Current Affairs 7th June 2024
Welcome to your one-stop shop for staying up-to-date! In this blog post, we’ll delve into the most important news and events happening around the world on Current Affairs 7th June 2024. From politics and business to science and technology, we’ll cover everything you need to know to be an informed citizen. So, buckle up and get ready for a comprehensive overview of today’s headlines!
NATIONAL AFFAIRS
STPI Celebrated 33rd Foundation Day in New Delhi
The Software Technology Parks of India (STPI), an independent society under the Ministry of Electronics and Information Technology (MeitY), celebrated its 33rd Foundation Day on June 5, 2024, at a special ceremony in New Delhi, Delhi.
The subject of the foundation day event was “Positioning Bharat as a Tech Product Nation”.
- STPI has introduced two new online portals: SayujNet, a networking and resource discovery platform, and STPI-Workspace, a STPI Workspace portal.
- STPI also unveiled its new venture under the brand name “Ananta.”
- Krishnan, Secretary (MeitY) launched the DeepTech Knowledge Report on “Cutting-Edge Tech Forging India as a Software Product Nation”
About Software Technology Parks of India (STPI):
STPI was created on June 5, 1991, and is recognized as an independent organization under the Societies Registration Act, 1860.
- Director General (DG)- Arvind Kumar
- Headquarters- New Delhi, Delhi
Click here to read from source
MeitY Secy Inaugurated Indigenous Air Quality Monitoring System & launched Air-Pravah App
On World Environment Day 2024 (5th June 2024), S Krishnan, Secretary of the Ministry of Electronics and Information Technology (MeitY), launched an indigenous Air Quality Monitoring System (AQ-AIMS) at an event in New Delhi, Delhi.
He also created the “Air-Pravah” smartphone application, which monitors the Air Quality Index (AQI) in real time.
The AQ-AIMS and Air-Pravah were created using MeitY-supported technologies.
The Government of India (GoI) has classified Bihar’s Nagi Bird Sanctuary and Nakti Bird Sanctuary as wetlands of International Importance under the Ramsar treaty, bringing India’s total number of RAMSAR sites to 82.
Click here to read from source
MoD Signed MoUs with 4 Banks To Onboard Them As ‘SPARSH’ Service Centres
The Defence Accounts Department (DAD) of the Ministry of Defence (MoD) has inked Memorandums of Understanding (MoUs) with four banks to establish System for Pension Administration – Raksha (SPARSH) service centres at 1,128 of these banks’ branches throughout India.
The four banks are Bank of India (BOI), Canara Bank, Central Bank of India (CBI), and Utkarsh Small Finance Bank Limited (USFBL).
The SPARSH is a web-based system for processing pension claims and paying them directly to defense pensioners’ bank accounts without the need of an intermediary.
- The MoUs will offer retirees with last-mile connection, particularly in isolated locations where they lack the technical skills to use SPARSH.
- These Service Centres will act as an interface for SPARSH pensioners, providing an efficient way to update their profile, lodge grievances, receive digital yearly identity, validate data, and retrieve detailed monthly pension information.
- Access to these centers would be offered free of charge, with the DAD incurring just minor service fees.
- SPARSH Services will now be available in over 26,000 branches of 15 banks throughout India, in addition to the DAD’s 199 specialized service centres and over 3.75 lakh Common Service Centers (CSCs) nationwide.
Click here to read from source
BANKING & FINANCE
SEBI Issued Guidelines to Relax Timelines for FPIs to Make Material Event Disclosures
On June 5, 2024, the Securities Exchange Board of India (SEBI) released a Master Circular for Foreign Portfolio Investors (FPIs), Designated Depository Participants, and Eligible Foreign Investors, outlining the deadlines for disclosing major changes/events.
The SEBI (FPIs) (Amendment) Regulations 2024, which update the SEBI (FPIs) Regulations 2019, were notified on June 3, 2024.
Points to Note:
SEBI divided significant changes notified by FPIs into two categories:
- Type I modifications require FPIs to seek new registration or alter any perks or exemptions available to foreign investors.
- Type II covers all additional material modifications.
Type I material modifications must now be reported within seven days, with supporting documentation given within 30 days.
Type II modifications must be reported within 30 days, with accompanying documentation if applicable.
- The circular identified 14 cases of major changes that will be classified as Type-I, including change of jurisdiction, name change of an account of acquisition, merger, demerger, and ownership.
- Changes that are not covered under Type I are automatically classified as Type II changes.
- Designated Depository Participants (DDPs) are expected to review any major changes reported by FPIs and reassess the eligibility of FPIs seeking new registration.
- DDPs must also guarantee that in the event of Type I material modifications, FPIs get registration.
- If there is a delay in informing FPI of a substantial change, DDP will notify SEBI as soon as possible.
About the Securities and Exchange Board of India (SEBI):
- Chairman- Madhabi Puri Buch
- Headquarters- Mumbai, Maharashtra
- Established in- 1992
Click here to read from source
NIPL Partners with Central Bank of Peru To Introduce a UPI-like Payments System in Peru
NPCI International Payments Limited (NIPL), the international arm of National Payments Corporation of India (NPCI), has signed an agreement with the Central Reserve Bank of Peru (BCRP) to introduce a UPI-like real-time payments system in Peru.
Peru will be the first South American (SA) country to use UPI technology as a result of this agreement.
This is also NIPL’s second collaboration with a central bank to implement the UPI stack in the international market.
Note: In May 2024, NIPL inked a deal with the Bank of Namibia (BoN), Namibia’s central bank, to build an instant payment system similar UPI in Namibia (an African country).
Key Points:
- The cooperation will allow the BCRP to build a dependable and efficient real-time payment platform in Peru.
- This UPI system enables quick payments between people and businesses, removing the need for cash transactions and promoting the usage of digital payments among Peru’s massive unbanked population.
- The UPI’s collaborative and open banking strategy improves connection and interoperability with local and international payment networks, fostering innovation and resilience in Peru’s payment ecosystem.
- This agreement will provide Peruvian residents with an unprecedented degree of ease, security, and efficiency in financial transactions.
About NPCI International Payments Limited (NIPL):
- Chief Executive Officer (CEO) – Ritesh Shukla
- Headquarters – Mumbai, Maharashtra
- Incorporated on – 3rd April 2020
About the Republic of Peru:
- Prime Minister (PM) – Gustavo Lino Adrianzén Olaya
- Capital – Lima
- Currency – Peruvian sol
Click here to read from source
Universal Sompo Launches ‘Insure Today For a Safe Tomorrow’ Campaign To Promote Awareness
Universal Sompo General Insurance Company Limited has started a new campaign called ‘Insure Today for a Safe Tomorrow,’ to create awareness about the necessity of insurance in protecting against unanticipated hazards.
It provides a diverse line of insurance products, including auto, health, personal injury, fire, and burglary insurance. It is devoted to providing complete protection to persons, possessions, and enterprises.
- As part of the ‘Insurance for All by 2047’ campaign, Universal Sompo cooperated with Maruti Suzuki Insurance Broking Private Limited to raise insurance awareness in Andhra Pradesh (AP).
- Under the theme, a free car checkup was offered in Krishna district, Andhra Pradesh.
- Key activities include free car inspections, identifying and insuring uninsured vehicles, educating the public about the benefits of property insurance, and encouraging them to purchase an on-the-spot insurance policy.
Note: Universal Sompo General Insurance is a joint venture (JV) between Indian Bank, Indian Overseas Bank (IOB), Karnataka Bank Limited (KBL), Dabur Investments, and Sompo Japan Insurance Inc.
Click here to read from source
ECONOMY & BUSINESS
DBS Retained India’s GDP Projection at 7% for FY25 (2024-25) (Current Affairs 7th June 2024)
DBS Bank Ltd (previously known as Development Bank of Singapore Limited) has kept its FY25 GDP prediction for India at 7%.
It also estimated that India’s GDP growth will stay at 7% in the first quarter of FY25 (April to June 2024).
Key Points:
- The DBS listed many variables that support its GDP projection for India in FY25, including sustained economic growth, public and household capex investments, rural revival, a regular monsoon, and improved trade composition.
- It stated that high-frequency data for April and May suggested good economic development while government expenditures and investments were delayed during India’s general elections.
- GDP growth during the fourth quarter (January-March 2024) of FY24 climbed to 7.8% year on year (yoy). This number was updated from 8.6% year on year.
- In Q4FY24, gross value added (GVA) increased by 6.3% year on year.
- The greater disparity between GDP and GVA narrowed by around 150 basis points to 22% in net direct taxes throughout the quarter.
- The bank stated that, aside from political stability, the economic agenda would be the primary focus of the final budget in July 2024 in the short term, along with capex commitments, fiscal consolidation, and changes aimed at production factors.
About DBS Bank Ltd:
- Chief Executive Officer (CEO)– Piyush Gupta
- Headquarters- Marina Bay Financial Centre, Singapore
- Established in- 1968
- Tagline- Live more, Bank less
Click here to read from source
Goldman Sachs Raised India’s GDP Growth Forecast to 6.9% for CY24 (Current Affairs 7th June 2024)
Foreign Brokerage Goldman Sachs Group, Inc. has boosted India’s GDP growth prediction for the Calendar Year (CY) 2024 by 20 basis points (bps), to 6.9% from 6.7% before.
Goldman Sachs forecasts 6.8% GDP growth in India for the current fiscal year (FY2024-25).
Note: Goldman Sachs Group, Inc. is a major worldwide investment banking, securities, and investment management organization that provides a wide variety of financial services to a diverse customer base.
GDP Growth Forecast:
- In May 2024, the Central Statistics Office (CSO) reported that India’s GDP growth in the fourth quarter (January to March 2024) was 7.8%, driven by manufacturing.
- Following stronger-than-expected Q1 growth, Goldman Sachs increased its CY24 real GDP growth prediction to 6.9% year on year.
Fiscal Deficit:
- Goldman Sachs believes that a higher-than-expected dividend from the Reserve Bank of India (RBI) will help the Central government fulfill its fiscal deficit target of 5.1% of GDP in 2024-25.
- The fiscal deficit for 2023-24 (April to March 2024) was reduced to 5.6% of GDP, down from the revised estimate of 5.8%, owing to spending reduction and higher-than-expected revenues in March 2024.
Key Fiscal Developments:
- Overall spending was lowered by Rs 50,000 crore compared to the Revised Estimates.
- This drop was essentially the result of a Rs 30,000 crore cut in subsidy disbursements.
- Receipts surpassed forecasts by Rs 20,000 crore, helped by higher dividends from the Reserve Bank of India (RBI) and Public Sector Undertakings (PSUs).
- The RBI declared a hefty dividend of Rs 2.1 lakh crore to the Central government, which exceeded the budget forecast of Rs 1 lakh crore.
About the Goldman Sachs Group, Inc.:
- Chairman and Chief Executive Officer (CEO)– David Solomon
- Headquarters– New York, The United States of America (USA)
- Founded in- 1869
Click here to read from source
TotalEnergies Inked LNG Deals with IOC Limited and Korea South-East Power for Supply of LNG (Current Affairs 7th June 2024)
On June 4, 2024, French energy firm TotalEnergies inked agreements with Indian Public Sector Enterprise (PSE), Indian Oil Corporation Limited (IOCL), and Korea South-East Power Co Ltd to provide Liquefied Natural Gas (LNG) over a medium to long term period.
About The Agreements:
- Total Energies and IOC Limited inked a Sales and Purchase Agreement. According to the deal, Total Energies would provide up to 8 lakh Metric Tons Per Annum (MTPA) of LNG to India.
- LNG will be supplied over a 10-year period beginning in 2026.
- Total Energies has inked a Head of Agreement (HoA) with Korea South-East Power Ltd to supply South Korea with up to 5 lakh MTPA of LNG over a five-year period beginning in 2027.
Point to Note:
A Head of Agreement (HoA) was signed in July 2023 between Indian Oil Corporation (IOC) Limited and Abu Dhabi Gas Liquefaction Co (ADNOC) Limited of the United Arab Emirates (UAE).
According to the deal, IOC Limited will import 1.2 million MTPA of LNG over 14 years beginning in 2026.
Click here to read from source
AWARDS & RECOGNITIONS
C-DOT Won UN’s WSIS 2024 ‘Champion’ Award at Geneva, Switzerland (Current Affairs 7th June 2024)
The Centre for Development of Telematics (C-DOT) has received the United Nations World Summit on the Information Society (UN’s WSIS) 2024 ‘Champion’ Award during the WSIS+20 Forum in Geneva, Switzerland.
The prize was presented to the project ‘Mobile-Enabled Disaster Resilience via Cell Broadcast Emergency Alerting’, which was recognized under Artificial Intelligence (AI), area – 7 (C-7), E-environment, in the area of ‘Benefits in all aspects of life – E-environment’.
About WSIS+20 Forum High-Level Event 2024:
The WSIS+20 Forum 2024 is a High-Level Event hosted by the International Telecom Union (ITU) in Geneva, Switzerland, from May 27 to 31, 2024.
It recognizes C-DOT’s Cell Broadcast Emergency Alerting Platform for its contribution to improving WSIS results and emphasizes C-DOT’s commitment to leveraging technology for social benefit.
The AI for Good Global Summit was held concurrently with WSIS from May 29th to May 31st, 2024, in Geneva.
Key Points:
C-DOT showcased cutting-edge telecom solutions such as an ITU-Common Alerting Protocol (CAP)-based early warning alert system and cell broadcast technology for disaster management, as well as ASTR (AI and Facial Recognition-powered Solution for Telecom SIM Subscriber Verification) for detecting Subscriber Identity Module (SIM) used in cyber fraud.
C-DOT selected two AI firms from India, DeepVision Tech and Nayancom, to present their unique solutions.
About C-DOT’s Cell Broadcast Emergency Alerting Platform:
The C-DOT’s mobile-enabled Cell Broadcast Emergency Alerting Platform is a complete solution for sending life-saving emergency information to mobile phones in near real time over cellular networks.
This indigenous, cost-effective, and automated system enables geo-targeted multi-hazard warnings with language support, increasing the overall efficiency of disaster risk management activities.
This program is consistent with global Early Warnings for All (EW4All), the International Telecommunication Unions (ITU) – Common Alerting Protocol (CAP), and the ‘Call to Action’, and advances SDG (Sustainable Development Goal) aims while enhancing countries’ catastrophe resilience efforts.
It employs AI/Machine Learning (ML) to develop proactive intelligence to tackle the threat of fake/forged SIM cards, neutralize cybercrime syndicates, and identify point-of-sale (PoS) transactions that promote the acquisition of fraudulent mobile connections.
About Centre for Development of Telematics (C-DOT):
C-DOT was founded in August 1984 as an autonomous Telecom Research and Development (R&D) center under the Department of Telecommunications (DoT), Government of India.
- Chief Executive Officer (CEO) – Rajkumar Upadhyay
- Headquarters – New Delhi, Delhi
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ACQUISITIONS & MERGERS
RBI Approves Zurich Insurance’s 70% Acquisition of Kotak General For Rs 5,560 crore (Current Affairs 7th June 2024)
The Reserve Bank of India (RBI) has authorized Zurich Insurance Company Limited’s planned acquisition of a 70% share in Kotak Mahindra General Insurance Company Limited (KGI) (Target) for a total of around Rs 5,560 crore.
Zurich Insurance Group, headquartered in Zurich, Switzerland, wholly owns Zurich Insurance Company Limited, the acquiring entity.
Background:
- In Nov 2023, Zurich Insurance targeted a 70% stake in KGI via acquisition and investment.
- Zurich Insurance agreed to acquire 70% of Kotak General Insurance for Rs 5,560 crore in February.
- CCI approved Zurich firm’s 70% buy in KGI on Feb 6th
About Kotak Mahindra General Insurance Company Limited (KGI):
Kotak Mahindra General Insurance Company is a 100% subsidiary of Kotak Mahindra Bank Limited.
KGI acquired the license to launch the company in November 2015, and it has since expanded its national reach to 25 outlets throughout India.
- Managing Director & Chief Executive Officer ( MD & CEO) – Suresh Agarwal
- Headquarters – Mumbai, Maharashtra
About Reserve Bank of India (RBI):
- Governor – Shaktikanta Das
- Headquarters – Mumbai, Maharashtra
- Established in – 1 April, 1935
Click here to read from source
PNB Approved Diluting 10% Stake in Canara HSBC Life Insurance Company (Current Affairs 7th June 2024)
On June 4, 2024, the Board of Directors of Punjab National Bank (PNB) authorized the process of diluting its associate firm Canara HSBC Life Insurance firm Limited’s 10% equity by listing the company on stock markets via an Initial Public Offering (IPO).
Point to Note:
- Canara Bank now holds 51% of Canara HSBC Life Insurance Company, while HSBC Insurance (Asia Pacific) Holdings Limited owns 26%.
- After the merger of the former Oriental Bank of Commerce (OBC) with PNB in 2020. PNB purchased a 23 percent interest in the life insurance.
- On May 31, 2024, Canara Bank authorized a plan to sell 14.50% of its share in Canara Life Insurance Company Limited via an IPO.
About Canara HSBC Life Insurance Company Limited:
- Managing Director (MD) and Chief Executive Officer (CEO)- Anuj Mathur
- Headquarters- Gurugram, Haryana
- Established in- 2008
Click here to read from source
Click here to read: Current Affairs 7th June 2024
SCIENCE & TECHNOLOGY
Boeing Starliner Launches NASA Astronauts into Space for 1st time with Indian-origin Astronaut Sunita Williams (Current Affairs 7th June 2024)
On June 5, 2024, Boeing’s Starliner spaceship launched into orbit on its first mission to the International orbit Station (ISS) with two National Aeronautics and Space Administration (NASA) astronauts, Butch Wilmore and Sunita Williams. The astronauts are in space conducting the ISS’s first crewed flight test.
A ULA Atlas V rocket roared from Florida’s Cape Canaveral, launching astronauts.
Sunita Williams, an Indian-origin American, is the first female astronaut to travel on the first crewed space journey.
Boeing’s Crew Flight Test launches to assess and certify the crew system for regular ISS crew rotations.
Note:
- Boeing is developing the Crew Space Transportation (CST)-100 Starliner spacecraft, known as Calypso, in conjunction with NASA’s Commercial Crew Program.
- NASA’s Commercial Crew Program now launches humans aboard Boeing’s Starliner on a ULA Atlas V.
- This is Butch Wilmore and Sunita Williams’ third trip to the ISS.
Flight Test Goals:
- Verify the Starliner’s transportation system, launch pad, rocket, and spacecraft.
- Evaluate in-orbit operational capability.
- Ensure a safe return to Earth for the astronauts.
- Previous Starliner missions included two uncrewed orbital flights, a test to and from the ISS, and a pad abort demonstration.
Crew:
- The mission commander is former US Navy Captain Barry Wilmore. He has spent 178 days in orbit during two trips.
- Sunita Williams will pilot the spacecraft during the flying test.
- She has spent 322 days in space on two missions: Expedition 14/15 from 2006 to 2007, and Expedition 32/33 in 2012.
- She also performed seven spacewalks, totaling 50 hours and fominutes.
Operations:
- Astronauts piloted docking with Harmony module, station stay for a week.
- Throughout the journey, the astronauts will test several Starliner systems.
- Upon arrival, they will join the Expedition 71 crew (who are currently on board the ISS).
Click here to read from source
IMPORTANT DAYS
UN Russian Language Day 2024 – June 6 (Current Affairs 7th June 2024)
The United Nations (UN) celebrates Russian Language Day on June 6th each year to emphasize the value of the Russian language as a symbol of national identity and cultural legacy, as well as to commemorate its richness and beauty.
The day commemorates the birth anniversary of Alexander Sergeevich Pushkin (1799–1837), the founder of modern Russian literature.
Alexander Sergeevich Pushkin’s 225th birth anniversary is June 6, 2024.
Background:
- The UN Department of Public Information (DPI), currently known as the Department of Global Communications, decided to host language days.
- As International Mother Language Day 2010 approached, DPI unveiled “Language Days at the UN” to champion multilingualism and diversity.
- In 2017, UNGA endorsed celebrating Russian Language Day alongside other UN languages.
Click here to read from source
World Pest Day 2024 – June 6 (Current Affairs 7th June 2024)
World Pest Day is held annually on June 6 across the world to promote awareness about the vital role of pest management in tackling pest-related concerns, preserving public health, food safety, and maintaining a safe, pest-free environment.
- The 2024 topic for World Pest Day is “Global Solutions, Local Impact: Mapping Success in Pest Management.”
- GPMC spearheads World Pest Day, uniting global pest groups to raise public health and safety awareness.
Background:
- FAOPMA, NPMA, and CEPA joining forces with the Chinese Pest Control Association launched World Pest Day.
-
World Pest Day debuted on June 6, 2017 with Beijing Hotel in China hosting the inaugural event.
Click here to read from source
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