Economic Milestone: RBI Approves Record Dividend Payout
The Reserve Bank of India (RBI), during its 608th meeting of the Central Board of Directors in Mumbai, approved a record surplus transfer of ₹2,10,874 crore to the Central Government for the financial year 2023-24. This payout is more than double the ₹87,416 crore transferred in the previous fiscal year and significantly higher than the government’s budget estimate of approximately ₹1.02 lakh crore. Chaired by Governor Shaktikanta Das, the board also decided to raise the Contingent Risk Buffer (CRB) to 6.50% from 6% to maintain the central bank's economic stability. This massive dividend is expected to provide the government with additional fiscal headspace for infrastructure spending and deficit management.
Judiciary: Calcutta High Court Scraps OBC Certificates in West Bengal
In a landmark ruling, the Calcutta High Court has cancelled all Other Backward Class (OBC) certificates issued in West Bengal after 2010. The bench, comprising Justices Tapabrata Chakraborty and Rajasekhar Mantha, declared the identification process and the subsequent 2012 Act governing these reservations as illegal. The court observed that the "religion-based" reservation violated constitutional principles. While the ruling affects nearly 5 lakh certificates, the court clarified that individuals who have already secured jobs or availed benefits using these certificates will not be displaced.
Disaster Management: Cyclone Remal Warning Issued
The India Meteorological Department (IMD) has warned that a low-pressure system over the Bay of Bengal is set to intensify into a severe cyclonic storm, named Cyclone Remal. It is projected to make landfall between the coasts of West Bengal and Bangladesh by the evening of May 26, 2024. This is the first cyclone of the pre-monsoon season in the region, and authorities have alerted fishing communities and coastal districts to prepare for heavy rainfall and high-speed winds.
National Safety: Fatal Boiler Blast in Dombivli
A massive explosion at Amudan Chemical Company in the Dombivli MIDC area of Thane, Maharashtra, resulted in the deaths of at least six people and left over 48 others injured. The blast was so powerful that it shattered window panes of residential buildings up to 2 km away. The National Disaster Response Force (NDRF) was deployed to manage the fire, which spread to three adjacent factories. Maharashtra Chief Minister Eknath Shinde has announced an inquiry into the incident and compensation for the victims' families.
Sports: Sachin Khilari Wins Gold at World Para Athletics
India's Sachin Sarjerao Khilari achieved a magnificent feat by clinching the gold medal in the men’s shot put (F46 category) at the World Para Athletics Championship in Kobe, Japan. Khilari set a new Asian record with a throw of 16.30 meters, further solidifying India's position as a rising power in international para-sports.
International Brief: Recognition of Palestine
In a significant shift in European diplomacy, Ireland, Norway, and Spain have formally announced their decision to recognize the State of Palestine. The move, effective from May 28, aims to support a two-state solution amid the ongoing conflict in Gaza, though it has drawn strong diplomatic protests from the Israeli government.