a
Current Affairs by Kush Pandey: April 4 2024
Banking & Finance
1. Merger of AU Small Finance Bank and Fincare Small
Finance Bank
 AU Small Finance Bank has merged with Fincare
Small Finance Bank.
 The merger, finalized on April 1, 2024, through an
all-stock deal.
 Aim: To strengthen AU SFB’s presence in South
India and enhance its customer base and
distribution network.
 Fincare SFB shareholders received 579 equity
shares in AU SFB for every 2,000 equity shares
held.
 RBI granted final approval on March 4, 2024.
 Combined customer base of approximately 1 crore,
with 43,500 employees.
 Expanded network of 2,350 physical touchpoints
across 25 states and union territories.
 Deposit base of Rs 89,854 crore and balance sheet
size of Rs 1,16,695 crore.
2. Singapore Tourism Board, PhonePe sign MoU to
boost UPI for Indian tourists
 The Singapore Tourism Board (STB) and fintech
major PhonePe entered a two-year Memorandum
of Understanding (MoU).
 Aim: To promote UPI transactions for Indian
visitors in Singapore.
 The collaboration builds upon the existing Unified
Payments Interface (UPI) linkage between India
and Singapore.
 It allows customers to instantly make cross-border
transactions between the two countries directly
from their existing Indian bank accounts.
 In January 2024, the National Payments
Corporation of India (NPCI) launched UPI-PayNow
linkage that will enable Indians to receive
remittances directly into their bank accounts from
Singapore and vice versa.
 PayNow SG provides a peer-to-peer funds transfer
service available to customers of Banks and Non-
Bank Financial Institutions (NFIs) in Singapore
 About UPI:
o It is an advanced version of Immediate
Payment Service (IMPS)- round–the-clock
funds transfer service.
o Aim: To make cashless payments faster,
easier and smoother
o NPCI launched UPI with 21 member banks
in 2016.
o Recent News:
o UPI surged in March 2024, processing
₹19.78 lakh crore transactions, a 40% rise
from March 2023.
o FY24 witnessed 56.6% growth in
transaction.
3. SFBs seek glide path from RBI to become universal
banks citing eligibility
 Chief executives of various Small Finance Banks
(SFBs) have urged for a glide path to become
universal banks.
 Reason: As most of them are eligible for such a
conversion having completed five years of
operations.
 The first set of small finance banks – totalling ten –
were granted licenses in 2015.
 Most of them started operations in 2016-17.
 As of end-June 2023, twelve SFBs with 6,589
domestic branches across the country were
operational.
 With the merger of AU Small Finance Bank and
Fincare, there are now 11 SFBs.
 SFBs are differentiated or niche banks with a
minimum net worth of Rs 200 crore, lower than
other SCBs.
 Considering their focus on financial inclusion, SFBs
are required to lend at least 75 per cent of their
adjusted net bank credit (ANBC) to priority
sectors, compared with 40 per cent in the case of
other scheduled commercial banks.
4. Union Bank raises Rs 42,000 cr from DIFC to fund
overseas business growth
 State-owned Union Bank of India has raised $500
million (about Rs 4,200 crore) from foreign
markets to fund overseas business growth.
 The fund was arranged by the Dubai International
Financial Centre (DIFC), Dubai Branch.
 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.
 The first tranche of $100 million was drawn on
April 3, 2024.
 This is the maiden syndicated term loan raised by
Union Bank of India at an overseas centre
 Recently, Bank of India to raise Rs 10,000 cr
through long-term infrastructure bonds.
5. Vodafone Idea receives shareholders' approval for
Rs 20,000 cr fundraising
 Vodafone Idea has got approval from shareholders
for a proposal to raise Rs 20,000 crore through a
combination of equity and equity-linked securities.
a
Current Affairs by Kush Pandey: April 4 2024
 Aim: To bolster the finances for the long-awaited
5G rollout and fortify its 4G services
6. Canara Bank launches loans for healthcare, savings
accounts for women
 Canara Bank launched the healthcare-focused loan
product, Canara Heal.
 It will meet the shortfall in hospitalization
expenditure while settling through TPA healthcare
insurance claims of self and/or dependents.
 It has also launched a customized savings account
for women – Canara Angel.
 Features like Cancer Care policy, pre-approved
personal loan Canara ReadyCash, and an Online
Loan against term deposit product Canara
MyMoney.
 Canara bank exchanged Memorandums of
Understanding (MoUs) with both MediAssist
Healthcare Services Ltd and Bajaj Allianz General
Insurance Company Ltd for its Canara Heal
product.
 The event also marked the unveiling of 'Canara UPI
123PAY ASI', a user-friendly payment interface
and 'Canara HRMS Mobile App for Staff', an HR
management solution for the bank's employees.
International
1. NATO Considers 100 billion Euro Military Fund for
Ukraine
 NATO foreign ministers arrived at strategic
decisions to heighten military support for war-torn
Ukraine.
 This comes as a long-term proposal including a
special standing for a 100 billion Euro fund
extending for five years.
 This is seen as a special gestural support for Kyiv.
 Amid military aggression and hybrid warfare,
Russia launched well planned attacks on the
Ukrainian zone with its armed military forces.
 About NATO:
o North Atlantic Treaty Organization
o Formation: 4 April 1949
o Secretary General: Jens Stoltenberg
o 32 member states—30 European and 2
North American
o Headquarters: Brussels, Belgium
o Finland and Sweden are the newest
members, they joined on 4 April 2023 and
7 March 2024 respectively,
2. Forbes Richest List 2024: Bernard Arnault retains
title as World's richest person
 Bernard Arnault has secured the top spot on
Forbes' World's Billionaires list for the second
consecutive year.
 He is the renowned chairman and CEO of luxury
conglomerate LVMH Moët Hennessy Louis Vuitton
SA.
 Estimated fortune of $233 billion.
 Mukesh Ambani, Chairman of Reliance Industries,
as Asia's wealthiest individual, with a staggering
net worth of $116 billion.
 This significant increase from $83 billion has
placed Ambani as the sole Asian member of the
exclusive $100 billion club.
3. Germany Legalizes Recreational Cannabis
 On April 1, 2024, Germany became the largest
European Union (EU) nation to legalize
recreational cannabis use, despite facing
opposition from politicians and medical
associations.
 Under the new law, adults over 18 are now
permitted to carry up to 25 grams of dried
cannabis and cultivate up to three marijuana plants
at home.
 Germany joins Malta and Luxembourg as countries
with the most liberal cannabis laws in Europe.
 From July 1, 2024, “cannabis clubs” will be allowed
to distribute up to 50 grams of cannabis per person
per month to their members, with a maximum of
500 members per club.
4. Korean Fusion Reactor ‘Artificial Sun’ Sets New
Record
 Scientists in South Korea have set a new world
record using the Korea Superconducting Tokamak
Advanced Research (KSTAR) device, an "artificial
sun" nuclear fusion reactor.
 During tests conducted between December 2023
and February 2024, they generated plasma
temperatures of 100 million degrees Celsius for 48
seconds.
 The achieved temperature of 100 million degrees
Celsius is a remarkable seven times hotter than the
Sun’s core, which has a temperature of
approximately 15 million degrees Celsius.
 Nuclear fusion aims to replicate the reaction that
powers the Sun and other stars, by fusing two
atoms to release immense amounts of energy.
5. World’s Most Powerful Laser Developed in Romania
 A research center in Romania has developed the
world's most powerful laser.
 It is a part of the European Union Infrastructure
Extreme Light Infrastructure (ELI) project.
a
Current Affairs by Kush Pandey: April 4 2024
 The laser is operated by the French company
Thales Group.
 It utilizes Nobel Prize-winning inventions and
promises revolutionary advancements in various
fields, including healthcare and space exploration.
 The laser is housed at a research center near the
Romanian capital, Bucharest.
 The laser technology, known as chirped pulse
amplification (CPA) technique, used in the
Romanian facility is based on the inventions of
Gérard Mourou from France and Donna Strickland
from Canada.
 They were awarded the Nobel Prize in Physics in
2018
 Reason: For their groundbreaking work in
harnessing the power of lasers for advanced
precision instruments.
National
1. Adani Green becomes first Indian firm with 10K MW
renewable energy capacity
 Adani Green Energy Ltd has commissioned 2,000
MW of solar capacity at the giant Khavda solar park
in Gujarat.
 With this, the firm has become the first company in
India with over 10,000 MW of renewable energy
capacity.
 The company now has an operating portfolio of
10,934 MW, largest in India.
 It has brought 2,848 MW renewables capacity on
stream in FY24.
 AGEL's operational portfolio consists of 7,393 MW
solar, 1,401 MW wind and 2,140 MW wind-solar
hybrid capacity.
 The firm is aiming for 45 GW renewable energy by
2030.
 AGEL's 10,934 MW operational portfolio will
power more than 5.8 million homes and avoid
about 21 million tonnes of CO2 emissions annually
2. NHAI executed capex for FY24 increases by 20% to
Rs 2.07 trillion
 The National Highways Authority of India (NHAI)
executed capital expenditure of Rs 2.07 trillion in
the financial year 2023-24 (FY24).
 It is 20% higher than its expenditure in both FY22
and FY23.
 During FY24, NHAI achieved the construction of
6,644 km of national highways against the target of
6,544 km.
 At 6,644 km, construction increased in FY24 by
around 20 per cent compared to 5,544 km
constructed in FY23 and by around 53 per cent
compared to 4,331 km constructed in FY22.
 The ministry itself is expected to have built around
12,000 km of highways in the fiscal year.
 The Ministry of Road Transport and Highways has
been allocated Rs 2.78 trillion in FY25, according to
the interim budget presented by Finance Minister
Nirmala Sitharaman in February.
3. India to build first commercial crude oil strategic
storage
 India is planning to build its first commercial crude
oil strategic storage as part of efforts to shore up
stockpiles as insurance against any supply
disruption.
 Indian Strategic Petroleum Reserves Ltd (ISPRL)
has invited bids for constructing 2.5 million tonnes
of underground storage at Padur in Karnataka,
according to the tender document.
 ISPRL is a special-purpose vehicle created by the
government for building and operating strategic
petroleum reserves in the country.
 ISPRL had in the first phase built a strategic
petroleum reserve in underground unlined rock
caverns for storage of 5.33 million tonnes of crude
oil at three locations Visakhapatnam (1.33 million
tonnes) in Andhra Pradesh and Mangalore (1.5
million tonnes) and Padur (2.5 million tonnes) in
Karnataka.
 The Phase-I storages were built at government
expense.
 Under Phase-II, it intends to build a commercial
cum strategic petroleum reserve in underground
unlined rock caverns along with associated above
ground facilities, including dedicated SPM and
associated pipelines (offshore and onshore) for
storage of 2.5 million tonnes of crude oil at Padur-
II at a cost of Rs 5,514 crore.
 India is the world’s third biggest oil consumer and
importer.
4. FSSAI Directs E-commerce Platforms to Correctly
Categorize Energy Drinks
 The Food Safety and Standards Authority of India
(FSSAI) has recently issued a directive calling all E-
Commerce companies to appropriately categorize
beverage drinks.
 The FSSAI refrains E-Commerce platforms from
referring to cereal-based, dairy-based or malt-
based beverages as “Energy Based Drinks” or
“Health Drinks”.
 Within the perspective of the countries food laws,
the directive seeks the correct and relevant
definition of “Health Drinks”.
5. ‘One Vehicle, One FASTag’ Norm Implemented
a
Current Affairs by Kush Pandey: April 4 2024
 The National Highways Authority of India (NHAI)
has introduced the ‘One Vehicle, One FASTag‘
norm, which aims to prevent the use of a single
FASTag for multiple vehicles or linking multiple
FASTags to a particular vehicle.
 This new norm has come into effect from April 1,
2024.
 NHAI had previously extended the compliance
deadline to the end of March, considering the
issues faced by Paytm FASTag users.
 FASTag is an electronic toll collection system
operated by NHAI in India.
 It utilizes Radio Frequency Identification (RFID)
technology for making toll payments directly from
a linked prepaid or savings account.
 With a penetration rate of around 98% and over 8
crore users, FASTag has revolutionized the
electronic toll collection system in the country,
providing convenience and efficiency for
commuters.
6. Tata Tech-BMW Joint Venture for Auto Software and
Business IT Solutions
 Tata Technologies and BMW Group join forces to
establish automotive software and IT hubs in
Chennai, Pune, and Bengaluru.
 Chennai will specialize in business IT solutions.
 Aim to establish an automotive software and IT
development hub.
MoUs
1. SJVN partners with IIT Patna to improve Tunneling
Project Performance
 SJVN Limited has signed a Memorandum of
Understanding (MoU) with the Indian Institute of
Technology Patna (IIT Patna) to use advanced
geological models in SJVN's tunnelling projects.,
thus significantly reducing time and cost overruns.
 Chairperson & Managing Director, SJVN: Geeta
Kapur
State
1. Governor R.N. Ravi Inaugurates Param Vir Chakra
Garden
 Tamil Nadu Governor RN Ravi inaugurated the
Param Vir Chakra garden and Aikyam exhibition at
the Kanchi Mahaswami Vidya Mandir in
Tambaram.
 The garden showcases the history and statues of
the 21 Param Vir Chakra awardees, India’s highest
military decoration for valor.
 The unveiling took place in the presence of Sub
Major and Captain Yogendra Singh Yadav, PVC, Sub
Major Sanjay Kumar, PVC, relatives of late Major
R.Parameswaran, PVC, and several personnel of
the Armed Forces.
2. IIT-Kanpur Alumnus Sandeep Jain takes charge as
new FISME president
 Auto-component manufacturer and alumnus of
IIT-Kanpur, Sandeep Jain, has been unanimously
elected President of the Federation of Indian Micro
and Small & Medium Enterprises (FISME) for
2024-25.
 Jain takes over the reins of FISME from Prashant
Patel, a manufacturer of dyes and chemicals having
plants in Ahmedabad and Surat.
Appointments
1. Sanjay Nayar Appointed as New ASSOCHAM
President
 The Associated Chambers of Commerce and
Industry of India (ASSOCHAM), a prominent
industry chamber, has appointed Sanjay Nayar as
its new President.
 He has replaced Ajay Singh, the Co-Founder of
SpiceJet airline, whose tenure has ended.
2. Lt Gen JS Sidana is New Director General of EME
 Lieutenant General JS Sidana has taken over as the
33rd Director General of the Department of
Electronics and Mechanical Engineers (DGEME)
and Senior Colonel Commandant of the EME Corps
on April 1, 2024.
News Connector
 Merger = of = AU = Small = Finance = Bank = and =
Fincare = Small = Finance = Bank
 Singapore = Tourism = Board, = PhonePe = sign =
MoU = to = boost = UPI = for = Indian = tourists
 Union = Bank = raises = Rs = 42,000 = cr = from =
DIFC = to = fund = overseas = business = growth
 Singapore = Tourism = Board, = PhonePe = sign =
MoU = to = boost = UPI = for = Indian = tourists
 Vodafone = Idea = receives = shareholders' =
approval = for = Rs = 20,000 = cr = fundraising
 Canara = Bank = launches = loans = for =
healthcare, = savings = accounts = for = women
 NATO = Considers = 100 = billion = Euro = Military
= Fund = for = Ukraine
 Forbes = Richest = List = 2024: = Bernard = Arnault
= retains = title = as = World's = richest = person
 Germany = Legalizes = Recreational = Cannabis
 Korean = Fusion = Reactor = ‘Artificial = Sun’ = Sets
= New = Record
 World’s = Most = Powerful = Laser = Developed =
in = Romania
 Adani = Green = becomes = first = Indian = firm =
with = 10K = MW = renewable = energy = capacity
a
Current Affairs by Kush Pandey: April 4 2024
 NHAI = executed = capex = for = FY24 = increases
= by = 20% = to = Rs = 2.07 = trillion
 India = to = build = first = commercial = crude = oil
= strategic = storage
 FSSAI = Directs = E-commerce = Platforms = to =
Correctly = Categorize = Energy = Drinks