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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Issues Guidelines for Voluntary Conversion of Small Finance Banks into Universal Banks

• The Reserve Bank of India (RBI) has issued guidelines for the voluntary transition of Small Finance Banks (SFBs) to Universal Banks effective immediately.
• The “Guidelines for ‘on-tap’ Licensing of SFBs in Private Sector”, dated December 5, 2019, provide a transition path for SFBs to become universal banks.

Key Highlights :

• Minimum Requirements for Transition : The RBI has stated that SFBs should have a minimum net worth of Rs 1,000 crore to become universal banks in accordance with the on-tap licensing norms.
• According to the RBI, SFBs aspiring to become a universal bank need to have scheduled status with a satisfactory track record of performance for a minimum period of 5 years.
• Stock Exchange Listing Requirement : An SFB intending to transition to a universal bank must be listed on a recognized stock exchange.
• Out of the 10 SFBs, only North East Small Finance Bank is not listed.
• Financial Performance and Asset Quality:SFBs must have reported net profit in the last two financial years.
• Gross non-performing assets (GNPA) and net non-performing assets (NNPA) must be less than or equal to 3% and 1%, respectively, over the last two financial years.
• Promoter Requirements:There is no mandatory requirement for an eligible SFB to have an identified promoter.
• However, existing promoters, if any, must continue as promoters upon transition.
• No new mandatory lock-in requirement of minimum shareholding for existing promoters in the transitioned universal bank.
• Regulatory Structure upon Transition:Upon transition, the universal bank will be subject to all norms, including the Non-Operative Financial Holding Company (NOFHC) structure (as applicable).
• RBI's Authority : These instructions are issued in exercise of the powers conferred on the Reserve Bank of India under Section 22 (1) of the Banking Regulation Act, 1949.
• Prominent SFB for Transition : AU SFB, the largest amongst SFBs, is seen as the frontrunner to approach the banking regulator for conversion into a universal bank.
• Background on SFBs : The RBI granted licenses to the first set of SFBs, totaling 10, in 2015, with most beginning operations in 2016-17.
• As of June 2023, there were 12 operational SFBs with 6,589 domestic branches across the country.
• Following the merger of Fincare SFB with AU on April 1, 2024, the number of SFBs stands at 11, including Capital, Equitas, Suryoday, Ujjivan, Utkarsh, ESAF Jana, North East, Shivalik, and Unity.

About RBI :

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

Economic Think-Tank National Institute of Public Finance and Policy Forecasts India's GDP Growth at 7.1% for FY25  

• Economic think-tank National Institute of Public Finance and Policy (NIPFP) has estimated India's GDP growth at 7.1% for the current fiscal, using high-frequency models.
• The robust capital expenditure (capex) growth at the state level is a key factor driving this projection.
• This growth is attributed to significant transfers from the central government, indicating efficient resource utilization at the state level

Comparison with Other Forecasts:

• The NIPFP's estimate aligns with other projections from notable financial and economic institutions:
• The Asian Development Bank (ADB) and Fitch Ratings have also estimated India's GDP growth at 7%.
• The International Monetary Fund (IMF), S&P Global Ratings, and Morgan Stanley have projected a 6.8% growth rate for FY25.

About NIPFP :

• The NIPFP is an autonomous research institute under India's Ministry of Finance.

Reserve Bank of India Permits Small Finance Banks to Trade in Authorised Rupee Interest Rate Derivative Products  

• Reserve Bank of India (RBI) has decided to permit Small Finance Banks (SFBs) to deal in permissible rupee interest rate derivative products for hedging interest rate risk.
• Aim : To expand the avenues available to the SFBs for hedging interest rate risk in their balance sheets and commercial operations more effectively and to provide them with greater flexibility.
• Prior to this decision, Small Finance Banks were only allowed to use interest rate futures (IRFs) for proprietary hedging.
• The circular permitting SFBs to deal in rupee interest rate derivatives is effective immediately and applies to all Small Finance Banks.
• An interest rate derivative is a financial instrument with a value that is linked to the movements of an interest rate or rates.
• These may include futures, options, or swaps contracts.

About Small Finance Banks :

• Definition and Target Customers : SFBs are a niche type of bank in India who cater to mainly customers not being serviced by the big commercial banks such as small business units, small farmers, Micro, Small and Medium Enterprises (MSMEs) and various other unorganised sectors.
• Naming Requirement and Subsidiaries : Every SFB must include the words "small finance bank" in its name and cannot establish subsidiaries for non-banking financial service activities.
• Regulatory Status and Licensing : SFBs are granted the scheduled bank status after being operational and are deemed suitable under section 42 of the RBI Act,1934.
• Small Finance Banks are registered as public limited companies under Companies Act 2013, and are licensed under section 22 of the Banking Regulation,1949.
• Capital Requirements: SFBs must maintain a minimum Capital to Risk-Weighted Assets Ratio (CRAR) of 15%.
• Priority Sector Lending: SFBs are required to extend 75% of their Adjusted Net Bank Credit to Priority Sector Lending.
• Branch Expansion: SFBs must open at least 25% of their total branches in unbanked rural areas.
• Minimum Capital Requirements: The minimum paid-up voting equity capital for SFBs is set at 200 crore.

National Bank for Agriculture and Rural Development Collaborates with RBI Innovation Hub to Accelerate Digital Agriculture Lending

• The National Bank for Agriculture and Rural Development (NABARD) has partnered with the Reserve Bank's arm RBIH to put in place a system which will enable faster processing of agricultural loans.
• The partnership agreement was signed by the NABARD chairman,Shaji K V and Rajesh Bansal, CEO, RBIH.
• The collaboration will streamline the lending process and reduce the turnaround time for loans from 3 to 4 weeks to just 5 minutes for India's 120 million farmers.

Key Highlights :

• NABARD will integrate its e-KCC loan origination system portal with the Public Tech Platform for Frictionless Credit (PTPFC) of Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI.
• The PTPFC developed by RBIH was launched in 2023.
• NABARD has developed the loan origination system portal to facilitate digital Kisan Credit Card (KCC) loan processing for cooperative banks and Regional Rural Banks (RRBs).
• Through the integration with PTPFC, about 351 district and state cooperative banks and 43 Regional Rural Banks (RRBs) will gain access to a range of services including digital state land records, satellite data, Know Your Customer (KYC), credit history and transliteration for more effective credit underwriting.
• The PTPFC has seen the participation of over 10 states in making digital land records available to facilitate the seamless flow of credible information for lenders.
• The pilot phase of the partnership will see implementation in select RRBs including the Karnataka Gramin Bank and Maharashtra Gramin Bank and cooperative banks in Andhra Pradesh adding, the goal is to scale the digital lending platform to cover about 5 crore KCC loans across all cooperative banks and RRBs nationwide.

About NABARD :

• Headquarters : Mumbai, Maharashtra, India
• Chairman : Shri. Shaji K V
• It was established on the recommendations of the Sivaraman Committee (by Act 61, 1981 of Parliament) on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981.
• NABARD is an apex regulatory body for the overall regulation of regional rural banks and apex cooperative banks in India.
• It is under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI).

About RBIH :

• Established : 2022
• Headquarters : Bengaluru, Karnataka
• CEO : Rajesh Bansal
• The Reserve Bank Innovation Hub is a wholly owned subsidiary of the Reserve Bank of India (RBI) set up to promote and facilitate an environment that accelerates innovation across the financial sector.

CURRENT AFFAIRS: NATIONAL NEWS

India becoming attractive for clinical trials: Pharma industry leaders

• Over the past 10 years, clinical trials in India have become easier, more accessible and accelerated, experts from the pharma sector have said as top multinationals are increasingly looking at the country as their base for clinical trials.
• Data from 2017 to 2023 shows that phase two and phase three clinical trials are growing at about 15 per cent to 18 per cent in India.
• This is primarily because of the 10 modifications done to the Drugs and Cosmetics Act of 1940, according to Badhri Srinivasan, head of Global Clinical Operations, Novartis.
• Novartis is one of the largest pharmaceutical companies in the world and was the fourth largest by revenue in 2022.
• A new act of 2023 is in the works which addresses very significant changes. Medical devices, for example, are now a separate vertical.

Drone use for farming gets a big boost, to more than double by FY25

• According to industry estimates, while currently as many as 3,000 drones are being utilised in the agriculture sector, the number could rise to over 7,000 by the FY25 itself.
• With the government’s thrust on promoting drones for agricultural activities like crop mapping, analysis and application of nutrients and pesticides, manufacturers see an exponential increase in demand for these unmanned aerial vehicles (UAVs) in the next couple of years.
• This, analysts feel, would help boost crop productivity significantly through optimum use of water, soil nutrients and crop protection formulations.
• The number of drones in operations could grow to 10,000 – 15,000 in the next couple of years with rapid adoption in the agriculture sector
• The drone will become more prominent with government support by the end of FY26, as it helps save 70% of water usage and reduce 20%-30% on fertilizer applications
• To promote the usage of nano urea and di-ammonium phosphate (DAP), leading fertiliser cooperative IFFCO in July, 2023 announced the procurement of 2500 drones to spray nano soil nutrients.
• The cooperative also stated that it is training 5000 rural entrepreneurs for the purpose.
• Usages of drones result in optimum usage of soil nutrients.

CURRENT AFFAIRS : INTERNATIONAL NEWS

European Union Adopts New Schengen Visa Rules Offering Greater Benefits for Indian Travellers

• The European Commission has introduced a new Schengen visa regime for Indian nationals, offering multi-year visas for up to 5 years.
• This change is expected to boost outbound travel from India to European destinations.

Key Highlights :

• EU-India Common Agenda on Migration and Mobility:The new visa rules reflect strengthened relations between the European Union (EU) and India under the EU-India Common Agenda on Migration and Mobility.
• Cascade Regime Implementation:On April 18, 2024, the European Commission adopted the new "cascade" regime for the application of the Schengen visa for Indian nationals.
• This regime allows Indian nationals in India easier access to Schengen visas with multi-year validity.
• Criteria for Multi-year Schengen Visas:Indian nationals can be issued long-term, multi-entry Schengen visas valid for two years after obtaining and lawfully using two visas within the previous three years.
• Following a successful two-year visa, a five-year visa may be issued, provided the passport has sufficient validity.
• Schengen Visa Overview:The Schengen visa allows visa holders access to 29 European countries, including Croatia, Netherlands, Austria, Czech Republic, Denmark, and Germany.
• Schengen visas permit short, temporary visits to the Schengen area, allowing the holder to travel freely for a maximum stay of 90 days in any 180-day period.
• Composition of the Schengen Area:The Schengen area comprises 29 European countries, of which 25 are EU states.
• The EU states covered by Schengen area are, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Germany, Estonia, Greece, Spain, France, Italy, Latvia, Lithuania, Luxembourg, Hungary, Malta, The Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden.
• Countries that are not members of the European Union, but members of the Schengen area include Iceland, Liechtenstein, Norway and

About European Union :

• Established : 1993
• Headquarters : Brussels , Belgium
• President of the European Council : Charles Michel
• President of the Commission : Ursula von der Leyen
• Members : 27

CURRENT AFFAIRS: BUSINESS NEWS

Up 2.3 times in 15 years, India’s Chinese import bill to rise further

• India’s imports from China crossed $101 billion in 2023-24 from about $70 billion in 2018-19.
• The country’s share of India’s industrial goods imports has risen from 21% to 30% over 15 years, according to a report by the Global Trade Research Initiative (GTRI) which reckoned that Chinese imports will rise sharply in coming years.
• Goods imports from China have risen 2.3 times faster than India’s total imports over 15 years, the GTRI study noted, adding that China is the top supplier in eight major industrial sectors, including machinery, chemicals, pharmaceuticals, and textiles, belying the general perception that Chinese imports are high only in the electronics sector.

Key Highlights

• Moreover, imports from China have been even faster than the overall import growth as China’s exports to India grew 2.3x faster than India’s overall import from all countries.
• In 2023-24, India’s total merchandise imports amounted to $677.2 billion, out of which $101.8 billion was coming from China, which means China accounted for 15% of India’s overall imports.
• were in major industrial product categories.
• The sectors are electronics, telecom and electrical, machinery, chemical and pharmaceuticals, products made of iron, steel and base metal, textile and clothing, plastics, automobiles, medical, leather, paper, glass, ships, aircraft, among others.
• The report added that compared to India’s global imports of these industrial products, which total $337 billion, China’s contribution is quite significant, representing 30% of India’s imports in this sector.
• Fifteen years ago, China’s share was only 21%.

CURRENT AFFAIRS: AWARDS AND HONOURS

Kenya’s Mwaniki and Lilian take the honours in TCS World 10K Bengaluru

• Kenyan runners Peter Mwaniki (28:15) and Lilian Kasait (30:56) cruised to the international elite men’s and women’s titles respectively in the 16th edition of the Tata Consultancy Services World 10K Bengaluru.
• Mwaniki shifted gears at the 7.5 km mark to leave his countryman Hillary Chepkwony (28:33) behind.
• It was a similar story for Lilian, who pulled away from the nearest rival Emmaculate Achol (31:17) at the 7.1 km mark.
• Mwaniki and Lilian were unable to break the event records (men - 27:38, women - 30:35) on this new route.
• The new route was praised by most runners, but the finish line - stationed along a cordoned-off stretch on Cubbon Road - lacked buzz.
• This was in contrast to previous editions, where the grand finish on the Sree Kanteerava Stadium running track witnessed several cheering runners and onlookers.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Pakistan's Foreign Minister Ishaq Dar Named as Deputy Prime Minister

• Pakistan’s Foreign Minister Ishaq Dar was appointed as the country’s Deputy Prime Minister.
• According to a notification issued by the Cabinet Division, the appointment was made by Prime Minister Sharif “with immediate effect and until further orders”.
• The appointment comes at a time when PM Shehbaz and Dar, along with other ministers, are in Saudi Arabia to attend the World Economic Forum’s (WEF) special meeting on Global Collaboration, Growth and Energy.

About Ishaq Dar :

• Dar, 73, a chartered accountant and a veteran politician, belongs to Prime Minister Shehbaz Sharif’s Pakistan Muslim League-Nawaz (PML-N) party.
• He has previously served as finance minister in the previous Pakistan Democratic Movement (PDM) coalition government.
• He was appointed as foreign minister when Shehbaz Sharif formed his cabinet in March.
• The Pakistan Muslim League-Nawaz (PML-N) and the Pakistan Peoples Party (PPP) agreed to a power-sharing deal to form a coalition government despite the former prime minister Imran Khan-backed Pakistan Tehreek-e-Insaf-backed independents winning a majority of the 266-member National Assembly.
• This is not the first time a Deputy Prime Minister has been appointed in Pakistan.
• Chaudhry Parvez Elahi served as Deputy Prime Minister during the tenure of the Pakistan Peoples Party (PPP) from June 25, 2012, to June 29, 2013.
• His role at that time was mostly symbolic as he was rewarded by then-President Asif Ali Zardari for supporting the PPP government.
• Currently, Mr. Elahi is the president of Pakistan Tehreek-e-Insaf (PTI) and is in jail due to corruption allegations.

About Pakistan:

• Capital: Islamabad
• Currency: Rupee
• President: Asif Ali Zardari

Public Enterprises Selection Board Appoints Darla Sunil Kumar as Director of Finance at South Eastern Coalfields Limited

• Darla Sunil Kumar has been selected as the next Director of Finance for South Eastern Coalfields Limited (SECL), a Public Sector Undertaking (PSU) under the Ministry of Coal.
• He has been recommended for the post by the Public Enterprises Selection Board (PESB).
• Role and Responsibilities: As Director (Finance) of SECL, Kumar will:
• Serve as a member of the Board of Directors, reporting directly to the Chairman and Managing Director (CMD).
• Be responsible for overseeing the organization's financial operations, including accounting, budgeting, and financial planning.
• Formulate and implement financial policies and strategies to ensure financial health and compliance with regulations.
• Presently, he is serving as General Manager (Fnance) in Northern Coalfields Limited (NCL).

About SECL :

• Founded : 1985
• Headquarters : Bilaspur, Chhattisgarh, India
• Chairman & MD : Dr Prem Sagar Mishra
• SECL is the largest coal producing company of India.
• It is a "Miniratna" Company, and one of eight fully owned subsidiaries of Coal India Limited.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy Engages in Maritime Partnership Exercise with UK’s Littoral Response Group                            

• Indian Navy’s indigenous stealth frigate, Indian Naval Ship (INS) Sahyadri participated in the Maritime Partnership Exercise with Royal Navy’s Royal Fleet Auxiliary (RFA) Argus and RFA Lyme Bay, part of the United Kingdom (UK) Littoral Response Group South
• Aim : To enhance interoperability and strengthen maritime cooperation between the two nations

About the Exercise :

• Exercise Highlights include Tactical manoeuvres, Boarding operations, Surface engagement against simulated asymmetric threats, Cross-deck visits, and Cross-deck helicopter operations.
• The exercises provided an opportunity for both navies to exchange best practices & benefit from each other’s experience & expertise.
• The exercise provided an opportunity for both navies to: Exchange best practices, Benefit from each other’s experience and expertise, and enhance their capabilities in maritime operations
• This exercise demonstrates the Indian Navy’s commitment to strengthening maritime partnerships and promoting regional stability.

About INS Sahyadri :

• INS Sahyadri (F49) is a Shivalik-class stealth multi-role frigate built for the Indian Navy.
• It was built at the Mazagon Dock Limited (MDL) located in Mumbai.
• This class features improved stealth and land attack capabilities over the preceding Talwar-class frigates.
• It was commissioned on 21 July 2012 into the Eastern Naval Command headquartered at Visakhapatnam.

About Indian Navy :

• Headquarters : New Delhi, Delhi
• Chief of Defence Staff : General Anil Chauhan
• Chief of the Naval Staff : Admiral R. Hari Kumar

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

China Launches 3 Astronauts to Space Station, Aims for Moon Landing by 2030

• China launched a three-member crew to its Tiangong space station, as part of its program aiming to send astronauts to the moon by 2030.
• The Shenzhou-18 spacecraft, also known as the "Divine vessel," lifted off from the Jiuquan Satellite Launch Center on the edge of the Gobi Desert in northwestern China atop a Long March 2-F rocket.

Key Highlights :

• Crew and Mission: The three-member crew will relieve the Shenzhou-17 team that has been staffing the Tiangong space station since October, 2023.
• The China Manned Space Agency, or CMSA, held a send-off ceremony complete with flag-waving children and patriotic music for the Shenzhou-18 crew.
• The crew is composed of Commander Ye Guangfu, 43, a veteran astronaut who participated in the Shenzhou-13 mission in 2021, and fighter pilots Li Cong, 34, and Li Guangsu, 36, who are new to spaceflight.
• They are expected to reach the space station about six-and-a-half hours after liftoff.
• Send-off Ceremony:The China Manned Space Agency (CMSA) held a send-off ceremony for the Shenzhou-18 crew, featuring flag-waving children and patriotic music.
• China's Space Ambitions:China has built its own space station after being excluded from the International Space Station (ISS), primarily due to U.S. concerns about the Chinese military's involvement in the program.
• In 2024, the Tiangong space station is expected to host two cargo spacecraft missions and two manned spaceflight missions.
• China's History in Crewed Space Missions:China conducted its first crewed space mission in 2003, becoming the 3rd country after the former Soviet Union and the United States (US) to put a person into space using its own resources.

About China:

• President: Xi Jinping
• Capital: Beijing
• Currency: Renminbi

CURRENT AFFAIRS: MOUS AND AGREEMENT

India to ink 6G co-operation agreement with European body

• India's Bharat 6G is on the verge of finalizing a Memorandum of Understanding (MoU) with Europe's Industry Alliance 6G.
• The nation is expanding its collaboration on advanced technologies under the EU-India Trade and Technology Council.
• The upcoming partnership is expected to boost cooperation in the field of 6G technology development.
• An agreement between Bharat 6G and Industry Alliance 6G is imminent.

Bharat 6G and Industry Alliance 6G are drafting specifics

• The specifics of the partnership between Bharat 6G and Industry Alliance 6G are currently being drafted.
• The formal agreements are anticipated to be finalized in the upcoming quarter.
• This follows Bharat 6G's previous MoU with America's Next G Alliance last year, which focused on developing 6G wireless technologies and establishing robust supply chains.
• Both nations expressed their commitment to creating secure telecommunications and promoting global digital inclusion. They also shared a bold vision for future 6G networks.

What is the Bharat 6G Alliance?

• The Bharat 6G Alliance, established in 2023 by the Department of Telecommunications (DoT), "aims to bring together Indian start-ups, companies, and the manufacturing ecosystem to establish consortia that drive the design, development, and deployment of 6G technologies in India."
• DoT also noted B6GA's aspiration to position India at the forefront of global 6G innovation, by accelerating patent creation related to standards within the country.
• Actively participating in international standardization organizations such as 3GPP and ITU, is also included.

India's 6G vision document has been approved by ITU

• The Indian government is keen on forming alliances with other global 6G entities, to gain a deeper understanding of the commercial and societal implications of 6G beyond its technical aspects.
• The aim is to build consensus on these needs and stimulate R&D.
• The Bharat 6G Alliance has also strengthened India's position in the International Telecom Union, which has approved India's 6G vision document, enabling it to play a significant role in setting standards.

CURRENT AFFAIRS: RANKING AND INDEX

Emeritus Best; 15 Indian companies in the world’s top edtech list

• Emeritus has secured the top spot in TIME Magazine’s “World’s Top EdTech Companies of 2024” ranking.
• Founded in 2015 by Ashwin Damera and Chaitanya Kalipatnapu, Emeritus offers courses from global universities such as the University of Cambridge, Harvard Business School, the University of Pennsylvania, MIT Sloan, Indian School of Business, Indian Institutes of Management (IIMs), Indian Institutes of Technology (IITs), the University of Western Australia, John Hopkins, NTU Singapore, Carnegie Mellon, UC Berkeley Executive Education, INSEAD and Wharton Executive Education, among others.
• There 14 more Indian edtech firms on the TIME list.
• At the 26th position is Miko, which makes AI-powered robots for kids, followed by the competitive exam preparation app Unacademy at the 54th position.
• The US-headquartered upGrad that was founded in India is at the 69th rank, followed by Univariety at 82nd position (it offers technology-backed solutions for educational institutes).
• At the 83rd rank is iNurture Education Solutions, which focuses on university-industry partnership, and at the 90th position is Uolo, which empowers schools.
• Recently, Emeritus’s success story was featured as a case study by the Harvard Business School.
• The company was also in the news recently as it said it wants to shift its headquarters from Singapore to India for a stock market listing.

Key Highlights

• Cuemath, the maths teaching company, is at 100th rank, followed by Wheebox (now an Educational Testing Service company) at 138th rank.
• Extramarks, which caters to K12 students, JEE and NEET aspirants, is at 167th rank, followed by engineering courses app Skill-Lync at 171st position.
• LEAD School, which helps transform schools, is at 226th rank, followed by MyClassboard (a school management software company) at 241st rank.
• GeeksforGeeks, which offers tech/coding courses, is at 245th position, and the gamification company STEPapp at 250th.
• In this list of 250 ed-tech companies, 91 are from the US, 25 are from China, 16 from the UK, eight each from Brazil and Australia, seven from Spain, six each from Germany, France, Canada and South Korea, and five each from Singapore and Japan.
• Two Indian companies found place in the TIME “World’s Top EdTech Rising Stars of 2024”.
• These are Scaler Academy at the top rank, and Eupheus Learning at seventh position.

CURRENT AFFAIRS: SPORTS NEWS

India's Velavan Senthilkumar Wins Batch Open Squash

• India’s Velavan Senthilkumar secured his eighth Professional Squash Association Tour title by winning the Batch Open Challenger.
• World No 58 Senthilkumar beat Frenchman Melvil Scianimanico 11-6, 11-9, 11-6 in the final
• National champion Velavan Senthilkumar advanced to his career 12 th Professional Squash Association final at the USD 12,000 Batch Open Challenger Tour event in Paris.
• The top-seeded Indian, ranked 58 in the world, defeated Hong Kong’s Andes Ling 11-2, 11-1, 11-6 in 22 minutes in the semifinal, and will take on Frenchman Melvil Scianimanico for the title.

Lionel Messi scores twice as Inter Miami beat New England

• Lionel Messi’s brace led Inter Miami to a 4-1 victory over the New England Revolution in Foxboro, Massachusetts.
• Benjamin Cremaschi and Luis Suarez scored the other goals for Miami (6-2-3, 21 points), which has points in five straight games.
• Miami improved to 4-3-0 all-time against the Revolution and avoided a third straight loss in Foxboro.
• The Revolution actually opened the scoring as Tomas Chancalay notched a goal in the first minute for New England (1-7-1, 4 points), which has lost three straight matches.
• Messi tied the game 1-1 in the 32nd minute, taking a through ball from Robert Taylor and putting a left-footed strike in past keeper Henrich Ravas.
• Then, in the 68th minute, the Argentine gave Miami a 2-1 lead, picking up a Sergio Busquets through ball and striking a left-footed shot for his team-leading ninth goal.

CURRENT AFFAIRS : OBITUARIES

Renowned Senior Journalist Sarabjit Singh Pandher Passed away

• Senior journalist and former president of the Chandigarh Press Club Sarabjit Pandher passed away at the age of 58.

About Sarabjit Pandher :

• Sarabjit Singh Pandher was born in 1964 in Ludhiana, Punjab
• He began his career at Press Trust of India (PTI) and The Tribune as a stringer, covering the militancy in Punjab while stationed in Gurdaspur.
• He later joined The Hindu in Chandigarh, where he reported extensively on Punjab's economy, issues related to farmers, and their opposition to World Trade Organization (WTO) policies.
• He began as a union leader at PTI and was known for his active involvement in the Press Club of Chandigarh.
• He was elected President and Secretary General of the Chandigarh Press Club twice, demonstrating his leadership and influence within the journalistic community.
• After taking voluntary retirement from The Hindu, he joined as Editor-in-Chief of Daily Post, showcasing his continued dedication to journalism and leadership.

CURRENT AFFAIRS: IMPORTANT DAYS

Ayushman Bharat Diwas 2024: April 30

• In India, Ayushman Bharat Diwas is observed on April 30.
• The Ayushman Bharat Diwas is observed to uplift the ideals of the Ayushman Bharat Yojana.
• The scheme of the Ayushman Bharat Diwas reflects the fulfilment of the objectives of the Indian government that align with the Sustainable Development Goals under the United Nations.

THE HISTORY OF AYUSHMAN BHARAT YOJANA

• The scheme was announced by Prime Minister Narendra Modi in 2018.
• It has two main pillars:
• Ayushman Bharat Health and Wellness Centres (AB-HWCs):These centres aim to bring primary healthcare services closer to people's homes, offering preventive, promotive, and curative care.
• Pradhan Mantri Jan Arogya Yojana (PM-JAY):This is a health insurance scheme that provides cashless and affordable medical cover of up to Rs. 5 lakh per year to economically disadvantaged families.

Daily CA One- Liner: April 30

• Over the past 10 years, clinical trials in India have become easier, more accessible and accelerated, experts from the pharma sector have said as top multinationals are increasingly looking at the country as their base for clinical trials
• According to industry estimates, while currently as many as 3,000 drones are being utilised in the agriculture sector, the number could rise to over 7,000 by the FY25 itself.
• India’s imports from China crossed $101 billion in 2023-24 from about $70 billion in 2018-19
• Kenyan runners Peter Mwaniki (28:15) and Lilian Kasait (30:56) cruised to the international elite men’s and women’s titles respectively in the 16th edition of the Tata Consultancy Services World 10K Bengaluru
• India's Bharat 6G is on the verge of finalizing a Memorandum of Understanding (MoU) with Europe's Industry Alliance 6G.
• Emeritus has secured top spot in TIME Magazine’s “World’s Top EdTech Companies of 2024” ranking
• India’s Velavan Senthilkumar secured his eighth Professional Squash Association Tour title by winning the Batch Open Challenger
• Lionel Messi’s brace led Inter Miami to a 4-1 victory over the New England Revolution in Foxboro, Massachusetts
• The Reserve Bank of India (RBI) has issued guidelines for the voluntary transition of Small Finance Banks (SFBs) to Universal Banks effective immediately.
• Economic think-tank National Institute of Public Finance and Policy (NIPFP) has estimated India's GDP growth at 7.1% for the current fiscal, using high-frequency models.
• Reserve Bank of India (RBI) has decided to permit Small Finance Banks (SFBs) to deal in permissible rupee interest rate derivative products for hedging interest rate risk.
• The National Bank for Agriculture and Rural Development (NABARD) has partnered with Reserve Bank's arm RBIH to put in place a system which will enable faster processing of agricultural loans.
• The European Commission has introduced a new Schengen visa regime for Indian nationals, offering multi-year visas for up to 5 years.
• Pakistan’s Foreign Minister Ishaq Dar was appointed as the country’s Deputy Prime Minister.
• Darla Sunil Kumar has been selected as the next Director of Finance for South Eastern Coalfields Limited (SECL), a Public Sector Undertaking (PSU) under the Ministry of Coal.
• Indian Navy’s indigenous stealth frigate, Indian Naval Ship (INS) Sahyadri participated in the Maritime Partnership Exercise with Royal Navy’s Royal Fleet Auxiliary (RFA) Argus and RFA Lyme Bay, part of the United Kingdom (UK) Littoral Response Group South
• China launched a three-member crew to its Tiangong space station, as part of its program aiming to send astronauts to the moon by 2030.
• Senior journalist and former president of the Chandigarh Press Club Sarabjit Pandher passed away at the age of 58.
• In India, Ayushman Bharat Diwas is observed on April 30.