April 25th as World Penguin Day, a day to celebrate these remarkable birds each year.
  • In 2020, the Adélie penguin was classified as Least Concern on the International Union for Conservation of Nature’s (IUCN) Red List of Threatened Species.

Related observance:

Every year, January 20th is commemorated as Penguin Awareness Day across the world. The day is intended to raise awareness about penguins and their battle for survival.

Penguins:

  • Penguins are aquatic, flightless birds of the Spheniscidae family that live nearly entirely in the southern hemisphere.
  • The IUCN Red List designates 11 out of the 18 penguin species in the penguin family as Globally Threatened.
  • Threats to penguins include climate change, habitat loss, and overfishing.

Legal Protection:

  • Fortunately, all 18 penguin species now receive official protection, meaning hunting and egg collection are no longer permitted.
  • The Antarctic Treaty, signed in 1959 and reauthorized in 1991, protects Antarctica and its living resources by making it unlawful to harm penguins or eggs.
  • Obtaining permits from the Scientific Committee for Antarctic Research becomes a necessary step before you can collect penguin specimens.
  • The Convention on International trading in Endangered Species of Wild Fauna and Flora (CITES), an international convention established in 1973, governs wildlife trading, including penguins.

Click here to read from source


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