Daily Current Affairs 7th May 2024

Daily Current Affairs 7th May, 2024: Your guide for daily General Knowledge Preparation

Dear Readers,

This post contains important current affairs of 7th May, 2024. It includes all Major National, International, Business and Sports related current affairs of 7th 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 7th May, 2024 Current affairs test.

International News

1. Ukraine Introduces AI Spokesperson Victoria Shi for Foreign Ministry: In a pioneering initiative blending diplomacy and advanced technology, Ukraine has introduced an AI-based spokesperson named Victoria Shi, designed to convey official communications from its foreign ministry. This innovation in diplomatic dialogue is attracting worldwide interest.
2. José Raúl Mulino Wins Panama’s Presidential Election: In a notable political shift, José Raúl Mulino won Panama’s presidential election with nearly 35% of the counted votes, and over 92% of the ballots already tallied. With an insurmountable 9% lead over his closest competitor, the 64-year-old former security minister has secured victory, and his three main rivals have conceded.

State News

1. Gurugram Administration Collaborates with Yuzvendra Chahal to Encourage Voter Turnout: Ahead of the Gurugram Lok Sabha elections scheduled for May 25, the local administration has teamed up with cricketer Yuzvendra Chahal, along with singers MD Desi Rockstar and Naveen Punia, to motivate voters. This initiative aims to significantly boost voter participation, particularly among young citizens.

Appointments News

1. Ujjivan Small Finance Bank Appoints Sanjeev Nautiyal as MD & CEO: Sanjeev Nautiyal has been named as the new Managing Director and Chief Executive Officer (MD & CEO) of Ujjivan Small Finance Bank for a three-year term starting July 1, 2024. The Reserve Bank of India (RBI) approved this appointment, and Nautiyal will serve as President in the interim before fully assuming his new role. His career spans more than three decades in various banking fields, including retail, SME, financial inclusion, and international banking.

Banking News

1. GetVantage Earns NBFC License from RBI: Start-up GetVantage, known for its revenue-based finance (RBF) model, has secured a Non-Banking Financial Company (NBFC) license from the Reserve Bank of India (RBI). This achievement makes GetVantage the first alternative funding platform in India to receive such approval.
2. RBI Updates Banks’ Capital Market Exposure Guidelines for T+1 Settlement: To align with the T+1 settlement framework for stocks, the Reserve Bank of India has updated guidelines for custodian banks issuing Irrevocable Payment Commitments (IPCs). These banks will now face a 30% cap on their maximum intraday risk, which will be classified as capital market exposure.
3. RBI Lowers Margin Funding Limits to 30%: The Reserve Bank of India has reduced the maximum risk exposure for custodian banks issuing irrevocable payment commitments from 50% to 30%. This adjustment aligns with the new T+1 and T+0 settlement regimes and takes into account potential downward equity price movements over consecutive days.

Economy News

1. India Ratings Raises GDP Growth Forecast to 7.1% for FY25: India Ratings and Research has raised its GDP growth estimate for FY25 to 7.1%. The revision is based on robust government spending, improved corporate and banking sector balance sheets, and an emerging private capex cycle. However, factors like uneven consumption demand and global economic concerns could still limit growth.

Science and Technology News

1. Sunita Williams Prepares for Third Space Mission: Astronaut of Indian descent, Sunita Williams, is ready for her third mission to the International Space Station (ISS), alongside fellow astronaut Butch Wilmore. This flight will be the maiden crewed journey of the Starliner spacecraft, designed to rigorously assess the system from launch to landing.

Sports News

1. ICC Women’s T20 World Cup 2024: Bangladesh Set to Host: The ICC has unveiled the fixture schedule for the ninth edition of the ICC Women’s T20 World Cup, scheduled for October 3-20, 2024, in Bangladesh. Cricket fans are eagerly awaiting this tournament, which is expected to showcase an exciting blend of skill and sportsmanship.
2. Real Madrid Clinches 36th La Liga Title: Real Madrid has secured their 36th La Liga title after defeating Cadiz 3-0. This victory was cemented when their rivals Barcelona suffered a 4-2 defeat to Girona, giving Madrid a comfortable lead.
3. 2024 Madrid Open: Iga Swiatek and Andrey Rublev Emerge Victorious: At the 2024 Madrid Open, Iga Swiatek of Poland won her maiden title, while Russia’s Andrey Rublev took home his second win in the singles category.
4. ISL 2023-24: Mumbai City FC Wins Second Title: In the ISL final at Kolkata’s Vivekananda Yuba Bharati Krirangan Stadium, Mumbai City FC won their second Indian Super League title by defeating Mohun Bagan Super Giant 3-1. The club previously won their first title in the 2020-21 season, also against Mohun Bagan.

Important Days

1. World Asthma Day 2024 Observed on May 7: World Asthma Day is observed every first Tuesday in May, with the 2024 edition falling on May 7. This annual event is organized by the Global Initiative for Asthma (GINA) in collaboration with the World Health Organization to promote awareness about asthma. This year’s theme, “Asthma Education Empowers,” emphasizes the value of educating both asthma patients and healthcare professionals.

Miscellaneous News:

1. Kutch Ajrakh Textile Craft Receives GI Tag: The traditional Kutch Ajrakh textile craft from Gujarat has earned the prestigious Geographical Indication (GI) tag from the Controller General of Patents, Designs, and Trademarks. This recognition celebrates the craftsmanship rooted in Kutch’s vibrant culture for centuries.