Daily Current Affairs- 31 May 2024

Daily Current Affairs- 31st May 2024

INTERNATIONAL

IAF takes part in US-led Red Flag-24 for multi-nation military drills

• The Indian Air Force on Thursday joined a 16-day multi-nation mega military exercise in Alaska in the US that is designed to provide realistic training to participating forces in a simulated combat environment.
• The IAF deployed Rafale fighter jets for the 'Red Flag Alaska' exercise from May 30 to June 14. Approximately 3100 service members are expected to fly, maintain and support more than 100 aircraft during the exercise. 

SCIENCE & TEHNOLOGY     

Agnikul launches world’s first Rocket with 3D-printed rocket engine

• Chennai-based startup Agnikul Cosmos has launched the world’s first space rocket with a single-piece three-dimensional (3D) printed engine. After four failed attempts, Agnikul succeeded in launching its own rocket into space on its fifth attempt.
• The rocket named Agnibaan is India’s first semi-cryogenic engine-powered rocket launch, which was completely designed and manufactured indigenously.
• Agnikul used Inconel material to build the 3D-printed rocket. Inconel is an alloy that is oxidation-corrosion-resistant and well-suited for space travel. 

APPOINTMENS & RESIGNATIONS

P Santhosh appointed MD & CEO of NARCL

• National Asset Reconstruction Company (NARCL), India’s state-owned bad bank, has appointed P Santhosh as its new Managing Director and Chief Executive Officer, Since January, P Santhosh has served as NARCL's acting CEO when N Sundar unexpectedly left the position before the end of his term.
• P Santhosh brings a wealth of experience to NARCL, having previously held the position of Chief General Manager at Canara Bank, one of the sponsor institutions of the asset reconstruction company. His familiarity with the banking sector and expertise in stressed asset resolution make him well-suited for the challenging task of reviving distressed assets acquired by NARCL. 

Muthoot Pappachan Group has appointed Shah Rukh Khan as new brand ambassador

• Muthoot Pappachan Group (MPG), popularly known as Muthoot Blue, has roped in Shah Rukh Khan as its brand ambassador, this strategic collaboration represents a significant milestone for MPG, reinforcing its brand presence, and a new way of connecting with a diverse audience across the country.
• Muthoot Pappachan Group is the promoter of leading NBFCs including Muthoot FinCorp Limited (flagship Company of the Group), Muthoot Microfin Limited, Muthoot Capital Services Limited and Muthoot Housing Finance Company Limited. 

IRDAI Approves Sandeep Batra as Chairman of ICICI Prudential Board

• The Insurance Regulatory and Development Authority of India (IRDAI) has approved the appointment of Sandeep Batra as Chairman of the Board of Directors of ICICI Prudential, effective from June 30, 2024.
• Sandeep Batra has been a key figure within the ICICI group since September 2000. Currently, he serves as an Executive Director on the Board of ICICI Bank, where he has been overseeing the Corporate Centre since July 2018. His extensive experience within the group includes roles such as Executive Director and CFO at ICICI Prudential Life, as well as Group Compliance Officer at ICICI Bank. 

Rakesh Ranjan Appointed Chairman of Staff Selection Commission (SSC)

• Rakesh Ranjan, a 1992 batch IAS officer from Manipur Cadre, has been appointed as the Chairman of the Staff Selection Commission (SSC). This appointment comes following a notification issued by the Appointment Committee of the Cabinet.
• Ranjan will serve in the rank and pay of Secretary to the Government of India, with the post of Chairman, SSC, being temporarily upgraded. 

IMPORTANT DAYS

Anti-Tobacco Day

• Anti-Tobacco Day or World No Tobacco Day is observed on 31 May every year across the globe to make people aware and educate them about the harmful effects of tobacco on health which causes cardiovascular diseases, cancer, tooth decay, staining of teeth etc.
• Theme: This year's theme for World No-Tobacco Day 2024 is 'Protecting Children from Tobacco Industry Interference'.
• History: The Member States of the World Health Organization created World No Tobacco Day in 1987 to draw global attention to the tobacco epidemic and the preventable death and disease it causes. In 1987, the World Health Assembly passed Resolution WHA40.38, calling for 7 April 1988 to be a "a world no-smoking day." In 1988, Resolution WHA42.19 was passed, calling for the celebration of World No Tobacco Day, every year on 31 May. 

SUMMIT'S & MOU's

Armed Forces Medical Services & IIT Hyderabad ink MoU for Collaborative Research and Training

• The Armed Forces Medical Services (AFMS) have signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology (IIT) Hyderabad to collaborate on research and training. The MoU was signed by Director General of Armed Forces Medical Services Lt Gen Daljit Singh, and Director of IIT Hyderabad Prof B S Murty.
• The MoU aims to foster innovation and research in developing novel medical devices and addressing health issues specific to soldiers serving in varied terrains. IIT Hyderabad, with its departments of Biotechnology, Biomedical Engineering, and Bioinformatics, will provide the necessary technical expertise to tackle the diverse medical challenges faced by the Armed Forces. 

BANKING AND ECONOMY

Bank of Maharashtra launches Maha Krishi Samrudhi Yojana

• Bank of Maharashtra introduces the Maha Krishi Samridhi Yojana (MKSY), offering financial assistance to food and agro-based industries, agri-infrastructure projects involved in processing activities, and the development of agricultural infrastructure facilities.
• MKSY scheme provides comprehensive solution for Individuals, Proprietary Firms, Partnership Concerns, Farmer Producer Companies (FPCs), Public and Private Limited Companies, LLPs working in food and agro-processing sector. 

RBI fines HSBC Bank for violation of FEMA regulation

• The Reserve Bank of India fined HSBC Bank Rs 36.38 lakhs for violating the provision of the Foreign Exchange Management Act (FEMA) According to the RBI, the HSBC bank failed to follow the required reporting requirements under the Liberalized Remittance Scheme of FEMA.
• What is a Liberalised Remittance Scheme - The Liberalised Remittance Scheme was introduced by the Reserve Bank of India (RBI) in 2004 under the Foreign Exchange Management Act 1999. Under this scheme, all resident individuals, including minors, can send up to $2,50,000 in a financial year(April to March) abroad without the permission of the Reserve Bank of India.