Daily Current Affairs – June 01, 2024
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Daily Current Affairs - Banking - June 01, 2024
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Banking and Finance
UPI breaks records in May with 14 billion transactions worth over ₹20.45 lakh crore
- The National Payments Corporation of India (NPCI) released its latest update on Unified Payments Interface (UPI) transactions for the month of May UPI transaction volume soared to 14.04 billion, marking a notable increase from the 13.30 billion transactions recorded in the previous month.
- In terms of transaction value, UPI transactions totalled ₹20.45 lakh crore in May, reflecting a rise from ₹19.64 lakh crore in April.
- The average daily transaction count on UPI reached 453 million, and the average daily transaction value stood at ₹65,966 crores.
RBI Brings Back 100 Tonnes of Gold from Vault Of UK To India
- The Reserve bank of India brings back 100 tonnes of Gold from the Vault of UK to India.
- This is a major shift in the Economic Policy of the RBI, as it will now hold most of its Gold in its own vault.
- These changes have significant implications for India’s economic sovereignty and global market dynamics.
- Most countries keep their gold in the vaults of the Bank of England or other such location and pay a fee for the privileges.
- At present, India has huge Foreign Exchange Reserves to cover up to 11 months of Imports.
- As of March 31, 2024, the total gold held by the Reserve Bank was 822.10 metric tonnes as compared to 794.63 metric tonnes as of corresponding period.
RBI imposes ₹88 lakhs monetary penalty on SBM Bank (India)
- The Reserve Bank of India (RBI) has imposed a penalty of ₹88.70 lakh on SBM Bank (India) for non-compliance with certain regulatory norms.
- The central banks said the penalty has been imposed for non-compliance with licensing conditions imposed by the RBI, and specific directions to stop undertaking Liberalised Remittance Scheme (LRS) transactions with immediate effect.
Capital Small Finance Bank & ICICI Lombard entered into bancassurance tie-up
- Capital Small Finance Bank (CSFB), a small finance bank, has forged a bancassurance tie-up with ICICI Lombard General Insurance Company Ltd. (ICICI Lombard), a private general insurer.
- Through this collaboration, CSFB will leverage its network and customer base to distribute ICICI Lombard’s suite of general insurance products, including health, motor, home, travel and rural insurance.
- Currently, CSFB has 177 branches spread over 5 States and 1 Union Territory.
- Bancassurance is an insurance distribution model where insurance companies partner with banks to sell policies.
- Both the bank and insurance companies get to benefit from this arrangement.
- While the bank earns a commission from the insurance company, the insurer gains from the distribution network of the bank.
Federal Bank Announce Strategic Bancassurance Partnership with Tata AIA Life Insurance
- Federal Bank announced a Bancassurance tie-up with Tata AIA Life Insurance Co Ltd, one of India’s leading life insurance companies.
- This strategic alliance aims to provide Federal Bank’s customers, access to Tata AIA Life’s comprehensive insurance product suite.
- Federal Bank has an extensive network, which will enable Tata AIA to further strengthen its footprint.
- Both the entities focus on technology enabled, consumer centric business model, adding to the synergies of the partnership.
Business and Economy
Real GDP has been estimated to grow by 8.2% in FY 2023-24
- The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) is releasing in this Press Note, the Provisional Estimates (PE) of Annual Gross Domestic Product (GDP) for the Financial Year (FY) 2023-24 and Quarterly Estimates of GDP for the Fourth quarter (January-March) of 2023-24 along with its expenditure components both at Constant (2011-12) and Current Prices.
- Real GDP has been estimated to grow by 8.2% in FY 2023-24 as compared to the growth rate of 7.0% in FY 2022-23.
- Nominal GDP has witnessed a growth rate of 9.6% in FY 2023-24 over the growth rate of 14.2% in FY 2022-23.
- Real GVA has grown by 7.2% in 2023-24 over 6.7% in 2022-23.
- This GVA growth has been mainly due to significant growth of 9.9% in Manufacturing sector in 2023-24 over -2.2% in 2022-23 and growth of 7.1% in 2023-24 over 1.9% in 2022-23 for Mining & Quarrying sector.
- Real GVA and Real GDP have been estimated to grow by 6.3% and 7.8% respectively in Q4 of FY 2023-24.
- Growth rates in Nominal GVA and Nominal GDP for Q4 of FY 2023-24 have been estimated at 8.0% and 9.9% respectively.
Fiscal deficit in FY24 improves to 5.6%
- The Central government’s fiscal deficit during 2023-24 at 5.6% of the GDP was better than previous estimates of 5.8% on account of higher revenue realisation and lower expenditure.
- In actual terms, the fiscal deficit — or gap between expenditure and revenue — was ₹16.53 lakh crore, or 5.63% of the GDP, which grew 8.2% in 2023-24.
FSSAI, APEDA develop Unified India Organic logo
- The Food Safety and Standards Authority of India (FSSAI) and the Agricultural and Processed Food Products Export Development Authority (APEDA) have jointly developed a “Unified India Organic” logo to replace the India Organic and Jaivik Bharat logos.
- The logo, prepared following a decision by the high-level group of ministers, will come into force in “due course”, a letter from APEDA, which supervises the National Accreditation Body for organic products.
- The India Organic logo was used on organic products complying with the National Programme for Organic Products (NPOP), while Jaivik Bharat was used on organic products certified by FSSAI.
- The new logo has been developed to bring uniformity and convergence in implementation of Indian regulations by NPOP and FSSAI.
- The trademark registration of the Unified India Organic logo is in progress and the modalities for its implementation are being worked out.
- The certification bodies will get three months of transition time for implementation which will be given from the date the logo is notified.
- It also asked them to not keep long-term inventory of packing material.
- Food Safety and Standards Authority of India (FSSAI) – 05/09/2008 (Founded) – New Delhi (HQ) – Shri Rajesh Bhushan (Chairman)
- Agricultural and Processed Food Products Export Development Authority (APEDA) – 1986 (Founded) – New Delhi (HQ) – Dr. M. Angamuthu (Chairman)
Science and Technology
Wipro 3D and ISRO Jointly Pave the Way for Sustainable Space Exploration Through Additive Manufacturing
- Wipro 3D, in collaboration with the Indian Space Research Organisation (ISRO), celebrates a path breaking achievement in space technology with the successful manufacturing of the PS4 3D-printed rocket engine powering the 4th stage of Polar Satellite Launch Vehicle (PSLV).
- V Narayanan, Distinguished Scientist and Director of Liquid Propulsion Systems Centre (LPSC), ISRO lauded the accomplishment during his recent visit to the Wipro 3D’s facility.
- The Polar Satellite Launch Vehicle (PSLV) is an expendable launch system designed to place earth observation and Scientific satellites into precise orbits enabling multiple applications like remote sensing, oceanography, cartography, mineral mapping, disaster warning etc.
- To ensure accurate orbital placement, the PS4 stage is equipped with advanced navigation, guidance and control systems.
- Its adaptability for different kinds of spacecraft missions is enhanced by its ability to support multiple restart capability and payload adapters.
Acquisitions and Mergers
LIC raises holding in PI Industries
- Life Insurance Corporation (LIC) of India said its stake in PI Industries as an institutional investor has gone past the 5% mark after it acquired 72,000 shares of the agrochemicals firm from the open market at an average cost of ₹3,558.29 each.
Appointments
ENVOYS OF SEVEN NATIONS PRESENT CREDENTIALS TO THE PRESIDENT OF INDIA
- The President of India, Droupadi Murmu accepted credentials from the Ambassadors/High Commissioners of Ecuador, United Kingdom, Kuwait, New Zealand, Guinea, Fiji, and China at a ceremony held at Rashtrapati Bhavan.
- E. Mr Fernando Xavier Bucheli Vargas, Ambassador of the Republic of Ecuador
- E. Mrs Lindy Elizabeth Cameron, High Commissioner of the United Kingdom
- E. Mr Meshal Mustafa J Alshemali, Ambassador of the State of Kuwait
- E. Mr Patrick John Rata, High Commissioner of New Zealand
- E. Mr Alassane Conte, Ambassador of the Republic of Guinea
- E. Mr Jagnnath Sami, High Commissioner of the Republic of Fiji
- E. Mr Xu Feihong, Ambassador of the People’s Republic of China
Maj Gen Harsh Chhibber takes over as Commandant, College of Defence Management
- Maj Gen Harsh Chhibber took over as the Commandant, College of Defence Management, Secunderabad on 31 May 24 from Rear Admiral Sanjay Datt.
Medtronic India appoints Mandeep Singh Kumar as the new MD
- Medtronic Private Limited, a wholly-owned subsidiary of Medtronic plc, has appointed Mandeep Singh Kumar as Vice President and Managing Director of the company, starting May 2024.
- He succeeds Michael Blackwell.
Ranks and Indices
NSE Indices launches India’s first electric vehicle index
- NSE’s index services subsidiary, NSE Indices Limited launched a new thematic index — Nifty EV & New Age Automotive index — which will track the performance of companies forming a part of the EV ecosystem or are involved in the development of new-age automotive vehicles or related technology.
- It was India’s first- ever Electric Vehicle Index and the new index is expected to act as a benchmark for asset managers and be a reference index tracked by passive funds in the form of Exchange Traded Funds (ETFs), index funds and structured products
- The base date for the index is April 2, 2018, and the base value is 1000 and the index will be reconstituted semi-annually and rebalanced on a quarterly basis.
- Currently there are 17 thematic indices on the NSE viz. Nifty Commodities, Nifty India Consumption, Nifty CPSE, Nifty Energy and Nifty Infrastructure.
- Apart from thematic indices, NSE operates Broad Market Indices (like Nifty, Nifty Next 50, Nifty 100, Nifty 100 etc) and 15 sectoral Indices including Nifty Bank, Nifty IT and Nifty Auto.
- It also operates Strategy Indices and Fixed Income Indices.
Awards and Recognitions
NIMHANS bags the Nelson Mandela Award for Health Promotion for 2024 by the World Health Organization
- National Institute of Mental Health & Neuro Sciences (NIMHANS), Bengaluru, an Institute of National Importance under the Ministry of Health and Family Welfare, Government of India has been awarded with the Nelson Mandela Award for Health Promotion for 2024 by the World Health Organization (WHO).
- The Nelson Mandela Award for Health Promotion, established by WHO in 2019, recognizes individuals, institutions and/or governmental or non-governmental organizations that have demonstrated remarkable contributions to health promotion.
Obituary
Eminent Puppeteer Padma Shri Maguni Kuanr Passes Away
- In Odisha, Padma Shri Maguni Charan Kuanr, passed away at the age of 88.
- He was initiated into the art of Kandhei Nach, which employs rod puppets, by his father Shri Baishnab Charan Kuanr.
- He has also learned sculpture in clay, stone, and wood from Shri Bhagaban Jena, a traditional sculptor.
- He has received awards from the Orissa Sangeet Natak Akademi and the North Orissa University and also receives the Sangeet Natak Akademi Award for his contribution to the traditional puppetry of Orissa.
- He received Padma Shri in 2023.
Sports News
BFI Agrees to Become a Member of World Boxing
- The Boxing Federation of India (BFI) has agreed to become a member of World Boxing, the International Federation established to ensure boxing remains at the heart of the Olympic Movement.
- The membership application has been approved by the BFI’s General Assembly, and will be ratified by World Boxing’s Executive Board.
- World Boxing was launched in April 2023 and aims to ensure that boxing remains at the heart of the Olympic movement.
Important Days
Global Day of Parents 2024 is observed on June 1
- The Global Day of Parents is annually observed on June 1 by the United Nation.
- The day is celebrated to honour parents and recognize their dedication to children worldwide.
- Parenting is crucial as it can provide kids with a sense of security, instil values, and equip them with the tools we need to navigate the world.
- On December 9, 1989, the General Assembly passed a resolution declaring 1994 as the International Year of the Family.
- Subsequently, in 1993, another resolution established May 15 as the International Day of Families.
- On September 17, 2012, the United Nations with resolution A/RES/66/292 designated June 1 as Global Day of Parents.
World Milk Day 2024 is observed on June 1
- World Milk Day is annually observed on June 1 by Food and Agriculture Organisation (FAO).
- The day is celebrated to recognize the importance of milk as a global food, to celebrate the dairy sector, the benefits of milk and dairy products have been actively promoted around the world, including how dairy supports the livelihoods of one billion people.
- In 2001, the day was established by FAO.
- Food and Agriculture Organization of the United Nations (FAO) – 16/10/1945 (Founded) – Rome (HQ) – Qu Dongyu (Director General)
Daily Current Affairs - June 01, 2024 - Consolidated
- UPI breaks records in May with 14 billion transactions worth over ₹20.45 lakh crore
- RBI Brings Back 100 Tonnes of Gold from Vault Of UK To India
- RBI imposes ₹88 lakhs monetary penalty on SBM Bank (India)
- Capital Small Finance Bank & ICICI Lombard entered into bancassurance tie-up
- Federal Bank Announce Strategic Bancassurance Partnership with Tata AIA Life Insurance
- Real GDP has been estimated to grow by 8.2% in FY 2023-24
- Fiscal deficit in FY24 improves to 5.6%
- FSSAI, APEDA develop Unified India Organic logo
- LIC raises holding in PI Industries
- ENVOYS OF SEVEN NATIONS PRESENT CREDENTIALS TO THE PRESIDENT OF INDIA
- Maj Gen Harsh Chhibber takes over as Commandant, College of Defence Management
- Medtronic India appoints Mandeep Singh Kumar as the new MD
- NSE Indices launches India’s first electric vehicle index
- NIMHANS bags the Nelson Mandela Award for Health Promotion for 2024 by the World Health Organization
- Eminent Puppeteer Padma Shri Maguni Kuanr Passes Away
- BFI Agrees to Become a Member of World Boxing
- Global Day of Parents 2024 is observed on June 1
- World Milk Day 2024 is observed on June 1
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