28th-29th April, 2024

1. The Supreme Court has affirmed the credibility of Electronic Voting Machines (EVMs) and their integration with Voter Verifiable Paper Audit Trails (VVPATs). The court rejected petitions that demanded 100% cross-verification of votes cast on EVMs with the VVPATs or a return to the ballot paper system.
2. A study by the India Meteorological Department (IMD) highlights a significant decrease in solar power generation potential, emphasizing the need for more efficient equipment to meet renewable energy targets and ensure sustainable development.
3. For the first time, the newly settled Bru voters of Tripura exercised their franchise for the General Elections to Lok Sabha 2024 on April 26 (Phase 2).
4. The Gem & Jewellery Export Promotion Council (GJEPC) announced that it has received an Authorised Economic Operator (AEO) status from the finance ministry.
5. The Department of Public Enterprises (DPE), Ministry of Finance, has conferred Navratna status upon the Indian Renewable Energy Development Agency Ltd (IREDA) and the Housing and Urban Development Corporation Limited (HUDCO).
6. The Ministry of Mines, in collaboration with the Shakti Sustainable Energy Foundation (Shakti), Council on Energy, Environment and Water (CEEW), and Indian Institute of Sustainable Development (IISD), will hold “Critical Minerals Summit: Enhancing Beneficiation and Processing Capabilities” from April 29th to April 30th, 2024, at New Delhi.
7. The Ministry of Railways, which has been working on the inter-city version of the Vande Bharat – VB Metro, is likely to have the train’s trial run in July.
8. DNA analysis of ancient graves has revealed insights on the social life of Avars.
9. The Asian Development Bank (ADB) committed $23.6 billion from its own resources in 2023, including $9.8 billion for climate action, to help Asia and the Pacific progress on sustainable development.
10. The Reserve Bank of India (RBI) has outlined the eligibility criteria for Small Finance Banks (SFBs) to transition into Universal Banks under the on-tap licensing framework.\
11. The Reserve Bank of India (RBI) has maintained the investment limits for Foreign Portfolio Investors (FPIs) in various categories of securities for the financial year 2024-25.
12. American Tower Corporation (ATC) Telecom Infrastructure Pvt Ltd divested its entire 2.87% stake in telecom operator Vodafone Idea Limited (Vi) for Rs. 1,840 crore through an open market transaction.
13. HDFC Life, and Peerless Financial Products Distribution Ltd. (PFPDL) have entered into a corporate agency tie-up.
14. To facilitate ease of doing business, SEBI allowed AIFs (alternative investment funds) to pledge their shares in investee companies in the infrastructure sector.
15. SEBI has recently directed the Bombay Stock Exchange (BSE) to modify its regulatory fee calculation methodology for options contracts. Instead of basing the fee on the premium value, SEBI now requires the fee to be determined based on the notional value of these contracts. As a result of this change, BSE is expected to pay a higher regulatory fee.
16. The Confederation of ATM Industry (Catmi) and the Reserve Bank of India (RBI) are in discussions to update the cost structure of automated teller machine (ATM) channels. Proposed changes include raising the interchange fee to Rs 20-23 and introducing an additional convenience charge for higher cash withdrawals.
17. As per recently released Asia-Pacific 2Q 2024 Banking Update by S&P Global Ratings, the agency predicts that Indian banks’ credit growth, profitability, and asset quality will remain robust in the current fiscal year, driven by strong economic growth.
18. The depth and size of Indian markets have expanded significantly since the pandemic, positioning the country to attract and absorb global capital flows effectively. India now boasts 100 stocks with a market capitalization (mcap) exceeding $10 billion, nearly matching China’s 124 large-cap members of the CSI 300 Index.
19. Defence Secretary Shri Giridhar Aramane participated in the Shanghai Cooperation Organisation (SCO) Defence Ministers’ meeting in Astana, Kazakhstan.
20. Indian Navy’s indigenous stealth frigate, Indian Naval Ship (INS) Sahyadri, participated in a Maritime Partnership Exercise with the United Kingdom (UK) Littoral Response Group South (LRGS).
21. April 23: Khongjom Day: Commemorating the 1891 Anglo-Manipur War
22. World Veterinary Day 2024
23. April 26: World Intellectual Property Day
24. The International Cricket Council (ICC) has appointed former Indian cricketer Yuvraj Singh as the ambassador for the ICC Men’s Twenty20 International (T20I) World Cup 2024.
25. Former Pakistani women’s cricketer Sana Mir has been appointed as the ambassador of the ICC Women’s T20 World Cup Qualifier 2024.
26. Ericsson India and the Foundation for Innovation & Research in Science & Technology (F.I.R.S.T) at the Indian Institute of Technology (IIT) Kanpur, Uttar Pradesh (UP), have entered a 2-year partnership to enhance innovation in Mobile Financial Services (MFS) and Fintech solutions.
27. Pakistan’s Foreign Minister Ishaq Dar has been appointed as the country’s deputy prime minister by Prime Minister Shehbaz Sharif.
28. Alagar Temple, Tamil Nadu
29. Shane Watson Unveils his book “The Winner’s Mindset”

National News

1. SC rejected plea seeking 100% cross-verification of EVMs data with VVPAT records
   • What: The Supreme Court has affirmed the credibility of Electronic Voting Machines (EVMs) and their integration with Voter Verifiable Paper Audit Trails (VVPATs). The court rejected petitions that demanded 100% cross-verification of votes cast on EVMs with the VVPATs or a return to the ballot paper system.
   • Why: The court declined a request for 100% counting of VVPAT slips, which are paper records of votes cast electronically. They explained that while voters have the right to ensure their votes are accurately counted, this doesn’t mean they have the right to physically access the VVPAT slips or demand that all slips be counted. Allowing such access could cause problems like misuse, cheating, and arguments.
   • Tell me more:
     • The court issued two directives to address candidate apprehensions and strengthen the existing mechanism:
       • Containers carrying the symbol loading unit should be sealed in the presence of candidates or their polling agents and kept secure for 45 days. This period corresponds to the duration for which the control unit, ballot unit, and VVPATs data are preserved, allowing candidates to file election petitions against the poll results.
       • If any candidate files a written complaint within seven days of the poll results, casting doubt on the process’s dependability, the control unit, ballot unit, and VVPATs will be examined by engineers from the EVM manufacturing companies following the results announcement.
       • The current verification process involves checking VVPAT slips from five randomly selected EVMs in each assembly segment.
         Source: Indian Express

2. Study Shows Decreasing Trend in Solar Power Generation Potential in India
   • What: A study by the India Meteorological Department (IMD) highlights a significant decrease in solar power generation potential, emphasizing the need for more efficient equipment to meet renewable energy targets and ensure sustainable development.
     • Published in the IMD’s scientific journal Mausam, the study titled “Understanding the climatology and long-term trends in solar radiation using ground-based in-situ observations in India” highlights the need for more efficient equipment to tackle this situation effectively.

   • Tell me more:
     • The study, authored jointly by six scientists, analyzed data from 13 IMD stations with continuous solar radiation records spanning from 1985 to 2019.
     • Gujarat and Rajasthan, where India’s largest solar parks are located are also showing a decrease in SPV potential.
       Source: Krishi Jagran

3. In a first, Bru migrants vote in Tripura’s Lok Sabha polls after resettlement
   • What: For the first time, the newly settled Bru voters of Tripura exercised their franchise for the General Elections to Lok Sabha 2024 on April 26 (Phase 2).
     • Earlier, they had voted in the assembly elections held last year in March. The Bru migrants who had been staying in six relief camps of North Tripura district till 2020 now received permanent settlement in 12 locations across the state.
       Source: The Hindu

4. Centre accords AEO status to gem and jewellery sector
   • What: The Gem & Jewellery Export Promotion Council (GJEPC) announced that it has received an Authorised Economic Operator (AEO) status from the finance ministry.
     • This status, previously denied, now allows for more efficient export-import processes, quicker cargo release periods, 50% lower bank guarantees than non-AEO firms, and quicker processing of customs, central excise, and service tax cases.
     • The Gem & Jewellery Export Promotion Council (GJEPC), is the apex body of the sector.

   • Tell me more:
     • The Ministry of Finance has communicated that units within the gem and jewellery industry are now eligible to apply for participation in the AEO program, thereby enabling them to avail associated benefits.
     • 20 companies have applied for AEO status. Based on these applications, Asian Star, a premier diamond and diamond jewellery manufacturer, has been granted AEO status, making it the first in the Indian gem and jewellery industry to receive the certificate.
   • The AEO programme was introduced as pilot project in 2011 by the Customs department as part of a broader framework for ease of doing business, which has been instrumental in simplifying export operations across various sectors, resulting in significant time and cost savings for exporters.
     Source: The Hindu

5. IREDA and HUDCO Granted Navratna Status by Department of Public Enterprises
   • What: The Department of Public Enterprises (DPE), Ministry of Finance, has conferred Navratna status upon the Indian Renewable Energy Development Agency Ltd (IREDA) and the Housing and Urban Development Corporation Limited (HUDCO).
   • Tell me more:
     • IREDA, established in March 1987, a public limited company under the Ministry of New and Renewable Energy, providing financial assistance for renewable energy and energy efficiency projects as a Non-Banking Financial Institution (NBFC).
     • HUDCO, under the Ministry of Housing and Urban Affairs (MOHUA), is a Public Sector Company.
     • Navratna status grants top-tier Public Sector Undertakings (PSUs) the authority to invest up to Rs 1,000 crore without approval from the central government and allows them to invest up to 30% of their net worth annually, provided it remains under Rs 1,000 crore. Additionally, they can participate in joint ventures, alliances, and establish foreign subsidiaries.
     • To qualify for navratna status, a company must already hold miniratna category I status and be listed under Schedule A of Central Public Sector Enterprises (CPSEs).
       Source: Live Mint

6. Govt to hold two-day summit on critical minerals
   • What: The Ministry of Mines, in collaboration with the Shakti Sustainable Energy Foundation (Shakti), Council on Energy, Environment and Water (CEEW), and Indian Institute of Sustainable Development (IISD), will hold “Critical Minerals Summit: Enhancing Beneficiation and Processing Capabilities” from April 29th to April 30th, 2024, at New Delhi.
   • Why: The goal of the Critical Minerals Summit is to equip government and industry stakeholders with the knowledge, connections, and tools necessary to accelerate the domestic production of critical minerals, supporting India’s economic growth and sustainability objectives
     Source: PIB

7. Vande Bharat Metro trial to begin in July
   • What: The Ministry of Railways, which has been working on the inter-city version of the Vande Bharat – VB Metro, is likely to have the train’s trial run in July.
   • Features of Vande Bharat Metro Trains
     • “Vande Metro trains are oriented towards high acceleration with frequent stoppages. These trains will have 12 coaches each, large automatic doors with side seats.
     • The Vande Metro trains will eventually ply between 100-250 km distances connecting 124 cities across the country.
     • Identified routes include Lucknow-Kanpur, Agra-Mathura, and Tirupati-Chennai, among others.
       Source: Business Standard

International News

1. DNA Analysis Illuminates Avar Social Life
   • What: DNA analysis of ancient graves has revealed insights on the social life of Avars.
     Source: Live Science

2. ADB committed $23.6 billion for climate action, to help Asia and the Pacific
   • What: The Asian Development Bank (ADB) committed $23.6 billion from its own resources in 2023, including $9.8 billion for climate action, to help Asia and the Pacific progress on sustainable development.
     • These figures are among the financial and operational results published in ADB’s Annual Report 2023.
   • Tell me more:
     • The $23.6 billion comprised loans, grants, equity investments, guarantees, and technical assistance provided to governments and the private sector.
     • ADB also mobilized an additional $16.4 billion in cofinancing through its strong partnerships.
       Source: ADB

Banking and Economy

1. RBI sets Eligibility Criteria for SFB to transit into Universal banking under on-tap licensing
   • What: The Reserve Bank of India (RBI) has outlined the eligibility criteria for Small Finance Banks (SFBs) to transition into Universal Banks under the on-tap licensing framework.
     • On-tap licensing: It was introduced in 2016 for allowing banks to apply for banking licenses with the RBI throughout the year.
       • Prior to this, banking licenses were granted upon invitation of applications by RBI to prospective players.
   • Tell me more:
     • ‘Universal banks (UBs) are banks that offer a wide range of financial services, beyond commercial banking and investment banking, such as insurance.
       • Until now, SFBs were allowed to primarily undertake basic banking activities of acceptance of deposits and lending to unserved and underserved sections.
     • Provisions – With the objective of bringing better clarity, the eligibility criteria for an SFB to transition into a Universal bank will now be as follows:
       • scheduled status with a satisfactory track record of performance for a minimum period of five years;
       • shares of the bank should have been listed on a recognised stock exchange;
       • having a minimum net worth of ₹1,000 crore as at the end of the previous quarter (audited);
       • meeting the prescribed CRAR requirements for SFBs;
       • having a net profit in the last two financial years; and
       • having Gross Non-Performing Asset and Net Non-Performing Asset of less than or equal to 3 percent and 1 percent respectively in the last two financial years.

     • The following conditions shall be applicable with regard to shareholding pattern:
       • There’s no strict rule saying that a Small Finance Bank (SFB) must have a specific promoter identified. However, if there are already promoters involved with the SFB when it transitions into a Universal Bank, they will remain as the promoters even after the transition.
       • Addition of new promoters or change in promoters shall not be permitted for an eligible SFB while transitioning to Universal Bank.
       • There shall be no new mandatory lock-in requirement of minimum shareholding for existing promoters in the transitioned Universal Bank.
       • There shall be no change to the promoter shareholding dilution plan already approved by the Reserve Bank.
       • The eligible SFBs having diversified loan portfolio will be preferred.
         Source: RBI

2. RBI keeps FPIs investment limit in G-sec unchanged at 6% of outstanding stocks for FY25
   • What: The Reserve Bank of India (RBI) has maintained the investment limits for Foreign Portfolio Investors (FPIs) in various categories of securities for the financial year 2024-25.
   • Tell me more (Here are the unchanged limits)
     • Government Securities (G-Secs): FPI investment limit remains at 6% of the outstanding stocks of G-Secs.
     • State Government Securities (SGSs): FPI investment limit remains at 2% of the outstanding stocks of SGSs.
     • Corporate Bonds: FPI investment limit remains at 15% of the outstanding stocks of corporate bonds.
   • Fully Accessible Route (FAR): All eligible investors can now invest in “specified securities” without any restrictions. This means more flexibility for investors.
   • G-Sec Limit Allocation: The investment limit for Government Securities (G-Secs) will be divided equally between two sub-categories: ‘General’ and ‘Long-term’ for 2024-25. This ensures a balanced approach for both short-term and long-term investors.
   • State Development Loans (SDLs): The entire increase in limits for State Development Loans (SDLs) will be added to the general sub-category of SDLs. SDLs are bonds issued by state governments, and this change simplifies the allocation process.
   • Credit Default Swaps (CDS): FPIs can sell CDS contracts, which act as insurance against credit defaults. The aggregate limit for CDS sold by FPIs is set at 5% of the outstanding stock of corporate bonds. For the financial year 2024-25, an additional limit of ₹2,54,500 crore has been allowed for CDS transactions.
     Source: Business Standard
3. ATC Telecom Infra exits Vodafone Idea, sells entire stake for Rs 1,840 crores
   • What: American Tower Corporation (ATC) Telecom Infrastructure Pvt Ltd divested its entire 2.87% stake in telecom operator Vodafone Idea Limited (Vi) for Rs. 1,840 crore through an open market transaction.
   • American Tower Corporation (ATC) Telecom Infrastructure is one of the largest infrastructure service providers for Vodafone Idea.
     Source: Business Standard
4. HDFC Life and Peerless Financial Products Enter into a Corporate Agency Tie-Up
   • What: HDFC Life, and Peerless Financial Products Distribution Ltd. (PFPDL) have entered into a corporate agency tie-up.
   • Why: This partnership would enable PFPDL to distribute life insurance products of HDFC Life to its customers.
     Source: ANI
5. SEBI allows AIFs to pledge shares in companies that invest in infra sector
   • What: To facilitate ease of doing business, SEBI allowed AIFs (alternative investment funds) to pledge their shares in investee companies in the infrastructure sector.
     • Alternative Investment Fund is a special investment category that differs from conventional investment instruments. It is a privately pooled fund. Generally, institutions and HNIs invest in AIFs as substantial investments are required.

   • The regulator has also provided additional flexibility to AIFs and their investors to deal with unliquidated investments of their schemes.
   • Tell me more:
     • Encumbrance on Equity Investments: Category I and Category II AIFs are now permitted to create an encumbrance (a legal claim or lien) on equity investments in infrastructure sub-sector companies for the purpose of project finance. This move aims to enhance infrastructure development by allowing AIFs to use their equity investments more effectively for financing projects.
     • Encumbrances on Equity for Borrowing: Existing schemes of AIFs that have not onboarded investors prior to April 25, 2024, are allowed to create encumbrances on the equity of investee companies for borrowing purposes. However, this must be explicitly disclosed in the Private Placement Memorandums (PPMs) of the AIFs.
     • Compliance with RBI Regulations: AIFs are required to comply with regulations set by the Reserve Bank of India (RBI) for foreign-invested AIFs. However, they are not permitted to offer guarantees for investee companies or create encumbrances on investments in foreign investee companies.
     • Implementation Standards for Encumbrances: The Standard Setting Forum for AIFs, in collaboration with the SEBI, will establish implementation standards to ensure that encumbrances are utilized solely for facilitating debt raising in the infrastructure sector. This aims to ensure that the use of encumbrances is transparent and aligned with the intended purpose of financing infrastructure projects.
     • Flexibility in Dealing with Unliquidated Investments: Sebi has provided more flexibility to AIFs and investors in dealing with unliquidated investments during the liquidation phase. Various actions during this phase will require consent from investors, providing them with greater involvement and control over the process.
     • A one-time extension is granted to AIF schemes whose liquidation period has expired or will expire by July 24, 2024, until April 24, 2025, provided there are no unresolved investor complaints regarding non-receipt of funds or securities.
       Source: Business Standard
6. SEBI Instructs BSE to Pay Regulatory Fee on Options Contracts
   • What: SEBI has recently directed the Bombay Stock Exchange (BSE) to modify its regulatory fee calculation methodology for options contracts. Instead of basing the fee on the premium value, SEBI now requires the fee to be determined based on the notional value of these contracts. As a result of this change, BSE is expected to pay a higher regulatory fee.
     • Notional turnover represents the overall strike price of all contracts traded in derivatives, whereas premium turnover is the sum of premiums paid on all contracts traded. As the notional value exceeds the premium turnover, opting for notional turnover as the basis entails a higher fee outlay.
   • Tell me more:
     • BSE has been asked to pay the differential regulatory fee for the past periods along with an interest of 15 per cent per annum on the remaining unpaid amount. It has been directed to pay the amount within one month of the receipt of the letter.
     • The regulatory fee framework was introduced by SEBI under the SEBI (Regulatory Fee on Stock Exchanges) Regulations 2006, requiring exchanges to pay fees based on annual turnover within 30 days after the conclusion of each financial year.
     • In case it is ascertained that the said amount is payable, the total differential Sebi regulatory fees for the period from FY 2006-07 to FY 2022-23 would be Rs 68.64 crore plus GST, which includes an interest of Rs 30.34 crore. Further, the differential Sebi regulatory fees for FY 2023-24, if liable, could be around Rs 96.30 crore plus GST.
     • The additional amount owed must be computed by a chartered accountant and paid within one month of receiving notification from SEBI.
       Source: Indian Express

7. Indian ATM Cost Structure Set for Revision
   • What: The Confederation of ATM Industry (Catmi) and the Reserve Bank of India (RBI) are in discussions to update the cost structure of automated teller machine (ATM) channels. Proposed changes include raising the interchange fee to Rs 20-23 and introducing an additional convenience charge for higher cash withdrawals.
     • The interchange fee is paid by the card-issuing bank when a customer swipes at another banks’ ATM, including at white-label ATMs.
   • Why: The potential adjustments aim to address rising operational costs, enhance ATM deployment, and support cash withdrawals, especially in underpenetrated areas and for direct benefit transfer (DBT) beneficiaries.
   • Tell me more:
     • The Committee to Review the ATM Interchange Fee Structure, chaired by Indian Banks’ Association’s then chief executive officer V G Kannan, who had previously submitted a report to the RBI in 2019, advocating periodic reviews of interchange and usage charges. The implementation of cassette swaps at ATMs, aimed at reducing costs, remains pending despite initial plans.
       • While the industry was ready to settle for an interchange fee of Rs 20, some say this may now have to move up to Rs 23 to adjust for cassette-swap costs.
       • Cassette swaps are a lockable mechanism that does away with open cash replenishment The Kannan Committee had pointed out that implementing cassette swaps could add 15 per cent in additional costs.
     • Also, differential pricing may be deployed for customers in underpenetrated centres to aid withdrawals by direct benefit transfer (DBT) beneficiaries.

8. S&P Global Ratings Forecasts Moderation in Indian Banks’ Credit Growth
   • What: As per recently released Asia-Pacific 2Q 2024 Banking Update by S&P Global Ratings, the agency predicts that Indian banks’ credit growth, profitability, and asset quality will remain robust in the current fiscal year, driven by strong economic growth.
     • However, they may need to slow down loan growth due because the deposits are not growing at a similar pace, particularly in retail deposits.
   • Why: With deposit growth lagging behind loan growth, banks face challenges in maintaining the loan-to-deposit ratio, potentially impacting profitability if wholesale funding costs rise.
     • Wholesale funding cost refers to the interest rate at which banks obtain funds from wholesale markets to finance their lending activities.

   • Tell me more:
     • The agency highlighted the need for banks to align loan growth with deposit growth to sustain profitability.
     • Private sector banks have led loan growth at around 17-18%, while public sector banks exhibit growth in the range of 12-14%.
     • Agency emphasized that Indian banks can sustain loan growth of up to 15-20% over three years without requiring additional capital. However, maintaining a balance between loan and deposit growth is crucial to prevent strains on margins and profitability.
       Source: Business Standard

9. India’s Market Expansion Amid Pandemic Spurs Global Investor Interest
   • What: The depth and size of Indian markets have expanded significantly since the pandemic, positioning the country to attract and absorb global capital flows effectively. India now boasts 100 stocks with a market capitalization (mcap) exceeding $10 billion, nearly matching China’s 124 large-cap members of the CSI 300 Index.

Defence News

1. SCO Defence Ministers’ Meeting in Kazakhstan
   • What: Defence Secretary Shri Giridhar Aramane participated in the Shanghai Cooperation Organisation (SCO) Defence Ministers’ meeting in Astana, Kazakhstan.
     • During the meeting, a protocol was signed by the Defence Ministers of all SCO Member States
   • A Joint Communique was issued after the meeting, in which the SCO Defence Ministers agreed, amongst other initiatives, to developing the idea of ‘One Earth, One Family, One Future’, which is rooted in the ancient Indian philosophy of ‘Vasudhaiva Kutumbakam’.
     Source: PIB

2. INS Sahyadri Engages in Maritime Partnership Exercise with UK’s LRGS
   • What: Indian Navy’s indigenous stealth frigate, Indian Naval Ship (INS) Sahyadri, participated in a Maritime Partnership Exercise with the United Kingdom (UK) Littoral Response Group South (LRGS).
   • LRGS comprised British Royal Navy’s Royal Fleet Auxiliary (RFA) Argus and RFA Lyme Bay, and the exercise aimed to enhance interoperability and strengthen maritime cooperation between India and the UK.
   • The exercise provided opportunities for both navies to exchange best practices and benefit from each other’s experience and expertise.
     Source: The print

Important Days

1. April 23: Khongjom Day: Commemorating the 1891 Anglo-Manipur War
   • What: Khongjom Day is observed annually in Manipur on April 23 to honor the martyrs of the 1891 Anglo-Manipur War, the final battle between the Kingdom of Manipur and the British Empire.
   • The Anglo-Manipur War, a significant armed conflict, occurred from March 31 to April 27, 1891, culminating in the Battle of Khongjom.
   • April 23, 2024, marks the 133rd observance of Khongjom Day, commemorating the bravery and sacrifice of those who fought in defense of Manipur.
     Source: Imphal Free Press
2. World Veterinary Day 2024: Celebrating Essential Health Workers
   • What: World Veterinary Day (WVD) is commemorated annually on the last Saturday of April to raise awareness about veterinarians and acknowledge their vital contributions to animal health, welfare, human health, and the environment.
   • World Veterinary Day 2024 falls on April 27, 2024.
   • The theme for World Veterinary Day 2024 is “Veterinarians are essential health workers,” emphasizing the critical role of veterinarians in safeguarding public health and well-being.
     Source: News18

   
   
3. April 26: World Intellectual Property Day
   • What: World Intellectual Property Day (World IP Day) is observed globally on April 26 each year to promote awareness and understanding of intellectual property (IP) and its role in fostering innovation and creativity worldwide. It also commemorates the establishment of the World Intellectual Property Organization (WIPO).
   • The theme for World IP Day 2024 is “IP and the SDGs: building our common future with innovation and creativity,” highlighting the role of intellectual property in achieving the Sustainable Development Goals (SDGs).
     Source: WIPO

Sports

1. Yuvraj Singh Named Ambassador for ICC Men’s T20 World Cup 2024
   • What: The International Cricket Council (ICC) has appointed former Indian cricketer Yuvraj Singh as the ambassador for the ICC Men’s Twenty20 International (T20I) World Cup 2024.
   • Tell me more:
     • The event is scheduled to be co-hosted by the United States of America (USA) and the West Indies from June 1st to June 29th, 2024, this marks the first time the USA is hosting the ICC T20 World Cup.
     • Yuvraj Singh joins West Indies cricketer Chris Gayle and Jamaican athlete Usain Bolt as the first ambassadors for the 2024 T20 World Cup.
     • In his role as ambassador, Yuvraj Singh will participate in promotional events for the World Cup in the USA, contributing to the excitement surrounding the tournament.
     • The 2024 ICC T20 World Cup will feature a total of 55 matches played by 20 teams across 9 venues, showcasing the pinnacle of T20 cricket on an international stage.
       Source: The Times of India
2. Sana Mir Named Ambassador of ICC Women’s T20 World Cup Qualifier
   • What: Former Pakistani women’s cricketer Sana Mir has been appointed as the ambassador of the ICC Women’s T20 World Cup Qualifier 2024.
   • Tell me more:
     • The tournament is scheduled to take place in Abu Dhabi, United Arab Emirates (UAE), from April 25th to May 7th, 2024.
     • The ICC Women’s T20 World Cup Qualifier 2024 is supported by Dream11, with the winner and runner-up earning spots in the ICC Women’s T20 World Cup 2024, scheduled to be held in Bangladesh later this year.
     • The 10 participating teams are divided into two groups:
       • Group A includes Scotland, Sri Lanka, Thailand, Uganda, and the USA,
       • Group B comprises Ireland, the Netherlands, the UAE, Vanuatu, and Zimbabwe.
         Source: ICC

Memorandum of Understanding

1. Ericsson India and IIT Kanpur’s F.I.R.S.T. Forge Partnership for Mobile Fintech Innovation
   • What: Ericsson India and the Foundation for Innovation & Research in Science & Technology (F.I.R.S.T) at the Indian Institute of Technology (IIT) Kanpur, Uttar Pradesh (UP), have entered a 2-year partnership to enhance innovation in Mobile Financial Services (MFS) and Fintech solutions.
   • Why: The collaboration aims to harness Ericsson’s global expertise and F.I.R.S.T’s innovation ecosystem to develop pioneering solutions in the fintech sector.
     • IIT Kanpur’s F.I.R.S.T. serves as a platform for startups and aspiring entrepreneurs to transform innovative ideas into commercially viable products. It also offers services related to patenting and commercialization.
       Source: ERICSON

Appointment

1. Pakistan’s Foreign Minister Ishaq Dar Appointed Deputy Prime Minister
   • What: Pakistan’s Foreign Minister Ishaq Dar has been appointed as the country’s deputy prime minister by Prime Minister Shehbaz Sharif.
     Source: Times of India

Miscellaneous

1. Alagar Temple, Tamil Nadu
   • What: The procession of the Lord Kallazhagar back from the Vaigai river marked the end of the Chithirai festival
   • Source: The New Indian Express

2. Shane Watson Unveils “The Winner’s Mindset”
   • What: Former Australian cricketer Shane Robert Watson introduces his latest book, “The Winner’s Mindset,” published by HarperCollins Publishers.
   • This self-help book delves into Watson’s mental journey, offering insights gleaned from his career and valuable lessons he now imparts as a sought-after coach to the next generation.
     Source: The Hindu Business Line

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