07th-08th April, 2024

1. The Geographical Indications Registry, based in Chennai (Tamil Nadu) under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, awarded geographical indication (GI) tags.
2. Telangana’s Department of Heritage has recently unearthed a coin hoard at Phanigiri, a renowned Buddhist heritage site.
3. Mumbai is set to witness the installation of 210 artificial reefs in the Arabian Sea, near Worli Koliwada. This is the second artificial reef deployment in the country — the first was in Pondicherry.
4. The United Nations Human Rights voted to adopt a resolution designed to protect the rights of intersex people.
5. State-owned Union Bank of India has raised $500 million (about Rs 4,200 crore) from foreign markets to fund overseas business growth.
6. SEBI has received ISO certification for two of its information security systems and two operations controls.
7. Jammu & Kashmir Bank Limited (J&K Bank) partnered with Paymart India Pvt Ltd to introduce a Virtual Automated Teller Machine (VATM) facility, enabling cardless cash withdrawals for customers through local merchants.
8. The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration.
9. Five Non-Banking Financial Companies (NBFC) have surrendered the Certificate of Registration (CoR) granted to them by the Reserve Bank of India (RBI)
10. The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹49.7 lakh on LIC Housing Finance Limited.
11. The Reserve Bank of India’s Monetary Policy Committee (MPC) unveiled the 1st Bi-monthly Monetary Policy of Financial Year 2024-25 (FY25), titled ‘Monetary Policy Statement, 2024-25 Resolution of the MPC.’
12. SJVN Limited, a hydroelectric power generation company, was honored with the Achievement Award for Creating Social Development and Impact at the 15th CIDC Vishwakarma Awards (VKA) 2024 by the Construction Industry Development Council (CIDC).
13. April 6: The United Nations International Day of Sport for Development and Peace (IDSDP)
14. As per World Anti-Doping Agency (WADA) report, India registered the highest percentage of failed dope tests among countries which tested more than 2,000 samples, with South Africa being second in the 2022 Testing Figures Report released by the World Anti-Doping Agency.
15. SJVN Limited MoU with the Indian Institute of Technology Patna (IIT Patna) to use advanced geological models in SJVN’s tunneling projects, thus significantly reducing time and cost overruns.
16. Indian Farmers Fertiliser Cooperative Limited (IFFCO), signed an MoU with ACME Cleantech Solutions Private Limited (ACME), a frontrunner in renewable energy.
17. BEML Limited and Bharat Electronics Limited (BEL) have inked a Memorandum of Understanding (MoU) to spearhead the development of an Indigenous Train Control Management System (i-TCMS).
18. Justice Pratinidhi Srinivasacharya Dinesh Kumar, former Chief Justice of Karnataka High Court, has been appointed as the Presiding Officer of the Securities Appellate Tribunal (SAT) by the Ministry of Finance for a term of 4 years.
19. The apex body of dairy cooperatives, National Cooperative Dairy Federation of India Ltd. (NCDFI), in its Board elections held on April 5, 2024, unanimously elected Dr. Meenesh Shah as the Chairman.
20. The Ministry of Corporate Affairs (MCA) has appointed two part-time members to the Governing Board of insolvency regulator, the Insolvency and Bankruptcy Board of India (IBBI).

National News

1. Recently announced G.I. tags
   • What: The Geographical Indications Registry, based in Chennai (Tamil Nadu) under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, awarded geographical indication (GI) tags to the following products:
     • Miraj Tanpura – Maharashtra (in the Handicrafts category)
     • Miraj Sitar – Maharashtra (in the Handicrafts category)
     • Bundelkhand Kathiya Gehu (Wheat) – Uttar Pradesh (in the Agriculture category)
       • “Triticum Durum” is the scientific name of Bundelkhand Kathiya Gehu which is also called Durum wheat, Dalia, pasta wheat, or macaroni wheat.
       • It has a share of 5% to 8% of total wheat production.
       • This variety of Wheat is grown in water-scarce, unfriendly, and harsh climatic conditions.
         Source: Krishi Jagran and Free Press Journal
2. Ikshvaku-era coins unearthed at Telangana’s Buddhist heritage site
   • What: Telangana’s Department of Heritage has recently unearthed a coin hoard at Phanigiri, a renowned Buddhist heritage site.
   • Tell me more:
     • The lead coins were found in an earthen pot during the ongoing excavations in Telangana’s Suryapet district. The coins numbering 3,730 bore an elephant symbol on the obverse and a Ujjain symbol on the reverse.
     • Phanigiri is believed to be one of the important Buddhist monasteries strategically located on the hilltop, on the ancient trade route (Dakshinapatha) connecting the west and the east coast of the Deccan.
       Source: Indian Express

State News

1. 210 artificial reefs to be installed near Worli Koliwada, Mumbai
   • What: Mumbai is set to witness the installation of 210 artificial reefs in the Arabian Sea, near Worli Koliwada. This is the second artificial reef deployment in the country — the first was in Pondicherry.
     • About Artificial reefs: These are engineering technology interventions, are used to rehabilitate and/ or improve natural habitats.
   • Why: Artificial reefs act as a carbon sink
   • Tell me more:
     • The project is funded by The RPG Foundation
       Source: Indian Express

International News

1. UNHRC rights body adopts first resolution to protect rights of intersex people
   • What: The United Nations Human Rights voted to adopt a resolution designed to protect the rights of intersex people.
   • Why: The resolution calls on states to “combat discrimination, violence and harmful practices against persons with innate variations in sex characteristics and address their root causes,”.
   • Tell me more:
     • Twenty-four countries voted in favour, twenty-three abstained and none voted against the resolution.
     • Experts estimate that up to 1.7 % of the population are born with intersex traits.
       Source: The Print

Banking and Economy

1. Union Bank raises Rs 42,000 crore from DIFC to fund overseas business growth
   • What: State-owned Union Bank of India has raised $500 million (about Rs 4,200 crore) from foreign markets to fund overseas business growth
   • Tell me more:
     • The fund was arranged by Dubai International Financial Centre (DIFC), Dubai Branch, Union Bank of India said in a regulatory filing.
     • A syndicated term loan of $ 500 million ($400 million and Green Shoe of $100 million) would be drawn in two tranches with tenure of 3 and 5 years.
     • This is the maiden syndicated term loan raised by Union Bank of India at an overseas center.
       Source: Business Standard
2. Sebi’s security management systems, ops control get ISO certification
   • What: SEBI has received ISO certification for two of its information security systems and two operations controls.
   • Why: This certification has been given for SEBI’s commitment to upholding high standards of cybersecurity and ensuring the confidentiality, integrity, and availability of its data and operations.
   • Tell me more:
     • SEBI has obtained the ISO/IEC 27001:2022 certification for
       • Information Security Management Systems at the Primary Data Centre.
       • Security Operations Control (SOC), and Network Operations Control (NOC) Operations
       • Information Security Management System at the Disaster Recovery site.
     • This certification has been received after rigorous evaluation by the body under the accreditation of the National Accreditation Board for Certification Bodies (NABCB), a member of the International Accreditation Forum (IAF).
     • International Organisation for Standardisation (ISO)/ International Electrotechnical Commission (IEC) 27001:2002 is an internationally recognized standard for information security management systems (ISMS)
       Source: Business Standard

3. J&K Bank partners with Paymart India to introduce a virtual ATM facility
   • What: Jammu & Kashmir Bank Limited (J&K Bank) partnered with Paymart India Pvt Ltd to introduce a Virtual Automated Teller Machine (VATM) facility, enabling cardless cash withdrawals for customers through local merchants.
   • Tell me more:
     • The initiative aims to enhance banking convenience, particularly in J&K and Ladakh, by leveraging technology.
     • Customers can utilize the VATM facility using the J&K Bank’s mobile app “mPAY – Delight” on their smartphones, with merchants’ smartphones acting as the VATM.
     • The withdrawal process is initiated through the bank’s mobile application and validated by OTP, ensuring hassle-free cash dispensing.
     • The current transaction limit for VATM service is set at Rs. 2,000 per transaction and Rs. 10,000 per month.
       Source: Greater Kashmir

4. RBI cancels four NBFCs’ certificate of registration
   • What: The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following companies
     Source: RBI

5. Five NBFCs surrender their Certificate of Registration to RBI
   • What: Five Non-Banking Financial Companies (NBFC) have surrendered the Certificate of Registration (CoR) granted to them by the Reserve Bank of India (RBI)
   • Why: These companies have exited from Non-Banking Financial Institution (NBFI) business
   • Tell me more:

• The RBI, in the exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore canceled the CoRs of these companies.

Source: RBI

6. RBI imposes monetary penalty on LIC Housing Finance Limited
   • What: The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹49.7 lakh on LIC Housing Finance Limited.
   • Why: It has been imposed for non-compliance with certain provisions of the ‘Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021’ issued by RBI.
     Source: RBI
7. Highlights of RBI’s 1st MPC meet of FY25
   • What: The Reserve Bank of India’s Monetary Policy Committee (MPC) unveiled the 1st Bi-monthly Monetary Policy of Financial Year 2024-25 (FY25), titled ‘Monetary Policy Statement, 2024-25 Resolution of the MPC.’
   • India’s real Gross Domestic Product (GDP) growth for FY25 remains at 7% (projection)
   • Tell me more:
     • The RBI maintained the repo rate at 6.5% for the 7th consecutive time to curb inflation and ensure public expectations of lower prices, ensuring effective functionality.
       • The decision was made by a majority of 5:1 within the committee.
     • The repo rate signifies the rate at which RBI lends to commercial banks.
     • Inflation projections indicate that Consumer Price Index (CPI) inflation or retail inflation is expected to stand at 4.5% for FY25, assuming a normal monsoon.
     • Fuel prices have remained in deflation for the 6th consecutive month as of February.
   • Domestic Economy:
     • The real GDP expanded by 7.6% in FY24.
   • India’s Forex Reserves:
     • India’s Foreign Exchange (Forex) Reserves reached an all-time high of USD 645.58 billion by the end of the week on March 29, 2024, as per RBI data.

   • Cash deposit facility via UPI
     • RBI is preparing to introduce cash deposits via Unified Payments Interface (UPI), aiming to enhance customer convenience and reduce the cash-handling burden on bank branches.

Awards

1. 15th CIDC Vishwakarma Award
   • What: SJVN Limited, a hydroelectric power generation company, was honored with the Achievement Award for Creating Social Development and Impact at the 15th CIDC Vishwakarma Awards (VKA) 2024 by the Construction Industry Development Council (CIDC).
   • Tell me more:
   • This marks SJVN’s third consecutive win, recognizing its significant contributions to positive change through Corporate Social Responsibility (CSR) initiatives.
   • Additionally, SJVN received the CIDC Partners in Progress Trophy 2024.
   • The CIDC Vishwakarma Awards, initiated in 2009, celebrate organizations and individuals contributing to national growth and sustainable development, particularly in CSR.
   • Hosted annually in March by CIDC, the awards recognize outstanding achievements in the Indian Construction Industry, inspired by the spirit of creation embodied by Lord Vishwakarma.
     Source: Economic Times
   
   

Important Days

1. April 6: The United Nations International Day of Sport for Development and Peace (IDSDP)
   • The 11th edition of IDSDP was observed on April 6, 2024.
   • The global theme for IDSDP 2024 is “Sport for the Promotion of Peaceful and Inclusive Societies”.
     Source: Olympics. com

Sports

1. India records highest percentage of failed dope tests
   • Wha: As per World Anti-Doping Agency (WADA) report, India registered the highest percentage of failed dope tests among countries which tested more than 2,000 samples, with South Africa being second in the 2022 Testing Figures Report released by the World Anti-Doping Agency.
   • Tell me more:
     Source: Sportstar
   
   

Memorandum of Understanding

1. SJVN partners with IIT Patna to improve Tunneling Project Performance
   • What: SJVN Limited MoU with the Indian Institute of Technology Patna (IIT Patna) to use advanced geological models in SJVN’s tunneling projects, thus significantly reducing time and cost overruns.
     Source: PIB
2. IFFCO and ACME signed an MoU to boost sustainability in the agriculture sector
   • What: Indian Farmers Fertiliser Cooperative Limited (IFFCO), signed an MoU with ACME Cleantech Solutions Private Limited (ACME), a frontrunner in renewable energy.
   • Why: Under this agreement, ACME will supply approximately 200,000 metric tons of ammonia to IFFCO, manufactured through a renewable energy route.
     • This collaboration is aligned with the National Green Hydrogen mission.
   • Tell me more:
     • The ammonia production will take place at ACME’s plant in Gopalpur, Odisha, utilizing renewable energy sources.
     • The commercial-grade ammonia supplied will cater to IFFCO’s facilities in Paradeep, Odisha, and Kandla, Gujarat, supporting the manufacturing of complex fertilizers crucial for enhancing agricultural productivity.
     • This will make India the global hub for the production, usage and export of green hydrogen and its derivatives
       Source: ZeeBiz
3. BEML and BEL sign MoU to develop Indigenous Train Control Management System (i-TCMS)
   • What: BEML Limited and Bharat Electronics Limited (BEL) have inked a Memorandum of Understanding (MoU) to spearhead the development of an Indigenous Train Control Management System (i-TCMS).
   • Why: This collaboration aims to drive innovation and foster self-reliance in the vital domain of train control management systems.
   • Tell me more:
     • This partnership, aligned with India’s Make in India initiative, aims to develop TCMS indigenously to meet the future needs of rail projects in India, reducing dependence on imported technology.
     • TCMS, often referred to as the “Brain of the train,” plays a vital role in coordinating control and monitoring across various systems, including distributed control systems comprising computer devices, software, human-machine interfaces, digital and analog input/output capabilities, and secure data networks.
       Source: Rail Analysis

Appointments

1. Centre appoints two members to Securities Appellate Tribunal
   • What: Justice Pratinidhi Srinivasacharya Dinesh Kumar, former Chief Justice of Karnataka High Court, has been appointed as the Presiding Officer of the Securities Appellate Tribunal (SAT) by the Ministry of Finance for a term of 4 years.
   • Also, Justice Dheeraj Bhatnagar, former Principal Chief Commissioner of Income Tax (Delhi), has been appointed as a Technical Member of SAT for a term of 4 years.
     Source: Livemint

2. Dr. Meenesh Shah Elected as the Chairman of NCDFI
   • What: The apex body of dairy cooperatives, National Cooperative Dairy Federation of India Ltd. (NCDFI), in its Board elections held on April 5, 2024, unanimously elected Dr. Meenesh Shah as the Chairman.
     Source: Krishi Jagran
   
   
   
   

3. MCA appoints two part-time members to IBBI Governing Board
   • What: The Ministry of Corporate Affairs (MCA) has appointed two part-time members to the Governing Board of insolvency regulator, the Insolvency and Bankruptcy Board of India (IBBI).
   • The two part-time members are M.P. Ram Mohan, a Professor at the Indian Institute of Management (IIM) Ahmedabad, and Dinabandhu Mohapatra, a Non-Executive Independent Director at Indiabulls Housing Limited.
   • These appointments will take effect on February 19 for a period of five years or until they attain the age of sixty-five or until further orders, whichever is earlier.
   • With these appointments, the IBBI Governing Board’s composition is complete in line with the Insolvency and Bankruptcy Code 2016. It has now ten members, including the Chairperson, Ravi Mital.
     Source: The Hindu Business Line

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