Daily Current Affairs May 06 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

GST revenue collection for April 2023 highest ever at Rs.1.87Cr

• The gross Goods and Service Tax (GST) revenue collection is the highest ever at Rs 1,87,035 crore for April 2023.
• It includes Central Goods and Services Tax (CGST) Rs 38,440 crore, State Goods and Services Tax (SGST) Rs 47,412 crore, Integrated Goods and Services Tax (IGST) Rs 89,158 crore (including Rs 34,972 crore collected on import of goods) and Cess Rs 12,025 crore (Rs 901 crore collected on import of goods).

Key Highlights : 

• The government has settled ₹45,864 crore to CGST and ₹37,959 crore to SGST from IGST.
• The total revenue of the Centre and the States in the month of April 2023 after regular settlement is ₹84,304 crore for CGST and ₹85,371 crore for the SGST.
• The revenue for April 2023 is 12% higher than the GST revenue for the same month the previous year.
• During the month,April 2023 the revenues from domestic transactions (including import of services) are 16% higher than the revenues from these sources during the same month last year.
• Gross GST collection for the first time has crossed the Rs 1.75 lakh crore mark.
• On 20 April 2023, the highest ever tax collection was done in a single day in this month.
• On 20th April 2023, ₹ 68,228 crore was paid through 9. 8 lakh transactions.
• The highest single day payment last year (on the same date) was ₹ 57,846 crore through 9.6 lakh transactions.

About Ministry of Finance : 

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Bhagwat Karad, Pankaj Choudhary

Axis Bank & India Shelter Finance Corporation Ltd enters Co lending Partnership to offer MSME Loans

• Axis Bank, India’s third largest private sector Bank and India Shelter Finance Corporation Ltd (India Shelter), a Gurgaon based Housing Finance Company, announced a strategic partnership under the co-lending model.
• With this partnership, both lenders will be offering Secured Ministry of Micro, Small and Medium Enterprises (MSME) loans to middle and low income segment borrowers based in the semi-urban regions.
• The partnership will leverage the deep financial expertise of Axis Bank and the strong loan processing technology of IndiaShelter to assess the borrower’s credit profile and offer them loans at optimal interest rates, ensuring a seamless banking experience.
• India Shelter Housing Finance MD & CEO : Rupinder Singh

About Axis Bank :

• Established : 3 December 1993
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi

Dvara SmartGold enters into a strategic partnership with Jana Small Finance Bank to offer gold loans   

• Dvara SmartGold, a Fintech company that is building a full stack financial services offering, anchored around gold as an asset class, announced a strategic partnership with Jana Small Finance Bank (SFB) to offer gold loans with a seamless online and offline experience to customers.
• Initially, this offering is available across Tamil Nadu, Chattisgarh and Maharashtra region.

Aim : 

• To attract customers away from the traditional, unregulated channels dominated by moneylenders and pawnbrokers.

Key Highlights : 

• Under this partnership, Dvara SmartGold, which is a fintech and a portfolio company of Dvara Holdings (formerly Dvara Trust), will provide gold loans to its customers with Jana SFB as the lending provider.
• Customers of Dvara SmartGold will have the option to use the platform to apply for gold loans and receive funds directly in their bank accounts.

About Dvara SmartGold : 

• Founded : 2019
• Headquarters : Mumbai, Maharashtra , India

About Jana SFB : 

• Founded : 2018
• Headquarters : Bangalore, Karnataka, India

Foreign portfolio investors pulled out Rs 29,921 crore from banking and financial services sector in FY23     

• In Financial Year 2022-23 (FY23), Foreign portfolio investors (FPIs) withdrew Rs 29,921 crore from the banking and financial services sector, making it the third highest loser of FPI money after Information Technology (IT) Services (Rs 51,138 crore) and Oil & Gas (Rs 37,674 crore).

Key Highlights : 

• FPIs’ stake in RBL Bank decreased by 4% to 25% as of March 2023, while in IndusInd Bank, their exposure was trimmed by 4% to 42.16%.

• Similarly, FPIs’ shareholding in HDFC Bank, Bandhan Bank, and Kotak Mahindra Bank decreased by 3%, 2%, and 1%, respectively.
• However, their stake in ICICI Bank remained unchanged at 44% in FY23.
• During the previous fiscal, FPIs increased their stake in banks such as Yes Bank (by 12%), IDFC First Bank (6%), and Axis Bank (2%). 
• FPIs’ holding in Yes Bank rose to 23.1% as of March 2023 from 10.97% in March 2022, primarily due to private equity majors Carlyle and Advent acquiring a 9.99% stake in Yes Bank for around ₹8,896 crore during the December quarter.

ADB announces IF-CAP programme to facilitates billions in climate change financing

• The Asian Development Bank (ADB) has announced the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP) program to accelerate climate change financing in the region.
• IF-CAP’s initial partners are Denmark, Japan, the Republic of Korea, Sweden, the United Kingdom, and the United States.
• IF-CAP financing will contribute to ADB’s ambition for $100 billion from its resources for combating climate change for 2019–2030.
• ADB is committed to achieving inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
• IF-CAP’s initial ambition of $3 billion in guarantees could create up to $15 billion in new climate investment.
• It will contribute to ADB’s raised ambition of $100 billion in climate finance for 2019-2030.

About ADB : 

• Established : 19 December 1966
• Headquarters :  Mandaluyong, Metro Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 countries

South Indian Bank enables electronic bank guarantee facility for customers 

• The South Indian Bank has introduced an e-BG (Electronic Bank Guarantee) facility for its customers in partnership with National E-Governance Service Limited (NeSL). 
• It facilitates API-based paperless issues of bank guarantees, thereby reducing the need for physical documentation and record maintenance.
• South Indian Bank issued its First e-BG favouring a leading Public Sector Unit in April, 2023 for an amount of Rs.4.57 crore through NeSL.

About the new facility : 

• The facility replaces the existing manual and paper-based model of issuing Bank Guarantees.
• Paper-based BGs involve manual intervention for stamping, signing and transferring the physical BGs while e-BGs are stamped electronically, eliminating the need for purchasing of physical stamp paper, printing the documents and physical signatures.
• This initiative will reduce turnaround time and promote ease of doing business for business customers of the bank.
• e-BG of NeSL has been developed in association with Indian Banks’ Association in response to banks’ requirements for a digital product.

About South Indian Bank : 

• Founded : 1929
• Headquarters : Thrissur, Kerala
• MD & CEO : Murali Ramakrishnan

About NeSL : 

• MD and CEO : Debajyoti Ray Chaudhari.
• NeSL is India’s first Information Utility.
• It is registered with the Insolvency and Bankruptcy Board of India (IBBI) under the Insolvency and Bankruptcy Code, 2016.

LIC introduces group post-retirement medical benefit scheme

• The Life Insurance Corporation of India (LIC) has introduced the Group Post Retirement Medical Benefit Scheme.
• The plan is a Non-Linked, Non-Participating, Life, Group Savings Insurance product.
• The plan is available for any employer with 50 or more employees.
• The plan helps to meet the employer’s obligation for Post-Retirement Medical Benefit to their employees.
• The plan also offers a fixed Life Cover Benefit (Sum Assured) to each member.
• Any employer willing to fund for their Employees’ Benefit may adopt the scheme.
• The product is an addition to the bouquet of LIC’s eleven Group products and one Group Accident Benefit Rider.

About LIC : 

• Founded : 1 September 1956
• Headquarters : Mumbai, Maharashtra, India
• Chairperson : Siddharth Mohanty

CURRENT AFFAIRS: NATIONAL NEWS

Centre decides to extend Smart Cities Mission deadline till June 2024

• The Centre has decided to extend the Smart Cities Mission deadline by one year, from June 2023 to June 2024.
• The flagship mission was launched on June 25, 2015
• It involves the development of 100 cities into smart cities.
• The project aims to improve the quality of life for people living in India and drive economic growth.
• The Union Ministry of Urban Development is responsible for implementing the mission.
• Also, a Special Purpose Vehicle (SPV) in each state is created, headed by the CEO; they look after the implementation of the mission.
• According to the officials, out of 100 cities, around 50 have completed close to 75 per cent of their projects and are on track to complete the remaining works by June 2023.
• The ministry said that the government has released around Rs 38,000 crore to 100 cities.
• Combining this with state and urban local bodies releases, the cumulative amount of funds released to cities stands at Rs 71,000 crore.

India’s cost of adapting to climate change needs seen at $1 trillion by 2030

• India needs to spend an estimated Rs. 85.6 lakh crores ($1.05 trillion) by 2030 to adapt its various industries to be compliant with climate change norms, a report by the Reserve Bank of India.
• Report theme: Towards a Greener Cleaner India
• The report is written by contributors from the Department of Economic and Policy Research.
• India’s goal of achieving the net zero target by 2070 would require an accelerated reduction in the energy intensity of GDP by about 5% annually and a significant improvement in its energy mix in favour of renewables to about 80% by 2070-71.
• The green financing requirements in India could be at least 5% of GDP annually to address the infrastructure gap caused by climate events.
• Results of a climate stress test reveal that public sector b anks (PSBs) may be more vulnerable than private sector banks.
• Globally, however, the measurement of climate-related financial risks remains a work in progress.
• Different sectors of the economy have different emission intensities, so it is advisable to not have a uniform climate mitigation strategy across sectors.
• Without any policy action, India’s carbon dioxide emission levels may rise to 3.9 gigatonnes by 2030, from 2.7 gigatonnes in 2021.

India likely to have 900 million active internet users by 2025

• As many as 759 million Indians, around 52 per cent of the country, access the internet at least once a month but a digital divide continues among states.
• The number of active internet users in the country grew by almost 10 per cent in 2022, according to the ‘Internet in India Report 2022’, jointly prepared by the Internet and Mobile Association of India (IAMAI) and KANTAR.
• This is the first time that a majority of Indians have become active internet users.
• The report estimates that India is likely to have around 900 million total active users by 2025.
• In urban India, internet penetration stands near 71 per cent and the number of active users there grew some 6 per cent in 2022.
• In rural India, internet penetration jumped around 14 per cent over the previous year.
• Currently, 399 million active internet users are in rural India and 360 million are from urban India.
• It is estimated that 56 per cent of all new internet users will be from rural India by 2025.
• The report also highlights a gender disparity in internet usage: 54 per cent of users are male.
• However, it added that 57 per cent of all new users in 2022 were females.
• Around 65 per cent of all new users to be added by 2025 will likely be women.

About IMA

• Internet and Mobile Association of India is a not-for-profit industry body representing the interests of the online and mobile value-added services industry.
• Founded: 2004,
• Headquarters: Mumbai.

India will get its own index to quantify heat impact next year

• India to launch its own heat index next year to quantify heat hazard, generate impact-based heatwave alerts for specific locations.
• Heat index is a measure of how hot it feels when humidity is factored in along with the air temperature, and the figures were calculated using data from the India Meteorological Department (IMD).
• It is also known as the apparent temperature.
• Along with temperature and humidity, it will integrate other parameters such as wind and duration of exposure.
• It will be an effective indicator of heat stress for people.
• Heat hazard score will depict the severity in terms of numbers, such as on a scale of 1 to 10.
• The major difference between the heat index of the US and India’s heat hazard score is that the latter also considers other parameters that aggravate heat situations such as minimum temperature, wind and exposure duration.
• The IMD has predicted above-normal maximum temperature and more heatwave days in eastern and central-eastern parts of the country in May.
• Recently as per World Meteorological Organisation (WMO) global mean temperature in 2022 was 1.15 degrees Celsius above the pre-industrial (1850-1900) average, making it the “fifth or sixth” warmest year on record despite the La Nina conditions.

About IMD:

• The India Meteorological Department is an agency of the Ministry of Earth Sciences of the Government of India.
• Founded: 15 January 1875,
• MD DG: Mrutyunjay Mohapatra.
• HQ: NEW DELHI

CURRENT AFFAIRS : STATE NEWS

Odisha government starts Other Backward Class survey

• The survey of the other backward classes (OBCs) was started across Odisha.
• The survey is being conducted by the Odisha State Commission for Backward Classes in both online and offline mode and will continue till May 27, 2023.

Aim : 

• To get a clear picture about the status of Socially and Educationally Backward Classes (SEBC).
• It is being carried out in all 314 blocks and 114 urban local bodies of Odisha.
• Odisha is the second state after Bihar to conduct OBC survey.

Key Highlights : 

• The survey comprises various indicators of backwardness such as occupation, educational qualification, type of educational institutions attended by members of the households, and educational conditions of the backwardness in Odisha.

• The Odisha State Commission will open centres in all the Anganwadi kendras.
• The survey is being carried out under the provisions of section 9 of the Odisha State Commission for Backward Classes (OSCBC) Act, 1993 and OSCBC (Amendment) Act, 2020.
• Under the survey, families will have to give details of their ration and Aadhaar cards or voter identity cards of their members.
• The social and educational conditions of 208 OBC communities enlisted by the state government will be collected during the survey, which will be followed by a special drive to ensure that none were left out across.

About Odisha : 

• Governor : Ganeshi Lal
• Chief Minister : Naveen Patnaik
• Capital : Bhubaneswar
• National Park : Simlipal National Park, Bhitarkanika National Park
• Wildlife Sanctuary : Ushakothi Wildlife Sanctuary, Tikarpada Wildlife Sanctuary

CURRENT AFFAIRS: AWARDS AND HONOURS

Three imprisoned Iranian journalists bag press freedom prize

• Niloofar Hamedi, Elaheh Mohammadi and Narges Mohammadi have been named as the laureates of the 2023 UNESCO/Guillermo Cano World Press Freedom Prize, following the recommendation of an International Jury of media professionals.
• The winners are Niloufar Hamedi who broke the news that 22-year-old Mahsa Amini died last September while being held by the morality police for wearing her headscarf too loosely, and Elaheh Mohammadi who wrote about her funeral.
• The third winner is Narges Mohammadi, who has worked for many years as a journalist and is one of Iran’s most prominen t activists.
• The UN Educational Scientific and Cultural Organization World Press Freedom Prize is named for Guillermo Cano, a Colombian journalism who was assassinated in front of the offices of his newspaper El Espectador in Bogota on Dec. 17, 1986.
• Unesco has awarded the prize to coincide with World Press Freedom Day on May 3 since 1997.

About UNESCO

• Headquarters: Paris, France,
• Head: Audrey Azoulay.
• Founded: 16 November 1945

Socialist Ramkishan becomes Man of the Century at 97 years

• Former Lok Sabha MP Pandit Ramkishan was awarded the title of Shatabdi Purush (Man of the Century) in New Delhi, in recognition of his efforts as a socialist leader.
• Appreciation letter was issued on birth centenary celebrations of socialist ideologue and eminent parliamentarian Madhu Limaye.
• Ramkishan was arrested several times while fighting for the tribals, Dalits and the poor.
• He had mobilised farmers and farm labourers in Rajasthan’s Bharatpur-Banswara region during 1958-60 at the request of socialist icon Dr Ram Manohar Lohia.
• Ramkishan was imprisoned numerous times, including during the Emergency, and had also actively participated in the movements led by socialist leaders Jayaprakash Narayan and Lohia.
• In 1977, he was elected once to the Lok Sabha, and four times to the Rajasthan Legislative Assembly in 1962, 1967, 1974 and 1990x

CURRENT AFFAIRS: RANKING AND INDEX

India slips 11 positions on World Press Freedom Index

• According to the latest report released by global media watchdog RSF, India’s rank has slipped to 161 out of 180 countries in the 2023 World Press Freedom Index. India has fallen 11 positions in the World Press Freedom Index 2023.
• The 21st edition of the World Press Freedom Index was released by Reporters Without Borders (RSF).
• In this index, the rank of India was 150 in 2022 and 142 in 2021.
• In comparison, Pakistan has fared better in terms of media freedom as it improved from last year’s 157th rank to 150th.
• In this index, Sri Lanka has also made a significant improvement, ranking 135 this year as compared to 146 in 2022.
• The Nordic trio of Norway, Ireland and Denmark continue to hold the top three positions in press freedom index.
• Vietnam, China and North Korea ranked in the bottom three.
• The World Press Freedom Index is based on five indicators including the Political indicator, Economic indicator, Legislative indicator, Social indicator and Security indicator.
• Press freedom in India has gone from “problematic” to “very bad”, with the country slipping 11 ranks since the 2022 report.
• The World Press Freedom Index revealed that press freedom in 31 is in a “very serious situation”.
• Except for Bangladesh (163), Myanmar (173) and China (179), all other neighbours have a better rank than India — Bhutan (90), Nepal (95), Sri Lanka (135), Pakistan (150), Afghanistan (152).
• India was positioned 169 in political indicators while it was 144 in legislative, 155 in economic, 143 in social indicators and 172 in the safety of journalists.

About RSF:

• Reporters Without Borders (RSF) is an international NGO whose self-proclaimed aim is to defend and promote media freedom.
• Headquarters: Paris, France.
• Founder: Robert Menard
• Headquarters: Paris, France
• Formation: 1985
• Director General: Christophe Deloire

Karnataka is the most innovative state in manufacturing followed by Telangana, finds govt survey

• The National Manufacturing Innovation Survey (NMIS) 2021-22 has ranked Karnataka as the most “innovative” State.
• It is a joint study by the Department of Science and Technology (DST) and the United Nations Industrial Development Organization (UNIDO)
• It captured data related to types of innovations and innovative measures taken by firms, including the process of innovation, access to finance, resources, and information for innovation etc.
• The first National Innovation Survey was held in 2011.
• In Overall Karnataka was followed by Dadra and Nagar Haveli, Daman and Diu, Telangana, and Tamil Nadu.
• DST ranked Karnataka, followed by Telangana, Tamil Nadu, Maharashtra, and Haryana as high innovation states.
• Uttarakhand has the highest score among the hill states, while Dadra and Nagar Haveli and Daman and Diu has the highest score among the UTs.
• According to the report, which has carried out its survey across over 8,000 firms in 28 states and 6 Union Territories (UTs), covering manufacturing and related service sector and MSMEs, found that there is a need to increase innovation in manufacturing.
• The report states that only 25.01 per cent of the 8,074 firms surveyed were considered innovative.
• Telangana, Karnataka, and Tamil Nadu had the highest share of innovative firms at 46.18 per cent, 39.10 per cent and 31.90 per cent, respectively, among the total manufacturing firms surveyed from the respective states.
• Odisha, Bihar, and Jharkhand reported the least share of innovative firms at 12.78 per cent, 13.47 per cent and 13.71 per cent, respectively.
• In 2019, the Department of Science and Technology decided to follow up with a second nationwide innovation survey and assigned the innovation survey to the United Nations Industrial Development Organization (UNIDO), with a view to focus on manufacturing and associated services spread across large, medium, small, and micro-enterprises.

About UNIDO

• Headquarters: Vienna, Austria
• Founded: 17 November 1966

Wayanad tops in Swachh Bharat Mission’s ODF Plus rankings

• Wayanad, Kerala has become the first district in the country to be declared ODF (open defecation-free) Plus.
• ODF stands for Open Defecation Free.
• The ODF programme is part of the Swachh Bharat Mission, which was launched on October 2, 2014, by the Indian government to achieve cleanliness and sanitation across the country.
• The Wayanad district secured the first position in the ODF Plus rankings in the three-star category followed by Anupur in Madya Prades h and Mancheriyal district in Telangana.
• Wayanad scored a perfect 100 points in the ODF ranking, while Mancheriyal and Anupur got 90.45 and 88.79 points, respectively.
• ODF+ and ODF++ are aimed at the proper maintenance of toilet facilities and the safe collection, conveyance, treatment, or disposal of faecal sludge and sewage.
• ODF+ focuses on toilets with water, maintenance and hygiene
• ODF++ focuses on toilets with sludge and septage management.

CURRENT AFFAIRS: BUSINESS NEWS

REC lists $750 million green bonds on international stock exchanges at GIFT City

• REC Limited, a Maharatna power finance company has exclusively listed its recently issued Green bonds worth $750 million at GIFT IFSC Stock Exchanges, under its Global Medium Term Programme of $7 billion.
• The Green bond issuance by REC Limited reinforces its status as one of the most accomplished and frequent issuers in the international capital markets.
• It also marks the first Green Bond issuance by an Indian company post-India’s G20 Presidency.

About REC:

• REC Limited, formerly Rural Electrification Corporation Limited, of which Power Finance Corporation Limited is holding company, which in turn is under the ownership of the Ministry of Power, Government of India.
• Vivek Kumar Dewangan, CMD, REC Limited.
• Headquarters: Delhi
• Founded: 25 July 1969

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Indian American Ajay Banga to be appointed as 14th President of the World Bank

• An India-American and a former Mastercard Chief Executive Officer (CEO), Ajay Banga has been appointed as the 14th president of World Bank.
• His term, which begins on June 2,2023 will last for the next 5 years.
• A 25-member executive board confirmed Banga for the post after following a selection process agreed by shareholders in 2011.
• 24 members of the World Bank’s executive board voted in Banga’s election & Russia abstained from voting.

• He is the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.
• He will replace David Malpass, who is stepping down early amid criticism over his stance on climate change.
• Banga was nominated for the post by the US President Joe Biden in late February, 2023.

Roles & Responsibilities of World Bank President : 

• The President of the World Bank Group is also the Chair of the Board of Executive Directors of the International Bank for Reconstruction and Development (IBRD). 
• The President is also ex officio chair of the Board of Directors of the International Development Association (IDA), International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and of the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).

About  Ajay Banga : 

• He is a member of the Trilateral Commission, a founding trustee of the U.S.-India Strategic Partnership Forum, a former member of the National Committee on US-China Relations, and Chairman Emeritus of the American India Foundation.
• Most recently, he served as Vice Chairman at General Atlantic & President and CEO of Mastercard. 

Awards & Honors : 

• Banga received Padma Shri award in 2016, India’s third highest civilian award.
• He was awarded the Foreign Policy Association Medal in 2012, the Ellis Island Medal of Honour and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.

About World Bank : 

• Established : December 1944
• Headquarters : Washington, D.C., United States

Justice S.V. Bhatti appointed as acting Chief Justice of Kerala

• The Central government has appointed Justice Sarasa Venkatanarayana Bhatti as the acting Chief Justice (CJ) of Kerala.
• Justice Bhatti succeeds Justice S. Manikumar who retired.

About Sarasa Venkatanarayana Bhatti : 

• Justice Bhatti, a native of Andhra Pradesh (AP), began his career as a lawyer in Hyderabad in 1987.
• Justice Bhatti was appointed as a judge to the High Court of the undivided State of Andhra Pradesh (AP) in April 2013.
• He joined the Kerala High Court as a judge in March 2019.

PESB recommends Polavarapu Mallikharjuna Prasad to be next Coal India Chief  

• The Public Enterprises Selection Board (PESB) has recommended Polavarapu Mallikharjuna Prasad for the post of Chairman and Managing Director at Coal India Limited (CIL). 
• Prasad is expected to take the charge from July 1, 2023.
• He will take over the baton from serving CMD Pramod Agrawal, whose term ends on June 30, 2023.
• Currently, Prasad is the chairman cum managing director of the Ranchi-based CIL arm – Central Coalfields Ltd (CCL).

About Coal India Limited : 

• Founded : 1975
• Headquarters : Kolkata, West bengal
• Coal India Limited is an Indian central public sector undertaking (PSU) under the ownership of the Ministry of Coal, Government of India.
• It is the India’s largest coal miner accounting for almost 80% of the mined commodity.

CURRENT AFFAIRS : DEFENCE NEWS

Defence Minister Rajnath Singh hands over Fast Patrol Vessel & a Landing Craft Assault ship to Maldives    

• India’s Defence Minister Shri Rajnath Singh handed over two ‘Made in India’ platforms, a Fast Patrol Vessel and a Landing Craft Assault ship, to the Maldives National Defence Forces (MNDF).
• He described the handing over of the two Made in India platforms as a symbol of the shared commitment of India and the Maldives towards peace and security in the Indian Ocean Region (IOR).
• The Fast Patrol Vessel, capable of coastal and offshore surveillance at high speeds, was commissioned as the MNDF Coast Guard ship Huravee.
• President of Maldives Mr Ibrahim Mohamed Solih and Defence Minister Ms Mariya Ahmed Didi were present on the occasion.

About Maldives : 

• Capital: Malé
• Currency: Maldivian Rufiyaa.

About Ministry of Defence : 

• Defence Minister :  Rajnath Singh
• Minister of State : Ajay Bhatt
• Defence Secretary : Giridhar Aramane

CURRENT AFFAIRS: SPORTS NEWS

Luca Brecel beats Mark Selby to become snooker world champion for the first time

• Luca Brecel has won his first-ever world title after beating Mark Selby 18-15 in an enthralling World Championship finale at the Crucible.
• Brecel, 28, was made to wait for his crowning moment, with Selby staging a superb fightback after his opponent moved to within two frames of victory.
• Brecel, 28, is just the fourth non-British winner at the Crucible and the first overseas player to triumph since Neil Robertson in 2010.

About IBSF:

• The International Billiards & Snooker Federation is an organisation that governs non-professional snooker and English billiards around the world.
• The organisation is headquartered in Doha, Qatar.
• Founded: 1971

Daily CA One- Liner: May 6

• The gross Goods and Service Tax (GST) revenue collection is the highest ever at Rs 1,87,035 crore for April 2023.
• Axis Bank, India’s third largest private sector Bank and India Shelter Finance Corporation Ltd (IndiaShelter), a Gurgaon based Housing Finance Company, announced a strategic partnership under the co-lending model.
• Dvara SmartGold, a Fintech company that is building a full stack financial services offering, anchored around gold as an asset class, announced a strategic partnership with Jana Small Finance Bank (SFB) to offer gold loans with a seamless online and offline experience to customers.
• In Financial Year 2022-23 (FY23), Foreign portfolio investors (FPIs) withdrew Rs 29,921 crore from the banking and financial services sector, making it the third highest loser of FPI money after Information Technology (IT) Services (Rs 51,138 crore) and Oil & Gas (Rs 37,674 crore).
• The Asian Development Bank (ADB) has announced the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP) program to accelerate climate change financing in the region.
• The South Indian Bank has introduced an e-BG (Electronic Bank Guarantee) facility for its customers in partnership with National E-Governance Service Limited (NeSL). 

• The Life Insurance Corporation of India (LIC) has introduced the Group Post Retirement Medical Benefit Scheme
• The Centre has decided to extend the Smart Cities Mission deadline by one year, from June 2023 to June 2024
• India needs to spend an estimated 85.6 trillion rupees ($1.05 trillion) by 2030 to adapt its various industries to be compliant with climate change norms, a report by the Reserve Bank of India
• As many as 759 million Indians, around 52 per cent of the country, access the internet at least once a month but a digital divide continues among states
• India to launch its own heat index next year to quantify heat hazard, generate impact-based heatwave alerts for specific locations.
• Niloofar Hamedi, Elaheh Mohammadi and Narges Mohammadi have been named as the laureates of the 2023 UNESCO/Guillermo Cano World Press Freedom Prize, following the recommendation of an International Jury of media professionals
• Former Lok Sabha MP Pandit Ramkishan was awarded the title of Shatabdi Purush (Man of the Century) in New Delhi, in recognition of his efforts as a socialist leader
• The National Manufacturing Innovation Survey (NMIS) 2021-22 has ranked Karnataka as the most “innovative” State
• According to the latest report released by global media watchdog RSF, India’s rank has slipped to 161 out of 180 countries in the 2023 World Press Freedom Index. India has fallen 11 positions in the World Press Freedom Index
• Wayanad, Kerala has become the first district in the country to be declared ODF (open defecation-free) Plus
• REC Limited, a Maharatna power finance company has exclusively listed its recently issued Green bonds worth $750 million at GIFT IFSC Stock Exchanges, under its Global Medium Term Programme of $7 billion
• Luca Brecel has won his first-ever world title after beating Mark Selby 18-15 in an enthralling World Championship finale at the Crucible.
• The survey of the other backward classes (OBCs) was started across Odisha.
• An India-American and a former Mastercard Chief Executive Officer (CEO), Ajay Banga has been appointed as the 14th president of World Bank.
• The Central government has appointed Justice Sarasa Venkatanarayana Bhatti as the acting Chief Justice (CJ) of
• The Public Enterprises Selection Board (PESB) has recommended Polavarapu Mallikharjuna Prasad for the post of Chairman and Managing Director at Coal India Limited (CIL). 
• India’s Defence Minister Shri Rajnath Singh handed over two ‘Made in India’ platforms, a Fast Patrol Vessel and a Landing Craft Assault ship, to the Maldives National Defence Forces (MNDF).