Each year on 5 April, the International Day of Conscience is celebrated. The United Nations established this day to draw attention to the importance of self-examination and acting morally. The day also offers an opportunity to reflect on the progress made in promoting peace and social justice and to identify areas where more work needs to be done.
This year, the International Day of Conscience is marked with the theme “Promoting the Culture of Peace with Love and Conscience.”
Army Medical Corps celebrated its 260th Raising Day on 03rd April 2024. Raised in the year 1764, the Corps has rendered selfless service to the nation over centuries of progress, development, dedication & sacrifice, both in combat and in peace, living up to the Corps motto of ‘Sarve Santu Niramaya’ meaning ‘let all be free from disease’.
Bharat Earth Movers Limited (BEML) and Bharat Electronics Limited (BEL) has signed a memorandum of understanding (MoU) to jointly develop an indigenous Train Control Management System (i-TCMS), aimed at what they called "revolutionising" rail communication technology in the country.
The primary objective of this partnership is to identify potential areas of cooperation between BEML and BEL, with a focus on exploring the joint development of high-value products and solutions tailored to the requirements of Indian Railways and Metro systems, it said.
The Reserve Bank of India (RBI) deferred the implementation of norms on exchange-traded currency derivatives (ETCDs) linked to Indian rupee until May 3 following concerns by investors. The norms were scheduled to take effect starting 5 April. Now, rupee-denominated currency contracts traded on the National Stock Exchange (NSE) and the BSE require underlying exposure.
Thoughtraders are not required to provide evidence of underlying exposure for positions up to$100million,they must confirm the existence of such exposure.As hitherto,participants with a valid underlying contracted exposure can continue to enter into ETCDsinvolving the rupee up to a limit of$100million without having to produce documentary evidence of the underlying
exposure
As per RBI the regulatory framework for participation in ETCDs involving the rupee is guided by the provisions of the Foreign Exchange Management Act,1999, and regulations framed thereunder, which mandate that currency derivative contracts involving rupee "both over-the-counter and exchange traded "are permitted only for the purpose of hedging of exposure to foreignexchange
Bandhan Mutual Fund (MF) announced the launch of the Bandhan Innovation Fund. The scheme will open for subscription on April 10 and will invest in companies with substantial R&D investment, high skilled-employee costs, potentially higher margins or growth, unique products or services, non-linear business models, and a notable brand presence.
"The fund will allocate its investments across a spectrum of innovators: 35-45 per cent to leading innovators with substantial industry R&D investments; 35-45 per cent to rising innovators utilising innovation for a competitive edge; and 10-15 per cent to emerging innovators," the fund house said in a release.
The World Bank Group has appointed former RBI deputy governor Rakesh Mohan member of the Economic Advisory Panel, according to a statement released by New Delhi-based think tank Centre for Social and Economic Progress. Currently, Mohan is serving as president emeritus and distinguished fellow at CSEP and is also part-time member of the PM economic Advisory Council.
The World Bank panel will be chaired by Lord Nicholas Stern, the IG Patel Professor of Economics and Government at the London School of Economics, while World Bank Group Chief Economist Indermit Gill will co-chair the panel.
India is expected to lose around 5.8 per cent of daily working hours due to rising temperatures by 2030, leading to erosion in productivity and lower collection of fiscal revenue, said a recent report released by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP).
The report also mentions that climate change will contribute to the spread of disease, leading to lower government revenues and higher spending requirements as fiscal expenditure is required for mitigating such adverse effects and building resilience. The report also notes that the Asia and Pacific region, including India, is home to 600 million youth aged between 15-24year
Xcelerate, a Singapore-based GRC and ESG investment platform, has acquired a strategic equity stake in Stirrup Communication, India's leading stakeholder communications consultancy, for an undisclosed amount, sources familiar with the transaction said. Stirrup Communication, boasting a current clientele of more than 250, ranging from the Tata Group to the Birla Group.
Founder of Stirrup: - Arvind Agrawal
Future Generali India Insurance Co (FGII) has elevated Ramit Goyal as its chief distribution officer with effect from April 1. Goyal takes over from Raghavendra Rao, who superannuated on March 31 after 14 years of service, the company said in a statement. Earlier, Goyal held key roles in other companies including Tata AIG, Godrej & Boyce and Daewoo Anchor Electronics.
J&K Bank partners with Paymart India Pvt Ltd to launch an innovative Virtual ATM (VATM) facility, boosting banking convenience for consumers across its operations, particularly in J&K and Ladakh. The collaboration aims to introduce cardless cash withdrawals for the Bank’s customers through local retailers. Baldev Prakash is the MD & CEO of J&K Bank.
Amit Narang, CEO, Paymart
General Manager (S&IT) Imtiyaz Ahmad Bhat
Every year, April 5 is observed as National Maritime Day to spread awareness about international trade and economy. On this day, the "NMD Award of Excellence" is also presented to honour the individuals for their lifetime distinguished and exceptional achievements in the Indian maritime sector at the senior level.
This day was first observed on April 5, 1964, informing people and spreading awareness about intercontinental commerce and the economy worldwide. The theme for National Maritime Day 2024 is "Navigating the future: safety first!" The maritime sector plays an immense role when it comes to international trade and the economy.
The overall securitisation volumes for FY24 grew 4 per cent year-on-year (y-o-y) to ₹1.88-lakh crore despite the exit of the previous year’s largest originator — HDFC, following its merger with HDFC Bank, according to ICRA. The securitisation volumes are projected to comfortably cross ₹2-lakh crore in FY25 due to an increase in participation by banks as originators.
The rating agency noted that securitisation volumes in Q4 (January-March) FY24 witnessed a healthy growth of 26 per cent over the preceding quarter, rising to ₹48,000 crore. ICRA assessed that the share of pass-through certificates (PTCs) rose to 57 per cent of the market for FY24 against 40 per cent observed in the past couple of years, mainly due to the exit of HDFC.
Shaktikanta Das announced the Bi-Monthly Monetary policy said the Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged at 6.5 per cent. Consequently, the Standing Deposit Facility (SDF) rate remains at 6.25 per cent and the Marginal Standing Facility (MSF) Rate and the Bank Rate at 6.75 per cent.
The Governor said, real GDP growth for 2024-25 is projected at 7.0 per cent with Quarter 1 at 7.1 per cent; Quarter 2 at 6.9 per cent; Quarter 3 at 7.0 per cent; and Quarter 4 also at 7.0 per cent.
CPI inflation for 2024-25 is projected at 4.5 per cent. Mr. Das said, that two years ago, around this time, CPI inflation had peaked at 7.8 per cent in April 2022.
