Daily Current Affairs – June 04, 2024
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Daily Current Affairs - Banking - June 04, 2024
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National News
FSSAI directs FBOs to remove claim of 100% Fruit Juices from the label
- The Food Safety and Standards Authority of India (FSSAI) has issued a directive mandating all Food Business Operators (FBOs) to remove any claim of ‘100% fruit juices’ from the labels and advertisements of reconstituted fruit juices with an immediate effect.
- All the FBOs have also been instructed to exhaust all existing pre-printed packaging materials before September 01 2024.
- The FSSAI is dedicated to protect and promote public health through the regulation and supervision of food safety standards across the country.
- Food Safety and Standards Authority of India (FSSAI)- 05/09/2008 (Founded) -New Delhi(HQ)-Sudhansh Pant(Chairman)
Banking and Finance
AIBEA to launch exclusive website 'Bank Clinic' at Mumbai
- All India Bank Employees’ Association (AIBEA), the oldest and largest trade union of bank employees, are going to launch ”Bank Clinic”, an exclusive website, in Mumbai.
- Indian Banks’ Association (IBA) Chief Executive and former Managing Director and CEO of Punjab National Bank Sunil Mehta will launch and inaugurate the website along with AIBEA General Secretary Ch Venkatachalam.
- The aim is to help customers address their grievances amid rapid expansion in technology and a series of Reserve Bank of India (RBI) guidelines on retail banking.
- A customer can fill out the details of her/his complaint, create a ticket, and receive a reply in five working days on the remedies available and information on what the RBI guidelines prescribe on that matter.
- com is a website where a retail customer can register a complaint.
- Within five days, the platform will inform the customer of the regulatory guidelines regarding the matter.
ADB commits USD 2.6 billion in sovereign lending to India
- Asian Development Bank (ADB) committed $2.6 billion (about ₹21,500 crore) in sovereign lending to India in 2023 for various projects.
- The fund is aimed to strengthen urban development, support industrial corridor development, promote power sector reforms, build India’s climate resilience, and enhance connectivity.
- ADB also extended $23.53 million in technical assistance and $4.1 million in grants under the sovereign portfolio.
- In addition, ADB committed over $1 billion for private sector projects in 2023.
- In 2023, ADB approved additional funding to support India’s national industrial corridor development programme to enhance its manufacturing competitiveness along with a loan for Visakhapatnam-Chennai Industrial Corridor Development
- In addition, ADB provided funding for expanding urban services in Uttarakhand, Rajasthan, and Tripura, improving road connectivity in Bihar and Madhya Pradesh, expanding Delhi-Meerut rapid rail transit corridor and boosting horticulture development in Himachal Pradesh.
- Asian Development Bank (ADB)-19/12/1966(Founded)-Mandaluyong, Philippines (HQ)-Masatsugu Asakawa (President)
PNB signs MoU with India Infrastructure Finance
- Punjab National Bank (PNB), a leading public sector bank, has signed a memorandum of understanding with India Infrastructure Finance Company Ltd (IIFCL), a state-owned company, to collaborate in financing of infrastructure projects.
- Under this collaboration, the parties can mutually participate under consortium/multiple lending arrangement to provide financial support to the prospective borrower’s subject to due diligence and on case-to-case basis.
- This MOU is expected to be a milestone in finding new avenues of lending to the infrastructure projects of the country.
- Punjab National Bank – 19/05/1894 (Founded) – Dwarka, New Delhi (HQ) – Atul Kumar Goel (MD & CEO) – “The Name You Can Bank Upon” (Tagline)
Business and Economy
Sebi launches saathi 2.0 personal finance app for investors
- The Securities and Exchange Board of India(Sebi) has launched a mobile app ‘Saa₹thi 2.0‘ on personal finance for investors to simplify complex financial concepts.
- The updated “Saa₹thi 2.0” app introduces a user-friendly interface with comprehensive tools aimed at simplifying complex financial concepts.
- It includes financial calculators, and has modules that introduce and explain KYC procedures, mutual funds, ETFs, buying and selling shares on stock exchanges, investor grievances redressed mechanism, and the Online Dispute Resolution (ODR) platform.
- Additionally, the app features a range of videos designed to assist investors in their personal finance planning.
- The “Saa₹thi 2.0” app is now available for download on Google Play Store and the iOS App Store.
- Securities and Exchange Board of India(Sebi)- 21/02/1992 (Founded) –Mumbai (Founded)- Madhabi Puri Kuch (Chairman).
Deutsche Bank expects FY25 fiscal deficit target lowered to under 5 per cent of GDP
- According to Deutsche Bank, The Central government’s target to bring the fiscal deficit down to 5.1 per cent of GDP in FY25 and further to 4.5 per cent of GDP in FY26 looks more credible.
- The FY24 fiscal deficit has finally come in at 5.6 per cent of GDP vs the revised estimate of 5.8 per cent of GDP.
- Indeed, the FY25 fiscal deficit target could be lowered to under 5 per cent of GDP.
- This is larger-than-expected dividend transfer by the RBI to the Government of India.
DBS retains India GDP growth forecast at 7% for FY24-25
- Singapore-headquartered DBS Bank expected India’s economic growth to stay in the 7 percent in the April-June 2024 quarter.
- Thus, foreign bank also retained its India GDP growth forecast for current fiscal at 7 per cent.
Goldman Sachs boosts India GDP forecast to 6.9% for CY24
- Goldman Sachs has predicted India GDP growth forecast by increasing 20 basis points to 6.9 per cent calendar year(CY)2024 from an earlier projection of 6.7 per cent in CY2023.
- This is the stronger-than-expected GDP growth of 7.8 per cent for the January-March 2024 quarter of strong investment demand and a recovery in consumption growth.
- For the current fiscal (2024-25), Goldman Sachs has projected India’s GDP growth at 6.8 per cent.
Agreements and MoUs signed
Reliance Foundation and INCOIS partners to empower coastal communities
- Reliance Foundation and the Indian National Centre for Ocean Information Services (INCOIS), an autonomous organisation of the Government of India, under the Ministry of Earth Sciences, have signed a Memorandum of Understanding (MoU) to empower the inhabitants of coastal areas.
- Dr Srinivasa Kumar, Director of INCOIS and Jagannatha Kumar, CEO of Reliance Foundation signed this agreement.
- After the collaboration both entities will work to leverage ocean data, enhancing climate resilience and disaster mitigation.
- The aim is to reach nearly 25 per cent of India’s active marine fisherperson families, mainly across eight states.
- Reliance Foundation supported women in linkage and availing of schemes to increase returns from fish production and other high-value fishing activities.
- Reliance Foundation partnered holistically with scientific institutions providing feedback on advisories to institutions to enhance information generation.
Department of School Education signs MoU with the National Book Trust to develop an institutional framework for Rashtriya e-Pustakalaya
- The Department of School Education, Ministry of Education, Government of India, signed an MoU with the National Book Trust under the aegis of Department of Higher Education, Ministry of Education in New Delhi.
- The aim is to create an institutional framework for the Digital Library Platform, Rashtriya e-Pustakalaya.
- Secretary of the Department of Higher Education K. Sanjay Murthy said that the Rashtriya e-Pustakalaya will be available round-the-clock, irrespective of the geographic location of the readers, making books more accessible to them.
- The digital library aims to resolve the ‘last mile’ accessibility issue for many states by offering over 10,000 books in more than 100 languages within the next 2-3 years.
- Currently, over 1,000 books in 23 languages are available.
- The initiative, expected to bridge the digital divide, will ensure books are accessible anytime and anywhere, promoting healthy reading habits among youth.
- The MoU signifies a collaborative effort to improve the educational environment in India.
Summit & Conference
India participates in ITU’s WSIS+20 Forum High-Level Event and ‘AI for Good’ Global Summit
- India led a delegation at ITU Geneva, for the WSIS+20 (World Summit on the Information Society) Forum High-Level Event 2024 and ‘AI for Good’ Global Summit from 27 to 31 May 2024.
- The event was co-organized by ITU, UNESCO, UNDP and UNCTAD and co-hosted by ITU and the Swiss Confederation, with the support of remote participation.
- India took over the hosting WTSA 2024 in New Delhi from 15-24 October 2024 during the AI for Good Global Summit at ITU Geneva and extended a warm invitation to the foreign delegates from across the globe to attend the upcoming WTSA in New Delhi.
- It was followed by launch of host country website of WTSA 2024.
- The WSIS+20 Forum High-Level Event also offered a unique occasion for the international community to assess opportunities for global digital cooperation and join forces towards a forward-looking and reinvigorated shared vision, ahead of the United Nations General Assembly (UNGA)’s twenty-year Additional Secretary (Telecom) Shri Niraj Verma has highlighted that India is leading in drafting global standards for responsible and trustworthy AI.
- The TEC (Standard’s body of DoT, India) has released a Standard for assessing and rating fairness in AI Systems.
- He also informed that TEC is now framing another Standard for assessing and rating robustness of AI systems.
- He addressed session on ‘Harmonizing Global Collaborations in AI Industry: A Roundtable on the Future of AI Standardisation, Regulation and Industry Development’, in Geneva, Switzerland.
- International Telecommunication Union (ITU) -17/05/1865 (Founded) -Geneva, Switzerland (HQ) -Bogdon Martin (President)
Appointments
Ruchira Kamboj retires from Permanent Representative to UN
- India’s first woman Permanent Representative to the United Nations, Ruchira Kamboj retired after 35 years of service.
- She is a 1987-batch IFS officer and also served as Indian envoy in Bhutan, South Africa and the UNESCO.
- She became Permanent Representative/Ambassador of India to New York, on August 2, 2022.
- She was Counsellor at India’s Permanent Mission to the UN in New York from 2002-05 and is the first and the only woman in Government to have held this position.
- She was Indian Ambassador to Bhutan in February 2019 and was also served as High Commissioner of India to South Africa July 2017-2019.
- United Nation Organization(UNO)- 24/10/1945(Founded)-San Francisco, USA(HQ)-Antonia Guterres (Director General)
Halla Tomasdottir elected as Iceland's next President
- Businesswoman and B Team CEO Halla Tomasdottir has been elected the seventh President of Iceland.
- She will take over from Guana Johannesson on August 1,2024.
Sports News
Dinesh Karthik officially announces retirement from all forms of cricket
- Wicketkeeper-batter Dinesh Kartik confirmed that he was officially retiring from ‘representative cricket of all formats’.
- Karthik played his last competitive game for RCB in the IPL 2024 Eliminator in May.
- He made his debut for the Indian cricket team in 2004.
- He was the 4th Indian batsman to play 300 T20 matches.
- Karthik was a member of the team that won both the inaugural 2007 T20 World Cup and the 2013 ICC Champions Trophy.
- He made his maiden Test century against Bangladesh and was India’s leading scorer in their Test tour of England helping India win their first series in England in 21 years.
Tanvi Sharma clinches women's singles title at Bonn International
- Indian Badminton player Tanvi Sharma defeated Wang Pei Yu of Chinese Taipei in straight games to clinch the Bonn International title in women’s singles title tournament held in Bonn, Germany.
International surfer Ajeesh Ali crowned new champion at Indian Open of Surfing
- Tamil Nadu surfers swept the top honours in all four categories, Men’s Open, Women’s Open, Groms Boys and Groms Girls, at the fifth edition Indian Open of Surfing.
- It was organised by the Surfing Federation of India.
- Ajeesh Ali, who competed in the Paris Olympics qualifiers at the 2023 ISA World Surfing Games in El Salvador, was crowned the new IOS champion in the Men’s Open category.
- Kamali Moorthi achieved a double victory, winning both the Women’s Open and Groms Girls categories, successfully defending her titles.
- Tayin Arun was crowned the new IOS champion in the Groms Boys & U-16 category.
- The three-day premier surfing competition in India held at the pristine Sasihithlu beach in Mangalore, Karnataka.
- The championship was organized by the Surfing Swami Foundation and hosted by the Mantra Surf Club.
Important Days
International Day of Innocent Children Victims of Aggression 2024 is observed on June 4
- International Day of Innocent Children Victims of Aggression is annually observed on June 4.
- The Day was first observed in 1982.
- On August 19, 1982, the UN General Assembly’s special session focused on the plight that Palestinian and Lebanese children faced due to Israeli aggression during the Lebanon war.
- The assembly further pledged to protect the rights of the children in Lebanon.
- The UN General Assembly announced that International Day of Innocent Children Victims of Aggression observed on June 4.
Daily Current Affairs - June 04, 2024 - Consolidated
- FSSAI directs FBOs to remove claim of 100% Fruit Juices from the label
- AIBEA to launch exclusive website ‘Bank Clinic’ at Mumbai
- ADB commits USD 2.6 billion in sovereign lending to India
- PNB signs MoU with India Infrastructure Finance
- Sebi launches saathi 2.0 personal finance app for investors
- Deutsche Bank expects FY25 fiscal deficit target lowered to under 5 per cent of GDP
- DBS retains India GDP growth forecast at 7% for FY24-25
- Goldman Sachs boosts India GDP forecast to 6.9% for CY24
- Reliance Foundation and INCOIS partners to empower coastal communities
- Department of School Education signs MoU with the National Book Trust to develop an institutional framework for Rashtriya e-Pustakalaya
- India participates in ITU’s WSIS+20 Forum High-Level Event and ‘AI for Good’ Global Summit
- Ruchira Kamboj retires from Permanent Representative to UN
- Halla Tomasdottir elected as Iceland’s next President
- Dinesh Karthik officially announces retirement from all forms of cricket
- Tanvi Sharma clinches women’s singles title at Bonn International
- International surfer Ajeesh Ali crowned new champion at Indian Open of Surfing
- International Day of Innocent Children Victims of Aggression 2024 is observed on June 4
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