News360 - 7th June , 2023 | Daily Current Affairs

 

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National & International News :

1. Three committees were formed by EPFO to create draft schemes for PF, Pension, and Insurance

The Employees Provident Fund Organisation (EPFO) has formed 3 committees to frame draft schemes for pension, provident fund and insurance under EPFO, in line with the provisions of the Code on Social Security 2020. 

>> The three schemes are :

- Employee’s Provident Fund Scheme (EPFS) for provident fund

- Employee’s Pension Scheme (EPS) for pension

- Employees Deposit Linked Insurance Scheme (EDLIS) for insurance

>> The overall coordination for all three committees will be carried out by Chanramauli Chakraborty, Additional Central Provident Fund Commissioner (ACC) at the Headquarters (HQ) Legal.

- The committee responsible for framing EPFS 2023 comprises 11 members and will be co-chaired by Sanjay Kumar, ACC (Patna, Bihar), and Pankaj Raman, ACC (HQ).

- The committee assigned to frame EPS 2023 consists of 8 members and will be chaired by Rajiv Bhist, ACC (HQ).

- The committee entrusted with framing EDLIS 2023 consists of 5 members and will be chaired by Vaishali Dayal, ACC (Zonal Office, Hyderabad, Telangana).

- The respective committees are expected to submit the first draft of the three schemes to the Central Provident Fund Commissioner (CPFC), EPFO, by June 23, 2023.

About Employees’ Provident Fund Organisation (EPFO) : The Employees’ Provident Fund Bill was introduced in the Parliament as Bill Number 15.

Established in : 1952

Organisation Executive : Neelam S Rao (CPFC in EPFO)

Headquarters : New Delhi, Delhi

2. The inaugural Sustainability Report of NHAI for the fiscal year 2021-22 highlights the organization's efforts and initiatives towards environmental sustainability

National Highways Authority of India (NHAI), under the Ministry of Road Transport and Highways (MoRTH), has published its inaugural 'Sustainability Report for FY 2021–22: Building A Sustainable Road Infrastructure', which highlights the effectiveness of various efforts undertaken by the NHAI toward the conservation of environment and energy.

- The report, prepared as per the Global Reporting Initiative (GRI) reporting guidelines, was released by Union Minister Nitin Gadkari, MoRTH.

🔘 Report in short :

- Direct emissions have been reduced by 18.44% and 9.49% between FY 2019-20 and 2021-22, mainly due to lower fuel consumption.

- NHAI is transitioning towards clean and green energy sources to decrease indirect emissions.

- Greenhouse gas (GHG) emissions measured in metric tonnes of CO2 equivalent per kilometer constructed witnessed a decline of 9.7% in FY 2020-21 and 2% in FY 2021-22.

- GHG emission intensity decreased from 22.23 in FY 2019-20 to 12.47 in FY 2020-21 and further to 10.50 in FY 2021-22.

- NHAI reduced its fuel dependency for energy consumption, achieving a 37% decrease in energy intensity in FY 2020-21 and 27% decrease in FY 2021-22, while increasing the kilometers constructed.

- Electronic toll collection through FASTag with 97.5% penetration has contributed to reducing the carbon footprint.

- NHAI increased the use of recycled materials like Recycled Asphalt (RAP) and Recycled Aggregates (RA) for NH construction, along with incorporating fly ash and plastic waste in the construction process.

- Over 100 Wildlife Crossings were created across 20 states in the past three years to protect wildlife, conserve habitats, and minimize human-animal conflicts.

>>  NHAI undertook the plantation drives to develop eco-friendly NHs.

- More than 2.74 crore saplings were planted till 2021-22 to offset direct emissions from the vehicles.

- NHAI has also partnered with various stakeholders like, State Rural Livelihood Mission (SRLM), Self Help Groups(SHG), Corporate social responsibility (CSR) partners and non-governmental organizations (NGOs) to organise plantation drives.

- In July 2022, NHAI planted around 1.1 lakh plants in a single day through simultaneous plantations at 114 identified locations across India.

>> Gender diversity :

- The report emphasizes NHAI's dedication to fostering inclusive and responsible work practices.

- Over the last three years, NHAI has made significant strides in promoting employment opportunities for women and marginalized communities, with a 7.4% increase in female hiring during this period.

About National Highways Authority of India (NHAI) : NHAI was constituted by an Act of Parliament in 1988.

Chairman : Santosh Kumar Yadav

Headquarters : New Delhi, Delhi

3. Indian Navy successfully engaged an Underwater Target using indigenously developed HeavyWeight Torpedo

On June 6, 2023, the Indian Navy and DRDO achieved a successful engagement of an underwater target using an indigenous heavyweight Torpedo made in India.

- This accomplishment marks a significant milestone in the Indian Navy's and DRDO's efforts to ensure precise delivery of ordnance in the underwater domain.

- This test is the second sea-level test conducted within a span of two weeks.

- 'Varunastra' is an advanced heavy-weight anti-submarine torpedo that was introduced into the Indian Navy in 2016. It is developed jointly by the Indian Navy and the Naval Science and Technology Laboratory (NSTL) of DRDO. 'Varunastra' is designed as a ship-launched, electrically-propelled torpedo with the capability to target quiet submarines in deep and shallow waters, even in challenging countermeasures scenarios. It can be launched from any Anti-submarine Warfare (ASW) ship equipped to fire heavyweight torpedoes.

4. MNIT & NDSA signed MoU to set up India’s first-of-its-kind National Centre for Earthquake Safety of Dams

MNIT Jaipur and NDSA, MoJS, have signed an MoU to establish the National Centre for Earthquake Safety of Dams, the first of its kind in India. The center will focus on studying seismic hazards, developing new dams, and enhancing the protection of existing ones.

- The NCDMM of MNIT has been recognized by MoJS as the National Center for Earthquake Safety of Dams. A financial grant of Rs 30 crore has been approved for establishing and running the center for the next 5 years.

Objective : The objective of the center is to develop indigenous expertise in addressing technology challenges related to the structural and earthquake safety of dams, with the aim of making India self-reliant in this field.

>> The Dam Safety Act of 2021 acknowledges the safety of major dams beyond state boundaries as a matter of national importance and priority. It ensures the maintenance and operation of specified dams to prevent disasters.

- With more than 5,500 dams in India, including 70 of national importance, the act addresses the risks associated with them.

- It should be noted that the failure of such dams can lead to the uncontrolled release of impounded water, resulting in adverse consequences for life, property, and the environment.

- The provisions of the act are applicable to dams with a height exceeding 15 meters and dams with a height between 10 meters and 15 meters subject to certain additional design and structural conditions.

5. Union Minister Jitendra Singh Inaugurated ‘Lavender Festival’ in J&K ; Bhaderwah Emerged as Lavender Capital of India

On June 4 - 2023, Jitendra Singh, Union Minister of state (Independent Charge) for Science & Technology inaugurated the two-day “Lavender Festival” in Bhaderwah Valley of Jammu and Kashmir (J&K).

- While inaugurating the festival, Jitendra Singh stated that Bhaderwah has emerged as the Lavender capital of India and a prominent Agri-Start-up destination.

- Council of Scientific & Industrial Research (CSIR)-Indian Institute of Integrative Medicine (IIIM), Jammu, has organised the event as part of its One Week One Lab Campaign.

Important points :

(i) The Lavender variety (RRL-12) developed by CSIR-IIIM in Jammu and Kashmir serves as a valuable source of high-value, low-volume essential oil highly sought after by the perfumery industry.

- This variety is particularly well-suited for cultivation in rain-fed temperate regions across India.

- CSIR-IIIM has established fifty distillation units (45 fixed and five mobile) at various locations in Jammu and Kashmir to assist farmers in the lavender processing stage.

(ii) CSIR-IIIM has conducted numerous skill development programs and provided training to over 2500 farmers and young entrepreneurs from Jammu and Kashmir in the areas of lavender cultivation, processing, value addition, and marketing.

>> Benefits of Lavender Cultivation :

- Successful adoption of Lavender cultivation in the temperate regions of Jammu has resulted in the emergence of a new industry in the area, benefiting many small and marginal maize farmers.

- Several young entrepreneurs in Jammu and Kashmir have established small-scale businesses by adding value to Lavender oil, hydrosol, and flowers.

- Farmers who have transitioned from maize to Lavender cultivation have experienced a significant increase in their net annual income. Previously earning around Rs. 40,000 to Rs. 60,000 per hectare, they now make Rs. 3,50,000 to Rs. 6,00,000 per hectare.

- Farmers in the Bhaderwah region of Doda district have achieved notable production figures. They produced 300, 500, 800, and 1500 liters of Lavender oil in the years 2019, 2020, 2021, and 2022, respectively. Furthermore, they earned approximately Rs. 5.0 Crore between 2018 and 2022 through the sale of dry flowers, Lavender plants, and Lavender oil.

[ About CSIR- Aroma Mission :

The CSIR- Aroma Mission, a flagship project of CSIR has been instrumental in promoting lavender cultivation in the temperate regions of J&K. In the Bhaderwah, Doda district of J&K, CSIR-IIIM is supporting farmers in the cultivation of Lavender under CSIR-Aroma Mission.The media has recognized this initiative of CSIR-IIIM as the “Purple Revolution.” The primary goal of CSIR-Aroma Mission is to increase the income of small and marginal farmers and foster the development of agriculture based start-ups. Under CSIR-Aroma Mission, CSIR-IIIM introduced Lavender and provided more than 30 Lakh free Lavender plants to the farmers of different districts of J&K ]

6. India’s Aravindh Chithambaram wins Dubai Open chess 2023

Indian chess grandmaster (GM) Aravindh Chithambaram (aged 24) of India wins the 23rd Dubai Open 2023 (Dubai Open Chess Tournament 2023) for the second consecutive year which was held at Dubai Chess & Culture Club in Dubai, United Arab Emirate(UAE) from 27th May – 4th June, 2023.

- He was followed by GM Javokhir Sindarov of Uzbekistan at 2nd, and GM Arjun Erigaisi (India) at 3rd.

- With this performance, Aravindh Chithambaram grabbed 2633 Elo points, closer to the 2650 Elo rating.

>> About Khelo India University Games (KIUG) 2022 :

1st Edition held in : Bhubaneshwar, Odisha

2nd Edition held in : Bengaluru, Karnataka

Edition 2022 : 3rd

Organised at : Uttar Pradesh ( Gautam Buddha Nagar (Noida), Lucknow, 

Varanasi and Gorakhpur) & New Delhi (for Shooting Event)

Organiser : Ministry of Youth Affairs and Sports (MoYAS) and the Government of Uttar Pradesh (UP)

Participants : Over 4750 athletes from more than 200 Universities, who 

competed for 822 medals (262 gold, 263 silver and 297 bronze)

Total Sports : 21

Mascot : Jeetu, which represents the Barasingha (Rucervus duvaucelii), 

also called swamp deer, the state animal of UP

Games Anthem : “Khelo India – Har Dil Mein Desh”, composed and sung by 

renowned singer Palash Sen

The Torch : ‘Shakti

7. Bajaj Finserv has entered into an MoU with the Government of Maharashtra for an investment of Rs. 5000 crore in Pune

On June 3, 2023, Bajaj Finserv Limited, a non-banking financial company (NBFC), entered into a Memorandum of Understanding (MoU) with the Government of Maharashtra to invest Rs 5000 crore in development projects in Pune, Maharashtra. This investment marks the largest financial services investment in India.

- The MoU was signed by Harshdeep Kamble, Industry Secretary of the Government of Maharashtra, and S Sreenivasan, Chief Financial Officer (CFO) of Bajaj Finserv. The signing ceremony was attended by Devendra Fadnavis, Deputy Chief Minister (Dy CM) of Maharashtra, and Sanjiv Bajaj, Chairman and Managing Director (CMD) of Bajaj Finserv.

- The investment is expected to generate 40,000 job opportunities in Pune and contribute to the development of Pune as a financial center.

The project's implementation is scheduled to commence in 2023 and aims to establish cutting-edge connectivity and business facilities.

8. Times Higher Education (THE) Impact Ranking 2023

Amrita Vishwa Vidyapeetham (Amrita University), located in Coimbatore, Tamil Nadu, has achieved the distinction of being the highest-ranked Indian university in the Times Higher Education (THE) Impact Rankings 2023.

- The 2023 Impact Rankings marks the 5th edition of THE Impact ranking.

- On a global scale, Amrita University is positioned at the 52nd spot out of 1,591 universities representing 112 countries.

>> Top 5 on the overall ranking :

1. Western Sydney University : Australia

2. University of Manchester : United Kingdom

3. Queen’s University : Canada

4. Universiti Sains Malaysia : Malaysia

5. University of Tasmania : Australia

>> Top 3 Indian Universities on the overall ranking :

52. Amrita Vishwa Vidyapeetham : Coimbatore, Tamil Nadu

101-200.  Lovely Professional University(LPU)  :  Phagwara, Punjab

101-200. Shoolini University of Biotechnology and Management Sciences : Bajhol, Himachal Pradesh

Banking & Finance News :

1. The Annual Report of the Reserve Bank of India (RBI) for the year 2023

The Reserve Bank of India (RBI) has released its Annual Report for the fiscal year 2022-23, which provides a comprehensive overview of the functioning of the RBI as reported by the Central Board of Directors. This report is submitted to the Central Government in accordance with Section 53(2) of the RBI Act, 1934.

- According to the second advance estimates (SAE) of national income published by the National Statistical Office (NSO), the Indian economy is projected to have grown by 7.0% in real GDP (Gross Domestic Product) in FY23, a decline from the 9.1% growth in FY22.

- Overall, headline inflation in India increased to 6.7% during the fiscal year 2022-23, compared to 5.5% in the previous fiscal year 2021-22.

- In April 2022, inflation reached its peak at 7.8%.

- The general government deficit and debt showed signs of improvement, with the deficit moderating to 9.4% and the debt to 86.5% of GDP in FY23, compared to the peak levels of 13.1% and 89.4% respectively, in FY21.

- The gross fiscal deficit (GFD) of the Indian government decreased from 6.75% of GDP in FY22 to 6.45% of GDP in the fiscal year 2022-23.

- During the period of April-December 2022, India's current account deficit (CAD) stood at 2.7% of GDP.

- According to the International Monetary Fund (IMF), global economic growth has slowed down from 6.2% in 2021 to 3.4% in 2022.

- Global inflation has risen to 8.7% from 4.7% in 2021, while global trade growth has decelerated from 10.4% in 2021 to 5.1% in 2022.

- The RBI annual report highlights that Foreign Direct Investment (FDI) flows into India have reached a three-year low of USD 46 billion in FY23.

>> Top 3 FDI Flows in India in FY23 :

Gross NPA ( Non-Performing Assets) as share of total advances has reduced from 15.5% in 2018-19 to 5.8% in the quarter ending December 2022.

- India’s merchandise exports at USD 450.4 billion recorded a growth of 6.7%in FY23 as compared with 44.6% in FY22.

- India’s merchandise imports at USD 714.0 billion recorded a growth of 16.5% in FY23.

- Gold imports at US$ 35.0 billion declined by 24.2 per cent in 2022-23.

- In FY23, as per the assessment of bank group-wise fraud cases over the last three years private sector banks reported the maximum number of frauds, whereas the public sector banks continued to contribute maximum to the fraud amount.

- Frauds on advances, which includes wilful loan defaults have decreased in the last two years from Rs 1.3 lakh crore to Rs 28,792 crore in 2022-23.

- Close to 70% of the amount involved in total bank frauds were in public sector banks.

>> Rise in RBI’s total income in 2022-23 by 47.06% :

Other News :

1. Manoj Misra, an environmental activist and former IFS officer, succumbed to COVID-19 complications

On 4th June 2023, Manoj Misra, a renowned environmental activist and former Indian Forest Service (IFS) officer passed away at the age of 68 in Bhopal, Madhya Pradesh (MP) due to COVID-19 related complications. 

- He was born on October 7, 1954, in Mathura, Uttar Pradesh (UP).

- The movement Yamuna Jiye Abhiyan headed by Manoj Misra, led to the National Green Tribunal (NGT) suggesting the phased rejuvenation of the river Yamuna in 2015.

- Manoj Misra actively fought against deforestation, illegal mining and pollution using legal avenues to protect forests and rivers.

2. UN Russian Language Day 2023 - 5th June

The United Nations(UN)’s Russian Language Day is annually observed across the globe on June 6th to create awareness about the history, culture and development of the Russian language. The day also aims to celebrate cultural diversity and multilingualism.

- The day also marks the birth anniversary of the great Russian poet, playwright, and novelist, Alexander Sergeyevich Pushkin (A.S. Pushkin) (1799 - 1837), the founder of modern Russian literature. Every year, Russia celebrates June 6th as “Pushkin Day”.

>> Other Important UN Language Days :

- French Language Day : 20 March

- Chinese Language Day : 20 April

- English Language Day : 23 April

- Spanish Language Day : 23 April

- Arabic Language Day : 18 December

News Highlights

Eduguide360 - Daily Current Affairs

News360 - 6th June , 2023 | Daily Current Affairs

  

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

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 

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

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 :

News Highlights : Daily Current Affairs by Eduguide360

News360 - 4th and 5th June , 2023 | Daily Current Affairs

National & International News :

1. MoRTH allows e-Bank Guarantee, Insurance Surety Bonds as bid

The Ministry of Road Transport and Highways (MoRTH) has approved the acceptance of e-Bank Guarantee (BG) and Insurance Surety Bonds as a bid security and performance security in standard documents of engineering, procurement, and construction (EPC), hybrid annuity model (HAM) and BOT (Toll) projects.

- This decision follows recent amendments by the Department of Expenditure, Ministry of Finance in General Financial Rules (GFRs) 2017 relating to inclusion of e-BG and Insurance Surety Bonds as means to accept bid security and performance security.

- As per the approval, existing contracts including road development, toll contracts, ropewaysand any other contract wherein Ministry has prescribed a BG can be replaced with insurance surety bonds.

2. G20 3rd Employment Working Group Meeting held in Geneva

From June 31st to June 2nd, 2023, the 3rd Employment Working Group (EWG) meeting under the G20 (Group of Twenty) Indian Presidency successfully held at the International Labour Organization (ILO) headquarters in Geneva, Switzerland.

- It was chaired by Ms. Arti Ahuja, G20 EWG Chair, and Secretary, Labour and Employment.

- Delegates representing 78 G20 Members, Invitee Countries, Guest Countries, and International Organizations.

3. Indian Army’s Sapta Shakti Command Conducted “Sudarshan Shakti 2023” Exercise Along Western Border

The South Western (Sapta Shakti) Command of the Indian Army (IA) recently conducted a four-day exercise called "Sudarshan Shakti 2023" from May 22nd to 25th, 2023, along the Western borders in Rajasthan and Punjab. The primary objective of this exercise was to assess the operational readiness of the Indian Army in a network-centric environment.

- "Sudarshan Shakti 2023" was a joint war exercise that involved the active participation of various units from the Indian Army and other defense forces. Its purpose was to evaluate their preparedness and capabilities in handling diverse scenarios effectively. Notably, the Shatrujeet Brigade (50th Independent Para Brigade), a notable formation of the Indian Army's Western Command, played a significant role in this exercise.

- During the war drills, General B.S. Raju, the General Officer Commanding-In-Chief of the South Western Command, and Air Marshal P.M. Sinha, the Air Officer Commanding-In-Chief of the Western Air Command, were present to oversee the proceedings.

- This exercise successfully achieved the objectives set forth in the five pillars of transformation announced by Chief of the Army Staff (COAS) General Manoj Pandey in January 2023. These pillars include enhancing operational preparedness, modernizing the armed forces, developing human resources, fostering strategic partnerships, and promoting jointness among the armed forces.

4. Indian Navy & IMU signed MoU for Technical Collaboration

On 2nd June 2023,  Indian Navy and the Indian Maritime University(IMU), headquartered at Chennai(Tamil Nadu), signed a Memorandum of Understanding(MoU) for Technical Collaboration. The MoU enable collaboration in areas of training, joint research and development, collaborative training, and field-level problem solving by teams from the Centre of Excellence(CoE) (Marine Engineering),  Indian Navy Ship(INS) Shivaji, Lonavala(Maharashtra), and IMU.

- The MoU was signed by Vice Admiral Sandeep Naithani, Chief of Equipment, and Dr. Malini V Shankar, IAS (Retired), Vice Chancellor of IMU in New Delhi, Delhi.

5. Union Minister Hardeep Singh Puri launched a PM "SVANidhi" Mobile app

On 1st June 2023, Union Minister Hardeep Singh Puri, Ministry of Housing and Urban Affairs (MoHUA) launched the mobile app “PMSVANidhi” for street vendors to ease their loan application process under the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme.

- The app was launched during the event organised to mark the 3 years completion of the Scheme, which was launched on 1st June 2020.

- This will provide an end-to-end solution to facilitate Lending Institutions – Banks/ non-bank financial companies (NBFCs)/ Microfinance institutions (MFIs), to process loan applications of  beneficiaries through field agents.

- The scheme was launched to provide collateral-free working capital loans of up to Rs 10,000 of one-year tenure to approximately 50 lakh street vendors to help resume their businesses in the urban areas.

- The scheme facilitates working capital loans in three tranches to street vendors.

6. NGEL & UPRVUNL Signed MoU to Develop Renewable Energy Parks

On May 31, 2023, NTPC Green Energy Limited (NGEL), a subsidiary of NTPC Ltd, signed a Memorandum of Understanding (MoU) with Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) in Lucknow, Uttar Pradesh (UP).

Objective : To develop Renewable Energy Parks and Projects in UP and to facilitate in Government of India’s efforts towards energy transition.

- The MoU was signed by Mohit Bhargava, Chief Executive Officer (CEO), NGEL and Nidhi Kumar Narang, Director (Finance), UPRVUNL, in the presence of P. Guruprasad, Managing Director (MD), UPRVUNL, Praveen Saxena, Regional Executive Director of NTPC. V V Sivakumar, General Manager, NGEL.

7. Formal job creation increased in FY23, Highest in Maharashtra : EPFO Payroll Data Analysis

Based on the analysis of payroll reporting data by the Employees' Provident Fund Organisation (EPFO), it has been found that 1.39 crore individuals secured new formal jobs in India during FY23. This indicates a 13% year-on-year increase in net payroll additions, with the number rising from 1,22,34,625 in FY22 to 1,38,51,689 in FY23.

- This rise in payroll additions is noteworthy considering the global layoffs and economic slowdown that have affected various sectors. In FY23, while tech start-ups in India laid off around 20,000 employees, other sectors managed to provide job opportunities.

- Among all the states in India, Maharashtra accounted for the highest number of formal job creations, contributing approximately 22% of the total new jobs in the country. This translates to 30,28,978 payroll additions across different age groups and sectors. It is worth mentioning that Maharashtra has consistently topped the list since September 2017 when the EPFO began releasing payroll addition data.

- Tamil Nadu secured the second position with 14.05 net new payroll additions in FY23, experiencing a 9.6% increase in formal job creation compared to FY22. This rise in ranking comes after a gap of five years for the state.

- Following Tamil Nadu, Karnataka, Haryana, and Gujarat secured the third, fourth, and fifth positions, respectively, in terms of formal job creations.

- Among the larger states, Assam witnessed the lowest number of formal job creations at 64,432. However, this figure still represents a significant 177% increase compared to FY22.

8. Men’s Hockey Junior Asia Cup 2023 in Oman : India won the title defeating Pakistan

On June 1st, 2023, India emerged victorious in the Dhofar Municipality Men's Junior Asia Cup 2023 by defeating Pakistan in the finals held at Sultan Qaboos Youth Complex Stadium in Salalah, Oman. This achievement marked India's fourth Men's Junior Asia Cup title.

- The tournament was organized by the Asian Hockey Federation and hosted by the Oman Hockey Association. It took place from May 23rd, 2023, to June 1st, 2023, in Salalah, Oman.

- Uttam Singh, the Captain of the Indian Team, was honored with the Player of the Match award in the finals.

- With this win, India solidified its position as the most successful team in the tournament's history, having secured the maximum number of titles (four). India had previously clinched the championship in 2004, 2008, and 2015. Pakistan is the second most successful team with three titles (1988, 1992, and 1996).

- The Men's Hockey Junior Asia Cup is an international under-21 event. It has been held since 1988 and serves as a qualification tournament for the Men's International Hockey Federation (FIH) Hockey Junior World Cup.

- Recognizing the team's achievement and qualification for the FIH Junior Hockey Men's World Cup 2023, which is scheduled to be held in December 2023 in Kuala Lumpur, Malaysia, the Hockey India Executive Board announced a cash award of Rs 2 lakh for each player.

9. Finland, Norway, and Sweden Hosts multinational Arctic Challenge Exercise 2023 from 29 May to 9 June 2023

Finland, Norway, and Sweden, NATO member countries, are collaborating to host the 6th multinational Arctic Challenge exercise 2023 (ACE 23), scheduled to take place from May 29th to June 9th, 2023. The primary objective of this exercise is to train the participating forces in conducting dissimilar aircraft combat within large composite air operations, ensuring safety and effectiveness.

- The participants in ACE 23 include the host countries (Finland, Norway, and Sweden) as well as the Netherlands, Belgium, the United Kingdom (UK), Italy, Canada, France, Germany, Switzerland, Denmark, the Czech Republic, and the United States of America (USA). These countries will come together to enhance their operational capabilities and strengthen collaboration in the Arctic region.

- Notably, Finland recently became the 31st member of NATO in April 2023. With Finland sharing a 1,300-kilometer (800-mile) border with Russia, its inclusion in NATO has effectively doubled the length of the border that NATO shares with Russia. It highlights the strategic significance of Finland's membership for the alliance.

- The ACE 23 exercise will be hosted by Finland at Rovajarvi, one of Europe's largest artillery training grounds located in Northern Finland. This location provides an ideal setting for the exercise and facilitates comprehensive training in a realistic environment.

About North Atlantic Treaty Organization (NATO) :

Formed in : 1949

Secretary General : Jens Stoltenberg

Headquarters : Brussels, Belgium

Members : 31 independent member countries

10. Dennis Francis of Trinidad and Tobago’s Elected as UNGA President for the 78th session

On 1st June 2023, Dennis Francis, Trinidad and Tobago’s Ambassador to the United Nations (UN), was elected as the President of the 78th session of the United Nations General Assembly (UNGA) in the General Assembly Hall at UN Headquarters in New York, United States of America (USA).

- Dennis Francis will take charge as President of UNGA at the beginning of the 78th session in September 2023.

- He will succeed Csaba Kőrösi of Hungary, President of the 77th session of the UNGA.

11.  (a) Argentina’s Celeste Saulo appointed as 1st female SG of World Meteorological Organization (WMO)

On June 1st, 2023, Professor Celeste Saulo, a renowned meteorologist from Argentina, was appointed as the first female Secretary-General (SG) of the World Meteorological Organization (WMO), the specialized agency for meteorology under the United Nations (UN). Currently serving as the 1st Vice-President of WMO, Prof. Celeste Saulo will assume the role of SG on January 1st, 2024.

- Prof. Celeste Saulo's appointment marks a significant milestone, as she becomes the first woman to hold this esteemed position within the WMO. She brings a wealth of experience and expertise to the role, having made notable contributions to the field of meteorology throughout her career.

- She will succeed Professor Petteri Taalas from Finland, who has served as the SG of WMO for two terms since 2016. Prof. Taalas has made valuable contributions to the organization during his tenure, and his leadership will be succeeded by Prof. Celeste Saulo, who will continue to uphold and advance the goals of the WMO in the field of meteorology on a global scale.

(b) IMD DG Mrutyunjay Mohapatra elected as 3rd VP of World Meteorological Organization (WMO)

Mrutyunjay Mohapatra, Director General (DG) of India Meteorological Department (IMD), under the Ministry of Earth Science, has been elected as the Third Vice-President of WMO.

About World Meteorological Organization (WMO) :

Established in : 23 March 1950

Secretary-General : Professor Petteri Taalas

Headquarters : Geneva, Switzerland

Economy :

1. India’s GDP Grows at 6.1% in Q4FY23 and 7.2% in FY23 : Union Govt data

According to the official data released by the Union Government on May 30, 2023, the Indian Economy’s  Gross Domestic Product (GDP) growth in Q4 FY23 (Fourth Quarter of Financial Year 2022-23) i.e. from January to March 2023 is projected at 6.1% year-on-year (YoY) when compared to the 4.5% growth in Q3 FY23 and 4.1% in FY22.

- India’s growth rate for FY23 was projected at 7.2% compared to 9.1% GDP growth in FY22. Due to this growth, the Indian economy is now USD 3.3 trillion in size.

- India’s growth rate for FY23 was projected at 7.2% compared to 9.1% GDP growth in FY22. Due to this growth, the Indian economy is now USD 3.3 trillion in size.

- Sector-wise Growth in Q4FY23 :

(i) The growth in the Q4 FY23 period was mainly contributed by 6.9% of growth in service sector, a 5.5% in agriculture, 4.5% in manufacturing and 10.4% in Construction sector.

(ii) The electricity, gas, water supply and other utility services segment grew 6.9% in Q4FY23 from 6.7% in Q4FY22.

Banking & Finance :

1. mooPay Launches India’s first Heat Index linked insurance for dairy farmers of mooMark

In collaboration with IBISA Network, HDFC ERGO General Insurance Company Ltd., and Insurtech startup Gramcover, mooPay Private Limited, the fintech arm of Stellapps Technologies Private Limited, has introduced India's first heat Index-based insurance plan. This initiative aims to provide financial compensation to mooMark dairy farmers in the event of income loss caused by a decline in milk productivity during summer heat waves.

- mooMark operates as the private dairy supply chain division of Stellapps.

- Initially, this insurance plan will be incorporated into mooMark's loyalty program, covering approximately 7,000 farmers across five districts in four states. The total sum assured for this coverage exceeds Rs 1.3 crore.

- This innovative financial product has the potential to benefit more than 80 million dairy farming families who rely on income generated from around 300 million cattle.

- Through the mooPay platform, direct payments to farmers have already surpassed Rs 1,000 million, and over Rs 42 million has been disbursed in the form of more than 3,200 loans.

About Stellapps Technologies Private Limited :

CEO : Rahul Mallick

Headquarters : Bengaluru, Karnataka

2. Manappuram Finance Launched Digital Lending App ‘Ma-Money’

Manappuram Finance Limited, a non-banking financial company (NBFC) based in Thrissur, Kerala, has introduced a new digital lending platform called 'Ma-Money.' The primary objective of this platform is to offer customers access to all the financial products provided by Manappuram Finance through a single, convenient platform.

- The Ma-Money app is primarily aimed at customers residing in tier 2 and tier 3 cities, which typically have populations ranging from 20,000 to 1 lakh. It provides various types of loans, including personal loans, business loans, consumer durables loans, loans for the healthcare and food industries, loans for small-scale industries, car loans, home repair loans, and more.

- The launch of Ma-Money aligns with Manappuram Finance's broader strategy of expanding its digital presence and offering innovative and convenient financial products to its customers. V P Nandakumar, the Managing Director and CEO of Manappuram Finance, stated that the new app is expected to bolster the company's digital business and help it reach a wider audience.

- Manappuram Finance aims to achieve a growth rate of 11 to 12 percent annually, which would enable it to reach a value of USD 350 billion by the end of 2023. The introduction of the Ma-Money app plays a significant role in supporting this growth and facilitating enhanced digital services for its customers.

3. Myntra, Kotak Mahindra Bank launches first-of-its-kind Digital Fashion Co-Branded Credit Card

On June 1, 2023, the Kotak Mahindra Bank Limited (KMBL) in partnership with Myntra, Bengaluru-based Indian fashion e-commerce company, launched its first-of-its-kind co-branded digital fashion and lifestyle credit card namely ‘Kotak Myntra credit card’ which will be available on MasterCard and RuPay networks.

- The credit card could be availed completely in a digital way across Myntra and Kotak mobile applications.

- The co-branded credit card was created to be used in the fast-growing fashion e-commerce market in India.

Other News :

1. World Bicycle Day 2023 -  3rd June

Source : ETV Bharat (Downloaded from Google)

The United Nations (UN)'s World Bicycle Day is annually observed on 3rd June across the world to promote the benefits of cycling and raise awareness about the social, economic importance of bicycles, which contributes to a cleaner Environment.

- The day also celebrates the bicycle as a simple, affordable, reliable, clean, healthy, environmentally friendly and sustainable means of transport.

Objective:  World Bicycle Day is aimed at making people more active through simple activities, including cycling. The World Health Organization (WHO) also emphasises that cycling proves to be an effective way to achieve recommended activity levels.

- The idea for World Bicycle Day was first proposed by Professor Leszek Sibilski, a Polish-American social scientist working in the United States of America (USA).

- The World Cycling Alliance (WCA) and the European Cyclists Federation (ECF) welcomed this resolution adopted by the UNGA, and have campaigned for an UN designated World Bicycle Day since 2016.

Theme : The theme for this year’s World Bicycle Day is "Riding Together for a Sustainable Future" .

News Highlights :

News Highlights : Daily Current Affairs by Eduguide360