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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Fines 5 Cooperative Banks Rs 60.3 Lakhs for Violating Regulations

• The Reserve Bank of India (RBI) has imposed penalties totalling Rs 60.3 lakhs on 5 cooperative banks for contravention of various regulatory norms.

Details of Penalties :

• Rajkot Nagarik Sahakari Bank : A penalty of Rs 43.30 lakh has been imposed for non-compliance with RBI directions on 'ban on loans and advances to directors and their relatives, and firms/concerns in which they are interested', 'prohibition on opening of saving bank accounts in the names of certain bodies/organizations' and 'maintenance of deposit accounts'.
• The Kangra Co-operative Bank (New Delhi), Rajdhani Nagar Sahkari Bank (Lucknow), and Zila Sahakari Bank, Garhwal (Kotdwar, Uttarakhand): Each of these banks has been fined Rs 5 lakh.
• District Co-operative Bank (Dehradun): A penalty of Rs 2 lakh has been imposed.
• Reasons for Penalties: The penalties are based on deficiencies in regulatory compliance, such as non-compliance with RBI directions, but they are not intended to pass judgment on the validity of any transaction or agreement entered into by the banks with their customers.

Recent News :

• In March 2024, The Reserve Bank of India (RBI), imposed a monetary penalty of ₹1.3 crore on Tamilnad Mercantile Bank Limited (TMBL) for non-compliance with certain directions issued by RBI on ‘Interest Rate on Advances’ and ‘Central Repository of Information on Large Credits (CRILC) - Revision in Reporting’.

NPCI Bharat BillPay Collaborates with State Bank of India to Enable National Common Mobility Card Recharge   

• NPCI Bharat BillPay Limited. (NBBL), a wholly owned subsidiary of the National Payments Corporation of India (NPCI), in association with State Bank of India (SBI), has onboarded SBI National Common Mobility Card (NCMC) on its Bharat BillPay platform for the convenience of travellers.
• The category is already live with SBI NCMC cards for Noida Metro, Nagpur Metro, MMRDA Line 2A & 7, Chennai Metro, Kanpur Metro, and Parliament Canteen via the bank’s Bharat BillPay-enabled application, SBI Unipay, and more platforms will go live with the service soon.

Key Highlights :

• Convenience for Travellers: The introduction of NCMC Recharge as a biller category will enable customers to recharge/top-up their cards online, avoiding long queues and ensuring a hassle-free experience.
• Recharge Limit: Customers can recharge their NCMC cards online with amounts of up to ₹10,000 through Bharat BillPay-enabled platforms, using various payment methods such as prepaid, debit, and credit cards.
• Seamless Experience: After the recharge, customers only need to tap their NCMC card on the terminal to update their balance, ensuring a hassle-free experience for users.

About NPCI Bharat BillPay Limited :

• Headquarters : Mumbai, Maharashtra
• CEO of NBBL : Noopur Chaturvedi

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti

Reserve Bank of India Permits Resident Entities to Hedge Gold Price Risk with OTC Derivatives in International Financial Services Centres                              

• The Reserve Bank of India (RBI) has expanded hedging options for resident entities by allowing them to hedge exposure to gold price risk using Over-the-Counter (OTC) derivatives in the International Financial Services Centre (IFSC), in addition to derivatives on exchanges.
• Aim : To provide further flexibility to resident entities to hedge their exposures to price risk of gold.

Key Highlights :

• Previous Permissions: Earlier, resident entities were permitted to hedge their exposure to the price risk of gold on exchanges in the International Financial Services Centre (IFSC) recognised by the International Financial Services Centres Authority (IFSCA).
• Definition of Commodity Exposure : As per the directions, direct exposure to commodity price risk includes all commodities, except gems and precious stones.
• In terms of indirect exposures to commodity price risk, which includes Aluminium, Copper, Lead, Zinc, Nickel, and Tin.
• This list would be reviewed
• Booking of OTC Contracts : OTC contracts shall be booked with a bank or with non-bank entities which are permitted to offer such derivatives by their regulators.
• Structured Products : Structured products may be permitted to eligible entities who are (a) listed on recognized domestic stock exchanges or (b) fully owned subsidiaries of such entities or (c) unlisted entities whose net worth is higher than INR 200 crore, subject to the condition that such product are used for the purpose of hedging as defined under these directions.
• Reporting Requirements : The directions added that banks shall submit a quarterly report to the Chief General Manager, Financial Markets Regulation Department, RBI through Centralised Information Management System (CIMS) by the 15th of the month following the end of the quarter.
• Hedging Definition : The activity of undertaking a derivative transaction to reduce an identifiable and measurable risk is called Hedging.

What is an OTC derivative?

• Over the counter (OTC) derivatives are like special financial deals made directly between two parties, without using a regular marketplace or middlemen.

About RBI :

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

Finance Ministry Notifies Updated Foreign Direct Investment Limits for Satellite-Related Activities under FEMA                  

• The Finance Ministry has notified a new Foreign Direct Investment (FDI) limit for various satellite-related activities under the Foreign Exchange Management (Non-Debt Instruments) Rules.
• With the notification, all necessary regulations are now in place to implement the higher FDI limit effectively.
• The new rules are set to come into effect from April 16, 2024.
• The Government had previously approved an amendment to the FDI policy for the space sector in February, 2024.
• Under the amended FDI policy, 100% FDI is permitted in the space sector.

Key Highlights :

• FDI Limits for Satellite Activities:Satellite manufacturing & operation, satellite data products, and ground segment & user segment can now receive FDI up to 74% under the automatic route.
• Beyond this threshold, the government route will be applicable.
• The sub-sector includes launch vehicles and associated systems or subsystems.
• Spaceports for launching and receiving spacecraft can receive FDI through automatic routes up to 49%.
• Manufacture of Components: 100% FDI under the automatic route is now permitted for manufacturing components and systems/sub-systems for satellites, ground segments, and user segment.
• Previous Approval Route: Previously, FDI was only permitted to establish and operate satellites through the government’s approval route.
• The new policy aligns with the vision and strategy outlined in the Indian Space Policy 2023.

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Bhagwat Karad, Pankaj Choudhar

Aditya Birla Capital Introduces Omnichannel Direct-to-Consumer Platform ABCD, Targets 30 Million Users

• Aditya Birla Capital has introduced its omnichannel Direct-to-Consumer (D2C) platform called ABCD, aiming to simplify finance with the tagline "Everything Finance as Simple as ABCD".
• The platform is housed under Aditya Birla Capital Digital Limited (ABCDL), a wholly-owned subsidiary of Aditya Birla Capital Limited (ABCL).
• Aditya Birla Capital targets to onboard 30 million new users over the next 3 years through this platform.

Platform Features:

• Scalable infrastructure, user-friendly interface, and robust functionalities ensure a simple and differentiated experience across all touchpoints, including mobile app, website, branches, and virtual engagement channels.
• The platform offers a comprehensive portfolio of 22 products and services, including payment platforms like UPI, bill payment, online recharges, as well as financial services such as loans, insurance, investments, and personal finance tracking tools like 'My Track'.
• ABCD's proprietary products include Portfolio Consolidator, Spend Analyzer, Digital Health Assessment, and Payment solutions, catering to diverse customer needs through a unified platform.
• Features like multi-account payment, multi-mode receipt, and spend analysis tools are incorporated to enhance the digital financial experience.
• Development Timeline: The ABCD platform has been developed in a record time of 12 months, which is considered one of the fastest achievements in the Indian financial services sector.
• Chairman of Aditya Birla Group : Kumar Mangalam Birla.

CURRENT AFFAIRS: NATIONAL NEWS

DD changes logo colours from red to orange

• The central government-owned news television channel DD News has undergone a makeover by changing the colour of its logo from bright red to beaming saffron.
• The transformation of the logo came with the launch of its new studio channel.
• The change in the branding, set design, logo and general visual aesthetics was announced in social media posts on April 16.
• The first Doordarshan logo, which was selected by the then prime minister Indira Gandhi and broadcast for the first time along with the theme music composed by Pandit Ravi Shankar and Ustad Ali Ahmed Hussain Khan on April 1, 1976, was an orange logo against a green background.

The Government notifies the specifications of IFFCO's Nano Urea Plus

• The government has notified specifications of a new product 'Nano Urea Plus' fertiliser to be manufactured by cooperative IFFCO in the country in the next three years.
• Nano Urea Plus is a new version of nano urea meant for meeting crop nitrogen requirements at critical growth phases.
• According to a gazette notification, the government has approved Nano Urea Plus in liquid form with 16 per cent nitrogen content in weight by weight, and pH value of 4-8.5 and viscosity of 5-30.
• This product will be manufactured by the cooperative major IFFCO for three years
• Currently, IFFCO offers 'Nano Urea' which has 1-5 per cent weight by weight nitrogen content.
• The Nano Urea Plus has more nitrogen.
• IFFCO launched the world's first 'Nano liquid urea' fertiliser in June 2021. Thereafter, it came up with 'Nano DAP' fertiliser in April 2023.

PHDCCI unveils 10-key enablers for ‘Viksit Bharat’ by 2047

• Industry body PHDCCI came up with 10 key enablers to help India become a “developed country” (Viksit Bharat) by 2047 and ramp up its per capita income to $21,000 by that year.
• It also sees the country’s GDP growing at an average rate of 6.7 per cent between now and 2047, while pegging the growth forecast for the current fiscal at 8-8.3 per cent.
• PHDCCI has in the report forecast the size of the Indian economy at $34.7 trillion by 2047 as against $3.7 trillion now.

Share in GDP

• By 2047, PHDCCI sees the share of agriculture in the overall GDP coming down to 12 per cent from 20 per cent in 2023 and that of manufacturing rising from 16 per cent in 2023 to 25 per cent in 2047.
• The share of services in 2047 is expected to be at 54 per cent, the same level as in 2023.
• The other enablers include percolating ease of doing business at the factory level; enhance global scalability of the promising sectors such as automobile sector, Fast Moving Consumer Goods (FMCG), fintech, information technology and pharmaceuticals.

CURRENT AFFAIRS: AWARDS AND HONOURS

Surinder S Jodhka wins Adiseshiah Awards 2024

• Malcolm and Elizabeth Adiseshiah Trust has announced the annual Dr Malcolm Adiseshiah National Award 2024 for two professors.
• Professor Surinder S Jodhka, School of Social Sciences, JNU, was selected for the Malcolm Adiseshiah Award (2L & citation) while Vikas Kumar, associate professor, Azim Premji University, will get the Elizabeth Adiseshiah Award (1L & citation).

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Vice Admiral Dinesh Kumar Tripathi was appointed as the next Chief of the Naval Staff

• Vice Admiral Dinesh Kumar Tripathi, currently serving as the Vice Chief of the Naval Staff, has been appointed as the next Chief of the Naval Staff by the Government of India (GoI).
• His appointment will be effective from April 30, 2024.
• He will succeed the present Chief of the Naval Staff, Admiral R Hari Kumar, PVSM, AVSM, VSM, who retires from service on the same day.

About Vice Admiral Dinesh K Tripathi :

• Vice Admiral Dinesh Kumar Tripathi was born on May 15, 1964, and was commissioned into the Executive Branch of the Indian Navy on July 01, 1985.
• He is a Communication and Electronic Warfare specialist with nearly 39 years of distinguished service.
• Previous Appointments:Before assuming the role of Vice Chief of the Naval Staff, he served as the Flag Officer Commanding-in-Chief, Western Naval Command.
• He has commanded Indian Naval Ships Vinash, Kirch, and
• He has also held various important operational and staff appointments which include Fleet Operations Officer of the Western Fleet; Director of Naval Operations; Principal Director, Network Centric Operations and Principal Director, Naval Plans at New Delhi.
• Rear Admiral and Vice Admiral Roles : As a Rear Admiral, he served as the Assistant Chief of Naval Staff (Policy and Plans) and the Flag Officer Commanding Eastern Fleet.
• In the rank of Vice Admiral, he has served as Commandant of the prestigious Indian Naval Academy, Ezhimala; Director General of Naval Operations; Chief of Personnel and Flag Officer Commanding-in-Chief, Western Naval Command.
• Awards and Recognitions:Vice Admiral Dinesh Kumar Tripathi has been honored with the Ati Vishist Seva Medal (AVSM) and Nau Sena Medal (NM) for his distinguished service.

About Ministry of Defence :

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

Government Approves Appointments of 3 Additional Secretaries

• The Appointments Committee of the Cabinet (ACC) has approved the appointment of 3 Indian Administrative Service (IAS) officers to the Additional Secretary level positions.

Details of the Appointments :

• Rakesh Kumar Verma:Rakesh Kumar Verma, a 1993-batch IAS officer of the Punjab cadre, has been appointed as Additional Secretary in the Department of Water Resources, River Development & Ganga Rejuvenation under the Ministry of Jal Shakti.
• Presently, he is serving as Additional Secretary in the Ministry of Tourism.
• Suman Billa : Suman Billa, a 1996-batch IAS officer of the Kerala cadre, has been appointed as Additional Secretary in the Ministry of Tourism.
• He replaced Rakesh Kumar Verma upon his appointment as Additional Secretary in the Department of Water Resources, River Development & Ganga Rejuvenation.
• Aradhana Patnaik:Aradhana Patnaik, a 1998-batch IAS officer of the Jharkhand cadre, has been appointed as Additional Secretary in the Department of Health & Family Welfare.
• Presently, she is posted as Joint Secretary in the Department of Health & Family Welfare.
• Himani Pande:Himani Pande, also a 1998-batch IAS officer of the Jharkhand cadre, has been appointed as Additional Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT).
• Presently, she is serving as Joint Secretary in DPIIT.
• Kamal Kishore Soan:Kamal Kishore Soan, a 1998-batch IAS officer of the Jharkhand cadre, has been appointed as Additional Secretary in the Ministry of Labour & Employment.
• Presently, he is posted as Joint Secretary in the Ministry of Labour & Employment.

About ACC :

• Headquarters : New Delhi, Delhi
• Chairman : Narendra Modi

Singapore Prime Minister Lee Hsien Loong to Step Down, Lawrence Wong to Assume Leadership                                  

• Singapore Prime Minister Lee Hsien Loong will step down from his position on May 15, after two decades in office.
• Lawrence Wong will succeed him as the next Prime Minister.

About Lawrence Wong :

• Wong has been considered a potential candidate for the Prime Ministerial post since 2002, showcasing his long-standing involvement in Singaporean politics.
• In April 2022, he was designated as the PM-in-waiting following an interruption in the traditional leadership transition process.
• Apart from his political positions, Wong also serves as the Deputy Chairman of the sovereign wealth fund GIC and as the Chairman of the Monetary Authority of Singapore, the country's central bank.
• Wong's career trajectory includes leadership roles in various ministries, such as education and national development, before assuming the role of finance minister in 2021.
• Lawrence Wong currently holds the positions of Deputy Prime Minister and Finance Minister in Singapore.

About Singapore :

• President : Tharman Shanmugaratnam
• Currency : Singapore dollar

Kartik Aaryan was appointed as an ambassador for the Bundesliga Dream India Project                                            

• Indian Bollywood actor Kartik Aaryan has been appointed as an ambassador for the Bundesliga Dream India project.
• The Bundesliga Dream India project officially commenced this weekend.
• It is a collaboration between Bundesliga and BigHit, a multiple-sports platform dedicated to identifying and promoting sporting talent across India.

Key Highlights :

• Objective: The primary objective of the Bundesliga Dream initiative is to select multiple squads from the U-13 and U-15 age groups in India.
• These selected squads will have the opportunity to travel to Germany for an immersive training camp experience.
• Long-term Goal: The long-term aim of the project is to establish a pathway for talented Indian footballers.
• This pathway will enable them to test themselves in a Bundesliga youth academy setup in Germany.

About Bundesliga:

• The Bundesliga, also known as the Fußball-Bundesliga or 1. Bundesliga, is a professional association football league in Germany, renowned for its competitive and high-quality football.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Army Commemorates 40th Anniversary of 'Operation Meghdoot' on Siachen Glacier       

• The Indian Army and Indian Air Force (IAF) celebrated the 40th anniversary of Operation Meghdoot (Cloud Messenger), which commenced on April 13, 1984.

About the Operation Meghdoot :

• Indian Army and Indian Air Force had advanced to the Siachen Glacier to secure heights dominating the northern Ladakh region.
• Following Operation Meghdoot, the Siachen Glacier remains under Indian control.
• 17 days prior to Operation Meghdoot, the Indian Army launched Exercise Walnut Cracker to occupy certain heights around the Siachen Glacier.
• Siachen is located at a height of around 20,000 feet in the Karakoram Mountain range, the Siachen Glacier is known as the highest militarised zone around the world.

About Indian Army :

• Chief of Defence Staff : General Anil Chauhan
• Chief of the Army Staff : General Manoj Pande

About IAF : 

• Established : 1932
• Headquarters : New Delhi, Delhi
• Chief of the Air Staff :  Air Chief Marshal Vivek Ram Chaudhari

CURRENT AFFAIRS: MOUS AND AGREEMENT

Veranda XL Learning acquires Logic Management Training Institute

• Veranda Learning Solutions Ltd. (VLS) announced that its subsidiary Veranda XL Learning Solutions Pvt. Ltd. had entered into a business transfer agreement with Kochi-based Logic Management Training Institute Pvt. Ltd. to acquire the latter’s business with effect from April 1.
• The payout will be made in tranches from FY25 to FY29.
• The consideration concerning business transfer will be in the form of cash and shares at the discretion of VXL Learning.
• The payout will be made in tranches from FY25 to FY29.
• The consideration concerning business transfer will be in the form of cash and shares at the discretion of VXL Learning.
• The total payout has a floor price of ₹46 crore and a maximum cap of ₹75 crore, the education firm said in a regulatory filing.
• Logic Management is engaged in the business of providing training of students for competitive examinations.
• In FY23, it posted a turnover of ₹16 crore and net profit of ₹92 lakh.

ReNew partners with JERA to evaluate joint development of green ammonia project in India

• ReNew Energy Global (ReNew) signed an initial agreement with JERA, Japan’s largest power generation company, to jointly evaluate developing a green ammonia production project in India.
• Under the agreement, ReNew, through its subsidiary ReNew E-Fuels, and JERA will jointly evaluate the development of a green ammonia production project in Paradip, Odisha.
• The project will utilize around 500 megawatts (MW) of high-capacity utilisation factor (CUF) renewable energy to produce green hydrogen, a key feedstock for green ammonia.
• The project will likely have a production capacity of around 100,000 tonnes of green ammonia annually by 2030.
• JERA will have the right to offtake this green ammonia for Japan.
• There will be a joint study to evaluate the commercial viability of the project.
• The two companies have built a strong relationship during the past seven years and the project will leverage ReNew’s proven capabilities in renewable energy development and solutioning, and JERA’s expertise in building full value chains.

CURRENT AFFAIRS: RANKING AND INDEX

At 7.1%, Odisha records highest retail inflation

• Even as the retail inflation rate in the country eased to a 10-month low of 4.85 per cent, it was the highest in Odisha among major states in March.
• The inflation rate was 7.05 per cent in the state.
• As per the data released by the Ministry of Statistics and Programme Implementation, the rural inflation rate was higher than the urban with 7.27 pc and 6.46 pc respectively.
• This was the highest in individual segments among the states having a population of more than 50 lakh.
• An analysis of the consumer price index (CPI) for the last four quarters indicated that the inflation rate that had shot up from 3.75 pc in June 2023 to 8.73 pc in December dropped to 7.55 pc in January and February 2024.
• At 3.75 pc, the inflation rate in Odisha was one of the lowest in the country in March last year when the urban share (5.61 pc) was higher than the rural (3.02 pc).
• The inflation rate was 5.87 pc in September last year.
• The higher inflation rate in the state is attributed to the rise in the price of commodities.
• The inflation rate of vegetables was the highest at 28.34 pc, followed by pulses and products (17.71 pc), spices (11.4 pc), eggs (10.33 pc) and food and beverages (7.68 pc).
• Odisha led with an inflation rate of 7.1%, trailed by Assam and Haryana at 6.1%. Bihar and Telangana recorded rates of 5.7% and 5.6%,
• Delhi registered the lowest retail inflation rate at 2.3%, followed by Uttarakhand at 3.6%, West Bengal and Maharashtra at 3.7%, and Himachal Pradesh at 4.1%.

Vedanta’s Hindustan Zinc Becomes the 3rd Largest Producer of Silver Globally

• Hindustan Zinc Limited a Vedanta group company in the zinc-lead-silver business has now become the 3rd largest silver producer globally as per the World Silver Survey 2024 conducted by ‘The Silver Institute’, USA.
• The company’s Sindesar Khurd Mine now stands as the world's 2nd largest silver-producing mine moving up from last year’s 4th position.
• Additionally, the recognition of its Pantnagar silver refinery by the London Bullion Market Association (LBMA) and inclusion in the ‘London Good Delivery’ list reaffirms the refinery's adherence to international quality standards, marked by LBMA certification of 99.99% pure silver.
• Operating on 100% renewable power, sourced for its operations, Hindustan Zinc's silver refinery at Pantnagar Metal Plant aligns seamlessly with the company's pledge towards achieving net-zero emissions by 2050 or sooner.
• Globally, solar – the fastest growing of all the sources of renewable energy with about 440 GW installed in 2023 – is poised to elevate silver demand.
• Additionally, the proliferation of electrical appliances, electronics, and gadgets underscores the rising need for silver in conductive materials and components, owing to its exceptional conductivity ideal for touchscreens, circuitry, and connectors.

CURRENT AFFAIRS: SPORTS NEWS

Former World No. 1 Kento Momota announces retirement at 29

• 29-year-old former world champion Kento Momota announced that he was retiring from badminton, citing mental and physical issues amid a lean patch at the highest level.
• The former World No. 1 confirmed that he will not represent his country again after the Thomas and Uber Cup, scheduled to be held in Chengdu in China from April 27.
• Kento Momota acknowledged that he has not been able to get back to the level he was playing before his near-fatal car accident in 2019.
• Momota won the World Championships title in 2018 and 2019, a glorious year in which he won as many as 11 titles on the tour.
• However, ever since his return to action in the following year after recovering from injuries, Momota managed to win only 3 titles.
• Momota last played in the Badminton Asia Team Championships in Shah Alam in January before which he failed to qualify for the main draw at Indonesia Masters.

Daily CA One-Liner: April 20

• The central government-owned news television channel DD News has undergone a makeover by changing the colour of its logo from bright red to beaming saffron
• The government has notified specifications of a new product 'Nano Urea Plus' fertiliser to be manufactured by cooperative IFFCO in the country in the next three years
• Industry body PHDCCI came up with 10 key enablers to help India become a “developed country” (Viksit Bharat) by 2047 and ramp up its per capita income to $21,000 by that year
• Malcolm and Elizabeth Adiseshiah Trust has announced the annual Dr Malcolm Adiseshiah National Award 2024 for two professors
• Veranda Learning Solutions Ltd. (VLS) announced that its subsidiary Veranda XL Learning Solutions Pvt. Ltd. had entered into a business transfer agreement with Kochi-based Logic Management Training Institute Pvt. Ltd. to acquire the latter’s business with effect from April 1.
• ReNew Energy Global (ReNew) signed an initial agreement with JERA, Japan’s largest power generation company, to jointly evaluate developing a green ammonia production project in India.
• Even as the retail inflation rate in the country eased to a 10-month low of 4.85 per cent, it was the highest in Odisha among major states in March
• Hindustan Zinc Limited a Vedanta group company in the zinc-lead-silver business has now become the 3rd largest silver producer globally as per the World Silver Survey 2024 conducted by ‘The Silver Institute’, USA
• 29-year-old former world champion Kento Momota announced that he was retiring from badminton, citing mental and physical issues amid a lean patch at the highest level
• The Reserve Bank of Inndia (RBI) has imposed penalties totalling Rs 60.3 lakh on 5 co-operative banks for contravention of various regulatory norms.
• NPCI Bharat BillPay Limited. (NBBL), a wholly owned subsidiary of the National Payments Corporation of India (NPCI), in association with State Bank of India (SBI), has onboarded SBI National Common Mobility Card (NCMC) on its Bharat BillPay platform for the convenience of travellers.
• The Reserve Bank of India (RBI) has expanded hedging options for resident entities by allowing them to hedge exposure to gold price risk using Over-the-Counter (OTC) derivatives in the International Financial Services Centre (IFSC), in addition to derivatives on exchanges.
• The Finance Ministry has notified a new Foreign Direct Investment (FDI) limit for various satellite-related activities under the Foreign Exchange Management (Non-Debt Instruments) Rules.
• Aditya Birla Capital has introduced its omnichannel Direct-to-Consumer (D2C) platform called ABCD, aiming to simplify finance with the tagline "Everything Finance as Simple as ABCD".
• Vice Admiral Dinesh Kumar Tripathi, currently serving as the Vice Chief of the Naval Staff, has been appointed as the next Chief of the Naval Staff by the Government of India (GoI).
• The Appointments Committee of the Cabinet (ACC) has approved the appointment of 3 Indian Administrative Service (IAS) officers to the Additional Secretary level positions.
• Singapore Prime Minister Lee Hsien Loong will step down from his position on May 15, after two decades in office & Lawrence Wong will succeed him as the next Prime Minister.
• Indian Bollywood actor Kartik Aaryan has been appointed as an ambassador for the Bundesliga Dream India project.
• The Indian Army and Indian Air Force (IAF) celebrated the 40th anniversary of Operation Meghdoot (Cloud Messenger), which commenced on April 13, 1984.