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CURRENT AFFAIRS : BANKING & FINANCE

NPCI International Payments Limited Signs Agreement with Bank of Namibia to Develop Instant Payment System Similar to UPI

• NPCI International Payments Limited (NIPL) has signed an agreement with the Bank of Namibia (BoN)to support them in developing an instant payment system like Unified Payment Interface (UPI) for Namibia.
• Aim : To enhance digital financial services and bolster real-time Person-to-Person (P2P) and Merchant payment transactions (P2M)in the African nation.
• By leveraging technology and experiences from India's UPI, the partnership seeks to help Namibia modernise its financial ecosystem.

Key Highlights :

• Expected Benefits : The partnership will provide BoN access to best-in-class technology and insights from NIPL, allowing Namibia to create an efficient digital payment platform.
• The new platform will improve accessibility, affordability, and connectivitywith both domestic and international payment networks.
• It is expected to facilitate digital transactions, contributing to financial inclusion and reducing cash dependency,especially in rural and informal sectors.

About NIPL :

• Established : 2020
• Headquarters : Mumbai, Maharashtra
• CEO : Ritesh Shukla

About Bank of Namibia :

• Established :  July 1990
• Headquarters : Windhoek, Khomas Region, Namibia
• Governor Johannes Gawaxab

Reserve Bank of India Removes Restrictions on Bajaj Finance's 'eCOM' and 'Insta EMI Card' Lending Products 

• The Reserve Bank of India (RBI)has lifted restrictions on Indian non-banking financial company, Bajaj Finance's 'eCOM' and 'Insta Existing Member Identification card (EMI card)' segments, allowing the company to resume the sanction and disbursal of new loans in these segments.
• Reason for Restrictions:The RBI had imposed restrictions in November 2023 due to concerns raised by the regulatory authority regarding these lending segments.
• Remedial Actions Taken:Bajaj Finance took remedial actions to address the concerns raised by the RBI, leading to the lifting of restrictions.
• Resumption of Loan Activities:With the lifting of restrictions, Bajaj Finance can now restart the sanction and disbursal of loans in the 'eCOM' and 'Insta EMI card' segments, including the issuance of EMI cards to new customers.

Recent News :

• In April 2024, Kotak Mahindra Bankwas barred by the Reserve Bank of India (RBI) from onboarding new customers online or issuing new credit cards.

About Bajaj Finance :

• Founded : 25 March 1987
• Headquarters : Pune, Maharashtra, India
• Bajaj Finance, a subsidiary of Bajaj Finserv, is engaged in the lending and acceptance of deposits.

Bajaj Allianz General Insurance Launches 'Prive', a Unique Program Offering Unmatched Coverage and Service Excellence                    

• Bajaj Allianz General Insurance, a leading private general insurer in India, has launched Prive, an exclusive customer experience program designed to offer exceptional customer service and coverage.

Key Highlights :

• Prive is an exclusive customer experience program crafted for a special segment of policyholders Prive provides access to elevated and unmatched customer service at every touchpoint.
• Eligibility Criteria for My Health Care Plan:
• To qualify for the Prive program under the My Health Care Plan, customers must have a minimum sum insured of Rs 1 crore.
• Customers who meet this criterion will have access to Privé Connect, a dedicated customer support team for handling insurance queries, service requests, and claims.

About Bajaj Allianz General Insurance :

• Headquarters: Pune, Maharashtra
• MD & CEO : Tapan Singhel
• It is a joint venture between Allianz SE, the world's leading insurer, and Bajaj Finserv Limited.

Reserve Bank of India Plans to Extend Operational Risk Norms to non-banking finance companies and Cooperative Banks

• The Reserve Bank of India (RBI)released a guidance note on Operational Risk Management and Operational Resilience in line with the Basel Committee on Banking Supervision (BCBS) for regulated entities, which included non-banking finance companies and primary urban cooperative banks, as well as central cooperative banks.
• The 2005 guidance on the issue, which will be repealed, was aimed only at commercial banks.

Purpose and Aim:

• The guidance note aims to promote and enhance the effectiveness of Operational Risk Management among regulated entities (REs).
• It focuses on improving operational resilience due to the interconnected and dynamic environment of the financial system.

Key Highlights :

• This note, which has been prepared based on the Basel Committee on Banking Supervision (BCBS) principles documents issued in March 2021, is applicable to regulated entities/ REs - This Guidance Note shall apply to the following REs:
• All Commercial Banks
• Primary (Urban) Cooperative Banks, State Cooperative Banks, Central Cooperative Banks
• All-India Financial Institutions (Exim Bank, NABARD, NHB, SIDBI, and NaBFID)
• All Non-Banking Financial Companies (NBFCs), including Housing Finance Companies
• This Guidance Note on Operational Risk Management and Operational Resilience has been built on 3 pillars.
• The 3 pillars are:
• Prepare and Protect
• Build Resilience
• Learn and Adapt.
• These 3 pillars support a holistic approach to the management of Operational Risk and Operational Resilience and create a feedback loop that fosters perpetual embedding of lessons learned into an RE’s preparation for operational disruptions and its performance during actual occurrence of disruptions.
• Across these 3 pillars, the Guidance Note contains 17 principles.
• The guidance note describes the "Three Lines of Defence" model:
• First Line of Defence: Business units responsible for identifying and managing operational risks.
• Second Line of Defence: Organizational operational risk management functions, including compliance, providing risk oversight.
• Third Line of Defence: Audit functions, offering independent assurance and evaluation.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : M.D.Patra; M Rajeshwar Rao;  J Swaminathan and T Rabi Sankar

Reserve Bank of India Sets 8% Interest Rate for Floating Rate Savings Bond 2034

• The Reserve Bank of India (RBI)has announced an 8% interest rate on the Floating Rate Savings Bond (FRSB) 2034.
• This is a variable rate bond, and the interest rate will be reset every six months.
• The Government of India is issuing a special type of bond called a Floating Rate Bond (FRB) that matures in 2034.

What is a floating rate bond?

• A floating rate bond is a debt instrumentthat does not have a fixed coupon rate, but its interest rate fluctuates based on the benchmark the bond is drawn.
• The interest rate is based on the average yield of recent auctions for short-term government debt (called Treasury Bills).
• For the next 6 months (from April 30, 2024 to October 29, 2024), the interest rate on this FRB bond will be 8%.
• These FRB bonds can be a good option for investors who want an interest rate that reflects current market conditions.
• FRBs have a maturity period of 7 years.
• The minimum investment amount for FRBs is Rs 1,000,while there is no maximum limit.
• FRBs are backed by the government of India, making it one of the safest investments.
• Interest on these bonds is paid semi-annually on January 1 and July 1 each year, with no provision for cumulative interest payments.
• These bonds are not listed and traded and you cannot take loans against them.

Scheduled Commercial Banks Record 16.3% Growth in Non-Food Bank Credit in FY24, Up from 15.4% in FY23                            

• Scheduled commercial banks (SCBs) ended FY24with a higher non-food bank credit growth of 16.3% against 15.4% in FY23.
• Credit growth in the year gone by was propelled by demand from sectors such as agriculture and allied activities, industry and services.

Key Highlights :

• Influence of Risk Weight Changes on Personal Loans:The growth in personal loans moderated due to the Reserve Bank of India (RBI) increasing the risk weights for consumer credit exposure by 25 percentage points in November 2023.
• This increase affected both outstanding and new personal loans, excluding housing loans, education loans, vehicle loans, and loans secured by gold or gold jewellery.
• Sectoral Credit Growth:Agriculture and Allied Activities: Credit growth in this sector was robust, reaching 20.1% year-over-year in March 2024, compared to 15.4% in March 2023.
• Industry: Credit to industry grew by 8.5% year-over-year in March 2024, an increase from 5.6% in March 2023.
• Services: Credit to the services sector increased to 20.2% year-over-year in March 2024, up from 19.6% in March 2023.
• Personal Loans:Personal loans growth slowed to 17.7% year-over-year in March 2024, compared to 21.0% a year ago.
• This deceleration was due to slower growth in vehicle loans and other personal loans.
• Data Collection:The sectoral deployment data for March 2024 was collected from 41 select scheduled commercial banks, accounting for approximately 95% of the total non-food credit deployed by all scheduled commercial banks.

What is a scheduled commercial bank?

• Scheduled banks are those banks that are listed under Schedule II of the Reserve Bank of India Act, 1934.
• The bank's paid-up capital and raised funds must be at least Rs. 5 lakhto qualify as a scheduled bank.
• These banks are liable for low interest loans from the RBI.
• They also have membership in clearing houses.

CURRENT AFFAIRS: NATIONAL NEWS

Government makes a push for e-commerce exports’

• The government has decided to extend benefits under the Remissions of Duties and Taxes on Export Products(RoDTEP) scheme for shipments sent abroad via courier or e-commerce channels from sectors like gems and jewellery, pharma, leather, textiles and handicrafts, Commerce and Industry Minister Piyush Goyal announced
• To enable the Micro, Small and Medium Enterprises to get RoDTEP benefits, particularly for exports through courier and e-commerce route, the government will extend it to certain products, which could help exports from MSMEs of anywhere between one billion to two billion dollars a year
• The Commerce Ministry is also working with the Department of Revenue to set up special e-commerce export zones to speed up customs clearances for couriered goods and the latter has indicated it is open to lifting value-based restrictions on shipments through courier or postal services from the current limit of ₹5 lakh.
• Talks are also underway with the Reserve Bank of India to relax its 270-day limitfor realising export proceeds for overseas e-commerce-driven sales by MSMEs.

CURRENT AFFAIRS: BUSINESS NEWS

Digital crop survey on cards to fine-tune farm statistics

• India plans to bolster its farm statistics systemby undertaking regular digital crop surveys, backed by advanced analytics and artificial intelligence (AI), throughout the country to assess the precise acreage.
• The move is expected to help the government firm up more realistic farm production forecasts, which will enable it to initiate appropriate trade policy measures on time,inaccurate data frequently prompts impulsive government responses aimed at curbing inflation and may result in trade disruptions.
• The Ministry of Agriculture and Farmers' Welfare seeks to establish a robust crop survey system integrating cutting-edge technologies including visual and advanced analytics, GIS-GPS technologies, and AI/ML (machine learning) to enhance the precision of sowing estimates

Mineral Production in the Country Grows by 8 per cent in February, Compared to Last Year

• The index of mineral production of mining and quarrying sector for the month of February, 2024(Base: 2011-12=100) at 139.6 is 8.0% higher as compared to the level in the month of February, 2023.
• As per the provisional statistics of Indian Bureau of Mines (IBM), the cumulative growth for the period April-February, 2023-24 over the corresponding period of previous year is 8.2%.
• Production level of important minerals in February, 2024 were: Coal 966 lakh tonne, Lignite 42 lakh tonne, Natural gas (utilized) 2886 million cu.m., Petroleum (crude) 23 lakh tonne, Bauxite 2414 thousand tonne, Chromite 400 thousand tonne, Copper conc. 11 thousand tonne , Gold 255 kg, Iron ore 244 lakh tonne, Lead conc. 27 thousand tonne, Manganese ore 295 thousand tonne, Zinc conc. 149 thousand tonne, Limestone 387 lakh tonne, Phosphorite 218 thousand tonne, and Magnesite 10 thousand tonne .
• Important minerals showing positive growth during February, 2024 over February, 2023 include: Gold (86%), Copper Conc.(28.7%), Bauxite (21%), Chromite (21%), Phosphorite (19%), Limestone(13%), Coal (12%), Natural gas (U) (11%), Petroleum(crude) (8%), Manganese Ore (6%), Magnesite (3%), Lignite(2.8%), and Zinc Conc.(2.8%). Other important minerals showing negative growth include Iron Ore (-0.7%) and Lead Conc.(-14%).

Adani Green Secures USD 400 Million From International Banks For 750 MW Power Projects

• Adani Green Energy Ltd(AGEL), India’s largest and one of the world’s leading renewable energy (RE) companies, announced USD 400 million in financing for its under-construction 750 MW solar projects in Rajasthan and Gujarat by a consortium of five leading international banks.
• It will provide financing for projects that are expected to come online from November 2024 onwards.
• One of the projects is being developed in Rajasthan with 500 MW capacity and has a long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI).
• The second one, with 250 MW capacity, is a standalone merchant power project being implemented at the world’s largest RE cluster at Khavda in Gujarat.

Key Highlights

• With confidence in the evolving merchant energy market, AGEL is diversifying revenue streams, along with traditional PPAs, to enhance project revenue and position itself favorable for sustained value creation.
• Following AGEL’s lead, banks are becoming more comfortable with financing merchant projects with the transaction marking a sentiment shift in the international banking market.
• The USD 400 million construction facility along with the funding solutions also provides the syndicated guarantee-backed assurance program in sync with AGEL’s procurement strategy.
• The transaction paves the way for a sustainable debt structure, developed as part of AGEL’s capital management plan, for financing merchant exposure.
• It marks a milestone for the Indian RE sector as it steers the industry’s transition to the next phase of market integration, with the commitment to deliver low-cost green electrons through the promotion of merchant market projects with the right financing structure demonstrating overall trust and competitiveness for the Indian renewable energy sector to drive clean energy transition and decarbonisation.
• The consortium of lenders – Cooperative Rabobank U.A., DBS Bank Ltd., Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., and Sumitomo Mitsui Banking Corporation – paves the way for AGEL’s ambitious growth plans.

Avaada Energy secures Rs 1,190 crore loan from SBI for solar project

• Avaada Energy has secured Rs 1,190 crore loanfor a new solar project in Gujarat from the State Bank of India.
• The financing, sanctioned and disbursed as a 20-year project loan facility, will support the development of a 400 MWp utility-scale solar PV power project in the Surendra Nagar district of Gujarat
• Power generated from the project will be procured by Gujarat Urja Vikas Nigam Limited(GUVNL), an apex body of the government of Gujarat, engaged in the bulk purchase and sale of electricity.
• This landmark transaction marks Avaada's first endeavour in developing a greenfield project under an existing Special Purpose Vehicle (SPV) that already possesses an operational project
• This strategic arrangement will enable the organisation to optimise its capital structure and simplify the ownership structure of its project subsidiaries, demonstrating Avaada's approach to managing and expanding its renewable asset base.
• Avaada Group is engaged in renewable energy generation, solar PV manufacturing, development of green fuels including green ammonia, green methanol and sustainable aviation fuel, and providing energy storage solutions.
• Avaada Energy, its renewable power generation arm, aims to achieve 11 GWp capacity by 2026.
• Avaada has attracted significant international investments, including a fund commitment of $1.3 billion in 2023, with a $1 billion commitment from Brookfield’s Energy Transition Fund, and $300 million from GPSC, PTT Group of Thailand

CURRENT AFFAIRS: AWARDS AND HONOURS

The Hindu wins three awards at the 6th International Newspaper Design Competition

• The Hindu’s explainer page on Neeraj Chopra’s craft and success, “The science behind Neeraj’s skills”,published on September 3, 2023, has won three awards at the 6th International Newspaper Design Competition organised by newspaperdesign.in.
• The Hindu won the ‘Best of show’ award; ‘Gold’ in the ‘Best of Sports Page’category; and an award of excellence in the ‘Best of Double Spread’ category.
• The judges noted that the “standout sports page of the competition was layered with information organised on a simple grid around world-class illustrations” and every part of this page informs and engages readers.
• They went on to add that the pages were a “great balance of strong visuals, detailed explainers and well-edited narrative text that combined to deliver a medal-winning experience”.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Jeremiah Manele Takes Oath as New Prime Minister of Solomon Islands

• Jeremiah Manele, a former foreign minister, was elected as the new Prime Minister of Solomon Islandsby the nation's lawmakers.
• He won with 31 votes, defeating his rival Mathew Cooper Wale, who secured 18 votes.
• Manele is the first member of Parliament from Isabel Provinceto become Prime Minister of Solomon Islands.
• Manele replaced Manasseh Sogavare,who served 4 terms as Prime Minister (2000-2001, 2006-2007, 2014-2017, and 2019-2024).
• The general elections in Solomon Islands were held on April 17, 2024,to determine the composition of the 12th Parliament, leading to Manele's election.
• Manele previously served as the Minister for Development Planning and Aid Coordination (2017-2018).

About Solomon Islands :

• Capital : Honiara
• Currency : Solomon Islands dollar

Paytm Money Appoints Rakesh Singh as Chief Executive Officer, Succeeding Varun Sridhar

• Paytm Money, the wholly-owned subsidiary of One97 Communications, has appointed Rakesh Singhas the new Chief Executive Officer (CEO) after Varun Sridhar resigned from the role.
• Sridhar served as CEO of Paytm Money since 2020and has transitioned to a different role within the company.
• Rakesh Singh joined Paytm Money a month before he was appointed CEO.
• Previously, he held the same position at Fisdom, a discount brokerage firm.
• Under Sridhar leadership, the company turned profitable in the financial year 2023 and reported a ₹42 crore net profit while its revenue almost doubled to ₹131 crore.
• The shares of One 97 Communications have been in the negative territory after the Reserve Bank of India (RBI) imposed restrictions on Paytm Payments Bank, an associate company of Paytm, three months ago.
• The RBI restrictions impacted the company's wallet and UPI operations.

Recent News :

• In Feb 2024, Paytm Money appointed Vipul Mewada as a senior executive.

About Paytm Money :

• Founded : 20 September 2017
• Headquarters : Bengaluru, Karnataka

Bhushan Singh (IRTS) Appointed as Secretary of National Jute Board

• The Central Government has approved the appointment of Bhushan Singh Indian Railway Traffic Service (IRTS) as Secretary (at Director level) of National Jute Board, Kolkata under the Ministry of Textiles.
• According to an order issued from the Department of Personnel and Training (DoPT), Singh has been appointed to the post for a period of 5 yearsor until further orders, whichever is earlier.

About National Jute Board :

• Headquarters : Kolkata, West Bengal
• The NJB was established under the National Jute Board Act, 2008 (Act No. 12 of 2009), with its operations commencing on April 1, 2010.
• This formation led to the consolidation of the former Jute Manufactures Development Council and the National Centre for Jute Diversification into the National Jute Board (NJB).

Sushil Sharma Assigned Additional Role as Chairman & Managing Director of SJVN Limited

• Sushil Sharma has been given the additional charge as Chairman & Managing Director (CMD) of SJVN Limited for a period of 3 months or until further orders.
• Presently, he is serving as Director (Projects) in the organisation.

About SJVN Limited :

• Headquarters : Shimla, Himachal Pradesh, India
• SJVN, formerly known as Satluj Jal Vidyut Nigam, is an Indian public sector undertaking involved in hydroelectric power generation and transmission.
• It was incorporated in 1988 as Nathpa Jhakri Power Corporation, a joint venture between the Government of India (59.92%) and the Government of Himachal Pradesh (26.85%).

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

National Aeronautics and Space Administration Engineers Restore Voyager 1, the Pioneering Spacecraft Exploring Beyond the Solar System                      

• Engineers have partially restored a 1970s-era computer on National Aeronautics and Space Administration’s (NASA’s) Voyager 1 spacecraft after five months of long-distance troubleshooting, building confidence that humanity's first interstellar probe can eventually resume normal operations.

About Voyager 1 :

• Voyager 1 Spacecraft is a space probe launched by NASA on September 5, 1977,about two weeks after its twin Voyager 2.
• Launched nearly 47 years ago, Voyager 1 is flying on an outbound trajectory more than 15 billion miles (24 billion kilometres) from Earth, and it takes 22.5 hours for a radio signalto cover that distance at the speed of light.
• Mission Achievements :Voyager 1's mission has included flybys of Jupiter and Saturn, with the goal of studying their moons, rings, and magnetic fields.
• It is currently the most distant human-made object from Earth.
• It was the first spacecraft to cross the heliosphere, the boundary where the influences outside our solar system are stronger than those from our Sun.
• It crossed into interstellar space in August 2012,making it the first human-made object to venture out of the solar system.
• It discovered a thin ring around Jupiter and two new Jovian moons: Thebe and
• At Saturn, Voyager 1 found five new moons and a new ring called the G-ring.
• Voyager 1 carries a golden record that contains sounds and images selected to portray the diversity of life and culture on Earth, in the event that it is ever encountered by extraterrestrial life.

About NASA :

• Established : July 29, 1958
• Headquarters : Washington, D.C, United States of America
• Administrator : Bill Nelson

CURRENT AFFAIRS: MOUS AND AGREEMENT

India, New Zealand look to boost collaboration in pharma, digital trade, payment systems

• India and New Zealand are looking to increase collaboration in goods and services sectorslike pharmaceuticals, digital trade, and cross-border payment systems to promote bilateral trade.
• Issues to promote trade through these collaborations were discussed during the recent visit of Commerce Secretary Sunil Barthwal to New Zealand from April 26-27.
• Deliberations also included increasing cooperation in kiwi fruit as well as the dairy sector.
• The meetings addressed bilateral trade matters of mutual interest, including issues related to market access, non-tariff barriers, and sanitary (human and animal health) and phytosanitary (plant health) measures on products like grapes, okra and mangoes.
• Mutual Recognition Arrangement(MRA) in organic products, and simplified homologation, including through mutual recognition of comparable domestic standards for vehicles, also figured in the discussions.

CURRENT AFFAIRS: SPORTS NEWS

NADA India organizes #PlayTrue Campaign to create awareness about clean sports

• The National Anti-Doping Agency(NADA), India concluded the #PlayTrue Campaign, with a turnout of more than 12,133 participants.
• The campaign commemorated WADA’s Play True Day and aimed at fostering awareness about the importance of clean sports and anti-doping practices in India, received overwhelming participation and support from athletes, coaches, and sports enthusiasts nationwide.
• The #PlayTrue Campaign highlights NADA India's commitment to equipping athletes, coaches, and the entire sporting community with a thorough understanding of anti-doping regulations, empowering them to champion clean play in India.
• The campaign was  held from 15th to 30th April, 2024.
• Aligned with the vision of the World Anti-Doping Agency (WADA), the #PlayTrue Campaign strives to instill integrity in sports by advocating for fair play, rejecting doping, and promoting the spirit of fair competition.
• Through its interactive activities including the #PlayTrue Quiz, I’m a #PlayTrue Ambassador, #PlayTrue Pledge, and Mascot Drawing Competition, NADA India engaged participants thereby fostering a culture of clean and ethical competition.

CURRENT AFFAIRS: IMPORTANT DAYS

Coal Miners Day 2024 In India - May 4

• Every year, Coal Miners Day is celebrated on May 4.
• This day is celebrated for the miners who are working in the field.
• The history of Coal Miner's Day dates back to 1952, when the Mines Act, was passed. This legislation provided for the provision of medical facilities, safety and health measures, and rescue stations for coal miners.
• The first coal mine in India was opened in 1774 by John Summer and Suetonius Grant Heatly of the East India Company.
• The Coal Mines (Conservation and Development) Act, 1974, was enacted with the goal of conserving coal resources while also ensuring the safety and health of workers.
• However, the implementation of these laws has been far from perfect. A considerable number of coal miners still face serious health problems, such as respiratory diseases, skin disorders, hearing loss, and injuries.
• The mine was located on the banks of the Damodar River in the Raniganj Coalfield. Following India's independence in 1949, the demand for coal increased rapidly, and the new government devised a five-year plan to meet the rising energy demand.

Daily CA One- Liner: May 4

• The government has decided to extend benefits under the Remissions of Duties and Taxes on Export Products(RoDTEP) scheme for shipments sent abroad via courier or e-commerce channels from sectors like gems and jewellery, pharma, leather, textiles and handicrafts, Commerce and Industry Minister Piyush Goyal announced
• India plans to bolster its farm statistics systemby undertaking regular digital crop surveys, backed by advanced analytics and artificial intelligence (AI), throughout the country to assess the precise acreage
• The index of mineral production of the mining and quarrying sector for February, 2024(Base: 2011-12=100) at 139.6 is 8.0% higher as compared to the level in February, 2023
• Adani Green Energy Ltd(AGEL), India’s largest and one of the world’s leading renewable energy (RE) companies, announced USD 400 million in financing for its under-construction 750 MW solar projects in Rajasthan and Gujarat by a consortium of five leading international banks
• Avaada Energy has secured Rs 1,190 crore loanfor a new solar project in Gujarat from the State Bank of India.
• The Hindu’s explainer page on Neeraj Chopra’s craft and success, “The science behind Neeraj’s skills”,published on September 3, 2023, has won three awards at the 6th International Newspaper Design Competition organised by newspaperdesign.in.
• India and New Zealand are looking to increase collaboration in goods and services sectorslike pharmaceuticals, digital trade, and cross-border payment systems to promote bilateral trade
• The National Anti-Doping Agency(NADA), India concluded the #PlayTrue Campaign, with a turnout of more than 12,133 participants
• NPCI International Payments Limited (NIPL) has signed an agreement with the Bank of Namibia (BoN)to support them in developing an instant payment system like Unified Payment Interface (UPI) for Namibia.
• The Reserve Bank of India (RBI)has lifted restrictions on Indian non-banking financial company, Bajaj Finance's 'eCOM' and 'Insta Existing Member Identification card (EMI card)' segments, allowing the company to resume the sanction and disbursal of new loans in these segments.
• Bajaj Allianz General Insurance, a leading private general insurer in India, has launched Prive, an exclusive customer experience program designed to offer exceptional customer service and coverage.
• The Reserve Bank of India (RBI)released a guidance note on Operational Risk Management and Operational Resilience in line with the Basel Committee on Banking Supervision (BCBS) for regulated entities, which included non-banking finance companies and primary urban cooperative banks, as well as central cooperative banks.
• The Reserve Bank of India (RBI)has announced an 8% interest rate on the Floating Rate Savings Bond (FRSB) 2034.
• Scheduled commercial banks (SCBs) ended FY24with a higher non-food bank credit growth of 16.3% against 15.4% in FY23.
• Jeremiah Manele, a former foreign minister, was elected as the new Prime Minister of Solomon Islandsby the nation's lawmakers.
• Paytm Money, the wholly-owned subsidiary of One97 Communications, has appointed Rakesh Singhas the new Chief Executive Officer (CEO) after Varun Sridhar resigned from the role.
• The Central Government has approved the appointment of Bhushan Singh Indian Railway Traffic Service (IRTS) as Secretary (at the Director level) of the National Jute Board, Kolkata under the Ministry of Textiles.
• Sushil Sharma has been given the additional charge as Chairman & Managing Director (CMD) of SJVN Limited for 3 months or until further orders.
• Engineers have partially restored a 1970s-era computer on National Aeronautics and Space Administration’s (NASA’s) Voyager 1 spacecraft after five months of long-distance troubleshooting, building confidence that humanity's first interstellar probe can eventually resume normal operations.
• Every year Coal Miners Day is celebrated on May 4.