Daily Current Affairs March 03 & 04 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Financial Intelligence Unit-India imposes a penalty of Rs. 5,49,00,000 on Paytm Payments Bank Limited with reference to violations of its obligations under PMLA

• The Financial Intelligence Unit-India (FIU-IND), in furtherance of the powers conferred upon the Director FIU-IND under Section 13(2)(d) of the Prevention of Money Laundering Act (PMLA), 2002, has imposed a monetary penalty of 5,49,00,000 on Paytm Payments Bank Limited with reference to the violations of its obligations under the PMLA read with the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 (PML Rules) issued thereunder and applicable guidelines and advisories issued by the Director FIU-IND.
• The action comes just a month after the Reserve Bank of India (RBI) barred it from accepting deposits, credit transactions or top-ups,

Key Highlights :

• FIU-IND initiated a review of the Paytm Payments Bank Ltd on receipt of specific information from law enforcement agencies in respect of a few entities and their network of businesses engaged in a number of illegal acts, including organising and facilitating online gambling.
• Further, the money generated from these illegal operations, i.e. proceeds of crime were routed and channelled through bank accounts maintained by these entities with the Paytm Payments Bank Limited.

About FIU-IND :

• Founded : November 18, 2004
• Headquarters : New Delhi
• Financial Intelligence Unit-India (FIU-IND) is an organisation under the Department of Revenue, Government of India which collects financial intelligence about offences under the Prevention of Money Laundering Act, 2002.

Recent News :

• In Feb 2024, Paytm founder Vijay Shekhar Sharma resigned as part-time non-executive Chairman of Paytm Payments Bank Limited (PPBL) before the March 15 deadline to wind down its business.
• Sharma owns 51% in the payments’ bank, while One97 Communications owns 49%.

Off-Peak UPI Transactions in February Decline, Amounting to 18.28 Trillion

• After starting 2024 on a strong note, the Unified Payments Interface (UPI) saw transactions dip slightly in February but remain above December 2023 levels.

Key Highlights :

• Transactions worth ₹18.28-lakh crore were processed during February, nearly 1% lower than the peak of ₹18.41 lakh crore in January 2024.
• The value of transactions was 48% higher year-on-year, as per data by the National Payments Corporation of India (NPCI).
• The number of transactions on the UPI network decreased by 0.8% in February, totaling 1,210 crore transactions compared to 1,220 crore transactions in January.
• However, on a yearly basis, the volume of transactions increased by 61%, reflecting significant growth in UPI usage.
• Typically, transaction volumes and the transaction amount is lower in February due to the fewer number of days in the month.
• UPI transactions are expected to breach 100 crore transactions per day by FY27, as per a report by PwC India, which projects UPI to dominate the retail digital payments landscape, accounting for 90% of total transaction volumes over the next 5 years.

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.

State Bank of India Achieves Landmark of 500 Million Customers                   

• The State Bank of India (SBI), India’s largest public sector lender, announced that it has crossed the significant milestone of having over 50 crore customers, marking a monumental achievement for the bank.

Key Highlights :

• Social Media Announcement: SBI made the announcement via its social media channels, highlighting the milestone and the significance it holds for the bank.
• Chairman’s Acknowledgment: Upon reaching this milestone, Dinesh Khara, the Chairman of SBI, expressed gratitude to the bank’s customers for their trust and support.
• Market Valuation: In addition to the customer milestone, SBI surpassed IT giant Infosys to become the 5th most valued firm in the country by market valuation.
• Top 10 Most Valued Firms: SBI’s ascent in market valuation placed it among the top 10 most valued firms in India.
• The rankings included Reliance Industries at the top, followed by Tata Consultancy Services, HDFC Bank, ICICI Bank, SBI, Infosys, Life Insurance Corporation of India, Bharti Airtel, Hindustan Unilever, and ITC.

Government Establishes Panel Led by T V Somanathan to Conclude Uniform Know Your Customer Standards

• The government of India has formed an expert committee headed by Finance Secretary T V Somanathan to make its recommendations to bring out uniform Know Your Customer (KYC) norms.
• The committee comprises members from various ministries and regulatory bodies, reflecting a collaborative effort to address KYC standardization.
• The formation of the committee follows discussions at the Finance Stability and Development Council (FSDC) meeting on February 21, highlighting the imperative to simplify and digitize the KYC process in the financial sector.

Key Highlights :

• Purpose of KYC: KYC serves to verify an investor’s identity and address using documents such as PAN, Aadhaar card, passport, or driving license.
• It is mandatory under the Prevention of Money Laundering Act, 2002.
• Central KYC Records Registry (CKYCR): The government launched CKYCR in 2016 to streamline KYC processes across financial assets.
• However, its scope has been limited to the capital markets
• Simplified KYC for Securities Markets : In fact, while dealing in securities markets, once KYC is done through a Securities and Exchange Board of India (SEBI) registered intermediary such as a broker, depository participant or mutual fund, customers do not have to undergo the same process again for fresh investments.
• Functions of CKYCR : The CKYCR is a centralised repository of KYC records of customers in the financial sector with uniform KYC norms and inter-usability of the KYC records.
• The government authorised the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) to perform the functions of the CKYCR.
• This centralised registry receives, stores, safeguards and retrieves the KYC records of a customer in a digitally secure electronic format.
• KYC Identification Number : Once the information is registered, customers will receive a 14-digit KYC Identification Number that can be used at any financial institution registered with CERSAI.

Major Financial Institutions Mandated to Disclose Climate Change Risk Management Frameworks by Fiscal Year 2026                          

• Banks and large finance companies are mandated to disclose their governance, strategy, and risk management structures to address climate change risks by Fiscal Year 2026 (FY26).

Key Highlights :

• Draft Disclosure Framework: The central bank has released a draft disclosure framework titled “Disclosure Framework on Climate-related Financial Risks, 2024.”
• This framework provides guidelines for disclosing climate-related financial risks and includes definitions for key terms.
• Applicability: The framework applies to various financial institutions, including scheduled commercial banks, urban cooperative banks, financial institutions, non-banking financial companies, and foreign banks operating in India.
• Foreign Banks Requirement: Foreign banks operating in India are required to make specific disclosures related to their operations in the country.
• Mandatory Adoption: Larger banks listed in the document are mandated to adopt the guidelines, while others have the option to voluntarily adopt them.
• Risk Management Disclosures: The framework includes risk management disclosures, which involve assessing climate-related financial risks such as credit, market, liquidity, and operational risks.
• Assessment Methodologies: It encompasses methodologies for evaluating the impact of climate-related risk drivers on credit risk management systems, market risk positions, liquidity risk profiles, and operational risk.
• Disclosure Targets: Starting from FY28, regulated entities must disclose targets for mitigating and adapting to climate-related financial risks, along with metrics used to measure progress.
• Regulated Entities (REs): REs include commercial banks (excluding Local Area Banks, Payments Banks, and Regional Rural Banks), certain primary (Urban) cooperative banks, All India Financial Institutions (e.g., EXIM Bank, NABARD, NaBFID, NHB, and SIDBI), and all large non-banking financial companies (NBFCs).
• Regulatory Authority : The Reserve Bank of India (RBI), being satisfied that it is necessary and expedient in the public interest so to do, has issued these guidelines in exercise of the powers conferred by Sections 21 and 35A of the Banking Regulation Act, 1949 read with Section 56 of the Banking Regulation Act, 1949; Chapter IIIB of the Reserve Bank of India Act, 1934; and Sections 30A, 32 and 33 of the National Housing Bank Act, 1987.
• Thematic Pillars of Disclosure: REs are required to disclose key information under 4 thematic pillars: Governance, Strategy, Risk Management, and Metrics and Targets.

CURRENT AFFAIRS: NATIONAL NEWS

Union Minister Mansukh Mandaviya inaugurates Greenfield projects under the PLI Scheme for bulk medications and medical devices.

• Union Minister for Chemicals and Fertilizers Dr Mansukh Mandaviya inaugurated the Greenfield Projects under the Production Linked Incentive Scheme-PLI Scheme for Bulk Drugs and Medical Devices at a function in New Delhi.
• Under it, a total of 51 plants were inaugurated out of which 22 are for bulk drugs and 39 are related to the manufacturing of various kinds of medical devices.
• In these plants, the bulk drugs being produced include Levofloxacin, Ofloxacin, Telmistran, Vitamin B6 and Diclofenac Sodium among others.
• While the medical devices that are being manufactured include CT Scan and MRI, Cath Lab and Ultrasonography, Oxygen Concentrators, Intensive Care Ventilators, Dialysis Machines and Stents.
• Implementing the PLI scheme worth 30 thousand crore rupees for setting up bulk drug parks under which 3 bulk drug parks and 4 medical devices parks are being set up in Himachal Pradesh, Gujarat and Andhra Pradesh.

Prime Minister dedicated to the country and established the groundwork for several development projects in Aurangabad, Bihar, valued at Rs 21,400 crores.

• The Prime Minister, Shri Narendra Modi dedicated to the nation and laid the foundation stone for multiple development projects worth Rs 21,400 crores in Aurangabad, Bihar.
• The development projects include the sectors of road, railway and Namami Gange among others.
• The Prime Minister also took a walkthrough of the photo gallery.

Background

• The Prime Minister inaugurated and laid the foundation stone for several National Highway projects worth more than Rs 18,100 crores.
• The projects that will be inaugurated include a 63.4 km long two-lane with paved shoulder Jaynagar-Narahia section of NH-227; section of six lane Patna ring road from Kanhauli to Ramnagar on NH-131G; a 3.2 km long second flyover parallel to existing flyover in Kishanganj town; four laning of 47 km long Bakhtiyarpur-Rajauli; and four laning of 55 km long Arra – Parariya section of NH–319.

CURRENT AFFAIRS : STATE NEWS

Uttar Pradesh Becomes First State to Issue 5 Crore Ayushman Cards under Ayushman Bharat Pradhan Mantri Jan Arogya Yojana

• Uttar Pradesh (UP) has emerged as the first State in the country to issue 5 crore Ayushman cards under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY).

Key Highlights :

• Ayushman Card Distribution : The UP government has issued a total of 50,017,920 Ayushman cards, benefiting 74,382,304 individuals across the state.
• Hospital Participation:The scheme encompasses 3,716 hospitals in Uttar Pradesh, ensuring a wide network of healthcare facilities for beneficiaries.
• Health Claims and Settlement:A total of 3,481,252 health claims have been filed under Ayushman Bharat in the state.
• Out of these, 3,275,737 claims have been settled, achieving a high settlement rate of 92.48%.
• Role of Stakeholders:The achievement is attributed to the continuous support of the National Health Authority and the dedication of grassroots workers such as Panchayat assistants, ANMs, medical officers, ASHAs, and other healthcare workers.
• Impact on Healthcare Access:The issuance of Ayushman cards and the efficient functioning of the scheme have led to a significant increase in the number of patients receiving free treatment daily.
• Previously, the average daily admission of patients under the scheme was 2,000, which has now surged to around 8,000 per day, indicating improved healthcare access for the underprivileged.

About AB-PMJAY :

• Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) – was launched in September 2018 with the aim of providing secondary and tertiary care services to the vulnerable population in society.
• Insurance Coverage:The scheme offers medical coverage of 5 lakh per family per year for secondary and tertiary care hospitalisation to poor and vulnerable families.
• Coverage Population:AB-PMJAY covers nearly 40% of the population, targeting the poorest and most vulnerable segments.
• Insurance Benefit:Every eligible family under the scheme receives Rs. 5 lakh insurance coverage per year.
• Health Benefit Packages:Health Benefit Packages provided under the scheme cover a range of services including surgery, medical and day care treatments, as well as the cost of medicines and diagnostics.
• Implementing Body:The National Health Authority (NHA) is the apex body responsible for implementing India’s flagship public health insurance/assurance scheme – Ayushman Bharat Pradhan Mantri Jan Arogya Yojana.
• Continuum of Care Approach:Ayushman Bharat adopts a continuum of care approach consisting of two inter-related components: Health and Wellness Centres (HWCs) and Pradhan Mantri Jan Arogya Yojana (PM-JAY).
• Scale of the Scheme:PM-JAY is the world’s largest health insurance/assurance scheme fully financed by the government, covering a wide range of medical services and expenses.
• Pre and Post-Hospitalization Coverage:PM-JAY covers up to 3 days of pre-hospitalization and 15 days post-hospitalization expenses, including diagnostics and medicines.

About UP :

• Governor : Anandiben Patel
• Chief Minister : Yogi Adityanath
• Capital : Lucknow
• National Park : Dudhwa National ParkWildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary

Chapchar Kut Festival Celebrated with Traditional Zeal Across Mizoram

• Mizoram’s biggest festival Chapchar Kut celebrated with traditional enthusiasm and joy across the state.
• On the occasion, thousands of people gathered at the Assam Rifles Ground-Lammual in Aizawl.

About the Festival :

• The festival showcased the traditional and cultural richness of the Mizo community through the performance of songs and cultural dances.
• This festival is celebrated every year on the first Friday of the month of March.
• At the beginning of the year, Chapchar Kut is celebrated to thank God after the completion of the most difficult task of jhum cultivation – clearing the forest.
• Chief Minister Lalduhoma stated that the age-old tradition of rendering selfless service to others–“Mizo Tlawmngaihna”–is a cornerstone of Mizo society.
• Chapchar Kut has been celebrated since ancient times and in the olden days, it was celebrated for days and weeks.

About Mizoram :

• Governor : Kambhampati Hari Babu
• Chief Minister : Lalduhoma
• Capital : Aizawl
• National Park : Murlen National Park, Phawngpui National Park
• Wildlife Sanctuary : Khawnglung Wildlife Sanctuary, Lengteng Wildlife Sanctuary, Thorangtlang Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

In February 2024, India’s GST revenue climbed by 12.5% to 1.68 lakh billion rupees.

• A total of one lakh 68 thousand 337 crore rupees gross GST revenue has been collected during February
• This marks a robust 12.5 percent increase compared to that in the same month last year.
• This growth was driven by a 13.9 per cent rise in GST from domestic transactions and an 8.5 percent increase in GST from the import of goods.
• GST revenue net of refunds for February this year is 1.51 lakh crore rupees which is a growth of 13.6 percent over that for the same period last year.
• As of February this year, the total gross GST collection for the current fiscal year stands at 18.40 lakh crore rupees, which is 11.7 percent higher than the collection for the same period in 2022-23.
• The average monthly gross collection for 2023-24 is 1.67 lakh crore rupees, exceeding the 1.5 lakh crore rupees collected in the previous year’s corresponding period.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

RBI Approves Appointment of S Ravindran as Part-Time Chairman of Tamilnad Mercantile Bank                       

• The Reserve Bank of India (RBI) has approved the appointment of S Ravindran as the part-time chairman of Tuticorin-based Tamilnad Mercantile Bank (TMB).
• This appointment is effective from February 29, 2024, and extends till August 2, 2026.
• Prior to assuming charge as part-time chairman of the bank, he has to step down from the directorships in Shriram Finance and Bandhan AMC
• The position of non-executive part-time chairman at TMB had been vacant since February 2, 2020, following the departure of Annamalai.
• TMB had previously recommended Vijayadurai for the chairman role on August 20, 2022, but the proposal was not approved by the RBI.

About  S Ravindran :

• S Ravindran has served in various capacities at the Securities and Exchange Board of India (SEBI) from March 1993 to May 2022.
• He was also an advisor to the Central Bank of Bahrain on deputation from Sebi from January 2005 to January 2010 wherein he drafted and implemented Bahrain’s securities market/ regulatory framework in line with international standards and enabled Bahrain to enter into a multilateral MOU with the International Organization of Securities Commissions (IOSCO).
• He has an extensive work experience of 29 years at the Securities and Exchange Board of India (SEBI), where he served as the executive director from August 2011 to May 2022.
• He also functioned as the SEBI nominee on the governing boards of stock exchanges.
• Currently, Mr. Ravindran is an independent director on the boards of NSE, LTIDPL Invit Services, Shriram Finance and Bandhan AMC.

About Tamilnad Mercantile Bank :

• Founded : 1921 as the Nadar Bank, but changed its name to Tamilnad Mercantile Bank in November 1962
• Headquarters : Thoothukudi, Tamil Nadu, India
• Tagline : Be a Step ahead of Life

CURRENT AFFAIRS : DEFENCE NEWS

India-Malaysia Conduct Bilateral Maritime Exercise ‘Samudra Laksamana’

• The Indian Navy and the Royal Malaysian Navy are participating in the 3rd edition of bilateral exercise ‘Samudra Laksamana’ from 28 Feb – 02 Mar 24 at/ off Visakhapatnam.
• Aim : To strengthen bonds and enhance interoperability between the Indian and Royal Malaysian Navy.
• Participants : Indian Naval Ship Kiltan and Royal Malaysian Ship KD Lekir are participating in the exercise which has harbour professional interactions followed by the operational phase at sea.
• At harbour, crew of both ships will have various professional interactions, Subject Matter Expert Exchange on topics of mutual interest, sports fixtures, and other interactions.
• These interactions are aimed to enhance knowledge base, share best practices and further cooperation on maritime aspects.
• During sea phase, units would be jointly honing skills while conducting various operations at sea.

About INS Kiltan :

• INS Kiltan (P30) is an anti-submarine warfare corvette of the Indian Navy built under Project 28.
• It is the third of four Kamorta-class corvettes.
• The ship was built by the Garden Reach Shipbuilders and Engineers (GRSE), Kolkata, launched on 26 March 2013, and commissioned on 16 October 2017.

About Ministry of Defence :

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

Defence Research & Development Organisation Achieves Successful Flight Test of Very Short Range Air Defence System              

• Defence Research & Development Organisation (DRDO) conducted two successful flight tests of Very Short-Range Air Defence System (VSHORADS) missile from a ground based portable launcher off the coast of Odisha from Integrated Test Range, Chandipur.
• These tests were carried out against high speed unmanned aerial targets under different interception scenarios.
• During all the test flights, the targets were intercepted and destroyed by the missiles, meeting the mission objectives.

About VSHORADS :

• VSHORADS is a fourth generation man-portable air-defence system designed and developed indigenously by Research Centre Imarat (RCI) in collaboration with other DRDO laboratories and Indian industry partners.
• Technological Features : VSHORADAS missile incorporates many novel technologies including miniaturized Reaction Control System (RCS) and integrated avionics which have been successfully proven during the tests.
• The missile is propelled by a dual thrust solid motor and meant for neutralizing low altitude aerial threats at short ranges.
• Optimized Design : The design of the missile including launcher has been highly optimized to ensure easy portability.
• Range and Capabilities : The VSHORADS missile has a range of up to 6 kilometers, making it suitable for engaging aerial threats in close proximity.
• Witnesses and Participants:The flight test was witnessed by officials of the Indian Army, senior scientists from various DRDO laboratories, and industry partners.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Newly Identified Moons: Discovery of Three Previously Unseen Moons Orbiting Neptune and Uranus

• Astronomers have made a remarkable discovery in our solar system, identifying three previously unknown moons.
• Two of these newly found moons are orbiting Neptune, while the other is encircling Uranus.

Key Highlights :

• Revelation by International Astronomical Union (IAU) : The International Astronomical Union’s Minor Planet Center revealed the discovery, adding to humanity’s understanding of our cosmic neighbourhood.
• Expansion of Knowledge : The newfound moons have expanded our knowledge of the moons around Neptune and Uranus, bringing the totals to 16 and 28, respectively.
• Unique Characteristics : Among Neptune’s new additions, one moon stands out for its unusually long orbital journey, taking approximately 27 years to complete a single lap around the icy giant.
• The newly discovered moon orbiting Uranus is provisionally named S/2023 U1 but will eventually be bestowed a name from a character in a Shakespeare play, aligning with the planet’s tradition. With a diameter of about 8 kilometres, it completes an orbit around Uranus every 680 Earth days.
• Naming Tradition : Uranus’s new moon will eventually be given a name from a character in a Shakespearean play, aligning with the planet’s naming convention.
• Neptune’s latest addition, currently known as S/2021 N1, is awaiting an official name from Greek mythology

CURRENT AFFAIRS: MOU AND AGREEMENT

The centre strikes an agreement with the Tripura government, the TIPRA Motha party and other parties involved to peacefully settle all of the concerns about the indigenous people of Tripura.

• A tripartite agreement was signed between the Centre, the State government of Tripura and the Indigenous Progressive Regional Alliance, popularly known as Tipra Motha and other stakeholders, in New Delhi.
• Union Home Minister Amit Shah, Tripura Chief Minister Manik Saha, Tipra Motha supremo Pradyot Debbarma and other senior leaders attended the meeting.
• Under the pact, it was agreed to amicably resolve all issues of the indigenous people of Tripura relating to history, land and political rights, economic development, identity, culture and language.
• It was agreed to constitute a Joint Working Group to work out and implement the mutually agreed points in a time-bound manner to ensure an honourable solution.
• In order to maintain a conducive atmosphere for the implementation of the pact, all stakeholders shall refrain from resorting to any form of protest.

Coal India Limited Signs MoU with Indian Institute of Management (IIM) to boost PM’s mission Gati Shakti

• Coal India Limited (CIL) has entered into a Memorandum of Understanding (MoU) with the Indian Institute of Management (IIM) Mumbai and IIM Sambalpur.
• The partnership aims to align coal transportation infrastructure with the ambitious PM Gati Shakti National Master Plan 2021, enhancing multimodal connectivity across the country.
• Under this initiative, a one-year PGP-Ex programme in “Logistics and Operations Excellence through Digitisation” is to be conducted for the Executives of Coal India, serving in MCL and other subsidiaries.

CURRENT AFFAIRS: SPORTS NEWS

India takes the top place in the standings of the ICC World Test Championship.

• The Indian Men’s Cricket Team has reached on top in the World Test Championship (WTC) standings, replacing New Zealand in the latest rankings issued.
• The International Cricket Council (ICC) updated their WTC points table, in which India moved to the top of the points table, following Australia’s victory over New Zealand in the Wellington Test.
• India is currently leading the five-match test series against England 3-1, and a win in the final match of the series will further strengthen their position in the WTC points table.
• The two-time ICC World Test Championship finalists are looking in great form in Test Cricket after they registered three consecutive victories against England in the ongoing series under the captaincy of Rohit Sharma.

CURRENT AFFAIRS: IMPORTANT DAYS

World Wildlife Day: 3rd March

• World Wildlife Day 2024 is celebrated on March 3rd, 2024.
• The 2024 theme, “Connecting People and Planet: Exploring Digital Innovation in Wildlife Conservation”.
• It commemorates the day of the signature of the Convention on International Trade in endangered species of wild fauna and flora. World Wildlife Day 2024 is a great opportunity to celebrate many beautiful and various flora and fauna species.
• Thailand proposed World Wildlife Day in the General Assembly of the UN on December 20, 2013, to create awareness among people about Worlds’ Wild animals and plants.
• The United Nations General Assembly (UNGA) declared March 3, at its 68th session the day of the adoption of the Convention on International Trade in Endangered Species of Wild Fauna and Flora(CITES).

World Hearing Day 2024: 3rd March

• World Hearing Day is announced to be celebrated on March 3rd, 2024.
• It is observed to raise public awareness about how to avoid deafness and hearing impairment, as well as to support ear and hearing care around the world.
• In the late 1816 Laurent Clerc helped to establish the earliest-recorded permanent institution for deaf students in the U. S.
• In 1870 Hearing educators eliminated sign language and agreed to embrace oral teaching at the Second International Congress on Deaf Education in Milan, Italy.
• The World Health Organisation (WHO) created a holiday to raise awareness to avoid deafness in 2007 and the holiday was renamed from International Ear Care Day to World Hearing Day in 2016.

National Safety Day: 4th March

• National Safety Day 2024 is celebrated on March 4th, 2024.
• To create awareness about the importance of all guidelines like safety, workplace safety, and the safety of human health and the environment the National Safety Day 2024 is celebrated every year on 4th March.
• In 1965, a decision was taken to set up national and state-level Safety Councils by the Ministry of Labour and Employment and the Standing Labour Committee’s session approved this in February 1966.
• On March 4, 1966, the National Safety Council of India (NSC) was registered by the Ministry of Labour and Employment.
• Then the council was registered under the Society Registration Act of 1860 and the idea behind this council was to create the SHE campaign.
• The SHE campaign stands for the safety, health, and environmental movement.
• The foundation day of the National Safety Council was decided to observe as National Safety Day in 1972.
• It was also decided to celebrate it as a National Safety Week (NSW) Campaign that will last for one week.

Daily CA One- Liner: March 3 & 4

• The Union Minister for Chemicals and Fertilizers Dr Mansukh Mandaviya inaugurated the Greenfield Projects under the Production Linked Incentive Scheme-PLI Scheme for Bulk Drugs and Medical Devices at a function in New Delhi
• The Prime Minister, Shri Narendra Modi dedicated to the nation and laid the foundation stone for multiple development projects worth Rs 21,400 crores in Aurangabad, Bihar
• A total of one lakh 68 thousand 337 crore rupees gross GST revenue has been collected during February
• A tripartite agreement was signed between the Centre, the State government of Tripura and the Indigenous Progressive Regional Alliance, popularly known as Tipra Motha and other stakeholders, in New Delhi.
• Coal India Limited (CIL) has entered into a Memorandum of Understanding (MoU) with the Indian Institute of Management (IIM) Mumbai and IIM Sambalpur.
• Indian Men’s Cricket Team has reached on top in the World Test Championship (WTC) standings, replacing New Zealand in the latest rankings issued
• The Financial Intelligence Unit-India (FIU-IND), in furtherance of the powers conferred upon the Director FIU-IND under Section 13(2)(d) of the Prevention of Money Laundering Act (PMLA), 2002, has imposed a monetary penalty of 5,49,00,000 on Paytm Payments Bank Limited with reference to the violations of its obligations under the PMLA read with the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 (PML Rules) issued thereunder and applicable guidelines and advisories issued by the Director FIU-IND.
• After starting 2024 on a strong note, the Unified Payments Interface (UPI) saw transactions dip slightly in February but remain above December 2023 levels.
• The State Bank of India (SBI), India’s largest public sector lender, announced that it has crossed the significant milestone of having over 50 crore customers, marking a monumental achievement for the bank.
• The government of India has formed an expert committee headed by Finance Secretary T V Somanathan to make its recommendations to bring out uniform Know Your Customer (KYC) norms.
• Banks and large finance companies are mandated to disclose their governance, strategy, and risk management structures to address climate change risks by Fiscal Year 2026 (FY26).
• Uttar Pradesh (UP) has emerged as the first State in the country to issue 5 crore Ayushman cards under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY).
• Mizoram’s biggest festival Chapchar Kut celebrated with traditional enthusiasm and joy across the state.
• The Reserve Bank of India (RBI) has approved the appointment of S Ravindran as the part-time chairman of Tuticorin-based Tamilnad Mercantile Bank (TMB).
• The Indian Navy and the Royal Malaysian Navy are participating in the 3rd edition of bilateral exercise ‘Samudra Laksamana’ from 28 Feb – 02 Mar 24 at/ off Visakhapatnam.
• Defence Research & Development Organisation (DRDO) conducted two successful flight tests of a Very Short-Range Air Defence System (VSHORADS) missile from a ground-based portable launcher off the coast of Odisha from Integrated Test Range, Chandipur.
• Astronomers have made a remarkable discovery in our solar system, identifying three previously unknown moons.
• World Wildlife Day 2024 is celebrated on March 3rd, 2024.
• World Hearing Day is announced to be celebrated on March 3rd, 2024.
• National Safety Day 2024 is celebrated on March 4th, 2024.