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Weekly Current Affairs April 2024 Week 01 Compressed
Weekly Current Affairs April 2024 Week 01 Compressed
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Contents
NATIONAL AFFAIRS ........................................................................................................ 2
STATES AFFAIRS ............................................................................................................ 5
INTERNATIONAL AFFAIRS ................................................................................................ 6
REPORTS & INDICES ....................................................................................................... 9
GOVERNMENT SCHEMES & PROGRAMMES .......................................................................... 9
BUSINESS & ECONOMY ................................................................................................. 10
BANKING & FINANCE .................................................................................................... 15
RBI IN NEWS ............................................................................................................... 20
AWARDS & RECOGNITION ............................................................................................. 21
PERSON IN NEWS ......................................................................................................... 22
OBITUARIES ................................................................................................................ 24
SPORTS ...................................................................................................................... 25
IMPORTANT DAYS ......................................................................................................... 26
NATIONAL AFFAIRS
1. The Hindustan Aeronautics Limited (HAL) has successfully completed the first flight of
indigenous light combat aircraft (LCA) Tejas Mark 1A fighter jet in Bengaluru, Karnataka.
The advanced version of Tejas, Mark 1A, has been equipped with many new technologies
compared to the previous one, mainly:
The Aeronautical Development Agency (ADA) has designed and developed the advanced
version.
The LCA Mark-1A aircraft will replace the MiG-21, MiG-23 and MiG-27.
2. The Indian and Nepalese Sanskrit scholars have agreed to work jointly to promote research
and education of the Sanskrit language. The scholars have proposed to organize an
International Sanskrit Conference every year and set up a study centre to conduct research
and arrange publication of Sanskrit scriptures, especially the manuscripts found in the
Himalayan nation.
This has been decided at the end of the three-day Nepal-India International Sanskrit Conclave
organised in the Nepalese capital, Kathmandu.
The three-day conclave, organized by the Niti Anusandhan Pratisthan in collaboration with
the Central Sanskrit University, Delhi, and India Foundation, Delhi, has witnessed the
participation of over 120 Sanskrit scholars, professors, and government officials from both
the neighbouring countries.
Note: Mattur village, situated in the Shivamogga district of Karnataka, is the only known
village in India where people still communicate in Sanskrit.
3. Defence exports have touched a record Rs 21,083 crore (approx. US$ 2.63 Billion) in the
Financial Year (FY) 2023-24, a growth of 32.5% over the last fiscal when the figure was Rs
15,920 crore.
This indicates that the defence exports have grown by 31 times in the last 10 years as
compared to FY 2013-14.
The defence Industry, including the private sector and Defence Public Sector Undertakings
(DPSUs), have made tremendous efforts in achieving the highest-ever defence exports.
The private sector and the DPSUs have contributed about 60% and 40%, respectively.
A comparative data of two decades i.e. the period from 2004-05 to 2013-14 and 2014-15 to
2023-24 reveals that there has been a growth of 21 times in the defence exports.
Total defence exports during 2004-05 to 2013-14 were Rs 4,312 crore, which has gone up to
Rs 88,319 crore in the period from 2014-15 to 2023-24.
4. India's one of the most supported and widely accepted protests, ‘Vaikom Satyagraha', has
celebrated its 100 years in 2024.
Vaikom Satyagraha:
• Vaikom Satyagraha, from 30 March 1924 to 23 November 1925, was a nonviolent
agitation for access to the prohibited public environs of the Vaikom Temple in the
Kingdom of Travancore (now part of Kerala).
• The issue of temple entry was first raised by Ezhava leader TK Madhavan in a 1917
• In AICC (All India Congress Committee) meeting in Kakinada 1923, K Madhavan along with
Sardar Panikkar and KP Kesava Menon submitted a petition to the Travancore legislative
council.
• The petition sought to grant the right to temple entry and worship of gods for all sections
• The Satyagraha aimed at securing freedom of movement for all sections of society
through the public roads leading to the Sri Mahadevar Temple at Vaikom.
• Congress leader T.K. Madhavan, K.P. Kesava Menon (then secretary of Kerala Congress)
and Congress leader and educationist K. Kelappan are considered the pioneers of the
5. The Hindustan Aeronautics Limited (HAL) has delivered two Dornier 228 planes to the
Guyana Defence Force. The planes arrived at Cheddi Jagan International Airport aboard two
Boeing C-17 Globemaster military transport planes.
The Dornier 228 aircraft is well-known for its versatility and reliability, making it an ideal
choice for a wide range of military and civilian applications.
The Dornier 228 is well-suited for various missions, including surveillance, reconnaissance,
medical evacuation, and transport operations.
6. India will build its first privately managed Strategic Petroleum Reserve (SPR) by 2029-30.
Allowing a fully commercial SPR mirrors the model adopted by countries such as Japan and
South Korea, which allow private lessees, mostly oil majors, to trade the crude.
So far, India has allowed only partial commercialization for its three existing SPRs in southern
India, which have a combined capacity of 36.7 million barrels.
India plans to build two new SPRs:
• 18.3 million barrels cavern at Padur in southern Karnataka state.
• 29.3 million barrels SPR in eastern Odisha state.
Note: Indian Strategic Petroleum Reserves Ltd (ISPRL), a Special Purpose Vehicle (SPV), was
created by the Indian government under the Ministry of Petroleum and Natural Gas in 2004
to maintain Strategic Petroleum Reserve (SPR) in the county.
STATES AFFAIRS
7. The world's first-ever temple designed in the iconic Om shape has been inaugurated in
the village of Jadan, Pali district of Rajasthan. This marks a significant milestone as it
pioneers the creation of such a distinctive temple globally.
The 'Om Aakar' temple spans across a vast expanse of 250 acres in Jadan Village.
This temple is shaped like the Om symbol and follows the Nagara style commonly seen in
North India.
It can hold 1,008 idols of Lord Mahadev and 12 Jyotirlingas within its sacred boundaries.
The temple stands at a towering height of 135 ft and is supported by 2,000 pillars.
It also has 108 rooms on its premises, with the tomb of Guru Madhavanand ji as the central
feature of the temple complex.
The topmost section of the temple has a sanctum that houses a shivling made of rhinestone
sourced from the Bansi hill of Dholpur.
8. Tripura Chief Minister Manik Saha has announced that two traditional items from the state,
Matabari Pera and Pachra, have been awarded with the Geographical Indication (GI) tag.
9. 19 traditional products and crafts of Assam, including Bihu Dhol’, Jaapi’ and several items of
the Bodo community, have been accorded the geographical indication (GI) tag.
10. The state of Meghalaya has secured 4 geographical indication (GI) tags which are as follows:
• Meghalaya Garo Dakmanda Textile
• Lyrnai Pottery
• Chubitchi (Rice Liquor)
• Lakadong Turmeric
In 2023-24, the Paradip Port handled 145.38 million metric tons (MMT) of cargo.
Paradip Port handled 10.02 million metric tons more cargo than last year, registering a
growth of 7.4%.
The Paradip port has the capacity to handle 289 million metric tonnes.
The Port of Paradip is an autonomous body under the Major Port Trusts Act 1963,
functioning under the Ministry of Ports, Shipping & Waterways. It is administered by a Board
of Trustees set up by the Government of India.
Note: Paradip Port is a natural port. It is located at the confluence of the Mahanadi River and
the Bay of Bengal
12. The Department of Posts Bihar Circle has decided to release a special cover to
commemorate 250 years of the release of the ‘Copper Stamp’
The Copper Stamp was issued from Patna (Azimabad) in March 1774.
13. The Municipal Corporation of Delhi (MCD) has extended the last date for geo-tagging of
properties till 30th June 2024 to give another opportunity to taxpayers to register their
property with the civic body.
The extension has been given as a large number of taxpayers were not able to register their
properties at the MCD portal due to technical glitches or other issues.
If a taxpayer fails to geo-tag their property, they cannot avail the rebate on the lumpsum
payment of tax by June 30 in the current financial year 2024-25.
INTERNATIONAL AFFAIRS
14. The World Health Organization (WHO) has launched a new network for coronaviruses,
Coronavirus Network (CoViNet), to facilitate and coordinate global expertise and capacities
for early and accurate detection, monitoring, and assessment of SARS-CoV-2, MERS-CoV and
novel coronaviruses of public health importance.
The network currently includes 36 laboratories from 21 countries in all 6 WHO regions. This
includes 3 Indian laboratories:
• CSIR - National Environmental Engineering Research Institute (NEERI), Chennai, Tamil
Nadu
• Indian Council of Medical Research-National Institute of Virology Pune, Maharashtra
• Translational Health Science and Technology Institute, Faridabad, Haryana
15. The Indian Air Force (IAF) has conducted the country's largest air military exercise in the
name of 'Gagan Shakti-2024' from 1st April to 10th April 2024.
All the Air Force stations of the country have participated in the ten-day 'Gagan Shakti-2024'
exercise.
This exercise has been organized at the field firing range at Pokhran, Rajasthan.
About 10 thousand airmen of the Air Force have participated in this ten-day exercise.
Both the Western and Northern fronts have been included in this.
The exercise is held every five years as per defence establishments. It was last held in 2018.
16. The World Health Organization (WHO) has launched S.A.R.A.H. (Smart AI Resource
Assistant for Health), a digital health promoter prototype with enhanced empathetic
response powered by generative artificial intelligence (AI).
17. The European Union (EU) has announced that Bulgaria and Romania have partially joined
the Schengen area of free movement. With this any person crossing the internal air and sea
borders will no longer be subject to checks.
The Saudi ambassador to the UN, Abdulaziz Alwasil, has been elected as chair of the
Commission on the Status of Women (CSW), by acclamation, as there were no rival
candidates and no dissent at the CSW’s annual meeting in New York. He has succeeded
Antonio Manuel Lagdameo of Philippines.
19. A research centre in Romania has unveiled the world’s most powerful laser, which is
based on the inventions of 2018 Nobel Physics Prize winners Gerard Mourou and Donna
Strickland.
The laser is expected to revolutionise everything from the health sector to space exploration.
The laser at the research centre, situated near the Romanian capital Bucharest, is operated
by the French company Thales, using Nobel prize-winning inventions.
Gerard Mourou (France) and Donna Strickland (Canada) won the 2018 Nobel Physics Prize for
harnessing the power of lasers for advanced precision instruments in corrective eye surgery
and industry.
20. Kazakhstan has hosted the 19th Meeting of Secretaries of the Security Council of the
Shanghai Cooperation Organisation (SCO) in Astana from 2 to 3 April 2024.
For the first time, Iran has participated in the meeting as a full-fledged SCO member state.
SCO observer countries Mongolia and Belarus have also been invited as guests.
The Indian delegation has been led by the National Security Advisor (NSA) Ajit Doval. He also
met Kazakhstan President Kassym-Jomart Tokayev, the current Chairman of SCO.
During the meeting, Kazakhstan President Kassym-Jomart Tokayev has proposed
adopting a cooperation program to counter terrorism, separatism and extremism in 2025-
2027 and the SCO Anti-Drug Strategy for 2024-2029.
21. Forbes has released the 38th Annual World's Billionaires List 2024 in partnership with J.P.
Morgan Bank.
Globally, there are 2,781 billionaires, up by 141 from 2023, with an aggregate worth of USD
14.2 trillion.
The US continues to be the home of billionaires with 813 in the rich club, followed by China
with 473 billionaires (including Hong Kong).
India ranks third in the list with 200 billionaires.
Bernard Arnault (France), CEO of LVMH, has topped the global list with assets worth USD
233 billion for the second year in a row.
He is followed by Elon Musk ($195 billion), Jeff Bezos ($194 billion), Mark Zuckerberg ($177
billion), Larry Ellison ($114 billion), Warren Buffett ($133 billion), Bill Gates ($128 billion), Steve
Ballmer ($121 billion), Mukesh Ambani ($116 billion), and Larry Page ($114 billion).
Mukesh Ambani, the chairman of Reliance Industries, is the richest Indian with a wealth of
$116 billion. He is also the 9th richest person in the world. He is the only Indian to feature
among the top 10.
Gautam Adani, the chairman of Adani Group, ranked 17th with a net worth of $84 billion.
Savitri Jindal continues to be India’s richest woman and she further cemented her position
as the 4th richest person of the country with assets of $33.5 billion.
The START 2024 program will be conducted during April and May 2024.
The training modules will cover introductory-level topics on various verticals of space science
and technology, including Indian space exploration programs and research opportunities.
The students who are pursuing post-graduation or final year undergraduate courses in
physical sciences, such as Physics and Chemistry, and technology streams like Electronics,
Computer Science, Mechanical, Applied Physics, Radiophysics, Optics & Opto-electronics,
Instrumentation, and other related subjects, can apply for training programmes.
This opportunity is open only to students studying in educational institutes, universities, and
colleges in India.
This significant venture marks the Adani Group’s entry into the metal industry.
The facility will produce 0.5 million tonnes of refined copper per year during the first phase of
its operation.
It is expected to reach its full capacity of 1 million tonnes by March 2029.
At present, India's per capita copper consumption is only 0.6 kg, which is less than the global
average of 3.2 kg.
25. Tata Passenger Electric Mobility (TPEM), a unit of Tata Motors, has tied up with Hindustan
Petroleum Corporation Ltd (HPCL) to establish a nationwide network of 5,000 public
charging stations for electric vehicles (EVs) by the end of 2024.
The collaboration will leverage HPCL’s extensive network of over 21,500 fuel stations across
the country.
TPEM’s insights from over 1.2 lakh Tata EVs on Indian roads will help identify locations
frequently visited by Tata EV owners for setting up charging stations.
The collaboration aims to strengthen India’s position as a hub for ASD innovation on the
global stage, as well as offer a conducive environment for innovation and entrepreneurship.
This strategic collaboration between IIM Mumbai and Starburst signifies a crucial step
towards nurturing and empowering the burgeoning ASD startup ecosystem in India.
27. NTPC Limited has shut down its Barauni Thermal Power Station Stage-I of 220 MW
permanently. The company acquired Barauni Thermal Power Station (720 MW) in Begusarai
district, Bihar, from Bihar State Power Generation Company on December 15, 2018.
The operation of NTPC Barauni Thermal Power Station Stage-I (2×110 MW) comprising of two
Units (Unit 6 & 7) of 110 MW each (along with all Auxiliary systems except CHP, Switchyard,
Ash Dyke, and Township) shall be permanently discontinued w.e.f. 31st March 2024.
28. Indian Oil Corporation Limited (IOCL) and Panasonic Group company Panasonic Energy
Company have signed a binding term sheet to draw framework of their proposed joint
venture (JV) to manufacture cylindrical lithium-ion cells in India.
This initiative is driven by the anticipated expansion of demand for batteries for two- and
three-wheel vehicles and energy storage systems in the Indian market.
29. The National Power Training Institute (NPTI) and PTC India Limited have inked a
Memorandum of Understanding (MoU) to establish a Centre of Excellence (CoE) for Research
& Development in the Energy Domain, with a focus on promoting sustainable development
goals.
Under the MoU, NPTI and PTC India Limited will collaborate to undertake research,
development, and knowledge sharing through the CoE.
30. Hindustan Aeronautics Limited (HAL), an aerospace and defence company, has signed a
contract with Cochin Shipyard Limited (CSL) to supply turbines, auxiliaries and other tools
worth Rs 1,173.42 crore.
The company will supply six sets of LM2500 gas turbines (GT) and GT auxiliaries (GTAE),
spares, tools for Indian Navy Next Generation Missile Vessel (NGMV) project.
The project is expected to be executed from FY 2026 to FY 2029.
31. NMDC Limited has launched a portal, ‘Samman’ for its former employees to manage
medical claims, view personal profiles, dependent details, and application status online.
32. The Indian Institute of Technology (IIT) Bombay, in collaboration with UNICEF India, and
the International Institute of Health Management Research (IIHMR) Delhi, has launched the
'Digital Health Enterprise Planning Course.’
This 10-week online course caters to healthcare professionals and covers a range of topics
including digital health interventions, telemedicine, health informatics and cybersecurity.
The course will equip healthcare professionals, including doctors, nurses, pharmacists,
healthcare administrators, and allied health professionals with the skills to support the digital
transformation of the healthcare sector.
33. The SatCom Industry Association of India (SIA-India) has signed a Memorandum of
Understanding (MoU) with ABRASAT, the Brazilian Satellite Communications Association, to
boost space sector advancements.
This MoU aims to foster collaboration and drive innovative ventures and technological
cooperation between India and Brazil.
The MoU facilitates collaboration in satellite communication, rocket and satellite launches,
payload development, satellite platforms, and ground instrumentation.
34. Bharat Aluminium Company Limited (BALCO), a unit of Vedanta Aluminium, has
become the first Indian company to achieve the Aluminium Stewardship Initiative (ASI)
Performance Standard V3 Certification.
The certification covers the manufacture and supply of a wide range of primary aluminium
products at its facility in Korba, Chhattisgarh, which includes a smelter, three casthouses, a
rolled product plant, and a power generation plant.
BALCO produces aluminium wire rods, ingots, primary foundry alloys, and rolled products, as
well as India’s first low carbon aluminium range Restora.
The ASI Performance Standard V3 (2022) defines 11 principles and 62 criteria under three
sustainability pillars, Environment, Social, and Governance, to address sustainability areas in
the aluminium value chain.
35. Microsoft has partnered with OpenAI for an artificial intelligence supercomputer called
"Stargate” which will launch in 2028.
Under the contract, the company will supply close to 2,300 varieties of metallic components
to Airbus Atlantic in France from its manufacturing base in India.
37. The Government of India has raised 165 billion rupees ($1.98 billion) in the financial year
2023-24 by selling its stakes in about 10 state-run companies. This is about 9% lower than its
internal target of 180 billion rupees.
The share sale in Coal India fetched Rs 4,186 crore, while in NHPC and NLC India it garnered
Rs 2,488 crore and Rs 2,129 crore, respectively. The government raised Rs 858 crore though
initial public offering of IREDA.
The government also sold shares in RVNL, SJVN, IRCON International, HUDCO and earned
remittances from SUUTI.
In 2023-24, the government received about 630 billion rupees as dividends, above its target
of 500 billion rupees.
38. The Press Trust of India (PTI) has joined Meta’s Third-Party Fact-Checking Partnership
(3PFC) programme to identify, review and rate content as misinformation across Facebook,
Instagram and WhatsApp.
With this partnership with PTI, Meta now has 12 fact-checking partners in India.
Under the initiative, Meta partners with fact-checkers certified through the International Fact-
Checking Network (IFCN).
When a fact-checker rates content as false, altered, or partly false, the company reduces its
distribution so fewer people see it.
39. The BMW Group and Tata Technologies have inked an agreement to form a Joint Venture
(JV) with the aim to establish a software and IT development hub with locations in Pune
(Maharashtra), Bangalore (Karnataka) and Chennai (Tamil Nadu).
The main development and operations activities shall be established at Bangalore and Pune.
In Chennai, the focus shall be on business IT solutions.
The execution of the JV agreement is subject to review and approval by the relevant
authorities.
The JV will focus on strategic software development, including solutions for software defined
vehicles (SDV).
40. Adani Green Energy (AGEL) has surpassed 10,000 megawatts (MW) of operational
portfolio, delivering reliable, affordable, and clean power to the national grid. The company’s
This milestone is a testament to AGEL and its development partners firmly moving towards
the goal of 45,000 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.
41. 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.
The key outcome of this partnership is the development of predictive analytics algorithms.
These algorithms, leveraging integrated geotechnical data, will forecast potential risks and
provide early warning systems specifically tailored for tunnelling projects.
42. The Quality Council of India (QCI) has collaborated with Laghu Udyog Bharati (LUB) to
enhance awareness and participation in the Centre's 'MSME Competitive Lean Scheme'.
This MoU outlines a road map for collaborative initiatives, including awareness programmes,
camps, and consultations at the state- and district-levels, to facilitate the adoption of lean
principles and sustainable practices under the scheme among the members, who are micro,
small, and medium enterprises.
The National Accreditation Board for Education and Training (NABET), which is a
constituent board of QCI, will encourage LUB members to register for the MSME Competitive
Lean Scheme.
43. The Indian Institute of Corporate Affairs (IICA), an autonomous institute under the
Ministry of Corporate Affairs, Government of India, has teamed up with HP India to
introduce ‘HP Future Impact Leaders - IICA Certified Environmental – Social - Governance (ESG)
Professional Programme.’
This initiative aims to promote sustainability and empower corporate social responsibility
(CSR) professionals to emerge as leaders in navigating the intricacies of environmental, social,
and governance (ESG) frameworks.
Under this programme, HP India in collaboration with IICA, will offer 100 percent scholarships
to 75 candidates, enabling them to pursue advanced education in ESG without financial
barriers.
44. Britannia NutriChoice, a leading biscuit brand, has launched the health-tech app
‘NutriPlus’ to democratize health monitoring in the country. The app has been developed in
collaboration with Aktivo Labs, aimed at enhancing consumers’ well-being with evidence-
based solutions.
45. Bajaj Auto has emerged as the top-performing large cap on the Nifty 50 in FY24, delivering
an exceptional return of 142.52% on investments made over the past 12 months. Its market
cap surged by 120% which amounts to Rs 2,54,000 crore as of April 1, 2024.
Tata Motors has secured the 2nd spot with a return of 136.67% on investments generated
over the last 12 months.
Coal India Limited has emerged as Nifty 50’s third best-performing large cap of FY24,
delivering a return of 118.73% on investments made over the past year.
Adani Group’s flagship port company has emerged as Nifty 50’s fourth best-performing large
cap of FY24, with a return of 113.76% on investments made over the last 12 months.
Hero MotoCorp has secured the 5th spot with a return of 107.91% on investments made over
the last 12 months.
This surge has been driven by a significant rise in GST collection from domestic transactions
at 17.6%.
GST revenue net of refunds for March 2024 is Rs.1.65 lakh crore which is growth of 18.4%
over same period last year.
March 2024 Collections:
• Central Goods and Services Tax (CGST): Rs.34,532 crore;
• Integrated Goods and Services Tax (IGST): Rs.87,947 crore, including Rs.40,322 crore
FY 2023-24 marks a milestone with total gross GST collection of Rs.20.18 lakh crore
exceeding Rs.20 lakh crore, a 11.7% increase compared to the previous year.
47. Bank of India (BoI) will raise Rs 10,000 crore through long-term infra bonds to fund
infrastructure projects. The fund would be raised in 2024-25.
These bonds help in building roads, bridges, airports, power plants, and telecommunications
networks etc and addressing the infrastructure deficit of the country.
Other news:
The Income Tax department has levied a penalty of Rs 564.44 crore on Bank of India. The
bank has received the order under Section 270A of the Income Tax Act, 1961 from the
Income Tax Department, Assessment Unit pertaining to AY2018-19, wherein the penalty of Rs
564.44 crore has been imposed on various disallowances made.
48. Karnataka Bank's committee of directors has approved the allotment of shares worth Rs
600 crore at a price of Rs 227 per equity share, which includes premium of Rs.217 per share.
49. HDFC Bank has appointed Sumant Rampal as the Group Head of Mortgage Business of
the lender. He succeeded Arvind Kapil. He has been with the bank for over 24 years.
Earlier, he was the Group Head of Business Banking Working Capital, Rural Banking Group
and Sustainability Livelihood Initiative.
50. Pankaj Dwivedi has been appointed as the Executive Director of the Union Bank of India
(UBI). Following his appointment, the bank now has four Executive Directors (EDs). Besides
him, the other EDs are: Nitesh Ranjan, Ramasubramanian S and Sanjay Rudra.
Earlier, he was the General Manager in Punjab & Sind Bank (P&SB).
51. AMPIN Energy Transition Private Limited has received a 25-million-euro long-term
financing investment from OeEB, the Development Bank of Austria to support the energy
expansion plans of AMPIN Energy.
This will also support AMPIN to establish a one-GW solar cell and module production unit in
Odisha.
52. L&T Finance Holdings (LTFH) has been renamed as L&T Finance Ltd following approval
from the Registrar of Companies (RoC). The name change signifies a renewed focus on
delivering value to our customers and driving sustainable growth.
In December 2023, the company had successfully completed the merger of its subsidiaries,
L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee, with itself.
53. The Insurance Regulatory and Development Authority of India (IRDAI) has announced
the final set of rules on surrender value for traditional endowment policies effective from 1st
April 2024.
In the new norms, the guaranteed surrender value (GSV) under the revised regulations for
non- single premium products is 30 percent if the policy is surrendered in the second year,
35 percent in the third year, 50 percent between four years and seven years, and 90
percent during the last two years.
For single premium products, the GSV will be 75 percent if surrendered within three years
and 90 percent if surrendered in the last two years of the policy tenure.
The sale of index-linked insurance products will be linked to the net asset value of the
underlying publicly available index.
In the case of non-linked par products, maturity benefits will reflect the asset share and the
bonus accruals during the term.
Under non-linked, non-par individual savings products, the benefit shall be guaranteed in
terms of an absolute amount at the inception of the policy.
In the case of savings products, except for term insurance products with the return of
premiums, the insurance regulator stated that survival benefits, including maturity benefits,
shall result in at least a non-zero positive return to the policyholder.
Pension products offered by life insurers to individuals are mandated to have defined
assured benefits that are payable either in case of death or any health contingency, if
covered.
54. Axis Capital Limited, formerly ENAM Securities Private Limited, has appointed Atul Mehra
as the managing director (MD) and chief executive officer (CEO) of the company.
55. Tata AIA Life Insurance Co. Ltd. (Tata AIA), one of India's leading life insurers, has
introduced a premium payment service on its WhatsApp platform marking the first-ever
launch of its kind in the life insurance sector.
56. The World Bank, in its latest South Asia Development Update, has raised India’s economic
growth forecast for FY24 to 7.5 percent, driven by resilient activity in services and industry.
However, growth is expected to moderate to 6.6 percent over the medium term.
The expected slowdown mainly reflects a deceleration in investment from its elevated pace in
the previous year.
The World Bank predicts a robust growth of 6 percent in South Asia for 2024. This growth is
primarily attributed to India's strong performance, along with recoveries in Pakistan and Sri
Lanka.
The report indicates that South Asia will remain the world's fastest-growing region for the
next two years, with a projected growth rate of 6.1 percent in 2025.
57. The Securities and Exchange Board of India (SEBI) has introduced the new version of the
SEBI Complaint Redress System (SCORES 2.0) on 1st April 2024.
• Designated bodies will have to monitor the timely redressal of investors’ complaints.
• There will be two levels of review. The first review will be by the ‘designated body’ if the
investor is dissatisfied with the resolution provided by the concerned regulated entity. The
second review will be by SEBI if the investor is still dissatisfied after the first review.
• If there is non-adherence to the prescribed timelines by the regulated entity, then there
• It will be integrated with the KYC Registration Agency database for easy registration of
Note: SCORES is a web-based centralized grievance redress system of SEBI launched in 2011.
The complaints can be lodged on SCORES for any issues covered under the Sebi Act,
58. AU Small Finance Bank (AU SFB) has amalgamated with Fincare Small Finance Bank
(Fincare SFB), marking the first such consolidation in the sector.
The merger deal was first announced on October 29, 2023, where the shareholders of
Fincare SFB received 579 equity shares in AU SFB for every 2,000 equity shares held in
Fincare SFB.
The merger received final approval from RBI on March 4, 2024, with the effective date of April
1, 2024.
The merger is expected to provide AU SFB with enhanced access to South India, significantly
expanding its distribution network.
Note: RBI granted a licence to ten entities to set up Small Finance Banks to provide basic
banking services to small farmers and micro industries in 2015.
59. The Central Bank of India has collaborated with Veefin Solutions, India's digital lending
platform, to commence supply chain financing (SCF) operations.
Veefin Solutions will be the bank’s sole technology vendor, supplying an end-to-end SCF stack
to support its SCF solutions.
This collaboration will enable the bank to offer fully digital onboarding, sanctioning, and 24×7
disbursement processes to their corporate and SME customers through Veefin’s Loan
Origination System (LOS) and SCF Loan Management System.
60. Subhasish Roy has been appointed as the Chief Risk Officer of Bank of Maharashtra. He
has been appointed for a period of 3 years on a contractual basis with effect from 1st April
2024.
Earlier, he was working with IDBI Bank for more than 23 years where he handled various
portfolios in risk management and retail & corporate banking.
He has also worked with Canara Bank and IFCI in the start of his banking career.
61. Perfios, a fintech-focused software start-up, has appointed former Adobe India's financial
services head Sridhar Narayan as its Chief Business Officer (CBO).
Earlier, he led the banking, financial services, and insurance (BFSI) business at Adobe India.
He also worked at Microsoft, SRI, and IBM in the past.
Other appointments:
• Sumit Nigam as the Chief Technology Officer (CTO) of Perfios
• Anu Mathew as the Chief People Officer (CPO) of Perfios
HDFC Bank will finalise the purchaser on the basis of the completion of the Swiss challenge
process, subsequent to which such purchaser and HDFC Bank will enter into definitive
documentation for the purposes of the proposed transaction.
63. As per the latest RBI data, the total number of credit cards issued by banks in India
surpassed the 100 million mark in February 2024, with an addition of 1.1 million cards from
the previous month.
The outstanding number of credit cards in the system stood at 100.60 million.
In February 2023, the total cards in circulation stood at 99.5 million.
HDFC Bank is the leader in credit card issuances, with the lender’s cards in circulation
standing at 20.40 million, followed by SBI Card with 18.75 million cards, ICICI Bank with 16.84
million, and Axis Bank with 13.90 million.
The overall credit card spending among Indians has moderated to Rs 1.49 trillion from Rs
1.66 trillion in January 2024 owing to considerable decline in point of sale (PoS) and e-
commerce payments.
PoS transactions has dropped to Rs 54,431.48 crore from Rs 58531.77 crore in January 2024.
E-commerce payments declined to Rs 0.95 trillion from Rs 1.08 trillion as the festive season
came to an end.
RBI IN NEWS
64. The Reserve Bank of India (RBI) has decided to set up a Digital India Trust Agency
(DIGITA) as a new tool to combat cybercrime. This proposed agency focuses on the approval
of legal applications and the growth of publicly registered illegal loan applications.
• DIGITA would verify digital lending apps to ensure that they comply with RBI regulations
and guidelines.
• The agency would maintain a public list of verified digital lending apps, which would help
The RBI has already shared a list of 442 genuine loan apps with the Union Ministry of
Electronics and Information Technology for whitelisting on app stores such as Google Play.
This partnership has resulted in the removal of more than 2,200 suspicious lending apps by
Google over the past year.
The main reason for this decline is the increase in reserve assets, surging by USD 34.8
billion during the third quarter of 2023-24.
This decline in net claims is primarily attributed to a substantial surge in Indian residents’
overseas financial assets, amounting to USD 40.7 billion as compared to the increase in
foreign-owned assets in India which stood at USD 28.5 billion.
This surge in reserve assets constitutes over 85 percent of the increase in foreign assets held
by Indian residents.
Reserve assets account for a substantial portion of India’s international financial assets,
making up 63.9 percent of the total.
66. The Reserve Bank of India (RBI) has observed its 90th anniversary on 1st April 2024. The
RBI was established on April 1, 1934, following recommendations from the Royal Commission
on Indian Currency and Finance also known as the Hilton-Young Commission to maintain the
country’s monetary stability.
Its operations commenced on 1st April 1935, with Sir Osborne Smith as the first Governor.
The Central Office of the RBI was initially in Kolkata but was shifted to Mumbai in 1937.
RBI was nationalised by the Government of India in 1949.
The award ceremony has been organized by The Times Group in Noida, Uttar Pradesh.
Star Estate is a fastest-growing Real Estate enterprise offering a wide range of consulting
services in residential, commercial, and retail verticals. It was founded in 2012.
68. Professor Meena Charanda, Principal of Kalindi College, Delhi University, has been given
the 'International Culture Award' for the year 2024. She has been recognized for her
remarkable work in the field of education and social service.
She has been given a memento, plaque, shield and citation from the university in the award.
69. The Hockey India Awards 2023 have been presented in New Delhi to celebrate the
outstanding Indian hockey players from the previous calendar year.
• Hardik Singh (Player of the Year (Men)) – Rs.25 lakhs
• Harmanpreet Singh (Hockey India Pargat Singh Award for Defender of the Year) –
Rs.5 lakhs
• Araijeet Singh Hundal (Men’s U-21 Player of the Year) – Rs.10 lakhs
• Ashok Kumar (Major Dhyan Chand Lifetime Achievement Award) – Rs.30 lakhs
70. REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and
a leading NBFC, has been bestowed with the SKOCH ESG Award 2024 in the ‘Renewable
Energy Financing’ category.
REC has emerged as a significant player in India’s clean energy transition, actively
contributing to the nation’s sustainable future.
REC has committed to numerous sustainable projects and signed various MoUs for green
projects.
The SKOCH ESG Awards recognise organisations demonstrating outstanding performance in
Environmental, Social, and Governance (ESG) practices.
PERSON IN NEWS
71. The trailer and song of India’s first AI-based film ‘IRAH’ has been launched in Mumbai,
Maharashtra. The movie features Rohit Bose Roy, Rajesh Sharma, Karishma Kotak, and
Rakshith Bhandarry in prominent roles.
The movie is produced by Big Films Media and directed by Sam Bhattacharjee.
The film is set to release nationwide in theatres on 4th April through Lamplex Digital
Theatrical Distribution.
The trailer of the film “IRAH” showcases the misuse of AI technology, shedding light on its
negative aspects.
72. Arnab Banerjee, Managing Director (MD) & CEO of CEAT Ltd, has been elected as the new
Chairman of Automotive Tyre Manufacturers' Association (ATMA).
He has been elected at the Managing Committee Meeting (MCM) of the association.
He has succeeded Anshuman Singhania, Managing Director of JK Tyre and Industries.
74. President Felix Tshisekedi of the Democratic Republic of Congo (DRC) has appointed
Judith Suminwa Tuluka as the Prime Minister of the country. With this, she has become the
first female prime minister of the country.
Her appointment came after President Felix Tshisekedi was sworn in as the country's
president for a second five-year term in January 2024.
75. Senior IAS Officer Ravi Kota has taken charge as the new Chief Secretary of Assam. He has
succeeded Paban Kumar Borthakur. He is a 1993-batch IAS officer of Assam-Meghalaya
cadre.
76. Tata International Limited (TIL), Tata Group's global trading and distribution arm, has
announced the appointment of Rajeev Singhal as its Managing Director (MD). He has
succeeded Anand Sen.
Earlier, he was serving as the Executive Director (ED) and Chief Operating Officer (COO) at TIL.
77. Senior Indian Information Service officer Sheyphali B Sharan has taken charge as the
Principal Director General of Press Information Bureau (PIB) in April 2024.
78. Sanjay Nayar, Chairman of Sorin Investment Fund, has been appointed as the President of
ASSOCHAM (Associated Chambers of Commerce and Industry of India) for 2024-25. He has
replaced Ajay Singh, Chairman and MD of SpiceJet.
He worked at Citigroup for 25 years and KKR for about 14 years before retiring last year in
2023.
79. Abdel Fattah El-Sisi has taken oath as the President of Egypt for the third term in the New
Administrative Capital of the country. He will continue with his presidential power until 2030.
80. Lt Gen J S Sidana has become the new Director General of Electronics and Mechanical
Engineers (DGEME) and Senior Colonel Commandant of the Corps of EME.
Earlier, he was holding the post of Commandant of Military College of EME for a duration of
two years.
He has been the Major General of EME of HQ Central Command and “commanded Army
Base Workshop & EME Centre”.
81. Santosh Kumar Jha has been appointed as the Chairman and Managing Director (CMD)
of the Konkan Railway Corporation Ltd. (KRCL). He is an Indian Railway Traffic Services
(IRTS) officer of the 1992 batch.
82. Bollywood actor Ayushmann Khurrana has been appointed by the Election Commission
of India to urge the youngsters to vote in the Lok Sabha elections 2024.
He will be featured in the ECI’s campaign video that encourages the youth to exercise their
franchise in the upcoming elections.
The Lok Sabha polls are scheduled to be held in seven phases from 19th April 2024. The
counting of votes will be taken up on 4th June 2024.
83. Ousmane Sonko has become the Prime Minister of Senegal. He has replaced Sidiki Kaba
as the new Prime Minister.
He was the opponent of former President Macky Sall in the March 2024 presidential contest
but he was disqualified due to a defamation conviction.
OBITUARIES
84. Renowned American actress Barbara Rush has passed away in Westlake Village, California,
USA at the age of 97. She was born on 4th January 1927 in Denver, Colorado, USA.
In 1954, she was honoured with the Golden Globe Award as most promising female
newcomer for her role in the 1953 American science-fiction film ‘It Came from Outer Space.’
She performed in the television series Peyton Place, and appeared in TV movies, miniseries,
and a variety of other programs, including the soap opera All My Children and family drama
SPORTS
85. The '6th Shaastra Rapid FIDE Rated Chess Tournament' has been hosted by the Indian
Institute of Technology Madras (IIT-M) in Chennai, Tamil Nadu. It is a 9-round Swiss
tournament.
More than 35 players from the institute have participated in the event.
The total prize fund of the tournament is Rs.5,00,000 with the first prize being Rs.65,000. The
tournament not only offers substantial prize funds but also attracts a diverse range of player.
86. The Indian boxing contingent has won a total of 26 medals (five gold, nine silver and 12
bronze) in the Youth World Boxing Cup 2024 held in Budva, Montenegro.
Russia has topped the medal tally with eight gold medals.
India has finished second with five gold medals, while Poland secured the third position with
three gold medals.
87. Jannik Sinner of Italy has won the Men’s Singles title of Miami Open tournament in the
United States. He has defeated 11th seed Bulgarian player Grigor Dimitrov 6-3, 6-1 in the final.
88. Indian Badminton player Anupama Upadhyaya has won the women’s singles title of the
2024 Orlen Polish Open held in Wilanow Sports Centre, in Warsaw, Poland. She has
defeated Tanya Hemanth of India in the final.
89. The Asian Athletic Association has nominated Shiny Wilson, a former Indian track and
field athlete, as a member of Athletic Commission. The period of appointment is for four
years (2024-2028).
90. The Maharashtra team has emerged as champions in both men’s and women’s categories
at the 56th National Kho Kho championship 2023-24.
The championship has been held at Delhi’s Karnail Singh Stadium and the Indira Gandhi
Indoor Stadium.
Men’s title: Maharashtra team defeated the Indian Railway team by a narrow margin of 52-
50 points after the two teams were tied at 32-32 points at the end of the stipulated time.
Women’s title: The Maharashtra team, led by Sampada Maurya, has defeated the Airport
Authority of India team with a score of 18-16 points in the final match.
The winning teams have received a cash prize of Rs 3 lakh and a trophy, while the runners-
up received Rs 2 lakh and a trophy.
The 56th National Kho Kho Championship 2023-24 has been organized by the Kho Kho
Federation of India from March 28 to April 1, 2024. A total of 37 teams have participated in
both the men’s and women’s categories, divided into 8 groups each.
IMPORTANT DAYS
91. Prevention of Blindness week is observed annually across India from 1st April to 7th April
to raise awareness against the causes of blindness and the ways to prevent them. The week
is organized by the National Society for the Prevention of Blindness, India (NSPB-I).
92. Odisha Day, also known as Utkal Divas, is observed annually on 1st April to commemorate
the formation of the state as a separate state out of Bihar and Orissa Province with the
addition of Koraput and Ganjam from the Madras Presidency on 1st April 1936.
Note: The 96th Constitutional Amendment Act (CAA) allowed for the spelling of Orissa to be
changed to Odisha and the pronunciation of Oriya, a language mentioned in the 8th schedule,
to be changed to Odia.
93. World Autism Awareness Day is observed annually on 2nd April to spread awareness about
the disorder and also to support those who are suffering from Autism.
• Theme 2024: “Moving from Surviving to Thriving: Autistic Individuals share regional
perspectives”
• The day was first observed in 2008.
94. International Children’s Book Day is observed annually on 2nd April to inspire a love of
reading and to call attention to children's books. The day is also observed to commemorate
the birth anniversary of the renowned fairy-tale writer Hans Christian Andersen.
The day was first observed in 1966 by the International Board on Books for Young People
(IBBY).
95. World Aquatic Animal Day is observed annually on 3rd April to show appreciation and
highlight the significance of aquatic animals. The day was launched by the Aquatic Animal
Law Initiative as part of the Animal Law Clinic and Center for Animal Law Studies.
This day is all about raising awareness through law, policy, education, and advocacy to meet
the immense challenges that aquatic animals face.
The day was first observed in 2020.
96. The Army Medical Corps (AMC), a specialist corps in the Indian Army, annually celebrates
its founding day, which is known as Army Medical Corps Establishment Day, on 3rd April.
Motto of AMC: ‘Sarve Santu Niramaya’ meaning ‘let all be free from disease’.
It forms part of the Armed Forces Medical Services (AFMS).
97. International Day for Mine Awareness and Assistance in Mine Action is observed
annually on 4th April to create awareness about landmines and progress toward their
eradication.
98. National Maritime Day is observed annually on 5th April to create awareness about
international trade and the economy. The year 2024 marks the 61st edition of the National
Maritime Day.
• The day was first observed in 1964.
National Maritime Week 2024 has been observed from 30th March to 5th April 2024.
99. International Day of Conscience is observed annually on 5th April to highlight the
importance of conscience and its role in stopping people from harming others physically,
sexually, orally, or mentally. The day was first observed in 2020.
100. International Day of Sport for Development and Peace (IDSDP) is observed annually on
6th April to recognize the positive role sport and physical activity play in communities and in
people’s lives across the globe.
• Theme 2024: “Sport for the Promotion of Peaceful and Inclusive Societies”
• The day was first observed in 2014.
101. World Table Tennis Day is observed annually on 6th April to highlight table tennis as a
driving force for development and peace and its ability to connect people across the world.
The day was first observed in 2015. The day is the initiative of the International Table Tennis
Federation (ITTF) based in Lausanne, Switzerland.
102. World Health Day is observed annually on 7th April to draw attention to a specific health
topic of concern to people all over the world. The date of 7 April marks the anniversary of the
founding of the Geneva-based World Health Organization (WHO) in 1948.
103. International Day of Reflection on the 1994 Genocide Against the Tutsi in Rwanda is
observed annually on 7th April to honour the memory of the victims of the 1994 genocide
against Tutsi, Hutu and others who opposed it in Rwanda.
The year 2023 marks the 29th anniversary of the genocide against the Tutsi in Rwanda.
International Day for Mine Awareness 4th April Protecting Lives. Building
and Assistance in Mine Action Peace
International Day of Conscience 5th April
International Day of Sport for 6th April Sport for the Promotion of
Development and Peace (IDSDP) Peaceful and Inclusive
Societies
World Table Tennis Day 6th April