Daily Current Affairs March 23 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Establishes Omnibus Framework for Recognizing Self-Regulatory Organizations for Regulated Entities

• The Reserve Bank of India (RBI) had finalised the Omnibus Framework for recognising Self-Regulatory Organisations (SRO) for its Regulated Entities (REs).

Key Highlights :

• Separate SROs for Each Sector:Each sector of the regulated entities (RE) including fintechs will have a separate SRO and with the finalisation of the framework the RBI will receive applications from various entities seeking to get SRO status.
• Contents of Omnibus Framework :The omnibus framework contains broad parameters viz., objectives, responsibilities, eligibility criteria, governance standards, application process and other basic conditions for grant of recognition, which will be common for any SRO proposed to be recognized by the Reserve Bank.
• Other sector-specific guidelines like number of SROs, membership, etc., shall be issued separately by the respective departments of the Reserve Bank wherever a sectoral SRO is intended to be set up.
• Previous Announcement : The announcement regarding the development of the Omnibus Framework was made in the Statement on Developmental and Regulatory Policies of the Reserve Bank as part of its Monetary Policy Statement for the year 2023-24, issued on October 6, 2023.
• A draft framework titled ‘Draft Omnibus Framework for Recognizing Self-Regulatory Organizations for its Regulated Entities’ was released for public comments on December 21, 2023.

What is an SRO?

• An SRO is a non-governmental organisation that sets and enforces rules and standards relating to the conduct of entities in the industry (members) with the aim of protecting the customer and promoting ethics, equality, and professionalism.
• These typically collaborate with all stakeholders in framing rules and regulations.

What are the functions of an SRO?

• The recognised SRO will serve as a two-way communication channel between its members and the RBI.
• It will work towards establishing minimum benchmarks and standards and help instil professional and healthy market behaviour among its members.
• These will impart training to the staff of its members and others and will conduct awareness programmes.
• It will establish a uniform grievance redressal and dispute management framework across its members.

About RBI :

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

Income Tax Department Levies Rs 103.63 Crore Penalty on Tata Chemicals                       

• The Income Tax Department has imposed a penalty of Rs 103.63 crore on Tata Chemicals for violation related to disallowance of interest.
• The penalty has been imposed under Section 270A of the Income Tax Act for disallowance of interest under section 36(1)(iii) of the Act.
• Based on the merits of the matter, prevailing law and the advice of the counsel, Tata Chemicals said it is planning to appeal against this order before the National Faceless Appeal Centre (appellate authorities).

About Income Tax Department :

• The Income Tax Department is a government agency undertaking direct tax collection of the government of India.
• It functions under the Department of Revenue of the Ministry of Finance.
• It is headed by the apex body Central Board of Direct Taxes (CBDT).

SEBI Orders Association of Mutual Funds in India to Halt Investments in Mutual Funds’ Overseas Schemes Starting from April 1,2024  

• Capital market regulator Securities and Exchange Board of India (SEBI) has directed the Association of Mutual Funds to stop inflows into overseas exchange traded funds (ETF) from April 1, 2024 as it is approaching the overall limit of $1 billion set by the Reserve Bank of India (RBI).
• In January 2022, SEBI stopped mutual fund houses from taking fresh subscriptions in schemes investing in overseas stocks.
• After the recent fall in the overseas market, it eased with the strict overall industry cap of $7 billion.
• SEBI has also directed mutual funds to value the utilisation of overseas investment limits based on the cost of acquisition and not as per current market valuation of the investment.

Key Highlights :

• Investment Avenues : The mutual fund industry has overseas schemes which invest directly in overseas markets and the other avenue is through overseas exchange-traded funds (ETFs), which subscribe into schemes managed by foreign fund houses.
• Current Scenario : Presently, there are 77 mutual fund schemes in India that invest overseas.
• Industry Representation: Both AMFI and individual fund houses have appealed to RBI and SEBI to raise the overseas investment limits, allowing investors to diversify their investments and capitalize on developed market rallies.
• Outdated Limits: The current overseas investment limit for the mutual fund industry was set in 2007-08, despite significant growth in India’s forex reserves from $300 billion to $600 billion, making a revision necessary.

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 body for securities and commodity markets in India under the ownership of the Ministry of Finance, GoI.

International Monetary Fund to Disburse $1.1 Billion from Bailout Fund to Pakistan

• Pakistan and the International Monetary Fund (IMF) reached a preliminary agreement for the release of $1.1 billion from a $3 billion bailout following days long talks in Islamabad.
• Under the deal, Pakistan will receive the final tranche from the bailout that was approved by the IMF in July to save the nation from defaulting on its debt repayments.
• The announcement came after talks between the IMF and the new government of Prime Minister Shehbaz Sharif concluded in Islamabad.
• Pakistan signed the latest short-term agreement last year to overcome one of the worst economic crises in its history that had raised fears the South Asian Islamic nation could default on the payment of foreign debts.
• The $3 billion bailout was signed by Sharif, who replaced former Premier Imran Khan after a no-confidence vote in parliament.
• Sharif was again elected the country’s premier this month following Feb. parliamentary elections.

What is the meaning of bailout?

• Bailout is a general term for extending financial support to a company or a country facing a potential bankruptcy threat.
• It can take the form of loans, cash, bonds, or stock purchases.
• A bailout may or may not require reimbursement and is often accompanied by greater government oversight and regulations.

About IMF :

• Headquarters : Washington, D.C., United States
• Managing Director : Kristalina Georgieva
• Membership : 190 countries (189 UN countries and Kosovo)

Merchant Discount Rate Continues to Stifle Growth of RuPay Credit Cards  

• Despite efforts from the government and the Reserve Bank of India (RBI), the adoption of Unified Payments Interface (UPI)-linked RuPay credit cards among merchants remains low.

What is Merchant Discount Rate (MDR):

• The MDR is a fee charged by banks for processing transactions.
• The fee is usually a percentage of the total transaction amount and is used to cover the costs associated with processing payments.
• The MDR is typically between 1% and 3%.
• MDR charges are expressed as a percentage of the transaction amount.

Key Highlights :

• Challenges in Adoption:The lacklustre growth of UPI-linked RuPay credit cards is attributed to an understanding gap between merchants, banks, and credit cardholders.
• Despite the presence of 13 banks and 15 payment service providers offering the feature, the problem persists.
• RBI’s Directive:The RBI directed card issuers to provide customers with the option to choose from multiple networks at the time of issuance to address the adoption issue.
• Uptick in Demand: The RBI’s notification came at a time when there has been an uptick in demand for RuPay credit cards in tier II, III and IV cities and towns.
• A report by fintech platform ZET suggests that the demand grew 37% quarter-on-quarter in July-September across 706 towns and cities.
• Interchange Fees Announcement:On October 4, 2023, the National Payments Corporation of India (NPCI) announced interchange fees for RuPay-UPI transactions, exempting small merchants for transactions worth less than ₹2,000.
• Current MDR Structure : Currently, an MDR of 2% is levied on UPI-linked RuPay credit card transactions.
• Of this, 1.5% goes towards the card issuing bank while the remaining is shared between the card network and the merchant acquiring bank.

Fintech Loan Volume Surges by 46% in Third Quarter (Q3): Report

• Fintech Association for Consumer Empowerment (FACE), an industry body for digital lenders, stated that in the 9th edition of its FACETS report that its member companies disbursed loans amounting to ₹33,922 crore in the third quarter of financial year 2024, which is a 46 per cent year-on-year (Y-o-Y) increase from Q3 FY23.

Key Highlights :

• Loan Volume Growth: The number of loans disbursed in Q2 FY24 increased by 12% year-on-year, reaching approximately 2.5 crore loans, compared to 17.5 million loans in Q2 FY23.
• Gender Distribution:According to the report, 12% of loans disbursed during April to December 2023 went to women.
• Women account for barely a third of the workforce, and even less at the leadership level.
• Member Companies and Data Analysis: The report analyzed disbursement data from 37 member companies.
• The average loan ticket size was Rs 11,945, and total assets under management in the fintech industry were reported at Rs 41,220 crore.
• NBFC Exposure and Profitability: Companies with non-banking financial companies (NBFCs) reported that 76% of assets under management were on-balance exposure.
• Around 80% of the companies, based on data from 28 members, were profitable.
• Adaptation to Market Conditions: The report highlighted that FACE members are adapting well to market conditions, as evidenced by the scale of loan disbursements and consumer trust in digital loans.
• Future Projections: The industry is aiming for a remarkable milestone of disbursing 10 crore loans in FY24.

CURRENT AFFAIRS: NATIONAL NEWS

Centre likely to notify MGNREGS wage revision, calls it ‘routine’ exercise

• The Rural Development Ministry may notify revision in wage rates under the Mahatma Gandhi National Rural Employment Guarantee Scheme and it has received a clearance from the Election Commission as the poll code is in force.
• Though ministry officials refused to comment on the issue because of the model code of conduct (MCC) being in place after the announcement of the Lok Sabha poll schedule, they said it is a “routine” matter and that ministries approach the EC for clearances when the model code is in place.
• According to a source, the changes in rates are to be notified for the upcoming financial year starting April 1.
• The Centre determines wages under the flagship scheme under sub-section (1) of section 6 of the Mahatma Gandhi National Rural Employment Guarantee Act, 2005, which says the Central Government may, by notification, specify the wage rate for its beneficiaries.
• Bihar and Jharkhand came second in terms of percentage increase in wages, with the rates being hiked by around eight per cent compared to 2022.
• In 2022, the wages of an MNREGA worker in these two states was Rs 210, which was increased to Rs 228 in 2023.

CURRENT AFFAIRS ; APPOINTMENTS & RESIGNATIONS

Central Bank of India chief executive M V Rao elected as Chairman of Indian Banks’ Association  

• During the IBA’s managing committee meeting, the Indian Banks’ Association (IBA) has elected M V Rao, Managing Director (MD) and Chief Executive Officer (CEO) of the Central Bank of India, as its new Chairman for the term 2023-24.
• Rao will replace Atul Goel, MD & CEO of Punjab National Bank

Other Appointments :

• Dinesh Kumar Khara, Chairman of State Bank of India (SBI), will continue as one of the three Deputy Chairman of IBA.
• Meanwhile, Indian Bank Managing Director and Chief Executive SL Jain, and City Union Bank Managing Director and Chief Executive N Kamakodi are elected as the other two deputy chairmen of the lobby group.
• Madhav Nair, Country Head and CEO, Bank of Bahrain and Kuwait, would be Honorary Secretary of the Association.
• Nair, who previously served as Deputy Chairman, has been a member of the management committee since 2016.
• In March 2024, the IBA and bank unions had signed the 9th joint note and the final 12th bipartite settlement agreement which will lead to employees of public sector banks to receive a 17 per cent wage hike.

About IBA :

• The IBA, formed on (26 September 1946), is an unregistered, voluntary association of like-minded banks and individuals in India, an representative body of Indian banks and financial institutions based in Mumbai.

Naveen Jindal Assumes Presidency of the Indian Steel Association              

• Naveen Jindal, Chairman of Jindal Steel and Power, has been unanimously elected as the President of the Indian Steel Association (ISA) by the apex committee, which is the governing body of the ISA.
• He succeeds Dilip Oommen, CEO of ArcelorMittal Nippon Steel India.
• Role and Responsibilities : As President of the ISA, Naveen Jindal will be responsible for shaping the policies and strategies for the Indian steel industry.
• Recent past Presidents of ISA include Sajjan Jindal, CMD of JSW Steel and V. Narendran MD and CEO Tata Steel.

About Naveen Jindal :

• Naveen Jindal, is a well- known Indian Industrialist and Philanthropist.
• He is the Chairman of Jindal Steel & Power (JSP), India’s leading Industrial conglomerate with interests in steel, mining and infrastructure sector.
• He was also elected twice to Indian Parliament where he served as a Parliamentarian for 10 years.

About ISA :

• ISA serves as the apex body representing the interests of Indian steel producers.
• It plays a crucial role in promoting the growth and development of the steel industry in India and addressing sector-related challenges.

Nandini Assumes Chairperson Role as New Office Bearers Announced for CII Southern Region 2024-25                     

• R Nandini, Managing Director (MD), Chandra Textiles Private Limited, has taken over as the Chairperson of CII Southern Region for the year 2024-25.

Other Appointment :

• Thomas John Muthoot, Chairman & Managing Director, Muthoot Fincorp Limited, has taken over as the Deputy Chairman of CII Southern Region for 2024-25.

About R Nandini :

• Nandini previously served as the Deputy Chairperson of CII Southern Region in 2023-24.
• She also held the position of Past Chairperson of CII Tamil Nadu State Council in 2010-11.
• Additionally, she serves as a Director on the Board of Cognizant Foundation, the CSR arm of Cognizant Technology Solutions.
• She is also an Independent Director on the board of Tamil Nadu Industrial Development Corporation Ltd (TIDCO) and has been a past member of the Board of Governors of NIT, Tiruchirappalli.

Nissan Motor India Appoints Saurabh Vatsa as Managing Director                              

• Nissan Motor India has elevated its Deputy Managing Director (DMD ) Saurabh Vatsa as Managing Director from April 1, 2024 as the present incumbent Rakesh Srivastava retires on March 31, 2024.
• Earlier, Mr. Vatsa was appointed as DMD on January 15, 2024.
• As Managing Director, Saurabh Vatsa will report to Frank Torres, who serves as the President of Nissan India Operations and Region Divisional Vice President of Business Transformation (AMIEO).

About Nissan Motor India :

• Founded : 2005
• Headquarters : Chennai, Tamil Nadu
• Nissan Motor India Pvt Ltd is the Indian subsidiary of Nissan Motor Company of Japan.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

AgniKul Cosmos postpones maiden rocket launch due to ‘technical issue’                            

• Agnikul Cosmos, the Indian Institute of Technology (IIT)-Madras incubated startup, has postponed its maiden rocket launch due to a ‘technical issue’.
• The Chennai-headquartered company had initially scheduled the launch of the mission ‘Agnibaan SOrTeD’ (Sub Orbital Technology Demonstrator) for March 22, 2024.
• The launch was planned to take place from its private launch pad located within the campus of ISRO at Sriharikota in Andhra Pradesh, approximately 100 km from Chennai.
• The Agnibaan SOrTeD mission is described as an innovative, single-stage Sub-Orbital Technology Demonstrator.

About Agnikul Cosmos Private Limited :

• Agnikul Cosmos Private Limited was incubated at the Indian Institute of Technology – Madras (IIT-Madras).
• It builds dedicated, fully customizable & transportable launch vehicles for small satellites to Low Earth Orbits (LEO) called Agnibaan.

Unique Features of Agnibaan : 

• The launch vehicle- Agnibaan is powered by a single-piece 3D-printed engine that can be made in 72 hours without any human intervention.
• It is compatible with the mobile launchpad called “Dhanush” which makes the launch location-agnostic and, most importantly, it could be configured to fly with 4/5/6/7 which makes the launch cost the same across the spectrum of mass – 30 kg – 300 kg.
• No te : Hyderabad-based Skyroot Aerospace, which became the first private space startup to launch its maiden rocket Vikram-S in 2022, marking the entry of the private sector into India’s space ecosystem.

CURRENT AFFAIRS: BUSINESS NEWS

FMC India launches precision agriculture platform

• FMC India, an agricultural sciences company and arm of US-based FMC Corporation, has launched a precision agriculture platform Arc farm intelligence in India.
• By combining real-time data and predictive modelling, Arc farm intelligence assists farmers in monitoring field conditions and pest pressure.
• Farmers can then ensure precise application of the recommended crop care products to optimise yield and achieve higher returns on investment.
• Farmers encounter numerous challenges in the field daily while navigating today’s complex and evolving agricultural landscape.
• Arc farm intelligence, a one-stop solution for farmers, will support them in making informed decisions based on real-time field insights for more effective and efficient crop care, thus providing them with enhanced precision, productivity and profitability
• The Arc farm intelligence app will also provide farmers easy access to FMC India’s boom spray service.
• Available at their fingertips, farmers can easily schedule a spray and pay using an integrated payment gateway on the app.
• Farmers can better plan their spray calendar with 10 days’ advance weather forecast and make informed crop-care decisions.
• Additionally, farmers across India can access doorstep delivery of FMC’s leading products via the app, as it is directly linked to FMC’s brand store on Amazon.
• Farmers can now access the Arc farm intelligence platform by downloading the app on their mobile devices from iOS and Android app stores.
• The multi-lingual app is available in Hindi, English, Tamil, Telugu, Kannada and Marathi languages.

Capping of interest subsidy for exporters to continue in Q1 of new fiscal

• The Centre has notified an interest subsidy cap of ₹2.5 crore for individual export units in the first quarter of the forthcoming fiscal 2024-25 under the popular interest equalisation scheme (IES) for identified sectors and MSMEs.
• This is in continuation of its capping policy, introduced this fiscal, to ensure that more units can benefit from the scheme.
• The DGFT issued a notification clarifying that a cap of ₹2.50 crore per IEC is imposed till June 30, 2024, for the quarter starting from April 1, 2024.

Subsidy cap

• The subsidy cap for individual exporters would ensure that a greater number of eligible exporters can benefit from the scheme instead of the amount getting concentrated in the hands of few, per the government.
• The IES was first implemented in April 2015.
• Under the scheme, exporters are extended credit by banks at a reduced rate (the rate of interest subsidy is determined by the government).
• The banks are later reimbursed by the government for their lower interest earnings.
• The rates of subsidy were at 3 per cent for MSME sectors and 2 per cent for the rest.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India And Bhutan Exchanged Several MoUs To Strengthen Partnership

• India and Bhutan exchanged several agreements of mutual interest to further strengthen their partnership.
• The documents were exchanged between India and Bhutan in the presence of Prime Minister Narendra Modi and Prime Minister of Bhutan Tshering Tobgay in Thimphu.
• Prime Minister Narendra Modi’s visit to Bhutan will boost bilateral relationship by focusing on developmental partnership.

Key Highlights

• India is currently engaged in capacity development of Bhutan and assisting several projects in the sectors including Hydroelectric, digitization, financial inclusion, health and education.
• India is providing support to various digital programmes like E-Business National Single Window, Bhutan Integrated Taxation System, Integrated Citizen Services, and Digital School to enable Bhutan becoming a smart, connected and inclusive society.
• Bhupendra Singh, Akashwani News, New Delhi.
• The Prime Minister reached Paro this morning on a two day State Visit to Bhutan. He was warmly received by his Bhutan counterpart Tshering Tobgay at Paro airport and accorded a ceremonial welcome.
• During the visit, Prime Minister will have the audience with King of Bhutan Jigme Khesar Namgyel Wangchuck, and Fourth King of Bhutan Jigme Singye Wangchuck.

CBI, Europol Sign Working Arrangement To Establish Cooperative Relations

• The Central Bureau of Investigation (CBI) and European Union Agency for Law Enforcement Cooperation (Europol) signed a Working Arrangement for establishing cooperative relations between the law enforcement authorities of these two organisations.
• The Working Arrangement was signed by CBI Director Praveen Sood and  Executive Director of  Europol, Catherine De Bolle.
• The signing was concluded in a virtual event held simultaneously in New Delhi and the Hague in presence of senior CBI and Europol officials
• This arrangement promotes direct cooperation between both organizations to build on their respective mandates, strategies and to explore the potential for synergies.

Key highlights

• During the signing ceremony, Director, CBI expressed his appreciation for the collaborative spirit demonstrated by both parties.
• This moment marks a significant milestone in the ongoing efforts to combat crime and enhance cooperation between these two agencies.
• This working arrangement not only brings together CBI and Europol but also enables wide cooperation between all law enforcement agencies in India and all law enforcement agencies of 27 European countries that Europol represents as well as third countries and organizations associated with Europol.
• This will enhance cooperation in jointly tackling various forms of crime including organized crime, financial crimes, terrorism, cybercrime, human and drug trafficking and money laundering.

India, UK aim to sign free-trade agreement by July

• New Delhi and London are aiming at signing the free-trade agreement (FTA) by July, leading to Indian exporters of labour-intensive products such as textiles, machinery, automobile parts, and marine products getting greater market access.
• Signing a trade deal with the United Kingdom (UK) would be one of the main priorities of India’s National Democratic Alliance-led government, which is now eyeing a third consecutive term.
• The legal vetting of the trade deal is on.
• Only one per cent of the deal needs to be finalised.
• Even if we iron out the last few issues

CURRENT AFFAIRS: SPORTS NEWS

India’s Sathiyan Gnanasekaran Clinches Men’s Singles Title At World Table Tennis Feeder Beirut Tournament In Lebanon

• In Table Tennis, India’s Sathiyan Gnanasekaran has clinched the Men’s Singles title at the WTT Feeder Beirut tournament in Lebanon.
• World Number 103 Sathiyan defeated compatriot and World Number 74 Manav Vikas Thakkar, 3-1 (6-11, 11-7, 11-7, 11-4) victory over compatriot Manav Vikas Thakkar in the final.
• Earlier, Sathiyan overpowered World Number 39 Chinese Taipei’s Chuang Chih-yuan in the semi-finals.
• However, Manav had a heartbreaking day as he missed out on any gold medal despite making it in all three finals. He lost 1-3 to a Cuban pair in the men’s doubles final, partnering Manush Utpal Shah.
• Earlier, he lost in the mixed doubles final to another Indian pair of Diya Chitale and Manush Shah.
• Overall, Indian paddlers had a good outing at the tournament making it to the three finals including two all-Indian finals in Men’s singles and Mixed doubles categories.
• Indian paddlers finished the tournament with two titles and three runner-ups finish.

Mary Kom was named Chef De Mission for the Paris Olympics

• Six-time women’s boxing World Champion Mary Kom was appointed Chef de Mission of Indian contingent for the Paris Olympics, while veteran table tennis player and CWG champion Sharath Kamal will be the country’s flag bearer at the Games.
• The 41-year-old table tennis player symbolises “the unity and spirit of our contingent as they compete on the Olympic stage”, the Indian Olympic Association (IOA) said in a statement while making the announcement.
• Mary Kom, bronze medallist at the 2012 London Olympics, will be assisted by luger Shiva Keshavan, who has been appointed the Deputy Chef de Mission.

CURRENT AFFAIRS : OBITUARIES

Former Pakistan Test captain Saeed Ahmed passes away

• Saeed Ahmed, the former Pakistan Test captain and a dashing batsman of his time, passed away at the age of 86.

About Saeed Ahmed :

• Saeed Ahmed made his Test debut against the West Indies in 1958 at the age of 20.
• His last Test match was during Pakistan’s tour of Australia in 1972-73, played in Melbourne.
• Throughout his Test career, he played 41 matches, accumulating 2,991 runs, including five centuries and 16 half-centuries.
• He also contributed with his off-spin bowling, taking a total of 22 wickets.
• He was Pakistan’s sixth Test captain and replaced Muhammad as skipper of the side during England’s tour of Pakistan in 1969.
• He only led Pakistan for three Tests and all were drawn.

CURRENT AFFAIRS: IMPORTANT DAYS

World Meteorological Day 2024: March 23

• World Meteorological Day is celebrated on March 23 every year all over the world and it is an annual event.
• The day is celebrated as the establishment of the World Meteorological Organization (WMO), and it concentrates on the behavior of Earth’s atmosphere.
• In 1873, The First Weather Organization was formed and the International Meteorological Association was formed to exchange information about weather across national borders.
• On March 23rd, 1953, The International Meteorological Organization became the World Meteorological Organization, which it still is today.
• On March 23rd, 1961, The first World Meteorological Day is observed, on the anniversary of the organization’s creation.

Daily CA One- Liner: March 23

• The Rural Development Ministry may notify revision in wage rates under the Mahatma Gandhi National Rural Employment Guarantee Scheme and it has received a clearance from the Election Commission as the poll code is in force
• FMC India, an agricultural sciences company and arm of US-based FMC Corporation, has launched a precision agriculture platform Arc farm intelligence in India
• The Centre has notified an interest subsidy cap of ₹2.5 crore for individual export units in the first quarter of the forthcoming fiscal 2024-25 under the popular interest equalisation scheme (IES) for identified sectors and MSMEs
• India and Bhutan exchanged several agreements of mutual interest to further strengthen their partnership
• The Central Bureau of Investigation (CBI) and European Union Agency for Law Enforcement Cooperation (Europol) signed a Working Arrangement for establishing cooperative relations between the law enforcement authorities of these two organisations.
• New Delhi and London are aiming at signing the free-trade agreement (FTA) by July, leading to Indian exporters of labour-intensive products such as textiles, machinery, automobile parts, and marine products getting greater market access.
• The Reserve Bank of India (RBI) had finalised the Omnibus Framework for recognising Self-Regulatory Organisations (SRO) for its Regulated Entities (REs).
• The Income Tax Department has imposed a penalty of Rs 103.63 crore on Tata Chemicals for violation related to disallowance of interest.
• Capital market regulator Securities and Exchange Board of India (SEBI) has directed the Association of Mutual Funds to stop inflows into overseas exchange traded funds (ETF) from April 1, 2024 as it is approaching the overall limit of $1 billion set by the Reserve Bank of India (RBI).
• Pakistan and the International Monetary Fund (IMF) reached a preliminary agreement for the release of $1.1 billion from a $3 billion bailout following days long talks in Islamabad.
• Despite efforts from the government and the Reserve Bank of India (RBI), the adoption of Unified Payments Interface (UPI)-linked RuPay credit cards among merchants remains low.
• Fintech Association for Consumer Empowerment (FACE), an industry body for digital lenders, stated that in the 9th edition of its FACETS report that its member companies disbursed loans amounting to ₹33,922 crore in the third quarter of financial year 2024, which is a 46 per cent year-on-year (Y-o-Y) increase from Q3 FY23.
• During the IBA’s managing committee meeting, the Indian Banks’ Association (IBA) has elected M V Rao, Managing Director (MD) and Chief Executive Officer (CEO) of the Central Bank of India, as its new Chairman for the term 2023-24.
• Naveen Jindal, Chairman of Jindal Steel and Power, has been unanimously elected as the President of the Indian Steel Association (ISA) by the apex committee, which is the governing body of the ISA.
• R Nandini, Managing Director (MD), Chandra Textiles Private Limited, has taken over as the Chairperson of CII Southern Region for the year 2024-25.
• Nissan Motor India has elevated its Deputy Managing Director (DMD ) Saurabh Vatsa as Managing Director from April 1, 2024 as the present incumbent Rakesh Srivastava retires on March 31, 2024.
• Agnikul Cosmos, the Indian Institute of Technology (IIT)-Madras incubated startup, has postponed its maiden rocket launch due to a ‘technical issue’.
• In Table Tennis, India’s Sathiyan Gnanasekaran has clinched the Men’s Singles title at the WTT Feeder Beirut tournament in Lebanon.
• Six-time women’s boxing World Champion Mary Kom was appointed Chef de Mission of Indian contingent for the Paris Olympics, while veteran table tennis player and CWG champion Sharath Kamal will be the country’s flag bearer at the Games
• Saeed Ahmed, the former Pakistan Test captain and a dashing batsman of his time, passed away at the age of 86.
• World Meteorological Day is celebrated on March 23 every year all over the world and it is an annual event