Daily Current Affairs – 24 May 2024

Banking and Finance

RBI Imposes Penalties on Five Co-operative Banks

Key Highlight: The Reserve Bank of India (RBI) has imposed monetary penalties on five co-operative banks for various regulatory non-compliances.

• Sree Charan Souhardha Co-operative Bank, Bengaluru, was fined ₹2 lakh for non-compliance with Income Recognition, Asset Classification, and Provisioning (IRAC) norms.
• The Shimoga District Co-operative Central Bank, Shivamogga, faced a ₹50,000 penalty for delays in reporting credit information to CIC.
• The Jowai Urban Co-operative Bank, Meghalaya, was penalised ₹1 lakh for exceeding individual exposure limits.
• The Khasi Hills Hindu Dharma Partishad Urban Co-operative Bank and The Nongstoin Urban Co-operative Bank were also fined for similar reporting failures.

About Reserve Bank of India (RBI)

• Established: 1935
• Headquarters: Mumbai, Maharashtra
• Head: Shaktikanta Das

Paytm General Insurance Withdraws License Application

Key Highlight: Paytm General Insurance Limited (PGIL) has officially withdrawn its application with the Insurance Regulatory and Development Authority of India (IRDAI) for a general insurance license.

• The decision was made to refocus on its core strength as a distributor of insurance products rather than an underwriter.
• This move follows the recent regulatory challenges faced by its associate company, Paytm Payments Bank Limited (PPBL).
• The company aims to leverage its large user base to sell insurance from other providers.

National & State News

Cyclone Remal to Hit West Bengal and Bangladesh

Key Highlight: The India Meteorological Department (IMD) has issued a warning for Cyclone Remal, expected to make landfall on the coasts of West Bengal and Bangladesh by May 26.

• This is the first pre-monsoon cyclone in the Bay of Bengal this season.
• Heavy rainfall and wind speeds of 100-120 kmph are predicted for coastal districts.
• States of Odisha and West Bengal have been put on high alert, with NDRF teams deployed.

India to Host 16th Conference of Parties (COP16) on Biodiversity

Key Highlight: India has expressed its intent to host the 16th Conference of Parties (COP16) of the Convention on Biological Diversity (CBD) in 2024.

• The conference focuses on the implementation of the Kunming-Montreal Global Biodiversity Framework.
• India aims to showcase its Traditional Knowledge Digital Library (TKDL) and conservation efforts.
• The meet will address global targets to protect 30% of land and sea by 2030.

Kerala Launches 'K-Smart' App for Local Body Services

Key Highlight: The Kerala Government has launched K-Smart (Kerala Solution for Managing Administrative Reformation and Transformation) to provide digital access to all local body services.

• Developed by Information Kerala Mission (IKM), it covers 941 panchayats and 87 municipalities.
• Services include birth/death certificates, building permits, and trade licenses.
• It aims to eliminate bureaucratic delays and ensure transparency in governance.

Awards & Honours

Srinivas Kulkarni Wins Shaw Prize 2024 in Astronomy

Key Highlight: Indian-origin scientist Srinivas Kulkarni has been awarded the prestigious Shaw Prize 2024 in Astronomy.

• He is a professor at the California Institute of Technology (Caltech).
• The award recognizes his ground-breaking discoveries in millisecond pulsars and gamma-ray bursts.
• The Shaw Prize is often referred to as the "Nobel of the East" and carries a $1.2 million award.

Gitanjali Shree Conferred with Prestigious Chevalier Award

Key Highlight: Renowned Indian author Gitanjali Shree has been honored with the Chevalier des Arts et des Lettres (Knight of the Order of Arts and Letters) by France.

• She is the first Indian author to win the International Booker Prize (2022) for 'Tomb of Sand'.
• The award recognizes her significant contribution to literature and global cultural exchange.
• The ceremony was held at the French Embassy in New Delhi.

Appointments & Resignations

Dinesh Kumar Khara Gets Extension as SBI Chairman

Key Highlight: The Government of India has extended the tenure of Dinesh Kumar Khara as the Chairman of State Bank of India (SBI).

• The extension is valid until he attains the age of 63 years in August 2024.
• Under his leadership, SBI recorded its highest-ever annual profit in FY24.
• The FSIB (Financial Services Institutions Bureau) recommended the extension to ensure stability.

Sanjaya Kumar Mishra Appointed President of GSTAT

Key Highlight: Justice (Retd) Sanjaya Kumar Mishra has been appointed as the first President of the GST Appellate Tribunal (GSTAT).

• He is the former Chief Justice of the Jharkhand High Court.
• GSTAT will serve as the specialized body for resolving GST-related disputes between taxpayers and the government.
• The appointment is for a term of four years or until the age of 67.

Defence News

DRDO Successfully Tests RudraM-II Missile

Key Highlight: The Defence Research and Development Organisation (DRDO) successfully flight-tested the RudraM-II air-to-surface missile from a Su-30 MK-I fighter jet.

• The test was conducted off the coast of Odisha at the Integrated Test Range (ITR).
• RudraM-II is an indigenously developed solid-propelled anti-radiation missile system.
• It is designed to destroy enemy radar, communication sites, and other RF emitting targets.

India and France Conduct 'Shakti' Exercise 2024

Key Highlight: The 7th edition of the Joint Military Exercise 'SHAKTI' between India and France concluded in Umroi, Meghalaya.

• The exercise focused on Multi-Domain Operations in a Sub-Conventional scenario.
• The Rajput Regiment represented the Indian contingent.
• The drill aimed at enhancing interoperability and camaraderie between the two armies.

Science & Technology

NASA's PREFIRE Mission Launches to Study Polar Heat

Key Highlight: NASA has successfully launched the first of two PREFIRE (Polar Radiant Energy in the Far-Infrared Experiment) climate satellites.

• Launched via a Rocket Lab Electron rocket from New Zealand.
• The mission aims to measure the amount of heat Earth radiates into space from the poles.
• The data will help improve climate change models and predict sea-level rise.

ISRO Completes Ignition Test for Semi-Cryogenic Engine

Key Highlight: The Indian Space Research Organisation (ISRO) successfully performed the first ignition test of the Semi-Cryogenic Pre-burner (SCP).

• The test took place at the ISRO Propulsion Complex (IPRC) in Mahendragiri.
• The engine uses Liquid Oxygen (LOX) and Kerosene as propellants.
• This technology will enhance the payload capacity of future LVM3 missions.

Rankings & Index

India Ranks 39th in WEF Travel & Tourism Index 2024

Key Highlight: India has been ranked 39th in the World Economic Forum's (WEF) Travel & Tourism Development Index 2024.

• India moved up from 54th rank in the previous 2021 edition.
• USA topped the index, followed by Spain and Japan.
• India is the highest-ranked country in South Asia and among lower-middle-income economies.

Oxford Economics Ranks Delhi as Top Economic City in India

Key Highlight: According to Oxford Economics, Delhi is projected to be the fastest-growing city economy in Asia by 2024.

• Delhi is ranked 350th globally in the Global Cities Index, leading among Indian cities.
• Bengaluru, Mumbai, and Chennai follow in the domestic rankings.
• The ranking is based on Economics, Human Capital, Quality of Life, and Environment.

Sports

Deepika Kumari Wins Silver at Archery World Cup

Key Highlight: Indian archer Deepika Kumari secured a Silver medal in the women’s individual recurve event at the Archery World Cup Stage 2 in Yecheon, South Korea.

• She lost the final to Lim Sihyeon of South Korea.
• This is her second consecutive World Cup medal after returning from maternity leave.
• The Indian team also won a Bronze in the mixed team event.

Magnus Carlsen Wins Casablanca Chess Variety 2024

Key Highlight: World No. 1 Magnus Carlsen emerged victorious in the inaugural Casablanca Chess Variety tournament held in Morocco.

• The tournament featured a unique format where players started from historical chess positions.
• Carlsen defeated Hikaru Nakamura and Viswanathan Anand in key rounds.
• Viswanathan Anand finished in 4th place.

International News

Spain, Norway, and Ireland Recognize Palestine State

Key Highlight: In a coordinated move, Spain, Norway, and Ireland have formally announced the recognition of Palestine as a sovereign state.

• The recognition will take effect on May 28, 2024.
• The nations stated this move is essential for achieving a Two-State Solution and peace in the Middle East.
• The decision led to Israel recalling its ambassadors from these three countries.

To Lam Sworn in as President of Vietnam

Key Highlight: To Lam has been officially sworn in as the President of Vietnam following a vote by the country's National Assembly.

• Previously, he served as the Minister of Public Security.
• He replaces Vo Van Thuong, who resigned amid an anti-corruption campaign.
• The appointment is seen as a move to stabilize the Communist Party's leadership.

Obituaries

Renowned Art Critic Anjolie Ela Menon's Husband Raja Menon Passes Away

Key Highlight: Raja Menon, the husband of celebrated artist Anjolie Ela Menon and a former Rear Admiral of the Indian Navy, passed away.

• He was a highly respected strategic thinker and maritime expert.
• He authored several books on nuclear strategy and naval warfare.
• He served the Indian Navy for over three decades with distinction.