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CURRENT AFFAIRS : BANKING & FINANCE

Asian Development Bank Grants $148 Million Loan to Enhance Power Supply in Sikkim   

• Asian Development Bank (ADB) has approved a USD 148.5 million loan to help modernise and enhance the reliability, quality and resilience of electricity supply in Sikkim.
• This project fully supports Sikkim’s Power for All initiative, ensuring round-the-clock uninterrupted access to quality electricity for households, industries, businesses, and the public.

Key Highlights :

• The project will modernise Sikkim’s power distribution system by upgrading it with approximately 770 kilometres of climate-resilient medium-voltage underground and/or covered conductors.
• Additionally, it will replace 580 kilometres of ageing and low-capacity bare conductors with new ones to increase distribution network capacity.
• It will upgrade 26 existing power substations, including the installation of a supervisory control and data acquisition system, install 15,000 units of public street lighting in remote areas, and conduct electricity conservation and safety awareness programmes in 28 villages.
• The project will enhance the livelihoods of a minimum of 1,100 women, comprising self-help groups, producer groups and individual businesses through the installation of tailored renewable energy systems and improving their vocational skills.
• Additionally, it will deploy solar energy systems and energy-efficient electrical equipment in 24 primary healthcare subcenters to enhance the capacity of rural healthcare facilities to offer in-patient treatments, especially during the winter months.

About ADB : 

• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and 19 non-regional members (countries outside the region)

Tata AIG General Insurance Collaborates with Aurm for Vault Services   

• Aurm, an asset protection firm, has announced a strategic partnership with Tata AIG General Insurance, to provide comprehensive insurance coverage to its customers for their valuables.
• Under this partnership, Aurm’s vaults will be fully insured for up to INR 25 lakh, courtesy of TATA AIG, India’s general insurance provider.
• Aurm partners with banks and real estate companies to offer state-of-the-art safe deposit storage facilities that are fully automated and available 24 hours a day, 365 days a year.
• Aurm vaults are equipped with military-grade security infrastructure, active surveillance, and intrusion detection systems.

About Tata AIG General Insurance :

• Headquarters: Mumbai, Maharashtra, India
• CEO: Neelesh Garg.
• It is a joint venture company between TATA Group and American International Group (AIG).

TATA AIG Launches India’s First Satellite-based In-Orbit Third-Party Liability Insurance   

• General insurance provider Tata AIG launched the ‘Satellite In-Orbit Third-Party Liability Insurance’ policy to provide critical financial support to satellite manufacturers and operators in the Indian space industry.
• The new insurance product, claimed to be India’s first, is designed to provide critical financial protection for satellite manufacturers and operators.
• It is designed to offer comprehensive coverage for third-party bodily injury and property damage in the event of an incident involving an orbiting satellite.
• With the privatisation of space launches, India aims to quintuple its share in the global launch market, which is expected to reach $47.3bn (Rs3.95trn) by 2032.

CURRENT AFFAIRS: NATIONAL NEWS

Indian Air Force tests BHISHM portable hospital for airdrop in Agra

• BHISHM Portable Hospital tested in Agra for airdrop from aircraft by the Indian Air Force.
• This is the first time that the Indian Air Force has tested this portable hospital.
• This test was done so that the portable hospital could be deployed anywhere to deal with emergencies.
• According to the Ministry of Information and Broadcasting, BHISHM Portable Cubes are a part of a broader initiative called "Project BHISHM" (Bharat Health Initiative for Sahyog, Hita and Maitri).
• It is designed to treat up to 200 casualties with an emphasis on quick response and comprehensive care.
• Specifically, the Aid Cube is equipped with a number of innovative tools designed to enhance disaster response and medical assistance during emergencies.
• Additionally, it incorporates data analytics and artificial intelligence (AI) to support efficient management, real-time monitoring, and effective coordination of medical services in the field.
• The entire unit consists of 72 easily transportable components that can be easily transported by hand, bicycle or even by drone, providing unmatched flexibility.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Ramcharitmanas, Panchatantra, and Sahṛdayāloka-Locana Added to United Nations Educational, Scientific and Cultural Organization’s Memory of the World Asia-Pacific Regional Register  

• The Ramcharitmanas, Sahrdayaloka-Locana, and Panchatantra have been included in United Nations Educational, Scientific and Cultural Organization’s (UNESCO) Memory of the World Asia-Pacific Regional Register, marking a significant achievement for India.
• UNESCO has recognised a total of 20 items from the Asia Pacific region in its Memory of the World Regional Register for the 2024 cycle.
• These included three each from China and Indonesia, and two each from Malaysia, Mongolia, the Philippines, and Uzbekistan.
• The decision on the same was taken on May 7-8 in the 10th General Meeting of the Memory of the World Committee for Asia and the Pacific (MOWCAP) in Ulaanbaatar, the capital of Mongolia.
• The addition of these 3 Indian literary legacies in the register will attract more readers, and researchers across the world to dive into the artistic world of expression.

Key Highlights :

• Authors and Works:
• Ramcharitmanas: Written by Goswami Tulsidas in the 16th century, a retelling of the Ramayana in the Awadhi dialect.
• Panchatantra: Attributed to Vishnu Sharma, penned around the 3rd century BCE, known for its 'story within a story' structure.
• Sahrdayaloka-Locana: Written by Acharya Anandvardhan, commented upon by philosopher Abhinava Gupta, focusing on Indian poetics and aesthetic appreciation.
• Role of IGNCA:
• The Indira Gandhi National Centre for the Arts (IGNCA) played a crucial role in securing the inclusion of these works during the 10th MOWCAP meeting.
• MOWCAP Overview:
• In the Asia Pacific region, a specific branch called the Memory of the World Committee for Asia and the Pacific (MOWCAP) was established in 1998.
• MOWCAP covers 43 countries, representing one of UNESCO's five regional programs.
• There are 494 inscriptions on the International MoW Register, as of May 2023, according to the UNESCO website. MOWCAP Regional Register has inscribed 65 items from Asia-Pacific countries.

About UNESCO :

• Formation : 16 November 1945
• Headquarters : Paris, France
• Director General : Audrey Azoulay
• Members : 194 member states and 12 associate members
• UNESCO is a specialized agency of the United Nations (UN) with the aim of promoting world peace and security through international cooperation in education, arts, sciences and culture.

CURRENT AFFAIRS: BUSINESS NEWS

Infosys Prize gets age limit, now only for researchers up to 40 years old

• The Infosys Science Foundation (ISF) announced changes to the Infosys Prize, shifting it to an early-career focus.
• Economics is now a separate category, the upper age limit is set at 40, and laureates abroad are encouraged to spend at least 30 days in India.
• As part of the new structure, ISF has lowered the prize winner age limit to 40 from 50 to spur "transformative impact" and encourage early-career contributions.
• ISF now mandates that prize winners based outside India spend time at Indian institutes.
• These winners must spend 30 days, in up to two trips, at a host institute in India to build networks and engage with research groups.
• The existing prize categories will remain largely unchanged, except for Economics, which will now be a separate category instead of being under Social Sciences.
• From 2024, the six categories are: Economics, Engineering & Computer Science, Humanities & Social Sciences, Life Sciences, Mathematical Sciences, and Physical Sciences.
• Since its inception 15 years ago, ISF has recognised and awarded 92 brilliant minds across disciplines in a demanding global environment.
• The awards will be announced in November followed by a ceremony that is slated to take place in January 2025.
• R. Narayana Murthy, co-founder of Infosys. Kris Gopalakrishnan, president of ISF.

CURRENT AFFAIRS: AWARDS AND HONOURS

IN-SPACe honoured with Geospatial World Forum Leadership Award

• The Indian National Space Promotion and Authorization Centre (IN-SPACe) has been honoured with the Geospatial World Forum (GWF) Leadership Award for “Public Policy: Enabling Industry Development.”
• The award was presented at the 2024 Geospatial World Forum in Rotterdam in a special ceremony.
• The award recognizes IN-SPACe’s contributions to the global geospatial industry through its ground-breaking work in fostering the growth and development of India’s space sector and support to non-government entities working in the space economy.
• Dr Pawan Goenka, Chairman, IN-SPACe.
• Since 2007, the awards have celebrated the achievements of over 200 organizations, highlighting their dedication to advancing geospatial technologies and applications.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Senior advocate Kapil Sibal Elected as President of Supreme Court Bar Association  

• Senior advocate Kapil Sibal was elected as a president of the Supreme Court Bar Association (SCBA).
• This is the 4th time Kapil Sibal will serve as the SCBA president.
• His previous terms were during 1995-96, 1997-98, and 2001.
• A total of 2,330 advocates voted out of 2,850 members in the voter list. Sibal received 1,066 votes, Pradeep Rai got 689 votes, and the current president Adish Agarwala received 307 votes.
• Other candidates for the SCBA president post included Priya Hingorani, Tripurari Ray, and Neeraj Srivastava.
• Kapil Sibal will take over from the incumbent president, senior advocate Adish C. Aggarwala.
• Senior advocate Pradeep Rai was the runner-up.
• Advocate Vikrant Yadav was elected SCBA secretary.

About SCBA :

• The SCBA is an Indian bar association, comprising the practising lawyers of the Supreme Court of India.

Justice Bidisha Banerjee was Designated as Head of Department of NCLT Kolkata Bench by President Chief Justice Ramalingam Sudhakar                                        

• Justice Bidisha Banerjee has been designated as the Head of the Department (HoD) of the National Company Law Tribunal (NCLT), Kolkata Bench by the President of NCLT, Chief Justice Ramalingam Sudhakar.
• Justice Banerjee took charge as HoD after Justice Rohit Kapoor demitted office on May 3, 2024.
• Justice Bidisha Banerjee is the first woman to be appointed as Head of the NCLT Kolkata Bench and the second woman Judicial Member after Ms. Manorama Kumari.
• She is the 5th HoD of the NCLT Kolkata Bench.
• Currently, she is the sole Judicial Member of the NCLT Kolkata Bench, presiding over both division benches:
• Court 1 with Shri. Balraj Joshi, Member Technical.
• Court 2 with Shri. D. Arvind, Member Technical.
• Previous Experience:
• Banerjee Joined the NCLT on December 05, 2022.
• Previously served 11 years as a Judicial Member in the Central Administrative Tribunal (CAT) across various benches including Kolkata, Patna, Ranchi, Port Blair Circuit Bench, Guwahati, Chennai, and Allahabad.

About NCLT :

• The NCLT is a quasi-judicial body in India that adjudicates issues relating to Indian companies.
• The tribunal was established under the Companies Act 2013 and was constituted on 1 June 2016 by the government of India and is based on the recommendation of the Balakrishna Eradi committee on law relating to the insolvency and the winding up of companies

Rushabh Gandhi Appointed as New MD & CEO of IndiaFirst Life Insurance                     

• IndiaFirst Life Insurance’s board has approved the appointment of Rushabh Gandhi as the managing director (MD) and chief executive officer (CEO) for 5 years effective July 1, 2024, or the date of regulatory approvals, whichever is earlier.
• The new appointment is subject to the approval of the Insurance Regulatory and Development Authority of India (IRDAI).
• R M Vishakha, the current MD and CEO of the life insurer, will retire on June 30, 2024.

About Rushabh Gandhi :

• Rushabh Gandhi has over 29 years of experience in the financial services industry and across national and international markets.
• He has worked at Canara HSBC OBC Life Insurance, Aviva Life Insurance and Birla Sun Life Insurance.
• He is currently the deputy chief executive officer of the insurer.

About IndiaFirst Life Insurance :

• Headquartered in Mumbai, Maharashtra
• IndiaFirst Life Insurance is one of India’s youngest life insurance companies.

David Salvagnini Appointed as  National Aeronautics and Space Administration’s 1st Chief Artificial Intelligence Officer                     

• The National Aeronautics and Space Administration (NASA) appointed David Salvagnini as the agency’s first chief artificial intelligence (AI) officer, in an extension of his current role as the chief data officer.
• Before Salvagnini's appointment, NASA's Chief Scientist Kate Calvin served as the acting responsible AI official.

Responsibilities :

• Salvagnini will lead NASA's efforts in the responsible use of AI both in space and on Earth, aiming to benefit all humanity.
• He will align the strategic vision and planning for AI usage across NASA.
• His role includes championing AI innovation, supporting the development, and managing risks associated with AI tools, platforms, and training.
• In his expanded capacity, Salvagnini will continue NASA’s collaboration with other government agencies, academic institutions, industry partners, and other experts to ensure the agency is on the cutting edge of AI technology.

About David Salvagnini :

• Salvagnini joined NASA in June 2023, after more than 20 years of working in technology leadership in the intelligence community.
• He previously served as the Director of the Architecture and Integration Group and Chief Architect at the Office of the Director of National Intelligence.
• He has a military background, having served in the Air Force for 21 years as a communications and computer systems officer, retiring in May 2005.

About NASA :

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

Indian Space Research Organization Chief Somanath Reveals SFO Technologies' Zero Emission Initiative        

• Indian Space Research Organization (ISRO) Chairman and Secretary, Department of Space, Government of India, S Somanath unveiled the carbon reduction initiative of SFO Technologies, the flagship company of the NeST Group.
• Besides planting a sapling at the first private SEZ in India, NeST HiTek Park to mark the occasion, he also unveiled a replica of Chandrayaan at the campus highlighting the cooperation of SFO Technologies and ISRO.
• The Carbon Reduction initiative of the NeST Group aims to achieve a 50% reduction by 2035 and zero emissions by 2040.
• Around 400 enterprises in the country have benefited from the technologies developed by ISRO for its various missions.
• The Indian space sector is supposed to become a USD 9-10 billion business in the next 5-10 years from the current 2 billion dollars.
• SFO Technologies has worked closely in association with ISRO for many years.
• Both have worked on multiple programmes, such as the RF sub-systems for Chandrayaan and Aditya Missions.
• SFO Technologies and NeST Group are committed to protecting the environment and reducing carbon emissions.
• NeST Group Chairman and Managing Director : N. Jehangir

About ISRO :

• Established: 15 August 1969
• Headquarters: Bangalore, Karnataka, India
• Chairman: S. Somanath

CURRENT AFFAIRS: MOUS AND AGREEMENT

Pine Labs ties up with largest bank in Dubai, set to offer payment solution

• Indian merchant payment company Pine Labs has partnered with Emirates NBD, one of the major banks in the Middle East, North Africa and Turkey (MENAT) region to deploy its payment solutions to the bank's business clients.
• Emirates NBD will offer Pine Labs' newly launched credit issuing platform to deliver merchant acquiring solutions for its corporate and institutional clients, initially in the United Arab Emirates, then across the Kingdom of Saudi Arabia and Egypt.
• These solutions will enable the bank’s clients to improve their digital payment solutions for both online and in-store payments.

About Pine Labs

• Pine Labs is an Indian company that provides point-of-sales systems and payment systems.
• Founded in 1998.
• B Amrish Rau, CEO, Pine Labs.

India and Zimbabwe agree to extend regulatory cooperation in digital transformation solutions

• The delegates of India and Zimbabwe held the third session of the India-Zimbabwe Joint Trade Committee (JTC) in Delhi.
• During the session, both sides reviewed the bilateral trade and noted the vast potential that exists between the two countries.
• India and Zimbabwe have agreed to explore an opportunity to ink a pact for regulatory cooperation in tele-medicines, rough diamonds, and fast payment systems.

About Zimbabwe

• Zimbabwe is a landlocked country in southern Africa known for its dramatic landscape and diverse wildlife,
• Capital: Harare,
• Currency: United States Dollar.

CURRENT AFFAIRS: SPORTS NEWS

Puma India signs up as an official kit partner for the Athletics Federation of India , which will equip over 400 Indian athletes

• Puma India has signed up as the official kit sponsor of the sports body, Athletics Federation of India (AFI).
• Under this multi-year deal, the sports brand will exclusively supply performance kits, speed suits and travel gear to all athletes under AFI and who represent India in track & field, jumps, throws, cross country running and marathons at both domestic and international tournaments.
• Puma will equip over 400 athletes with products comprising apparel, footwear and accessories, under this agreement.
• However, this kitting partnership does not include Olympics, Asian Games and Commonwealth Games.
• Arne Freundt, CEO, PUMA SE.
• Established in 1946, the AFI is the apex body for running and managing athletics in India and is affiliated with the World Athletics, Asian Athletics Association, and Indian Olympic Association.

Table Tennis, Manika Batra Becomes First Indian Woman To Break Into Top 25 Of World Women’s Singles Rankings

• India’s women’s table tennis player Manika Batra became the first Indian woman to enter the top 25 of the world women’s singles rankings.
• After the success of the Saudi Smash, Manika Batra rose to her career-best ranking of 24.
• She also equalled G. Sathyan’s five-year-old record for the highest rank achieved by an Indian in singles table tennis.
• She won three medals at the 2015 Commonwealth Table Tennis Championships.
• Manika Batra won the gold medal at the 2018 Commonwealth Games in individual and team categories.
• She was awarded the Major Dhyan Chand Khel Ratna in 2020.

Homecoming hero Neeraj Chopra takes the accolade and applause at Federation Cup

• Olympic champion Neeraj Chopra won the gold medal in men's javelin throw at the 27th National Federation Senior Athletics Competition in Bhubaneswar.
• Neeraj struggled in the early stages of the competition as he stood second after three rounds.
• He took the lead in the fourth round with an effort of 82.27 metres.
• Last time, Neeraj Chopra competed in the domestic competition at the same event in 2021, when he won the gold medal with a throw of 87.80m.
• Since then, he won a historic gold at the Tokyo Olympics, became the Diamond League champion in 2022, became world champion in 2023 and defended the Asian Games gold in China. His personal best and national record is 89.94m.
• DP Manu, of Karnataka came second with 82.06m effort, while Uttam Balasaheb Patil of Maharashtra was third with 78.39m.
• Local man and Asian Games silver medallist Kishore Jena finished fifth with a disappointing 75.49m.
• Jena had qualified for the Paris Olympics when he threw 87.54m for the Asian Games silver medal in Hangzhou, China last year.

CURRENT AFFAIRS : OBITUARIES

Former Indian Newspaper Society President Naresh Mohan passes away  

• Distinguished media veteran and former President of the Indian Newspaper Society (INS), Naresh Mohan, passed away at the age of 82.

About Naresh Mohan :

• Mohan served as the president of the INS during the term 1990-91.
• Throughout his distinguished career, he was associated with several prominent newspapers, including Hindustan Times, The Tribune, and the United News of India, among others.
• He also served as executive president at Hindustan Times, chairman at United News of India and as member of the Press Council of India.

About INS :

• Founded : 1939
• Headquarters : New Delhi
• President : Rakesh Sharma
• INS acts as the central organisation for newspapers in India, and plays a major role in protecting and promoting freedom of the press in the country.

Nobel Prize-winning author Alice Munro Passed away                                       

• Alice Munro, first Canadian author to win the Nobel Prize in literature, has passed away at the age of 92 in Ontario.

About Alice Munro :

• Alice Munro was born on July 10, 1931 in Ontario.
• She devoted herself to writing by the end of the 1960s.
• The Nobel committee called Munro a “master of contemporary short stories”.
• Throughout her career, Munro published thirteen collections of stories, one novel titled "Lives of Girls and Women," and two volumes of Selected Stories.
• Her last collection of stories, "Dear Life," was published in 2012 and included partly-autobiographical stories.

Awards & Honors :

• She was one of Canada's most renowned writers and received the Nobel Prize in Literature in 2013.
• Her first major break-through came in 1968, when her short story collection, Dance of The Happy Shades, about life in the suburbs of western Ontario, won Canada’s highest literary honour, the Governor General’s Award.
• It was the first of three Governor General’s Awards she would win in her lifetime.
• In 2009, Munro won the Man Booker Prize International Prize for lifetime achievement.

CURRENT AFFAIRS: IMPORTANT DAYS

International Museum Day 2024 - May 18

• International Museum Day is celebrated every year on May 18 to raise awareness about the museums in society.
• The theme for International Museum Day 2024 is “Museums for Education and Research”.
• The International Council of Museums(ICOM) has been prompted this day every year since
• International Council Of Museums (ICOM) conducted a general meeting in Moscow, Russia to adopt the day for museums.
• After that, the first International Day Of Museums was first established in 1977.
• The theme for International Museum Day was first established in 1992.
• Several museums participate in this International Day Of Museums.
• Every year, museums are invited internationally to all the museums to participate in this special day.
• Before forming International Museum Day, in 1951, the International Council Of Museums (ICOM) gathered a meeting for the “Crusade For Museums” to generally discuss the development of museums.

Daily CA One- Liner: May 18

• BHISHM Portable Hospital tested in Agra for airdrop from aircraft by the Indian Air Force
• The Infosys Science Foundation (ISF) announced changes to the Infosys Prize, shifting it to an early-career focus.
• The Indian National Space Promotion and Authorization Centre (IN-SPACe) has been honoured with the Geospatial World Forum (GWF) Leadership Award for “Public Policy: Enabling Industry Development.”
• Indian merchant payment company Pine Labs has partnered with Emirates NBD, one of the major banks in the Middle East, North Africa and Turkey (MENAT) region to deploy its payment solutions to the bank's business clients
• The delegates of India and Zimbabwe held the third session of the India-Zimbabwe Joint Trade Committee (JTC) in Delhi
• Puma India has signed up as the official kit sponsor of the sports body, Athletics Federation of India
• India’s women’s table tennis player Manika Batra became the first Indian woman to enter the top 25 of the world women’s singles rankings
• Olympic champion Neeraj Chopra won the gold medal in men's javelin throw at the 27th National Federation Senior Athletics Competition in Bhubaneswar
• International Museum Day is celebrated every year on May 18 to raise awareness about the museums in society
• Asian Development Bank (ADB) has approved a USD 148.5 million loan to help modernise and enhance the reliability, quality and resilience of electricity supply in Sikkim.
• Aurm, an asset protection firm, has announced a strategic partnership with Tata AIG General Insurance, to provide comprehensive insurance coverage to its customers for their valuables.
• General insurance provider Tata AIG launched the ‘Satellite In-Orbit Third-Party Liability Insurance’ policy to provide critical financial support to satellite manufacturers and operators in the Indian space industry.
• The Ramcharitmanas, Sahrdayaloka-Locana, and Panchatantra have been included in the United Nations Educational, Scientific and Cultural Organization’s (UNESCO) Memory of the World Asia-Pacific Regional Register, marking a significant achievement for India.
• Senior advocate Kapil Sibal was elected president of the Supreme Court Bar Association (SCBA).
• Justice Bidisha Banerjee has been designated as the Head of the Department (HoD) of the National Company Law Tribunal (NCLT), Kolkata Bench by the President of NCLT, Chief Justice Ramalingam Sudhakar.
• IndiaFirst Life Insurance’s board has approved the appointment of Rushabh Gandhi as the managing director (MD) and chief executive officer (CEO) for 5 years effective July 1, 2024, or the date of regulatory approvals, whichever is earlier.
• The National Aeronautics and Space Administration (NASA) appointed David Salvagnini as the agency’s first chief artificial intelligence (AI) officer, in an extension of his current role as the chief data officer.
• Indian Space Research Organization (ISRO) Chairman and Secretary, Department of Space, Government of India, S Somanath unveiled the carbon reduction initiative of SFO Technologies, the flagship company of the NeST Group.
• Distinguished media veteran and former President of the Indian Newspaper Society (INS), Naresh Mohan, passed away at the age of 82.
• Alice Munro, first Canadian author to win the Nobel Prize in literature, has passed away at the age of 92 in Ontario.