Daily Current Affairs 2nd May, 2023

Daily Current Affairs 2 May 2023 for Banking/Insurance/SSC and other related exams.

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NATIONAL NEWS

NITI Aayog releases “Best Practices in Social Sector: A Compendium, 2023” in collaboration with UNDP
NITI Aayog released the “Best Practices in Social Sector: A Compendium, 2023” in collaboration with the United Nations Development Programme. To commemorate 75 years of India’s independence and highlight and laud the efforts of Union Ministries and State Governments, this compendium includes 75 case studies cutting across 14 key social sectors.

• The case studies have been sourced from all States and Union Territories and 30 Ministries and Departments of the Government of India. The aim of this exercise has been to synthesise lessons for the future to expand, enhance and improve life at the grassroots level.

India hand-over fast Patrol Vessel ship & landing Craft to Maldives
Raksha Mantri Rajnath Singh reached Maldives on his maiden visit. He was received by Maldives’ Defence Minister Mariya Didi and other officials from Maldives National Defence forces.

• He is scheduled to meet President Ibrahim Solih. In tune with India’s commitment to capacity building of friendly countries & partners in the region, Mr. Rajnath Singh gifted one Fast Patrol Vessel ship and a Landing Craft to the Maldives National Defence Forces.
• Discussions covered exchanging views on multiple subjects including further boosting the defence partnership between India & Maldives. Mr. Singh also met Minister of Foreign Affairs Abdulla Shahid and applauded the role of the foreign affairs ministry in the rapid growth of the India-Maldives partnership.

BANKING & FINANCE

Airtel Payments Bank rolls out face authentication for AePS
Airtel Payments Bank (APB),, said it has collaborated with the National Payments Corporation of India (NPCI) to roll out Face Authentication for AePS (Aadhaar-enabled Payment System) at its 5 lakh banking points.

• Airtel Payments Bank is amongst the first four banks to offer Face Authentication for AePS in the country.In the first phase, the facility is being made available for non-financial transactions – Balance enquiry and mini-statements – for the Bank’s customers, the Bank said, adding soon it will make the facility available for financial transactions.
• NPCI’s AePS allows customers to carry out financial and non-financial transactions at any banking point using their Aadhaar number or virtual ID to access their Aadhaar-linked bank account.

HDFC Bank launches digital distribution platform for its agents and partners
HDFC Bank said it has introduced digital distribution platform HDFC Bank Smart Saathi to connect business correspondents (BCs) and business facilitators (BFs) to the bank.

• HDFC Bank Smart Saathi will contribute by making banking products and services available, especially credit for rural customers, which will help in the development of the country.

UPI transactions decline in volume & value terms in April
Unified Payments Interface (UPI) transactions declined in volume as well as value terms in April 2023 after peaking in the previous month.

• Transaction volumes declined 7.96 per cent month-on-month (m-o-m) in April 2023 to 796.29 crore against 865.16 crore in March 2023, per the National Payments Corporation of India’s “UPI Monthly Product Statistics”.

BUSINESS & ECONOMY

India achieves highest ever GST revenue collection of over one lakh 87 thousand crore rupees in April 2023
The gross Goods and Services Tax, GST revenue collected in April this year is the highest ever at over one lakh 87 thousand crore rupees. 

• Out of the total revenue, Central Goods and Services Tax, CGST is 38 thousand 440 crore rupees, State Goods and Services tax, SGST is 47 thousand 412 crore rupees, Integrated Goods and Services Tax, IGST is 89 thousand 158 crore rupees and cess is over 12 thousand crore rupees.
• The Finance Ministry said, the revenues for the month of April this year are 12 per cent higher than the GST revenues in the same month last year.

India & China expected to contribute nearly half of global growth this year, says IMF report
The International Monetary Fund has said the growth in the dynamic Asia-Pacific region largely led by India and China is projected to increase to 4.6 per cent this year from that of 3.8 per cent recorded in 2022.

• In its Regional Economic Outlook – Asia and Pacific report released, the Washington-based fund said the region would contribute around 70 per cent of global growth.
• Asia and Pacific will be the most dynamic of the world’s major regions in 2023, predominantly driven by the buoyant outlook for China and India,” the IMF report said, adding that the two largest emerging market economies of the region are expected to contribute around half of global growth this year, with the rest of Asia and Pacific contributing an additional fifth.

SCIENCE &  TECHNOLOGY 

PSLV Orbital Experimental Module, POEM-2 successfully conducted on-orbit experiments in space
IN-SPACe, a commercial wing of ISRO has informed that PSLV Orbital Experimental Module, POEM-2 has been successfully conducting on-orbit experiments in space. POEM-2 with seven payloads is conducting in-orbit testing for various non-government entities. The experiments carried out through the payloads are unique.

• The valuable on-orbit data received offers scope for further development and new opportunities. IN-SPACe has extended technical and operational support for these experiments from Hyderabad-based Dhruva Space, Bengaluru-based Bellatrix Aerospace, and the Bengaluru-based Indian Institute of Astrophysics and Thiruvananthapuram-based Indian Institute of Space Science and Technology.

DRDO & Indian Navy conducts successful maiden test trial of Air Droppable Container -150 in Goa
Defence Research & Development Organisation (DRDO) and Indian Navy conducted the successful maiden test trial of ‘Air Droppable Container -150 (ADC) from IL 38SD aircraft off the coast of Goa.

• ‘ADC-150’ is an indigenously designed and developed Air Droppable Container with 150 kg payload capacity.
• The Ministry said the trial was conducted to enhance the naval operational logistics capabilities by providing quick response to meet the requirement of critical engineering stores to ships, which are deployed more than 2,000 kms from the coast.

Centre of Fire, Explosive & Environment Safety Lab designs Vertical Shaft based Underground Ammunition Storage Facility
Centre of Fire, Explosive and Environment Safety (CFEES), a Delhi-based laboratory of the Defence Research and Development Organisation (DRDO) has designed and developed a Vertical Shaft based Underground Ammunition Storage Facility.

• It enables upward vertical dissipation of blast effects considerably reducing the blast effect on surrounding utilities.
• The design validation trial of this Underground Ammunition Storage Structure was successfully conducted on 30th April last month. The unique design ensures the higher safety of ammunition stored from any kind of aerial attack or sabotage.

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