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Daily Current Affairs 26th May, 2024: Your guide for daily General Knowledge Preparation

Dear Readers,

This post contains important current affairs of 26th May, 2024. It includes all Major National, International, Business and Sports related current affairs of 26th May, 2024. A brief explanation of every current affair is provided to further enhance your general knowledge. Once you have gone through these current affairs we would recommend to you to try 26th May, 2024 Current affairs test.

Banking & Finance News

Reserve Bank of India Injects Rs 7.75 Trillion Liquidity Through 9 VRR Auctions in May, 2024        

  • The Reserve Bank of India (RBI) conducted a variable rate repo (VRR) auction of Rs 1.25 trillion, bringing the total liquidity infused through 9 VRR auctions in May, 2024 to Rs 7.75 trillion.
  • Banks placed bids worth Rs 11.4 trillion, which is nearly 47% higher than the RBI’s notified amount.

Unclaimed bank deposits more than doubled during pandemic to over Rs 39,000 crore            

  • According to the data released by the Reserve Bank of India (RBI), As of December 2022, unclaimed balances across various accounts, including current, savings, and fixed deposits (FDs), reached Rs 39,900 crore, marking a substantial increase from Rs 18,379 crore recorded in December 2019.
  • Both public and private sector banks are grappling with the issue of unclaimed deposits
  • By March 2023, unclaimed monies held solely by these banks amounted to Rs 42,270 crore, despite concerted efforts through technological initiatives and public awareness campaigns.
  • To tackle this, RBI also launched an online portal UDGAM (Unclaimed Deposits-Gateway to Access Information) last year to help users search for unclaimed deposits across multiple banks in a centralised manner.

Business News

UN upgrades India’s expected economic growth rate to 6.9% for 2024 From 6.2%

  • The United Nations has updated its growth rate forecast for the Indian economy in 2024 (January-December) to 6.9 percen
  • This new forecast was included in the World Economic Situation and Prospects mid-2024 report.
  • This report is published by the United Nations Economic Analysis and Policy Division.
  • In its January 2024 report, the UN had predicted a 6.2 percent growth rate for India in 2024.

India’s internet economy likely to reach $1 trillion by 2030

  • India’s internet economy is on track for substantial expansion, with experts forecasting it to reach $1 trillion by 2030.
  • This surge is chiefly steered by the e-commerce sector, projected to grow at a robust annual rate of 25% from $60 billion in FY2023 to $325 billion, positioning it as the third-largest globally.

The GST portal has introduced machine registration for pan masala and tobacco manufacturers as a measure to combat tax evasion.

  • In a bid to counter tax evasion within the pan masala and tobacco industries, the GST portal has introduced new protocols and procedures for manufacturers to register their machinery and report their monthly inputs and outputs.
  • This initiative, stemming from recommendations by the GST Council, seeks to bolster compliance efforts and curb illicit trade.

India’s merchandise exports to reach US$ 500 billion by FY25: FIEO

  • The Federation of Indian Export Organisations (FIEO) anticipates that India’s merchandise exports will rebound to $500-510 billion in FY 25, following a 3% decline in the preceding fiscal period.
  • Services exports are projected to add $390-400 billion, resulting in a total export figure of around $890-910 billion.
  • Notable sectors propelling this growth encompass engineering, advertising services, and the expansion of global capability centers.

Appointments & Resignations News

Vice Admiral Gurcharan Singh was Appointed as Commandant of the National Defence Academy        

  • Vice Admiral Gurcharan Singh assumed the appointment of Commandant, National Defence Academy (NDA) from Vice Admiral Ajay Kocchar.

Science & Technology News

Google Partners with Foxconn to Manufacture Pixel Smartphones in Tamil Nadu             

  • Internet major Google will partner with iPhone manufacturer Foxconn to produce its ultra-premium Pixel smartphones for the first time in Tamil Nadu (TN).
  • The move aims to scale up Google’s Pixel smartphone business in India to tap into the growing demand for premium smartphones in the world’s second-largest smartphone market.


Kabosu, Dog Behind ‘Doge’ Meme And The Face Of Dogecoin, Passed away   

  • Kabosu, the famous Shiba Inu dog behind Dogecoin and various meme tokens, has passed away.
  • Atsuko Sato, the owner, announced the death of the 18-year-old dog, who gained internet fame as the inspiration for the “Doge” meme.
  • Kabosu, a Shiba Inu dog, became widely known due to a viral photograph, which originated the Doge meme.


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