Daily Current Affairs 03 May 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Unified Payment Interface Transactions Slightly Decreased to Rs 19.64 Lakh Crore in April 2024 from Rs 19.78 Lakh Crore in March 2024

• In April 2024, Unified Payment Interface (UPI) transactions decreased by 0.7% in value and 1% in volume compared to March 2024.
• The value of transactions in April, 2024 stood at Rs 19.64 trillion,down from Rs 19.78 trillion in March, 2024.
• The volume of transactions was 13.3 billion in April, compared to 13.44 billion in March.
• Year-on-year (Y-o-Y), UPI transactions increased by 50% in volume and 40% in value.
• In February 2024, UPI transactions were 12.10 billion in volume and Rs 18.28 trillion in value.

Key Highlights : 

Immediate Payment Service (IMPS)

• Monthly Decline:
• In April, IMPS transactions decreased by 7% in value and 5% in volume compared to March 2024.
• Comparison with Previous Months:
• In February 2024, IMPS transactions were 535 million in volume and Rs 5.68 trillion in value.
• Year-on-Year Increase:
• Year-on-year, IMPS transactions increased by 11% in volume and 14% in value.

FASTag

• Monthly Decline:
• In April 2024, FASTag transactions decreased by 3% in volume and 6% in value compared to March 2024.
• Comparison with Previous Months:
• In February 2024, FASTag transactions were 323 million in volume and Rs 5,582 crore in value.
• Year-on-Year Increase:
• FASTag transactions grew by 8% in volume and 9% in value compared to April 2023.

Aadhaar Enabled Payment System (AePS)

• Monthly Decline:
• In April, AePS transactions declined by 13% in volume and 10% in value compared to March.
• Comparison with Previous Months:
• In February, AePS transactions were 83 million in volume and Rs 22,007 crore in value.
• Year-on-Year Decline:
• AePS saw a decrease of 7% in volume and 15% in value compared to April 2023.

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.

Securities and Exchange Board of India Allows Optional Nomination for Joint Mutual Fund Portfolios

• Capital markets regulator Securities and Exchange Board of India(SEBI) made the nomination optional for jointly-held mutual fund accounts in a bid to promote ease of doing business.
• Fund houses are now permitted to have a single fund manager to oversee commodity and foreign investments, which is expected to reduce management costs.
• Deadline for Compliance: Existing individual mutual fund holders have until June 30, 2024,to nominate or opt out of nomination for their accounts.
• Failure to comply will result in their accounts being frozen for withdrawals.

Key Highlights : 

• Review Process:SEBI constituted a working group to review mutual fund regulations.
• Based on the group’s recommendations, a public consultation was conducted, which led to the relaxation of rules regarding joint mutual fund account nominations and fund manager arrangements.
• Relaxation of rules : The relaxation of nomination requirements for joint holders simplifies the process by allowing the surviving member to become the nominee, streamlining transmission and reducing hassle.
• Later, the last surviving member can assign a nominee.
• Changes in Fund Management :SEBI stated that for commodity-based funds such as Gold ETFs (, Silver ETFs, and other funds participating in the commodities market, the appointment of a dedicated fund manager would be optional.
• Also, the appointment of a dedicated fund managerfor making overseas investments would be optional.

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
• SEBI is the regulatory bodyfor securities and commodity markets in India under the ownership of the Ministry of Finance, GoI.

Groww & Worldline Join India’s Expanding Club of Online Payment Aggregators

• Financial services platform Groww and digital payment processing company Worldline ePaymentshave secured a Reserve Bank of India (RBI) licence to operate as online payment aggregators.
• An online payment aggregator licence allows companies to offer payment services for merchants, typically e-commerce firms, by accepting various payment instruments from customers.
• Groww has secured the licence for its UPI payments platform Groww Pay.
• Worldline ePayments India, received the licence enabling the company to provide payment services for merchants including e-commerce firms or online businesses.

Key Highlights : 

• Number of Firms:With these additions, the total number of firms obtaining RBI approval to operate as payment aggregators in the first four months of 2024 has reached
• In-Principle Approvals: Over 28 companies have received an in-principle approval from the RBI to operate as payment aggregators.
• It typically takes 6 months to one year after the in-principle nod for a company to receive the final approval from the regulator.
• Major Players:In 2024, notable players such as Amazon Pay, Digio, CCAvenue, Decentro, MSwipe, Tata Pay, Zoho, and Zomato have also received final approval from the RBI to operate as payment aggregators

What is a payment aggregator? 

• A payment aggregator (PA) is a third-party service providerthat enables customers to make and businesses to accept payments online.
• Payment aggregators enable their clients to accept various payment methods such as debit cards, credit cards, cardless EMIs, UPI, bank transfers, e-wallets, and e-mandates.
• A PA licence is mandatory for a platform to acquire merchants and deliver digital payment acceptance solutions.

Recent News : 

• In April 2024, Digital financial services provider PayU received in-principle authorisation from the Reserve Bank of India (RBI) to operate as a Payments Aggregator (PA) under the Payment Settlements Act, 2007.

About Groww : 

• Established : 2016 (Started Operations – 2017)
• Headquarters : Bangalore, Karnataka
• CEO : Lalit Keshre

About Worldline : 

• Established : 1972
• Headquarters : La Défense, France
• CEO : Gilles Grapinet
• Worldline SA is a French multinational payment and transactional services company.

YES Bank Partners with ANQ to Launch Two Co-Branded Credit Cards, Pi and Phi    

• YES Bankhas partnered with Bengaluru-based financial services provider ANQ to launch two co-branded credit cards, Pi and Phi.
• The partnership focuses on bridging the gap between traditional banking and the fintech industry, offering innovative solutions to meet evolving consumer needs.

About YES Bank ANQ Pi Credit Card:

• It is a digital-only card designed to offer seamless credit on UPI for domestic transactions.
• It provides convenient and secure payment options, aligning with the growing digital-first economy.
• The card offers accelerated rewards on UPI spending, providing enhanced value for users.
• As YES BANK and ANQ embark on this journey, they highlight a broader transition towards a digital-first economy,with their collaboration serving as a guiding light for the future of the Indian fintech ecosystem.

About Yes Bank : 

• Established : 2004
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Prashant Kumar
• Tagline : Experience our expertise

About ANQ:

• ANQ is a digital banking platform that uses decentralized finance (DeFi)to deliver next-generation financial services.

Non-banking financial companies reach a 4-year peak in commercial paper issuances

• Commercial Paper (CP) issuances by non-banking financial companies (NBFCs) reached ₹1.2-lakh croreduring January-March 2024, a four-and-a-half-year high since July-September 2019.
• However, this is still significantly lower than the record high of ₹3.1-lakh crore observed in July-September 2018.
• The increase in CP issuances is partially driven by the Reserve Bank of India’s mandate to increase risk weights on bank loans given to higher-rated NBFCs, leading to more CP issuance as an alternative source of funding.

What is Commercial Paper?

• Commercial Paper is an unsecured money market instrument,issued in the form of a promissory note.
• CP can be issued for maturities between a minimum of 15 daysand a maximum of 1 year from the date of issue.
• The proportion of CP issuances with maturities of up to 2 months was just 10% during January-March 2024, compared with 33% in July-September 2019.
• The instrument was introduced in 1990 to enable highly rated corporate borrowers to diversify their sources of short-term borrowings, and also to provide an additional instrument to investors.
• CPs can be issued by corporates, primary dealers, and financial institutions.
• Eligible participants should have a minimum credit rating of A-2 at the time of the issuance of the CP.
• Banking companies, mutual funds, other corporate bodies, NRIs, individuals and foreign institutional investors (FIIs)can subscribe to CPs; they are also traded in the secondary market.

Eligibility Criteria : 

• Tangible Net Worth: A company must have a tangible net worth of at least Rs. 4 crore, as per its latest audited balance sheet.
• Working Capital Limit:The working capital (fund-based) limit of the company from the banking system must be at least Rs. 4 crore.
• Classification as Standard Asset:The borrowal account of the company should be classified as a Standard Asset by the financing bank(s).

CP Denominations and Limits : 

• Minimum Denomination:CP can be issued in denominations of 5 lakh or multiples thereof.
• Maximum Limit:The aggregate amount raised by a corporation through CP should not exceed the working capital (fund-based) limit sanctioned to it by banks.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

State Bank of India Receives Government Approval to Exit YES Bank

• The State Bank of India (SBI)has received government approval to divest its entire 25.02% stake in YES Bank, following the end of a lock-in period in March 2024.
• SBI is likely to sell its stake in YES Bank via a block deal, a common method for selling large volumes of shares.
• The block deal could be valued between Rs 5,000 crore and Rs 7,000 crore, with no taxes applied to the sale.
• YES Bank reported a more than two-fold jump in standalone net profit to Rs 452 crorefor the March quarter of fiscal 2023-24, compared to Rs 202.43 crore in the corresponding period last year.

About SBI : 

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti

CURRENT AFFAIRS: NATIONAL NEWS

SCOPE’s Art Exhibition cum Painting Competition adds colour to Public Sector Day celebrations

• Encouraging creative minds, artists and upcoming talent, the Standing Conference of Public Enterprises (SCOPE) organised an Art Exhibition cum Painting Competition at SCOPE Social Interaction Centre (SSIC), SCOPE Complex, New Delhi, as part of Public Sector Day celebrations.
• Vasundhara Upmanyu,Joint Secretary, DPE, Ministry of Finance inaugurated the event in the presence of Shri Atul Sobti DG, SCOPE, senior officials of PSEs and participants.
• SCOPE also felicitated its new members during the event participated by a large number of participants from various PSEs across the country.
• The painting competition was held on the themes – ‘My Vision for India of tomorrow’, ‘Nation ‘Go Green’, ‘Nation Building by Public Sector’ and ‘Unleash your imagination through brushes and strokes.’
• Live Art Sessions by talented artists and an Art exhibition were also organized in association with Vimla Art Forumduring the event.
• This unique initiative of SCOPE aimed at unleashing the hidden talents of PSE employees, while encouraging, and nurturing their creativity and imagination.

IFFCO gets the nod to launch two more nano-tech fertilisers

• Fertiliser major Iffco, which introduced nano liquid urea and nano liquid DAP, stated the central government has approved its two new products nano liquid zinc and nano liquid copper for the launch.
• These two products would help in mitigating deficiencies of zinc and copper in agriculture crops and boost productivity.
• FCO (Fertiliser Control Order) approval has been granted for both these products.
• Zinc is a crucial micro-nutrient for the enzyme functioning in plants and it is very important for plant growth and development.
• Similarly, copper is required for many enzymatic activities in plants and for chlorophyll and seed production.
• Iffco launched nano-liquid urea a few years back. It has also provided technology to some other companies to set up nano urea plants.
• A total of 7 crore nano urea bottles (of 500 ml each) have been sold from August 2021 to February 2024.
• One bottle of nano urea is equivalent to one bag (45 kg) of conventional urea.
• The cooperative later introduced nano-liquid DAP (di-ammonium phosphate) in the market.
• It has also purchased a lot of drones for the application of nano-liquid urea and nano-liquid DAP.
• Iffco is also exporting nano-urea and nano-DAP.

DGCA deregisters all 54 aircraft leased to Go First after Delhi HC order

• The Directorate General of Civil Aviation (DGCA)has deregistered all 54 aircraft leased to the now-bankrupt airline Go First, according to officials.
• This move comes in the wake of an order issued by theDelhi High Court on April 26.
• Go Firstfiled for bankruptcy in May 2023.
• The Delhi High Court, on April 26, directed the DGCA to deregister planesleased to Go First within five working days, providing much-needed relief to the lessors.
• At an aviation event in February this year, global aircraft and engine lessors expressed deep frustration, using terms such as “scarred”, “burnt”, “egregious”, and “yellow light of caution”, over their inability to repossess their planes (and engines) from Go First due to ongoing court cases.
• Go First ceased flight operations on May 3, 2023,following the submission of an insolvency application to the National Company Law Tribunal (NCLT).
• On May 10, 2023,the tribunal imposed a moratorium on the airline’s assets, effectively preventing the lessors from reclaiming their aircraft (and engines on them) from the carrier.

India among top 5 developing countries in aviation emissions in 2019: Study

• In 2019,India was among the top five economically developing countries in terms of carbon dioxide (CO2) emissions from aviation, a new research has found.
• However, among the economically developing countries, India was found to be the third biggest contributorwith close to 3 per cent share in global CO2 emissions from aviation, following China at 14 per cent and the United Arab Emirates (UAE) at more than 3 per cent.
• The research team at the Norwegian University of Science and Technologyalso found that India’s share in global CO2 emissions from domestic aviation was the third highest at 1.5 per cent.
• “The countries with the highest absolute domestic aviation CO2 emissions(global percentage share in total CO2 aviation emissions in parentheses) are the USA (13.4 per cent), China (8.9 per cent), India (1.5 per cent), Russia (1.2 per cent), and Japan (1.1 per cent),” the authors stated.
• The findings were published in the journal ‘Environmental Research Letters’.
• For their analysis, the researchers used the model, called AviTeam,which computes the fuel burnt for individual flights for the entire envelope based on a given trajectory.
• When the 1992 United Nations Framework Convention on Climate Change treatywas signed, high-income countries were required to report their aviation-related emissions.
• However, the low- and middle-income countries, including China and India, were not required to report these emissions, even though they could voluntarily do so.
• The researchers stated the model is the firstto provide information for the 45 lesser-developed countries that have never inventoried their greenhouse gas emissions from aviation.

PM Narendra Modi’s photo removed from Covid vaccine certificates

• The Union health ministryhas made a notable change to the CoWIN certificates for COVID-19 vaccinations by removing the image of Prime Minister Narendra Modi.
• Previously, these certificates prominently featured Modi’s image along with a quote affirming India’s collective resolve to conquer coronavirus.
• While the quote – “Together, India will defeat COVID-19”– remains attributed to the prime minister, his name has been omitted from the certificates, The Hindu reported.
• Following vaccine manufacturer AstraZeneca’s admission in a UK court,discussions on Covishield’s potential association with Thrombosis with Thrombocytopenia Syndrome (TTS), a rare side effect involving blood clotting, have resurfaced.
• Officials from the Ministry of Health and Family Welfare, however, told that the image was removed from the vaccine certificatedue to the Model Code of Conduct (MCC) being in place for the ongoing Lok Sabha elections.
• It is worth noting that this is not the first time Modi’s photo was removedfrom Covid vaccination certificates.
• In 2022,Modi’s photograph was also removed from vaccination certificates issued in five states: Uttar Pradesh, Uttarakhand, Punjab, Manipur, and Goa.
• This action was mandated by the Election Commission of India (ECI)in preparation for the assembly elections in those states.
• The inclusion of Modi’s picture on vaccination certificates had previously sparked a row in 2021,which escalated to the Kerala High Court.
• In India, AstraZeneca partnered with the Serum Institute of India (SII)to produce the vaccine.

Indian Institute of Astrophysics releases video of moon occulting Antares

• The Bengaluru-based Indian Institute of Astrophysics (IIA)has filmed the passing of the moon in front of Antares, a bright red star.
• The moon passed in front of Antareson April 27, hiding it for roughly 40 minutes.
• IIA stated that this event was visible only from southern India.
• IIA filmed the event from its Bengaluru campus using a camera on an 8-inch telescope.
• While moving in its orbit roughly once a month, the moon will occasionally occult, or hide, bright stars that are behind, and sometimes, even planets.
• This happens now and then for the star Antares (Jyeshtha),which is the brightest star in the constellation of Scorpius.
• Since the moon is relatively close to the Earth, such occultations will be visible only from some locations on the globe, similar to why a solar eclipse is seen only from a particular part of the globe.
• The last such occultation of Antares, which was visible from India, was on February 5 this year.
• The next one will be in June 2027. However, the occultation of the planet Saturn by the moon can be seen from India on July 24, and againon October 14 in 2024.
• As seen from Bengaluru,Antares disappeared behind the bright side of the gibbous moon around 1.13 a.m. and reappeared at the darker side around 1.53 a.m.
• IIA has a video of the disappearance and reappearance.
• In the videos, the telescope is tracking Antares, and the relative motion of the moon is also clearly visible.
• The shaking of the image is due to winds buffeting the telescope, and the shimmering of the image is due to the Earth’s atmosphere.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Air Marshal Nagesh Kapoor Named Chief of Indian Air Force’s Training Command

• Air Marshal Nagesh Kapoor was appointed as the Air Officer Commanding-in-Chief (AOC-in-C) of the Training Command (TC) for the Indian Air Force (IAF).

About Air Marshal Nagesh Kapoor : 

• Kapoor was commissioned into the Fighter stream of the Indian Air Force on December 6, 1986.
• He is a Qualified Flying Instructor and a Fighter Combat Leader with over 3,400 hours of flying experience.
• He served as Defence Attaché in Pakistan,showcasing his diplomatic skills.

Notable Staff Roles:

• Assistant Chief of Air Staff Operations (Strategy) at Air HQ.
• Air Defence Commander at South Western Air Command.
• Senior Air Staff Officer at HQ Central Air Command.
• Prior to his current role, he served as the Air Officer-in-Charge Personnel at Air HQ.

Awards & Honors : 

• In recognition of his meritorious service, the Air Marshal was awarded with Vayu Sena Medalin 2008 and the Ati Vishisht Seva Medal in 2022.

About Ministry of Defence : 

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

Kotak Mahindra Bank’s Joint Managing Director Manian Resigns After 29 Years with the Bank                           

• KVS Manian,joint Managing Director (MD) at Kotak Mahindra Bank, has stepped down from his position with immediate effect.
• He had joined Kotak Mahindra Bank in 1995 and had a 29-year-long career with the bank, during which he led various divisions, including Consumer, Commercial, Wholesale, and Private Banking businesses.
• Manian, a whole-time directorat the bank, was promoted to the position of joint MD effective March 1, 2024, after the bank appointed new MD and CEO Ashok Vaswani.
• After Manian’s resignation, the following organizational changes have been announced:
• The Wholesale, Commercial, and Private Bank divisions will report directly to MD and CEO Ashok Vaswani.
• The Asset Reconstruction Division will report to Shanti Ekambaram,the newly appointed Deputy Managing Director.
• Ekambaram will also oversee the Investment Banking and Institutional Equities businesses.
• In addition, she will handle the growth of 811, Treasury, and Global Markets businesses, along with other functional responsibilities, including Human Resources, Group Marketing & Corporate Communications, Internal Vigilance, Internal Audit (administrative matters), Public Affairs, Corporate Social Responsibility, and ESG.

About Kotak Mahindra Bank : 

• Established : 1985
• Headquarters : Mumbai, Maharashtra, India

CURRENT AFFAIRS: BUSINESS NEWS

Fertilizer subsidy in FY24 exceeds Revised Estimates by over ₹6,500 crore

• The fertilizer subsidy in Fiscal Year 2023-24(FY24) has exceeded Revised Estimates (RE) by over ₹6,500 crore, the latest government data
• However, this is unlikely to impact the revised estimate of fiscal deficit.
• One possible reason for increase in subsidy is rise in input costand operations cost mainly on account of increase in natural gas prices.
• Data, as analysed by Businessine, showed subsidy on urea went up to over ₹1.30-lakh croreas against RE of ₹1.29-lakh crore.
• However, it is still lower than the Budget Estimate of over ₹1.35-lakh crore.
• Under nutrient-based subsidy (NBS),expenditure rose to over ₹65,000 crore as against RE of over ₹60,000 crore and Budget Estimate of ₹44,000 crore.

Urea subsidy

• Last June, the government extended urea subsidy scheme up to March 31, 2025.
• For a period between FY 2022-23 and 2024-25, the total estimated outlay pegged at over ₹3.68-lakh crore.
• The actual expenditure is expected to vary based on the prices of natural gas and other inputs used for the production of urea.
• Under the urea subsidy scheme, urea is provided to farmers at a statutorily notified maximum retail price (MRP).
• The MRP of 45 kg bag of urea is ₹242 per bag (exclusive of charges towards neem coating and taxes as applicable) while the cost, on some occasions, crossed ₹3,000 for 45 kg bag.
• The difference between the delivered cost of urea at the farm gate and net market realization by the urea units is given as subsidy to the urea manufacturer/importer by the government.
• Further, government implemented nutrient-based subsidypolicy e.f. April 1, 2010 all over the country, which has now been extended toll 2025-26.
• Under the NBS policy, a fixed rate of subsidy (in ₹ per kg basis) is announced on nutrients namely nitrogen (N), phosphate (P), potash (K) and sulphur (S)by the government on annual/bi-annual basis.
• The per kg subsidy rates on the nutrient N, P, K, S is converted into per tonne subsidy on the various P&K fertilizerscovered under NBS policy.
• Any variant of the fertilizers covered under the subsidy scheme with micronutrientsnamely boron and zinc, is eligible for a separate per tonne subsidy to encourage their application along with primary nutrients.
• At present 25 gradesof P&K fertilizers namely DAP, MAP, TSP, MOP, ammonium sulphate, SSP, PDM and 18 grades of NPKS complex fertilizers are covered under the NBS Policy.
• Under the NBS regime, MRP of P&K fertilizers has been left open and fertilizer manufacturers/marketers are allowed to fix the MRP at reasonable rates.

Over-consumption

• On number of occasions, the government has admitted about problem of over-application of urea in the country and that the consumption of nitrogen in India is much higherthan many other countries in the world.
• Evidently, Indian farmers do not adhere to the established ideal fertiliser ratio of 4:2:1 of N:P:K,with negative consequences for soil health.
• One of the reasons for over-consumption of urea is being promoted due to NBS which covers other fertilizers like P & K fertilizers only.Because of this urea is cheaper than other.

GST collection breaches Rs 2 lakh crore-milestone in April 2024

• The goods and services tax (GST)collections reached a record-breaking high of Rs 2.10 lakh crore in April 2024, marking a 12.4% increase from the previous year.
• This unprecedented revenue reflects the country’s strong economic momentum and showcases the efficiency of its tax collection

Driving the news

• The detailed components of the GST revenue include Rs 43,846 crorecollected through the Central GST, Rs 53,538 crore through the State GST, and Rs 99,623 crore through the Integrated GST, with Rs 37,826 crore coming from levies on imported goods.
• In terms of state-wise GST collections, Uttar Pradesh has overtaken Tamil Naduby recording a 19 per cent increase in tax revenues in April, becoming the fourth-largest contributor after Maharashtra, Karnataka, and Gujarat.
• Maharashtra remains the largest contributor,garnering revenue of Rs 37,671 crore, followed by Karnataka with Rs 15,978 crore and Gujarat with Rs 13,301 crore.

Why it matters

• Achieving a record GST collectionis not just a fiscal milestone; it symbolizes the health and robustness of the Indian economy.
• It also indicates effective enforcement and compliance strategies by tax authorities, which have successfully enhanced both domestic transactions and imports.
• The increased collections have also raised expectations for the next wave of GST reforms, which are anticipated to be pursued under GST 2.0.
• The finance ministry attributes this growth to a 13.4% increase in domestic transactions and an 8.3% rise in imports.
• This significant uptick in GST collections signals a strong economic undercurrent that could support the government’s expansive reform agenda.

CURRENT AFFAIRS: MOUS & AGREEMENTS

RailTel signs MoU with tech firm for KAVACH implementation projects

• The railwaysinked an agreement with a tech firm for “exploring and delivering” train collision avoidance system KAVACH implementation projects in India as well as other countries, according to a statement.
• The Memorandum of Understanding (MoU) for this purpose was signed between RailTel Corporation of India Limited and Quadrant Future Tek Limited.

About KAVACH:

• KAVACH is an indigenously developed automatic train protection (ATP)system of the Indian Railways.
• It is a highly technology intensive system that requires safety certification of the highest order, the statement stated.
• The Indian Railways is also marketing the system in other countries.
• According to RailTel, implementation of KAVACH on the Indian Railways network is one of the priority areas of the national transporter.
• The system was adopted as a “National ATP System”by the Ministry of Railways in July

About MOU Organization:

• RailTel- RailTel a “Mini Ratna (Category-I)”Central Public Sector Enterprise, is one of the largest neutral telecom infrastructure providers in the country owning a Pan-India optic fiber network covering several towns & cities and rural areas of the country.
• Quadrant Future Tek Limited- “Quadrant”is a Technology & Innovation-driven Company Certified to ISO/IRIS/TS Quality Management Systems. The company possesses state-of-the-art Electronics manufacturing & Cable production facilities at Mohali (Punjab Province, India) and two dedicated Engineering Centres located at Bangalore & Hyderabad.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Defence Research and Development Organisation Successfully Flight-Tests Supersonic Missile-Assisted Torpedo Release System Off Odisha Coast   

• The Defence Research and Development Organisation (DRDO)announced the successful flight test of the Supersonic Missile-Assisted Release of Torpedo (SMART) system from Dr APJ Abdul Kalam Island off the coast of Odisha.

Purpose of SMART System : 

• SMART is a next-generation missile-based lightweight torpedo delivery system.
• It is designed and developed by DRDO to enhance the anti-submarine warfare capability of the Indian Navy.
• The system extends the operational range for launching torpedoes, surpassing the conventional range of lightweight torpedoes.

Technical Specifications:

• The SMART system is canister-based and incorporates several advanced subsystems:
• A two-stage solid propulsion system
• An electromechanical actuator system
• A precision inertial navigation system
• The system carries an advanced lightweight torpedo as payload, which is delivered with the aid of a parachute-based release system.

Launch and Validation:

• The missile was launched from a ground mobile launcher.
• The test successfully validated several state-of-the-art mechanisms, including symmetric separation, ejection, and velocity control.

Recent News : 

• In April 2024, A unit of the Defence Research and Development Organisation (DRDO) successfully developed thelightest bulletproof jacket in the country for protection against the highest threat level 6.

About DRDO : 

• Established : 1958
• Headquarters : New Delhi, Delhi
• Chairman : Samir V Kamat
• The DRDO  is the premier agencyunder the Department of Defence Research and Development in the Ministry of Defence (MoD) of the Government of India (GoI).

CURRENT AFFAIRS : OBITUARIES

Renowned U.S. Author of ‘The New York Trilogy’, Paul Auster, Passed Away

• Paul Auster,the prolific American novelist behind the acclaimed “New York Trilogy,” has passed away at the age of 77.

About Paul Auster : 

• Paul Auster was born in Newark, New Jersey.
• Auster wrote more than 30 books and was shortlisted for the Booker Prize and voted into the American Academy of Arts and Letters.
• His notable works include:
• “The New York Trilogy” (1987), comprising “City of Glass,” “Ghosts,” and “The Locked Room.”
• “Moon Palace” (1989)
• “The Music of Chance” (1990)
• “The Book of Illusions” (2002)
• “The Brooklyn Follies” (2005)
• “Invisible” (2009)
• “Sunset Park” (2010)
• “Winter Journal” (2012)
• “4 3 2 1” (2017), which was shortlisted for the Booker Prize.
• He published his final novel “Baumgartner,” in 2023.

CURRENT AFFAIRS: BOOKS & AUTHOUR

The Winner’s Mindset: Shane Watson shows ways to combat fear of failure

• Australian all-rounder Shane Watsonrecently launched the book ‘The Winner’s Mindset’ which talks about how to get success even in the darkest period of life.
• According to the book, having a winner’s mindset means believing in yourself, setting goals, and never giving up, no matter how tough things get.
• Watson notes that in September 2015, he was planning to announce his retirement from cricket although he was in good shape.
• His form deteriorated following the bouncer incident which took Australian batter Philip Hughes’ lifethe year before (2014).
• During the domestic match,Phillip Hughes was a Test cricketer for Australia who was hit by a ball on the neck and died in Sydney in 2014.
• Mentally, he was in the darkest hole of life.
• He had a chance meeting with IndyCar champion Will Powerin
• They met at a rugby league awards night. The driver told Watson how his driving and personal life had been rocked by the death of a good friend,Dan Wheldon, in an IndyCar race in Los Vegas in
• Before meeting Power, 42-year-old Watson was battling the inner demon and he admitted that he was “petrified”that he would suffer the same fate.
• This meeting not only helped Watson but also introduced the IndyCar Champion to Jacques Dallaire, a mental-skilled guru based in the United States.
• “Jacques has experience working in the motor racing world. Right from Formula 1 to IndyCar. He had even worked with fighter pilots and US Army personnel. Meeting the mental skill coach, Watson was so influenced that he flew to North Carolina to enroll in Dallaire’s mental skill program and for the next four years he followed the skilled guru,” according to the book.

CURRENT AFFAIRS: SPORTS

Asian Carrom Championship: Indian Players Captured Both Men’s And Women’s Doubles Titles At Male, Maldives

• Rashmi Kumarioutplayed Shainy Sebastian to clinch the women’s title in the 6th Asian carrom championship which concluded in Maldives.
• It was the fourth Asian crownfor the three-time World Champion Rashmi, who had recently won her 12th National title in Gwalior.
• In the men’s final, Ghufranbeat reigning National champion K. Srinivas.
• India swept all the gold medals in singles, doubles, team championships apart from the Swiss league.
• MenFinal: Mohd.Ghufran bt K. Srinivas
• WomenFinal: Rashmi Kumari bt Shainy Sebastian

Red Bull confirms design chief Adrian Newey to leave in 2025

• Adrian Newey,regarded as the greatest F1 designer and a chief architect of Red Bull’s dominance, is set to end his Red Bull stay in the “first quarter” of
• Red Bull confirmed that design chief Adrian Newey will leave the Formula 1 team in early 2025 after 19 years.
• It was widely reported last week that the 65-year-old was set to quitfollowing a controversy involving allegations about team principal Christian Horner.
• The announcement is expected to start a bidding war for Newey’s services, with Ferrari, soon to be joined by Lewis Hamilton,in pole position.

CURRENT AFFAIRS: IMPORTANT DAYS

Gujarat Day 2024: Observed on 1 May

• Gujarat Day or Gujarat Foundation Day or Gujarat Sthapana Divasis celebrated every year on 1 May.
• Two states, Maharashtraand Gujarat, were formed after the partition of Bombay on the basis of language in
• These two states were carved out of Bombay State by the Bombay Reorganization Act in 1960, due to the demands of the Gujarati and Marathi-speaking people.
• After the separation of these two states on linguistic grounds, Gujarat, is now home to the Gujarati-speaking population while as Maharashtra, is home to the Marathi-speaking population.
• As both of these states were coastal, they emerged as economic hubs.
• Gujarati is the official language of Gujarat, which was developed from local Prakrits and Sanskrit.
• The state of Gujarathas been on the world map since ancient times.
• The country’s largest economyand a significant part of the country’s population are both connected to
• Gujarathas played a pioneering role in the country’s economic development, and it was previously known as the ‘Jewel of Western India’ due to its economic prosperity.

Maharashtra Day 2024: May 1

• Maharashtra Day, celebrated on May 1st every year, marks the creation of the state of Maharashtra in 1960.
• Maharashtra Day celebrates the linguistic and cultural identity of the Marathi people.
• The Samyukta Maharashtra Samiti (United Maharashtra Committee)formed in 1956 became the driving force behind the movement.
• They advocated for a separate state encompassing Marathi-speaking regions that were then part of the Bombay State.
• This included present-day Maharashtra,parts of Karnataka, and the Belgaum region.
• Following the States Reorganisation Act of 1956,the Bombay State was dissolved on linguistic lines.
• On May 1st, 1960, the independent state of Maharashtra was officially formed, marking a momentous occasion in the region’s history.

World Tuna Day 2024: May 2

• World Tuna Day, observed annually on May 2is dedicated to raising awareness about the critical importance of tuna conservation.
• Tuna is popular for its numerous health benefits, as it provides Omega-3 fatty acids, protein and vital vitamins.
• But, tuna populations face significant threats due tooverfishing and unsustainable fishing practices.
• Recognising the urgent need for conservation efforts, theUnited Nations established World Tuna Day to promote sustainable fishing practices and safeguard tuna populations for future generations.

World Tuna Day 2024: Theme

• Each year,World Tuna Day is observed with a specific theme that highlights key aspects of tuna conservation, management and industry.
• However, for this year, the theme has not yet been announced by the authorities responsible for organizing the event.

World Tuna Day: History

• World Tuna Day was initially proposed by the Parties to the Nauru Agreement (PNA) during a meeting of the Western and Central Pacific Fisheries Commission (WCPFC) in 2011.
• The aim was to raise awareness about the importance of tuna and the challenges facing tuna populations, particularly in the Pacific regionwhere tuna fisheries are significant.
• In 2016, the United Nations General Assemblyofficially declared May 2 as World Tuna Day.
• Fiji ledthe resolution on behalf of the Pacific Small Island Developing States (PSIDS) and received support from more than 50 nations.

World Press Freedom Day 2024: May 3

• World Press Freedom Day is observed on 3 Mayevery year.
• This day is dedicated to the fundamental principles of press freedomand to defend the media from attacks on their independence.

World Press Freedom Day 2024: Theme

• The Theme of World Press Freedom Day 2024 is “A Press for the Planet: Journalism in the Face of the environmental crisis“.

World Press Freedom Day 2024: History

• World Press Freedom Day was established in 1993by the United Nations General Assembly following the recommendation of UNESCO’s General Conference in 1991.
• It was first celebrated in
• The day is intended to raise awareness of the importance of freedom of the press and to pay tribute to journalistswho have lost their lives in the line of duty.

Daily CA on May 03 : 

• In April 2024, Unified Payment Interface (UPI) transactions decreased by 0.7% in value and 1% in volume compared to March 2024.
• Capital markets regulator Securities and Exchange Board of India(SEBI) made the nomination optional for jointly-held mutual fund accounts in a bid to promote ease of doing business.
• Financial services platform Groww and digital payment processing company Worldline ePaymentshave secured a Reserve Bank of India (RBI) licence to operate as online payment aggregators.
• YES Bankhas partnered with Bengaluru-based financial services provider ANQ to launch two co-branded credit cards, Pi and Phi.
• Commercial Paper (CP) issuances by non-banking financial companies (NBFCs) reached ₹1.2-lakh croreduring January-March 2024, a four-and-a-half-year high since July-September 2019.
• The State Bank of India (SBI)has received government approval to divest its entire 25.02% stake in YES Bank, following the end of a lock-in period in March 2024.
• Air Marshal Nagesh Kapoor was appointed as the Air Officer Commanding-in-Chief (AOC-in-C) of the Training Command (TC) for the Indian Air Force (IAF).
• KVS Manian,joint Managing Director (MD) at Kotak Mahindra Bank, has stepped down from his position with immediate effect.
• The Defence Research and Development Organisation (DRDO)announced the successful flight test of the Supersonic Missile-Assisted Release of Torpedo (SMART) system from Dr APJ Abdul Kalam Island off the coast of Odisha.
• Paul Auster,the prolific American novelist behind the acclaimed “New York Trilogy,” has passed away at the age of 77.
• Encouraging creative minds, artists and upcoming talent, the Standing Conference of Public Enterprises (SCOPE) organized an Art Exhibition cum Painting Competition at SCOPE Social Interaction Centre (SSIC), SCOPE Complex, New Delhi, as part of Public Sector Day celebrations.
• Fertiliser major Iffco, which introduced nano liquid urea and nano liquid DAP, stated the central government has approved its two new products nano liquid zinc and nano liquid copper for the launch.

• The Directorate General of Civil Aviation (DGCA)has deregistered all 54 aircraft leased to the now-bankrupt airline Go First, according to officials.
• India was found to be the third biggest contributorwith close to 3 per cent share in global CO2 emissions from aviation, following China at 14 per cent and the United Arab Emirates (UAE) at more than 3 per cent.
• The Union health ministryhas made a notable change to the CoWIN certificates for Covid-19 vaccinations by removing the image of Prime Minister Narendra Modi.
• The Bengaluru-based Indian Institute of Astrophysics (IIA)has filmed the passing of the moon in front of Antares, a bright red star.
• The fertilizer subsidy in Fiscal Year 2023-24(FY24) has exceeded Revised Estimates (RE) by over ₹6,500 crore, latest government data
• The goods and services tax (GST)collections reached a record-breaking high of Rs 2.10 lakh crore in April 2024, marking a 12.4% increase from the previous year.
• The railwaysinked an agreement with a tech firm for “exploring and delivering” train collision avoidance system KAVACH implementation projects in India as well as other countries, according to a statement.The Memorandum of Understanding (MoU) for this purpose was signed between RailTel Corporation of India Limited and Quadrant Future Tek Limited.
• Australian all-rounder Shane Watsonrecently launched the book ‘The Winner’s Mindset’ which talks about how to get success even in the darkest period of life.
• Rashmi Kumarioutplayed Shainy Sebastian to clinch the women’s title in the 6th Asian carrom championship which concluded in Maldives.
• Adrian Newey,regarded as the greatest F1 designer and a chief architect of Red Bull’s dominance, is set to end his Red Bull stay in the “first quarter” of
• Gujarat Day or Gujarat Foundation Day or Gujarat Sthapana Divasis celebrated every year on 1 May.
• Maharashtra Day, celebrated on May 1stevery year, marks the creation of the state of Maharashtra in 1960.
• World Tuna Day, observed annually on May 2is dedicated to raising awareness about the critical importance of tuna conservation.
• World Press Freedom Day is observed on 3 May every year.