Current Affairs 11th June 2024
Welcome to your one-stop shop for catching up on what happened on June 11th, 2024! Today’s headlines offer a unique blend: the whimsical celebration of the first-ever International Day of Play, alongside serious discussions on political turmoil in France and challenges facing India’s cooperative societies. Dive into “Current Affairs 11th June 2024” and explore the day’s most newsworthy events!
INTERNATIONAL AFFAIRS
VCTPL Featured into Top 20 Rankings in World Bank’s CPPI 2023
According to the World Bank’s Container Port Performance Index (CPPI) 2023, Visakhapatnam Container Terminal Private Limited (VCTPL), a wholly-owned subsidiary of JM Baxi Ports & Logistics based in Visakhapatnam, Andhra Pradesh (AP), is the only Indian port to rank in the Top 20.
- VCTPL has won the 19th spot in the CPPI rankings.
- Mundra Port, India’s largest private port (located in Gujarat), was placed 27th and is owned by Adani Ports and Special Economic Zone Limited.
- According to the CPPI 2023, Yangchan Port (China) and Port of Salaah (Oman) rated first and second, respectively. Both ports maintained their existing rankings for 2022.
About World Bank:
- President- Ajay Banga
- Headquarters- Washington, DC, the United States of America (USA)
- Established- 1944
BANKING & FINANCE
Highlights of RBI’s 2nd Bi-Monthly MPC Meeting 2024 – RBI Keeps Repo Rate Unchanged at 6.5%; Forecasts 7.2% GDP Growth for FY25
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) convened on June 5–7, 2024, and issued its second Bi-Monthly Monetary Policy of Financial Year 2024–25 (FY25), raising India’s real GDP growth prediction from 7% to 7.2% for FY25.
For the eighth consecutive time, the repo rate under the Liquidity Adjustment Facility (LAF) remained constant at 6.50%. However, the two external members of the RBI, Ashima Goyal and Jayanth R Varma, expressed their displeasure and voted to lower the policy repo rate by 25 basis points.
To strengthen bank asset liability management, the RBI increased the threshold for bulk fixed deposits from Rs 2 crore to Rs 3 crore.
The RBI has announced the introduction of an auto replenishment capability for FASTag, National Common Mobility Card (NCMC), and United Payments Interface (UPI) Lite wallet balances under the e-mandate facility.
The RBI has decided to simplify current norms on the export and import of goods and services under the Foreign Exchange Management Act (FEMA), 1999, in order to match them with changes in global cross-border commerce.
The Reserve Bank of India (RBI) has launched the third iteration of its hackathon, ‘HaRBInger 2024 – Innovation for Transformation’.
About Reserve Bank of India (RBI)
The Reserve Bank of India (RBI) oversees monetary stability, currency management, inflation targeting, banking system regulation, and interest rate setting. It was founded on April 1, 1935, under the terms of the Reserve Bank of India Act, 1934.
- Headquarters: Mumbai, Maharashtra
- Governor: Shaktikanta Das
SEBI Mandates KRAs to Update KYC Information on Central KYC Records Registry
The Securities and Exchange Board of India (SEBI) issued a circular on June 6, 2024, mandating Know Your Client (KYC) Registration Agencies (KRAs) to update their customers’ KYC information on the Central KYC Records Registry (CKYCRR), with data uploading beginning August 1, 2024. These new rules seek to streamline the customer onboarding process by lowering the time required to register new clients.
SEBI has modified the “Master Circular on KYC Norms” that was first released on October 12, 2023.
SEBI published this circular in accordance with Section 11(1) of the Securities and Exchange Board of India Act, 1992, and Regulation 17 of the Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Regulations, 2011.
Point to Note: Currently, market intermediaries such as stock brokers and Alternative Investment Funds (AIFs) that handle account opening operations for customers are responsible for submitting KYC information to CKYCRR.
Key Changes:
KRAs must upload verified or validated KYC information to the CKYCRR system within 7 days of receiving it from intermediaries, or within any other timetable specified by the Prevention of Money Laundering (PML) Rules.
Previously, registered intermediaries were required to provide an electronic copy of their customers’ KYC information within 10 days of the start of an account-based connection.
Beginning August 1, 2024, KRAs will be required to submit existing KYC information for legal organizations and individual clients to CKYCRR within a 6-month timeframe.
SEBI has urged registered intermediaries to continue uploading KYC information with adequate authentication on KRA’s systems.
About Central KYC Records Registry (CKYCRR):
It serves as a centralized repository for KYC information, which is handled by India’s Central Registry of Securitization, Asset Reconstruction, and Security Interest (CERSAI). It may be utilized in a variety of financial organizations, including banks, mutual funds, stocks, and the National Pension System (NPS).
About Securities and Exchange Board of India(SEBI):
SEBI is India’s apex regulatory organization for securities and commodities. It was founded as a non-statutory entity in April 1988. Later, on January 30, 1992, SEBI was granted statutory standing under the SEBI Act, 1992
- Chairman-Â Madhabi Puri Buch
- Headquarter-Â Mumbai, Maharashtra
Muthoot Microfin & SBI Announces Co-Lending Partnership To Empower Women Entrepreneurs
Muthoot Microfin Limited has launched a strategic co-lending agreement with State Bank of India (SBI) to provide financial services to women entrepreneurs in rural and semi-urban areas across India.
Muthoot Microfin and SBI will collaborate to lend to members of Joint Liability Groups (JLGs) involved in agriculture and related industries, as well as other income-generating ventures.
The loan amounts would range from Rs 10,000 to Rs 3,00,000, delivering a significant boost to women businesses in rural areas.
This is intended to provide a significant boost to female entrepreneurs, allowing them to grow their firms and better their incomes.
Muthoot Microfin Limited is the fifth largest NBFC-microfinance firm by gross loan portfolio, with headquarters in Kochi, Kerala.
Ashv Finance Ltd Signed a Co-lending Pact with HDFC Bank to Offer Unsecured Business Loans to MSMEs
Ashv Finance Limited (formerly Jain Sons Finlease Ltd), a subsidiary of the impact investor Aavishkaar Group, has struck a co-lending arrangement with HDFC Bank, one of India’s major private banks, to provide unsecured business loans to Micro, Small, and Medium Enterprises (MSMEs).
This co-lending agreement intends to strengthen Ashv Finance’s lending relationships to Micro, Small, and Medium Enterprises (MSMEs).
Benefits of the Partnership:
- Unsecured business loans vary from Rs 20 lakh to Rs 50 lakh over a 12- to 36-month period. Repeat clients can apply for loans up to Rs 75 lakh.
- Funds can be used to invest in infrastructure, meet working capital requirements, purchase new machinery and plant, adopt technology, or cover overhead expenditures.
Eligibility Criteria:
MSMEs must be at least three years old, with an annual turnover of Rs 3 crore to Rs 100 crore.
Goods and Services Tax (GST) and Income Tax Returns (ITR) for the previous three years are necessary.
Note:Â Ashv Finance Limited is a non-banking financial company (NBFC) that provides loans to MSMEs and small businesses in India.
ECONOMY & BUSINESS
Andhra Chamber of Commerce Signed MoU With AIC-Anna University Incubation Foundation to Enhance Startup Ecosystem
The Andhra Chamber of Commerce has inked a Memorandum of Understanding (MoU) with the Atal Incubation Center (AIC) at the Anna University Incubation Foundation in Chennai, Tamil Nadu, to strengthen the startup ecosystem and assist prospective entrepreneurs.
According to the joint initiative, the strategic collaboration would allow both parties to use their skills to reach a larger audience through the AIC, Anna University Incubation Foundation.
The AIC will collaborate with the Andhra Chamber of Commerce to incubate start-ups and promote their events and outreach initiatives, with an initial focus on the social sector.
Key People:
Dr. VL Indira Dutt, President of the Andhra Chamber of Commerce, exchanged papers with Dr. P. Uma Maheswari, Director and CEO of AIC-Anna University Incubation Foundation.
Note:
- AIC-Anna University Incubation Foundation is a section 8 company established by Anna University with a funding from the Atal Innovation Mission, the National Institution for Transforming India (Niti Aayog), and the Government of India.
- The Andhra Chamber of Commerce was founded in 1928 to promote and serve India’s trade, commerce, and industry, particularly in South India.
Garden Reach Shipbuilders To Build Research Vessel for DRDO in Rs 500 Crore Deal
Garden Reach Shipbuilders and Engineers (GRSE), a renowned Indian shipyard, has announced plans to build a new research vessel for the Defence Research and Development Organisation (DRDO) for roughly Rs 500 crore.
After submitting the lowest proposal (L1), GRSE was chosen to construct the DRDO research vessel. It emphasizes GRSE’s competitiveness in the shipbuilding business and capacity to provide cost-effective solutions.
The deal is presently being negotiated and has not been completed. If the discussions go well and the deal is finalized, it will strengthen the company’s position in the defense sector and help to its further expansion.
APPOINTMENTS & RESIGNATIONS
UNGA Elected Former Cameroonian PM Philemon Yang as President of its 79th Session
The United Nations General Assembly (UNGA) chose Ambassador Philemon Yang, former Prime Minister (PM) of Cameroon, as President by acclamation for its 79th session, which begins on September 10, 2024.
Denmark, Greece, Pakistan, Panama, and Somalia were chosen as non-permanent members of the United Nations Security Council (UNSC) for two-year periods beginning January 1, 2025 and ending December 31, 2026.
About the United Nations General Assembly (UNGA):
The UN General Assembly, established in 1945 under the UN Charter, is the UN’s primary policy-making organ.
- Headquarters– New York, the United States of America(USA)
Kamal Kishore Soan Assumed Additional Charge as DG of ESIC
On May 31, 2024, Kamal Kishore Soan, a senior Indian Administrative Service (IAS) official, received the additional responsibility of Director General (DG) of Employees’ State Insurance Corporation (ESIC) under the Ministry of Labour and Employment, Government of India.
He also works as an Additional Secretary and Director General (DG) for Labour Welfare at the Ministry of Labour and Employment.
Kishore Soan will follow Rajendra Kumar, who has been the Director General of ESIC since 2022. Kumar was appointed Secretary of the Department of Border Management within the Ministry of Home Affairs in May 2024.
About Kamal Kishore Soan:
- He is a 1998-batch IAS officer from Jharkhand cadre.
- He has extensive governance and management experience, having worked in a variety of departments in the state of Jharkhand, including Land Revenue Management and District Administration, Agriculture and Cooperation, Health, Building Construction, Transport, and Finance.
About Employees’ State Insurance Corporation (ESIC):
It is a statutory organization formed by the Employees’ State Insurance Act (ESIC Act) of 1948, which was the first significant social security statute for workers in independent India.
- Director General (DG)- Kamal Kishore Soan
- Headquarters- New Delhi, Delhi
- Established in – 1952
SPORTS
Norway Chess 2024: Magnus Carlsen, Ju Wenjun Emerge as Champions, Praggnanandhaa Finishes 3rd
Magnus Carlsen (World No.1) won the 2024 Norway Chess Title by defeating Fabiano Caruana of the United States of America (USA) in the final round Armageddon tie-breaker. This is Carlsen’s sixth Norway Chess Title.
Hikaru Nakamura (USA) finished second with 15.5 points, trailing only Indian GM R. Praggnanandhaa, who finished third with 14.5 points.
Ju Wenjun (China), the Women’s World Champion, defeated Lei Tingjie (China) to win the Women’s Norwegian Chess Championship.
The 12th Norway Chess Supertournament took place in Stavanger, Norway, from May 27 to June 7, 2024.
Magnus Carlsen and Ju Wenjun received prize money of around USD 65,000.
Key Highlights:
- Alireza Firouzja (France) ranked fourth after beating World Champion Ding Liren (China), who finished sixth behind Fabiano Caruana (USA) in fifth place.
- In the women’s competition, Anna Muzychuk (Ukraine) finished second, followed by Lei Tingjie (China) in third.
- Indian women’s player Vaishali Rameshbabu finished fourth after losing to Pia Cramling (Sweden), while Koneru Humpy placed fifth after losing to Anna Muzychuk (Ukraine).
Note:Â R.Praggnanandhaa became the first player to defeat the top three chess players, Magnus Carlsen, Fabiano Caruana, and Hikaru Nakamura, at the Norway Chess 2024 tournament.
Results
|
Rank |
Men’s Category | Women’s Category |
|
1 |
Magnus Carlsen (Norway) | Ju Wenjun (China) |
| 2 | Hikaru Nakamura (USA) |
Anna Muzychuk (Ukraine) |
| 3 | Rameshbabu Praggnanandhaa (India) |
Lei Tingjie (China) |
About Magnus Carlsen:
- Magnus Carlsen won the world title in 2013 and has successfully defended it four times (in 2014, 2016, 2018, and 2021).
- He recently won the Superbet Rapid and Blitz Tournament 2024 in May (Warsaw, Poland) and the GRENKE Chess Classic 2024 (Karlsruhe, Germany) in March and April for the third time, after wins in 2015 and 2019.
- He also won the 2024 Champions Chess Tour Chessable Masters title in February 2024.
Ju Wenjun:
- Ju Wenjun won the women’s world chess champion in 2018 and has since held the championship four times: in 2018, 2020, and 2023.
- Ju Wenjun won the FIDE Women’s Grand Prix in 2015-16.
- She also won the blitz championship in the Tata Steel Chess India event in 2023.
About Norway Chess 2024
- Norway Chess is an annual closed chess tournament held in May-June each year. The inaugural event takes held in the Stavanger region of Norway in 2012.
- In partnership with Ernst and Young (EY), the Sparebank-1 SR-bank foundation, Sparebank-1 SR-bank, and the Stavanger municipality, Norway Chess hosted the first Norway Chess Women’s Tournament.
Click here to read: Current Affairs 8th, 9th & 10th June 2024
Formula 1: Max Verstappen Wins Canadian Grand Prix for Third Straight Year
Dutch-Belgian racing driver Max Verstappen of Red Bull won the Formula 1 (F1) Canadian Grand Prix 2024 (AWS GRAND PRIX DU CANADA 2024) title, the 9th round of the 2024 F1 championships at Circuit Gilles-Villeneuve in Montreal, Quebec, Canada.
- In the 2024 Canadian Grand Prix, McLaren’s Lando Norris finished second while Mercedes’ George Russell finished third.
- This is Verstappen’s 60th Formula One victory, and his sixth in nine races this season.
- George Russell secured Mercedes’ first Grand Prix podium result in the Formula One season 2024.
- It is Verstappen’s third consecutive Canadian Grand Prix title; he previously won in 2022 and 2023.
Canadian Grand Prix Podium 2024
|
Position |
Driver | Team |
|
1 |
Max Verstappen | Red Bull |
| 2 | Lando Norris |
McLaren |
| 3 | George Russell |
Mercedes |
About Max Verstappen :
Max Verstappen won 6 out of 9 races of the F1 events in 2024, including:
- Bahrain Grand Prix
- Saudi Arabian Grand Prix
- Japanese Grand Prix
- Chinese Grand Prix
- Emilia Romagna Grand Prix
- Canadian Grand Prix
He withdrew on the fourth lap, finishing 19th in the Australian Grand Prix, second in the Miami Grand Prix, and sixth in the Monaco Grand Prix.
He won three straight Formula One World Drivers’ Championship championships from 2021 to 2023.
Canadian Grand Prix :
The Canadian Grand Prix is an annual automobile race conducted in Canada since 1961, and it has been a part of the Formula One World Championship since 1967.
- Number of laps: 70
- Circuit length: 4.361 km
- Race distance: 305.27 km
OBITUARY
Cherukuri Ramoji Rao, Padma Vibhushan Awardee and Ramoji Group Chairman, Passed away at 87
Cherukuri Ramoji Rao, a Padma Vibhushan recipient and Chairman of the Ramoji Group, died at the age of 87 after a protracted illness.
He was born on November 16, 1936, in Pedaparupudi, Madras Presidency (now Andhra Pradesh).
He made around 50 films and telefilms throughout his lifetime.
About Cherukuri Ramoji Rao:
He led the Ramoji Group, which comprises:
- Ramoji Film City (RFC) is the world’s largest film production complex.
- Eenadu Telugu daily is the most widely circulated Telugu newspaper, while ETV is the first Telugu-language satellite entertainment network.
- Usha Kiran movies is a film production firm.
- Margadarsi Chit Funds
He also owned Dolphin Group Hotels, Kalanjali Saree Showrooms, Priya Foods, and Mayuri Film Distributors.
Awards and honours :
- Rao received the Padma Vibhushan, India’s second highest civilian accolade, in 2016 for his services to journalism, writing, and education.
- He earned the National Film Award for Best Feature Film in Telugu (Producer) for ‘Nuvve Kavali’.
- He also won four Filmfare Awards South and five Nandi Awards.
About Ramoji Group:
- It was created by Ramoji Rao and is headquartered in Hyderabad, India.
- Its businesses are broad, including television and newspaper media, film production, financial services, retail, education, and hospitality.
- In 1996, Guinness World Records acknowledged RFC, a subsidiary of the Ramoji company, as the world’s largest film studio complex.
IMPORTANT DAYS
World Oceans Day 2024 – June 8
The United Nations (UN) World Oceans Day is commemorated every year on June 8 to raise awareness about the impact of human activities on the ocean, to build a global movement for ocean conservation, and to unify the world’s people for sustainable ocean management.
The Division for Ocean Affairs and the Law of the Sea of the UN Office of Legal Affairs (DOALOS) co-hosted World Oceans Day 2024 with the non-profit organization Oceanic Global.
World Oceans Day 2024 was held with the theme “Awaken New Depths.”
India’s Radhanagar Beach on Havelock Island (formally known as Swaraj Dweep) was placed second in Tripadvisor’s Top 10 Sustainable Beaches in the World.
Background:
The Government of Canada first suggested Oceans Day on June 8, 1992, during the Earth Summit in Rio de Janeiro, Brazil, as a side event during the United Nations Conference on
Environment and Development (UNCED).
- On December 5, 2008, the UN General Assembly (UNGA) passed resolution A/RES/63/111, designating June 8 as World Oceans Day.
- The first World Oceans Day was commemorated on June 8, 2009.
World Brain Tumor Day 2024 – June 8
World Brain Tumor Day is held annually on June 8 across the world to promote awareness of brain tumours and their impact on patients and families, the importance of early identification and treatment, and to push for better patient care.
A brain tumor is an abnormal development of cells in the brain or surrounding areas.
These growths might be benign (not cancerous) or malignant (cancerous).
The subject of World Brain Tumor Day 2024 is “Brain Health and Prevention”.
Emblem: The Grey Ribbon is the official emblem for brain tumors and cancer.
Background:
- The “Deutsche Hirntumorhilfe e.V.” (German Brain Tumor Association), a non-profit organization located in Leipzig, Germany, established World Brain Tumor Day in 2000.
- Since 2000, World Brain Tumor Day has been observed on June 8 as an homage to all brain tumour patients and their relatives.
World Accreditation Day 2024 – June 9
World certification Day (WAD) is marked yearly on June 9th across the world to emphasize the importance of certification and conformity assessment in enhancing numerous aspects of life, including consumer safety, societal trust, corporate dependability, and governmental effectiveness.
The topic of World Accreditation Day 2024 is ‘Accreditation: Empowering Tomorrow and Shaping the Future.’
Background:
In 2007, the International Accreditation Forum (IAF) and the International Laboratory Accreditation Cooperation (ILAC) launched WAD, a global project to promote the value of accreditation.
The first WAD was observed on June 9, 2008.
About International Laboratory Accreditation Cooperation (ILAC):
ILAC began as a conference held in Copenhagen, Denmark, on October 24-28, 1977, to promote international collaboration for trade facilitation.
- Chair– Ms Etty Feller.
- Headquarters– Silverwater, New South Wales, Australia.
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