29 April 2024 Current Affairs in English

29 April 2024 Current Affairs

29 April 2024 Current Affairs refers to the latest news and events happening worldwide and are relevant to our daily lives. Staying updated with the 29 April 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 29 April 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.

29th April Daily Current Affairs 2024

29 April 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 29 April 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.

World Day for Safety and Health at Work 2024

Every year on April 28, we celebrate World Day for Safety and Health at Work to highlight how important it is to have a safe and healthy workplace. This special day draws attention to the fact that 19% of deaths worldwide come from work-related accidents. It urges us to come up with a solid plan to make sure everyone stays safe while working.

The theme of the World Day for Safety and Health at Work 2024 is “The impacts of climate change on occupational safety and health“. Read the complete article here.

RBI proposes tighter norms for LSPs offering multiple loan products

The Reserve Bank of India has issued a draft circular proposing the framework for aggregation of loan products by lending service providers (LSPs) to ensure complete transparency for borrowers in the credit intermediation process.

The central bank said it has observed that many LSPs — and regulated entities (RE) acting as LSPs — offer aggregation services for loan products through outsourcing arrangements with several lenders. Herein, the Digital Lending App/ Platform (DLA) of the LSP/RE matches the borrower to one of the lenders.

As per the proposed norms, regulated entities will need to ensure that LSPs provide a digital view of all the loan offers available as per the borrowers’ requirements, from all willing and partner LSPs. While the LSP may adopt any mechanism to ascertain the willingness of the lenders to offer a loan, it shall follow a consistent approach which has been disclosed on the website.

Hitachi Payment Services announces the launch of an upgradable ATM

Hitachi Payment Services, one of the leading names in payments and commerce solutions, announced the launch of the “country’s first upgradable ATM.” The company said that the upgradable ATM can be transformed into a high-performance cash recycling machine at any point in time. “Manufactured under the Make in India initiative, these new upgradable ATMs provide more flexibility.

The upgradable ATM will allow banks to safeguard their investment and expand their services to include cash deposit facilities at offsite locations later, based on their business needs and local market conditions.

RBI lays out norms for the voluntary conversion of SFBs into universal banks

RBI came out with guidelines for the voluntary conversion of small finance banks into universal banks. The “Guidelines for ‘on-tap’ Licensing of SFBs in Private Sector”, dated December 5, 2019, provide a transition path for SFBs to become universal banks. To be eligible for conversion into a universal bank, the RBI stipulates that only listed SFBs will qualify.

Those intending to convert must have a minimum net worth of Rs 1,000 crore. Also, the SFBs must have a scheduled status and a satisfactory track record of at least five years with a gross non-performing asset (NPA) of 3% or less and a net NPA of 1% or less in the past two financial years.

These instructions are issued under Section 22 (1) of the Banking Regulation Act, 1949. SFBs must have reported a net profit in the past two financial years and met the prescribed capital adequacy norms. The RBI requires SFBs to provide a detailed rationale for their desire to convert into a universal bank. Those with a diversified loan portfolio will be preferred.

The application for transition from SFB to universal bank shall be assessed by the Guidelines for ‘on tap’ Licensing of Universal Banks in the Private Sector dated August 1, 2016, as applicable, and RBI (Acquisition and Holding of Shares or Voting Rights in Banking Companies) Directions, 2023, dated January 16, 2023, as amended from time to time.

FPI limit in G-sec unchanged at 6% of outstanding stocks of securities: RBI

RBI kept the investment limit by Foreign Portfolio Investors in government securities unchanged at 6 percent of the outstanding securities stocks for 2024-25. Moreover, the central bank, in a statement, announced that it would maintain the FPI limits for investment in state government securities and corporate bonds at 2% and 15%, respectively, of the outstanding securities.

The allocation of incremental changes in the g-sec limit over the two sub-categories – ‘General’ and ‘Long-term’ – shall be retained at 50:50 for 2024-25. Further, the aggregate limit of the notional amount of Credit Default Swaps sold by FPIs shall be 5 percent of the outstanding stock of corporate bonds. Accordingly, an additional limit of Rs 2,54,500 crore has been set.

Deloitte India pegs FY25 GDP growth at 6.6%, raises FY24 prediction

Consultancy major Deloitte raised its India GDP growth forecast for FY24 to 7.6-7.8% from its earlier forecast of 6.9-7.2%, anticipating higher consumption expenditure and economic activity. The company said it expects India’s GDP growth to be around 6.6% in FY25 and 6.75% in FY26.

Deloitte’s upward revision comes after several other entities including the IMF, World Bank, Asian Development Bank, and S&P Global raised their forecasts for India’s GDP growth in FY24. High growth numbers in the quarter caused India’s National Statistical Office to raise its GDP growth estimate for FY24 from 7.3% in its first forecast to 7.6% in its second.

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