National & International News :
1. Minister of Education, Dharmendra Pradhan, reveals the UGC (Institutions Deemed to be Universities) guidelines for the year 2023
On June 2, 2023, Union Minister Dharmendra Pradhan, Ministry of Education (MoE) released the UGC (Institutions Deemed to be Universities Regulations, 2023 for the establishment of more quality-focused deemed universities. These will surpass the UGC (Institutions Deemed to be Universities) Regulations 2019.
Aligned with the National Education Policy 2020, the new Regulations are built on the principle of a ‘light but tight’ regulatory framework envisioned in the National Education Policy 2020.
>> Prominent Features of the UGC (Institutions Deemed to be Universities) Regulations, 2023 :
- Faculty Strength : The minimum faculty strength requirement has been raised from 100 to 150.
- Corpus Fund : Private institutions now need to maintain a corpus fund of Rs 25 crore, an increase from the previous Rs 10 crore.
- Executive Councils : Deemed universities must establish executive councils, similar to those found in central universities.
- Eligibility Criteria : The regulations include eligibility criteria based on NAAC 'A' grade or NIRF rankings, ensuring quality standards.
- Online Application Process : An online application process has been introduced for convenience and efficiency.
- Distinct Institution Category : Institutions will be categorized distinctly, allowing for appropriate differentiation.
- Off-campus Center Setup Eligibility : Clear guidelines have been established regarding the eligibility for setting up off-campus centers.
- Quality Monitoring: Quality assurance and monitoring will be conducted by UGC expert committees.
- Statutory Body Rules Adherence: Institutions must adhere to the rules and regulations set by statutory bodies.
- Fee Concessions and Scholarships: The regulations address fee concessions and scholarships for deserving students.
- Academic Bank of Credits Implementation: The implementation of the Academic Bank of Credits will be ensured.
- Prospectus Availability Transparency: Institutions are required to maintain transparency in the availability of prospectuses.
- Record Maintenance : Institutions must maintain records for a period of five years.
- Strict Monitoring : UGC will closely monitor compliance with the regulations, emphasizing quality standards.
- Rectifying Deficiencies: Failure to rectify identified deficiencies may lead to the withdrawal of permission to offer new courses orprograms."
2. Khelo India University Games 2022 Held in UP : Panjab University tops Medal Tally
In the recently concluded Khelo India University Games (KIUG 2022), held in Uttar Pradesh (UP) from May 25th to June 3rd, 2023, Panjab University (Chandigarh) emerged as the overall champions. Panjab University dominated the medal tally, securing a remarkable total of 69 medals, consisting of 26 gold, 17 silver, and 26 bronze medals.
- Guru Nanak Dev University in Amritsar, Punjab, secured the second position with an impressive haul of 68 medals, including 24 gold, 27 silver, and 17 bronze medals. Jain University in Bengaluru, Karnataka, secured the third position with a commendable performance, earning a total of 32 medals, comprising 16 gold, 10 silver, and 6 bronze medals.
Top 5 :
1. Panjab University (Chandigarh) : 69 (Gold - 26, Silver - 17, Bronze - 26)
2. Guru Nanak Dev University, (Punjab) : 68 (Gold - 24, Silver - 27, Bronze - 17)
3. Jain University (Karnataka) : 32 (Gold - 16, Silver - 10, Bronze - 6)
4. Punjabi University (Patiala, Punjab) : 34 (Gold - 12, Silver - 14, Bronze - 8)
5. Guru Kashi University : 28 (Gold - 9, Silver - 10, Bronze - 9)
3. The Maharashtra Cabinet has introduced a new online platform called "Maha Labharthi" to facilitate the implementation of the "Shasan Aplya Dari" Scheme
In May 2023, the Maharashtra Cabinet, led by Chief Minister Eknath Shinde, introduced an initiative called the 'Shasan Aplya Dari' scheme, which translates to 'government at your doorstep.' The primary aim of this scheme is to ensure that citizens have easy access to information and can avail themselves of the complete benefits offered by various government schemes.
- To facilitate the implementation of the Shasan Aplya Dari scheme, the Maharashtra state government has launched a new portal called 'Maha Labharthi,' meaning 'mega beneficiary.' This portal, developed by the Maharashtra Knowledge Corporation Limited (MKCL), will serve as a comprehensive platform listing all state schemes.
- The 'Maha Labharthi' portal will enable the state government to effectively execute the Shasan Aplya Dari scheme, ensuring that the benefits of government schemes reach the common people at their doorstep without any inconvenience.
4. The Tata Group has announced plans to set up the first-ever Lithium-ion Cell Manufacturing Gigafactory in Gujarat, India
On 2nd June 2023, Tata Agaratas Energy Storage Solutions Private Limited, a subsidiary of Tata Group, signed a memorandum of understanding (MoU) with the Gujarat government to establish a lithium-ion cell manufacturing giga factory in Sanand region, Gujarat.
This giga-factory in Gujarat will produce the 1st ever lithium-ion cells in India. The plant is expected to start in less than 3 years.
- The MoU was signed under the New Gujarat Electronics Policy 2022-2028, made under the guidance of Chief Minister (CM) Bhupendra Patel.
- This plant will have an estimated initial investment of around Rs.13,000 crore and will have a production capacity of 20 Gigawatt hours (GWh).
- The plant will help generate direct and indirect employment for some 13,000 individuals.
- The plant will help reduce Gujarat’s dependence on China and South Korea, which currently supply battery cells to India.
5. Security Council Extends UN Political Mission in Sudan for 6 Months
The United Nations Security Council (UNSC) has unanimously agreed to extend the mandate of the United Nations Integrated Transition Assistance Mission in Sudan (UNITAMS), the political mission of the United Nations (UN) in Sudan, for a duration of 6 months, until December 3rd, 2023. This decision comes in response to the deteriorating conflicts within Sudan.
- Under resolution 2685 (2023), the UNSC not only extended the mandate but also requested the Secretary-General of the UN to provide regular reports on the progress of the mission's implementation every 90 days. The Security Council also affirmed its active involvement in the matter.
- UNITAMS was established in June 2020 to provide support during Sudan's transitional period following the ousting of the Omar al-Bashir government.
- The resolution reaffirms the Security Council's dedication to upholding Sudan's sovereignty, unity, independence, and territorial integrity.
Bank & Finance News :
1. RBL Bank Introduces ACE Fixed Deposit Scheme, offering up to 8.50% Interest Rate
RBL Bank Ltd has recently launched the 'ACE Fixed Deposit Scheme,' offering customers an attractive interest rate of up to 8.50%. This scheme aims to provide enhanced savings options for the bank's customers.
>> Key points about RBL Bank Ltd's new fixed deposit scheme, the "ACE Fixed Deposit scheme" :
- Term : The scheme offers fixed deposit options for terms ranging from 12 months to 20 years, providing customers with more choices and opportunities to earn rewards.
- Deposit Range : The minimum deposit value for this scheme is Rs 50 lakh, while the maximum deposit value is set at Rs 2 crore.
- Eligibility : The ACE Fixed Deposit scheme is available to both resident and non-resident Indians.
- Higher Interest Rates : Under this scheme, RBL Bank offers an additional interest rate of 20 basis points (bps) compared to regular callable deposits (fixed deposits with premature withdrawal). Senior citizens and super senior citizens are eligible for even higher interest rates, with senior citizens receiving an extra 50 bps and super senior citizens receiving an extra 75 bps.
- Revised Interest Rates : Starting from June 1, 2023, RBL Bank has revised its fixed deposit interest rates. For regular citizens with deposits below Rs 2 crore, the bank now offers an interest rate ranging from 3.50% to 7.80%.
- Additional Interest for Senior Citizens : Under the fixed deposit scheme, senior citizens (aged 60 to less than 80 years) can avail themselves of an additional interest rate of 0.50% per annum (p.a). Super senior citizens (80 years and above) are eligible for an extra interest rate of 0.75% p.a.
- Exclusion for Non-Resident Fixed Deposits : The senior citizen and super senior citizen interest rates mentioned above are not applicable to Non-Resident Fixed Deposits (NRE/NRO).
About RBL Bank Ltd. :
Establishment : 6 August 1943
Headquarters : Mumbai, Maharashtra
MD&CEO : R Subramaniakumar
Tagline : apno ka bank
2. Karbon Card has introduced Card++, which is India's first mobile-based expense management card
Karbon Card, a B2B (Business to Business) payment solution provider, launched India’s first-ever mobile-based expense management card namely ‘Card++’.
- Based on the mobile-first approach, it will address the challenges faced by startups and Small and Midsize Business (SMB) by providing reliable and accessible expense solution, thus, reducing disruptions caused by the use of multiple payment instruments by SMBs.
>> Benefits :
- Convenient access through a dedicated Android app, enabling users to access the services anytime, anywhere.
- Uncapped cashback on all transactions, providing an opportunity to earn rewards without any limits.
- Customizable transaction controls available within the app, allowing users to personalize their spending preferences.
>> Key Points :
- The card is completely free to use and offers uncapped cashback benefits.
- It supports payments on popular platforms such as Google, Amazon, Swiggy, Ola, and more.
- The card provides a seamless expense management experience with its user-friendly 2-click sign-up process, intuitive Android app for easy access on the go, and hassle-free top-up options.
- The goal is to attract a significant number of new customers and onboard them by the end of 2023.
About Karbon Card :
Founders : Amit Jangir, Kartik Jain, and Sunil Kumar
Co-Founder & CEO : Pei-fu Hsieh
Headquarters : Bengaluru, Karnataka
Establishment : 2019
3. SEBI Issued Guidelines for Transactions in Corporate Bonds through RFQ platform by stock brokers (SBs)
On June 2, 2023, the Securities and Exchange Board of India (SEBI) introduced guidelines aimed at increasing liquidity, transparency, and disclosure in the secondary market for Corporate Bonds (CBs). These guidelines specifically focus on transactions conducted through the Request for Quote (RFQ) platform by stock brokers (SBs).
>> Here are the key points of the SEBI guidelines :
- Increased CB Transactions: SEBI has instructed SBs to ensure that at least 10% of their total secondary market trades, by value, in CBs are conducted through the RFQ platform in a given month. This can be accomplished by placing or seeking quotes using the one-to-one (OTO) or one-to-many (OTM) mode on the RFQ platform provided by stock exchanges.
- Applicability : These guidelines are applicable to all proprietary trades carried out by SBs and will come into effect from July 1, 2023.
- Value Increment : Starting from April 1, 2024, SBs will be required to further increase the value of their total secondary market trades in CBs by 25%.
Objective : The objective of these guidelines is to encourage SBs to actively participate in CB trading on the RFQ platform, thereby enhancing liquidity and promoting transparency and disclosure in the secondary market for corporate bonds.
>> About Request for Quote (RFQ) :
- The Request for Quote (RFQ) platform was launched in 2020 under the guidance of SEBI.
- It allows for the invitation and/or provision of quotes in a direct participation model, where all participants trade in their own accounts.
- Eligible participants include regulated entities, listed corporate bodies, institutional investors, and all Indian financial institutions.
- In October 2022, SEBI allowed stock brokers (SBs) to place bids on the RFQ platform on behalf of their clients, expanding participation in the corporate bond (CB) market.
- The RFQ platform supports both OTO (one-to-one) and OTM (one-to-many) modes for placing quotes.
- As of January 2023, participants can engage SEBI-registered brokers to access and participate in the RFQ platform.
- The RFQ platform enables users to seek quotes and respond to quotes.
- It utilizes the RFQ protocol, allowing an initiator to request quotes from other participants for various securities such as corporate bonds, securitized debt instruments, municipal debt securities, government securities, state development loans, treasury bills, commercial papers, certificates of deposit, and others specified by an exchange.
About Securities and Exchange Board of India ( SEBI) :
Chairperson : Madhabi Puri Buch
Headquarters : Mumbai, Maharashtra
Establishment : 12 April, 1992
4. IRDAI Identified SBI Life as the Acquirer-Insurer of Business of Sahara India Life Insurance Co. (SILIC)
On June 2, 2023, The Insurance Regulatory and Development Authority of India (IRDAI) identified SBI Life Insurance Company Limited (SBI Life) as the acquirer–insurer of the business of Sahara India Life Insurance Co. (SILIC).
- In this regard, SBI Life shall take over the policy liabilities of around two lakh policies of SILIC, backed by the policyholders’ assets, with immediate effect.
- This decision has been taken by IRDAI in exercise of its powers under sub-section (2) of Section 52B of the Insurance Act, 1938.
About SBI Life Insurance Company Limited (SBI Life) :
SBI Life was incorporated in 2000 and was registered with IRDAI in 2001.
MD & CEO : Mahesh Kumar Sharma
Headquarters : Mumbai, Maharashtra
Tagline : Apne Liye.Apno Ke Liye.
Other News :
1. Padma Shri Awardee and veteran Actress Sulochana Latkar Passed Away at the age 94
On 4th May 2023, Padma Shri Awardee and veteran Actress Sulochana Latkar passed away at the age of 94 due to prolonged respiratory illness in Mumbai, Maharashtra. She was born as Nagabai on July 30, 1928 in Khadaklat village in Belgaum, Karnataka.
>> Career and Awards :
(i) Sulochana Latkar began her acting career in 1946 and appeared in numerous Hindi and Marathi films.
(ii) She gained recognition for her memorable 'mother roles' in Hindi films from 1959 to 1995.
(iii) Some of her notable Hindi film appearances include "Aaye Din Bahar Ke," "Gora Aur Kala," "Devar," "Talaash," and "Azaad."
(iv) In Marathi cinema, she played lead roles in films such as "Sasurvas," "Vahinichya Bangdya," "Meeth Bhakar," "Sangte Aika," and "Dhakti Jau."
(v) Sulochana Latkar received the prestigious Padma Shri award in 1999 in recognition of her contributions to the film industry.
(vi) She was also honored with the Filmfare Lifetime Achievement Award in 2004.
(vii) In 2009, she received the esteemed 'Maharashtra Bhushan' Award, the highest civilian award presented by the Government of Maharashtra.
2. International Day of Innocent Children Victims of Aggression 2023 - 4th June
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| Source : News 18 (Downloaded from google) |
The United Nations (UN) International Day of Innocent Children Victims of Aggression is observed annually on June 4th across the world to recognise and acknowledge the sufferings and pain of children throughout the world, who are the victims of physical, mental and emotional abuse.
- The day originally focused on the children affected by the 1982 Lebanon War and also focused on Palestinian children that were victims of Israel's acts of aggression.
- he day also affirms the UNs commitment towards protecting children and their rights.
- The first-ever International Day of Innocent Children Victims of Aggression was observed on 4th June 1983.
About United Nations (UN) :
Founded in : 24 October 1945
Secretary-General : António Guterres
Headquarters : New York, the United States of America (USA)
3. International Day for the Fight against Illegal, Unreported and Unregulated Fishing 2023 - 5th June
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| Source : News 18 (Downloaded from google) |
The United Nations(UN)’s International Day for the Fight against Illegal, Unreported and Unregulated (IUU) Fishing is annually observed across the globe on 5th June to address the issue of illegal, unreported and unregulated (IUU) fishing activities.
- 5th June 2023 marks the observance of the 6th International Day for the Fight against IUU Fishing.
- The first-ever International Day for the Fight against IUU Fishing was observed on 5th June 2018.
About Food and Agriculture Organization of the United Nations (FAO) :
Director-General : Qu Dongyu
Headquarters : Rome, Italy
4. World Environment Day 2023 - 5th June
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| Source : Indiatimes.com (Downloaded from google) |
The United Nations (UN)’s World Environment Day (WED) is annually observed across the globe on 5th June to highlight the significance of protecting the environment. The day also creates awareness about the efforts taken by various stakeholders across the globe to address environmental issues.
- 5th June 2023 marks the observance of the 50th World Environment Day.
Theme : The theme of the WED 2023 is “Solutions to Plastic Pollution”.
The 2023 theme acts as a reminder that people's actions on plastic pollution matter.
- The annual observance of WED is led by the United Nations Environment Programme (UNEP), an environmental authority in the UN system, since 1973.
>> Host of WED 2023 : The WED 2023 is hosted by Côte d'Ivoire and supported by the Netherlands.
>> #BeatPlasticPollution Campaign : The WED 2023 campaign #BeatPlasticPollution calls for global solutions to combat plastic pollution.
About United Nations Environment Programme (UNEP) :
Executive Director : Inger Andersen
Headquarters : Nairobi, Kenya
News Highlights :
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| News Highlights : Daily Current Affairs by Eduguide360 |
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