LIC ADO Interview Preparation Guide : Part - 1 | Some Imporatnt Concepts about Insurance | About Insurance Regulatory and Development Authority of India (IRDAI)

LIC ADO Interview Preparation Guide

(Part - 1)

In this blog we have discussed about some " Preparation tips and concepts about Insurace and its types" and also about " Insurance Regulatory and Development Authority of India (IRDAI) " . We hope that it will help you. Thank you.

Some tips on Interview Preparation : 

An interview is a formal two-way communication process where an interviewer assesses the qualifications, personal details, personality, and capabilities of an interviewee. Interviews are conducted for various purposes, including job selection, university admissions, and commissions' evaluations for prestigious courses.

A. There are three major types of interviews :

(i) Telephonic Interviews : These interviews are conducted over a phone call and typically last for 10-15 minutes. In telephonic interviews, communication skills and knowledge play a crucial role as only audio is used for communication. They are usually conducted in the initial rounds to gather basic information about the candidates.

(ii) Individual Interview : Individual interviews can be conducted either virtually or face-to-face. They involve only one interviewer and tend to be more detailed compared to other interview formats. In individual interviews, the candidate's body language, personality, presence of mind, behavior, and qualifications are evaluated.

(iii) Group Interview : Group interviews can be conducted virtually or in-person. They involve a panel of interviewers, usually consisting of 4-5 members. Group interviews tend to be longer and often make candidates nervous and anxious due to the presence of multiple interviewers.

It is important for candidates to prepare and be aware of the specific requirements and expectations of each type of interview to enhance their chances of success.

B. The significance of Interviews :

Interviews play a crucial role in the functioning of any organization. They provide both the institution and the individual with an opportunity to gain insights into each other's goals and objectives. Below are the various importance of interviews:

(i) Platform for Presentation : Interviews offer candidates a valuable platform to showcase their achievements, skills, and qualifications to the institution or company they aspire to join.

(ii) Understanding Motives : Through interviews, recruiters can gauge the candidates' motives and determine their genuine interest in serving the institution over the long term.

(iii) Skill Evaluation : Interviews serve as a means to assess the skills and abilities of the candidates. This evaluation helps recruiters gauge the suitability of the candidates for the desired position.

(iii) Selecting the Best Fit : Interviews aid recruiters in selecting the most suitable candidate for a particular role. They facilitate a comparison of candidates based on various aspects, enabling the identification of the best fit for the institution's requirements.

Overall, interviews are vital in establishing a productive connection between the institution and the candidates, ensuring that the most qualified individuals are selected to contribute to the institution's success.

C. Effective Interview Preparation Tips :

Preparing for interviews can be overwhelming, and it's easy to overlook important details. While there are numerous tips to keep in mind, here are some fundamental ones that cover various aspects of the interview process, helping you perform at your best:

(i) Be Punctual : Arriving late or missing the interview is the worst mistake you can make. Aim to reach the office or interview venue 20 to 30 minutes early. This allows you to compose yourself and appear fresh during the interview. If unfamiliar with the location, research it a day in advance to avoid delays.

(ii) Research the Company : Acquire in-depth knowledge about the company or organization you are interviewing for. Understanding their background and values will help you align your skills and qualifications to their requirements effectively.

(iii) Dress Professionally : Maintain a professional appearance by dressing appropriately. Avoid overdressing, casual attire, or excessive accessories. Choose clean, well-ironed clothes, style your hair neatly, and opt for a mild fragrance to make a positive impression without overwhelming the interviewer.

(iv) Make Eye Contact : Establishing eye contact is vital in any form of communication. Despite nervousness, make a conscious effort to maintain firm eye contact with the interviewer. Avoid looking at walls or furniture, as it may come across as awkward or immature.

(v) Gather Required Information : Boost your confidence by thoroughly understanding your field and qualifications. Be prepared to answer questions and handle unexpected queries confidently. Avoid exaggerating or providing nonsensical explanations, as interviewers value concise and meaningful responses.

(vi) Know Your Motivation : Expect to be asked why you applied for the interview. This question reflects your intentions and aspirations. Provide a genuine response that highlights your desire for long-term experience and learning, emphasizing how the organization aligns with your goals. Avoid irrelevant or uninformed answers such as "just looking for a job" or "heard about a vacancy and applied."

By following these basic interview preparation tips, you can enhance your chances of success and make a positive impression during the interview process.

Now we discuss about Insurance.

Some Imporatnt Concepts about Insurance :

A. About Insurance :

Definition of Insurance : Insurance is a contract where individuals facing similar risks agree to share the losses resulting from those risks on an equitable basis. It provides protection against specific risks by distributing the potential financial burden among a group of insured individuals.

Example of Risk Sharing : Suppose there are 10,000 houses in a city, and each year, 10 houses are destroyed by fire. If the loss due to fire is Rs. 1,00,000 per house, the total estimated loss would be Rs. 10,00,000. By dividing this loss among the 10,000 house owners, each owner's share would be Rs. 100. Thus, through a small annual contribution of Rs. 100, all 10,000 house owners obtain protection against the risk of fire.

B. Characteristics and Needs of Insurance :

(a) Characteristics :

(i) Contractual Nature : Insurance is a contract between two parties: the insurer and the insured. The insurer agrees to compensate the insured for certain risks in exchange for the payment of insurance premiums. Indian Contract Act provisions, such as proposal, acceptance, consideration, competency of parties, and lawful object, apply to insurance contracts.

(ii) Principle of Mutual Help : Insurance is a cooperative mechanism that spreads the losses caused by specific events among a group of insured individuals. It operates on the principle of mutual assistance.

(iii) Principle of Large Numbers : Insurance relies on a large number of insured individuals to reduce the cost of insurance and premiums. More insured individuals lead to lower costs, while fewer insured individuals result in higher costs.

(iv) Uncertain and Unforeseen Events : Insurance covers events that are uncertain and unforeseen. It provides financial indemnity for the insured property against specific risks during the insurance period.

(v) Regulation and Authority : Insurance business is regulated by specific acts enacted by the central or state government in each country. In India, life insurance is regulated by the Life Insurance Corporation of India Act 1956, and general insurance is regulated by the General Insurance Business (Nationalization) Act 1972. The Insurance Regulatory and Development Authority (IRDA) was established in 1999 to regulate the insurance industry in the country.

(vi) Social and Economic Device : Insurance is a social and economic mechanism that shares the financial burden of unforeseen events among the public exposed to risks.

(vii) Risk Evaluation and Premium Determination : Insurance companies assess the risk and determine the amount of premium accordingly. Higher risks result in higher premiums.

(viii) Compensation for Unforeseen Events : Insurance companies are liable to pay compensation, or the claim amount, only if specific unforeseen events occur in the case of fire, marine, and accident insurance.

(ix) Legitimate Contract : Insurance is a lawful contract that transfers the risk from one individual to a group of individuals. Policyholders pay premiums as consideration, and insurance serves to increase productivity and convert uncertainty into certainty. It is not a form of gambling or wagering.

(b) Needs :

(i) Economic Protection : Insurance provides economic protection to individuals and their property by covering potential losses.

(ii) Investment and Future Needs : Life insurance serves as an investment for meeting future needs such as education, marriage, and income provision for old age.

(iii) Tax Relief : Premium payments made during the financial year can provide income tax relief to policyholders.

(iv) Social Security : Insurance has gained importance as a social security device in recent years.

(v) Business Protection : Insurance protects businesses by safeguarding investments against various risks, ensuring operational continuity, and facilitating business growth.

(vi) Minimization of Uncertainty : By providing financial support, insurance minimizes uncertainties in business and human life.

C. Types of Insurance in India – Risks and Benefits :

(i) Term Insurance or Term Plan : It provides financial coverage to the beneficiary of the insured person for a specific period. The death benefits can be claimed by the beneficiary in the event of the policyholder's death during the policy term.

Risk : No pay-out is provided if the insured person outlives the policy term.

Benefits : Offers high coverage or sum assured at low premiums.

(ii) Whole Life Policy : Provides insurance cover for the entire life of the policyholder as long as the premiums are paid. Maturity benefit is received by the policyholder upon surviving the policy term, while the nominee receives the death benefit.

Risk : Changes in company policies, bankruptcy, or poor performance can impact the returns negatively.

Benefits : Coverage for the whole life or up to 100 years in some cases, with the option for partial withdrawals.

(iii) Endowment Plan : Combines life insurance coverage with regular savings over a specific period. Offers a lump sum amount on policy maturity or to the beneficiaries in case of the policyholder's death during the term.

Risk : Protection is provided only for the specified period, higher premiums compared to other plans, and low returns.

Benefits : Maturity benefits, periodical bonuses, surrender values, paid-up values, and loan values.

(iv) Unit Linked Insurance Plan (ULIP) : A market-linked product that combines investment and insurance. Offers flexibility to invest in equity or debt funds based on the investor's risk appetite.

Risk : Returns are not guaranteed, and charges associated with the scheme can affect returns.

Benefits : Market-linked returns and investment flexibility.

(v) Money Back Policy : Provides financial protection in case of death or critical illness of the policyholder. Pays periodic survival benefits during the policy term and the entire sum assured to the nominee upon the policyholder's death.

Risk : Long tenure and potential for lower returns.

Benefits : Regular survival benefits, maturity benefit, and full sum assured paid to the beneficiaries upon death.

(vi) Children's Policy : Combines insurance and investment to secure the child's future, including education and marriage. Builds a corpus over time and provides financial support in case of the parents' demise.

Risk : Additional charges may impact returns, especially in the initial stage.

Benefits : Corpus building for the child's future, one-time pay-out or annual installments, and some plans waive future premiums on the 

life insured's demise.

(vii) Annuity Plan/Retirement Plan : Provides regular payments for life in exchange for a lump sum investment. The life insurance company invests the funds and pays out returns generated from it.

Risk : Annuity plans can be costly, and there may be surrender penalties for early withdrawal.

Benefits : Guaranteed pay-out, possibility of higher income for health issues.

Note : The risks and benefits mentioned are general considerations and may vary based on specific insurance products and companies.

About Insurance Regulatory and Development Authority of India (IRDAI) :

Insurance Regulatory and Development Authority of India (IRDAI) is a statutory body established under the Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act 1999) by the Parliament of India. It is responsible for the overall supervision and development of the insurance sector in the country.

1. MISSION STATEMENT OF THE AUTHORITY :

- To protect the interest of and secure fair treatment to policyholders

- To bring about speedy and orderly growth of the insurance industry (including annuity and superannuation payments), for the benefit of the common man, and to provide long term funds for accelerating growth of the economy

- To set, promote, monitor and enforce high standards of integrity, financial soundness, fair dealing and competence of those it regulates

- To ensure speedy settlement of genuine claims, to prevent insurance frauds and other malpractices and put in place effective grievance redressal machinery

- To promote fairness, transparency and orderly conduct in financial markets dealing with insurance and build a reliable management information system to enforce high standards of financial soundness amongst market players

- To take action where such standards are inadequate or ineffectively enforced;

- To bring about optimum amount of self-regulation in day-to-day working of the industry consistent with the requirements of prudential regulation

2. Duties, powers and functions of IRDAI :

Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDAI..

Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business.

Without prejudice to the generality of the provisions contained in sub-section (1), the powers and functions of the Authority shall include –

- Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration

- protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance

- specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents

- specifying the code of conduct for surveyors and loss assessors;

3. Promotion and Regulation :

- Promoting efficiency in the conduct of insurance business

- Promoting and regulating professional organisations connected with the insurance and re-insurance business

- Levying fees and other charges for carrying out the purposes of this Act

- Calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organisations connected with the insurance business

- Control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938)

- Specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries

- Regulating investment of funds by insurance companies

- Regulating maintenance of margin of solvency

4. Other duties :

- Adjudication of disputes between insurers and intermediaries or insurance intermediaries

- Supervising the functioning of the Tariff Advisory Committee

- Specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organisations referred to in clause (f)

- Specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector  and

- Exercising such other powers as may be prescribed

5. Chairman and Members of Authority :

As per the section 4 of IRDAI Act 1999, Insurance Regulatory and Development Authority of India (IRDAI, which was constituted by an act of parliament) specify the composition of Authority

The Authority is a ten member team consisting of

(a) A Chairman – Mr. Debasish Panda

(b) Five whole-time members – 

(i) Mr.Thomas M Devasia , Member (Non-Life)

(ii) B.C. Patnaik , Member (Life)

(iii) Mr. Parmod Kumar Arora Member (Actuary)

(iv) Ms. S. N. Rajeswari , Member (Distribution)

(v) Mr. Rakesh Joshi , Member (Finance & Investments)

(c) Four part-time members – 

(i) Suchindra Misra , Additional Secretary, DFS, MoF

(ii) CA.Aniket Sunil Talati , President, I. C. A. of India

Source : Official website of IRDAI

Note : All appointed by the Government of India

[ Ref. No.:IRDA/GEN/02/2007| Date: 02-01-2007 ]

News360 - 2nd June , 2023 | Daily Current Affairs

 

National & Internaltional News :

1. Cabinet Approvals - 31st May , 2023

(a) Cabinet approves Constitution and Empowerment of IMC for Facilitation of World’s Largest Grain Storage Plan in Cooperative Sector

The Union Cabinet has approved the formation of an Inter Ministerial Committee (IMC) to facilitate the World's Largest Grain Storage Plan in the Cooperative Sector in India. The government will invest around Rs 1 trillion to increase the foodgrain storage capacity by 700 lakh tonnes over the next five years. The plan aims to reduce foodgrain damage, prevent distress sales by farmers, decrease import dependence, and create rural employment opportunities.

- The plan will integrate various schemes from the Ministries of Agriculture and Farmers Welfare, Consumer Affairs, Food and Public Distribution, and Food Processing Industries. A pilot project will be implemented in 10 districts to identify regional requirements before nationwide implementation.

- The IMC, chaired by the Minister of Cooperation, will be responsible for modifying guidelines, creating infrastructure, and coordinating the ministries involved. The plan will establish godowns at the level of Primary Agricultural Credit Societies (PACS) to address storage infrastructure shortages and enable PACS to undertake activities such as procurement, fair price shops, custom hiring centers, and common processing units.

- The plan will strengthen PACS and enhance farmer incomes through a whole-of-government approach. A National Level Coordination Committee will be formed, and implementation guidelines will be issued within 15 days. A portal linking PACS with the government will be launched within 45 days. Implementation will commence within 45 days of Cabinet approval.

Currently, India has 65,000 agricultural cooperative societies, and the existing godown facilities can store only 47% of the annual foodgrain production of 3,100 lakh tonnes.

(b) Cabinet approves establishment of Regional Office of the UPU in New Delhi

The Cabinet has given its approval for the establishment of a Regional Office of the Universal Postal Union (UPU) in New Delhi, Delhi. This office will primarily focus on UPU's development cooperation and technical assistance activities, working in collaboration with the UPU.

>> As part of this collaboration, India will contribute a Field Project Expert, provide staff members, and allocate office space for the regional office.

The office will undertake projects aimed at enhancing postal services, technology, e-commerce, and trade promotion in the region.

This initiative will not only expand India's diplomatic outreach and strengthen its relationships with other countries, especially in the Asia-Pacific region, but also amplify India's presence in global postal forums.

About Universal Postal Union (UPU) :  Established by the Treaty of Bern of 1874, in 1874, it is specialized agency of the United Nations (UN) to promote and facilitate the smooth functioning of international postal services and foster cooperation among its member countries. It is the second-oldest international organization after the International Telecommunication Union (ITU).

Director General : Masahiko Metoki

Headquarters : Berne, Switzerland

Members : 192 nations

(c) Cabinet approves City Investments to Innovate, Integrate and Sustain 2.0 (CITIIS 2.0) from 2023 to 2027

The Union Cabinet has approved the expansion of the Smart Cities Program through the 'City Investments to Innovate, Integrate and Sustain 2.0 (CITIIS 2.0)' initiative to 18 additional cities.

- CITIIS 2.0 is a collaborative effort between the Ministry of Housing and Urban Affairs (MoHUA), the French Development Agency (AFD), Kreditanstalt für Wiederaufbau (KfW), the European Union (EU), and the National Institute of Urban Affairs (NIUA).

- The funding for CITIIS 2.0 includes a loan of Rs 1,760 crore (EUR 200 million) from AFD and KfW (EUR 100 million each) and a technical assistance grant of Rs 106 crore (EUR 12 million) from the EU.

- The initiative has three main components: supporting climate resilience projects in smart cities, assisting states and union territories in setting up climate centers and data observatories, and strengthening climate governance in urban India through institutional strengthening and capacity building.

- The cities interested in participating will need to apply to the government and undergo a selection process for final approval.

CITIIS 2.0 aligns with existing national programs such as the National Mission on Sustainable Habitat, AMRUT 2.0, Swachh Bharat Mission 2.0, and Smart Cities Mission, complementing the climate actions of the Government of India.

- It also contributes to India's Intended Nationally Determined Contributions (INDCs) and commitments at the Conference of the Parties (COP26).

2. Health Minister Mansukh Mandaviya inaugurates National Training Centre for FSSAI

Union Minister Dr. Mansukh Mandaviya inaugurated the National Training Centre for Food Safety and Standards Authority of India (FSSAI) in Ghaziabad, Uttar Pradesh on May 31, 2023.

- The new training center aims to bridge the gap between existing knowledge and desired knowledge in the field of food safety and standards.

- It will offer various training programs mandated by the Food Safety and Standards Act and Rules, targeting individuals involved in food businesses, including operators, employees, and designated officers.

- The establishment of the center will contribute to developing a skilled and future-ready workforce dedicated to ensuring safe and wholesome food for the people of India.

- The launch of the Food Safety and Certification (FoSTaC) app, developed by FSSAI, took place during the event. The app provides e-learning modules on food safety guidelines for street vendors, covering topics such as proper food handling, storage, and hygiene practices.

Additionally, two books were released by Dr. Mandaviya : "Millets (Shree Anna) Recipes: A Healthy Menu for Mess/Canteens" and "Healthy Gut, Healthy You - Traditional recipes with potential probiotic benefits."

About Food Safety and Standards Authority of India (FSSAI) :

Chief Executive Officer (CEO)-G. Kamala Vardhana Rao

Established : 5 September 2008

Acts related to FSSAI : Food Safety and Standards Act (2006)

3. MeitY launches pilot project on Electronics Repair Services Outsourcing

The Ministry of Electronics and Information Technology (MeitY) has launched a pilot project called Electronics Repair Services Outsourcing (ERSO) in Bengaluru, Karnataka.

- The pilot project will run for three months on a trial basis and involves five companies: Flex, Lenovo, CTDI, R-Logic, and Aforeserve.

Objective : The objective of the ERSO scheme is for India to capture 20% of the global repair service market, which is currently valued at $100 billion, within a span of five years.

Currently, India's revenue from repair services is approximately $350 million, and it is projected to reach $20 billion in the next five years.

- The initiative aligns with Mission LiFE (Lifestyle for Environment), promoting environmental sustainability.

- MeitY, CBIC, DGFT, and MoEF&CC collaborated with the industry to establish India as the most attractive repair destination for ICT (Information and Communications Technology) products globally.

4. Amarendu Prakash Takes Charge as SAIL Chairman; Succeeds Soma Mondal

On 31st May 2023, Amarendu Prakash took charge as the new Chairman of Steel Authority of India Ltd (SAIL), a Maharatna a Central Public Sector Enterprise(CPSE) under the Ministry of Steel.

Prior to this appointment, he has been servings as the Director (In-charge) of SAIL’s Bokaro steel plant(BSL), in Bokaro, Jharkhand, since 2020. He succeeds Soma Mondal, who retired from the post on April 30, 2023.

- A metallurgical engineer from BIT Sindhri, Shri Prakash joined SAIL in 1991 as a Management Trainee (Technical) and worked at various capacities with  in . After working in various positions of responsibilities in plants and units, Shri Amarendu Prakash was selected as a Director in the SAIL Board in charge of Bokaro Steel Plant in 2020.

Prakash joined SAIL in 1991 as a Management Trainee (Technical) and worked at various capacities with responsibilities in plants and units.

5. Sachin Tendulkar named ‘Smile Ambassador’ for oral hygiene campaign in Maharashtra

On 30th May 2023, Cricket Icon Sachin Tendulkar was named the ‘Smile Ambassador’ for Maharashtra’s ‘Swachh Mukh Abhiyan’(SMA), a campaign to create awareness about oral health and hygiene across Maharashtra, for a period of 5 years.

- Maharashtra Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis have signed a Memorandum of Understanding (MoU) with Sachin Tendulkar to collaborate on a campaign.

- The campaign, named SMA, is a joint effort with the Indian Dental Association (IDA) and aims to promote oral hygiene.

- The IDA hopes that this campaign will contribute to achieving optimal oral health in India and establish a new model of oral healthcare.

6. Virat Kohli becomes 1st batter to cross 7,000 runs in IPL

On May 6, 2023, Virat Kohli of Royal Challengers Bangalore (RCB) became the first player to reach 7000 runs in the IPL T20 tournament.

He accomplished this milestone during his innings of 55 runs off 46 balls in a match against the Delhi Capitals (DC) at the Arun Jaitley Stadium in Delhi.

- Kohli also holds the record for the most runs scored in a single edition of the IPL, achieving 973 runs in 2016.

Additionally, he set a record of scoring the highest number of centuries in the IPL, with 7 hundreds, surpassing Chris Gayle's record of 6 centuries.

- In another match against Mumbai Indians (MI) at the M. Chinnaswamy Stadium, Kohli became the first Indian player to score 50 or more fifties in the IPL.

- David Warner of the Delhi Capitals holds the record for the most half-centuries in the IPL, with 61 scores of 50 runs or more, along with four centuries.

- On April 15, 2023, Kohli became the first player to score 2500 runs at a single venue, achieving the milestone during a match against the Delhi Capitals at the M. Chinnaswamy Stadium in Bengaluru, Karnataka.

He also holds the record for the most runs at a single venue in an IPL season, scoring 597 runs at the Chinnaswamy Stadium in Bengaluru in 2016.

7. JSW Steel becomes 1st Manufacturer to get CII’s GreenPro Ecolabel

JSW Steel Limited, an integrated steel manufacturer and a flagship company of the JSW Group, has become the first manufacturer to receive the GreenPro ecolabel for its 'Automotive Steel' products.

- The GreenPro Ecolabel, developed by the Confederation of Indian Industry's (CII) Green Business Centre, recognizes high standards of environmental sustainability and product performance in the Indian manufacturing sector.

- JSW Steel's 'Automotive Steel' products from its Vijayanagar plant underwent thorough assessments and met the stringent criteria set by the GreenPro certification.

- This certification indicates that JSW Steel's products are manufactured with careful consideration for their environmental impact throughout their lifecycle, including sourcing of raw materials, production processes, energy consumption, and end-of-life management.

- The GreenPro ecolabel on JSW Steel's 'Automotive Steel' products will enable automotive manufacturers to make informed choices, encouraging the adoption of sustainable materials in their supply chains, as stated by the company.

Note : GreenPro is a Type – 1 Ecolabel which enables the end users in the building sector and manufacturing industries to choose right products, materials and technologies for reducing the environment impacts during the construction, operation and maintenance of their buildings and factories.

8. North Korea 1st spy satellite launch fails

On May 30, 2023, North Korea’s attempt to put the country’s first spy satellite “Malligyong-1 satellite” into space failed as the new satellite transport rocket Chollima-1 lost propulsion and crashed into waters off the Korean Peninsula’s western coast.

- The rocket was launched. from the North’s Sohae Satellite Launching Ground northwestern Tongchang-ri area, Cholsan, North Pyongan Province, North Korea.

- This satellite launch by North Korea is a violation of United Nations Security Council (UNSC) resolutions that ban the country from conducting any launch based on ballistic technology.

Economy :

1. PFC and RITES signs MoU for strategic partnership for financing infrastructure and logistics sector

RITES (Rail India Technical and Economic Service), a leading transport infrastructure consultancy and engineering firm, has signed an MoU with Power Finance Corporation (PFC), a Maharatna Central Public Sector Undertaking (CPSU).

- The MoU establishes a strategic partnership between RITES and PFC for financing infrastructure and logistics sector projects in India and abroad.

- The partnership aims to support projects in sectors like water & sanitation, transport & logistics, energy, communication, social infrastructure, and commercial infrastructure.

- RITES will provide its expertise in pre-feasibility reports, detailed project reports, transaction advisory, project management services, audits, and inspections.

- PFC and its companies will offer financial support for both domestic and international infrastructure projects.

- The partnership will explore opportunities with government/semi-government/autonomous bodies, authorities, private entities, and multilateral funding agencies such as the World Bank (WB), Asian Development Bank (ADB), and Japan International Cooperation Agency (JICA).

Banking & Finance News :

1. Kiwi launches ‘credit on UPI’ platform to enable credit service on UPI

Kiwi, a ground-breaking credit card platform, has launched its all-inclusive ‘Credit on Unified Payments Interface (UPI)’ customer solution, thereby, transforming how credit cards are issued and utilized. 

- Kiwi, the first app in India to receive certification from the National Payments Corporation of India (NPCI), will enable customers to experience “Credit on UPI” by issuing Rupay Cards in collaboration with banks. This allows users to securely make payments using either a credit card or bank account through their phones. It has set an ambitious goal to become the leading issuer of RuPay credit cards by 2026.

- RBI allowed linking of RuPay credit cards to the UPI platform in June 2022.

2. Bajaj Allianz Life Insurance Launches India’s 1st Insurance Plan for Diabetics

Bajaj Allianz Life Insurance Co. Ltd., a private life insurer, has launched a pioneering insurance plan called 'Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c' on May 29, 2023. This plan is specifically designed for individuals with Type 2 diabetes or pre-diabetes, addressing the unique health considerations associated with diabetes.

- Bajaj Allianz Life recognizes that India is known as the "diabetes capital of the world," with the diabetic population expected to reach 69.9 million by 2025 and 80 million by 2030.

- The Diabetic Term Plan Sub 8 HbA1c offers life insurance coverage, taking into account the specific health condition of individuals with diabetes.

- This term plan provides financial security for individuals who are pre-diabetic or have Type 2 diabetes, with an HbA1c (Haemoglobin A1c) level of up to 8%.

About Bajaj Allianz Life Insurance Co. Ltd : It is a joint venture between Bajaj Finserv Limited, and Allianz SE.

MD&CEO : Tarun Chugh

Headquarters : Pune, Maharashtra

Establishment : August 2001

3. Yubi partners with Indian Bank to provide digital Supply Chain Financing for SMEs

Chennai (Tamil Nadu) based Yubi (formerly known as CredAvenue), has partnered with Indian Bank to extend digital supply chain financing solutions to small and medium-sized businesses (SMEs). Under this, Indian Bank will utilize Yubi’s technology and platform to digitally enable and scale its supply chain financing book through vendor and dealer financing, targeting large corporations and their SME counterparties.

- Yubi is an online debt marketplace that connects borrowers and lenders for various credit products.

- The partnership is expected to disburse Rs 1,500 crore within the first year.

Other News :

1. Padma Shri awardee & Sanskrit Scholar Ved Kumari Ghai passed away

On May 30, 2023, Ved Kumari Ghai, a renowned Sanskrit scholar and recipient of the Padma Shri award, passed away at her residence in Jammu, Jammu & Kashmir. She was born on December 16, 1931.

- She began her career as a Sanskrit professor at Government College for Women, Parade, Jammu.

- She authored books such as "Kashmir Darpan," "Narendra-Darpan," and "Kashmir ka Sanskrit Sahityako Yogdann" (Kashmir's Contribution to Sanskrit Literature).

- Ved Kumari Ghai co-authored several books with her husband Professor Ram Pratap, including "Urmika" (a Collection of Sanskrit Poems) and "Mera Geet Tumhaaray Hain" (Hindi), among others.

- Her scholarly book "Studies in Phonetics and Phonology" received widespread acclaim.

- In 1995, she was awarded the President of India's "Certificate of Honour" and received the Gold Medal from the Jammu and Kashmir Government for her social work.

- In 1997, she won the President's Award for Sanskrit. She was also honored with the Dogra Ratan award in 2005, a lifetime achievement award in 2009, and the Stri Shakti Puraskara in 2010.

- Ved Kumari Ghai was bestowed with the Padma Shri in 2014 under the discipline of Literature and Education.

2. World Multiple Sclerosis Day 2023 - 30th May

Source : Hindustan Times (Downloaded from Google)

World Multiple Sclerosis (MS) Day is observed annually on May 30th to raise awareness about Multiple Sclerosis (MS) and to provide support to those who are living with this disease.

- Multiple sclerosis is a chronic Autoimmune disease that affects the central nervous system, including the brain and spinal cord.

Theme : The theme for World Multiple Sclerosis Day 2020-2023 is “connections”.

The annual observance of World MS Day is coordinated by the MS International Federation and its members.

About Multiple Sclerosis International Federation :

Chief Executive Officer (CEO) : Peer Baneke

Headquarters : London,United Kingdom

Established : 1967

3. Global Day of Parents 2023 - 1st June

Source : Zee Business (Downloaded from Google)

The Global Day of Parents, recognized by the United Nations (UN), is observed annually on June 1st worldwide. It aims to honor parents and raise awareness about the crucial role of quality parenting and family life in a child's upbringing.

- The significance of this global observance lies in acknowledging the vital role parents play in children's development and emphasizing that families have the primary responsibility for nurturing and protecting their children.

- The day serves as a platform to express appreciation for parents worldwide, recognizing their selfless commitment and lifelong sacrifices in nurturing their relationships with their children.

- The first-ever Global Day of Parents was observed on June 1st, 2013.

- In 1994, the UN designated the International Year of the Family with the theme "Family: resources and responsibilities in a changing world."

- In 1993, the United Nations General Assembly (UNGA) adopted a resolution proclaiming May 15th of each year as the "International Day of Families" to promote awareness about the importance of families and their role in society.

4. World Milk Day 2023 – 1st June

Source : Netmeds.com (Downloaded from Google)

World Milk Day (WMD) is annually celebrated across the world on 1st June to create awareness about the importance of milk, one of the most widely produced and valuable agricultural commodities on Earth.

- The day recognises milk as global food and celebrates the dairy sector.

- The day aims to create awareness about the benefits of milk and dairy products highlighting the contribution of Dairy industries in providing livelihood to billions of people across the globe.

- The annual observance of World Milk Day is led by the Food and Agriculture Organization of the United Nations(FAO).

Theme : The common theme of the observance is " The potency of milk and the milk industry " .

India’s National Milk Day :

India celebrates National Milk Day on 26th November, the birth anniversary of Dr. Verghese Kurien, who is also known as the 'Father of White Revolution“.

About Food and Agriculture Organization of the United Nations (FAO) :

Director-General : Qu Dongyu

Headquarters : Rome, Italy

Highlights :

News Highlights : 2nd June , 2023 (Daily Current Affairs by Eduguide360

News360 - 1st June , 2023 | Daily Current Affairs

 

National & International News :

1. Maharashtra government launches ‘Shasan Aplya Dari’ initiative

Eknath Shinde, Chief Minister of the Government of Maharashtra launched the ‘Shasan Aplya Dari’ (government at your doorstep) initiative in Satara district of Maharashtra.

- The initiative aims to provide citizens easy access to government schemes and documents at one place.

- Around 75,000 local people are expected to benefit from these camps.

2. Shri Ramcharitmanas became the longest song in the world

Dr. Jagadish Pillai of Varanasi created a Guinness World Record by singing Shri Ramcharitmanas for 138 hours, 41 minutes and two seconds.

- This achievement made Shri Ramcharitmanas the longest song in the world.

- Dr. Jagadish Pillai has been credited with five years of broadcast of Sri Ramcharitmanas recitals on more than 100 official audio channels across the globe.

- The entire process of recording, editing and mixing took four years, 63 days and 295 hours to complete.

- The previous record for the longest song was held by UK's Mark Christopher Lee and The Pocket Gods on December 1, 2021 with a duration of 115 hours and 45 minutes.

3. 2nd G-20 Anti-Corruption Working Group meeting concluded in Rishikesh

The second meeting of the G-20 Anti-Corruption Working Group (ACWG) organized by the Union Ministry of Defense and Tourism was held in

Rishikesh (Tehri).

- The first edition of the meeting of the G-20 Anti-Corruption Working Group held in Gurugram, Haryana.

4. China launches Shenzhou-16: First civilian astronaut joins space station mission for 5 months

On May 30, 2023, China successfully launched the Shenzhou-16 manned spaceship, sending three astronauts, including the first civilian to its Tiangong space station for 5-month mission. It was launched onboard Long March-2F carrier rocket from the Jiuquan Satellite Launch Centre in Gobi Desert in northwest China.

- For the first time, China has included a civilian in its rotating crew for the space station.

- The launch also marks the 475th flight mission of the Long March carrier rocket series.

- China Manned Space Agency (CMSA) is an agency of the People’s Republic of China responsible for the administration of China Manned Space Program.

>> Men onboard :

(i) Gui Haichao, a professor at Beihang University in Beijing, became the first Chinese civilian to travel to space.

(ii) Jing Haipeng, the mission's commander, is creating history by becoming the first Chinese astronaut to venture into space for a record fourth time.

(iii) Zhu Yangzhu, the astronaut flight engineer, is embarking on his first journey into space.

5. Recep Tayyip Erdogan Re-elected as President of Türkiye for a third term

On 28th May 2023, Recep Tayyip Erdoğan was re-elected as the President of Türkiye for his third consecutive term. He has been serving as the 12th President of Türkiye since 2014.

>> About the Election :

- Recep Tayyip Erdogan won 52.14% of the votes in the second round against the Opposition candidate Kemal Kilicdaroglu, who had 47.86%.

- Run-off vote held on May 28 2023 was the first time in the history of the Republic of Türkiye, since 2014, where direct Presidential elections were introduced.

About Republic of Türkiye :

Capital : Ankara

President : Recep Tayyip Erdoğan

Currency : Turkish lira (TRY)

Economy News :

1. India & 13 IPEF Partner Nations Concluded the IPEF Supply Chain Agreement

On May 27, 2023, India and 13 other partner countries of the Indo-Pacific Economic Framework for Prosperity (IPEF) announced the substantial conclusion of negotiations for the 'IPEF Supply Chain Agreement' at the IPEF Ministerial Meeting held in Detroit, Michigan, USA.

>> Objective :

The agreement aims to enhance the resilience, efficiency, productivity, sustainability, transparency, diversification, security, fairness, and inclusivity of the supply chains in the 14 partner nations through collaborative activities and individual actions.

>> Key points :

- The IPEF Supply Chain Agreement focuses on improving crisis coordination and response to supply chain disruptions.

- It includes the establishment of three new bodies: IPEF Supply Chain Council, IPEF Supply Chain Crisis Response Network, and IPEF Labor Rights Advisory Board.

- Summaries of the ministerial meeting were released for the other pillars of IPEF: Trade, Clean Economy, and Fair Economy.

- The 14 partner countries of IPEF represent a combined economic output of approximately USD 38 trillion and are major trading partners of the United States.

About Indo-Pacific Economic Framework for Prosperity (IPEF) : IPEF is an economic initiative launched by President Joe Biden on May 23, 2022.

- It consists of 14 founding member nations in the Indo-Pacific region, with an invitation for other countries to join.

- The framework aims to foster cooperation, stability, prosperity, development, and peace within the region.

- The 14 IPEF partner countries account for 40% of global GDP and 28% of global goods and services trade.

About United States (US) :

President : Joseph Robinette Biden Jr.

Capital : Washington, D.C.

Currency : United States dollar (USD)

Banking & Finance News :

1. Razorpay unveils India’s fastest One-Step Payments Solution - Turbo UPI

Razorpay has launched India’s fastest one-step UPI (Unified Payments Interface) payment solution namely ‘Turbo UPI’ allowing customers of online merchants to make UPI payments directly without getting redirected to a third-party UPI app during checkout.

- This Solution was developed in partnership with the National Payments Corporation of India (NPCI) and Axis Bank.

- Through this app, the payment steps are reduced from 5 to 1.

>> Aim :

- To deliver a 5X faster payment experience.

- To support the businesses to achieve an increase in the success rate of UPI payments by 10%.

About Razorpay :

Co-Founder and Managing Director : Shashank Kumar

Headquarters : Bengaluru, Karnataka

Founded in : 2014

2. Equitas SFB collaborates with IBM Consulting to Modernize its Banking Platform

On May 26, 2023, Equitas Small Finance Bank Limited (SFB) collaborated with IBM Consulting, the professional services and consulting arm of IBM (International Business Machines Corporation), to design and build a digital banking platform that delivers a modern and highly secure experience to the bank’s customers and partners.

>> Objective : 

- The collaboration was made to boost the digital products offered by Equitas as well as its service offerings and

- IBM Consulting became the consulting partner and technology collaborator of Equitas SFB to simplify and transform the banking experience of customers.

>> Important points to note :

- Equitas is collaborating with IBM Consulting to implement a cloud-native platform architecture, ensuring secure operation of its digital channels and applications across various technology environments.

- Equitas SFB aims to improve the bank's operational efficiency, comply with industry regulations, and strengthen security measures.

- As part of the partnership, IBM Consulting will develop and launch modern web and admin portals for Retail Banking and Corporate Banking, along with multi-device banking apps for Retail Banking.

- Narayanan Easwaran, Equitas SFB's Chief Information Officer, described the partnership with IBM as the initial step towards engaging customers.

About Equitas Small Finance Bank Limited (SFB) :

MD&CEO : Vasudevan Pathangi Narasimhan

Headquarters : Chennai, Tamil Nadu

Commenced business as SFB in : 2016

Tagline : Here, Your money works towards better society

3. Yes Bank unveils new logo and launched ‘Life Ko Banao Rich’ campaign tagline

Yes Bank, headquartered in Mumbai(Maharashtra) has unveiled a new logo and brand identity. The new 

identity is designed to resonate with the evolving needs and aspirations of customers and enable people to live each day to the fullest.

- The tick has been transformed into a soaring bird, representing the Bank’s current position of ‘soaring’.

- The red and blue have been given an electric tone, representing the high energy and innovation of the bank.

>> The bank also launched an integrated campaign with the tagline : ‘Life Ko Banao Rich’ which represents its core focus of being a complete solution provider.

- The campaign will be promoted across social and digital media, OTT(over-the-top) networks and television.

- The tagline reflects its objective to encourage customers to spend time and make memories with their loved ones.

4. Sandeep Batra reappointed as ED of ICICI Bank for 2 years

The board of directors of ICICI Bank has approved the re-appointment of Sandeep Batra as Executive Director(ED) of ICICI Bank for 2 years with effect from 23rd December 2023 to 22nd December 2025.

- The current tenure of Sandeep Batra as ED is set to end on 22nd December 2023.

- In December 2020, Reserve Bank of India approved the appointment of Batra as the ED of ICICI Bank for a period of 3 years.

The Board noted that this renewed term of two years is within the five years term as previously approved by the shareholders.

5. ADB launches India CPS for 2023-27; Focus on Employment Creation, Green Growth

On May 23, 2023, the Asian Development Bank (ADB) unveiled its 'India Country Partnership Strategy (CPS) 2023-2027: Catalyzing Robust, Climate Resilient, and Inclusive Growth' to support India's pursuit of sustainable, climate-resilient, and inclusive growth over the next five years.

>> The aim of the CPS is as follows :

Facilitate India in achieving a higher growth trajectory.

The CPS is based on three pillars :

(i) Accelerate Structural Transformation and Job Creation.

(ii) Promote Climate-Resilient Green Growth.

(iii) Deepen Social and Economic Inclusiveness.

>> The key themes of the CPS include :

(i) Domestic Resource Mobilization.

(ii) Gender Equality and Social Inclusion.

(iii) Digitalization, Fintech, and Innovation Ecosystem Support.

(iv) Regional Cooperation and Integration.

The rationale behind this strategy is that India has demonstrated swift recovery from the impact of the COVID-19 pandemic, with an anticipated economic growth rate of 6.4% in FY2023–2024, positioning it among the world's fastest-growing major economies. However, to achieve inclusive growth, India must address critical challenges related to infrastructure, human development, income and regional disparities, and vulnerability to climate change and natural disasters.

To support India in addressing these challenges, the CPS will assist in its structural transformation and contribute to national flagship programs targeting the development of industrial corridors, multimodal logistics systems, urban infrastructure, skill ecosystems, and small businesses.

>> The benefits of the CPS include :

(i) Empowering urban areas to enhance industrial competitiveness and generate more jobs in the formal manufacturing and services sectors.

(ii) Maximizing value addition through knowledge solutions, technical assistance, and capacity building of partner agencies in strategic engagement areas.

(iii) Recognizing India as a vital partner of ADB.

As of the end of December 2022, ADB had committed $52.6 billion in 605 public sector loans, grants, and technical assistance in India, along with $8 billion in private sector investments.

About Asian Development Bank (ADB) :

President : Masatsugu Asakawa

Headquarter : Manila

Establishment : 1966

6. Ashwani Kumar, Executive Director of Indian Bank appointed as MD & CEO of UCO Bank

The Appointments Committee of the Cabinet (ACC) approved the appointment of Ashwani Kumar, Executive Director, Indian Bank as Managing Director (MD) and Chief Executive Officer (CEO) of UCO Bank, a Commercial public sector bank undertaken by the Government of India (GOI).

- The appointment has been made for a period of three years, with the possibility of an extension based on the review of his performance. Ashwani Kumar succeeding Soma Sankara Prasad, who has been the MD & CEO from 2021 is set to retire on 31st May 2023.

About UCO Bank :

Founded in : 1943

MD & CEO : Soma Sankara Prasad

Headquarters : Kolkata

Motto : Honours your Trust

Other News :

1. Kannada writer and Sahitya AkademiAwardee, GH Nayak passed away

Noted Kannada writer, critic and Sahitya Akademi award winner Govindaray H Nayak, popularly known as GH Nayak passed away at his residence in Mysuru, Karnataka at the age of 88.

- Department of Kannada and Culture, Karnataka Government, honoured him with the Pampa Prashasti for literature for 2010.

- In 2014, he was honoured with the SahityaAkademi Award for the compilation of his essays on literary criticism titled “Uttaraardha”

(Kannada).

2. World Vape Day 2023 - 30th May

World Vape day is annually observed on May 30th across the globe to raise awareness about the alternatives to the tobacco products and highlight the safety of E-Cigarettes and their potential as harm reduction and smoking cessation tools.

- World Vape day on May 30 falls just a day before the World No Tobacco Day (May 31) of the World Health Organisation (WHO).

- World vape day was initiated by the World Vapers Alliance (WVA), which was established to defend vaping by providing a unified platform that makes vapers’ voices heard around the world.

- Vaping is the inhaling of a vapour created by an electronic cigarette (E-cigarette).

3. World No Tobacco Day 2023 - 31st May

On 31 May 2023, WHO and public health champions around the world will come together to celebrate World No Tobacco Day (WNTD). This year's theme is “ Grow food, not tobacco ”.

>> Objectives :

 - To mobilize governments to end subsidies on tobacco growing and use of savings for crop substitution programmes that support farmers to switch and improve food security and nutrition.

- To support the efforts to combat desertification and environmental degradation by decreasing tobacco farming.

>> Each year, approximately 3.5 million hectares of land are converted for tobacco cultivation globally, leading to deforestation of around 200,000 hectares annually.

- Tobacco cultivation reduces the fertility of the land, making it less suitable for growing other crops, including food.

>> World No Tobacco Day 2023 awards :

- The State Tobacco Control Cell (STCC) of the Government of Meghalaya and the Centre for Multi-Disciplinary Development Research in Dharwad, Karnataka, were honored with the World No Tobacco Day 2023 awards in the "South-East Asia Region" category.

- These awards recognize individuals and organizations in each of the six WHO regions (Africa, Americas, Eastern Mediterranean, Europe, South-East Asia, and Western Pacific) for their achievements in tobacco control.

- The awards are presented in the form of WHO Director-General Special Recognition Certificates.

Highlights :

News360 - A Short Review on TATA IPL 2023 | Champion and Runners Up of TATA IPL 2023 | Prize Money and Awards of TATA IPL 2023

TATA IPL 2023 

Source : Paytm Insider (Downloaded from Google)

Source : The Financial Express (Downloaded from Google)

IMPORTANT POINTS ON TATA IPL 2023

Source : SPORTS DANKA (Downloaded from Google)

Source : IPL T20 (Downloaded from Google)

Title Sponsor  : TATA (₹440 crores)

Total teams : 10

Season : 16th ( 2023)

Opening Match : Narendra Modi Stadium, Ahmedabad ( CSK Vs GT)

Final Match : 

Chennei Super Kings vs Gujarat Titans

Narendra Modi Stadium, Ahmedabad,Gujarat

Source : 91mobiles.com (Downloaded from Google) 

Champions : Chennai Super Kings (5th title) [ 2010, 2011, 2018, 2021, 2023]

Runners-up : Gujarat Titans (1st title) [ 2022]

About Chennai Super Kings (CSK) :

Captain : MS Dhoni

Coach : Stephen Fleming

Owner : N. Srinivasan (Indian Cements Limited)

- CSK became India's first unicorn sports enterprise.

- Super Kings have won the IPL title five times (in 2010, 2011, 2018, 2021, and 2023)

About Gujarat Titans (GT) :

Captain : Hardik Pandya

Coach : Ashish Nehra

Owner : CVC Capital Partners

- Gujarat Titans wins IPL 2022 title

Source : Jio Cinema (Downloaded from Google)

Source : myKhel (Downloaded from Google)

Source : The Indian Express (Downloaded from Google)

List of award winners on the night of IPL 2023 final

Super Striker of the match : Ajinkya Rahane (CSK) – Rs 1 lakh

Game Changer of the match : Sai Sudharsan (GT) – Rs 1 lakh

Most Valuable Player of the match : Sai Suadharsan (GT) – Rs 1 lakh

Super Fours of the match : Sai Sudharsan (GT) – Rs 1 lakh

Longest Six of the match : Sai Sudharsan (GT) – Rs 1 lakh

Catch of the match : MS Dhoni (CSK) – Rs 1 lakh

Player of the match : Devon Conway (CSK) – Rs 1 lakh

Prize Money and Awards

Emerging Player of the Season :Yashasvi Jaiswal (RR) (10 Lakh)

Striker of the Season : Glenn Maxwell (RCB) (10 Lakh)

Dream 11 Game Changer of the Season : Shubman Gill (GT) ( 10 Lakh) 

Most Valuable Asset of the Season : Shubman Gill (GT) (10 Lakh)

Most Boundaries in the Season : Shubman Gill (GT) (10 Lakh) 

Longest Six of the Season : Faf du Plessis (RCB) (115 metres) (10 Lakh)

Most sixes by a player : Faf du Plessis (RCB) , 36 sixes

Most fours by a player : Shubman Gill (GT) , 85 fours

Catch of the Season : Rashid Khan (GT) (10 Lakh)

Fair Play Award : Delhi Capitals

Purple Cap (highest wicket-taker) : Mohammad Shami (GT) (28 wickets) (10 Lakh)

Orange Cap (most runs in a season) : Shubman Gill (GT) (890 runs) (10 Lakh)

Pitch & Ground Award : Wankhede (Mumbai) & Eden Gardens (Kolkata) (50 Lakh)

Runners up : Gujarat Titans (12.5 Crore)

Winner : Chennai Super Kings (20 Crore)

Notable Points : 

(i) Sam Curran became the most expensive IPL player during the 2023 auction. He was signed by Punjab Kings for ₹18.50 crore

(ii) Cameron Green was signed by Mumbai for Rs 17.50 crore at the IPL 2023 auction, becoming the second most expensive player in the IPL.