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National & International News :
1. Prime Minister Narendra Modi has unveiled two initiatives, namely Amrit Dharohar and MISHTI Yojana, with the aim of rejuvenating wetlands and mangroves
On World Environment Day 2023 (June 05, 2023), Prime Minister (PM) Narendra Modi launched two schemes named Amrit Dharohar Yojana and MISHTI Yojana (Mangrove Initiative for Shoreline Habitats and Tangible Incomes) under the Ministry of Environment, Forest and Climate Change (MoEFCC), to revive wetlands and mangroves across India.
- As per the statement of PM, the number of wetlands and Ramsar sites in India have increased almost three times in the past nine years.
>> Amrit Dharohar Yojan : The scheme was launched to conserve the existing Ramsar sites and achieve sustainable ecosystem development through publicparticipation over the next three years.
>> MISHTI Yojana : The scheme envisages to comprehensively explore the possible area for the development of mangroves covering nearly 540 sq km,spreading across 11 states and two union territories over 5 years, starting from FY24.
About Ministry of Environment, Forest and Climate Change (MoEFCC) :
Union Minister : Bhupender Yadav (Rajya Sabha - Rajasthan)
Minister of State (MoS ) : Ashwini Kumar Choubey
2. The collaboration between Meta and MWCD has resulted in the launch of the Amrit Generation Campaign, which aims to empower young individuals
The Amrit Generation campaign, a joint initiative by Meta (formerly known as Facebook) and the Ministry of Women and Child Development (MWCD), has been launched to empower and engage the youth of India, specifically targeting the age group of 16-18 years. This campaign, commencing on June 8, 2023, aims to provide a platform for young individuals to express their aspirations and dreams for the future. The campaign was officially inaugurated by Smriti Irani, Union Minister of MWCD, on June 7, 2023.
- Under the Amrit Generation campaign, young people are encouraged to unleash their creativity and share their aspirations by creating Reels on Instagram and Facebook using the hashtag #AmritGeneration. By utilizing these social media platforms, the campaign intends to amplify the voices of the youth and promote their visions for a better tomorrow.
- As part of the campaign, 50 outstanding entries will be selected for further recognition. The chosen participants will have the incredible opportunity to visit the Meta office in Gurugram, Haryana, and engage in meaningful interactions with senior policymakers and industry leaders in New Delhi, Delhi. This initiative aims to provide a platform for the youth to network, gain insights, and further nurture their potential.
3. The acquisition of a 4.04% shareholding in Acko Tech by GASACK has received approval from the Competition Commission of India (CCI)
The Competition Commission of India (CCI) approved the acquisition of an additional 4.04% shareholding of Acko Technology and Services Private Limited (Acko Tech) by General Atlantic Singapore ACK Pte. Ltd. (GASACK).
- The CCI has approved the proposed combination subject to compliance with amendments jointly provided by GASACK and GAP Bermuda, LP pursuant to Regulation 19(2) of the Rules of the Competition Commission of India (Procedure in Commercial Transactions Related to Combinations), 2011.
4. Competition Commission of India approves deal involving Manipal Group
On June 6, 2023, the Competition Commission of India (CCI), an impartial regulator responsible for ensuring fair trade practices and fostering competition in the market, granted clearance for the proposed transaction involving Manipal Health Enterprises Pvt Limited (MHEPL) and Manipal Education and Medical Group India Pvt Limited (MEMG India).
- Transactions that exceed a certain threshold require approval from the regulator, which oversees and monitors unfair business practices while promoting fair competition in the marketplace.
- MHEPL operates a network of multi-speciality hospitals under the renowned brand name 'Manipal Hospitals.' On the other hand, MEMG India serves as a wholly-owned subsidiary of RSP Trust India and is part of the esteemed Pai family group.
5. CCI approved minority Stake Acquisition in Lenskart Solutions
The acquisition of a minority stake in Lenskart Solutions by Dove Investments, Defati Investments Holding BV, and Infinity Partners has been approved by the Competition Commission of India (CCI) through the green channel route.
- The proposed combination pertains to the acquisition of a minority equity shareholding in Lenskart by Dove Investments, Defati Investments Holding BV, and Infinity Partners. The green channel route allows for the expedited approval of transactions that are unlikely to have a significant adverse impact on competition. Once the transaction is communicated to the antitrust/fair-trade regulator, it is deemed approved.
- Lenskart Solutions Pvt Ltd (LSPL) is involved in the manufacturing, sale, and wholesale trading of eyewear products. On the other hand, Dove Investments, Defati Investments Holding BV, and Infinity Partners are private equity investors.
6. The central Government sanctioned Rs. 12,911 crore for the Polavaram project in Andhra Pradesh (AP)
The Central government sanctioned Rs 12,911 crore to Andhra Pradesh (AP) for completing the first phase of the Polavaram Project, which includes an additional Rs 2,000 crore for the construction of the diaphragm wall, which was washed away due to the Godavari floods.
- The Polavaram Irrigation Project is on the river Godavari near Ramayyapeta village of Polavaram Mandal in Eluru district, where Godavari emerges out of the last range of the Eastern Ghats and enters the plains in West Godavari District of Andhra Pradesh.
>> The Polavaram Project encompasses several key aspects :
(i) The primary component of this project involves the construction of a 2,454-meter Earth cum Rock fill dam, which includes three gaps.
(ii) This extensive irrigation project serves multiple purposes and aims to irrigate agricultural lands spanning an area of 436,825 hectares.
(iii) Additionally, the project incorporates a hydroelectric power plant with a capacity to generate 960 MW of power through twelve 80 MW units.
(iv) Furthermore, the project aims to provide drinking water to a population of 2.05 million individuals residing in 611 villages.
- In terms of river linking, the Polavaram Project facilitates the interlinking of the Godavari and Krishna rivers. It achieves this by diverting 80 thousand million cubic feet (TMC) of water to the Krishna river basin.
About Andhra Pradesh :
Chief Minister : Y.S. Jagan Mohan Reddy
Governor : S. Abdul Nazeer
Wildlife Sanctuaries : Nagarjuna Sagar-Srisailam Wildlife Sanctuary, Gundla Brahmeswaram Wildlife Sanctuary
7. Bihar & AAI signs MOUs to construct new Civil Enclaves at Darbhanga & Purnea Airport
On June 5 2023, The Government of Bihar signed two Memoranda of Understanding (MOUs) with the Airports Authority of India (AAI) for the construction of Civil Enclaves at Darbhanga Airport and Purnea Airport in Bihar.
- Under this MoU, the Bihar government will provide undisputed land at free of cost to AAI for both the airports.
- The construction will take place on 76.65 acres of land for New Civil Enclave and installation of CAT-II approach lights in Darbhanga and 52.18 acres of land for Civil Enclave in Purnea.
8. The Defense Research and Development Organization (DRDO) has achieved a successful test of the "Agni Prime" Ballistic Missile off the coast of Odisha
Defence Research and Development Organisation (DRDO) conducted a successful flight test of Agni Prime or Agni-P, a New Generation Ballistic Missile, on June 7, 2023. The test took place from Dr. APJ Abdul Kalam Island, situated off the coast of Odisha.
- This remarkable achievement marked the first pre-induction night launch conducted by the users of the missile. The successful flight test follows three previously successful developmental trials, further affirming the system's precision and dependability. The results of this test validate the accuracy and reliability of Agni Prime, positioning it for potential future deployment.
[ Agni Prime : It is a 2 stage canisterised solid propellant ballistic missile with dual redundant navigation and guidance system.
- It has a range between1000 to 2000 km (Kilometre) and was test-fired for the first time in June 2021.
- It is lighter than all the earlier Agni series of missiles.
- Agni series of missiles includes the Prithvi short range ballistic missiles and fighter aircraft, which constitute the backbone of India’s nuclear weapons delivery. ]
9. Indian Navy partners with QNu Labs to Procure Quantum Encryption Systems
QuNu Labs Private Limited (QNu Labs), a leading quantum technology startup company, partners with the Indian Navy for the procurement and deployment of Quantum Key Distribution (QKD) based systems.
- With this collaboration, Indian Navy becomes India’s 1st agency to procure large-scale Quantum-based encryption systems.
Objective : The objective of this collaboration is to enhance the security of sensitive communication networks employed by the Indian Navy, bolstering their defense against evolving cyber threats. A primary focus is to fortify the security of the communication networks that play a crucial role in mission-critical operations and facilitate the secure exchange of sensitive information. By doing so, this partnership aims to ensure the integrity and confidentiality of vital naval communications while mitigating potential risks posed by cyber threats.
About QNu Labs :
Founded in : 2016
Co-Founder & CEO : Sunil Gupta
Headquarters : Bengaluru, Karnataka
10. Sixth edition of India-Maldives Exercise ‘Ekatha’ begin in Maldives
The sixth edition of the annual Naval Exercise ‘Ekatha’ between India and Maldives was scheduled to be conducted from 4th June to 3rd July, 2023 to enhance interoperability in diving and special operations.
- Indian Navy divers and Marine Commandos went to Maldives to participate in the exercise along with Maldives National Defence Force (MNDF).
Economy :
1. World Bank trims India’s Growth Forecast to 6.3% for 2023
World Bank (WB) in its Global Economic Prospects Report - June 2023 lowered India’s growth outlook to 6.3% for 2023, a 0.3 percentage point downward revision from 6.6% in January 2023.
- For 2024, WB expects GDP growth rate at 6.4%. While for 2025 forecast, the growth rate is expected at 6.5%.
Banking & Finance :
1. SBI launches project Kuber in Bengaluru
State Bank of India(SBI), launched ‘Project Kuber’, which includes the establishment of four Transaction Banking Hubs and one Corporate Salary Package Hub in Bengaluru, Karnataka.
- A professional team will facilitate business partners and customers in availing digital banking services such as Yono Business, e-Payments, Cash Management Products.
About State Bank of India (SBI) :
Established in : 01 July 1955
HQ : Mumbai, Maharashtra
Chairman : Dinesh Kumar Khara
2. IFC & NaBFID Signed MoU to Develop PPP Projects and Strengthen Infrastructure
International Finance Corporation (IFC), a part of the World Bank Group, and National Bank for Financing Infrastructure and Development (NaBFID) signed a MoU to develop a pipeline of investment-ready public-private partnership (PPP) projects in infrastructure across India.
- The initial projects are expected to mobilize around USD 2 billion in private investment over the next few years in national priority sectors, including renewable energy, energy storage, urban infrastructure, and others.
[ NATIONAL BANK FOR FINANCING INFRASTRUCTURE AND DEVELOPMENT (NaBFID) : The NATIONAL BANK FOR FINANCING INFRASTRUCTURE AND DEVELOPMENT (NaBFID) operates as an All India Financial Institution (AIFI) and is regulated and supervised by the Reserve Bank under Sections 45L and 45N of the Reserve Bank of India Act, 1934. It is recognized as the fifth AIFI following the EXIM Bank, NABARD, NHB, and SIDBI.
- The NaBFID Act was established to establish the National Bank for Financing Infrastructure and Development with the purpose of facilitating the growth of long-term non-recourse infrastructure financing in India.
- The authorized share capital of NaBFID is set at 1 lakh crore rupees, divided into ten thousand crores of fully paid-up shares, with each share valued at ten rupees. These shares may be held by various entities, including the Central Government, multilateral institutions, sovereign wealth funds, pension funds, insurers, financial institutions, and banks. The Central Government is mandated to maintain a minimum ownership of twenty-six percent of the shares at all times.
🔘 IFC part of the world bank group) is an international financial institution that offers investment, advisory, and asset management services to encourage private sector development in developing countries ]
About International Finance Corporation :
Formed in : 1956
HQ : Washington, D.C.
MD : Makhtar Diop
3. Kotak Private has introduced a savings program called "Réserve" specifically designed for Ultra High Net Worth Individuals (UHNIs) and High Net Worth Individuals (HNIs)
Kotak Private Banking has launched a savings programme named ‘Reserve’ exclusively for its UHNIs (Ultra High Net Worth Individuals) and HNIs (High Net Worth Individuals) comprising entrepreneurs, business families, and professionals.
- The savings programme Reserve is applicable for an individual who is having a 7.5 Crore Relationship Value and a minimum savings bank account balance (Average Yearly Balance) of Rs 50 lakhs.
- Ultra high net worth individuals (UHNWI) are people with investable assets of at least USD 30 million. HNWI - 1 Million US$
About Kotak Private :
HQ : Mumbai, Maharashtra
CEO : Oisharya Das
4. BoB Launches ICCW facility for cash withdrawals using UPI on its ATMs
Bank of Baroda (BoB) has introduced the Interoperable Cardless Cash Withdrawal (ICCW) facility, which enables customers to withdraw cash from the bank's ATMs (Automated Teller Machines) using UPI (Unified Payments Interface) without the need for a physical debit card.
- With the launch of this service, BoB has become the first public sector bank to offer the ICCW service, enhancing convenience for its customers. The facility allows for a maximum of two transactions per account per day, with each transaction limited to a withdrawal amount of Rs 5,000. By leveraging UPI, customers can now access cash securely and seamlessly without relying on a physical debit card.
About Bank of Baroda :
Established in : 1908
HQ : Vadodara, Gujarat
Tagline : India’s International Bank
MD & CEO : Sanjiv Chadha
5. YES Securities & WatchYourHealth Partners to offer Investment Solutions to Healthcare Professionals
YES Securities (India) Limited (YSL) is partnering with WatchYourHealth (WYH) to provide investment solutions to healthcare professionals through the ‘Wealth- Where Investments and Health Unite’ program.
- YSL will provide free-of-cost demat and trading accounts, financial planning products.
6. JPMorgan Partners with 6 Indian banks to trial blockchain-based USD settlement
In a collaborative effort, JPMorgan Chase & Co has partnered with six prominent Indian banks to initiate a pilot program aimed at testing a blockchain-based platform for interbank settlement of US Dollar transactions.
- The six Indian banks involved in this initiative are HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank, and JPMorgan's own banking subsidiary located at Gujarat International Finance Tec-City (GIFT City).
- As part of the pilot program, these six Indian banks will establish on-chain Nostro accounts in conjunction with JPMorgan's branch in GIFT City. This innovative approach leverages blockchain technology to streamline and enhance the settlement process for US Dollar transactions between the participating banks.
[ Nostro Account : A nostro account, derived from the Latin word for “ours,” is an account held by a bank in a foreign currency at another bank.
Vostro Account : A vostro account is an account held by a foreign bank in the local currency at another bank. Vostro accounts, derived from the Latin word for “yours”. ]
7. SIDBI signs pact with HDFC Bank to offer Financial Solutions to MSMEs
The Small Industries Development Bank of India (SIDBI) has signed a Memorandum of Understanding (MoU) with HDFC Bank Limited under which both entities will work together to provide complete financial product and services to the customers under MSMEs.
About Small Industries Development Bank of India (SIDBI) :
Founded in : 1990
HQ : Lucknow, Uttar Pradesh
Chairman & Managing
Director : Sivasubram Ramnn
8. Bajaj Finserv Launches its MF Business, Bajaj Finserv Asset Management Limited
Following the Securities and Exchange Board of India's (SEBI) approval in March 2023, Bajaj Finserv Limited (BFS) has officially launched its mutual fund (MF) business under the name 'Bajaj Finserv Asset Management Limited.'
- With this launch, Bajaj Finserv becomes the 43rd Asset Management Company (AMC) in India and the sixth company to enter the MF industry since 2021. The introduction of their MF business demonstrates Bajaj Finserv's commitment to expanding their financial offerings and providing investment opportunities to their customers.
About Bajaj Finserv Limited :
Headquarters : Pune, Maharashtra
Chairman & Managing Director : Sanjiv Bajaj
Other News :
1. World Food Safety Day 2023 - 7th June
The United Nations(UN)’s World Food Safety Day(WFSD) is annually observed across the globe on 7th June to create awareness about the importance of maintaining food standards and to promote actions to prevent foodborne diseases at all levels.
- 7th June 2023 marks the observance of the 5th World Food Safety Day.
Theme : The theme of WFSD 2023 is “Food standards save lives” and the slogan of WFSD 2023 is “Food safety is everyone's business” .
2. World Oceans Day 2023 - 8th June
United Nations(UN) World Oceans Day is annually observed across the globe on 8th June to create awareness about the importance of the oceans, a life source which supports the sustenance of humanity and every other organism on earth.
- The first-ever World Oceans Day was observed on 8th June 2009.
Theme : The theme of World Oceans Day 2023 is “Planet Ocean : tides are changing”.
News Highlights :
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