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Daily Current Affairs 5th March 2024: Your guide for daily General Knowledge Preparation

Dear Readers,

This post contains important current affairs of 5th March 2024. It includes all Major National, International, Business and Sports related current affairs of 5th March 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 5th March 2024 Current affairs test.

National News

174th Anniversary of the Geological Survey of India Celebrated

  • On the 4th of March, 2024, the Geological Survey of India (GSI) marked its 174th anniversary with fervent celebrations across its offices in the country.
  • The central celebrations took place in Kolkata, where the GSI’s main headquarters is located, and in Hyderabad, the site of the Southern Region’s headquarters.
  • The observance of the 174th anniversary underscored GSI’s long-standing dedication to the advancement of geological sciences and to connecting with India’s extensive geological past.

Defence News

DefConnect 2024 Sees Introduction of the ADITI Scheme by Rajnath Singh

  • At the DefConnect 2024 event in New Delhi, on March 4, 2024, Defence Minister Rajnath Singh unveiled the ADITI scheme, standing for Acing Development of Innovative Technologies with iDEX.
  • The initiative is designed to encourage innovation within crucial and strategic areas of defence technology.
  • It offers substantial grants to start-ups for their research and development efforts.

Economy News

Slight Dip in UPI Transactions Recorded in February

  • Following a record high in January, February saw a small decline in transactions made through the Unified Payment Interface (UPI) in India, by 0.7% in terms of value and 0.8% in terms of volume.
  • The slight downturn has been attributed to several factors, including technical difficulties at various banks and the shorter month.
  • Despite the decrease, February’s UPI transactions still showed a significant year-over-year increase, being 61% higher in volume and 48% higher in value compared to February 2023.

Moody’s Revises India’s Economic Growth Forecast Upwards to 6.8% for 2024

  • The global credit rating firm Moody’s has upgraded its GDP growth prediction for India in 2024 to 6.8%, citing a bullish outlook on the economy.
  • This adjustment reflects India’s leading growth status among G20 nations, driven by strong growth prospects and consistent policies.
  • Moody’s anticipates this growth trend to continue into 2025, with a projected growth rate of 6.4%.

Banking News

India and Nepal Enhance Financial Cooperation with Upcoming Digital Payment System

  • India and Nepal have recently made strides in strengthening their financial ties, focusing particularly on digital payment solutions to facilitate easier cross-border transactions for their citizens.
  • Among the changes introduced, Nepal citizens will now be able to transfer up to Rs 2 lakh per transaction to Nepal, and walk-in customers will have a transaction limit of Rs 50,000.

RBI Sanctions Merger of Fincare SFB with AU Small Finance Bank

  • Effective April 1, the Reserve Bank of India has approved the merger of Fincare Small Finance Bank Ltd. into AU Small Finance Bank.
  • This move is authorized under the Banking Regulation Act, 1949, allowing all Fincare branches to operate under AU Small Finance Bank.
  • Following the merger, Fincare shareholders will be allocated shares in the new combined entity.

RBI Imposes Ban on Gold Loans by IIFL Finance

  • The Reserve Bank of India has issued an immediate prohibition on IIFL Finance regarding the sanctioning and disbursement of gold loans.
  • This action was taken after a detailed inspection uncovered significant concerns with IIFL Finance’s management of its gold loan portfolio, including major issues related to the appraisal and valuation of gold collateral.

Important Days News

Observance of the International Day for Disarmament and Non-Proliferation Awareness 2024

  • The United Nations General Assembly recognizes Disarmament as a key initiative aimed at the elimination of Weapons of Mass Destruction and the reduction of conventional armaments.
  • The second observance of the International Day for Disarmament and Non-Proliferation Awareness took place on March 5, 2024, promoting public, especially youth, awareness towards disarmament efforts.

Awareness Day for Dissociative Identity Disorder Marked

  • March 5th annually highlights Dissociative Identity Disorder (DID) Awareness Day, focusing on a complex mental condition characterized by the presence of multiple distinct identities within an individual.
  • Initiated by the Ivory Garden in 2012, this day aims to raise awareness and support for those dealing with DID.

Schemes News

‘MYUVA Scheme’ Launched by CM Yogi for UP’s Young Entrepreneurs

  • The Chief Minister of Uttar Pradesh, Yogi Adityanath, has introduced the “Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUVA)” scheme, offering interest-free loans for projects up to Rs 5 lakh to support young entrepreneurs.
  • The scheme targets the creation of one lakh young entrepreneurs annually and encourages digital transactions and the adoption of digital payment methods in business operations.

Summits & Conferences News

IIT Madras Hosts the All India Research Scholars’ Summit 2024

  • From March 4th to 7th, 2024, the Indian Institute of Technology Madras (IIT Madras) is hosting the All India Research Scholars’ Summit (AIRSS) 2024.
  • Organized by the Research Affairs Council of IIT Madras, the summit serves as a platform for scholars from various disciplines across India to discuss and explore the latest research advancements.
  • It aims to promote academia-industry collaborations in line with the Aatmanirbhar Bharat initiative.

Appointments News

Brajesh Mehrotra Named Bihar’s New Chief Secretary

  • The government of Bihar has announced the appointment of senior IAS officer Brajesh Mehrotra as the state’s new chief secretary.
  • Mehrotra, who is presently the additional chief secretary for revenue and land reforms, brings a wealth of experience and dedication to his new role.
  • He also serves as the chief information commissioner of the state.


BSF’s First Female Sniper: Sub-Inspector Suman Kumari

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  • Sub-Inspector Suman Kumari has become the Border Security Force’s (BSF) first female sniper, achieving the instructor grade after completing an intensive eight-week sniper course.
  • Her achievement is a significant milestone and reflects her skill and pioneering spirit.

Agreements News

BIMSTEC Faculty Exchange Programme Launched in Dhaka

  • A five-day faculty exchange programme among foreign service academies from Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) member states began in Dhaka.
  • This inaugural event aims to enhance mutual cooperation and strategic dialogue among diplomats from BIMSTEC countries, focusing on strengthening ties between the region’s Foreign Service training institutions.
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