8 May 2024 Current Affairs in English

8 May 2024 Current Affairs

8 May 2024 Current Affairs refers to the latest news and events happening worldwide and are relevant to our daily lives. Staying updated with the 8 May 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 8 May 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.

8th May Daily Current Affairs 2024

08 May 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 8 May 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.

Rabindranath Tagore Jayanti 2024

Rabindranath Tagore Jayanti is an important event that marks the birthday celebration of Rabindranath Tagore. He was a renowned poet, writer, philosopher, and social reformer who contributed significantly to India’s cultural and literary heritage. Tagore’s works have gained worldwide recognition, and he is considered one of the most eminent literary figures in the world. His birth anniversary is celebrated as a tribute to his remarkable contributions in various fields. Read the complete article here.

World Thalassaemia Day 2024

May 8th is a significant day known as World Thalassaemia Day. It’s a day meant to teach people about a genetic problem called Thalassaemia. This problem makes it hard for the body to make enough of a vital thing called hemoglobin, which helps carry oxygen in our blood. People with Thalassaemia get this issue from their parents, and it means they don’t have enough proteins in their blood to carry oxygen. The main goal of World Thalassaemia Day is to help everyone understand this blood problem better and show support for those who have it.

The theme of World Thalassaemia Day 2024 is ”Empowering Lives, Embracing Progress: Equitable and Accessible Thalassaemia Treatment for All.” Read the complete article here.

World Red Cross and Red Crescent Day 2024

Every year on May 8, people celebrate World Red Cross and Red Crescent Day. This special day is about appreciating the important ideas behind the International Red Cross and Red Crescent Movement. We use this day to remember Henry Dunant, who started the International Committee of the Red Cross and was the first person to win the Nobel Peace Prize. There’s a theme each year, and everyone is encouraged to do something good for peace.

The theme designated for World Red Cross and Red Crescent Day in 2024 is “I give with joy, and the joy I give is a reward.” Read the complete article here.

Time of Remembrance and Reconciliation for Those Who Lost Their Lives During the Second World War 2024

By resolution of 22 November 2004, the UN General Assembly declared 8–9 May as a time of remembrance and reconciliation while recognizing that Member States may have individual days of victory. The resolution urges ‘Member States, organizations of the United Nations system, non-governmental organizations and individuals’ to pay tribute to the victims of World War II.

BRO celebrates its 65th Raising Day

The Border Roads Organisation (BRO) is celebrating its 65th Raising Day on May 07, 2024.

The Border Roads Organisation (BRO) is a road construction executive force, partly integral to and in support of the Army. It started operations in May 1960 with just two projects -Project Tusker (renamed Project Vartak) in the east and Project Beacon in the west.

In 2023-24, the BRO completed a total of 125 infrastructure projects worth Rs 3,611 crore. This includes the construction of the Sela Tunnel in Arunachal Pradesh on Balipara-Chardwar-Tawang Road. The BRO will soon commence the construction on the 4.10-km-long Shinkun La Tunnel. Once done, this tunnel will become the world’s highest tunnel at 15,800 ft bypassing the Mila Tunnel in China.

India Ranks 159 of 176 Countries on Press Freedom Index

Reporters Without Borders (RWB), also known as Reporters sans frontières (RSF) in French, is an international non-profit organization that strives to protect the right to freedom of information. The organization has consultative status at the United Nations, UNESCO, the Council of Europe, and the International Organisation of the Francophonie.

India has been ranked 159 – two ranks above last year – in the 2024 World Press Freedom Index released by Reporters Without Borders (RSF). It had ranked 161 in 2023. Additionally, it also highlights the challenges that journalists face, thereby promoting the freedom of the press and encouraging governments to take action to protect journalists and their work.

The top 10 countries with the best press freedom in 2024:

Rank	Country	Global Score
1	Norway	91.89
2	Denmark	89.6
3	Sweden	88.32
4	Netherlands	87.73
5	Finland	86.55
6	Estonia	86.44
7	Portugal	85.9
8	Ireland	85.59
9	Switzerland	84.01
10	Germany	83.84

World Press Freedom Index 2024: The top 10 countries with the worst press freedom

Rank	Country	Global Score
180	Eritrea	16.64
179	Syria	17.41
178	Afghanistan	19.09
177	North Korea	20.066
176	Iran	21.3
175	Turkmenistan	22.01
174	Vietnam	22.31
173	Bahrain	23.21
172	China	23.36
171	Myanmar	24.41

Ujjivan Small Finance Bank appoints Sanjeev Nautiyal as MD & CEO

Ujjivan Small Finance Bank said that the Reserve Bank of India (RBI) has approved the appointment of Sanjeev Nautiyal as the managing director (MD) & chief executive officer (CEO) of the bank for 3 years with effect from 1 July 2024.

He will join the Bank much before his taking charge as the MD&CEO and be designated as the President in the interim.

Ujjivan Small Finance Bank was established as a non-bank financial services company in the year 2005 with the mission to provide a full range of financial services to the economically poor who financial institutions did not adequately serve.

DBS Bank India Recognised as ‘Best Employer’ 2023 by Kincentric

DBS Bank India has been recognized as a ‘Best Employer’ 2023 by Kincentric for the fourth consecutive year. The award acknowledges organizations with exceptional employee experiences and a strong culture of engagement.

In 2023, DBS Bank India established a gender-agnostic Leadership Diversity Council as the apex governing body for the Diversity, Equity, and Inclusion agenda

The Kincentric Best Employers study is one of the most respected annual studies with a robust evaluation methodology designed to understand alignment across business objectives, people processes, and employee experience.

Greenko Energies gets CCI nod to acquire additional stake in Sikkim Urja

The Competition Commission of India (CCI) has approved the acquisition of additional shares in Sikkim Urja Limited (formerly Teesta Urja Limited) by Greenko Energies Private Limited.

Sikkim Urja Ltd is a special-purpose vehicle incorporated for the implementation of the 1,200-megawatt hydropower project in North Sikkim.

Greenko Energies is a limited liability company incorporated in India. It is an (indirectly) wholly-owned subsidiary of Greenko Mauritius. Greenko Mauritius is wholly owned by Greenko Energy Holdings (GEH), a company incorporated in Mauritius, which is the holding company of the Greenko group of companies.

Mumbai-based Fintech Getvantage Secures NBFC License From RBI

GetVantage, a start-up providing revenue-based finance (RBF) to emerging businesses, has secured a non-banking financial company (NBFC) license from the Reserve Bank of India (RBI), becoming the first RBF and alternative funding platform in the country to do so. GetGrowth Capital, the NBFC arm of GetVantage will manage the lending operations.

GetVantage, which is backed by investors including Chiratae Ventures, Varanium, InCred, DMI, and Japanese Investors like Sony and DI, will capitalize the NBFC with Rs 50 crore and aims to raise a cumulative amount of Rs 200 crore to scale its lending operations.

Fship Partners With India Post For Enhanced E-commerce Delivery

Fship, a tech-driven logistics platform, has partnered with India Post, a government-operated postal service. This collaboration aims to benefit direct-to-consumer (D2C) start-ups, small and medium businesses (SMBs), and MSMEs across India by enhancing last-mile delivery services for e-commerce products.

By partnering with India Post, Fship aims to expand its reach nationwide, including in remote areas where India Post is the exclusive courier service. The Indian logistics market is set to grow at 8.8 percent annually to reach $484.43 billion by 2029, while the e-commerce market is expected to hit $18.81 trillion by the same year, with a 15.80 percent CAGR.

FPSB India, IFSCA sign pact to promote GIFT IFSC as ‘Global Finance Hub’

Financial Planning Standards Board (FPSB) India announced that it has signed a pact with the International Financial Services Centres Authority (IFSCA), GIFT City, Gandhinagar, to promote GIFT IFSC as a ‘Global Finance Hub’. FPSB India and IFSCA aim to enhance the financial market ecosystem and nurture skilled professionals for GIFT City’s expanding financial workforce.

Both organizations will jointly organize international and domestic events to raise awareness and establish GIFT IFSC as a ‘Global Finance Hub’, the statement added.

Some key highlights of the Memorandum of Understanding (MoU) include talent pipeline support, ecosystem development, promotional activities, and research collaboration.

Setu unveils Sesame, India’s first domain-specific LLM for the BFSI sector

Setu, a leading Indian fintech company and part of the Pine Labs Group, unveiled Sesame, India’s first Large Language Model (LLM) specifically designed for the banking, financial services, and insurance (BFSI) sector. Developed in collaboration with indigenous AI research firm Sarvam AI, the company said this marks a “ChatGPT moment” in financial services.

Sesame leverages the rich data ecosystem enabled by India’s digital infrastructure to power various features. These include improved credit underwriting, fraud detection, loan monitoring, upsell or cross-sell, and personal finance advisory. Setu and Sarvam AI have together created Sesame to be both domain- and region-specific by training it on custom data relevant to BFSI.

SEBI introduces a draft for stock exchanges to supervise research analysts

SEBI came out with a framework for the administration and supervision of research analysts and investment advisers, whereby a stock exchange can be authorized to oversee and manage such entities. SEBI said a stock exchange should be granted recognition as RAASB (Research Analyst Administration and Supervisory Body) and IAASB (Investment Adviser Administration and Supervisory Body

To be recognized as a RAASB and IAASB, a stock exchange must have been operational for at least 15 years, possess a net worth of at least Rs 200 crore, need to have nationwide terminals and investor service centers in 20 cities and provide a grievance redressal mechanism, including online dispute resolution.

RAASB and IAASB need to constitute an internal committee to oversee the activities of administration and supervision of research analysts (RAs) and investment advisers (IAs).

SEBI said that RAASB/IAASB has specific responsibilities, including registration, enforcement, and disciplinary actions.

IRDAI imposes a fine of Rs 1 crore on IPO-bound Go Digit Insurance

The Insurance Regulatory and Development Authority of India (IRDAI) imposed a penalty of Rs 1 crore on Go Digit General Insurance for non-disclosure of a change in the compulsorily convertible preference shares (CCPS) conversion ratio. The company had not furnished the full particulars of the revision to the regulator, violating Section 26 of the Insurance Act.

The insurance regulator had earlier issued a show cause notice after noticing that Go Digit had changed its conversion ratio of 63,00,000 CCPS issued by Go Digit Infoworks Services Pvt Ltd (GDISPL), the parent company of the general insurer, to FAL Corporation, owned by Fairfax Group. It was changed from “1 CCPS for 2.324 equity shares” to “2.324 CCPS for each equity share.

Previously, IRDAI had rejected the conversion of CCPS into shares because it would have resulted in GDISPL, the holding company of Digit Insurance, becoming a subsidiary of the Fairfax group, which is not allowed by regulations.

In March, Go Digit General Insurer received final approval from the Securities and Exchange Board of India (SEBI) to raise funds worth Rs 1,250 crore through an initial public offering (IPO), which will be used to augment the company’s capital base, maintain solvency levels, and fulfill general corporate purposes.

Sumitomo Mitsui Financial Group invests ₹1,300 crore in SMFG India Credit to fuel growth

Japan’s Sumitomo Mitsui Financial Group, Inc. (SMFG), said it has invested ₹1,300 crore in its wholly-owned subsidiary SMFG India Credit Co. Ltd./SMICC (formerly Fullerton India Credit Co. Ltd.) via rights issue to fuel growth.

Japan’s Sumitomo Mitsui Financial Group, Inc. (SMFG) said it has invested ₹1,300 crore in its wholly-owned subsidiary SMFG India Credit Co. Ltd./SMICC (formerly Fullerton India Credit Co. Ltd.) via rights issue to fuel growth.

IIT-Madras startup Mindgrove launches first India-made microcontroller chip

India is finally set to have a made-in-India microcontroller chip powering electronic devices. Mindgrove Technologies, incubated by IIT Madras Pravartak Technologies Foundation and IIT Madras Incubation Cell, and supported by Peak XV Partners, has launched Secure IoT, India’s debut high-performance SoC (system on chip).

A system-on-chip (SoC) combines many electronic parts into one chip, like a mini-computer. It goes into the printed circuit board (PCB) and is used in various devices, making them smaller and more efficient. With Secure IoT, Indian Original Equipment Manufacturers (OEMs) can integrate an Indian SoC into their products and help reduce the cost of their feature-rich devices.

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