In a significant boost to the government's fiscal position, the Reserve Bank of India (RBI) has approved a record dividend payout of ā¹2,10,874 crore for the financial year 2023-24. This surplus transfer is more than double the ā¹87,416 crore paid in the previous fiscal year and significantly exceeds the government's budget estimate of ā¹1.02 lakh crore. The decision, taken during the 608th meeting of the Central Board of Directors chaired by Governor Shaktikanta Das, was supported by strong foreign exchange earnings and a robust contingency risk buffer, which was increased to 6.5%.
On the legal front, the Calcutta High Court delivered a major verdict by cancelling all Other Backward Classes (OBC) certificates issued in West Bengal after 2010. A division bench comprising Justice Tapabrata Chakraborty and Justice Rajasekhar Mantha ruled that the identification process for these classes did not follow the established 1993 Act. While the order affects approximately 5 lakh individuals, the court clarified that those who have already secured jobs or are in the process of recruitment using these certificates will not be affected.
Other key current affairs highlights from the last 24 hours include:
- WEF Travel & Tourism Index 2024: India has climbed to the 39th position in the World Economic Forum's Travel & Tourism Development Index, up from 54th in 2021, making it the highest-ranked country in South Asia.
- Whitley Gold Award 2024: Conservationist Dr. Purnima Devi Barman from Assam has been honored with the prestigious "Green Oscar" for her efforts in protecting the Greater Adjutant Stork (Hargila) and its habitat.
- International Day for Biological Diversity: Observed globally on May 22, the theme for 2024 is "Be Part of the Plan," urging stakeholders to halt and reverse biodiversity loss.
- IndiaAI Mission: The Union Cabinet has approved a financial outlay of over ā¹10,300 crore to strengthen India's artificial intelligence ecosystem through compute infrastructure and startup support.
These updates are crucial for students preparing for UPSC, Banking, and other competitive examinations, focusing on fiscal policy, judicial interventions, and international rankings.