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CURRENT AFFAIRS : BANKING & FINANCE

SBI Card's Q4 Profit Surges Unexpectedly Due to Consistent Retail Spending in India     

• India's SBI Cards and Payment Services reported an unexpected 11% rise in fourth-quarter profit, driven by steady retail spending that offset an increase in bad loans.
• The company's profit after tax reached 62 billion rupees ($79.4 million) for the January-March period, up from 5.96 billion rupees a year earlier.
• This exceeded analysts' expectations, which were around 61 billion rupees, as per LSEG data.

Key Highlights :

• Credit Demand and Retail Spending:Credit demand, especially in unsecured categories like credit cards, remained robust, fueled by retail consumer spending.
• This growth in spending contributed to the rise in the company's profit.
• Cardholder Spending and Interest Income: Total cardholder spending, or the aggregate transacted amount, grew by 11% year-on-year to 796.53 billion rupees during the quarter.
• This led to a 28% increase in interest income, which rose to 21.39 billion rupees.
• Gross Write-offs and Bad Loans:The company's gross write-offs rose by 60% to 8.64 billion rupees, reflecting a higher level of bad loans and credit losses.
• Gross bad loans as a percentage of gross advances increased to76% at the end of March, compared to 2.64% at the end of December, indicating a deterioration in asset quality.
• Net Interest Margin (NIM): The net interest margin, a key measure of profitability, fell by 60 basis points year-on-year to 10.9%, suggesting increased pressure on margins due to a combination of higher write-offs and bad loans.
• Stock Performance : Shares of the company ended 1% lower ahead of the results.

Edelweiss Mutual Fund Introduces Nifty Alpha Low Volatility 30 Index Fund                           

• Edelweiss Mutual Fund has launched the Nifty Alpha Low Volatility 30 Index Fund, a multi-factor index fund.
• It will consist of 30 stocks selected from a pool of the top 150 listed stocks.
• These stocks have recently outperformed the broader market yet are relatively less volatile.
• The New Fund Offer (NFO) of the scheme will be from April 26 to May 10, 2024.

Key highlights of the fund ;

• Investment Strategy and Benchmark : The scheme will invest 95-100% in equity and equity-related securities representing the Nifty Alpha Low Volatility 30 Index.
• Its scheme will be benchmarked against Nifty Alpha Low Volatility 30-TRI and will be managed by Bhavesh Jain.
• Scheme Variants and Options : The scheme will offer regular and direct plans with growth and Income Distribution cum Capital Withdrawal (IDCW) options.
• Systematic Investment Plan (SIP) Details : The minimum investment amount for daily, weekly, fortnightly, monthly, and quarterly SIP will be Rs 100 and in multiples of Rs 1 thereafter.
• Index Methodology and Rebalancing : The index methodology will be factor-weighted and rebalanced semi-annually in June and December, respectively.
• Additional Allocation : The fund will allocate 0-5% to debt and money market instruments, in a bid to ensure a balanced approach to wealth accumulation.

Who should choose the fund?

• Investors looking for long-term capital appreciation and want passive investment in equity and equity-related securities replicating the composition of the Nifty Alpha Low Volatility 30 Index can go for this fund.
• The principal invested in the scheme will be at “very high” risk according to the riskometer of the scheme.

What Is a New Fund Offer (NFO)?

• NFO refers to a new mutual fund scheme for the public in the financial markets with an aim of first-time subscription.
• In other words, a new mutual fund scheme based on a new investment strategy is offered to investors for a limited period.
• Asset management companies (AMCs) offer NFOs as new mutual fund products which are not previously present as part of the product basket.
• NFOs are offered for both close-ended and open-ended mutual fund schemes.

About Edelweiss Mutual Fund :

• MD & CEO : Radhika Gupta
• Edelweiss Mutual Funds, managed by Edelweiss Asset Management Limited, is one of the country's youngest and most dynamic mutual fund houses.

Reserve Bank of India Maintains Foreign Portfolio Investors Investment Limit in Government Securities at 6% of Outstanding Stocks for FY25                

• The Reserve Bank of India (RBI) announced that the investment limits for Foreign Portfolio Investors (FPIs) in government securities, state development loans (SDLs), and corporate bonds will remain unchanged for FY25.

Key Highlights :

• Investment Limits for Various Securities:
• The limit for FPI investment in government securities (G-secs) is 6% of the outstanding stocks of securities.
• The limit for state development loans is 2%.
• The limit for corporate bonds is 15%.
• Fully Accessible Route (FAR):As of now, all investments by eligible investors in the 'specified securities' will be reckoned under the fully accessible route (FAR).
• Allocation between General and Long-term Sub-categories:The distribution of incremental changes in the G-secs limit, in absolute terms, will remain at 50:50 between the two sub-categories 'General' and 'Long-term' for 2024-25.
• State Development Loans (SDLs) Allocation:The entire increase in limits for SDLs, in absolute terms, has been allocated to the general sub-category of state development loans.
• Credit Default Swaps (CDS) Limit:The aggregate limit of the notional amount of CDS sold by FPIs will be 5% of the outstanding stock of corporate bonds.
• An additional limit of Rs 2,54,500 crore has been set for CDS in 2024-25, reflecting the increasing scope for FPIs to engage in credit risk management through swaps.

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

Government Partners with SBI Cards and Telcos to Tackle One-Time Password Frauds   

• India's Ministry of Home Affairs, SBI Cards and Payment Services Limited (SBI Card), and telecom operators have joined forces to develop an innovative solution to combat OTP (One-Time Password) frauds, cybercrime, and phishing attacks targeting the banking ecosystem.
• The government is testing a solution that allows banks to track the registered address and geolocation of a customer to monitor where an OTP is delivered, providing a way to detect potential fraud.

Key Highlights :

• RBI's Additional Factor of Authentication: The Reserve Bank of India (RBI) has mandated an additional factor of authentication for digital payment transactions to combat fraud, with the two-factor authentication system being a key security measure.
• Cybercrime's Impact:According to the Indian Cyber Crime Coordination Centre (i4C), cybercriminals siphoned off Rs 10,319 crore between April 2021 and December 2023.
• Most crimes originated from China, Cambodia, and Myanmar, involving non-state actors.
• Citizen Financial Cyber Fraud Reporting and Management System:Under the i4C framework, the government established the 'Citizen Financial Cyber Fraud Reporting and Management System,' which successfully prevented around Rs 1,200 crore in fraudulent transfers from over 470,000 citizen complaints received by February 2024.
• Statistics on Cyber Fraud in 2023:In the calendar year 2023, the registry received12 million complaints, with fraudulent transfers totaling Rs 7,488 crore, indicating the scale of the issue.

Recent News :

• In April 2024, SBI Card introduced its first travel-centric core credit card, named 'SBI Card MILES', offering a range of comprehensive travel benefits.

About Ministry of Home Affairs :

• Union Minister : Amit Shah
• Minister of State : Nityanand Rai, Nisith Pramanik, Ajay Kumar Mishra

About SBI Card :

• Founded : May 1998
• Headquarters : Gurugram, Haryana
• MD and CEO : Abhijit Chakravorty
• SBI Cards & Payment Services Limited, previously known as SBI Cards & Payment Services Private Limited, is a credit card company and payment provider in India.
• SBI Card was launched by the State Bank of India and GE Capital.

Reserve Bank of India Makes Record Net Purchase of $8.5 Billion in the Forex Market in February 2024, the Highest in 32 Months                                                        

• The Reserve Bank of India (RBI) bought $8.5 billion on a net basis in the foreign exchange market in February,2024 marking the highest net purchase by the central bank in 32 months.
• In January, the RBI made a smaller net purchase of $1.9 billion in the spot market.
• This indicates a significant increase in buying activity in February.

Key Highlights :

• No Dollar Sales in February: According to the central bank's April 2023 Bulletin, the RBI did not sell US dollars in the currency market during February.
• This contributed to the high net purchase figure.
• Comparison with Previous Records: The net purchase of $8.5 billion in February is the highest since June 2021, when the RBI had net bought $18.6 billion in the foreign exchange market.
• All-Time High Foreign Exchange Reserves: The RBI's headline foreign exchange reserves reached a record high of $648.56 billion as of April 5, demonstrating the central bank's growing reserve position.
• The RBI’s net outstanding forward purchase stood at $9.69 billion as of end-February, compared with a net purchase of $9.97 billion at the end of the previous month, the data showed.

Securities and Exchange Board of India Approves Groww Mutual Fund's Launch of Nifty Non-Cyclical Consumer Index Fund via New Fund Offering                                                    

• Groww Mutual Fund has received the Securities and Exchange Board of India’s (SEBI’s) approval to launch the Nifty Non-Cyclical Consumer Index Fund through a new fund offering (NFO).
• The NFO is expected to go live in the first week of May.
• The fund will be India’s first non-cyclical index fund.
• In this instance, the fund is benchmarked against the Nifty Non-Cyclical Consumer Index (Total Return Index).
• This tracks the performance of the top 30 stocks under sectors such as consumer goods and services, telecom and more.
• Aim of the fund : To generate long-term capital growth by investing in securities of the Nifty Non-Cyclical Consumer Index (TRI) in the same proportion to offer returns.
• It is structured to allocate between 95-100% of its assets in equities and equity-related securities of companies directly involved in or anticipated to gain from consumption and consumption-related endeavours.
• Additionally, it may invest 0-5% in debt and money market instruments, as well as units of debt schemes or debt ETFs.

Key Highlights :

• Groww Nifty Non-Cyclical Consumer Index Fund will be an open‐ended scheme tracking Nifty Non-Cyclical Consumer Index – TRI.
• The scheme will be managed by Abhishek Jain.
• The minimum investment amount will be Rs 500 and in multiples of Re 1 for purchases and of Re 0.01 for switches.
• For SIP, the minimum amount is Rs 1,200 (subject to a minimum of 12 SIP instalments of Rs 100 each for monthly instalments and Rs 300 for quarterly instalments).
• The minimum redemption amount for all plans will be Rs 500 and in multiples of Re 1.
• The principal amount invested in the scheme carries a “very high” risk classification according to the scheme's riskometer.

About Groww MF :

• Established : 2017
• Headquarters : Bangalore, Karnataka
• CEO : Lalit Keshre

KRAs Release Guidelines to Simplify the KYC Process                             

• In a bid to ease the Know Your Customer (KYC) process for investors due to new guidelines that came into effect on April 1, 2024 the 5 KYC registration agencies (KRAs) - CDSL Ventures (CVL), NSDL Database Management (NDML), CAMS, Karvy, and Dotex have come with guidelines to simplify the process.

Key Highlights :

• Scope of KYC Records:The KRAs collectively hold the KYC records of 3 million investors, playing a pivotal role in maintaining these records.
• Status of KYC Records:Out of the total KYC records:
• 73% are in the 'KYC Validated' status, indicating no further action is required for transacting in the securities market.
• 15% are in the 'KYC Registered' status, allowing existing systematic investment plans (SIPs) with mutual funds to continue.
• 12% are in the 'KYC On-Hold' status, requiring additional steps for compliance.
• Implications of 'KYC Validated' Status:For investors whose status is 'KYC Validated', no action is required and they can transact in the securities market without resubmission of KYC documents.
• Guidance for 'KYC Registered' Status : Investors whose status is 'KYC Registered' can continue with their existing systematic investment plans (SIPs) already registered with mutual funds.
• If such investors wish to open a new account or a new folio with a new fund house or Sebi-registered intermediary, a fresh set of KYC documents needs to be collected afresh to onboard the investor.
• Requirements for 'KYC On-Hold' Status : If the KYC status is 'On Hold' then the investor has to compete 'PAN-Aadhaar Seeding' in income tax records to make the PAN operational.

What is the KYC Registration Agency (KRA)?

• KRA is an agency registered with SEBI under the Securities and Exchange Board of India [KYC (Know Your Client) Registration Agency] Regulations, 2011.
• The KRA will maintain KYC records of the investors centrally, on behalf of capital market intermediaries registered with SEBI.

AU Small Finance Bank Launches New Rupay Credit Card and ATM Insurance Products                         

• AU Small Finance Bank (AU SFB) has introduced a range of new products, aiming to enhance fee income through innovative credit cards and ATM insurance.

Key Highlights :

• New Credit Cards:Two new credit cards are among the latest offerings: the AU SPONT Rupay Credit Card and the Secured Credit Card - NOMO (No Missing Out).
• The AU SPONT Rupay Credit Card is developed in collaboration with NPCI, while the Secured Credit Card - NOMO is developed with
• Introduction of Secured Credit Cards:The NOMO (No Missing Out) Credit Card is AU SFB's first secured credit card, which is backed by a Fixed Deposit (FD).
• This marks the bank's entry into the realm of secured credit cards.
• Enhanced Digital Solutions for Businesses and Customers:AU SFB has launched the AU 0101 Business App, designed to offer customized solutions for proprietorships and Micro, Small, and Medium Enterprises (MSMEs).
• The AU 0101 Version 2.0 is the bank's upgraded mobile banking app, offering customers an enhanced user experience and additional features.
• ATM Insurance: Industry-First Innovation : First time in the Indian banking industry, AU SFB has launched ATM Insurance, for the convenience of customers to buy insurance through AU SFB's ATMs with their debit card.
• Insurance journey on ATM is the industry-first innovation, hence, AU SFB have gone ahead and patented this process before launching its first ATM insurance in March 2024.

Recent News :

• In April 2024, AU Small Finance Bank (AU SFB) is planning to grow its advances at a compound annual growth rate (CAGR) of 25% in the next 3 years.

About AU Small Finance Bank :

• Headquarters : Jaipur, Rajasthan, India
• MD & CEO : Sanjay Agarwal
• It was founded as a vehicle finance company and Non-Banking Financial Company (NBFC), AU Financiers (India) Ltd in 1996 and converted into a full-fledged small finance bank on 19 April 2017.

CURRENT AFFAIRS: NATIONAL NEWS

NTPC Kanti, the first station among NTPC, started Girl Empowerment Mission 2024

• NTPC Kanti was among the first stations to start the GEM program pan NTPC.
• The GEM (Girl Empowerment Mission) program aims to empower girls by providing them with the education and skills necessary for their holistic development.
• NTPC Kanti inaugurated the Girl Empowerment Campaign
• The program was inaugurated by Mr. Manoj Sinha, General Manager (Contracts and Materials & Technical Services).
• A total of 40 girls from various villages of Kanti Block are participating in the Girl Empowerment Campaign, representing 8 schools.
• This workshop, themed ” Empowered Girls, Empowered Kanti”, will run from April 25 to May 20, providing free education to students in subjects such as Mathematics, Computer, English, Hindi, etc.
• Additionally, all participants will also receive nutritious meals.
• Extracurricular activities such as yoga, dance, music, painting, etc., will be provided for the holistic development of girls.

Centre accords AEO status to the gem and jewellery sector

• The Centre has extended Authorised Economic Operator (AEO) status to the gem and jewellery sector, the Gem & Jewellery Export Promotion Council (GJEPC), the apex body of the sector.
• The AEO programme was introduced as pilot project in 2011 by the Customs Department as part of a broader framework for ease of doing business, which has been instrumental in simplifying export operations across various sectors, resulting in significant time and cost savings for exporters.
• The AEO is a programme under the World Customs Organisation (WCO) SAFE Framework of Standards to secure and facilitate global trade.
• The aim is to enhance international supply chain security and facilitate the movement of legitimate goods.
• Under this programme, an entity engaged in international trade is approved by the Customs as compliant with supply chain security standards, and granted AEO status and certain benefits.

Oil PSUs' output from overseas fields is up a tad

• India's state-run firms' output from overseas oil and gas fields marginally rose in 2023-24 after declining for four straight years.
• The output, however, remained a fifth below the peak of 2018-19 as producing fields matured and no new overseas assets were acquired in recent years.
• The share of India's state companies in oil and gas production from overseas fields increased to 19.9 million metric tonnes of oil equivalent (MMTOE) in 2023-24 from 19.5 MMTOE in the previous year.
• Production at Russia's Skahalin-1 project normalised during the financial year, after being badly affected in 2022 following the launch of the Russia-Ukraine war.
• ONGC Videsh, India's largest investor in overseas oil and gas fields, has a stake in Sakhalin-1, where production had nearly halted for some time following the exit of its operator Exxon.

Centre to allocate higher sales quota may sugar mills in May to tame prices

• The Centre aims to allocate sugar mills a higher sales quota for May, which will cumulatively be 100,000-200,000 tonnes more than that in the same month a year ago, to tame prices of the sweetener
• The government fears that rising prices at the mill level may lead to a spike in retail prices if not curbed immediately by releasing higher stocks of sugar.
• Ex-mill sugar (small and medium-sized grade) prices in Uttar Pradesh, Maharashtra and Karnataka rose 2.6%-4.9%, depending on region and variety, to ₹3,540-3,930 a quintal in the past 30 days,
• The price rise is attributed to the crushing season drawing to a close.
• Only seven mills in Maharashtra, about 15 in Uttar Pradesh and some in Tamil Nadu are still crushing sugarcan
• Crushing of sugarcane typically closes by the end of April.

CURRENT AFFAIRS: BUSINESS NEWS

Commercial paper issuances touch a 4-year high of Rs 1.2 lakh crore

• Issuances of commercial papers (CP) have hit a four-year high, touching Rs 1.2 lakh crore, a level seen last in July-Sept 2019, as companies seek to diversify funding sources.
• Higher CP issuances follow RBI's November mandate to increase risk weights on bank loans given to higher rated NBFCs, a Crisil report.
• CP issuances are still not as high as 2018 levels when they touched Rs 3.1 lakh crore in July-September, as NBFCs look for other funding avenues like securitisation, where volumes peaked in FY24 at Rs 1.9 lakh crore.
• CPs are short-term, unsecured debt instruments issued by corporates.
• While banks remain the major source of funding, NBFCs will look to diversify their funding source.
• The share of CPs is expected to rise over the medium term from the low of 4% in FY20-23, but will remain lower than the pre-pandemic high of 11%," Malvika Bhotika, director, of Crisil Ratings.
• Even though the share of CPs is increasing in overall funding, it is not worrisome yet.
• This is because NBFCs backed by respective parents have almost 80% of the CP volume.
• Furthermore, issuances are backed by shorter tenure assets, and the share of longer term - 9 to 12 month - issuances have increased to 25% from 8% in September 2019 and companies are maintaining higher liquidity coverage ratio with medians being at 155% as of December 2023

IREDA granted 'Navratna' status

• Public sector Indian Renewable Energy Development Agency (IREDA) the government had granted it the 'navratna' status, according to a company filing with the stock exchanges.
• This takes the total number of navratna PSEs to 17.
• These companies have the autonomy to invest up to ₹1,000 crore.
• IREDA is a Non-Banking Financial Institution engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy

About Navratna Company

• A Navratna company is a public sector undertaking in India that has been granted Navratna status.
• These companies play a significant role in the nation's economy and hold a prestigious position compared to other PSUs, both domestically and globally.
• Once designated as Navratna, these companies are given authority in areas such as capital expenditure, investment in joint ventures or subsidiaries and human resources management.

Recent News :

• In Feb 2024, the IREDA’s board approved the establishment of a subsidiary company to cater to retail business in renewable energy and emerging sectors such as PM KUSUM, rooftop solar and other Business-to-Consumer (B2C) segments.

About IREDA :

• Established: March 1987
• Headquarters : New Delhi, India
• Chairman & MD : Pradip Kumar Das
• IREDA is an Indian public sector enterprise which provides financial assistance and other services to projects related to renewable sources of energy and energy efficiency/conservation.
• The company offers financial assistance to projects that produce electricity using fresh and sustainable sources.
• The government holds a 75% ownership stake in the company. 

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

IRS Officer Sunil Kumar Yadav Appointed as Director at Ministry of Housing and Urban Affairs

• Sunil Kumar Yadav, an Indian Revenue Services (IRS-IT) officer from the 2010 batch, has been appointed as Director in the Ministry of Housing and Urban Affairs, Delhi.
• According to an order issued by the Department of Personnel & Training (DoPT), Yadav's appointment is for a period of 5 years from the date he assumes charge or until further orders, whichever comes first.

About Ministry of Housing and Urban Affairs :

• Cabinet Minister : Hardeep Singh Puri
• Minister of State : Kaushal Kishore

Sarvadanand Barnwal Appointed as Director in the Department of Land Resources

• Sarvadanand Barnwal, an officer from the Indian Statistical Service (ISS), has been selected for appointment as Director in the Department of Land Resources.
• The appointment is under the Central Staffing Scheme (CSS), which facilitates the recruitment of officers for central government positions from various services.
• According to the Department of Personnel & Training (DoPT) order issued Barnwal's appointment is for a period of 5 years from the date he assumes the position or until further orders, whichever comes first.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Rahul Bhatia's InterGlobe Enterprises Teams Up with Tech Veteran C P Gurnani's Assago to Launch AI Business Venture AIonONS

• InterGlobe Enterprises, led by Rahul Bhatia, has partnered with technology veteran C P Gurnani's Assago to launch an artificial intelligence business venture called AIonOS.
• The venture aims to provide a variety of AI-based solutions and also seeks to partner with startups.

Key Highlights :

• InterGlobe Enterprises' Background: InterGlobe has a diversified presence in the Travel, Transportation, Logistics, and Hospitality (TTLH) sectors, with India's largest airline, IndiGo, as part of its group.
• This gives AIonOS a strong foundation in understanding large-scale operations and complex business environments.
• Purpose of AIonOS: The venture is designed to help businesses accelerate their digital transformation by offering AI-powered solutions that enhance both human and system capabilities.
• This focus on digital transformation positions AIonOS as a valuable partner for businesses looking to leverage artificial intelligence for growth and efficiency.
• AIonOS Offerings: AIonOS plans to offer a range of AI-powered specialized products and technologies, including:
• AI custom solutions tailored to specific business needs.
• Industry-specific products for various sectors.
• Data insights to help businesses make informed decisions.
• Global Presence: Apart from India, AIonOS intends to establish a presence in multiple regions, including North America, Europe, and the Middle East.

About AIonOS :

• AIonOS is a joint venture between InterGlobe, the majority partner, and Assago.
• The headquarters for AIonOS is in Singapore, indicating an international focus from the outset.

CURRENT AFFAIRS: MOUS AND AGREEMENT

SJVN Collaborates with THDC India Limited to develop a High-Performance Water Sports Academy at Uttarakhand

• SJVN signed a Memorandum of Understanding (MoU) with THDC India Limited for the development of a High-Performance Water Sports Academy in Tehri, Uttarakhand in the benign presence of Smt. Geeta Kapur, CMD, SJVN and Sh. Shallinder Singh, Director (Personnel), THDC at New Delh
• Geeta Kapur stated that as per the MoU, SJVN will provide financial assistance of Rs. One Crore to THDC for establishing an advanced gymnasium as an integral part of the High-performance Water Sports Academy.
• This Academy will also include Training Centers with modern equipment and infrastructure.
• The facility is being developed in collaboration with SJVN, THDC, ITBP, Indian Kayaking & Canoeing Association, and Olympic Association of Uttarakhand for training national-level athletes for national & international competitions in Kayaking & Canoeing.
• The Academy will identify and nurture talent in water sports from an early age ensuring a sustainable inflow of skilled athletes.
• The development of the Water Sports Academy will create a lasting impact on the youth and will be a significant step towards the flagship initiative ‘Khelo India’ of the Ministry of Youth Affairs and Sports, Government of India.
• The MOU was signed by Sh. Awadhesh Prasad, GM (CSR) SJVN and Sh. Amardeep, GM (CSR), THDC, India Limited.

CURRENT AFFAIRS: IMPORTANT DAYS

World Day for Safety and Health at Work 2024: April 28

• Every year, April 28th is celebrated as World Day for Safety and Health at Work all over the world.
• World Day for Safety and Health at Work Day is observed to promote the prevention of occupational accidents and diseases globally.
• On April 29, 1971, the International Labour Organisation adopted the Occupational Safety and Health Convention.
• In 2003, the International Labour Organisation announced that April 28 will be observed as World Day for Safety and Health at Work.

International Dance Day 2024: April 29

• Every year April 29th is celebrated as International Dance Day also known as World Dance Day.
• International Dance Day or World Dance Day celebration for those who can see the value and importance of dance.
• It was established by the Dance Committee of the International Theatre Institute (ITI), UNESCO's main partner for the performing arts.
• International Dance Day was created to celebrate dance as an art form and to promote its importance worldwide.
• The date was chosen to commemorate the birthday of Jean-Georges Noverre, a French dancer and ballet master often credited as the creator of modern ballet.
• The first International Day of Dance was celebrated in 1982.
• Since then, it has grown into a global celebration with events organised by dance communities, schools, companies and organisations around the world.

Daily CA One- Liner: April 28^th & 29^th

• NTPC Kanti was among the first stations to start the GEM program pan NTPC
• The Centre has extended Authorised Economic Operator (AEO) status to the gem and jewellery sector, the Gem & Jewellery Export Promotion Council (GJEPC), the sector's apex body.
• India's state-run firms' output from overseas oil and gas fields marginally rose in 2023-24 after declining for four straight years
• The Centre aims to allocate sugar mills a higher sales quota for May, which will cumulatively be 100,000-200,000 tonnes more than that in the same month a year ago, to tame prices of the sweetener
• Issuances of commercial papers (CP) have hit a four-year high, touching Rs 1.2 lakh crore, a level seen last in July-Sept 2019, as companies seek to diversify funding sources
• Public sector Indian Renewable Energy Development Agency (IREDA) the government had granted it the 'navratna' status, according to a company filing with the stock exchanges
• SJVN signed a Memorandum of Understanding (MoU) with THDC India Limited for the development of a High-Performance Water Sports Academy in Tehri, Uttarakhand in the benign presence of Smt. Geeta Kapur, CMD, SJVN and Sh. Shallinder Singh, Director (Personnel), THDC at New Delhi
• India's SBI Cards and Payment Services reported an unexpected 11% rise in fourth-quarter profit, driven by steady retail spending that offset an increase in bad loans.
• Edelweiss Mutual Fund has launched the Nifty Alpha Low Volatility 30 Index Fund, a multi-factor index fund.
• The Reserve Bank of India (RBI) announced that the investment limits for Foreign Portfolio Investors (FPIs) in government securities, state development loans (SDLs), and corporate bonds will remain unchanged for FY25.
• India's Ministry of Home Affairs, SBI Cards and Payment Services Limited (SBI Card), and telecom operators have joined forces to develop an innovative solution to combat OTP (One-Time Password) frauds, cybercrime, and phishing attacks targeting the banking ecosystem.
• The Reserve Bank of India (RBI) bought $8.5 billion on a net basis in the foreign exchange market in February,2024 marking the highest net purchase by the central bank in 32 months.
• Groww Mutual Fund has received Securities and Exchange Board of India’s (SEBI’s) approval to launch the Nifty Non-Cyclical Consumer Index Fund through a new fund offering (NFO).
• In a bid to ease the Know Your Customer (KYC) process for investors due to new guidelines that came into effect on April 1,2024 the 5 KYC registration agencies (KRAs) - CDSL Ventures (CVL), NSDL Database Management (NDML), CAMS, Karvy, and Dotex have come with guidelines to simplify the process.
• AU Small Finance Bank (AU SFB) has introduced a range of new products, aiming to enhance fee income through innovative credit cards and ATM insurance.
• Sunil Kumar Yadav, an Indian Revenue Services (IRS-IT) officer from the 2010 batch, has been appointed as Director in the Ministry of Housing and Urban Affairs, Delhi.
• Sarvadanand Barnwal, an officer from the Indian Statistical Service (ISS), has been selected for appointment as Director in the Department of Land Resources.
• InterGlobe Enterprises, led by Rahul Bhatia, has partnered with technology veteran C P Gurnani's Assago to launch an artificial intelligence business venture called AIonOS.
• Every year April 28th is celebrated as World Day for Safety and Health at Work all over the world.
• Every year April 29th is celebrated as International Dance Day also known as World Dance Day.