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Banking Current Affairs : 16th May 2024

Today’s Current Affairs: 16th May 2024 for SSC CGL, State SSC, RRB, Railways, Banking Exam & IBPS, etc

Singapore’s Deputy Leader Lawrence Wong to Be Sworn in as Nation’s Fourth PM:

  • Singapore’s deputy leader Lawrence Wong is set to be sworn in as the nation’s fourth Prime Minister. Fifty-one-old US-trained economist Mr Wong will succeed 72-year-old Lee Hsien Loong, who stepped down after two decades at the helm. Lee’s resignation marked the end of a family dynasty led by his father Lee Kuan Yew.

India-US Dialogue on Africa Held in Washington:

  • The second round of the India-US Dialogue on Africa is being held in Washington. External Affairs Ministry said the two-day India-US dialogue aims to share ideas and perspectives and explore ways to develop institutional, technical, and bilateral synergies to work together in Africa.

SBI becomes trading-clearing member of IIBX at GIFT City:

  • The State Bank of India (SBI) on 14 May announced that it has secured the distinction of being the first bank to become a trading-cum-clearing (TCM) Member of India International Bullion Exchange at the GIFT City in Gujarat.

India’s Rich Literary Heritage And Cultural Legacy Enters UNESCO’s Memory Of World Asia-Pacific Regional Register:

  • The Ramcharitmanas, Panchatantra, and Sahṛdayāloka-Locana have been included in UNESCO’s Memory of the World Asia-Pacific Regional Register.
  • The Indira Gandhi National Centre for the Arts (IGNCA) played a vital role in securing a historic moment during the 10th meeting of the Memory of the World Committee for Asia and the Pacific MOWCAP.

First Indian Woman To Break Into Top 25 Of World Women’s Singles Rankings: Table Tennis

  • India’s ace women’s table tennis player Manika Batra became the first Indian woman paddler to break into the top 25 of the world Women’s singles rankings.
  • She rose to her career-best ranking of 24, following her success in the Saudi Smash, last week.
  • She also equaled G. Sathyan’s five-year-old record for the highest rank achieved by an Indian in singles table tennis.

TATA AIG unveils India’s first Satellite-based In-Orbit Third-Party Liability Insurance:

  • TATA AIG, India’s leading general insurance provider, announced the launch of India’s first Satellite In-Orbit Third-Party Liability Insurance policy, which will provide critical financial protection to meet the growing needs of satellite manufacturers and operators in the Indian space sector.

HDFC Bank Introduces Pixel Play: India’s Premier Virtual Credit Card with Visa

  • HDFC Bank has rolled out Pixel Play, the nation’s inaugural virtual credit card partnered with Visa.
  • Offering two distinct variants, Pixel Play and Pixel Go, this innovative card empowers users to craft personalized cards

Moody’s Forecasts Indian Economy to Expand at 6.6% in FY25:

  • Moody’s Ratings predicts a 6.6% expansion for the Indian economy in the fiscal year ending March 2025 (FY25). This growth trajectory is anticipated to fuel strong credit demand, particularly benefiting the Non-Banking Financial Companies (NBFCs), despite challenges posed by rising funding costs.

China Overtakes US as India’s Largest Trading Partner in FY24:

  • According to data from the Global Trade Research Initiative (GTRI), an economic think tank, China has emerged as India’s largest trading partner in the fiscal year 2023-24, surpassing the United States.

Tamil Nadu’s Shyaamnikhil Becomes India’s 85th Chess Grandmaster:

  • P Shyaamnikhil from Tamil Nadu has etched his name in the annals of Indian chess history by becoming the country’s 85th Grandmaster (GM).

RBI Approves Quant MF to Raise Stake in RBL Bank:

  • The Reserve Bank of India (RBI) has granted approval to Quant Mutual Fund (MF) to increase its stake in RBL Bank to 9.98% by May 12, 2025.
  • This approval, subject to conditions and provisions under the Banking Regulation Act, 1949, was disclosed in a regulatory filing.

BHISHM portable cubes:

  • They were dropped from an airplane by the Indian Air Force in Agra as part of an important test.
  • These mobile hospitals are meant to provide emergency medical care anywhere, and this event was their first test run.
  • Project BHISHM, which stands for “Bharat Health Initiative for Sahyog, Hita, and Maitri,” involves putting up mobile hospital units that can treat up to 200 people at once. The goal of this effort is to respond quickly and provide complete care in emergencies.

High Energy Photon Source (HEPS).:

  • China is set to become the first country in Asia with a fourth-generation synchrotron light source with the completion of the High Energy Photon Source (HEPS).
  • This advanced facility will produce some of the world’s brightest X-rays, significantly enhancing research capabilities across various scientific fields.

UN Financing For Sustainable Development Report 2024:

  • A new report released by the United Nations (UN) stated that more investment is needed if the 17 Sustainable Development Goals (SDGs), agreed upon by all United Nations members back in 2015, are to be achieved by 2030.
  • The reason for this situation is due to staggering debt burdens and sky-high borrowing costs faced by developing countries that prevent them from responding to the confluence of crises they face.