05 March 2024 Current Affairs in English

05 March 2024 Current Affairs

05 March 2024 Current Affairs refers to the latest news and events happening worldwide and are relevant to our daily lives. Staying updated with the 05 March 2024 Current Affairs is essential for students who are preparing for exams, especially competitive exams, as it forms an important part of the syllabus. The importance of the 5 March 2024 Current Affairs lies in its ability to help students enhance their general knowledge, improve their reading and comprehension skills, and develop their critical thinking abilities.

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5th March Daily Current Affairs 2024

05 March 2024 Current Affairs also provides students with insights into issues such as politics, economics, and social issues that are important for their overall development as informed citizens. Regularly reading and analyzing the 5 March 2024 Current Affairs not only helps students ace their exams but also prepares them for their future roles as responsible and well-informed citizens of society.

International Day for Disarmament and Non-Proliferation Awareness 2024

The International Day for Disarmament and Non-Proliferation Awareness is observed annually on March 5th. It was established by the United Nations General Assembly in 2021 to promote the importance of disarmament and non-proliferation for peace and security.

In 2018, United Nations Secretary-General António Guterres unveiled a comprehensive vision for disarmament through the initiative “Securing our Common Future: An Agenda for Disarmament.” Read the complete article here.

Indian shuttler B Sai Praneeth announces retirement from international badminton

Indian shuttler B Sai Praneeth has announced his retirement from international badminton. The 31-year-old battled nagging injuries since the Olympic Games in Tokyo and decided to hang his boots due to that. In his 24-year-long career, he won a World Championships bronze medal and represented India at the Tokyo 2020 Olympics.

Indian Coast Guard Ships Samarth and Abhinav departed from the Port of Colombo

Indian Coast Guard Ships Samarth and Abhinav departed from the Port of Colombo. The visit is seen to further strengthen the maritime cooperation between the two countries’ coast guards. During the entire week that the ships spent at Galle and Colombo, several activities and included professional training for the Sri Lanka Coast Guard on various aspects.

The ships also conducted a Passage Exercise (PASSEX) with the Sri Lanka Coast Guard, enhancing maritime cooperation. This visit is aligned with India’s SAGAR doctrine and ‘Neighbourhood First’ policy, aiming to strengthen camaraderie and interoperability between the two friendly navies.

Ashwini Vaishnav Launches Digital Intelligence Platform and CHAKSU on Sanchar Saathi Portal

Union Minister Ashwini Vaishnav launched the Digital Intelligence Platform and CHAKSHU – Report Suspected Fraud Communication Facility on the Sanchar Saathi Portal. Digital Intelligence Platform developed by the Department of Telecommunications aims at facilitating coordination among the Stakeholders to Curb the Misuse of Telecom Resources in Cybercrime and Financial fraud.

Both ‘Chakshu’ and Digital Intelligence Platform (DIP) are backend modules meant for LEAs, banks, TSPs, etc. Sanchar Saathi Portal is an innovative initiative aimed at empowering mobile subscribers and enhancing their security while increasing awareness of government initiatives.

RBI Directs IIFL Finance to Cease Gold Loans Due to Serious Lapses

The Reserve Bank of India has directed IIFL Finance Limited to stop sanctioning or disbursing gold loans or assigning/securitizing/ selling any of its gold loans. RBI said the company can, however, continue to service its existing gold loan portfolio through the usual collection and recovery processes.

RBI found serious deviations in assaying and certifying purity and net weight of the gold at the time of sanction of loans and at the time of auction upon default; breaches in Loan-to-Value ratio; significant disbursal and collection of loan amount in cash – far over the statutory limit; non-adherence to the standard auction process; and lack of transparency in accounts.

With no meaningful corrective action taken by the company in the past few months, RBI has notified these restrictions with immediate effect, adding that the same will be reviewed upon completion of a special audit.

Fincare Small Finance Bank merger with AU SFB gets RBI approval

The Reserve Bank of India has approved the amalgamation of Fincare Small Finance Bank with Jaipur-based AU Small Finance Bank, effective April 1, 2024, creating an entity with a balance sheet of over Rs 1.16 trillion.

All the branches of Fincare SFB will function as branches of AU Small Finance Bank with effect from April 1, 2024.

The Competition Commission of India (CCI) had already approved the merger in January 2024. In October last year, the board of directors of AU SFB and Fincare approved an all-stock merger. This is the first-ever merger in the small finance bank space wherein Fincare shareholders will receive 579 shares of AU for every 2,000 shares held.

India’s unemployment rate in 2023 dropped to 3.1%, shows NSO data

India’s unemployment rate dropped to 3.1% in 2023 from 3.6% in the preceding year, reflecting continued improvement in the labor markets, revealed the latest employment-unemployment indicators report released by the National Statistical Office.

During the calendar year 2023, the unemployment rate in both rural and urban areas declined to 2.4% and 5.2%, respectively, from 2.8% and 5.9% in 2022. The unemployment rate for rural women (1.9%) was lower than for rural men (2.7%) in 2023, whereas in urban areas, the rate was higher for women (7.5%) compared to men (4.4%)

The unemployment rate under the so-called ‘usual status’ for persons aged 15 years and above during the one year shows a decline for the second consecutive year since 2021 when the NSO report started enlisting data on an annual basis. Annual Periodic Labour Force Survey collects data on employment and unemployment status in the country between July and June.

The latest survey also showed that the labor force participation rate (LFPR), which defines the share of people either working or actively seeking work in the population, increased significantly to 59.8% in 2023 from 56.1% in 2022 at the national level. The rural LFPR stood at 63.4% in 2023, whereas its urban equivalent rose to 51.4%.

M&M, Ola Electric, Tata Motors to get first mover advantage under PLI-Auto, FAME-II

Vehicle manufacturers including Mahindra & Mahindra (M&M), Ola Electric, and Tata Motors will get the first mover advantage of benefits under two schemes – production-linked incentive (PLI) and Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME-II) – under the Ministry of Heavy Industries (MHI).

The objective of the scheme is to encourage the Faster adoption of Electric and hybrid vehicles by way of offering upfront Incentives for the purchase of Electric vehicles and also by way of establishing a necessary charging Infrastructure for electric vehicles. FAME II total outlay is Rs 10000 Crores

Over three years is implemented with effect from 1st April 2019.

Nvidia overtakes Saudi Aramco to be the world’s third-valuable company

Nvidia Corp. has claimed another milestone by overtaking Saudi Aramco in market value, making the chipmaker the world’s third-most valuable public company after Apple Inc. and Microsoft Corp. The company was closing above the $2 trillion mark for the first time. Meanwhile, according to data compiled by Boomerang, Aramco’s value dipped to $2.03 trillion.

PNB, EaseMyTrip collaborate to introduce PNB EMT Credit Card

State-owned Punjab National Bank (PNB) announced a partnership with online travel tech platform EaseMyTrip to launch a co-branded credit card. This power-packed co-branded travel credit card is aimed at mass to premium customer segments and has been meticulously designed to offer a variety of rewards for Indian travelers.

Rajnath Singh Launches ADITI Scheme To Boost Defence Innovation

Defence Minister Rajnath Singh launched the Acing Development of Innovative Technologies with iDEX (ADITI) scheme to promote innovations in critical and strategic defense technologies. Under the scheme, start-ups are eligible to receive a grant-in-aid of up to Rs 25 crore for their research development and innovation endeavors in defense technology.

Moody’s upgrades India’s 2024 GDP growth forecast to 6.8%

Rating agency Moody’s raised its forecast for India’s GDP growth in 2024 from 6.1% to 6.8%, reflecting both global and domestic optimism in the country’s economy on the back of robust manufacturing activity and infrastructure spending in its Global Macro Outlook 2024-25.

Puneri Paltan crowned PKL Season 10 champion

Puneri Paltan emerged victorious in the Pro Kabaddi League Season 10 final, defeating Haryana Steelers 28-25 in a nail-biting encounter here at the Gachibowli Indoor Stadium. This win marks the Pune-based team’s first-ever title. Pankaj Mohite starred with 9 points in a closely fought encounter.

There are a total of 12 teams in PKL Season 10:

Bengal Warriors
Bengaluru Bulls
Dabang Delhi K.C.
Gujarat Giants
Haryana Steelers
Jaipur Pink Panthers
Patna Pirates
Puneri Paltan
Tamil Thalaivas
Telugu Titans
U Mumbai
U.P.Yoddhas

Shubham Mittal

Shubham Mittal is a renowned current affairs writer and expert in government exam preparation, inspiring readers with insightful articles and guiding aspirants with his expertise.

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