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Daily G.K. - Top Stories

24 Apr 2024

DAILY G.K. TEST

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INTERNATIONAL AFFAIRS

India Calls for Regional Observation Centre at 2024 Ocean Decade Conference

  • India, led by Earth Sciences Secretary M. Ravichandran, advocated for the establishment of a region-specific ocean observation center during the 2024 Ocean Decade Conference held in Barcelona, Spain.
  • The conference, organised by the Spanish government and UNESCO's Intergovernmental Oceanographic Commission, aimed to assess progress toward the goals of the United Nations Decade of Ocean Science for Sustainable Development (2021-2030) and foster collaboration among stakeholders.
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BUSINESS AND ECONOMY

Razorpay and Airtel Payments Bank Introduce UPI Switch: Revolutionising Payment Infrastructure

  • Razorpay and Airtel Payments Bank unveiled the UPI Switch, a cutting-edge cloud-based infrastructure designed to revolutionise the landscape of digital payments. This innovative product promises to enhance success rates by 4-5% and handle an impressive 10,000 transactions per second (TPS), offering businesses unprecedented efficiency and scalability.
  • Recognising the limitations of existing UPI infrastructure, Razorpay's UPI Switch aims to overcome challenges related to customization, scalability, and performance. By offering accelerated dispute resolution, instant refunds, and a holistic infrastructure solution, it aims to elevate the transaction experience for both businesses and consumers.

RBI Releases New Guidelines for ARCs Effective April 24, 2024

  • The Reserve Bank of India (RBI) issued a comprehensive master direction for asset reconstruction companies (ARCs), which came into effect from April 24, 2024. These guidelines aim to enhance the regulatory framework for ARCs and ensure their financial stability and effectiveness in resolving distressed assets.
  • ARCs are required to maintain a minimum capital of Rs. 300 crore, a significant increase from the previous requirement of Rs. 100 crore set on October 11, 2022. Existing ARCs are given a transition period until March 31, 2026, to meet this new minimum requirement. Non-compliance with these regulations will lead to supervisory actions, potentially including restrictions on conducting further business activities until compliance is achieved.
  • ARCs with a minimum Net Owned Fund (NOF) of Rs. 1000 crore are eligible to act as resolution applicants. They are permitted to invest in various financial instruments, including government securities, deposits with specified financial institutions, and short-term instruments such as money market mutual funds and corporate bonds, subject to certain limitations and regulations.
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SPORTS

Nandini's Sponsorship of Ireland and Scotland Cricket Teams Sparks Debate

  • In a move to strengthen its international presence, 'Nandini', the dairy brand of the Karnataka Milk Federation (KMF), announced its decision to sponsor the cricket teams of Scotland and Ireland for the 2024 T20 World Cup. According to KMF's Managing Director, M. K. Jagadish, the teams will prominently display the 'Nandini' brand during the matches.
  • Justifying the decision, Jagadish stated that the sponsorship aims to bolster Nandini's brand visibility globally, as the dairy cooperative already has a presence in markets such as the United States, Middle East, and Singapore.
  • The debate surrounding Nandini's sponsorship decision highlights the delicate balance between investing in local initiatives and pursuing global ambitions. While expanding international presence can be a lucrative opportunity, it is crucial for organizations to consider the needs and aspirations of their local stakeholders, including farmers, artists, and underprivileged communities.
  • As the discussions continue, it remains to be seen how KMF will navigate this challenge and strike a harmonious balance between its global aspirations and its commitment to uplifting local talents and initiatives.

Saurav Ghosal Retires from Professional Squash

  • India's finest men's squash player Saurav Ghosal announced his retirement from professional circuit after completing a glittering 22-year journey although he would continue representing the country at multi-discipline events for some more time.
  • Besides winning two gold medals in team events of Incheon and Hangzhou Asian Games, Ghosal has three Commonwealth Games medals and also bagged the yellow metal in the 2022 World Doubles Championships in mixed doubles in Glasgow.
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NATIONAL AFFAIRS

Mission Ishan, India's Push for 'One Nation, One Airspace', Will Benefit Airlines & Passengers Alike

  • India has kickstarted the process of unifying its four airspace regions into one spanning the entire nation in order to streamline and enhance air traffic management.
  • The Airports Authority of India (AAI), the public entity responsible for air traffic management (ATM) services, last month invited expressions of interest (EoI) for the preparation of a detailed project report for an Indian Single Sky Harmonized Air Traffic Management at Nagpur (ISHAN).
  • The move is expected to benefit not just the airlines through more seamless operations and increased flight handling capacity, but also passengers by reducing congestion and flying times.
  • The AAI provides ATM services over Indian airspace and adjoining oceanic areas covering over 2.8 million square nautical miles, of which 1.04 million square nautical miles are continental and 1.76 million square nautical miles are oceanic. 
  • This airspace is controlled through four flight information regions (FIRs) at Delhi, Mumbai, Kolkata, and Chennai, and a sub-flight information region at Guwahati.
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DEFENCE

India Successfully Tests Crystal Maze-2 Missile

  • The Indian Air Force (IAF) has successfully carried out a test firing of a new version of an air-launched medium-range ballistic missile that is capable of hitting targets at a distance exceeding 250 km.
  • The missile, also referred to as ROCKS or Crystal Maze 2, originated from Israel and underwent a test launch from a Su-30 MKI fighter jet in the Andaman and Nicobar Islands last week.
  • Sources in the defence forces told that the missile boasts a strike range of over 250 km and is capable of targeting enemy long-range radar and air defence systems.
  • The IAF now plans to focus on mass production of these missiles under the Make in India initiative, leveraging the technology acquired from Israel. CM-2 represents a new generation extended stand-off range air-to-surface missile, designed to strike high-value stationary and relocatable targets in GPS-denied environments, like the one India faced during the Kargil War.

Indian Navy Women Officers Complete Historic Transoceanic Expedition

  • The Indian Naval Sailing Vessel (INSV) Tarini returned triumphant to her base port at Goa after a historic transoceanic expedition of nearly two months duration.
  • The expedition was undertaken in double-handed mode by Lt. Cdr. Dilna K. and Lt. Cdr. Roopa A, women officers of the Indian Navy. Their exceptional journey marked a historic milestone as they became the first from India to accomplish such a feat.
  • The expedition was Flagged off from Goa by renowned circumnavigator and their mentor Cdr. Abhilash Tomy (Retd) on February 28. After 22 days of navigating through the unpredictable elements of the Indian Ocean, INSV Tarini arrived at Port Louis, Mauritius. This historic moment was celebrated with a series of events where the officers had the privilege of interacting with government officials from the Mauritius Coast Guard and the Indian High Commission. In a gesture of camaraderie and collaboration, the vessel also undertook a training sortie with personnel from the Mauritius Coast Guard embarked, strengthening bilateral ties and fostering goodwill between the two maritime nations.
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PERSONS IN NEWS

Sudhir Kakar, 'Father of Indian Psychoanalysis', Dies

  • Sudhir Kakar, India's foremost psychoanalyst who helped readers understand Indian men and women like none other, passed away. French magazine Le Nouvel Observateur had once described Kakar as one of the 25 major thinkers of the world. With wit and humour, he deeply probed culture, social mores, family ties and elucidated what sets apart Indians from citizens of the world, and what sets apart Indians from Indians.
  • He received several awards, some of them are: Kakar's was awarded the 1987 Boyer Prize for Psychological Anthropology of the American Anthropological Association. He received the Order of Merit, Federal republic of Germany, 2012, Distinguished Service Award, Indo-American Psychiatric Association, 2007.
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DAYS AND EVENTS

National Panchayati Raj Day

  • Every year, National Panchayati Raj Day is celebrated on April 24. 
  • According to historical records, Panchayati Raj was constitutionalised through the 73rd Constitutional Amendment Act of 1993. The bill was passed by the Lok Sabha on December 22, 1992 and by Raj Sabha on December 23, 1992. Later, the bill was passed by 17 states. 
  • This law came into effect on April 24, 1993. The then Prime Minister of India, Manmohan Singh, declared the first National Panchayati Raj Day on April 24, 2010.

World Day for Animals in Laboratories

  • World Day for Animals in Laboratories is observed on April 24. 
  • In 1979, NAVS established World Day for Animals in Laboratories (also referred to as Lab Animal Day) on April 24 – Lord Hugh Dowding's birthday. This international day of commemoration is recognised by the United Nations, and is now marked annually by anti-vivisectionists on every continent. 
  • In 1980, People for the Ethical Treatment of Animals (PETA), led by PETA Founder, Ingrid Newkirk, organised the first World Day for Laboratory Animals protest in the U.S.
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AWARDS AND HONOURS

Top Royal Honour for British Indian Medic

  • Britain's King Charles III unveiled a set of top royal honours, elevating senior British Indian medic Lord Ajay Kumar Kakkar and musician Lord Andrew Lloyd Webber as his new Knight Companions of the Most Noble Order of the Garter.
  • Lord Kakkar was chosen for one of the country's oldest ceremonial orders in the gift of the British monarch to honour outstanding public service, made without prime ministerial advice as is the case with other royal honours.
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GENDER/ HEALTH/ EDUCATION

IIM Kozhikode, Emeritus Jointly Launch Chief Product Officer Programme

  • The Indian Institute of Management Kozhikode (IIM Kozhikode) launched the Chief Product Officer programme in India in partnership with Emeritus. The new programme includes two online modules by Kellogg Executive Education.
  • To be eligible for this programme, candidate should possess a graduate certificate (10+2+3) or a diploma (10+2+3) from a recognized university (UGC/AICTE/DEC/AIU/state government/recognised international universities) with a minimum of eight years of work experience.
  • This 12-month long programme's curriculum includes live online sessions by IIM Kozhikode faculty and industry experts, three-day immersion at IIM Kozhikode campus, profound case-studies, a capstone project, hands- on scenario-based business simulations on product strategy and opportunity of peer-to-peer learning. Additionally, the programme incorporates two online modules by Kellogg Executive Education.

IIT Guwahati Unveils Innovative 3D Printed Dummy Ballot Unit

  • In a pioneering initiative aimed at enhancing voter awareness and engagement, the Systematic Voters' Education and Electoral Participation Cell (SVEEP) of Kamrup Election District partnered with Indian Insitute of Technoloy-Guwahati and developed a innovative 3D printed dummy ballot unit.
  • Unveiled at IIT Guwahati campus, the dummy ballot unit inauguration saw the presence of esteemed dignitaries, including Keerthi Jalli, District Commissioner of Kamrup, Guwahati, Assam.
  • Crafted with the objective of acquainting citizens, particularly new voters, and senior citizens, with the intricacies of voting procedures, the 3D printed dummy ballot unit aims to dispel any apprehensions, anxiety or uncertainties associated with the voting process. By offering a hands-on experience, the dummy ballot unit endeavours to foster maximum voter participation.
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BOOKS AND AUTHORS

Boria Majumdar Launches His New book 'Banned: A Social Media Trial'

  • Having endured a vicious trial by social media following allegations by a cricketer and a subsequent two-year ban from covering the sport that adversely impacted the mental and emotional well-being of his entire family, celebrated sports journalist and acclaimed author and historian, Boria Majumdar finally launched his side of the story with a no holds-barred account of the entire controversy through his new book 'Banned: A Social Media Trial'.
  • The book, which was officially launched, also highlights the support the author received from India's first individual Olympic gold medallist Abhinav Bindra and renowned badminton coach and 2001 All England champion Pullela Gopichand during the trying time.
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ART AND CULTURE

Largest Temple Festival Thrissur Pooram 2024

  • The southern Indian state of Kerala is renowned for its rich cultural tapestry, encompassing a diverse array of religions, landscapes, rituals, and histories. Amidst this vibrant melting pot, one festival stands out as a true embodiment of Kerala's profound cultural heritage – the Thrissur Pooram.
  • Thrissur Pooram is a grand temple festival celebrated with great fervour and enthusiasm, transcending religious boundaries. Although rooted in Hindu traditions, this seven-day extravaganza brings together people from all walks of life, united in a shared celebration of music, processions, fairs, and a spectacular display of fireworks. This year (2024) it was celebrated on April 20.
  • Initiated in 1796 by Shakthan Thampuran, the ruler of Cochin from 1790 to 1805, Thrissur Pooram was born out of a desire to uphold the tradition of temple festivals. Originally, temples would participate in the Arattupuzha Pooram, but due to heavy rainfall one year, they were unable to attend. Shakthan Thampuran's vision paved the way for this grand celebration to take root in Thrissur.
  • The Thrissur Pooram festival is a collaborative effort involving multiple temples, each contributing to its grandeur. The participating temples include Thiruvambadi Sri Krishna Temple, Laloor Bhagavathy Temple, Sree Karthyayani Temple, Kanimangalam Temple, Nethila Kavu Bhagavathy Temple, Paramekkavu Bagavathi Temple, Panamukkumpally Sastha Temple, Pookattikkara – Karamukku Bhagavathy Temple, Chembukkavu Bhagavathy Temple, and Parakkottukavu Bhagavathy Temple.
  • During the festival, a majestic procession of 50 decorated elephants, accompanied by traditional music, winds its way through Thekkinkadu Maidanam of Thrissur to the famous Vadakkunnathan Temple, where Lord Vadakkunnathan is revered.
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