Current Affair 7th & 8th April 2024
Want to stay on top of the latest happenings but short on time? This blog is your one-stop shop for Current Affairs 7th&8th April 2024. We’ve compiled the most noteworthy news stories from those two days, giving you a quick and informative update on everything from international relations to domestic policy changes.
NATIONAL AFFAIRS
1) BEML & BEL partners to Develop Indigenous Train Control Management System (i-TCMS)
BEML Limited (formerly Bharat Earth Movers Limited) has signed a Memorandum of Understanding (MoU) with Bharat Electronics Limited (BEL) to co-develop an indigenous Train Control Management System (i-TCMS).
Key People: Shantanu Roy, Chairman and Managing Director (CMD) of BEML, and Manoj Jain, Director (Research and Development-R&D) of BEL, signed the MoU at BEML’s headquarters in Bengaluru, Karnataka.
Features of the partnership:
- The collaboration between BEML and BEL aims to promote innovation and self-reliance in the field of train control management systems.
- The MoU aims to identify potential areas of collaboration between BEML and BEL, with a focus on exploring joint development of high-value products and solutions tailored to the needs of Indian railways and metro systems.
- In line with India’s Make in India initiative, the partnership aims to develop TCMS in-house to meet future rail project needs in India.
Note: Currently, TCMSs are supplied by propulsion suppliers, resulting in reliance on imported technology.
About TCMS:
- TCMS, also known as the “brain of the train,” is responsible for coordinating control and monitoring across multiple systems.
- The distributed control system consists of computer devices, software, human-machine interfaces, digital and analog input/output capabilities, and secure data networks.
- TCMS promotes efficient and dependable rail operations by enabling seamless data communication interfaces with other train-borne and wayside systems.
About BEML Limited:
BEML is a Schedule A public-sector undertaking (PSU) of the Ministry of Defence. It was granted Mini Ratna status in 2006.
- CMD- Shantanu Roy
- Headquarters– Bengaluru, Karnataka
- Established in 1964
About Bharat Electronics Limited(BEL):
BEL is a Public Sector Undertaking (PSU) under the Ministry of Defence. It attained Navratna status in 2007.
- CMD(Additional charge)- Bhanu Prakash Srivastva
- Headquarters– Bengaluru, Karnataka
- Established in 1954
Click here to read from source
2) IFFCO & ACME Signed MoU To Boost Sustainability in Agriculture and Renewable Energy Usage In India
The Indian Farmers Fertiliser Cooperative Limited (IFFCO), the world’s largest fertilizer cooperative, has signed a Memorandum of Understanding (MoU) with ACME Cleantech Solutions Private Limited (ACME) to purchase and supply approximately 200,000 Metric
Tons (MT) of ammonia produced using renewable energy.
ACME is India’s leading renewable energy company, focusing on green hydrogen and ammonia plants.
About the MoU:
- A signed agreement (MoU) paves the way for ACME’s Gopalpur, Odisha facility to produce commercially viable ammonia using renewable energy. ACME will then direct this ammonia to IFFCO, who will use it to create complex fertilizers at their Paradeep Unit in Odisha and Kandla Unit in Gujarat.
- The MoU is an important step toward sustainable agriculture and renewable energy use in India.
- This initiative will significantly reduce the country’s reliance on fossil fuel imports, decarbonize the economy, and allow India to take the lead in Green Hydrogen technology and market share.
- This will also assist India in meeting its goal of using clean energy to become Aatmanirbhar Bharat and serving as a model for the global clean energy transition.
- It complements India’s National Green Hydrogen Mission (NGHM). As a result, India will become the global hub for the production, use, and export of green hydrogen and derivatives.
- According to Article 6 of the Paris Agreement, the MoU will facilitate the signing of bilateral agreements between India and other countries.
About Indian Farmers Fertiliser Cooperative Limited (IFFCO):
- Managing Director – Dr Udai Shanker Awasthi
- Headquarters – New Delhi, Delhi
- Establishment – 3 November 1967.
Click here to read from source
3) Maharashtra’s Miraj Tanpura and Miraj Sitar; UP’s Bundelkhand Kathiya Gehu got GI Tag
The Chennai (Tamil Nadu)-headquartered Geographical Indications Registry under the Department for Promotion of Industry and Internal Trade (DPIIT), the Ministry of Commerce and Industry awarded geographical indication (GI) tags to Miraj Tanpura and Miraj Sitar of Maharashtra and Bundelkhand Kathiya Gehu (Wheat) of Uttar Pradesh (UP).
List of Goods received GI tags:
| S.No | GI Product | State | Goods |
| 1 | Miraj Tanpura | Maharashtra | Handi Crafts |
| 2 | Miraj Sitar | ||
| 3 | Bundelkhand Kathiya Gehu (Wheat) | Uttar Pradesh | Agriculture |
 Miraj Tanpura:
The city of Miraj, in Maharashtra’s Sangli district, boasts a rich tradition of crafting string instruments like sitars and tanpuras, a tradition that began in 1850. This includes the Tanpura (also known as Tambura or Tanpuri), a long-necked, plucked string instrument. The Tanpura features four or five (rarely six) metal strings that musicians pluck in a specific sequence, creating a harmonic resonance that complements the fundamental notes of a chosen key.
Miraj Sitar:
- One of the most important instruments in Hindustani music is the sitar, which has three strings.
- It is a lute family instrument with strings parallel to the resonator and a bowed chordophone.
Bundelkhand Kathiya Gehu:
- “Triticum Durum” is the scientific name for Bundelkhand Kathiya Gehu, also known as Durum wheat, Dalia, pasta wheat, or macaroni wheat.
- It is the second most cultivated variety of wheat after common wheat, accounting for 5% to 8% of total wheat production.
- This wheat variety is grown in arid, unfriendly, and harsh climate.
Click here to read from source
4) SJVN & IIT Patna inks MoU to Use Advanced Geological Models in Tunnelling Projects
SJVN Limited has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology Patna (IIT Patna), Bihar, to apply advanced geological models to SJVN tunnelling projects.
- This collaboration will result in the development of predictive analytics algorithms that take advantage of integrated geotechnical data. This will predict potential risks and provide early warning systems tailored to tunneling projects. Potential risks and hazards will be identified and analyzed using integrated geotechnical data and three-dimensional geological models.
- The MoU will focus on developing cutting-edge methodologies to integrate diverse geotechnical data sources, such as geological surveys, borehole data, geophysical measurements, and SJVN project monitoring data.
Note: SJVN Limited, formerly Satluj Jal Vidyut Nigam, is a Mini Ratna, Category-I, and Schedule-‘A’ Central Public Sector Enterprise (CPSE) under the Ministry of Power.
Click here to read from source
BANKING & FINANCE
5) Highlights of RBI’s 1st Bi-monthly Monetary Policy of FY25; India’s real GDP to grow at 7% in FY25
- The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) met on April 3-5, 2024, and released the first bi-monthly monetary policy of FY25, i.e. ‘Monetary Policy Statement, 2024-25 Resolution of the MPC’, which maintained India’s real GDP growth at 7% for FY25 (2024-25), with FY25’s Q1 (April-June) at 7.1%, Q2 (July-September) at 6.9%, Q3 (October-December) at 7%, and Q4 (January-March) at 7%.
- The stance is to focus on reducing accommodation to ensure that inflation gradually aligns with the target while supporting growth.
- Consumer Price Index (CPI) inflation, or retail inflation, is projected at 4.5% for FY25 (unchanged from the February 2024 projection), with Q1 at 4.9%, Q2 at 3.8%, Q3 at 4.6%, and Q4 at 4.5%.
- According to RBI data, India’s Foreign Exchange (Forex) Reserves reached a new high for the third consecutive week, totaling USD 645.58 billion by the end of the week on March 29, 2024.
Static Points:
- The Reserve Bank of India (RBI) Act, 1934 (RBI Act, 1934) (as amended in 2016) entrusts the RBI with the responsibility of implementing monetary policy in India with the primary goal of maintaining price stability while also pursuing economic growth.
- Section 45ZB of the amended RBI Act of 1934 establishes an empowered six-member Monetary Policy Committee (MPC) to be appointed by the Central Government through notification in the Official Gazette.
The first such MPC was established on September 29, 2016.
Click here to read from source
6) RBI Cancels CoR of 4 NBFCs; Imposes fine on IDFC First Bank & LIC Housing Finance
The Reserve Bank of India (RBI) has cancelled the Certificate of Registration (CoR) of four non-banking financial companies (NBFCs) in exercise of its powers under Section 45-IA (6) of the RBI Act, 1934.
The four NBFCs are:
Kundles Motor Finance Private Limited (Bareilly, Uttar Pradesh-UP)- CoR cancelled with effect from March 12, 2024.
Nithya Finance Limited (Coimbatore, Tamil Nadu-TN) – CoR cancelled effective March 14, 2024.
Bhatia Hire Purchase Private Limited (Bathinda, Punjab) – CoR cancelled effective March 19, 2024.
Jiwanjyoti Deposits and Advances Limited (Hamirpur, Himachal Pradesh) – CoR cancelled effective March 21, 2024.
Note: Following the cancellation of the CoR, NBFCs shall not conduct business as a Non-Banking Financial Institution (NBFI) as defined in clause (a) of Section 45-I of the RBI Act, 1934.
Five NBFCs surrender their CoR to RBI:
Five NBFCs have surrendered their CoR granted by RBI: Growing Opportunity Finance (India) Private Limited (Chennai, TN), Invel Commercial Private Limited (Kolkata, West Bengal-WB), Mohan Finance Limited (Kolkata, WB), Saraswati Properties Limited (Bareilly, UP), and Quick Marketing Private Limited (Rajendra Nagar, Telangana).
In exercising its powers under Section 45-IA (6) of the RBI Act 1934, the RBI cancelled the CoRs of these NBFCs.
RBI imposes monetary penalty on IDFC First Bank and LIC Housing Finance.
- The RBI imposed a monetary penalty of Rs 1 crore on IDFC First Bank Limited for failing to comply with certain RBI directions on ‘Loans and Advances – Statutory and Other Restrictions’.The penalty was imposed in accordance with the powers conferred on the RBI by sections 47 A (1) (c) and 46 (4) (i) of the Banking Regulation Act of 1949. The RBI conducted a Statutory Inspection for Supervisory Evaluation (ISE 2022) of IDFC First Bank based on its financial position as of March 31, 2022.
- The RBI imposed a monetary penalty of Rs 49.70 lakhs on LIC Housing Finance Limited for failing to comply with certain provisions of the ‘Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021’.
The penalty was imposed in exercise of the RBI’s powers under Section 52A of the National Housing Bank Act of 1987.
The National Housing Bank conducted a statutory inspection of LIC Housing Finance based on its financial position as of March 31, 2022.
About IDFC First Bank Limited:
- Managing Director(MD) and Chief Executive Officer(CEO)– V. Vaidyanathan
- Headquarters- Mumbai, Maharashtra
- Established- 1997
Click here to read from source
7) J&K Bank Partners with Paymart India to Launch Virtual ATM Facility (Current Affairs 7th&8th April 2024)
Jammu and Kashmir Bank Limited (J&K Bank) has signed a Memorandum of Understanding (MoU) with Paymart India Pvt Ltd to launch an innovative Virtual Automated Teller Machine (ATM) facility. The collaboration aims to provide cardless cash withdrawals to the bank’s customers through local merchants in the neighborhood.
Signatories: Amit Narang, Chief Executive Officer (CEO) of Paymart India Pvt Ltd, and Imtiyaz Ahmad Bhat, General Manager (GM) (S&IT) of J&K Bank, signed the MoU in the presence of Baldev Prakash, J&K Bank’s Managing Director and CEO.
Goal:
- Make banking more convenient for customers across the bank’s operations, particularly in Jammu and Kashmir and Ladakh.
- Use technology to make products more accessible and convenient for consumers.
Procedure for Using VATM Facility:
- The customer’s smartphone with the J&K Bank mobile app “mPAY – Delight” serves as the Virtual Card, while the merchant’s smartphone with the app serves as the VATM.
- The cash withdrawal process is initiated via the bank’s mobile application.
- Once the cash withdrawal process has been validated by OTP, the cash is dispensed smoothly.
Note: The current VATM service limit is Rs 2,000 per transaction and Rs 10,000 per month.
About Jammu & Kashmir Bank Ltd.
- MD and CEO– Baldev Prakash
- Headquarters– Srinagar, J&K
- Established in– 1938
- Tagline– Serving to Empower
Click here to read from source
8) SEBI gets ISO/IEC 27001:2022 Certification for Information Security Management Systems
SEBI has received ISO/IEC 27001:2022 certification for its Information Security Management System (ISMS) at the Primary Data Centre, Disaster Recovery site, Security Operations Control (SOC), and Network Operations Control (NOC).
Key Points:
- Sebi received this certification following an audit by the certification body, which is accredited by the National Accreditation Board for Certification Bodies (NABCB), a member of the International Accreditation Forum.
- This certification emphasises SEBI’s commitment to continuous improvement and enhancement of its systems and controls in order to achieve data and operation confidentiality, integrity, and availability (CIA).
About ISO/IEC 27001:
- ISO/IEC 27001 is an international standard for ISMS that defines the requirements for an effective ISMS.
- This provides guidance on how to establish, implement, maintain, and continuously improve an ISMS for organisations of all sizes and sectors.
- This helps organisations become more risk-aware and proactively identify and address weaknesses.
- This promotes a comprehensive approach to information security, including vetting people, policies, and technology.
- An ISMS that meets this standard is a tool for risk management, cyber resilience, and operational excellence.
About ISO:
- ISO is an independent non-governmental organization made up of members from 170 national standards bodies.
- It develops and publishes a wide range of proprietary, industrial, and commercial standards.
- President – Sung Hwan Cho
- Headquarters – Geneva, Switzerland
- Established in – 1947
Click here to read from source
9) UBI Raises Rs 4,200 Crore from DIFC To Fund Overseas Business (Current Affairs 7th&8th April 2024)
The Union Bank of India (UBI) has raised USD 500 million (approximately Rs 4,200 crore) from foreign markets to support international business expansion.
The Dubai International Financial Centre (DIFC), Dubai Branch, UAE stepped up to organize a USD 500 million syndicated term loan. The lender will disburse the loan in two tranches: an initial tranche of USD 400 million and a potential additional USD 100 million Green Shoe option. The repayment terms will be three and five years respectively. Notably, the borrower has already drawn the first tranche of USD 100 million on April 3, 2024.
Click here to read from source
10) American Express Launches New Metal Corporate Platinum Card (Current Affairs 7th&8th April 2024)
On April 5, 2024, American Express launched the new Metal Corporate Platinum Card, which is designed to meet the changing needs of Indian business owners and entrepreneurs.
The card provides best-in-class benefits such as Taj Epicure Plus membership and Gold Elite status at Marriott Bonvoy.
Cardholders can earn up to 5X rewards on purchases in a few specific categories, including Information Technology/Information Technology Enabled Services (IT/ITES), e-commerce, and travel.
The new Metal Card will be subject to full payment of the annual Card Fee (Rs 40,000 + taxes).
Click here to read from source
AWARDS & RECOGNITIONS
11) SJVN Ltd Won 15th CIDC Vishwakarma Awards 2024 for its CSR Contribution (Current Affairs 7th&8th April 2024)
SJVN Limited, a hydroelectric power generation company, won the Achievement Award for Creating Social Development and Impact at the 15th CIDC Vishwakarma Awards (VKA) (2024) hosted by the Construction Industry Development Council.
The award acknowledges its contribution to positive change through its Corporate Social Responsibility (CSR) initiatives. SJVN Ltd won the award for the third time in a row.
SJVN also received the CIDC Partners in Progress Trophy for 2024.
Baljeet Singh, Chief General Manager (CGM) (Human Resources (HR)) of SJVN Ltd, accepted the awards at a ceremony held at the India Habitat Centre in New Delhi.
SJVN’s CSR Initiatives:
- SJVN’s CSR initiatives are carried out through its registered trust, the SJVN Foundation.
- SJVN has spent more than Rs. 450 crores on various CSR activities, including education and skill development, health and hygiene, and infrastructure development.
About CIDC Vishwakarma Awards:
- Established in 2008 to honor outstanding contributions to national growth and sustainable development, particularly in Corporate Social Responsibility (CSR), the CIDC Vishwakarma Awards first presented their accolades in 2009 during a ceremony celebrating Lord Vishwakarma, the Indian deity of construction.
- The awards, held annually in March by CIDC, recognize outstanding achievements in the Indian construction industry.
- The Award has 12 categories (including a Lifetime Achievement Award) and covers the entire spectrum of the Indian construction industry.
- The CIDC Partners in Progress Trophy is a token of appreciation for organisations that have demonstrated their unwavering commitment to creating a dynamic work environment for the construction industry.
About SJVN Limited:
- SJVN Ltd, formerly Satluj Jal Vidyut Nigam, is a Mini Ratna (Central Public Sector Enterprise) under the Ministry of Power.
- SJVN Ltd. is a joint venture (JV) between the Government of India (GoI) and the Government of Himachal Pradesh.
- Chairman & Managing Director(CMD)– Geeta Kapur
- Headquarters– Shimla, Himachal Pradesh
Click here to read from source
APPOINTMENTS & RESIGNATIONS
(Current Affairs 7th&8th April 2024)
12) Fin Min appoints Justice PS Dinesh Kumar as Presiding Officer of SAT; Dheeraj Bhatnagar as Technical Member (Current Affairs 7th&8th April 2024)
The Ministry of Finance has appointed Justice Pratinidhi Srinivasacharya (PS) Dinesh Kumar, former Chief Justice (CJ) of the Karnataka High Court (HC), as the Presiding Officer of the Securities Appellate Tribunal (SAT) for a four-year term, or until he reaches the age of 70.
PS Dinesh Kumar succeeds Justice Tarun Agarwala, who served as SAT’s Presiding Officer from December 2018 to December 2023.
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Dheeraj Bhatnagar succeeds Justice MT Joshi, who was a member of SAT from March 2019 to February 2023.
Note: Since December 2023, SAT has been run by just one technical member, Meera Swarup, who joined in 2022.
Justice PS Dinesh Kumar:
- He began practicing in the High Court of Karnataka in 1990.
- He was appointed as an Additional Judge of the Karnataka High Court in January 2015, and as a Permanent Judge in December 2016.
- He served as the chief justice of the Karnataka High Court from February 3rd to February 24th, 2024.
- He has worked as a Senior Panel Counsel for the Central Bureau of Investigation (CBI) and Senior Standing Counsel for BSNL, Union Public Service Commission (UPSC), University Grants Commission (UGC), All India Council for Technical Education (AICTE), and National Council for Teacher Education (NCTE).
About Dheeraj Bhatnagar:
- In 2022, he was appointed Chief Commissioner of Income Tax (CCIT) (OSD) in the office of the Principal CCIT Delhi Region.
- He also worked as Additional Secretary to the Government of India at the Ministry of Finance.
SAT:
- SAT is a statutory body established under Section 15K of the SEBI Act of 1992.
- SAT hears and decides on appeals against orders issued by regulatory bodies such as SEBI, the Insurance Regulatory and Development Authority of India (IRDAI), and the Pension Fund Regulatory and Development Authority.
Composition of SAT:
According to section 15 (L) of the Securities and Exchange Board of India (SEBI) Act, a SAT Bench should have three members: a retired/sitting judge of the Supreme Court or High Court, and two members, one judicial and one technical.
Note: The Presiding Officer of the SAT will be appointed by the Central Government in consultation with the Chief Justice of India or his nominee.
Click here to read from source
13) CMD of NDDB, Dr. Meenesh Shah Elected as Chairman of NCDFI Current Affairs 7th&8th April 2024
Leaning on his extensive experience, Dr. Meenesh Kumar Champaklal Shah, who currently leads the National Dairy Development Board (NDDB), secured a unanimous vote to become the Chairman of the National Cooperative Dairy Federation of India Ltd.
(NCDFI) at the Board elections held on April 5, 2024. He is the Jharkhand Milk Federation’s representative on the board.
Dr. Meenesh Shah succeeded Mangal Jit Rai, who served as Chairman of NCDFI for two terms from 2017 to 2024.
Composition of the Board:
NCDFI in its General Body meeting held on April 4, 2024, elected 8 directors on the board unopposed including Meenesh Shah. The other elected members are:
- Mangal Jit Rai from Sikkim Milk Union;
- Shamalbhai B. Patel from Gujarat Milk Federation;
- Randhir Singh from Haryana Milk Federation;
- S. Mani from Kerala Milk Federation;
- Balachandra L Jarkiholi from Karnataka Milk Federation;
- Narinder Singh Shergill from the Punjab Milk Federation; and
- Sameer Kumar Parida from West Assam Milk Union.
Additionally, S. Regupathi, Executive Director of NDDB, was nominated as a director on the NCDFI Board.
Srinivas Sajja, Managing Director of NCDFI, retains his position as one of the board of directors.
About Meenesh Shah:
Chairing NDS, Mrida, Calf Ltd. & governing Vidya Dairy, FES, North East Dairy/Foods shows his leadership experience.
His companies include Mother Dairy Fruit & Vegetable Pvt Ltd, IDMC Ltd, and Indian Immunologicals Ltd.
He serves as Member Secretary of the Indian National Committee of the International Dairy Federation (INC-IDF).
In addition, he serves on the IDF’s Standing Committee on Dairy Policies and Economics.
In 2021, he was appointed Chairman of the Institute of Rural Management Anand (IRMA).
He is also a member of the IRMA Society and Board of Governors, and the Board unanimously elected him as Chairman.
Membership Structure:
NCDFI, an apex body of dairy cooperatives, has 20 regular members and 14 associate members.
NDDB has institutional membership in NCDFI.
About National Cooperative Dairy Federation of India Ltd. (NCDFI):
The Ministry of Cooperation has assumed oversight of the National Cooperative Dairy Federation of India Ltd., which was established in 1984 as the apex body for the cooperative dairy industry.
- Headquarters: Anand, Gujarat
Click here to read from source
14) MCA Appoints Two Part-Time Members to IBBI Governing Board Current Affairs 7th&8th April 2024
The Ministry of Corporate Affairs (MCA) has appointed M.P. Ram Mohan, a Professor at the Indian Institute of Management (IIM) Ahmedabad (Gujarat), and Dinabandhu Mohapatra, a Non-Executive Independent Director at Indiabulls Housing Limited, as part-time members of the Insolvency and Bankruptcy Board of India’s (IBBI) Governing Board.
The appointment went into effect on February 19th, 2024. They will hold the position for five years, until they reach the age of 65, or until further orders are issued.
Dinabandhu Mohapatra is the former Managing Director and CEO of the Bank of India.
IBBI Governing Board:
- The IBBI board now features three full-time members alongside representatives from RBI, Finance, Corporate Affairs, and Law ministries
- With these appointments, the composition of the IBBI Governing Board is fully compliant with the Insolvency and Bankruptcy Code 2016.
On October 1, 2016, the Insolvency and Bankruptcy Board of India (IBBI) was established in accordance with the provisions of the Insolvency Code.
Click here to read from source
IMPORTANT DAYS
Current Affairs 7th&8th April 2024
15) International Day of Sport for Development and Peace 2024 – April 6 Current Affairs 7th&8th April 2024
Every year on April 6th, the world celebrates the United Nations’ International Day of Sport for Development and Peace (IDSDP), recognizing the transformative power of sport and physical activity for communities and individuals around the globe.
The world observed the 11th edition of the IDSDP on April 6, 2024
The global theme of IDSDP 2024 is “Sport for the Promotion of Peaceful and Inclusive Societies”.
Background:
- In 2013, the UN General Assembly declared April 6th International Day of Sport for Development and Peace.
- On April 6, 2014, the world marked the very first International Day of Sport for Development and Peace.
Click here to read from source
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