Current Affairs 1^st June 2024

Welcome to your one-stop shop for staying informed on what’s happening around the world! Dive into our comprehensive coverage of Current Affairs for June 1st, 2024. In this blog post, we’ll break down the latest developments in national and international news, keeping you in the loop on everything from politics and business to science and technology.

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NATIONAL AFFAIRS

1) Central Council for Research in Ayurvedic Sciences Launches PRAGATI-2024

The Central Council for Research in Ayurvedic Sciences (CCRAS) has created the Pharma Research in AyurGyan And Techno Innovation (PRAGATI-2024) program, which aims to define the future of Ayurveda.

Dr.Vaidya Rajesh Kotecha, Secretary of the Ministry of Ayush, presided at the unveiling on May 28, 2024, at the India Habitat Centre in New Delhi.

The project seeks to improve research and innovation in Ayurveda by promoting collaboration between CCRAS and the Ayurveda medication business.

The goal of CCRAS is to reach out to all stakeholders, therefore it began offering scholarships to help students appreciate the value of research.

CCRAS is an autonomous body within the Ministry of AYUSH (Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy), Government of India (GoI), New Delhi, Delhi.

Click here to read from source

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INTERNATIONAL AFFAIRS

2) UNDP & GEF Launched USD 135M Blue and Green Islands Integrated Programme to support SIDS

On May 28, 2024, the United Nations Development Programme (UNDP) and the Global Environment Facility (GEF) launched a new USD 135 million Blue and Green Islands Integrated Program (BGI-IP), a transformative and comprehensive initiative aimed at addressing pressing environmental challenges confronting Small Island Developing States (SIDS).

The program was established during the 4th International Conference on SIDS (SIDS4), which was held in Antigua and Barbuda from May 27th to 30th, 2024, with the overriding subject of “Charting the course toward resilient prosperity”.

About Blue and Green Islands Integrated Program:

• The UNDP will operate BGI-IP, which will be supported by the GEF and its partners.
• The goal of this program is to highlight the importance of nature and increase nature-based solutions for combating environmental degradation in three critical sectors: urban development, food production, and tourism.
• This will benefit 15 SIDS chosen through a competitive “Expressions of Interest” procedure, representing all SIDS sub-regions (the Caribbean, Pacific, Atlantic, Indian Ocean, and South China Sea (AIS)).
• Belize, Cape Verde, the Comoros, Cuba, the Maldives, Mauritius, Micronesia, Palau, Papua New Guinea, Saint Lucia, Samoa, the Seychelles, Timor Leste, Trinidad and Tobago, and Vanuatu are the 15 SIDS chosen from among 39.

Features:

• This will provide communities the resources they need to grow successful local programs that address local concerns.
• This will help to sustain agriculture and fisheries, boost eco-friendly tourism, minimize pollution, and strengthen resistance to extreme weather occurrences.

This will also work with the United Nations Environment Programme (UNEP), the Food and Agriculture Organization of the United Nations (FAO), the World Bank, the World Wide Fund for Nature, the United States of America (WWF-USA), the International Union for Conservation of Nature (IUCN), and the United Nations Convention to Combat Desertification (UNCCD) to promote sustainable economic diversification and job creation.

Key Points:

• The BGI-IP addresses environmental degradation and systemic risks, including those caused by urbanization, food systems, plastics, and forest land usage.
• GEF sponsors a specialized coordination platform that provides technical assistance and national-level expertise for integrated solutions while leveraging external financing for significant results.

Note: During the SIDS4, world leaders approved the “Antigua and Barbuda Agenda for SIDS (ABAS): A Renewed Declaration for Resilient Prosperity” and promised to assist SIDS in achieving its goals over the following ten years.

About Global Environment Facility (GEF): 

GEF is a multinational family of funds founded on the eve of the 1992 Rio Earth Summit. GEF Assembly is made up of all 186 member nations, or participants.

• Chief Executive Officer (CEO) and Chairperson– Carlos Manuel Rodríguez
• Headquarters– Washington, D.C., the United States of America (USA)

Click here to read from source

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BANKING & FINANCE

3) NSE Indices Launched India’s 1st EV Index “Nifty EV and New Age Automotive Index”

On May 30, 2024, NSE Indices Limited, a subsidiary of the National Stock Exchange of India Limited (NSE India), established India’s first Electric Vehicle (EV) Index, the “Nifty EV and New Age Automotive Index”.

The index intends to measure the performance of firms involved in the EV sector or in the development of new-generation automotive vehicles and associated technologies.

About Nifty EV and New Age Automotive Index:

• Index’s base date is April 2nd, 2018, and its base value is 1000.
• The index will be rebuilt semi-annually and rebalanced quarterly.
• The new index will serve as a benchmark for asset managers and be monitored by passive funds such as Exchange Traded Funds (ETFs), index funds, and structured products.

Significance:

• The index aligns with the NSE’s mission of providing unique indexes that reflect market movements.
• It will promote the development of products, providing opportunities for asset managers to participate in the EV and New Age Automotive markets.

Note:

• The NSE now lists 17 thematic indexes, including Nifty Commodities, Nifty India Consumption, and Nifty CPSE, among others.
• The NSE also operates broad market indexes such as the Nifty Next 50, Nifty, and Nifty 100, as well as 15 sectoral indices such as the Nifty Bank, Nifty IT, and Nifty Auto.
• As of March 31, 2024, it owned and managed more than 350 indexes under the Nifty Brand, including the Nifty 50.

About NSE Indices Limited:

NSE Indices Limited was previously known as India Index Services and Products Limited (IISL).

• Chairman- Milind Barve
• Managing Director (MD)- Mukesh Agarwal
• Established- 1998

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4) RBI Imposed Immediate Restrictions on Edelweiss Group’s EARCL and ECL Finance

On May 29, 2024, the Reserve Bank of India (RBI) exercised its powers under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002) and the Reserve Bank of India Act, 1934 by imposing restrictions on Edelweiss Group entities Edelweiss Asset Reconstruction Company Limited (EARCL) and ECL Finance Company Limited (ECL) on material supervisory concerns.

According to RBI guidelines, ECL Finance Limited is not permitted to engage in any structured transactions involving its whole exposures with immediate effect, with the exception of account repayment or closure in the usual course of business.

The RBI has also prohibited EARCL from acquiring financial assets, including Security Receipts (SRs), and restructuring existing SRs into senior and subordinate tranches.

Reasons Behind RBI Directions:

During the supervisory checks, the RBI discovered that both Edelweiss businesses engaged in a series of complex transactions for evergreening stressed ECL exposures using the EARCL platform and associated Alternate Investment Funds (AIFs) to avoid applicable requirements.

The RBI discovered inaccurate valuations of SRs in both ECL and EARCL.

RBI discovered many irregularities in the case of ECL, including:

• Incorrect data of qualifying book debts were submitted to lenders for drawing power computation.
• Noncompliance with loan-to-value rules when lending against shares
• Incorrect reporting to the Central Repository for Information on Large Credits system (CRILC) and noncompliance with Know Your Customer (KYC) rules.

RBI found EARCL in other violations, such as failing to present the supervisory letter issued by RBI following the previous inspection for 2021-2022 to the company’s board, failing to comply with loan settlement regulations, and sharing non-public information about its clients with group entities.

Note:

• Security Receipts: An Asset Reconstruction Company (ARC) issues a receipt or other security to a qualified buyer in exchange for the acquisition of distressed assets from banks or non-banking financial companies (NBFCs).
• Evergreening of loans: This is an unethical practice in which a lender seeks to avoid loan default by extending more loans to the same borrowers.

About Edelweiss Group (Edelweiss Financial Services Limited):

It is a significant financial services company in India that provides a diverse variety of financial goods and services. Retail Credit, Asset Management, and Asset Reconstruction are the company’s primary business lines.

• Chairman- Rashesh Shah
• Headquarters- Mumbai, Maharashtra

About Reserve Bank of India(RBI):

• Governor: Shaktikanta Das(25th Governor of RBI)
• Headquarter: Mumbai, Maharashtra
• Established: 1 April, 1935

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5) CSFB Announces Bancassurance Corporate Agency Partnership with ICICI Lombard General Insurance

Capital Small Finance Bank Limited (CSFB), India’s first Small Finance Bank (SFB), has formed a Bancassurance Corporate Agency Partnership with ICICI Lombard General Insurance Company Limited.

Key Points:

This collaboration allows CSFB to use its network and client base to market ICICI Lombard’s whole range of general insurance products, including as health, auto, home, travel, and rural insurance.

• The addition of ICICI Lombard to the bank’s insurance partners would broaden the choice of insurance solutions for customers, guaranteeing greater financial protection and ease.
• The relationship with CSFB is a strategic effort to expand ICICI Lombard General Insurance’s reach, particularly in Northern India.
• It enables CSFB clients to have appropriate risk coverage and access to ICICI Lombard’s diverse range of innovative and technology-driven insurance solutions.

What is Bancassurance?

• Bancassurance is an agreement between a bank and an insurance business that allows the insurance company to offer its products to the bank’s customer base.
• This relationship has the potential to be beneficial for both firms.

About Capital Small Finance Bank Limited

• Managing Director and Chief Executive Officer (MD & CEO) – Sarvjit Singh Samra
• Headquarters – Jalandhar, Punjab
• Established – April 24, 2016

About ICICI Lombard General Insurance Company Limited

It is one of the major private sector general insurance companies in India.

• Managing Director and Chief Executive Officer (MD & CEO) – Sanjeev Mantri
• Headquarters – Mumbai,Maharashtra
• Established – 2001

Click here to read from source

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6) Federal Bank Announces Bancassurance Partnership With Tata AIA Life Insurance

Federal Bank Limited, a private sector lender in India, has formed a Bancassurance partnership with Tata AIA Life Insurance Company Limited. This would allow Federal Bank clients to access Tata AIA Life’s products, such as term insurance, savings and wealth building programs, retirement and pension solutions, and so on.

• With this cooperation, Tata AIA will be able to increase its presence thanks to Federal Bank’s network.
• Federal Bank and Tata AIA Life Insurance are focused on a technology-enabled, consumer-centric business strategy, which contributes to the partnership’s synergies.

Note: Bancassurance is an agreement between a bank and an insurance company that allows the insurance company to offer its products to the bank’s clients.

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7) PhonePe Launches Secured Lending Platform With Banks, NBFC and Fintech Firms (Current Affairs 1st June 2024)

PhonePe, a major Fintech company, has offered secured loan solutions on its platform in collaboration with banks, Non-Banking Financial Companies (NBFCs), and other fintech companies.

Phonepe promises to provide a robust and smooth user experience in the secured loans area.

Customers may obtain financing options in six primary areas through the PhonePe app: mutual funds, gold, bicycles, cars, house and property loans, and education loans.

It brings together lenders and millions of our consumers in India on a single platform to satisfy their financial requirements.

For secured loans, it has worked with Tata Capital Limited, L&T Finance Limited, Hero FinCorp Limited, Muthoot Fincorp Limited, DMI Housing Finance, Home First Finance, Rupyy, Volt Money, and Gradright Edtech Private Limited, with more lenders to follow.

PhonePe now has 15 active partners and plans to increase this number to 25 by the end of the quarter.

Click here to read from source

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ECONOMY & BUSINESS

8) Morgan Stanley’s 2024 Global Economic Midyear Outlook Forecasts India’s Growth at 6.8% in 2024 & 6.5% in 2025 (Current Affairs 1st June 2024)

According to Morgan Stanley’s 2024 Global Economic Midyear Outlook, India’s growth is becoming more broad-based, both in terms of consumer and industry expenditure. The research expects 6.8% growth in 2024 (compared to the RBI’s 7%) and 6.5% in 2025, with inflation remaining within the 2-6% comfort zone.

Morgan Stanley is a worldwide financial services corporation that operates in over 40 countries.

Key Growth Drivers:

India’s robust firm growth is driven by 3 megatrends:

• Global offshoring;
• Digitalization; and
• Energy transition

Key Findings:

Retail inflation in April 2024 is 4.83% (the lowest in 11 months), falling within the RBI’s comfort zone (2-6%), but somewhat over the optimum scenario of 4%.

India’s Gross Domestic Product (GDP) increased by 8.4% in the October-December quarter of FY 2023-24, retaining its status as the fastest-growing major economy.

Factors driving growth:

• India benefits from better global growth, which increases export income and supports local capital spending.
• Capital expenditures have the potential to rebound quickly, owing to an improved business climate and regulatory reforms.

India’s Economic Landscape

With an estimated value of USD 3.7 trillion, India’s GDP ranks fifth in the world, trailing only the United States (US), China, Germany and Japan.

Global Findings:

• Morgan Stanley anticipates US growth of 2.6% in 2024 and 2.1% in 2025, with moderate year-on-year (y-o-y) growth.
• China’s GDP is expected to expand by 4.8% in 2024 and 4.5% in 2025.
• Japan’s nominal GDP growth is expected to slow to 3.3% in 2024, down from 5.7% in 2023.

Key Points:

• Morgan Stanley economists estimate a 3.1% global economic growth rate in both 2024 and 2025.
• Despite data swings and changing rate expectations in the first half, global inflation rates are on a lower trend, which contributes to economic stability.

About Morgan Stanley:

• Chief Executive Officer (CEO)- Edward (Ted) Pick
• Headquarters– New York, US
• Founded in 1935

Click here to read from source

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Click here to read: Current Affairs 31st May 2024

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9) Coal India Incorporates New Arm for Coal-to-Chemicals Business (Current Affairs 1st June 2024)

Coal India Limited (CIL) established Bharat Coal Gasification and Chemicals Ltd (BCGCL) as a subsidiary to pursue a coal-to-chemicals business. BCGCL will create ammonia and nitric acid as intermediate products, with ammonium nitrate as the final product.
Bharat Heavy Electricals Limited (BHEL) owns the remaining 49% of BCGCL, with CIL holding the majority (51%).

Background:

• In February 2024, CIL and BHEL inked a joint venture agreement to conduct coal-to-chemicals business.
• NITI Aayog and the Ministry of Finance’s Department of Investment and Public Asset Management (DIPAM) have approved the formation of the CIL-BHEL joint venture.
• CIL is a ‘Maharatna’ Central Public Sector Enterprise (CPSE) under the Ministry of Coal (MoC), whereas BHEL is a ‘Maharatna’ CPSE under the Ministry of Heavy Industries and Public Enterprises.

CIL has recently inked a Memorandum of Understanding (MoU) with GAIL (India) Limited to establish a coal-to-synthetic natural gas project at Eastern Coalfields Limited (ECL) in Burdwan, West Bengal, with an estimated cost of Rs 13,052 crore.

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AWARDS & RECOGNITIONS

10) Reliance, Tata Group & Serum Institute Featured on TIME100 Most Influential Companies 2024 (Current Affairs 1st June 2024)

TIME, the New York-based American magazine, has included three Indian companies to its “TIME100 Most Influential Companies 2024” list: Reliance Industries Limited (RIL), Tata Group, and Serum Institute of India (SII).

• This is the fourth edition of TIME’s annual list of the world’s most influential companies.
• RIL and Tata Group are listed in the “Titans” category, while SII is recognized in the “Pioneer” category.
• Rare Beauty, developed by American singer and actress Selena Gomez, is included in the “Leaders” category.

Notable corporations on the list included Microsoft, TikTok, Disney, Pfizer, and Bank of America under the Titans category, and Google and Huawei under the Innovators category.

About TIME Magazine:

• CEO–  Jessica Sibley
• Headquarters- New York, The United States of America (USA)
• Created in- 1923

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APPOINTMENTS & RESIGNATIONS

11) India First Time Takes Over the Chairmanship of the Colombo Process For 2024-2026 (Current Affairs 1st June 2024)

About Colombo Process:

The Colombo procedure is a regional consultation procedure including migrant worker origin nations in South and Southeast Asia.

It is a non-binding mechanism that promotes talks about improving migration management and preserving migrant workers’ rights.

It also acts as a venue for the exchange of best practices in international employment.

The Colombo Process currently comprises 12 Asian member states and 8 observer states.
Afghanistan, Bangladesh, China, India, Indonesia, Nepal, Pakistan, the Philippines, Sri Lanka, Thailand, Vietnam, and Cambodia make up the 12 Member States.

The eight observer states are Bahrain, Italy, Kuwait, Malaysia, Qatar, the Republic of Korea, Saudi Arabia, and the United Arab Emirates (UAE).

Under Sri Lanka’s presidency (2013–2017), the Colombo Process established five Thematic Working Area Groups (TAWGs), which include:

• Promoting skill qualifications and recognition
• Fostering ethical recruitment
• Promoting pre-departure orientation and empowerment
• Reducing the cost of remittance transfer
• Tracking labour market trends.

The fifth ministerial consultation, held in Colombo, Sri Lanka in August 2016, included four new thematic areas: promoting migrant health, operationalizing migrant-related goals in the Sustainable Development Goals (SDGs), promoting gender equality among migrant workers, and improving consular support for migrant workers.

India’s Role and Contribution:

• India has been actively involved in the Colombo Process from its inception.
• It has participated in ministerial discussions, senior officer meetings, and thematic area working groups (TAWGs).

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12) IRDAI Approves Appointment of Sandeep Batra as ICICI Prudential Board Chairman; Incumbent M. S. Ramachandran Set to Retire (Current Affairs 1st June 2024)

The Insurance Regulatory and Development Authority of India (IRDAI) has accepted the nomination of Sandeep Batra as Chairman of the Board of Directors of ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life), with effect from June 30, 2024.

He will succeed incumbent M S Ramachandran, who is slated to retire as Chairman of the Board on June 30, 2024, having reached the maximum age restriction of 75 years.

About Sandeep Batra:

• Batra has been with the ICICI Group since 2000 and has served as an Executive Director on the Board of ICICI Bank since 2018.
• He is also on the boards of ICICI Prudential Life Insurance, ICICI Lombard General Insurance, ICICI Prudential Asset Management, and ICICI Ventures.
• He was a founding member of ICICI Prudential Life, where he served as Chief Financial Officer (CFO) from September 2000 until 2006.
• From January 2014 to July 2018, he was also the Executive Director and a member of the Board of ICICI Bank, as well as a Group Compliance Officer.

About M. S. Ramachandran:

• Ramachandran is the Non-executive Independent Director and Chairman of the ICICI Prudential Board.
• He has held positions as Chairman of Indian Oil Corporation Limited and Chennai Petroleum Corporation Limited, among others.
• Ramachandran has served on the Governing Council of the India Habitat Centre.
• He has also been a Director on the Board of ICICI Bank Limited.

About ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life):

ICICI Prudential Life was established on July 20, 2000, as a public limited company under the Companies Act of 1956, and began operations in 2001.

It is marketed by ICICI Bank Limited and Prudential Corporation Holdings Limited.

• MD & CEO-Mr. Anup Bagchi
• Headquarters– Mumbai, Maharashtra

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ACQUISITIONS & MERGERS

13) Shinhan Bank Receives CCI Approval To Acquire 11% Stake in HDFC Credila (Current Affairs 1st June 2024)

The Competition Commission of India (CCI) has authorized South Korea-based Shinhan Bank Co., Ltd.’s acquisition of up to an 11% stake in HDFC Credila Financial Services Limited (HDFC Credila) through the subscription of HDFC Credila shares.

Note: 

Shinhan Bank is a subsidiary of the Shinhan Financial Group, a global bank that has operated in India since 1996.

HDFC Credila Financial Services Limited is a Reserve Bank of India (RBI)-registered non-deposit taking non-banking financial company (NBFC) that offers education loans in India and abroad.

CCI approves Matrix Pharma to acquire a 100% stake in Tianish Laboratories.

The CCI has also approved Matrix Pharma Private Limited’s acquisition of a 100% shareholding in Tianish Laboratories Private Limited.

Key Points:

Note: 

Tianish Laboratories Private Limited was founded in 2023 to manufacture and sell active medicinal ingredients in India.

Click here to read from source

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IMPORTANT DAYS

14) World No-Tobacco Day 2024 – May 31 (Current Affairs 1st June 2024)

World No-Tobacco Day (WNTD) is marked annually on May 31st to raise awareness of the worldwide tobacco pandemic and the preventable deaths and diseases caused by tobacco.

WNTD’s mission is to educate the public about the risks of tobacco use as well as tobacco firms’ business methods.

The World Health Organization (WHO) leads the commemoration of WNTD.

The topic for WNTD 2024 is “Protecting children from tobacco industry interference”.

Background:

• In 1987, the World Health Organization founded World No Tobacco Day to raise awareness of the tobacco pandemic and the needless deaths and diseases it causes.
• In 1987, the World Health Assembly (WHA) enacted resolution WHA40.38, proclaiming April 7th as World No Smoking Day.
• In 1988, the World Health Assembly issued Resolution WHA42.19, which declared May 31st as World No Tobacco Day.

Click here to read from source

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15) International Week of Solidarity with the Peoples of Non-Self-Governing Territories 2024 – 25 to 31 May (Current Affairs 1st June 2024)

The 2024 International Week of Solidarity with the Peoples of Non-Self-Governing Territories took place from May 25 to 31, 2024.

Background:

May 25 to May 31, 2000 Marked Week of Solidarity Held

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16) World Multiple Sclerosis Day 2024 – May 30 (Current Affairs 1st June 2024)

The MS International Federation (MSIF) and its members arrange the annual World MS Day.

Significance:

• The 2024 observance promotes early and correct diagnosis for everyone suffering with MS.
• It illustrates worldwide challenges to MS diagnosis and increases awareness using real-life tales and statistics.

Background:

• The MS International Federation (MSIF), the sole global network of MS organisations and people, established World MS Day.
• The first World MS Day was commemorated in 2009.

About Multiple Sclerosis (MS):

MS is a prevalent illness of the central nervous system. It causes damage to myelin, the fatty substance that protects and insulates neurons.

Myelin supports the quick and effective transmission of nerve impulses, allowing for smooth, coordinated motions.

Note: For some persons, MS is characterized by periods of relapse and remission, but for others, it is progressive.

Key Facts:

• MS affects about 2.8 million people globally, with someone being diagnosed with the disease every 5 minutes.
• MS affects both children and adults, with at least 30,000 people under the age of 18 living with it.

• Women have 2-3 times more MS cases than men. (18 words)

• 83% of nations globally experience challenges that hinder early MS diagnosis.

About Multiple Sclerosis International Federation (MSIF):

• Chief Executive Officer (CEO)- Peer Baneke
• Headquarters– London, UK
• Established in 1967

Click here to read from source

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