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660e72d0da6e7c0018c2da14_##_Monthly CA Magazine English
660e72d0da6e7c0018c2da14_##_Monthly CA Magazine English
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Contents
01. Banking and Economy........................................................................................................3
02. Index and Reports...............................................................................................................9
03. MoUs and Agreements ....................................................................................................12
04. National News....................................................................................................................17
05. International News............................................................................................................30
06. State News..........................................................................................................................34
07. Science and Technology..................................................................................................38
08. Defence and Securities.....................................................................................................42
09. Schemes and Projects.......................................................................................................46
10. Summits and Conferences................................................................................................49
11. Environment and Ecology...............................................................................................52
12. Sports News........................................................................................................................55
13. Awards and Honours.........................................................................................................61
14. Appointments and Resignations....................................................................................67
15. Obituaries...........................................................................................................................75
16. Art and Culture..................................................................................................................78
17. Important Days..................................................................................................................80
18. Books and Authors............................................................................................................83
19. Practice Questions............................................................................................................84
Banking and Economy
Chapter 1
PB Fintech to set up payment aggregator RBI issues omnibus framework for
subsidiary recognising SROs for regulated entities
• Policy Bazaar promoter PB Fintech Limited has • The Reserve Bank of India (RBI) has come up with
decided to set up a wholly-owned subsidiary to carry a final omnibus framework for self-regulatory
organisations mandating them to set up grievance
out the business of a payment aggregator.
redressal mechanisms for members and a non-
• This would be done by facilitating merchants discriminatory fee structure, among others.
with offline and/or digital payment acceptance • The omnibus framework prescribes the broad
infrastructure or both. objectives, functions, eligibility criteria and
• Payment aggregators enable their clients to accept governance standards, which will be common for all
various payment methods such as debit cards, credit SROs, irrespective of the sector.
cards, cardless EMIs, UPI, bank transfers, e-wallets • The framework is the minimum requirement and the
and e-mandates. recognised SROs will be encouraged to develop their
best practices.
• The paid-up capital of the subsidiary (PB Pay Private
• The dispute resolution process should consistently
Limited) would be ₹27 crore. use efficient, fair and transparent policies and
procedures that are in line with the regulatory and
YES Bank partners with Indian Olympic statutory requirements.
Association for Paris Olympics 2024
RBI imposes Rs 1.31 cr fine on Tamilnad
• YES Bank announced its partnership with the Indian
Olympic Association (IOA) as the Official Banking
Mercantile Bank for non-compliance
Partner for Team India at the Paris Olympics 2024. • The Reserve Bank of India (RBI) has imposed
penalties on DCB Bank and Tamilnad Mercantile
• As part of the collaboration, the bank launched the Bank for non-compliance with certain directions
campaign 'Milkar Jitayengey' and introduced the related to 'interest rate on advances'.
'YES Glory Debit Card,' specially designed for India’s • A monetary penalty of Rs 63.6 lakh has been imposed
Olympic athletes. on DCB Bank.
• The bank also unveiled the 'YES Glory' savings • The central bank informed that a penalty of Rs 1.31
account proposition, extending benefits to athletes crore has been imposed on Tamilnad Mercantile Bank
and their immediate family members. for non-compliance with certain directions issued
by it on 'Interest Rate on Advances' and 'Central
DBS Bank India announced USD 250 Million Repository of Information on Large Credits (CRILC).
• In both cases, the RBI said the penalties were based
Lending Support for start-ups on deficiencies in regulatory compliance and not
• DBS Bank India announced a lending commitment of intended to pronounce upon the validity of any
USD 250 million for new-age start-ups. transactions or agreements entered into by them
• The initiative is part of the bank's focus on fostering with their customers.
innovation and entrepreneurship within the
Net FDI in India down 38.4% in April-January
country's thriving start-up ecosystem.
• The net foreign direct investment (FDI) in India,
• The Indian start-up sector, a foundational pillar of inflows minus outflows, declined 38.4 per cent year-
the country's development goals, has seen significant on-year to $15.41 billion in the first 10 months of this
expansion over the years with over 90,000 start-ups financial year due to an increase in the repatriation
and more than 100 unicorns as of 2024. of capital.
Bank employee unions and the Indian Banks' SEBI approved launched of Beta Version of
Association have agreed to a 17% annual T+0 Settlement on Optional Basis
wage hike • SEBI has approved the launch of a beta version of the
• Bank employee unions and the Indian Banks' T+0 settlement on an optional basis starting from
Association have agreed to a 17% annual wage hike, March 28.
benefiting approximately 8 lakh bank employees. • T+0 settlement means transactions will be settled on
• The wage hike will result in public sector banks the same day they're made. Initially, it will involve 25
spending around Rs 8,284 crore more per year. selected stocks and a limited number of brokers.
• A joint note has been agreed upon to recognize • SEBI will continue stakeholder consultations and
all Saturdays as holidays, subject to government review progress after three and six months.
approval.
• Additionally, SEBI approved relaxations for foreign
• Revised working hours will come into effect only portfolio investors to enhance ease of doing business.
after government approval.
• New pay scales have been formulated by merging RBI widens scrutiny of credit 'exuberance'
Dearness Allowance corresponding to 8088 points
and additional load.
amid rising risks to financial system
• The wage settlement also entitled women employees • India's central bank, the Reserve Bank of India (RBI),
to one day of sick leave per month without needing a is intensifying efforts to address "exuberance" in
medical certificate. retail lending, targeting areas such as mortgage-
• Accumulated privilege leave can be encashed up linked "top-up" loans.
to 255 days upon retirement or in the event of an • Concerns about rising risks to the financial system
employee's death while in service. are driving the RBI to tighten supervision of the
industry and urge individual lenders to curb credit in
RBI fines Tamilnad Mercantile Bank, DCB areas deemed risky.
Bank for breach of norms • While no formal enforcement actions have been
• The Reserve Bank of India (RBI) has levied a penalty taken, the RBI is taking steps to rein in retail lending
of Rs 1.38 crore on Tamilnad Mercantile Bank Limited by banks and non-bank financial firms.
and a fine of Rs 63.6 lakh on DCB Bank Ltd. for non- • Over the past six months, the RBI has implemented
compliance with regulatory norms. several measures to address retail lending concerns
• Regarding DCB Bank, the RBI inspection found that and has publicly cautioned against "all forms of
the bank neglected to reset interest rates at the exuberance."
prescribed intervals for certain MCLR-linked floating
rate advances. SBI partners with Aurionpro for its
• Additionally, it failed to benchmark the interest transaction banking platform
rates of certain floating-rate retail loans and loans to
• Aurionpro Solutions has secured a ₹100 crore
MSMEs to an external benchmark lending rate.
contract from the State Bank of India (SBI) to provide
Tata Sons announced sale of 0.6% stake in its cash management and transaction banking
platform, ‘iCashpro+’.
TCS for over ₹9,300 Crore
• The implementation will occur over the next 12
• Tata Sons, the holding company of Tata Consultancy
months, with an additional six years allocated for
Services (TCS), intends to sell 23.4 million shares of
the software services giant for a minimum of ₹9,300 maintenance and support services.
crore. • This move will help SBI upgrade its current Cash
• JP Morgan, the banker handling the deal, issued a Management Product (CMP) platform and establish
term sheet revealing this plan. ‘iCashpro+’ as a preferred solution for banks.
India’s first integrated Oil Palm Processing India’s first Ayurvedic Cafe opens in Delhi
Unit by 3F Oil Palm
• India achieves a significant milestone in its pursuit
of self-reliance in edible oils with the inauguration of
the nation's first integrated Oil Palm Processing Unit
in Roing, Arunachal Pradesh.
• The project, led by 3F Oil Palm, features cutting-
edge facilities including a Palm Oil Processing and
Refinery, a zero-discharge effluent plant, and a palm
waste-based power plant.
• This marks not only the first Oil Palm factory in • Soma - The Ayurvedic Kitchen, situated within the
Arunachal Pradesh but also India’s first under the premises of Maharishi Ayurveda Hospital in Shalimar
NMEO-OP, supporting the country's journey towards Bagh, Delhi, offers a unique dining experience rooted
self-sufficiency in edible oils. in Ayurvedic principles.
• The restaurant serves a variety of dishes carefully
Union Minister Kiren Rijiju gives additional
crafted to promote health and well-being according
charge of Ministry of Food Processing to Ayurvedic principles. Each dish is thoughtfully
Industries prepared using ingredients known for their medicinal
• Union Minister Kiren Rijiju has been appointed to properties and nutritional value.
take on the additional responsibility of the Ministry of • The menu features a range of vegetarian and
Food Processing Industries following the resignation vegan options, with an emphasis on fresh, seasonal
of Union Minister and Rashtriya Lok Janshakti Party ingredients and traditional cooking methods.
Chief Pashupati Kumar Paras from the Union Cabinet. • Guests can indulge in nourishing meals that not only
• President Droupadi Murmu has accepted Mr. Paras's satisfy the palate but also support overall health and
resignation with immediate effect. vitality.
• Kiren Rijiju, who was previously holding the charge of • Soma - The Ayurvedic Kitchen aims to showcase the
the Ministry of Earth Sciences, will now also oversee benefits of Ayurvedic cuisine and promote a holistic
the Ministry of Food Processing Industries. approach to dining and wellness.
Election Commission launched ‘Know Your • Shipping Corporation of India Land and Assets
Candidate’ app Limited took place at Mumbai's BSE. The shares
debuted at an opening price of 46.80 rupees per
share at the BSE and 46.70 rupees per share at the
NSE.
• This company is categorized as a "C Category" Central
Public Sector Enterprise and was established on
November 10, 2021, with the objective of unlocking
the potential value of Non-Core Assets of Shipping
Corporation of India Limited through a demerger
• The Election Commission of India, led by Chief scheme.
Election Commissioner Rajiv Kumar, unveiled the
Know Your Candidate (KYC) mobile application. • Shipping Corporation of India Land and Assets Limited is
• This app empowers voters to verify if any candidate a debt-free entity with a net worth of 3216 crore rupees
contesting elections in their constituency has a and real estate properties valued at approximately
criminal background. 2388 crore rupees as of December 31, 2023.
• Available for both Android and iOS platforms, the app • Additionally, the company operates a top-tier
aims to promote transparency and accountability in
maritime training institute catering to Indian and
the electoral process.
international seafarers.
ECI allows Postal Ballot for essential service
employees in upcoming elections Shipping Ministry approved Rs 645 crore for
• The Election Commission of India (ECI) has notified 10 New Waterways projects on Brahmaputra
a category of electors, including essential service
personnel, for postal ballot voting in the Lok Sabha
and Assembly polls in four states and bye-elections in
26 Assembly Constituencies across 13 States.
• This category encompasses employees of various
essential services such as Metro, Railways, BSNL,
Electricity, Health Department, Fire Services,
Postal Services, Aviation, Disaster Management,
Doordarshan, All India Radio, and authorized media
persons.
• This move enables those on duty on polling day to
cast their votes via postal ballot, as per provisions of
the Representation of the People Act, 1951.
• On February 25, the WTO and the International • The Telangana state government announced plans
Trade Centre (ITC) launched a USD 50 million global for a Life Sciences GCC Consortium, aiming to foster
fund to assist women in accessing opportunities in collaboration and innovation among life sciences
international trade and the digital economy. companies in Hyderabad.
• The initiative, known as the Women Exporters in the • They also launched the Centre for Fourth Industrial
Digital Economy (WEIDE) Fund, was unveiled on the Revolution in Life Sciences (C4IR) in partnership with
sidelines of the 13th Ministerial Conference held in the World Economic Forum, focusing on healthcare
Abu Dhabi, United Arab Emirates. and life sciences.
• The fund aimed to support women-led businesses • The C4IR will prioritize skilling, health profiling, and
and female entrepreneurs in developing economies creating clinical registries. Partnerships were formed
and least-developed countries by facilitating the with Garmin Health and the National University of
adoption of digital technologies and expanding the Singapore for innovative initiatives and clinical trials.
online presence of their enterprises.
France poised to become first country in
India and Nicaragua Sign Historic MoU on
world to enshrine right to abortion in its
Pharmacopoeia Recognition
Constitution
• is set to become the first country to constitutionally
guarantee the right to abortion. Parliamentarians
convened on March 4, 2024, with President Macron
expecting a three-fifths majority in favor of the
motion.
• This amendment, the 25th to the Fifth Republic's
founding document, reaffirms women's freedom to
choose and fulfills Macron's pledge to make abortion
rights irreversible.
• Sweden formally became the 32nd member of NATO President Murmu visited Mauritius to attend
after completing its accession process in Washington. National Day celebrations of Mauritius
• The decision came two years after Sweden's
application, triggered by Russia's invasion of Ukraine,
reflecting concerns about regional security.
• Sweden's shift from neutrality to alliance marks a
significant departure after more than 200 years of
avoiding military alliances.
• The move signifies Sweden's alignment with NATO's
collective security framework.
• The invasion of Ukraine in 2022 prompted Sweden,
along with Finland, to seek NATO membership in • President Droupadi Murmu visited Mauritius as the
response to heightened concerns about Russian Chief Guest for their National Day celebrations. She
military aggression. held bilateral meetings with President Prithvirajsing
• Hungary also initially resisted Sweden's membership, Roopun and visited key landmarks, including the
citing hostility, but eventually ratified Sweden's bid Ayurveda Garden and Sir Seewoosagur Ramgoolam
after negotiations and agreements. Botanic Garden.
• Bichom, carved out of West and East Kameng, India’s first Dolphin Research Centre in Patna
became the 27th district of Arunachal Pradesh. • National Dolphin Research Centre (NDRC) is India’s
• Chief Minister Pema Khandu inaugurated the first-ever research facility dedicated to the study
district and laid the foundation of its headquarters and conservation of freshwater dolphins, especially
at Napangphung, an official communiqué said. those in the Ganges River.
• A total of 27 villages from West Kameng and 28 • The institute, located close to Ganga river in Patna,
from East Kameng were made part of Bichom was inaugurated on March 4, 2024 by Bihar Chief
district. Minister Nitish Kumar.
• Govt have fulfilled the longstanding demand for the • The NDRC aims to assist scientists and researchers
creation of the district, pending since 1984. in studying Gangetic dolphins comprehensively.
• Infrastructure will be created for the new district • The NDRC is spanning a 4,400 square metre plot on
headquarters and all assets transferred to Bichom the premises of Patna University near the Ganga.
district from East Kameng will be replaced with new • It offers a strategic location for researchers to
ones. closely observe dolphins in their natural habitat.
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ISRO successfully executes landing mission Iran launched Pars-I Remote Sensing
of RLV 'Pushpak' in Karnataka Satellite
• The Indian Space Research Organisation (ISRO) • Iran declared on March 1, 2024, that it had successfully
successfully executed a landing mission for its launched its domestically produced 'Pars-I' remote
Reusable Launch Vehicle (RLV) named "Pushpak" sensing satellite into orbit using a Russian Soyuz-
from the Aeronautical Test Range (ATR) in 2.1b rocket.
Karnataka's Chalakere.
• This achievement signifies increasing strategic space
• Isro had previously conducted successful missions in
collaboration between the two countries amidst
2016 and April last year.
mutual Western sanctions.
• The launch vehicle was airlifted to an altitude of about
4.5 km by an Indian Air Force helicopter and released T-Hub, DST launch MATH CoE for AI-ML to
after meeting predetermined pillbox parameters.
• This mission is part of the agency's efforts to develop
foster innovation, jobs creation, nurture
essential technologies for a fully reusable launch startups
vehicle to enable low-cost access to space.
Indian Navy to commission newly inducted • The establishment of Naval Base at Minicoy will
augment connectivity with the mainland focusing
MH 60R Seahawk multi-role helicopter at INS
towards comprehensive development of the islands.
Garuda in Kochi.
• INS Jatayu will be functioning under the operational
control of Naval Officer in Charge (Lakshadweep),
Southern Naval Command.
• Since winning their first-ever FIFA World Cup title, • Satwiksairaj Rankireddy and Chirag Shetty secured
Spain’s women’s football team continued their their second French Open Men’s doubles Badminton
success by defeating France 2-0 to win the inaugural title with a straight games victory over Yang Po-han
UEFA Women’s Nations League. and Lee Jhe-huei of Taiwan in the final, winning
• Aitana Bonmati and Mariona Caldentey scored a goal 21-11, 21-17.
each for Spain in front of a record crowd of 32,657 • The Indian pair, who were top seeds, had previously
fans at La Cartuja Stadium in southern Spain. claimed the title in 2022.
• Bonmati was named the player of the match for
her outstanding performance. This victory adds to
Indian sailor Vishnu Saravanan clinches gold
Spain’s achievements, as they also hold the men’s medal at Europa Cup in Spain
Nations League title, having beaten Croatia in the
final earlier.
Oscar Awards
Krystyna Pyszkova from Czech Republic
crowned Miss World 2024
Luis Montenegro named Portugal’s Prime Ireland set for youngest-ever PM after Simon
Minister Harris wins leadership of governing party
No Smoking Day
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Practice Questions
1. Union Minister Hardeep Singh Puri, Ministry of C. Rs 200
Petroleum & Natural Gas (MoP&NG) virtually D. Rs 250
inaugurated .................... Compressed Natural
E. Rs 300
Gas (CNG) Stations and India’s 1st Small Scale
Liquefied Natural Gas (LNG) Unit of GAIL (India) 5. Who among the following has launched India’s first
Limited. government-owned OTT (over-the-top) platform,
A. 166 ‘CSpace‘, at an event held at the Kairali Theatre in
Thiruvananthapuram, Kerala in March 2024?
B. 189
A. Pinarayi Vijayan
C. 201
B. M.K. Stalin
D. 211
C. Durai Murugan
E. 223
D. Revanth Reddy
2. The Ministry of Corporate Affairs (MoCA) notified
that the provisions of sections 20, 35 & 40 of the E. Siddaramaiah
Competition (Amendment) Act, 2023 will come 6. Which of the following Institute has recently (in
into force with effect from 6th March 2024. The March ‘24) signed an Memorandum of Agreement
CCI can impose a penalty of up to .................. on (MoA) with the Central Water Commission
the global turnover of companies involved in (CWC), Ministry of Jal Shakti (MoJS) to establish
anticompetitive practices. an International Centre of Excellence for Dams
A. 10% (ICED)?
B. 20% A. IIT Madras
C. 30% B. IISc Bangalore
D. 40% C. IIT Kanpur
E. 50% D. IIT Roorkee
3. Which of the following state government has E. Indian Institute of Science Education and
recently launched the Mukhyamantri Yuva Udyami Research, Pune
Vikas Abhiyan (MYUVA) program to empower 7. Cabinet Committee on Security (CCS) headed by
young entrepreneurs in March 2024? Prime Minister (PM) Narendra Modi, has approved
A. Maharashtra funds worth Rs 15,000 crore for an indigenous
B. Uttar Pradesh fifth-generation Advanced Medium Combat
C. Gujarat Aircraft (AMCA) fighter jet project for the Indian
Air Force (IAF). The AMCA project aims to develop
D. Madhya Pradesh five prototypes of AMCA over the next five years
E. Jharkhand (before 2030) with the first prototype of AMCA
4. Union government approved the extension of expected to roll out in:
the targeted subsidy of ........................ per 14.2 kg A. 2024
cylinder to the beneficiaries of Pradhan Mantri
B. 2025
Ujjwala Yojana (PMUY) for Financial year 2024-
2025 (FY25). C. 2026
A. Rs 100 D. 2027
B. Rs 150 E. 2028
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