Daily Current Affairs April 24

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April 24 | Daily Current Affairs 2024

Important Days – Daily Current Affairs April 24

1. What is the main objective of celebrating National Panchayati Raj Day in India?
A) To honor the memory of Mahatma Gandhi
B) To award outstanding Panchayats for their contributions to rural development
C) To observe the anniversary of the 73rd Amendment Act
D) To encourage rural-to-urban migration
E) To promote the agenda of central governance
Answer: C) To observe the anniversary of the 73rd Amendment Act

Event and Location:

• Event: National Panchayati Raj Day is celebrated annually on April 24 in India to honor the enactment of the 73rd Amendment Act of 1992.
• Location: The main event in 2024 includes a National Colloquium held in New Delhi.

Mandates and Objectives:

• Objective of the Celebration: The day marks the establishment of a formal structure of Panchayati Raj in India, promoting decentralized governance and empowerment of local bodies.
• Significance of the Event: A colloquium titled “Governance at the Grassroots after Three Decades of the 73rd Constitutional Amendment” highlights the progress and challenges in grassroots governance.

Important Terms Explained:

• Panchayati Raj System: A decentralized form of governance involving a three-tiered structure, which includes local bodies empowered with self-governance.
• 73rd Constitutional Amendment Act: Enacted in 1992, this law formalized the existence and functioning of Panchayats at the village and other levels, making them a vital part of local governance in India.

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2. What is the primary message conveyed by UN Secretary-General António Guterres on the International Day of Multilateralism and Diplomacy for Peace?
A) The importance of individual nation efforts
B) The need for global cooperation and trust to address challenges
C) The significance of holding annual summits
D) The focus on economic growth over peace
E) The reduction of UN involvement in global affairs
Answer: B) The need for global cooperation and trust to address challenges

Event and Location:

• Event: International Day of Multilateralism and Diplomacy for Peace
• Location: Global observance under the auspices of the United Nations

Mandates and Objectives:

• Objective of the Message: To emphasize the importance of multilateral solutions, dialogue, and diplomacy in overcoming global challenges such as conflicts, climate change, poverty, and inequalities.
• Significance: The message underscores the UN’s commitment to fostering global cooperation to safeguard human rights and promote peace and prosperity worldwide.

Important Terms Explained:

• Multilateralism: The cooperation of multiple countries working in concert on a given issue, particularly through an institution like the United Nations.
• Diplomacy: The management of international relations by negotiation and dialogue.
• Summit of the Future: A planned international meeting aimed at promoting a new agenda for peace and reinforcing faith in multilateral efforts.

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Banking and Finance – Daily Current Affairs April 24

3. What is the primary feature of RazorPay’s UPI Switch in collaboration with Airtel Payments Bank?
A) It offers lower transaction fees
B) It can handle 10,000 transactions per second
C) It supports transactions only on sale days
D) It resolves disputes in 7 days
E) It provides personalized customer service
Answer: B) It can handle 10,000 transactions per second

Event and Location:

• Event: Launch of UPI Switch by RazorPay in collaboration with Airtel Payments Bank.
• Location: The service is launched in India and facilitated online through RazorPay’s platform.

Mandates and Objectives:

• Objective of UPI Switch: To enhance UPI infrastructure by offering higher transaction handling capacity, quicker dispute resolution, and higher success rates for businesses.
• Significance: Designed to address the limitations of existing UPI infrastructures like scalability issues, downtime, and poor customer experience due to technical declines.

Important Terms Explained:

• UPI (Unified Payments Interface): A system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing, and merchant payments under one umbrella.
• NPCI (National Payments Corporation of India): The organization that operates retail payments and settlement systems in India, which has developed UPI as one of its flagship products.

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4. What is the primary benefit for PayU receiving in-principle approval from the RBI to operate as a payment aggregator?
A) PayU can now start international operations
B) PayU can now use its own digital currency
C) PayU can now on-board new merchants and offer digital payment services
D) PayU is now exempt from RBI regulations
E) PayU can delay payments to merchants
Answer: C) PayU can now on-board new merchants and offer digital payment services

Event and Location:

• Event: PayU receives in-principle approval from the Reserve Bank of India to operate as a payment aggregator.
• Location: The approval and operations are relevant to India.

Mandates and Objectives:

• Objective of the Approval: Allows PayU to expand its services by on-boarding new merchants and offering them digital payment services, enhancing its role in the digital payments ecosystem.
• Significance: This approval is crucial for PayU to resume its growth and service expansion after a temporary halt due to regulatory compliance issues.

Important Terms Explained:

• Payment Aggregator: A fintech service provider that facilitates e-commerce sites and merchants to accept various payment instruments from customers, acting as an intermediary to process payments.
• RBI (Reserve Bank of India): India’s central banking institution, which regulates the monetary policy of the Indian rupee as well as banking regulations.

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5. What were the primary reasons for the RBI imposing restrictions on Kotak Mahindra Bank?
A) Poor financial performance
B) High volume of digital transactions
C) Deficiencies in IT systems and non-compliance with regulatory guidelines
D) Inadequate customer service
E) Mismanagement of customer funds
Answer: C) Deficiencies in IT systems and non-compliance with regulatory guidelines

Event and Location:

• Event: RBI imposes restrictions on Kotak Mahindra Bank.
• Location: India.

Mandates and Objectives:

• Objective of RBI’s Action: To address serious deficiencies and non-compliances found in Kotak Mahindra Bank’s IT inventory management, patch and change management, user access management, vendor risk management, and data security.
• Significance: Ensures that the bank enhances its IT systems and controls to prevent further risks and disruptions in its operations.

Important Terms Explained:

• IT Risk Management: The process of identifying, assessing, and controlling threats to an organization’s capital and earnings that arise from its information technology systems.
• Regulatory Guidelines: Standards set by regulators like the RBI that institutions must follow to ensure stability, transparency, and fairness in operations.

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6. What are the main objectives of the newly amended FEMA regulations related to the direct listing of Indian companies on international exchanges?
A) To restrict the flow of foreign investments
B) To allow direct listing of Indian companies on international exchanges
C) To increase the tax burden on foreign investments
D) To decrease the number of companies eligible for international listing
E) To limit the use of foreign currency accounts by Indian residents
Answer: B) To allow direct listing of Indian companies on international exchanges

Event and Location:

• Event: Amendment of FEMA regulations for the direct listing of Indian companies on international exchanges.
• Location: India, specifically mentioning GIFT-IFSC.

Mandates and Objectives:

• Objective of the Amendments: To facilitate the direct listing of securities by Indian companies on international exchanges, enhancing the ability for these companies to access foreign capital and broaden their investor base.
• Significance: These amendments aim to streamline the process of overseas listings and improve the effective utilization of foreign exchange, boosting foreign investments and economic integration.

Important Terms Explained:

• FEMA (Foreign Exchange Management Act): A regulatory mechanism that enables the Reserve Bank of India to pass regulations and manage the foreign exchange market in India.
• GIFT-IFSC (Gujarat International Finance Tec-City – International Financial Services Centre): A global financial and IT services hub in Gujarat, India, aimed at providing facilities to finance services and technology firms to expand their overseas operations.

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Business and Economy – Daily Current Affairs April 24

7. What unique feature does the Nifty Next 50 index derivatives have according to Sriram Krishnan, Chief Business Development Officer at NSE?
A) They are overlapping with other market capitalisation-based broad indices.
B) They have the highest weightage in financial services.
C) They do not have overlapping constituents with other market capitalisation-based broad indices on NSE.
D) They only include the top 50 stocks from the Nifty.
E) They are not available for futures trading.
Answer: C) They do not have overlapping constituents with other market capitalisation-based broad indices on NSE.

Event and Location:

• Event: Launch of derivative contracts on the Nifty Next 50 index by the National Stock Exchange (NSE).
• Location: National Stock Exchange, India.

Mandates and Objectives:

• Objective of the Launch: To introduce new derivative products that cater to market participants interested in investing beyond the top 50 stocks, offering additional tools for risk management.
• Significance: The launch provides investors with new opportunities for investment and risk management in the stocks that may eventually move into the Nifty 50 index, enhancing the depth and breadth of the derivative market in India.

Important Terms Explained:

• Derivatives: Financial instruments whose value is derived from an underlying asset or benchmark, such as stocks, indices, or commodities.
• Nifty Next 50 Index: Comprises 50 stocks that follow the Nifty 50 in terms of market capitalization, representing potential future additions to the Nifty 50 based on index methodology.

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Appointments – Daily Current Affairs April 24

8. What is the primary role of Gita Sabharwal as the United Nations Resident Coordinator in Indonesia?
A) To facilitate international trade agreements
B) To coordinate UN support for implementing the 2030 Agenda for Sustainable Development
C) To provide direct financial aid to Indonesia
D) To manage diplomatic relations between the UN and India
E) To oversee military operations in Indonesia
Answer: B) To coordinate UN support for implementing the 2030 Agenda for Sustainable Development

Event and Location:

• Event: Appointment of Gita Sabharwal as the United Nations Resident Coordinator in Indonesia.
• Location: Indonesia

Mandates and Objectives:

• Objective of Appointment: To enhance the coordination and implementation of the United Nations’ support for Indonesia’s development goals, particularly in line with the 2030 Agenda for Sustainable Development.
• Significance: As the highest-ranking representative of the UN Development System at the country level, the Resident Coordinator plays a crucial role in aligning UN resources and efforts with the national priorities and challenges of Indonesia.

Important Terms Explained:

• UN Resident Coordinator: The UN Secretary-General’s representative at the country level, responsible for leading the UN country team and coordinating all UN organizational activities related to the Sustainable Development Goals (SDGs) in the host country.
• 2030 Agenda for Sustainable Development: A global plan adopted by all United Nations Member States in 2015, which provides a shared blueprint for peace and prosperity for people and the planet, now and into the future.

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9. Who has FSIB recommended for the appointment as the Managing Director of Indian Bank?
A) Rana Ashutosh Kumar Singh
B) Asheesh Pandey
C) SL Jain
D) Bhanu Pratap Sharma
E) Deepak Singhal
Answer: B) Asheesh Pandey

Event and Location:

• Event: FSIB’s recommendation for top management positions in State Bank of India and Indian Bank.
• Location: India

Mandates and Objectives:

• Objective of FSIB Recommendations: To appoint qualified leaders for managing director positions at major public sector banks, enhancing leadership based on performance and experience.
• Significance: These appointments are critical for guiding the strategic and operational activities of the banks, ensuring they meet their objectives and serve their stakeholders effectively.

Important Terms Explained:

• FSIB (Financial Services Institutions Bureau): A bureau responsible for the selection of candidates for leadership roles in public sector banks and financial institutions in India.
• Managing Director (MD): A key executive role in banks, responsible for overseeing the operations and performance of the institution.

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10. What responsibilities does T Rabi Sankar hold as the RBI Deputy Governor?
A) Monetary policy management
B) Currency management, foreign exchange, and payment systems
C) Corporate affairs
D) Public relations
E) Legal affairs
Answer: B) Currency management, foreign exchange, and payment systems

Event and Location:

• Event: Extension of tenure for RBI Deputy Governor T Rabi Sankar.
• Location: Reserve Bank of India, India.

Mandates and Objectives:

• Objective of the Extension: To continue leveraging T Rabi Sankar’s expertise in managing critical departments of RBI including currency management, foreign exchange, and payment systems.
• Significance: The extension underscores the importance of stability and continuity in the leadership overseeing significant sectors of India’s central banking system.

Important Terms Explained:

• Deputy Governor of RBI: One of the key positions in the Reserve Bank of India, responsible for overseeing various crucial departments that manage the country’s monetary policy, currency, and other financial systems.
• Currency Management, Foreign Exchange, Payment and Settlement Systems: Key areas in banking that involve the regulation of currency supply, handling foreign exchange resources, and managing transactions and settlements in the banking system.

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11. Who has been appointed as the new MD & CEO of Motilal Oswal Asset Management Company?
A) Akhil Chaturvedi
B) Prateek Agrawal
C) Navin Agarwal
D) Niket Shah
E) Raamdeo Agrawal
Answer: B) Prateek Agrawal

Event and Location:

• Event: Appointment of Prateek Agrawal as MD & CEO of Motilal Oswal Asset Management Company.
• Location: Mumbai, India.

Mandates and Objectives:

• Objective of the Appointment: To lead Motilal Oswal AMC following Navin Agarwal’s return to the parent company.
• Significance: This transition represents a commitment to internal growth and the promotion of proven leaders within the organization.

Important Terms Explained:

• MD & CEO (Managing Director & Chief Executive Officer): A top executive role responsible for overseeing the operations and strategic direction of a company.
• AUM (Assets Under Management): The total market value of the investments managed by a financial institution on behalf of its clients.

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Awards – Daily Current Affairs April 24

12. Which location hosted the 25th edition of the Laureus World Sports Awards in 2024?
A) London, UK
B) Madrid, Spain
C) Paris, France
D) Berlin, Germany
E) New York City, USA
Answer: B) Madrid, Spain

Event and Location:

• Event: 25th Laureus World Sports Awards.
• Location: Palacio de Cibeles, Madrid, Spain.

Mandates and Objectives:

• Objective of the Laureus Sports Awards: To recognize outstanding sporting achievements throughout the year.
• Significance: The awards are considered the sporting equivalent of the Oscars, highlighting excellence in sports globally.

Important Terms Explained:

• Laureus World Sports Awards: Annual awards ceremony that honors individuals and teams from the world of sports along with breakthrough and comeback athletes.
• Palacio de Cibeles: A famous landmark in Madrid, serving as the ceremony’s venue.

List of all the winners of the 25th Laureus World Sports Awards:

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Science and Technology – Daily Current Affairs April 24

13. What is the primary function of the solar sail in NASA’s Advanced Composite Solar Sail System spacecraft?
A) To navigate the spacecraft using gravitational forces
B) To reflect solar particles for propulsion
C) To shield the spacecraft from solar radiation
D) To generate solar power for onboard instruments
E) To communicate with Earth using solar signals
Answer: B) To reflect solar particles for propulsion

Event and Location:

• Event: Launch of NASA’s Advanced Composite Solar Sail System spacecraft.
• Location: Launched from New Zealand.

Mandates and Objectives:

• Objective of the Mission: To utilize solar sail technology for propulsion, which uses the pressure of sunlight to move the spacecraft without conventional fuel.
• Significance: Demonstrates a sustainable and cost-effective propulsion method, potentially reducing reliance on heavy propulsion systems for future space missions.

Important Terms Explained:

• Solar Sail: A spacecraft propulsion method that uses large, reflective sails to capture the momentum of sunlight or solar wind for movement.
• CubeSat: A miniaturized satellite for space research that is usually about the size of a large microwave oven, which in this case houses the main components of the spacecraft.

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14. According to NetApp’s 2024 Cloud Complexity Report, what percentage of companies in India use half or more of their data to train AI models?
A) 49%
B) 60%
C) 70%
D) 91%
E) 82%
Answer: D) 91%

Event and Location:

• Event: Release of NetApp’s 2024 Cloud Complexity Report.
• Location: Global, with specific insights on India.

Mandates and Objectives:

• Objective of the Report: To analyze and present the state of AI project implementation globally, highlighting the leadership of India in AI adoption compared to the global average.
• Significance: The report underscores the advanced adoption and integration of AI technologies in Indian companies, setting a benchmark for global AI implementation rates.

Important Terms Explained:

• AI Projects: Initiatives that involve the application of artificial intelligence technologies to solve complex problems or enhance operational efficiencies in various sectors.
• Cloud Complexity Report: An annual report that evaluates the complexities and advancements in cloud and AI technologies across different regions and industries.

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Defence – Daily Current Affairs April 24

15. What is the primary purpose of the SCO Defence Ministers’ meeting in Kazakhstan attended by the Indian delegation?
A) To discuss economic trade agreements
B) To review regional security issues and defence cooperation initiatives
C) To participate in joint military exercises
D) To finalize a new treaty for arms reduction
E) To promote tourism between SCO member states
Answer: B) To review regional security issues and defence cooperation initiatives

Event and Location:

• Event: Annual Meeting of the Defence Ministers of Shanghai Cooperation Organisation (SCO) Member States.
• Location: Astana, Kazakhstan.

Mandates and Objectives:

• Objective of the Meeting: To discuss and review regional security challenges and enhance defence cooperation among SCO member states.
• Significance: The meeting is crucial for fostering collaborative security efforts and strengthening mutual understanding and cooperation on defence-related issues within the SCO framework.

Important Terms Explained:

• SCO (Shanghai Cooperation Organisation): A significant regional intergovernmental organization aimed at enhancing cooperation on security, economic, and cultural matters among its member states.
• Regional Security: Concerns and activities aimed at ensuring the stability and safety of states in a specific region.

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National Affairs – Daily Current Affairs April 24

16. What key theme was highlighted during the National Colloquium on Grassroots Governance to mark National Panchayati Raj Day?
A) Reduction of rural heritage sites
B) Privatization of local governance
C) Strengthening Panchayati Raj Institutions through digital empowerment and capacity building
D) Centralization of governance away from rural areas
E) Decreasing the role of women in local governance
Answer: C) Strengthening Panchayati Raj Institutions through digital empowerment and capacity building

Event and Location:

• Event: National Colloquium on “Governance at the Grassroots after Three Decades of the 73rd Constitutional Amendment” held to mark National Panchayati Raj Day.
• Location: New Delhi, India.

Mandates and Objectives:

• Objective of the Colloquium: To discuss and strengthen the Panchayati Raj system in India, particularly focusing on leveraging digital technologies for better governance at the grassroots level.
• Significance: This event aimed to emphasize the central role of Panchayati Raj Institutions (PRIs) in improving rural governance and citizen empowerment through digital innovations and robust capacity building.

Important Terms Explained:

• Panchayati Raj Institutions (PRIs): Local self-government bodies in rural India that enable democratic decision-making at the grassroots level.
• Digital Empowerment: Utilization of digital technologies to enhance governance and service delivery, enabling higher transparency and efficiency.

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17. What is the main purpose of the MoU signed between KABIL and CSIR-NGRI?
A) To reduce the operational costs of KABIL
B) To promote the sale of strategic minerals internationally
C) To collaborate on geophysical investigations in the minerals sector
D) To dissolve the joint venture of KABIL
E) To increase the import of minerals into India
Answer: C) To collaborate on geophysical investigations in the minerals sector

Event and Location:

• Event: Signing of a Memorandum of Understanding (MoU) between Khanij Bidesh India Limited (KABIL) and the Council of Scientific and Industrial Research – National Geophysical Research Institute (CSIR-NGRI).
• Location: NALCO Corporate Office, Bhubaneswar.

Mandates and Objectives:

• Objective of the MoU: To enhance collaboration in geophysical investigations to support KABIL’s projects in the critical and strategic minerals sector.
• Significance: The MoU aims to strengthen the exploration capabilities of KABIL by leveraging CSIR-NGRI’s expertise in geophysical, geochemical, and geological surveys, which is crucial for identifying and developing mineral resources.

Important Terms Explained:

• Geophysical Investigations: Studies related to the physical processes and physical properties of the Earth and its surrounding space environment, and the use of quantitative methods for their analysis.
• Critical and Strategic Minerals: Minerals that are essential for the economy and necessary for national defense, with no easy substitutes.

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18. What key point did Prime Minister Narendra Modi emphasize in his address at the 6th edition of the International Conference on Disaster Resilient Infrastructure?
A) The importance of reducing government spending on infrastructure
B) The necessity of investing in resilient infrastructure for a better future
C) The requirement to focus solely on new infrastructure
D) The need to limit international cooperation on infrastructure resilience
E) The priority to disregard the impact of natural disasters on infrastructure
Answer: B) The necessity of investing in resilient infrastructure for a better future

Event and Location:

• Event: 6th edition of the International Conference on Disaster Resilient Infrastructure (ICDRI).
• Location: Address delivered via video message.

Mandates and Objectives:

• Objective of the Conference: To strengthen global discourse and decision-making on disaster resilient infrastructure, focusing on resilience both in new construction and post-disaster rebuilding.
• Significance: Highlighting the importance of resilience as an integral part of infrastructure projects to mitigate the impacts of natural disasters and ensure sustainable development.

Important Terms Explained:

• Disaster Resilient Infrastructure: Infrastructure designed to withstand the effects of natural disasters such as earthquakes, floods, and cyclones, thereby reducing the risk to human life and economic loss.
• Coalition for Disaster Resilient Infrastructure (CDRI): An international initiative launched to promote the resilience of new and existing infrastructure systems to climate and disaster risks, ensuring sustainable development.

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Over All Review

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