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CURRENT AFFAIRS : BANKING & FINANCE

SEBI Introduces SCORES 2.0 to Improve Investor Complaint Resolution System   

• The Capital markets regulator Securities and Exchange Board of India (SEBI) launched the new version of the SEBI Complaint Redress System (SCORES 2.0).
• The new version of SCORES strengthens the investor complaint redress mechanism in the securities market by making the process more efficient through auto-routing, auto-escalation, monitoring by the designated bodies and reduction of timelines.

About SCORES :

• Features of SCORES : SCORES is an online system where investors in the securities market can lodge their complaints through web URL and an app.
• It was launched in June 2011.

Key Highlights :

• Reduced timeline : SCORES 2.0 will feature reduced and uniform timelines for redressal of investor complaints, which is 21 calendar days from the date of receipt of the complaint.
• Currently, entities are required to submit the action taken report not later than 30 days.
• Complaint Routing and Review : An auto-routing of complaints to the concerned regulated entity will be facilitated to eliminate time lapses, if any, in the flow of complaints.
• There will be two levels of review.
• 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.
• Integration with KYC Registration Agency (KRA) Database : SCORES 2.0 will be integrated with the KYC Registration Agency database for easy registration of the investor on SCORES.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (the first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

RBI Fines 64 Lenders a Total of ₹74 Crores on Amid Increased Supervision in FY24

• The Reserve Bank of India (RBI) imposed a monetary penalty on 64 banks and Nonbank financial companies (NBFCs) during the financial year, for a cumulative amount of ₹74.1 crore.
• In comparison, 41 lenders had been fined for a total amount of ₹33.1 crore in FY23.
• The data excludes cooperative banks and regional rural banks.

Key Highlights :

• Monetary penalties: Out of the penalties, 35 regulatory actions were imposed on banks, including 16 PSU banks, 13 private banks, 4 foreign banks, and one small finance bank and payments bank each.
• 23 of the penalties amounted to ₹1 crore or above.
• Reasons for Penalties:The majority of actions during FY24 were related to non-compliance with regulatory directions on various aspects such as KYC (Know Your Customer), timely reporting of credit information to credit bureaus and CRILC, interest rates on loans and deposits, customer service, fraud monitoring, reporting, and specific issues with NBFCs.
• In June 2023, RBI cracked down on all 4 credit bureaus for maintaining inaccurate or incomplete data and delays in grievance redressal and credit score updating.
• Specific Instances:The second half of the fiscal year witnessed increased action on banks like State Bank of India, Indian Bank, Punjab and Sind Bank, Bank of Baroda, Indian Overseas Bank, Union Bank, and Bank of Maharashtra for various infractions, including sanctioning term loans without due diligence.
• SBI, Bank of India, Canara Bank, Punjab and Sind Bank, Bank of Baroda, Axis Bank, Indian Overseas Bank, Manappuram Finance and Indian Bank were fined twice during the course of the year.
• ICICI Bank faced the largest fine of ₹12.19 crore for sanctioning loans to companies where two of its directors held positions.
• Comparison with FY23:FY23 had seen more penalties against fintechs, new age lenders, and housing finance companies.
• Banks accounted for 21 of the 41 penalties of which 7 were PSU banks and private banks each, 5 were foreign banks and 2 were small finance banks.
• Repeated Offenders:Several institutions faced penalties in both FY23 and FY24, including Bank of India, Punjab and Sind Bank, Bank of Baroda, Manappuram Finance, Federal Bank, Mercedes-Benz Financial Services, Kotak Mahindra Bank, RBL Bank, Indian Bank, Axis Bank, Bank of Maharashtra, Indian Overseas Bank, and Central Bank.

In FY24, Annual Unified Payment Interface Transactions surpassed 100 Billion Mark for the First Time

• The Unified Payment Interface (UPI) transactions in India posted a record 57% rise in volume and 44% rise in value in Financial Year 2023-24, compared to the previous financial year.
• In March 2024 too, the transactions saw a 55% rise in volume to 13.44 billion and 40% in value to Rs 19.78 trillion compared to March 2023.
• This was the first time that UPI transactions crossed 100 billion and closed at 131 billion in a financial year, compared to 84 billion in 2022-23.
• The year also saw a record value touching Rs 199.89 trillion, compared to Rs 139.1 trillion.
• In February 2024, transactions were seen at 12.10 billion and Rs 18.28 trillion respectively.
• In January 2024, it was 12.20 billion and Rs 18.41 trillion, in terms of volume and value.
• UPI has grown at a very healthy clip in FY 24, the growth in transactions is 56% year on year in terms of volume and 43% YoY in terms of value.
• There has been a deeper entrenchment of UPI with Average Ticket Size (ATS) reducing steadily, meaning increased use of UPI for small ticket items.

Key Highlights :

• IMPS Transactions: On the other hand, Immediate Payment Service (IMPS) transactions witnessed a 17% growth in volume, totalling 581 million transactions, and a 16% growth in value, amounting to Rs 6.35 trillion.
• Throughout FY23-24, IMPS transactions increased by 9% to 5,999 million compared to 5,510 million transactions in FY 22-23.
• During the financial year 2023-24, the value of IMPS transactions stood at Rs 64.93 trillion, up 17 per cent from Rs 55.42 trillion a year ago.
• In February 2024, volume was seen at 535 million and valued at Rs 5.68 trillion, up from 509 million and Rs 5.66 trillion in January 2024.
• FASTag Transactions: In March 2024, FASTag transactions recorded an 11% increase in volume, reaching 339 million, and a 17% rise in value to Rs 5,939 crore.
• Compared to February 2024, there were 323 million transactions valued at Rs 5,582 crore, and 331 million transactions valued at Rs 5,560 crore in January 2024.
• Aadhaar Enabled Payment System (AePS): In March 2024, the Aadhaar Enabled Payment System (AePS) was marginally down by 1% to 108 million transactions.
• In value terms too, this dipped by 8 per cent to Rs 27,996 crore. In volume terms, this was down from 86 million in January and 83 million in February.
• In value terms this was Rs 25,057 crore in January and Rs 22,007 crore in February 2024.

About UPI :

• Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application.
• It is developed by the National Payments Corporation of India (NPCI).
• It was introduced in April 2016.

After 3-Year break, RBI Reintroduces Multiple Price Auctions for Government Bonds

• The Reserve Bank of India (RBI) has shifted its methodology for conducting auctions of government securities under the market borrowing program of the Government of India from uniform pricing to multiple price auctions.
• This change comes after nearly 3 years, indicating a departure from the previous uniform pricing method.
• Reasons for Change: The decision to switch methodologies is influenced by expectations of robust demand for government bonds due to various factors, such as inclusion in JP Morgan’s Emerging Market Bond Index and expectations of rate cuts.

Key Highlights :

• Previous Auction Method: Since July 2021, the RBI has been conducting auctions for bonds under the uniform pricing method, except for ultra-long duration bonds maturing in 30 years and beyond.
• Multiple Price Auction System: In the multiple price-based auction system, successful bids are accepted based on the quoted yield or price specified by the bidder, unlike the uniform pricing method where bonds are sold at the cutoff level.
• Borrowing Targets: The gross borrowing for the first six months of the upcoming financial year is 7.50 trillion, out of the total borrowing target of Rs. 14.13 trillion.
• Green Bonds Issuance: In a departure from the usual pattern of issuing green bonds in the latter half of the year, the Union government plans to issue green bonds worth Rs. 12,000 crore in the first half of 2024-25.
• These bonds shall be issued in two tranches of 6,000 crore each, with a maturity period of 10 years.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das

Reserve Bank of India’s Liberalised Remittance Scheme Witness 27% Surge in Outward Remittances from April 2023 to January 2024

• Outward remittances under the Reserve Bank of India’s (RBI’s) Liberalised Remittance Scheme (LRS) in the April-January period of financial year 2023-24 (FY24) increased 24 per cent year-on-year to $27.42 billion.
• In January 2024, overseas remittances amounted to $2.62 billion, indicating a nearly 9% increase from $2.40 billion in December 2023.

Key Highlights :

• In the April 2023-January 2024 period of FY24, the international travel segment rose to $14.95 billion, 67 per cent up from $11.44 billion in the year-ago period.
• This growth was followed by funds used for the maintenance of close relatives and overseas education, which stood at $3.95 billion and $3.04 billion, respectively.
• According to RBI data, the remittance by Indians under the scheme for overseas education was $449.46 million, followed by $267.02 million for the maintenance of close relatives, and $209.58 million as gifts.

About LRS Scheme :

• The LRS scheme was introduced in 2004, allowing all resident individuals to remit up to $250,000 per financial year outside India for any permissible current or capital account transaction, or a combination of both, free of charge.
• In the initial phase, the scheme was introduced with a limit of $25,000, which was gradually revised.
• The new TCS (tax collected at source) regime introduced in the 2023-24 Budget seems to have had only a limited impact on the Liberalised Remittance Scheme
• Through a proposal in the Budget 2023-24, the TCS rates on all categories of LRS, other than medical and education, were raised from 5% to 20%.
• This was to take effect from July 1, 2023.
• However, the date was pushed to October 1, 2023, following public outcry.
• A leeway was also given by making TCS applicable only if the remittance exceeded ₹7 lakh per financial year, per person.

CURRENT AFFAIRS: NATIONAL NEWS

PFRDA mandates two-factor Aadhaar authentication for CRA access from April 1

• Pension regulator PFRDA has mandated 2-factor Aadhaar Authentication for access to the Central Recordkeeping Agency (CRA) system for conducting National Pension System (NPS) related activities.
• CRAs are responsible for centralised recordkeeping, administration, and customer service functions for all NPS subscribers.
• As of date, there are three licensed CRAs in the country.
• Currently, Nodal Offices under Central and State Governments, including their underlying Autonomous bodies, use a password-based login to access the CRA for NPS transactions.
• This new regime will be effective from April 1.

Key Highlights

• About 1,600 Government offices across the Centre and States would have to implement the new regime from April 1.
• The additional security layer is being compulsorily implemented for all password-based users logging into the CRA system.
• This Aadhaar-based login authentication will be integrated with the current User ID and Password-based login process, enabling 2-factor Authentication for accessing the CRA system.
• The new regime is expected to particularly impact the Government NPS sector as two-factor Aadhaar authentication has so far not been introduced to date for this segment.
• Pension assets under management (AUM) have been growing at Compounded Annual Growth Rate (CAGR) of over 20 percent in the recent decade.
• The overall NPS assets including Atal Pension Yojana have already crossed ₹ 11.56 lakh crore as of March 16, clocking a 30 percent year-on-year growth.
• NPS took six years and six months to reach the milestone of ₹ 1 lakh crore AUM after its implementation in the year 2009. It then took 4 years and 11 months to further increase AUM to ₹ 5 lakh crore.

India’s Smart Meter Programme to enable Rs 1.5 lakh cr investment in prepaid smart meters

• India’s Smart Meter National Program (SMNP) is aiming to replace 25 crore conventional electricity meters with prepaid smart meters, along with upgrading infrastructure such as feeders and transformers, with an estimated capital expenditure of Rs 1.5 lakh crore slated for implementation over the next fiscal years.
• The Smart Meter National Program (SMNP) uses a flexible spending plan and a secure payment system to lower risks usually found in big projects.
• This will make billing and payment collection easier for distribution companies (discoms).

Key Highlights

• The SMNP also helps track electricity usage in real time, reduces power theft, and makes supply schedules better.
• Overall, it brings important improvements through its modernization efforts.
• These companies will handle buying, setting up, and maintaining smart meters for a 10-year period.
• The smart meter installation pace, only around 97 lakh installations till February 29, 2024, has been slow.
• Smart Meter National Programme (SMNP) is being implemented by Energy Efficiency Services Limited (EESL).
• EESL is a joint venture of four National Public Sector Enterprises: NTPC Limited, PFC, REC, and POWERGRID, and was set up under the Ministry of Power.
• This roll-out is under the Build-Own-Operate-Transfer (BOOT) model, wherein EESL will undertake all the capital and operational expenditure with zero upfront investment from states and utilities.

CURRENT AFFAIRS: BUSINESS NEWS

Tata Steel to stop operations of coke ovens at Port Talbot plant

• Tata Steel has decided to cease operations of the coke ovens at its Port Talbot plant in Wales, UK.
• The move is part of Tata Steel’s transition from an emission-intensive blast furnace technology to low-carbon steelmaking through the electric arc furnace route.
• The company said it had previously stated that many of its heavy-end assets in Port Talbot are at their end-of-life capability.
• It is in advanced consultations with US trade unions on its proposal for the planned restructuring plan.
• The plan involves a £1.25 billion investment in electric arc furnace technology in Port Talbot and asset upgrades.
• Of the £1.25 billion investment, the UK government has committed £500 million to enable the transition, and Tata Steel plans to invest £750 million.

Net FDI in India down 38.4% in April 2023-January 2024: RBI’s March 2024 bulletin

• The net foreign direct investment (FDI) in India, inflows minus outflows, declined 38.4 per cent year-on-year to $15.41 billion in the first 10 months of this financial year due to an increase in the repatriation of capital.
• According to the Reserve Bank of India’s data in the March 2024 bulletin, FDI in India was $25.53 billion and outflows were $10.11 billion in April 2023-January 2024.
• Repatriation and divestment by those who made direct investments in India rose to $34 billion in the 10 months of the financial year.
• The “state of economy” report in the RBI’s monthly bulletin for March 2024 noted that manufacturing, computer services, electricity, and other energy sectors, financial services, and transport accounted for about two-thirds of the FDI equity inflows in the 10 months of the financial year.
• Around 80 per cent of the equity flows were received from Singapore, Mauritius, the US, the Netherlands, Japan, and the United Arab Emirates.
• FDI into India is expected to receive a boost from the trade and economic partnership agreement (TEPA) signed with the European Free Trade Association (EFTA) on March 10.
• The TEPA aims to attract FDI of $100 billion in India from EFTA over the next 15 years and generate one million direct employment opportunities.
• Digital transactions across major payment modes maintained strong expansion (y-o-y) in February 2024.
• Notably, the National Electronic Funds Transfer (NEFT) achieved a milestone processing a record 4.1 crore transactions in a single day.
• The Unified Payments Interface (UPI), registered the highest volume growth among all modes in the month, adding 6.65 crore new users between March 2023 and January 2024.
• Foreign portfolio investment (FPI) flows to India turned positive in February 2024, propelled by the robust domestic growth outlook. Net FPI inflows were of the tune of US$ 3.8 billion in February 2024.

DCB, Ekam Eco Solutions join hands to set up a composting facility at Goa University

• Ekam Eco Solutions Pvt Ltd, a research spin-off of IIT Delhi’s works on sanitation, along with DCB Bank, launched a composting facility at Goa University.
• Located on the university grounds, this facility has a capacity of processing 657 kgs of wet waste a day.
• Sponsored by DCB Bank as part of its corporate social responsibility (CSR) initiatives, the facility is designed and developed by Ekam Eco Solutions Pvt Ltd. Alterenergyz has taken charge of commissioning and managing the facility.
• Murali M Natrajan, Managing Director and Chief Executive Officer of DCB Bank

Electric vehicles: India’s share in global PV market may rise to 7% by 2040

• The latest estimate by Goldman Sachs has stated that India’s share of the global electric passenger vehicle market may go up to 7.1 per cent by 2040 from the current level of 1 per cent in 2024.
• As per the estimates for 2024, Sachs has predicted that electric passenger car sales will remain at more or less the same levels as 2023, around 0.1 million.
• But in 2030, they will cross the million mark for the first time, hitting 1.3 million in 2030 and then 5.5 million by 2040.
• But compared to other countries, India’s electric passenger vehicle penetration will remain far behind the global average. It will see a penetration of 7 per cent in 2026, going up to 21 per cent in 2030 and hitting 57 per cent by 2040.
• Compared to this, average penetration will be much higher, at 20 per cent in 2026, 34 per cent in 2030 and 62 per cent by 2040. The average is based on projections for the US, Japan, China, the EU, India and the rest of the world.
• The revised estimations fall significantly short of Niti Ayog’s ambitious objective to achieve a 30 per cent penetration rate for electric passenger vehicles; nevertheless, they still surpass ICRA’s more conservative prediction of a 15 percent level by 2030.

Key Highlights

• Earlier this month, The Centre floated the Electric Mobility Promotion Scheme (EMPS), which aims to boost the electric vehicle (EV) industry further.
• This scheme is set to be in place for four months, ending in June 2024. EMPS 2024 will offer a subsidy on EVs of up to Rs 10,000 per two-wheeler, Rs 25,000 per light three-wheeler (like e-rickshaws), and Rs 50,000 per heavy three-wheeler (like autos and commercial units).
• EMPS, which serves as a transitional scheme, aims to minimise disruption in EV sales following the expiration of FAME II at the end of this month. It is expected to pave the way for a broader EV scheme post the financial year 2024-25 (FY25) budget.
• EMPS 2024 lowers the subsidy on e2w and e3w and completely omits electric buses and four-wheelers.
• The new scheme allocates Rs 333.39 crore to support the sale of 3.33 lakh electric two-wheelers (e-2W) and Rs 126.19 crore for the sale of 25,238 large electric three-wheelers (e-3W L5).
• The sale of 13,590 e-rickshaw-type electric three-wheelers (e-3W) is to be supported through the Rs 33.97 crore allocation under the EMPS, 2024.
• Tata Motors is currently dominating the EV market in India with its models such as Tiago, Nexon, Tigor and Punch, followed by MG Motor India, and Mahindra & Mahindra.
• In the two-wheeler segment, Ola Electric leads the pack with the highest sales and market share, followed by TVS Motor, Bajaj Auto, and Ather Energy

CURRENT AFFAIRS: MOUS AND AGREEMENT

IIT Kharagpur partners with Jindal Stainless to execute R&D projects in metallurgical research and development

• Indian Institute of Technology Kharagpur has signed an MoU with stainless steel manufacturer Jindal Stainless to advance metallurgical research and development.
• They will work together on metallurgical projects, such as process optimisation, materials characterisation, and primary alloy production.
• Under the terms of the MoU, IIT Kharagpur will provide technical consultancy and engage in academic and industrial research to enhance productivity and process improvement at Jindal Stainless.

CCPA partners with ASCI to bolster advertising regulation in India

• The Advertising Standards Council of India (ASCI) announced a tie-up with the Central Consumer Protection Authority (CCPA) to strengthen regulation around misleading ads.
• This objective is central to the missions of both ASCI and the Central Consumer Protection Authority (CCPA) when it comes to the issue of misleading advertisements.
• The CCPA has requested ASCI to forward any advertisement that is non-compliant with the ASCI Code and could potentially violate the Consumer Protection Act, 2019, along with its accompanying guidelines.
• ASCI chief executive and secretary general Manisha Kapoor.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Atul Mehra Appointed Managing Director & Chief Executive Officer of Axis Capital

• Axis Capital has appointed Atul Mehra as the managing director (MD) and chief executive officer (CEO).
• The appointment is subject to receipt of requisite approvals.
• Mehra, who was formerly with JM Financial, will oversee both the investment banking and institutional equities businesses of Axis Capital.
• His appointment comes after the departure of Axis Capital’s current MD & co-CEO Salil Pitale.
• In December, JM Financial roped in Chirag Negandhi — who was the co-CEO at Axis Capital — as its MD.

Other Appointments :

• Axis Capital has also appointed Parag Gude as the chief operating officer (COO) of Institutional Equities and Dhaval Desai as Head – Cash Equities.
• SEBI has given the nod to the initial public offering (IPO) of two firms — Kross and Saraswati Saree Depot — while the draft documents submitted by Garuda Construction and Engineering and Polymatech Electronics were returned in the last week of March.

Tata International Names Rajeev Singhal as Managing Director                                            

• Tata Group’s global trading and distribution arm, Tata International has appointed Rajeev Singhal as its Managing Director (MD).
• Singhal whose appointment to the new position is effective from April 1, 2024 succeeds Anand Sen, who superannuated on March 31, 2024.

About Rajeev Singhal :

• Singhal brings over 36 years of experience to his new position, having transitioned from Tata Steel, where he served in various positions including Vice President for marketing and sales for flat products.
• Before this new role, Singhal was Executive Director and Chief Operating Officer (COO) at Tata International.

CURRENT AFFAIRS : DEFENCE NEWS

India Achieves Record Defence Exports of Rs ₹21,083 Crore in FY 2023-24

• Defence exports from India have touched an all-time high of Rs 21,083 crore in the financial year 2023-2024, with consignments reaching 85-plus countries in the neighbourhood and beyond.
• This was a growth of 32.5 percent over the previous fiscal.

Key Highlights :

• Although India is still the world’s largest arms importer, a strong push on Atmanirbharta in the last decade has brought the country to a position wherein over 100 private and public sector undertakings (PSUs) are now exporting defence equipment and systems to more than 85 countries.
• Comparative data shared by the Ministry of Defence (MoD) of two decades – from 2004-05 to 2013-14 and 2014-15 to 2023-24 – revealed that there has been a growth of 21 times in the defence exports.
• The total defence exports from 2004-05 to 2013-14 were ₹4,312 crore, which has gone up to ₹88,319 crore in the period from 2014-15 to 2023-24.
• Key export items : India’s main exports include Akash missile systems, Dornier 228 aircrafts, ALH helicopters, Brahmos supersonic missiles, patrol vessels, unmanned systems, radars, simulators, explosives, avionics, surveillance systems, bullet-proof jackets, armoured vehicles and body spare parts for aircraft and copters .
• Among the major export destinations are Italy, Maldives, Sri Lanka, Russia, France, Nepal, Mauritius, Sri Lanka, Israel, Egypt, UAE, Bhutan, Ethiopia, Guyana, Saudi Arabia, Philippines, Poland, Spain, Chile, USA, Armenia and Brazil.

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Ajay Bhatt
• Defence Secretary : Giridhar Aramane

CURRENT AFFAIRS: SPORTS NEWS

Mirabai Chanu Becomes The Only Indian Weightlifter To Qualify For Paris Olympics

• Tokyo Olympics medallist Mirabai Chanu became the only Indian weightlifter to qualify for the Paris Olympics this year(2024) after competing successfully at the IWF World Cup in Phuket, Thailand.
• The 29-year-old Olympic silver medalist finished third in Group B of the women’s 49kg (and 11th overall) at the event to book her berth at the 2024 Paris Games.
• Chanu, who is back in action after a six-month-long injury lay-off, lifted 184kg at the World Cup, the final and compulsory qualifier for Paris 2024.
• With her event completed, the Tokyo Olympics silver medalist has fulfilled the criteria for the Paris Olympics, which is participating in two mandatory events and three other qualifiers.
• The 2017 world champion is ranked second in the women’s 49kg Olympic Qualification Ranking (OQR) currently, behind China’s Jiang Huihua.

Odisha thrash Kickstart to clinch maiden Indian Women’s League crown

• In the concluding match of the league, Odisha FC clinched the title in style with an impressive 6-0 win over Kickstart FC at the Kalinga Stadium, Bhubaneswar.
• With this victory, they dethroned defending champions Gokulam FC, who were known as the undisputed leaders of Indian women’s football.
• Odisha FC Women, formed in 2022, earned the top spot with 31 points from 12 matches, which put them two points ahead of their closest competitors, Gokulam Kerala FC.
• This title holds immense significance for Odisha FC as it earns them the opportunity to represent India at the inaugural AFC Women’s Champions League.

CURRENT AFFAIRS : OBITUARIES

Asian Games Veteran Deanna Syme Tewari Passed away                                        

• Former Asian Games athlete and a torchbearer at the 1982 Delhi edition, Deanna Syme Tewari, passed away in Dubai at the age of 85.

About Deanna Syme Tewari :

• Deanna Syme represented the State in the National Athletics Championship in erstwhile Bangalore in 1957, and won the long jump gold, leapfrogging Aunt Marjorie’s record.
• But her finest moment came in the 1958 National Games where she set a national mark by recording 17 feet and 8 inches for the gold.
• She represented India at the 1962 Asian Games in Jakarta and was a torch bearer – alongside hockey icon (late) Balbir Singh Sr. – at the 1982 Asian Games in New Delhi.

Daily CA One- Liner: April 3

• Pension regulator PFRDA has mandated 2-factor Aadhaar Authentication for access to the Central Recordkeeping Agency (CRA) system for conducting National Pension System (NPS) related activities.
• India’s Smart Meter National Program (SMNP) is aiming to replace 25 crore conventional electricity meters with prepaid smart meters, along with upgrading infrastructure such as feeders and transformers, with an estimated capital expenditure of Rs 1.5 lakh crore slated for implementation over the next fiscal years
• Tata Steel has decided to cease operations of the coke ovens at its Port Talbot plant in Wales, UK.
• The net foreign direct investment (FDI) in India, inflows minus outflows, declined 38.4 per cent year-on-year to $15.41 billion in the first 10 months of this financial year due to an increase in the repatriation of capital
• Ekam Eco Solutions Pvt Ltd, a research spin-off of IIT Delhi’s works on sanitation, along with DCB Bank, launched a composting facility at Goa University
• The latest estimate by Goldman Sachs has stated that India’s share of the global electric passenger vehicle market may go up to 7.1 per cent by 2040 from the current level of 1 per cent in 2024
• Indian Institute of Technology Kharagpur has signed an MoU with stainless steel manufacturer Jindal Stainless to advance metallurgical research and development
• The Advertising Standards Council of India (ASCI) announced a tie-up with the Central Consumer Protection Authority (CCPA) to strengthen regulation around misleading ads.
• Tokyo Olympics medallist Mirabai Chanu became the only Indian weightlifter to qualify for the Paris Olympics this year after competing successfully at the IWF World Cup in Phuket, Thailand.
• In the concluding match of the league, Odisha FC clinched the title in style with an impressive 6-0 win over Kickstart FC at the Kalinga Stadium, Bhubaneswar.
• Capital markets regulator Securities and Exchange Board of India (SEBI) launched the new version of the SEBI Complaint Redress System (SCORES 2.0).
• The Reserve Bank of India (RBI) imposed a monetary penalty on 64 banks and Nonbank financial companies (NBFCs) during the financial year, for a cumulative amount of ₹74.1 crore.
• Unified Payment Interface (UPI) transactions in India posted a record 57% rise in volume and 44% rise in value in Financial Year 2023-24, compared to the previous financial year.
• The Reserve Bank of India (RBI) has shifted its methodology for conducting auctions of government securities under the market borrowing program of the Government of India from uniform pricing to multiple price auctions.
• Outward remittances under the Reserve Bank of India’s (RBI’s) Liberalised Remittance Scheme (LRS) in the April-January period of financial year 2023-24 (FY24) increased 24 per cent year-on-year to $27.42 billion.
• Axis Capital has appointed Atul Mehra as the managing director (MD) and chief executive officer (CEO).
• Tata Group’s global trading and distribution arm, Tata International has appointed Rajeev Singhal as its Managing Director (MD).
• Defence exports from India have touched an all-time high of Rs 21,083 crore in the financial year 2023-2024, with consignments reaching 85-plus countries in the neighbourhood and beyond.
• Former Asian Games athlete and a torchbearer at the 1982 Delhi edition, Deanna Syme Tewari, passed away in Dubai at the age of 85.