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CURRENT AFFAIRS : BANKING & FINANCE

Financial Year 2024 Expected to Witness Public Sector Banks' Dividend Payout Surpassing Rs 15,000 Crores                                           

• Public sector banks (PSBs) are anticipated to pay a dividend exceeding Rs 15,000 crores for the financial year ending March 2024, driven by improved profitability.

Key Highlights :

• Financial Performance: In the first three quarters of the current financial year, all 12 PSBs collectively earned a total profit of Rs 98,000 crore, which is only Rs 7,000 crore less than the entire fiscal year 2022-23.
• Record Profits: PSBs recorded their highest-ever aggregate net profit of Rs 1.05 lakh crore during the fiscal year 2022-23, compared to Rs 66,539.98 crore in 2021-22.
• Government Dividend: The government received a dividend of Rs 13,804 crore from PSBs for FY23, marking a significant increase of 58 per cent from the previous fiscal year.
• Regulatory Changes: The Reserve Bank of India (RBI) proposed draft guidelines in January to allow banks with a net non-performing assets (NPAs) ratio of less than 6 per cent to declare dividends.
• This is lower than the previous threshold of 7 per cent.
• Implementation Timeline: The RBI's proposed guidelines are expected to come into effect from the financial year 2024-25 onwards.
• Capital Adequacy Requirement: Commercial banks must maintain a minimum total capital adequacy ratio of 11.5 per cent to be eligible for declaring dividends.
• Board Considerations: The draft guidelines specify that banks' boards must consider factors such as divergence in classification and provisioning for NPAs when evaluating proposals for dividend payouts.
• A commercial bank should have a minimum total capital adequacy of 11.5 per cent to be eligible for declaring dividends

What are Public sector banks?

• PSBs are banks in which the government of a country owns a majority stake.
• In India, PSBs refer to nationalized banks, which are banks that were previously owned by private individuals or entities and were subsequently nationalized by the government.

NPCI Subsidiary, Banks, and Fintechs Engage in Discussions for Collaborative Net Banking Strategies

• NPCI Bharat Bill Pay (NBBL), along with banks and fintech firms, are in discussions to implement banking interoperability following approval from the Reserve Bank of India (RBI) for the project.
• NBBL is expected to commence work on establishing the necessary infrastructure for interoperable transactions in

Key Highlights :

• Stakeholders Involved: Discussions are underway with major participants in the net banking ecosystem, including leading banks like HDFC Bank, SBI, and ICICI Bank.
• RBI Approval: On March 4, the RBI approved the implementation of an interoperable payment system for internet banking transactions by NBBL, a subsidiary of NPCI.
• RBI's Vision: The RBI aims to centralize all payment rails under a single payment system by 2025.
• Internet banking, currently outside this umbrella, is being expedited to be included, bringing it in line with other payment processes such as Immediate Payment Service (IPS) and Real-Time Gross Settlement (RTGS).
• Transaction Statistics: In December 2023, banks processed about 380 million net banking transactions, totaling Rs 93.8 lakh crore.
• The average ticket size for these transactions is around Rs 2.5 lakh, significantly higher than the average UPI transaction size of Rs 1,500.

Exim Bank Grants $23 Million Line of Credit to Guyana for Aircraft Acquisition                 

• The Export-Import Bank of India (Exim Bank) strategically targets the defence market of South America by extending a Line of Credit (LOC) of $23.37 million (about Rs 194 crore) to Guyana, South America.
• Aim : To facilitate the procurement of two Dornier 228 aircraft from Hindustan Aeronautics Ltd (HAL), a Navratna defence PSU, by Guyana.
• An agreement for the LOC was signed between Guyana's senior minister responsible for finance, Ashni K Singh, and Exim Bank's deputy general manager, Sanjay Lamba, in the presence of High Commissioner of India to Guyana, Amit Telang.
• Over the years, Guyana alone has received eleven LOCs of value aggregating $143.04 million from the Exim Bank for capacity enhancement in sectors of defence, and others like the construction of a cricket stadium in Georgetown, for East Bank-East Coast Road linkage project, upgradation of three primary health centres, and installation of solar home lighting systems.
• With the addition of this LOC, Exim Bank has a total of 292 LOCs in place, covering 62 countries across Africa, Asia, Latin America, CIS, and Oceania.
• The bank has credit commitments of approximately $2.72 billion available for financing exports from India.

What is a line of credit?

• A line of credit (LOC) is a form of unsecured personal loan that allows people and organisations to borrow money when they need it, pay it back, and borrow more without having to qualify for another loan.
• An evergreen loan is a term often used to describe a line of credit.

About Export-Import Bank of India (Exim Bank) :

• Headquarters : Mumbai, Maharashtra
• Chairman & Managing Director : Ms. Harsha Bangari
• The Exim Bank is a specialized financial institution in India that was established in 1982.
• The bank's primary function is to finance, facilitate and promote India's international trade.
• It is owned by the Government of India and operates as a statutory corporation.
• Its operations are governed by the Export-Import Bank of India Act, 1981.

Bank of Japan Implements First Interest Rate Hike in 17 Years                                           

• Japan's central bank has made a significant policy shift by raising its benchmark interest rate for the first time in 17 years.
• The central bank's move marks the end of a longstanding policy of negative interest rates aimed at stimulating the economy.

Key Highlights :

• Rate Adjustment Details: The short-term interest rate has been increased to a range of 0 to 0.1 per cent from its previous level of minus 0.1 per cent.
• Historic Rate Hike: This rate hike is the first of its kind since February 2007, highlighting the rarity and significance of the event.
• Inflation Target: The central bank had set a 2 percent inflation target, signalling a desire to steer the economy away from deflationary pressures.
• Economic Ranking: Despite being the world's fourth largest economy in nominal GDP terms, Japan recently slipped behind Germany.
• The United States holds the top position, followed by China, which overtook Japan more than a decade ago.

About Bank of Japan :

• Headquarters : Chūō, Tokyo, Japan
• Governor : Kazuo Ueda

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister has inaugurated Start-up Mahakumbh at Bharat Mandapam, New Delhi

• The Prime Minister, Shri Narendra Modi inaugurated the Start-up Mahakumbh at Bharat Mandapam, New Delhi.
• He also took a walkthrough of the exhibition showcased on the occasion.
• Prime Minister highlighted the importance of Start-up Mahakumbh and emphasized the country’s roadmap of working to become a Viksit Bharat by 2047.
• India is the third largest startup ecosystem with 1.25 lakh startups involving 12 lakh youth who are directly linked with them.
• This startup event aims at connecting startups with a spectrum of inventors including venture capitalists, investors and potential corporate partners.
• DPIIT Secretary Rajesh Kumar Singh, there are over one lakh Startups in the country as of now, which were only 300 when the Startup India initiative was launched in 2016.
• India is the third largest Startup ecosystem in the world and there is a presence of Startups in 670 districts of the country.
• Over 50 per cent of Startups are from tier-2 and tier-3 cities.
• DPIIT has recently launched Bharat Startup Ecosystem Registry collaborating data from all the stakeholders to create synergy between Startups in terms of productive economic activities.

NIXI and MeitY to unveil BhashaNet portal at Universal Acceptance Day for Digital Inclusion across the nation

• The Ministry of Electronics and Information Technology (MeitY) and National Internet Exchange of India (NIXI) have announced the launch of the BhashaNet portal at the Universal Acceptance Day event held on March 21, at the Dr. Ambedkar International Centre in New Delhi.
• The event was held with the active support of the Internet Corporation for Assigned Names and Numbers (ICANN).
• The theme of the event was, BhashaNet: Impetus Towards Universal Acceptance.
• India's successful hosting of the regional Universal Acceptance Day event paves way for the upcoming Global Universal Acceptance Day scheduled to take place on March 28, 2024, in Belgrade, Serbia.

About NIXI:

• Set up on 19th June 2003, the National Internet Exchange of India is a not-for-profit (Section 8) company under the aegis of MeitY and is tasked to increase internet penetration and adoption in India by facilitating the various infrastructure aspects to enable the internet ecosystem to be managed and used by the masses.
• The four services which come under the NIXI are setting IXPs, towards building Internet Exchange Points, .IN Registry towards building the .in domain digital identity, IRINN towards IPv4 and IPv6 addresses adoption and Data Centre services under NIXI-CSC towards data storage services.

GRID-INDIA granted Miniratna Category-I status by power ministry

• Grid Controller of India Limited (GRID-INDIA) has been designated as a Miniratna Category-I central public sector enterprise by the Ministry of Power, recognizing its integral role in the power sector.
• Comprising five Regional Load Despatch Centres (RLDCs) and the National Load Despatch Centre (NLDC), GRID-INDIA shoulders the immense responsibility of managing the All India synchronous grid, one of the world's largest and most intricate power systems.
• CPSEs are companies in which the central government holds a majority stake (usually more than 51%).CPSEs are governed by the Department of Public Enterprises (DPE) under the Ministry of Heavy Industries and Public Enterprises.
• Criteria for grant of Miniratna status to CPSEs
• Miniratna Category-I status: - The CPSEs which have made a profit in the last three years continuously, pre-tax profit is Rs.30 crores or more in at least one of the three years and have a positive net worth are eligible to be considered for grant of Miniratna-I status.
• Miniratna Category-II status: - The CPSEs which have made a profit for the last three years continuously and have a positive net worth are eligible to be considered for grant of Miniratna-II status.
• Miniratna CPSEs should have not defaulted in the repayment of loans/interest payments on any loans due to the Government.
• Miniratna CPSEs shall not depend upon budgetary support or Government guarantees.

About GRID

• Grid Controller of India Limited (GRID-INDIA)was founded in March 2009 and is headquartered in New Delhi.
• S.R. Narasimhan is the Chairman and Managing Director of the GRID-INDIA.

Government notifies PIB's  Fact Check Unit under IT Rules 2021

• The government has notified the ‘Fact Check Unit’ (FCU) under the Press Information Bureau (PIB) of the Ministry of Information and Broadcasting, as the fact check unit of the Centre.
• The Ministry of Electronics and Information Technology (MeitY) notified the PIB FCU under the provisions of the sub-clause (v) of sub-rule (1) of rule 3 of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021.
• MIB and MeitY have been working closely on the subject to address the challenge of fake news, especially on social media.
• The Fact Check Unit under PIB was established in November 2019 with the stated objective of acting as a deterrent to creators and disseminators of fake news and misinformation.
• The FCU is mandated to counter misinformation on Government policies, initiatives and schemes either suo motu or under a reference via complaints.

Key Highlights

• The FCU actively monitors, detects, and counters disinformation campaigns, ensuring that false information about the Government is promptly exposed and corrected.
• The PIB Fact Check Unit has also taken measures to ensure the accessibility of the fact-checks to persons with disabilities.
• The PIB Fact Check Unit is headed by a senior DG/ADG level officer of the Indian Information Service (IIS). The day-to-day operations of the Unit are handled by IIS officers at various levels. The Unit reports to the Principal Director General, PIB who functions as the Principal Spokesperson of the Government of India.
• The unit will take a call on whether online information related to the Central Government is accurate.
• The body will have the authority to label content related to the government on online platforms like Facebook and Twitter as “fake” or “misleading”.
• Fact-checked content can be segregated into the following three categories:

1. Fake - any factually incorrect news, content, or, piece of information related to the Government of India, spread intentionally or unintentionally, that can deceive or manipulate the audience, with or without the intention to cause potential harm, can be flagged as Fake
2. Misleading - any information presented, either partially true or with selective presentation of facts or figures or with distortion of facts or figures and to deceive or mislead the recipient of the information.
3. True: any information that is found to be factually correct after investigation

CURRENT AFFAIRS : INTERNATIONAL NEWS

New Delhi Hosts 4th Shanghai Cooperation Organisation Startup Forum            

• The 4th edition of the Shanghai Cooperation Organisation (SCO) Startup Forum was organized in New Delhi.
• The initiative focused on broadening startup interactions among the SCO Member States, fostering an environment conducive to innovation, promoting job creation, and inspiring young talent to develop innovative solutions.

Key Highlights :

• The Shanghai Cooperation Organisation Startup Forum is a platform for the stakeholders from the startup ecosystems from all SCO Member States to interact and collaborate.
• It aims to create multilateral cooperation and engagement for startups among the SCO Member States.
• It will empower the local startup ecosystems in the Member States.
• Going forward, India will host the second meeting of the SWG in November 2024 and SCO Startup Forum 5.0 in January 2025.
• The first Meeting of the SCO Special Working Group on Startups and Innovation (SWG), permanently chaired by India, was organised on the theme ‘Growing from Roots’ in 2023.
• 25 representatives from the 9 SCO Member States participated in the meeting and presented their respective startup ecosystems and prospective areas of collaboration related to the agriculture and animal husbandry sectors covered in the theme.

About SCO :

• The Shanghai Cooperation Organization (SCO) is an intergovernmental organization founded in Shanghai on 15 June 2001.
• The SCO currently comprises nine Member States (China, India, Kazakhstan, Kyrgyzstan, Russia, Pakistan, Tajikistan and Uzbekistan, Iran).

CURRENT AFFAIRS: BUSINESS NEWS

India's coal & lignite production surpasses 1-billion-tonne mark

• Coal and lignite production in India crossed 1 billion tonnes in 2023-24, as of March 22, in line with the government's target for this financial year.
• The output was 6.7% higher year-on-year.
• India is world’s second-largest producer, after China, also surpassed FY23’s coal and lignite production of 937.22 million tonnes (mt) — twenty-five days in advance.
• The government's mission for 1-billion-tonne output was a milestone set a few years ago, considering the increasing electricity requirements.
• Surpassing the 1-billion-tonne mark in coal and lignite production reduces the dependence on imports.
• India has about 96 million tonnes of coal available to companies. In addition, stocks at domestic coal-based thermal power plants total 49.5 million tonnes, as of March 22.
• International Energy Agency (IEA) in its December 2023 coal report, that demand in India, which accounted for 14 per cent of global demand, is expected to rise by 3.5 per cent annually till 2026 topping 1,397 mt.

CURRENT AFFAIRS: MOUS AND AGREEMENT

CBI, Europol sign Working Arrangement for cooperative relations

• The Central Bureau of Investigation (CBI) and the European Union Agency for Law Enforcement Cooperation (Europol) signed a Working Arrangement for establishing cooperative relations between the law enforcement authorities of these two organisations.
• The Working Arrangement was signed by CBI Director Praveen Sood and  Executive Director of  Europol, Catherine De Bolle.
• This arrangement promotes direct cooperation between both organizations to build on their respective mandates, and strategies and to explore the potential for synergies.
• This Working Arrangement also enables wide cooperation among all the law enforcement agencies in India and 27 European countries that Europol represents, as well as third countries and organisations associated with Europol.

About Europol

• Europol is the law enforcement agency of the European Union.
• It was established in 1998.
• It is based in The Hague, Netherlands.

Airtel Payments Bank joins Noise, and Mastercard to launch smartwatch

• Airtel Payments Bank collaborated with smartwatch brand Noise and global technology company in the payments space Mastercard to launch the new smartwatch to redefine and make contactless payments accessible to a larger consumer base.
• Users can purchase the new smartwatch at Rs 2,999.
• Customers who have a savings account with Airtel Payments Bank can buy this watch from the company's Thanks app.
• A customer would be able to make payments between Rs 1 to Rs 25,000 per day using the smartwatch.
• The smartwatch comes equipped with a 1.85-inch square dial and Bluetooth calling capability and boasts a battery life of up to 10 days.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Army Launches Elite Technology Unit Signals Technology Evaluation and Adaptation Group to Pioneer Future Communication Technologies                          

• The Indian Army has initiated the establishment of the Signals Technology Evaluation and Adaptation Group (STEAG), a unit dedicated to researching and evaluating futuristic communication technologies.

About STEAG :

• Signals Technology Evaluation and Adaptation Group is a unit dedicated to researching and evaluating futuristic communication technologies like 6G, Artificial Intelligence (AI), machine learning and quantum computing for military applications.
• Objective: To nurture technologies across wired and wireless systems, covering a wide spectrum of domains including electronic exchanges, mobile communications, software-defined radios, electronic warfare systems and more.
• Activities: The unit will conduct technical scouting, evaluation, development, and management of core ICT solutions while providing user interface support through maintenance and upgrades of contemporary technologies.
• Alignment with National Initiatives: The establishment of STEAG reflects the Army's commitment to acquiring new technologies aligned with the tenets of Atmanirbhar Bharat (Self-reliant India) and Start-Up India.
• Significance: STEAG will play a crucial role in fostering self-reliance in high-end communication technologies, which traditionally have been dominated by countries with advanced economies and research ecosystems.
• It is expected to be a game-changer in India's quest for technological self-sufficiency.

About Indian Army :

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

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

6 Asset Reconstruction Companies Secure 55% of KSK Mahanadi Power's ₹29,330 Crore Debt          

• Six asset reconstruction companies (ARCs), including Aditya Birla and Kotak Mahindra-backed ARCs, have accumulated 55% of KSK Mahanadi Power's ₹29,330-crore debt from lenders in separate transactions.
• Purpose of Acquisition: The ARCs acquired the debt with the expectation of potential demand for thermal power companies, anticipating a significant upside.
• This acquisition occurred due to lenders' exit from the company after facing over a four-year delay in its debt resolution process.

Key Highlights :

• Prudent ARC's Acquisition: In a recent deal, Prudent ARC acquired ₹156 crore of debt from Punjab & Sind Bank (PSB) through an unchallenged Swiss auction, amounting to an all-cash deal of ₹125 crore.
• Prudent ARC already holds ₹914 crore in admitted claims in KSK Mahanadi Power following previous debt acquisitions.
• ARC Debt Holdings: Aditya Birla ARC holds the largest share of 33.38% in claims from KSK Mahanadi Power among all ARCs involved.
• This is followed by ASREC (India) Ltd with 11.98%, Prudent ARC with 3.82%, Kotak Mahindra Bank Phoenix ARC with 2.92%, Rare ARC with 2.10%, and Asset Reconstruction Company of India (Arcil) with 0.98%.
• Acquisition of Loans: The ARCs acquired loans from major lenders such as State Bank of India, Bank of Baroda, Punjab National Bank, Axis Bank, and Life Insurance Corporation.
• These lenders play a significant role in the debt resolution process of companies undergoing insolvency proceedings.
• Voting Rights: With the ARCs collectively holding 55% of the debt, they possess substantial voting rights and veto power over any proposed resolutions.
• As per the Insolvency and Bankruptcy Code (IBC), to pass any resolution, at least 66% of lenders must vote in favour. Conversely, if less than 34% oppose the resolution, the proposal is rejected.
• Insolvency Proceedings : KSK Mahanadi Power has two ancillary companies-KSK Mahanadi Water, which operates a water pipeline to the power plant, and Raigarh Champa Rail, which carries raw material to the plant-that are undergoing insolvency proceedings separately.

What are ARCs?

• Asset Reconstruction Companies (ARCs) are specialized financial institutions dedicated to managing Non-Performing Assets (NPAs) in the banking sector.
• Objective: To acquire and effectively manage distressed assets acquired from banks and financial institutions.
• Legal Basis: ARCs operate under the legal framework provided by the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002.

About SARFAESI Act, 2002 :

• The SARFAESI Act,2002 is a crucial piece of legislation designed to empower banks and financial institutions in India to effectively recover bad loans.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Government Expected to Ease Export Regulations for Networking Equipment and Information Security Software        

• In line with the policy to promote exports of high-tech items, the government is set to liberalise exports of two controlled items with dual-use capabilities – networking equipment and information security software – for certified exporters shipping the items for civilian use following specified standards.
• The identified items are part of the the SCOMET (Special Chemicals, Organisms, Materials, Equipment, and Technologies) list of controlled products, which includes dual-use goods with the potential for both civilian applications as well as weapons of mass destruction, whose exports are either prohibited or permitted under authorised licencing.

New Proposal :

• Export Facilitation for AEO Tier 2 Certificate Holders: Exporters holding AEO (Authorized Economic Operator) tier 2 certificates will be permitted to export the identified products, networking equipment, and information security software, without the need for case-by-case permission from authorities.
• Reporting Requirement: Under the latest proposal, exporters must submit details of their exports on a post-export basis every quarter to the SCOMET team.
• This reporting requirement aims to facilitate monitoring and compliance while streamlining the export process.
• Streamlined Export Procedures: The new policy eliminates the need for exporters to obtain SCOMET licenses for each export transaction.
• Instead, they can submit quarterly export details, allowing for quicker assessments by authorities and enabling exporters to continue exporting without frequent approvals.
• Complementary Initiatives : The plan of liberalising exports of networking equipment also complements the Production Linked Incentive (PLI) scheme for telecom & networking products, launched with a corpus of ₹12,195 crore in February 2021, to boost domestic manufacturing, investments, and export.

BEML Conducts Successful Test of Indigenous 1500 HP Military Vehicle Engine at Mysore Plant  

• Defence Secretary Shri Giridhar Aramane presided over the maiden test-firing of India’s first indigenously-made 1500 Horsepower (HP) engine for Main Battle Tanks at BEML’s Engine division in Mysuru complex.
• The successful test-firing signifies a significant advancement in India's defence capabilities, showcasing technological prowess and a commitment to self-reliance in defence technologies.

Key Highlights :

• Cutting-edge Features: The 1500 HP engine represents a paradigm shift in military propulsion systems, boasting cutting-edge features such as high power-to-weight ratio and operability in extreme conditions like high altitudes, sub-zero temperatures, and desert environments.
• Global Standards: Equipped with advanced technologies, the engine is on par with the most advanced engines globally, indicating India's capability to compete at an international level in defence technology.
• Project Timeline: The project commenced in August 2020 and is expected to be completed by mid-2025.
• The engine will power the Arjun Mk-1A tanks.
• Generational Progress: The first test-firing marks the completion of Generation One, focusing on technology stabilization.
• Generation Two will involve BEML producing engines for various trials at Combat Vehicles Research and Development Establishment, a DRDO laboratory, and their integration into actual vehicles for user testing.
• Recognition of Efforts: Defence Secretary Giridhar Aramane inaugurated the 'Wall of Fame' to honour the extraordinary efforts of the BEML team, recognizing their contributions to the project.

Discovery of Active Martian Volcano 'Noctis' Reveals Evidence of Recent Glacial Activity                        

• Scientists discovered a massive volcano on Mars, temporarily designated ‘Noctis volcano’, that has been active until recent times, with the possible remains of a relict glacier at its base.

About Noctis Volcano :

• Noctis Volcano is a newly-discovered volcano located just south of Mars’ equator, in Eastern Noctis Labyrinthus, west of Valles Marineris, the planet’s vast canyon system.
• The volcano sits on the eastern edge of a broad regional topographic rise called Tharsis, home to three other well-known giant volcanoes: Ascraeus Mons, Pavonis Mons, and Arsia Mons.
• The massive structure spans over 9,022 meters in elevation, higher than the highest peak, Mount Everest, on Earth.
• This colossal geological feature, which has been named the ‘Noctis Volcano,’ stands at an impressive 29,600 feet in elevation and stretches approximately 450 kilometers in width.
• The volcano’s location is just south of Mars’ equator, in the Eastern Noctis Labyrinthus, west of the Valles Marineris, the planet’s vast canyon system.
• The discovery was made using data from a suite of missions, including NASA’s Mariner 9, Viking Orbiter 1 and 2, Mars Global Surveyor, Mars Odyssey, and Mars Reconnaissance Orbiter.

What is a Volcano?

• A volcano is described as an opening in the earth’s crust through which gases, molten rock materials (lava), ash, steam, etc., are emitted outward during an eruption.
• Volcanic activity occurs in regions where the rock strata are relatively weak, representing an endogenic geological process.

CURRENT AFFAIRS: SPORTS NEWS

Sreeja Akula Wins Women’s Singles Title At WTT Feeder Beirut II 2024 Table Tennis Tournament

• In Table Tennis, India’s Sreeja Akula won the women’s singles title at the WTT Feeder Beirut II 2024 table tennis tournament at the Al Kawthar Secondary School in
• Akula, the world No. 47, beat Luxembourg’s Sarah De Nutte to win what was her second WTT singles career title.
• The 25-year-old’s maiden crown came at the Feeder Corpus Christi 2024 in Texas back in January.
• Akula, however, failed to clinch a second table tennis title from the Lebanon meet after she and her partner Diya Chitale, went down to Hong Kong China’s Doo Hoi Kem and Zhu Chengzhu in the women’s doubles final.
• For the mixed doubles crown, India’s Poymantee Baisya and Akash Pal beat Sathiyan Gnanasekaran and Manika Batra, while in Men’s Doubles Final, Manush Shah and Manav Thakkar won the event of the WTT Feeder Beirut- II tournament in Lebanon.

Satwik-Chirag clinches French Open 2024 title, beats Jhe Huei-Po Hsuan from Chinese Taipei

• Satwiksairaj Rankireddy and Chirag Shetty claimed their first title of the year at the French Open after brushing aside their opponents from Chinese Taipei, Lee Jhe Huei-Yang Po Hsuan, in just 36 minutes in the French Open 2024.
• This is the first title the Indians have won in 2024 and their seventh world tour title.
• Previously they had reached two finals in events this year.
• The Indian pair had also won the French Open title in 2022.
• The Indians were in imperious form at the Adidas Arena, which will be the venue of the badminton event at the Paris Olympics 2024.
• It took them just 15 minutes to claim the first game by a 21-11 margin.

About French Open

• The French Open is an annual badminton tournament held in France since 1909 and hosted by the Fédération Française de Badminton (FFBad).
• BWF categorised the French Open as one of the five BWF World Tour Super 750 events per the BWF events structure since 2018.

CURRENT AFFAIRS: IMPORTANT DAYS

Purple Day of Epilepsy- March 26

• Purple Day of Epilepsy is a global awareness campaign for epilepsy held annually on March 26.
• The day is dedicated to educating people about epilepsy, a neurological condition that affects millions worldwide.
• Cassidy Megan, a young Canadian girl diagnosed with epilepsy, started Purple Day in 2008 to raise awareness about the condition.
• The first Purple Day was held on March 26th, 2008, and witnessed enthusiastic participation in Canada.
• In 2009, Cassidy Megan and the Epilepsy Association of The Maritimes joined forces with The Anita Kaufmann Foundation to launch Purple Day internationally.
• As the global sponsors of Purple Day, Cassidy Megan, The Epilepsy Association of The Maritimes and The Anita Kaufmann Foundation are committed to partnering with individuals and organizations around the world to promote epilepsy awareness.
• The combined efforts of Cassidy Megan, EAM and The Anita Kaufmann Foundation have led to the involvement of numerous organizations, schools, businesses, politicians and celebrities around the world.

Daily CA One-Liner: March 26

• Prime Minister, Shri Narendra Modi inaugurated the Start-up Mahakumbh at Bharat Mandapam, New Delhi.
• The Ministry of Electronics and Information Technology (MeitY) and National Internet Exchange of India (NIXI) have announced the launch of the BhashaNet portal at the Universal Acceptance Day event held on March 21, at the Dr. Ambedkar International Centre in New Delhi.
• Grid Controller of India Limited (GRID-INDIA) has been designated as a Miniratna Category-I central public sector enterprise by the ministry of power, recognizing its integral role in the power sector
• The government has notified the ‘Fact Check Unit’ (FCU) under the Press Information Bureau (PIB) of the Ministry of Information and Broadcasting, as the fact check unit of the Centre.
• Coal and lignite production in India crossed 1 billion tonnes in 2023-24, as of March 22, in line with the government's target for this financial year.
• The Central Bureau of Investigation (CBI) and European Union Agency for Law Enforcement Cooperation (Europol) signed a Working Arrangement for establishing cooperative relations between the law enforcement authorities of these two organisations.
• Airtel Payments Bank collaborated with smartwatch brand Noise and global technology company in the payments space Mastercard to launch the new smartwatch to redefine and make contactless payments accessible to a larger consumer base
• In Table Tennis, India’s Sreeja Akula won the women’s singles title at the WTT Feeder Beirut II 2024 table tennis tournament at the Al Kawthar Secondary School in
• Satwiksairaj Rankireddy and Chirag Shetty claimed their first title of the year at the French Open after brushing aside their opponents from Chinese Taipei, Lee Jhe Huei-Yang Po Hsuan, in just 36 minutes in the French Open 2024.
• Public sector banks (PSBs) are anticipated to pay a dividend exceeding Rs 15,000 crore for the financial year ending March 2024, driven by improved profitability.
• NPCI Bharat Bill Pay (NBBL), along with banks and fintech firms, are in discussions to implement banking interoperability following approval from the Reserve Bank of India (RBI) for the project.
• The Export-Import Bank of India (Exim Bank) strategically targets the defense market of South America by extending a Line of Credit (LOC) of $23.37 million (about Rs 194 crore) to Guyana, South America.
• Japan's central bank has made a significant policy shift by raising its benchmark interest rate for the first time in 17 years.
• The 4th edition of the Shanghai Cooperation Organisation (SCO) Startup Forum was organized in New Delhi.
• The Indian Army has initiated the establishment of the Signals Technology Evaluation and Adaptation Group (STEAG), a unit dedicated to researching and evaluating futuristic communication technologies.
• Six asset reconstruction companies (ARCs), including Aditya Birla and Kotak Mahindra-backed ARCs, have accumulated 55% of KSK Mahanadi Power's ₹29,330-crore debt from lenders in separate transactions.
• In line with the policy to promote exports of high-tech items, the government is set to liberalise exports of two controlled items with dual-use capabilities – networking equipment and information security software – for certified exporters shipping the items for civilian use following specified standards.
• Defence Secretary Shri Giridhar Aramane presided over the maiden test-firing of India’s first indigenously-made 1500 Horsepower (HP) engine for Main Battle Tanks at BEML’s Engine division in Mysuru complex.
• Scientists discovered a massive volcano on Mars, temporarily designated ‘Noctis volcano’, that has been active until recent times, with the possible remains of a relict glacier at its base.
• Purple Day of Epilepsy is a global awareness campaign for epilepsy held annually on March 26.