Current Affairs 31st March 2024

The world never stops moving, and staying informed can feel like a constant battle. But fear not, knowledge seekers! This blog dives into the key happenings from March 31st, 2024, giving you a snapshot of Current Affairs for March 31st, 2024.

From breaking news to insightful analyses, we’ll cover the important stories that shaped this day. So, grab a cup of coffee, settle in, and get ready to conquer your Current Affairs for March 31st, 2024 knowledge!

NATIONAL AFFAIRS

(Current Affairs 31st March 2024)

1) India Renews Agreement to Export Electricity to Nepal for 3 Months

On March 29, 2024, India granted Nepal a three-month extension to their electricity export agreement, in response to a last-minute request from Nepal’s Electricity Authority (NEA). The previous agreement was set to expire on March 31, 2024. This new deal allows Nepal to import up to 554 megawatts (MW) of electricity from India during daylight hours (6 am to 6 pm) until the end of June 2024.
This comprises 54 MW via Tanakpur and 500 MW from the cross-border transmission line between Dhalkebar and Muzaffarpur.

Nepal’s Energy Situation:

• Nepal’s reliance on run-of-the-river power plants results in electricity shortages, which are especially noticeable in the winter when river water levels drop.
• Nepal produces about 1,200 MW of electricity domestically, but during peak hours, demand can reach 1,800 MW to 2,000 MW.

Challenges:

In addition, the NEA asked India to control domestic demand by exporting 650 MW via the Dhalkebar-Muzaffarpur transmission line. Only 554 MW will be sold, though, by India.
Nepal may experience load-shedding lasting up to ten hours in the event that it is unable to import approximately 600MW of electricity from India during the dry season.

Note: Nepal will have extra electricity after mid-June 2024, which it can export to India.

About Nepal:

• Capital– Kathmandu
• President– Ram Chandra Paudel
• Prime Minister– Pushpa Kamal Dahal
• Currency– Nepalese rupee (NPR)

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BANKING & FINANCE 

2) SEBI Launched Beta Version of T+0 Trade Settlement (Current Affairs 31st March 2024)

In addition to the current T+1 settlement cycle in the equity cash market, the Securities and Exchange Board of India (SEBI) has introduced the beta version of the T+0 rolling settlement cycle, or same-day transaction settlement, on an optional basis.
The T+0 provisions became operative on March 28, 2024.

• This makes it possible for stock trades to settle on the same day rather than waiting a day for the trade to settle and the funds or stocks to be delivered (a one-day settlement period, or T+1).
• A restricted set of 25 scrips and a small number of brokers were available when the beta version of the T+0 settlement was first introduced.

NSE Removes 1% from Transaction Fees
Beginning on April 1, 2024, the National Stock Exchange of India (NSE) has approved a 1% decrease in overall transaction fees for both the cash equity and equity derivatives segments.
The estimated annual impact of this decision on NSE’s revenue is Rs 130 crore.

About Securities and Exchange Board of India (SEBI):

• Chairperson– Madhabi Puri Buch
• Headquarters– Mumbai, Maharashtra
• Establishment- 1992

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3) RBI data: Credit cards surpassed the 100 million mark in India

India’s credit card market has reached a new milestone! According to the Reserve Bank of India (RBI), over 100 million credit cards were in circulation by February 2024. This marks a significant increase from February 2023, with a growth rate of nearly 1.1%.

HDFC Bank leads the pack with the highest number of issued cards (20.4 million), followed by SBI (18.75 million), ICICI Bank (16.84 million), and Axis Bank (13.9 million). However, despite the surge in card issuance, credit card spending has seen a slight dip in February compared to January. This decline is attributed to a decrease in e-commerce transactions and Point-of-Sale (PoS) usage.

Despite the temporary dip, experts predict continued growth in credit card usage due to factors like digitalization, convenience, and a shift in consumer perception towards credit cards as a viable financing option. This trend signifies a growing appetite for credit in India, potentially impacting the country’s overall economic landscape.

About Reserve Bank of India(RBI):

• Governor – Shaktikanta Das
• Headquarters – Mumbai, Maharashtra
• Established- 1935

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4) PFRDA Mandates Two-Factor Aadhaar Authentication for CRA Access from April 1, 2024 (Current Affairs 31st March 2024)

In order to improve security for National Pension System (NPS) transactions, the Pension Fund Regulatory and Development Authority (PFRDA) mandated two-factor Aadhaar authentication for accessing the Central Record keeping Agency (CRA) system in its Digital Safety Practices for Government Nodal Offices Under NPS Architecture Advisory, 2024.
About 1,600 government offices will start using two-factor Aadhaar authentication for CRA system access on April 1, 2024.

Key Points:

• Previously, Nodal Offices’ NPS transactions required a password-based login.
• By adding an additional security layer, the new system lowers the possibility of unauthorized access and protects NPS transactions.
• Two-factor authentication will be possible for CRA system access when the Aadhaar-based login authentication is combined with the current user ID and password-based login procedure.
• NPS assets under management (AUM) have been increasing gradually; as of March 16, 2024, the total AUM exceeded Rs 11.56 lakh crore, which is 30% more than the previous year. 9.2 million workers in the government sector, which makes up Rs 8.95 lakh crore of this AUM, are employed.

About Pension Fund Regulatory and Development Authority (PFRDA):

• Chairperson– Deepak Mohanty
• Headquarter– New Delhi, Delhi
• Establishment– 2003

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5) IRDAI Mandates E-Insurance for All New Policies From 1st April 2024

With effect from April 1, 2024, the Insurance Regulatory and Development Authority of India (IRDAI) has mandated that all insurance policies be issued in electronic form. The way investors hold shares in a demat account is comparable to this.
“E-insurance” refers to the process of purchasing and administering insurance policies online.
An individual’s e-Insurance Account (eIA) will house a collective record of all of his insurance plans.
The purpose of this action is to simplify policy administration for various insurers and market segments and to expedite policy access.

E-insurance:

• With the introduction of e-insurance in 2013, policyholders can use repositories to maintain digital policies.
• Currently, the opening of e-Insurance accounts in India is made easier by four insurance repositories: the Central Insurance Repository of India, NSDL Database Management Limited (NDML), Karvy Insurance Repository, and CAMS Insurance Repository.

Key Points:

• In order to comply with rules protecting policyholders’ interests, IRDAI mandates that insurers issue new policies digitally.
• Making the switch to e-insurance should improve efficiency and accessibility for both policyholders and the insurance industry.
• Policyholders are free to keep older policies in paper form, though there may be rare exceptions.
  An industry service called i-Trex, developed by IRDAI, guarantees that eIAs (e-insurance accounts) are not duplicated in insurance repositories.
• When purchasing a new policy, insurers make it easier to open an e-insurance account, and they also offer free digital conversion for physical policies that already exist.

About Insurance Regulatory and Development Authority of India (IRDAI):

• Chairperson – Debasish Panda
• Headquarters – Hyderabad, Telangana
• Establishment– 1999 (Incorporated in 2000)

Click here to read from source

ECONOMY & BUSINESS

(Current Affairs 31st March 2024)

6) UAE, Russia, & Saudi Arabia Among the Top Importers of Indian Engineering Goods: EEPC Current Affairs 31st March 2024

India’s exports of engineering goods increased dramatically between April and February of 2023–2024, according to data from the country’s leading trade and investment promotion organization, the Engineering Export Promotion Council (EEPC) of India. Among the top importers of Indian engineering goods are Saudi Arabia, the United Arab Emirates (UAE), and Russia.
The engineering segment saw a slight growth (Year-on-Year/Y-o-Y) of 1.23%, totaling USD 98.03 billion, in spite of an overall decline in exports.
But from April to February of 2023–2024, total goods exports fell 3.45% (year over year) to USD 394.99 billion. From 23.75% in January 2024 to 24.01% in February 2024, engineering exports accounted for a larger portion of India’s overall goods exports.Note: The Government of India’s Ministry of Commerce & Industry is the sponsor of EEPC India.

Key Points:

• Russian exports increased by 99% to USD 1.22 billion. A successful rupee payment system that was put in place to counteract economic sanctions against Russia helped to spur this growth.
• Exports to Saudi Arabia jumped by 75% to USD 4.62 billion, making it the third-largest market, and exports to the UAE increased by 16% to USD 5.22 billion, making it the second largest market for Indian engineering goods.
• India’s engineering goods exports to Australia reached USD 1.3 billion, a 5% increase.
• India’s exports have decreased to traditional markets like China and the United States of America (USA).

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7) Vedanta’s BALCO Receives India’s First ASI Performance Standard Certification

At its Korba facility in Chhattisgarh, the Bharat Aluminium Company Limited (BALCO), a division of Vedanta Aluminium, has become the first company in India to receive the ASI Performance Standard V3 Certification for the production and distribution of a wide range of primary aluminum products.

Note:

In the past, Vedanta Aluminium has also been certified to ASI Performance Standard V2 for its captive power plant and smelter, which are situated in the Jharsuguda, Odisha, Special Economic Zone (SEZ).

Click here to read from source

Click here to read: Current Affairs 30th March 2024

APPOINTMENTS & RESIGNATIONS

8) Joyshree Das Verma Took Over as 41st National President of FICCI Ladies Organisation (Current Affairs 31st March 2024)

For the 2024–2025 term, Joyshree Das Verma assumed the role of 41st National President of the Ladies Organization (FLO) of the Federation of Indian Chambers of Commerce & Industry (FICCI).
Joyshree Das Verma is the 40th President of FICCI FLO, taking over from Sudha Shivkumar in 2023–2024.
Joyshree Das Verma was the National Senior Vice President of FICCI FLO prior to being appointed.
Her term from 2024 to 2025 will have the theme “Collective Vision, Collaborative Action.”
Note: The oldest women-led and women-focused business chamber in Southeast Asia is FLO, the women’s wing of FICCI.

About Joyshree Das Verma:

• Since 2010, Joyshree Das Verma has held the positions of Director and Co-promoter at the HR consulting firm Kaapro Management Solutions Pvt Ltd.
• She has a varied professional presence and 25 years of corporate and entrepreneurial excellence.
• In 2003, she started her own business in the Northeast as a Business Partner of MAFOI Management Consultants Ltd. (Now Randstad).
• She has been designated as Israel’s Honorary Consul for Northeast India, allowing her to collaborate with all eight of India’s northeastern states.
• She has also held positions as a trustee on the Mission Smile Board and a committee member of the India ASEAN (Association of Southeast Asian Nations) Women Business Forum (IAWBF).

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

Click here to read from source

9) Bassirou Diomaye Faye Elected as President of Senegal

Bassirou Diomaye Diakhar Faye emerged victorious in Senegal’s presidential election on March 24, 2024. This win paves the way for him to take over the presidency from Macky Sall, who has held the office since 2012. Faye’s inauguration is scheduled for April 2, 2024.

Election details:

• With 54.28% of the vote in the presidential election, Faye became Senegal’s fifth president; former prime minister Amadou Ba finished in second place with 35.79%.
• At 44, he also became the youngest elected president of Senegal and Africa.
• Since Senegal’s 1960 separation from France, he was the first opposition candidate to win the presidency.
  The Constitutional Council, Senegal’s highest court, has affirmed Bassirou Diomaye Faye’s election as president.

Bassirou Diomaye Faye:

• Prior to entering politics, Faye worked for the Senegalese government as a tax collector.
• Before the African Patriots of Senegal for Work, Ethics, and Fraternity (PASTEF) party was dissolved in July 2023, he held the position of secretary general.
• He was arrested in April 2023 and freed on March 14, 2024, as a result of former President Macky Sall’s amnesty law being passed.

About Senegal:

• President – Macky Sall (As of April 1, 2024)
• Capital – Dakar
• Currency – West African CFA franc (XOF)

Click here to read from source

ACQUISITIONS & MERGERS

10) RIL buys 26% stake in Adani’s Madhya Pradesh Power Project

Mukesh Ambani’s company, Reliance Industries Limited (RIL), has acquired a 26% stake in Gautam Adani’s Madhya Pradesh power project and committed to using the 500 MW of electricity generated by the facility for internal use. For the first time, the two billionaires are collaborating on a business venture.
Mahan Energen Limited (MEL), a wholly owned subsidiary of Adani Power Limited (APL), and RIL have entered into a 20-year long-term Power Purchase Agreement (PPA) for 500 MW under the terms of the Captive User policy as described in the Electricity Rules, 2005.

Reliance will buy five crore equity shares in Mahan Energen Ltd. for par (Rs 50 crore).

One unit with a capacity of 600 MW will be chosen as the captive unit out of MEL’s Mahan Thermal Plant’s 2800 MW total present and future capacity.

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11) Warburg Pincus Sells Entire 2.25% Stake in IDFC First Bank

Through an open market transaction, Warburg Pincus, a private equity firm, sold its entire 2.25% stake in IDFC (formerly Infrastructure Development Finance Company Limited) First Bank for a sum of Rs 1,195 crore.
Note: Through its associated Cloverdell Investment Limited, Warburg Pincus sold its IDFC First Bank shares on the BSE (formerly Bombay Stock Exchange).
The investment group sold its 2.25% share in the bank through block deals, according to BSE. Cloverdell Investment sold shares of IDFC First Bank worth over 15.88 crore.

About IDFC First Bank

Managing Director & Chief Executive Officer (MD & CEO)- V. Vaidyanathan

• Headquarters – Mumbai, Maharashtra
• Established – 2018
• Tagline – Always you First

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12) ICICI Securities Delists its Share and Merges with ICICI Bank

In order to move forward with its merger with ICICI Bank, the parent company and major shareholder, the Industrial Credit and Investment Corporation of India (ICICI) Securities has received approval from shareholders to delist its shares.
Minority brokerage shareholders backed the delisting motion, which garnered 71.9% of the vote.
Voting in favor of the delisting was 83.8% of public institutional investors, who together own 16.68% of the business.
At 3.2% of ICICI Securities, Norges Bank Investment Management holds the largest public share.
By March 28, 2024, ICICI Bank will own approximately 75% of ICICI Securities.

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OBITUARY

(Current Affairs 31st March 2024)

13) Louis Cameron: First Black man to win Oscar for Best Supporting Actor Passed Away

Louis Cameron Gossett Jr., the first Black man to win Best Actor in a Supporting Role at the Oscars, passed away in California, United States, on March 29, 2024, at the age of 87.
He was awarded an Oscar in 1983 for his work in “An Officer and a Gentleman.”
The second black man to win a Golden Globe for best supporting actor was Louis Gossett Jr. in 1983.

Early life

On May 27, 1936, Louis Cameron Gossett Jr. was born in Brooklyn, New York.

Career

• Gossett traveled to Hollywood for the first time in 1961 to begin work on a movie adaptation of the Broadway hit show “A Raisin in the Sun.”
• He achieved success on television when he played a fiddler in the groundbreaking 1977 miniseries Roots, which depicted the atrocities of slavery.
• In 2023, he played patriarch Ol’ Mister Johnson in the musical adaptation of The Colour Purple, costarring alongside Colman Dolmingo, Danielle Brooks, and Halle Bailey.

Awards 

• For The Josephine Baker Story, he was the 1992 Golden Globe Award recipient.
• He was the 1977 Emmy winner for Outstanding Lead Role in the television series Roots.

Click here to read from source

IMPORTANT DAYS

(Current Affairs 31st March 2024)

14) International Day of Zero Waste 2024 – March 30

Every year on March 30, the United Nations (UN) observes the International Day of Zero Waste to raise awareness of the significance of supporting waste management and encouraging sustainable patterns of consumption and production.
March 30, 2024 is International Day of Zero Waste. It is the second annual International Day of Zero Waste.
The UN Environment Programme (UNEP) and UN Human Settlements Programme (UN-Habitat) are in charge of organizing the observance.

Background:

• The International Day of Zero Waste was declared on March 30, 2022, by the United Nations General Assembly (UNGA) through resolution A/RES/77/161.
• On March 30, 2023, the inaugural International Day of Zero Waste was observed.
• Approximately 105 nations supported the resolution, which was put forth by Turkey.

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

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