Current Affairs 3rd May 2024
Welcome to your one-stop shop for what happened today! In this blog post, we’ll delve into the top news stories for Current Affairs 3rd May 2024. From international developments to domestic headlines, we’ll keep you informed on the latest happenings that are shaping our world. So, buckle up and get ready for a quickfire recap of the day’s most important news.
BANKING & FINANCE
1) Credit Card Spends Rise 27% to Rs 18.26Tn in FY24: RBI Data
According to the latest Reserve Bank of India (RBI) statistics, credit card expenditure increased by 27% year on year (Y-o-Y) to Rs 18.26 trillion in fiscal year 2023-24 (FY24) from almost Rs 14 trillion in FY23.
Key Points:
- In March 2024, credit card spending increased by approximately 10.07% to Rs 1.64 trillion from Rs 1.49 trillion in February 2024, owing to the conclusion of the fiscal year and festival purchases in March.
- During FY24, the top four credit card issuers in India, HDFC Bank, SBI Card, ICICI Bank, and Axis Bank, saw their market share fall to 71.98% in March 2024 from 74.79% in March 2023.
- HDFC Bank led in credit card transactions in March 2024, with Rs 43,471.29 crore, up 8.57% from Rs 40,288.51 crore in February 2024.
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
Click here to read from source
2) RBI Updated Guidance Note on Operational Risk Management to Extend it to NBFC
On April 30, 2024, the Reserve Bank of India (RBI) published a new “Guidance Note on Operational Risk Management and Operational Resilience” for the banking industry, extending it to Non-Banking banking Companies (NBFCs), including Housing Finance Companies.
This modifies the “Guidance Note on the Management of Operational Risk” from October 14, 2005.
Click here to read from source
3) RBI launches IESH & CCS to Get Inputs for June’s 2024 Monetary Policy
The Reserve Bank of India (RBI) introduced the ‘Inflation Expectations Survey of Households (IESH)’ on April 29, 2024. and the ‘Consumer Confidence Survey (CCS),’ which aims to provide critical inputs for the forthcoming bi-monthly monetary policy anticipated for June 5-7, 2024.
Inflation Expectations Survey of Households:
It targets subjective assessments on price movements and inflation based on individual consumption baskets across 19 cities, including Ahmedabad (Gujarat), Bengaluru (Karnataka), Bhopal (Madhya Pradesh), Bhubaneswar (Odisha), Chandigarh, Chennai (Tamil Nadu), Delhi, Guwahati (Assam), Hyderabad (Telangana), Jaipur (Rajasthan), Jammu, Kolkata (West Bengal), Lucknow (Uttar Pradesh), Mumbai (Maharashtra), Nagpur (Maharashtra), Patna (Bihar), Raipur (Chhattis
It requests qualitative and quantitative comments on price increases and inflation rates for the current, three-month, and one-year forecast periods.
Consumer Confidence Survey:
The ‘Consumer Confidence Survey’ collects qualitative responses from households on their attitudes on the overall economic situation, employment scenario, price level, household income, and expenditure.
The CCS, like the IESH, will be conducted in 19 cities with the goal of assessing consumer confidence levels.
About the Survey:
Hansa Research Group Pvt. Ltd. of Mumbai has been contracted to undertake both surveys (IESH and CCS) on behalf of the Reserve Bank of India.
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
Click here to read from source
4) Yes Bank & ANQ Finance Partnered to Launch Pi and Phi Co-branded Credit Cards
Yes Bank (Youth Enterprise Scheme Bank), a private sector lender, has teamed with ANQ Finance, a financial services business located in Bengaluru (Karnataka), to establish two co-branded credit cards, Pi and Phi, to give Indian consumers with varied spending and reward possibilities.
This collaboration intends to connect traditional banking with fintech technologies while also meeting changing customer requirements.
ANQ is a trademark of ANQ Digital Finserv Private Limited, which is situated in India.
Features of YES BANK ANQ Pi Credit Card:
- It is a digital-only card that provides smooth credit for domestic purchases over the Unified Payments Interface (UPI).
- No membership or yearly payments are necessary. It is a lifetime free Rupay credit card that offers financial liberty.
- Increased benefits for UPI spending and simple conversion of transactions into Equated Monthly Instalments (EMIs).
Features of YES BANK ANQ Phi Credit Card:
- A physical card for domestic and foreign transactions.
- There are no joining fees, which ensures accessibility.
- Rewards in eating, travel, and other areas.
- Comprehensive and rewarding payment options for both online and offline buying.
Note: The YES BANK ANQ Pi credit card is a supplementary card that is offered in conjunction with the YES BANK ANQ Phi card.
About YES Bank Ltd.:
- Managing Director (MD) and Chief Executive Officer (CEO)- Prashant Kumar
- Headquarters– Mumbai, Maharashtra
- Established in– 2004
- Tagline– Life Ko Banao Rich
Click here to read from source
5) Neobank Fi Secures NBFC Licence from RBI
Fi, Epifi Technologies Private Limited’s neobank platform, has secured a Non-Banking Financial Company (NBFC) license from the Reserve Bank of India (RBI).
Points to note:
- Epifi Technologies, a Bengaluru-based finance firm, is backed by Peak XV and Temasek.
- The NBFC licence will allow Fi to issue loans from its own books, eliminating the requirement for external dependencies such as banks and other NBFCs that are authorized to give loans.
Worldline ePayments India Received the RBI Approval to Operate as PA
Worldline ePayments India Private Limited, a digital payment service provider, has acquired clearance from the RBI to operate as an online Payment Aggregator (PA) under the Payment and Settlement Systems Act of 2007.
About Worldline ePayments India:
It is part of the Worldline Group, a financial services firm that offers in-store and online secure payment processing.
The platform collaborated with merchants from many categories, such as:
- commerce, retail, utilities, education, travel and hospitality for digital payments.
- Chief Executive Officer(CEO)(India)– Ramesh Narasimhan
- Headquarters– Mumbai, Maharashtra
Click here to read from source
6) NIPL & Bank of Namibia inks Pact to Develop UPI-like Payment System for Namibia
NPCI International Payments Limited (NIPL), the overseas branch of the National Payments Corporation of India (NPCI), has inked an agreement with the Bank of Namibia (BoN), the Republic of Namibia’s central bank, to create a Unified Payments Interface (UPI)-like quick payment system in Namibia.
This collaboration seeks to modernize Namibia’s financial environment by using India’s UPI expertise and technology.
This includes increased accessibility, affordability, connectivity to domestic and international payment networks, and interoperability.
The goal is to improve digital financial services and promote real-time person-to-person (P2P) and person-to-merchant (P2M) payment transactions in Namibia.
About the Partnership:
- Through this collaboration, BoN will receive access to NIPL’s technology and insights, allowing it to build a strong digital platform in Namibia for the digital welfare of its residents.
- By activating this technology, Namibia will have absolute control over digital payments.
The benefits include greater payment interoperability and financial access for underprivileged communities.
Platform Impact:
- The expected reduction in cash reliance and advancement of financial inclusion in Namibia.
- The platform focuses on providing vital financial services to rural and informal sectors.
About NPCI International Payments Limited (NIPL):
- CEO– Ritesh Shukla
- Headquarters– Mumbai, Maharashtra
- Established in– 2020
- NIPL is a wholly owned subsidiary of NPCI.
About Bank of Namibia (BoN):
BoN was created on July 16, 1990, and its activities began on August 1, 1990. It was formerly known as the ‘Swabank’.
- Governor– Johannes !Gawaxab
- Headquarters– Windhoek, Namibia
Click here to read from source
7) Groww Receives Licence to Operate as Payment Aggregator from RBI (Current Affairs 3rd May 2024)
Groww Pay Services Private Limited (Groww Pay), the Unified Payments Interface (UPI) payments platform of Bengaluru (Karnataka)-based brokerage business Groww, was granted an online payment aggregator (PA) licence by the Reserve Bank of India (RBI) on April 29, 2024.
This online PA license will let the firm to accept e-commerce transactions via its UPI app, Groww Pay.
With the PA license, Groww may enroll businesses and offer digital payment solutions.
Groww launched UPI payment services in July 2023, increasing its financial capabilities after getting a third-party application provider (TPAP) licence from the National Payments Corporation of India (NPCI).
Click here to read from source
ECONOMY & BUSINESS
8) NHPC & Norway’s Ocean Sun Signed MoU to Implement Floating Solar Energy Technology in India (Current Affairs 3rd May 2024)
NHPC Limited signed a Memorandum of Understanding (MoU) with Norway-based Ocean Sun AS to study different aspects of collaboration to showcase Ocean Sun’s floating solar energy technology based on photovoltaic panels installed on hydro-elastic membranes at NHPC-identified areas.
This is consistent with NHPC’s efforts toward sustainable development and the expansion of renewable energy capacity.
Note:
- NHPC Ltd (previously National Hydroelectric Power Corporation Limited) is a Miniratna Public Sector Undertaking (PSU) under the Ministry of Power.
- Ocean Sun provides technologies to the floating solar sector.
Click here to read from source
Click here to read: Current Affairs 1st & 2nd April 2024
AWARDS & RECOGNITIONS
9) Designer Bhavi Mehta wins Oxford Bookstore Book Cover Prize 2024 for ‘The Book Beautiful’ (Current Affairs 3rd May 2024)
Bhavi Mehta received the 9th Oxford Bookstore Book Cover Prize (2024) for designing the book jacket for Pradeep Sebastian’s “The Book Beautiful.”
The award consists of a trophy, a certificate, and a one lakh rupee cash reward.
Hachette India released The Book Beautiful.
She accepted the prize at a ceremony attended by art historian and jury chair Alka Pande, author-politician Shashi Tharoor, Norway’s Ambassador to India May-Elin Stener, and Swagat Sengupta, CEO of Apeejay Oxford Bookstore.
Note: Paramita Brahmachari received the Oxford Bookstore Book Cover Prize 2023 for designing the book jacket for Manindra Gupta’s “Pebble Monkey”.
Click here to read from source
APPOINTMENTS & RESIGNATIONS
10) Jeremiah Manele Sworn in as New Prime Minister of Solomon Islands (Current Affairs 3rd May 2024)
Jeremiah Manele, the Solomon Islands’ former Foreign Minister, was sworn in as the new Prime Minister (PM) after the 2024 general election failed to provide a majority for any political party.
Jeremiah Manele succeeded Manasseh Sogavare, the Solomon Islands’ four-term Prime Minister.
The Solomon Islands had “joint elections” for the first time in 2024, holding provincial, city council, and national elections concurrently.
Election and Secret ballot:
- The Solomon Islands’ 12th national general election took place on April 17, 2024.
- Former Prime Minister Sogavare withdrew from the race for a new term, creating a coalition and endorsing Jeremiah Manele as the party’s prime ministerial candidate.
- Jeremiah Manele will now lead the OUR Party.
- In the 49-seat parliament’s secret ballot, Manele received 31 votes, while his opponent, veteran opposition leader Matthew Wale, received 18.
About Jeremiah Manele:
- Prior to his political career, Manele held key government posts including Permanent Secretary of the Ministry of Development Planning, Secretary to the PM and Cabinet, and Permanent Secretary to the Ministry of Foreign Affairs and External Trade.
- In 2014, he was elected to the National Parliament of Solomon Islands as a Member of Parliament for the Hograno-Kia-Havulei Constituency.
- He served as the Leader of the Official Opposition Group in Parliament (2014–2017).
- He was Minister of Development Planning and Aid Coordination from 2017 to 2018, as well as Minister of Foreign Affairs and External Trade.
Note:
Manasseh Sogavare was elected Prime Minister of the Solomon Islands four times: from June 2000 to December 2001, again from April 2006 to December 2007, November 2014 to November 2017, and from 2019 until 2024.
About Solomon Islands:
- Head of state of Solomon Islands– King Charles III
- Capital– Honiara
- Currency– Solomon Islands Dollar
Click here to read from source
SCIENCE & TECHNOLOGY
11) DRDO successfully tests Long-range SMART System from Odisha (Current Affairs 3rd May 2024)
On May 1, 2024, the Defence Research and Development Organisation (DRDO) successfully flight-tested a long-range Supersonic Missile-Assisted Release of Torpedo (SMART) system from Dr APJ Abdul Kalam Island, off the coast of Chandipur in Balasore, Odisha, utilizing a ground mobile launcher.
DRDO developed the next-generation missile-based light-weight torpedo delivery system.
Torpedoes are underwater ranging weapons that are launched above or below the water’s surface and self-propelled toward a target with an explosive warhead.
About SMART:
It is intended to strengthen the Indian Navy’s anti-submarine warfare (ASW) capabilities and to counter the growing deployment of submarines by other nations’ naval forces in the Indian Ocean region.
SMART will be employed when no other assets are available for quick action after identifying an enemy submarine.
It may be launched from either the shoreline or a warship.
The system consists of a long-range supersonic missile carrier with a range of up to 643 kilometers and a lightweight torpedo with a 20-kilometer range and a 50-kilogram high explosive payload.
The canister-based design incorporates sophisticated subsystems such as a two-stage solid propulsion system, electromechanical actuator system, and precision inertial navigation system.
It delivers payloads using a parachute-based release method.
About Defence Research and Development Organisation (DRDO):
It is the MoD’s Research and Development (R&D) wing.
- Chairman – Dr Samir Vankatpati Kamat
- Headquarters– New Delhi, Delhi
- Establishment– 1958
Click here to read from source
SPORTS
12) FIDE Bestows Grandmaster(GM) Title to Indian Chess Player Vaishali Rameshbabu (Current Affairs 3rd May 2024)
Vaishali Rameshbabu, an Indian chess player, has been formally named GrandMaster (GM) by the International Chess Federation (FIDE).
She and her brother, GM Rameshbabu Pragnanandhaa, are the world’s first GrandMaster (GM) Brother-Sister duo.
Key Points:
- With this GM designation, she becomes the 84th Indian GM and the 42nd woman in any country to have it.
- She is the third Indian woman to become a general manager, following Koneru Humpy (2002) and Harika Dronavalli (2011).
- Vaishali earned the required 2500 ELO points at the IV El llobregat Open, which took place in Barcelona, Spain in 2023.
- She obtained the GM title only after the final decision was made at a FIDE Council meeting during the Candidates Tournament in Toronto, Canada, in April 2024.
Note:
To become a GM, a player must get three GM norms and reach a live rating of 2,500 Elo points.
Awards:
- On January 9, 2024, Vaishali Ramesh Babu received India’s most prestigious sports award, the “Arjuna Award for 2023”.
- The prize was delivered by India’s President, Droupadi Murmu.
- She was a member of the women’s chess team that won silver in the 19th Asian Games (Hangzhou 2022).
About Federation International des Echecs or International Chess Federation(FIDE):
- President: Arkady Dvorkovich
- Deputy President: Vishwanathan Anand
- Headquarters: Lausanne, Switzerland
- Established: 1924
Click here to read from source
BOOKS & AUTHORS
13) Former RBI Governor D Subbarao launched a new book titled, ‘Just A Mercenary?: Notes from My Life and Career’ (Current Affairs 3rd May 2024)
Dr. Duvvuri Subbarao, former Governor of the Reserve Bank of India (RBI), presented his book titled ‘Just A Mercenary?: Notes from My Life and Career’.
Penguin Random House India released the book, which tells the story of Dr. Subbarao’s career and hopes to motivate young professionals to pursue their own careers.
D Subbarao was Governor of the Reserve Bank of India (RBI) for five years (2008-13).
He also served as Secretary of the Prime Minister’s Economic Advisory Council from 2005 to 2007.
Note: His earlier book, “Who Moved My Interest Rate: Leading the Reserve Bank Through Five Turbulent Years,” was released by Penguin Random House India in 2016.
Click here to read from source
IMPORTANT DAYS
14) World Immunization Week 2024 – 24 to 30 April(Current Affairs 3rd May 2024)
Every year, the world observes World Immunization Week (WIW) during the last week of April. This global event aims to highlight the critical efforts needed to protect people from vaccine-preventable diseases. Specifically, World Immunization Week 2024 ran from April 24 to 30, 2024.
WIW 2024 marks the 50th anniversary of the World Health Organization’s Essential Programme on Immunization (EPI).
The theme for World Immunization Week 2024 is “Humanly Possible: Immunization for All”.
Background:
In May 2012, the 65th World Health Assembly (WHA) issued Resolution WHA65.18, urging that Member States designate the last week of April as World Immunization Week.
Click here to read from source
15) International Workers’ Day 2024 – May 01 (Current Affairs 3rd May 2024)
Around the globe, every May 1st, we celebrate International Workers’ Day (also known as International Labour Day) with the express purpose of promoting worker rights. This day transitions into a recognition of the contributions that workers, across all industries and fields, make to society.
The Day honors workers’ struggles for human rights and good working conditions.
History of May Day:
- May Day originated with the 1886 Haymarket Massacre (also known as the Haymarket Riot), a violent conflict between police and labor protestors in Chicago, Illinois, United States of America (USA), on May 4, 1886.
- The brawl broke out amid a calm labor march in favor of an eight-hour workweek.
- In 1889, the Second International, an organization of socialist and labor parties, declared May 1 as International Workers’ Day.
Click here to read from source
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