CA 30may
CA 30may
CA 30may
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Daily Current Affairs
30th May 2024
Launched in November 2021, the RBI Retail Direct Scheme allows individual investors
to maintain gilt accounts with the RBI and invest in government securities.
Investors can participate in primary auctions and buy/sell securities through the NDS-
OM platform, ensuring direct access to the government securities market.
Convenience and Safety:The scheme aims to provide a safe, simple, and secure
platform for investors to manage their investments conveniently.
Payments for investments can be made conveniently using a savings bank account
through internet banking or Unified Payments Interface (UPI).
Investment Options and Flexibility:Investors can open RBI Retail Direct Gilt
Accounts in single or joint holding modes.
Non-resident retail investors are also eligible to invest in government securities under
the Foreign Exchange Management Act, 1999.
The scheme allows investors to start with a minimum investment of Rs. 10,000, with
the flexibility to invest up to Rs. 2 crores per security.
Interest Rate Determination and Tenures:Interest rates associated with the scheme
are determined through an auction process, where investors bid for the securities.
The scheme covers a broad range of tenures, from 1 year to 40 years, offering
investors flexibility in aligning their investments with their financial objectives.
Risk Factors and Market Mechanisms:G-Secs are credit risk-free instruments in
domestic currency, but market risks may arise if sold before maturity.
Clearing Corporation of India Limited. (CCIL) is authorized by the RBI to act as an
aggregator for primary issuances and as a receiving office for Sovereign Gold Bonds
for Retail Direct Investors.
CCIL also operates the NDS-OM platform, authorized by the RBI.
Launch of FinTech and EmTech Repositories :
RBI Governor Shaktikanta Das inaugurated a fintech repository aimed at capturing
essential information about FinTech entities, their activities, and technology uses.
Simultaneously, a related repository focusing on RBI-regulated entities' adoption of
emerging technologies, called EmTech Repository, was also launched.
Objective of the Repositories:The FinTech Repository and EmTech Repository aim
to gather crucial data about FinTech entities and regulated entities' adoption of
emerging technologies.
Both regulated and unregulated FinTechs are encouraged to contribute to the FinTech
Repository, accessible at the URL: https://fintechrepository.rbihub.in.
Simultaneously, a related repository for only RBI regulated entities (banks and
NBFCs) on their adoption of emerging technologies (like AI, ML, Cloud Computing,
DLT, Quantum, etc.), called EmTech Repository is also being launched.
Management and Security:These repositories are secure web-based applications
managed by the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary
of the RBI.
Benefits and Utility:The repositories will facilitate the availability of aggregate
sectoral-level data, trends, analytics, etc., beneficial for policymakers and participating
industry members.
The data gathered will provide insights into the fintech and emerging technology
landscape, aiding in informed decision-making and policy formulation.
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Daily Current Affairs
30th May 2024
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Daily Current Affairs
30th May 2024
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30th May 2024
NATIONAL NEWS
India Extends financial Support to Papua New Guinea After Devastating Landslide
India pledges a swift financial aid package of $1 million to assist the victims of a
catastrophic landslide that struck the Enga province of Papua New Guinea,
claiming the lives of over 2,000 people and causing widespread devastation.
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30th May 2024
Solidarity in Crisis
India reaffirms its unwavering support for
Papua New Guinea during times of adversity,
having previously extended assistance
following the earthquake in 2018 and volcanic
eruptions in 2019 and 2023.
Strengthening Bilateral Bonds
This humanitarian gesture underscores the
robust ties between India and Papua New
Guinea, reflecting India's commitment to
standing by its Pacific neighbour in times of
need.
About New Guinea
Capital: Port Moresby
Currency: Papua New Guinean Kina
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30th May 2024
Oman's Support
The initiative receives backing from Oman's National Records and Archives Authority
(NRAA), reflecting a collaborative effort to safeguard historical records and deepen
connections with the Indian diaspora in Oman.
BUSINESS NEWS
Reliance Industries to begin construction on India’s first multimodal logistics park
near Chennai
India’s first
Multimodal Logistics
Park, conceptualized
12 years ago and
located at Mappedu
near Chennai, will
finally see construction
commence in June,
led by Reliance
Industries.
Reliance Wins the Bid
In 2022, Reliance Industries won the bid for the Rs 1,424 crore project on 184.27
acres of land in Tiruvallur district, surpassing Adani Group.
The contract was awarded by the Centre, with Prime Minister Narendra Modi laying
the foundation stone on May 26, 2022.
Strategic Partnerships and Location
A Memorandum of Understanding was signed in October 2021 among Tamil Nadu
Industrial Development Corporation, National Highways Logistics Management
Limited, and Chennai Port Trust.
The park is strategically located 52 km from Chennai Port, 80 km from Ennore Port,
and 87 km from Kattupalli Port, positioning it as a key logistics hub in the southern
region.
Project Significance
The logistics park is expected to handle approximately 7.17 million tonnes of cargo
over the next 45 years.
Its proximity to the automobile and electronics manufacturing clusters in the
Sriperumbudur-Oragadam industrial belt and the Chennai Peripheral Ring Road
further enhances its strategic importance.
Economic Impact
The Multimodal Logistics Park at Mappedu will significantly boost the logistics
infrastructure in southern India, serving as a pivotal point for cargo handling and
distribution in the region.
TATA AIG General Insurance Introduces Surety Insurance Bonds for Infrastructure
Development
TATA AIG General Insurance, a
leading private insurer, launches
Surety Insurance Bonds to bolster
infrastructure development,
aligning with the government's
allocation of 3.3% of GDP in FY
2024.
Catering to Diverse Project Needs
These bonds, offered in conditional
and unconditional formats, are
tailored to streamline the execution of infrastructure projects and commercial contracts
in both government and private sectors, addressing various project requirements
effectively.
Understanding Surety Bonds
A surety bond is a legally binding agreement involving three parties: the obligee, the
principal, and the surety.
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30th May 2024
Ensuring Commitment
Primarily utilized in construction and infrastructure ventures, a surety bond guarantees
the principal's fulfillment of contract obligations.
In case of default, the surety compensates the obligee, mitigating financial risks.
Tata AIA Life Insurance introduces an instant Rs 1 lakh loan service, allowing
policyholders to get funds in just 1 minute
Tata AIA Life Insurance
introduces a pioneering service
enabling policyholders to secure
instant loans, up to Rs. 1 lakh,
via the MyDigiAccount portal,
ensuring a hassle-free digital
process.
Preserving Policy Coverage
This initiative aims to furnish swift
financial assistance while
safeguarding the policy's
coverage, ensuring peace of mind
for policyholders.
Impressive Uptake
Since its inception, the service has processed over 500 requests, disbursing
approximately Rs. 5.5 crores, reflecting its growing popularity and utility.
Convenient Terms
The new service extends loans up to Rs. 1 lakh without necessitating collateral or
credit assessments, offering competitive interest rates at 8.80% per annum,
significantly lower than conventional personal loan rates.
Flexible Repayment Options
With the Loan Against Policy service, policyholders benefit from flexible repayment
plans, with any outstanding loan amount adjusted during claim settlement, ensuring
financial ease and convenience.
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Daily Current Affairs
30th May 2024
Payment Mechanism
Reliance pledges to settle payments for the oil using
Russia's rouble currency, facilitated by HDFC Bank
and Russia's Gazprombank.
India's Prominent Role
India emerges as a leading purchaser of seaborne
Russian crude, capitalizing on opportunities following
Western sanctions imposed after Russia's 2022 invasion
of Ukraine.
Government's Involvement
In a proactive move, the Central government reportedly
urges state-run oil refiners and Reliance Industries Ltd.
to collaborate on negotiating a long-term supply
agreement with Russia, emphasizing strategic energy
security.
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Daily Current Affairs
30th May 2024
Procter & Gamble India Names Mrinalini Srinivasan as Chief Financial Officer
Procter & Gamble Hygiene and Health Care, one of P&G India’s listed entities that
includes brands like Vicks and Whisper, announced the appointment of Mrinalini
Srinivasan as the company’s chief financial officer (CFO) effective June 29, 2024.
Srinivasan will succeed Prashant Bhatnagar, who is stepping down after nearly 28
years of service with the company.
About Mrinalini Srinivasan :
Srinivasan brings 16 years of experience in various finance roles to her new position.
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30th May 2024
She joined P&G in 2008 in India and has held positions across
different geographies, including Singapore, India, and Dubai.
In her previous roles, she led transformational projects and
delivered outstanding results for several significant P&G
businesses.
Srinivasan most recently served as the Senior Director of Sales
Finance for P&G India and also held the role of Executive
Sponsor of Gender Equality for P&G India group.
She has previously served as the Regional Business Planning
Director for Asia, the Middle East, and Africa, as well as Finance
Director for the Feminine Care business in India, the Middle
East, and Africa.
About Procter & Gamble Hygiene :
Procter & Gamble Hygiene is one of India’s fastest growing
Fast-Moving Consumer Goods (FMCG) companies with a
strong presence in the health and personal care sector.
Ministry of Home Affairs Grants 3-Month Extension to Delhi Chief Secretary Naresh
Kumar's Tenure
The Ministry of Home Affairs (MHA) approved the
extension of Delhi Chief Secretary Naresh Kumar's tenure
by 3 months.
Naresh Kumar's retirement, which was originally scheduled for
the end of May 2024, has been postponed until August 31,
2024.
The extension is granted by invoking Rule 3 of AIS(CS-RM)
Rules, 1960, relaxing Rule 16(1) of AIS (DCRB) Rules,
1958.
Kumar had previously been granted a 6-month extension,
pushing his retirement from November 30, 2023, to May 31,
2024.
About Ministry of Home Affairs :
Cabinet Minister : Amit Shah
Minister of State : Nityanand Rai, Nisith Pramanik, Ajay Kumar Mishra
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30th May 2024
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30th May 2024
Indian diaspora in Oman, titled "The Oman Collection – Archival Heritage of the
Indian Community in Oman."
India’s first Multimodal Logistics Park, conceptualized 12 years ago and located at
Mappedu near Chennai, will finally see construction commence in June, led by
Reliance Industries
The Life Insurance Corporation of India (LIC) has reported a 2.5% year-on-year
increase in net profit for the March quarter of FY24, reaching ₹13,762 crore
compared to ₹13,421 crore in the same period last year
TATA AIG General Insurance, a leading private insurer, launches Surety Insurance
Bonds to bolster infrastructure development, aligning with the government's
allocation of 3.3% of GDP in FY 2024.
Tata AIA Life Insurance introduces a pioneering service enabling policyholders to
secure instant loans, up to Rs. 1 lakh, via the MyDigiAccount portal, ensuring a
hassle-free digital process
Reliance Industries Limited enters a pivotal one-year agreement with Russia's
Rosneft, committing to purchase a minimum of 3 million barrels of oil per month,
denominated in roubles
Radisys, backed by Reliance, leads a consortium named Next-Gen Infra Co
(NGIC), partnering with Nokia, Mahindra Tech, Ascend Digital, K-NET, and
Mobile Network Operators (MNOs) AT Ghana and Telecel Ghana to establish a 4G
and 5G network for the Government of Ghana
Major Radhika Sen, an Indian peacekeeper, receives the prestigious Military
Gender Advocate Award for her exceptional contributions during her
deployment with the United Nations Mission in Congo (MONUSCO).
The National Skill Development Corporation (NSDC) and the International Labour
Organization (ILO) join forces under the Ministry of Skill Development &
Entrepreneurship (MSDE) to bolster skill development and lifelong learning
initiatives in India and beyond.
The Governor of the Reserve Bank of India (RBI), Shaktikanta Das, introduced 3
significant initiatives, namely the PRAVAAH portal, the retail direct mobile app,
and a fintech repository.
The Securities and Exchange Board of India (SEBI) has introduced amendments
to the Infrastructure Investment Trust (InvIT) regulations to permit the issuance of
subordinate units by privately placed InvITs.
The Reserve Bank of India (RBI) has instructed full-fledged money changers to
ensure that the value of foreign currency notes sold to the public is not less than
75% of the value of such notes bought from other money changers on a quarterly
basis.
Poonawalla Fincorp Limited, in collaboration with IndusInd Bank, has launched the
co-branded 'IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit
Card', a card designed to redefine and elevate the banking experience of customers.
The board of the National Asset Reconstruction Company (NARCL) has proposed
P Santhosh for the position of managing director (MD) and chief executive officer
(CEO) of the state-owned bad bank.
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Daily Current Affairs
30th May 2024
Procter & Gamble Hygiene and Health Care, one of P&G India’s listed entities that
includes brands like Vicks and Whisper, announced the appointment of Mrinalini
Srinivasan as the company’s chief financial officer (CFO) effective June 29, 2024.
The Ministry of Home Affairs (MHA) approved the extension of Delhi Chief
Secretary Naresh Kumar's tenure by 3 months.
Tata Consultancy Services (TCS) has joined forces with the Indian Institute of
Technology Bombay (IIT Bombay) to create India's inaugural Quantum Diamond
Microchip Imager.
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