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Daily Current Affairs 30th May, 2024: Your guide for daily General Knowledge Preparation

Dear Readers,

This post contains important current affairs of 30th May, 2024. It includes all Major National, International, Business and Sports related current affairs of 30th 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 30th May, 2024 Current affairs test.

National News

India Assumes Chair Of Colombo Process For 2024-26

For the first time since its inception in 2003, India has taken on the chairmanship of the Colombo Process, a regional consultative forum. This forum comprises 12 member states from South and Southeast Asia, focusing on managing overseas employment and protecting migrant workers.

Appointments News

Sony Appoints Disney Veteran Gaurav Banerjee as New India CEO
  • In a strategic move to enhance its presence in the expanding Indian media market, Sony, the Japanese electronics and entertainment giant, has appointed Gaurav Banerjee, a seasoned executive from Walt Disney, as its new Chief Executive Officer for India.
P Santhosh Takes the Helm as MD & CEO of NARCL
  • The National Asset Reconstruction Company (NARCL), India’s state-owned bad bank, has appointed P Santhosh as its new Managing Director and Chief Executive Officer.
  • NARCL’s board recommended Santhosh for a three-year term in this leadership role.

Agreements News

Indian Army and IOCL Join Forces for Hydrogen Fuel Cell Bus Technology Trials
  • The Indian Army has partnered with Indian Oil Corporation Limited (IOCL) to conduct demonstration trials of Hydrogen Fuel Cell Bus technology.
  • This collaboration highlights the Army’s dedication to innovation and environmental stewardship.

Banking News

European Banks Seek RBI Approval For Third-Party Transaction Model
  • European banks, including Credit Agricole, Societe Generale, Deutsche Bank, and BNP Paribas, are encountering challenges in trading Indian government bonds and derivatives.
  • This deadlock arises from a disagreement between their home authorities and Indian policymakers over audit oversight rights.
  • The European Securities and Markets Authority (ESMA) de-recognized the Clearing Corp of India (CCIL) in October 2022, necessitating alternative clearing mechanisms.
RBI Imposes Penalty On ICICI Bank And YES Bank
  • The Reserve Bank of India (RBI) has fined ICICI Bank and YES Bank for regulatory violations related to their financial positions as of March 31, 2022.
  • Following supervisory inspections, both banks failed to provide satisfactory explanations for the identified lapses, leading to the penalties.
RBI Imposes Penalty On HSBC For FEMA Violations
  • The Reserve Bank of India (RBI) has fined HSBC Limited Rs 36.38 lakh for breaching regulations under the Foreign Exchange Management Act (FEMA).
  • HSBC failed to meet reporting requirements under the Liberalised Remittance Scheme of FEMA, 1999.
  • This action follows a thorough review, including HSBC’s response to a show-cause notice.
RBI Imposes Business Restrictions On Edelweiss Group
  • The Reserve Bank of India (RBI) has imposed strict business restrictions on Edelweiss Group’s lending and asset reconstruction arms due to concerns about loan manipulation and structured transactions.
  • This move is part of the central bank’s efforts to prevent the evergreening of loans and ensure regulatory compliance in the financial sector.
Asian Development Bank’s $2.6 Billion Sovereign Lending To India In 2023
  • The Asian Development Bank (ADB) has committed $2.6 billion in sovereign lending to India in 2023.
  • This funding aims to support sectors such as urban development, power, industry, horticulture, connectivity, and climate resilience.
Business News
IRDAI Mandates Shorter Audit Tenures to Boost Governance in Insurance Sector
  • To enhance corporate governance in the insurance industry, the Insurance Regulatory and Development Authority of India (IRDAI) has issued new guidelines reducing the engagement period of statutory auditors with insurance companies from 10 years to 4 years.
  • This decision aims to ensure regular rotation and independence of audit firms, thus improving transparency and accountability.
SEBI Shortens Commodity Derivatives Delivery Period to Boost Liquidity
  • The Securities and Exchange Board of India (SEBI) has shortened the deliverable period for commodity derivatives from 5 days to 3 days.
  • This change, effective from July 1, 2024, will apply to contracts with staggered delivery scheduled after this date, aiming to improve market liquidity.

Economy News

Income Tax Department Sets Cost Inflation Index For FY 2024-25
  • The Income Tax Department has set the Cost Inflation Index (CII) for the financial year 2024-25 at 363.
  • This index helps taxpayers compute long-term capital gains from the sale of various capital assets, such as immovable property, securities, and jewelry, by adjusting for inflation.

Defence News

India Successfully Tests Anti-Radiation Missile ‘Rudram-II’
  • India has successfully flight-tested the indigenously developed anti-radiation missile Rudram-II.
  • Launched from a Su-30 MKI fighter aircraft off the coast of Odisha, this missile is set to be a crucial asset for the Indian Armed Forces, enhancing their capability in suppression of enemy air defenses (SEAD) missions.

Awards News

Top PSUs Honored at Outlook Planet Sustainability Summit & Awards 2024
  • Goa recently hosted the inaugural Outlook Planet Sustainability Summit & Awards 2024 for Central Public Sector Enterprises (CPSEs) on May 27th.
  • Organized by the Outlook Media Group, with BDO India as the Awards Process Advisor and IIT Goa as the Knowledge Partner, the event recognized the sustainability initiatives of government-owned companies.

Important Days

International Potato Day 2024: Harvesting Diversity, Feeding Hope
  • This year marks the first celebration of International Potato Day on May 30th.
  • Designated by the United Nations General Assembly in December 2023, the day aims to highlight the nutritional, economic, environmental, and cultural significance of potatoes.
International Everest Day 2024 Observed on May 29
  • On May 29, the world commemorates International Everest Day, honoring Nepalese Tenzing Norgay and New Zealand’s Edmund Hillary, the first climbers to summit Mt. Everest in 1953.
  • This historic achievement continues to inspire adventurers and mountaineers worldwide.
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