NATIONAL UPDATES:
1.
Kerala Govt to roll out “MEDISEP” scheme for State Government: Kerala state
government has issued orders regarding the implementation of a medical
insurance “MEDISEP” scheme for government employees and pensioners and the
deduction of premium from the salary of June 2022 and pension of July 2022.
MEDISEP scheme is applicable to government employees, pensioners/family
pensioners and their eligible family members and employees and pensioners of
universities that receive grant in aid from the state government and the local
self-government institutions. About the scheme:
a)
The
scheme provides cashless medical assistance through an insurance company
selected through the competitive bidding process. As per the scheme, the
premium on behalf of the employees and pensioners towards MEDISEP shall be paid
by the government in advance and will be recouped from the salary of employees
and pensioners.
b)
The
annual premium of the employees and the pensioners will be Rs 4,800 + 18% GST
for the policy period of 2022-24, and the monthly premium of Rs 500 would be
deducted from the salary/pension. The scheme is applicable to universities and
local self-government institutions as well.
c)
The
scheme is also applicable to directly recruited personal staff of the chief
minister, ministers, opposition leader, the chief whip, Speaker, deputy speaker
and chairman of the financial committees.
Note: Kerala Governor: Arif Mohammad Khan;
Kerala Capital: Thiruvananthapuram; Kerala Chief Minister: Pinarayi Vijayan.
2.
Four-day Ambubachi Mela at the Kamakhya Temple in Guwahati: Devotees were
finally permitted to take part in the annual Ambubachi Mela at Assam’s renowned
Kamakhya Temple after a two-year absence. The head priest of Maa Kamakhya
Devalaya, or “Bor Doloi,” Kabinath Sarma, explained that the “Pravritti” was
used to symbolically close the temple doors for four days as part of the rites.
The door will be unlocked or Nivriti in the morning of the first day.
About Ambubachi Mela: An annual Hindu
festival known as the Ambubachi Mela takes place at the Kamakhya Temple in
Guwahati, Assam. This annual festival is held in the middle of June, when the
Brahmaputra River is at its highest flow, during the monsoon season, which also
happens to fall within the Assamese month of Ahaar.
3.
Shyam Saran, Former Foreign Secretary chosen to lead India International Centre: India
International Centre’s President is now former foreign secretary and Prime
Minister’s Special Envoy for Nuclear Affairs and Climate Change Shyam Saran.
After leaving the administration in 2010, he served as chairman of the National
Security Advisory Board under the National Security Council and served as the
director of the Research and Information System for Developing Countries, a
renowned think tank specialising in economic issues, from 2011 to 2017.
(2013-15). About Shyam Sharan:
4.
Samant Kumar Goel re-appointed as Chief of RAW: Samant Kumar
Goel’s contract as secretary of the intelligence agency’s Research and Analysis
Wing (RAW) was extended by the Centre on June 24 by another year. Goel is an
IPS officer from the Punjab cadre class of 1984 and will hold the position of
agency secretary through June 30, 2023. In June 2019, Samant Kumar Goel
succeeded Anil Dhasmana as the Chief of RAW.
About the RAW: The RAW is an
external intelligence organisation that monitors dangers from abroad. RAW collects
secret information about the activities of neighbouring countries. RAW has been
placed directly under the Indian Prime Minister’s office. RAW has its own
service cadre known as the Research and Analysis Service (RAS).
Note: RAW Formed: 21 September 1968; RAW
Headquarters: New Delhi; RAW Founders: R. N. Kao & Indira Gandhi.
5.
National Insurance Awareness Day: 28th June: The National Insurance Awareness
Day is observed on 28 June. The main objective of the day is to make people
aware about the several benefits of investing in an insurance plan or policy.
Insurance policies offer financial cover in case of unfortunate happenings such
as injury, accident or losses in business, among others, if one remembers to
pay their premium regularly.
National Insurance Awareness Day
History:
Nicholas Barbon, an English economist, physician, and financial speculator set
up the first fire insurance company in 1666 CE. He came up with this idea after
a huge fire in London destroyed the city. After that, Barbon was successful in
forming the first actual insurance company known as The Insurance Office, which
was located in a small building behind London’s Royal Exchange.
INTERNATIONAL UPDATES:
1. UN
Ocean Conference 2022: Dr. Jitendra Singh to go to Lisbon: Dr. Jitendra
Singh, Minister of State for the Government of India, left for Portugal to
attend the Lisbon UN Ocean Conference, 2022. On the topic of Scaling up Ocean
Action based on Science and Innovation for the implementation of Goal 14: Stock
taking, Partnerships and Solutions, he will give the conference’s keynote
presentation. The Conference will have participants from more than 130 nations.
Key Points:
a)
Dr.
Singh declared in his final remarks that, under the direction of Prime Minister
Narendra Modi, India would offer collaborative solutions based on science and
innovation for the realisation of Goal 14.
b)
In
order to close the methodology and data gaps on SDG indicators, he claimed that
India has well-established engagement and partnerships with UN agencies and
research institutions.
c)
India
is advancing the UN Decade of Ocean Science for Sustainable Development,
2021–2030, according to the Minister, in order to create an ocean that is
clear, healthy, productive, predictable, safe, and accessible.
d)
At
the conclusion of the Conference, the leaders will also reiterate the statement
titled Our ocean, our future: call for action.
e)
The
high-level United Nations Conference to Support the Implementation of
Sustainable Development Goal 14 endorsed the declaration.
2.
Global Liveability Index 2022 released: The annual ranking of the world’s most
liveable cities has just been released by the Economist Intelligence Unit
(EIU), and 2022’s Global Liveability Index shows some marked differences from
the previous year. The EIU, which is a sister organization to The Economist,
ranked 173 cities around the world on a variety of factors, including health
care, crime rates, political stability, infrastructure and access to green
space.
|
2022’s Global
Liveability Index top 10 |
10 Least Liveable
Cities around the World |
|
|
Vienna, Austria |
Tehran, Iran |
|
|
Copenhagen, Denmark |
Douala, Cameroon |
|
|
Zurich, Switzerland |
Harare, Zimbabwe |
|
|
Calgary, Canada |
Dhaka, Bangladesh |
|
|
Vancouver, Canada |
Port Moresby, PNG |
|
|
Geneva, Switzerland |
Karachi, Pakistan |
|
|
Frankfurt, Germany |
Algiers, Algeria |
|
|
Toronto, Canada |
Tripoli, Libya |
|
|
Amsterdam, Netherlands |
Lagos, Nigeria |
|
|
Osaka, Japan and
Melbourne, Australia (tie) |
Damascus, Syria |
Key Points:
a)
Hong
Kong had the dubious honor of coming in first place, with New York City,
Geneva, London and Tokyo rounding out the top five in Liveability versus cost
of living.
b)
The
cities in India have fared poorly in the list of the world’s most liveable
cities. India’s national capital New Delhi has been ranked 112th in the list of
most liveable cities. While India’s financial capital Mumbai is ranked at 117th
position.
c)
The
Pakistani city of Karachi and Bangladesh capital Dhaka are among the least
liveable cities in the world.
d)
Ukrainian
capital, Kyiv, has not made it to the list after Russia invaded the country in
February 2022. While, the ranking of Russian cities like Moscow and St
Petersburg also fell over ‘censorship’ and western sanctions on the country.
Note: Economist Intelligence Unit
Headquarters: London, United Kingdom; Economist Intelligence Unit Founded:
1946; Economist Intelligence Unit Managing Director: Robin Bew.
3.
Largest bacteria in the world discovered in Caribbean mangrove swamp: In a Caribbean
mangrove swamp, researchers found the largest bacterium known to science. While
the majority of bacteria are tiny, this one is so large that it can be seen
with the unaided eye. It is by far the largest bacterium known to date,
according to Jean-Marie Volland, a marine biologist at the Lawrence Berkeley
National Laboratory and a co-author of a paper reporting the finding in the
journal Science. The thin white thread is about the size of a human eyelash.
The cell has a shape that is unusual for
bacteria, according to the researchers, but they have not yet been able to
develop it in lab culture. One significant distinction is that it includes a
sizable central compartment, or vacuole, which enables some cell functions to
take place there rather than all across the cell.
OTHER UPDATES:
SPORTS
1.
Ranji Trophy 2022: Madhya Pradesh beats Mumbai by six wickets: Madhya Pradesh
wrote history as they won their maiden Ranji Trophy title, beating tournament
heavyweights Mumbai by 6 wickets in the final at the M.Chinnaswamy Stadium in
Bengaluru. Under the leadership of Aditya Shrivastava, the team defeated
41-time champions Mumbai. The team was coached by former India wicketkeeper-batsman
Chandrakant Pandit.
Mumbai batter Sarfaraz Khan was crowned as
the ‘Man of the Tournament for his brilliant Ranji Trophy 2022 with the bat,
which saw him score 982 runs at an average of 122.75, finishing at the top of
the batting charts. Other top bowlers of The 2022 Ranji Trophy are spinner
Shahbaz Nadeem of Jharkhand (25 wickets).
2.
Anil Khanna named as the acting President of IOA: Anil Khanna has
been appointed the acting President of Indian Olympic Association (IOA). The
Delhi High Court has ordered that Narinder Dhruv Batra cannot continue as the
President of the IOA and appointed Anil Khanna as acting president. Veteran
sports administrator Narinder Batra was ordered to stop functioning as Indian
Olympic Association (IOA) president by the Delhi High Court “in a contempt
proceeding”, a month after it asked him to relinquish the top job. A vacation
bench of Justice Dinesh Sharma passed the order on a contempt petition filed by
Olympian and hockey World Cup winner Aslam Sher Khan. On May 25, Batra was
removed as IOA chief after the Delhi High Court struck down the post of ‘life
member’ in Hockey India, courtesy which he had contested and won the apex body
elections back in 2017. At that time also, the IOA had installed Khanna as its
acting chief.
BANKING AND FINANCE
1.
Mufin Finance get Prepaid Payment Instrument licence from RBI: One of the top
NBFCs, Mufin Finance, has received preliminary authorisation from the RBI to
issue semi-closed prepaid payment instruments. Digital banks, fintech companies,
and major consumer-facing applications are able to introduce features like
digital payment solutions for lending thanks to a semi-closed PPI licence.
Following well-known companies like Bajaj Finserve, Manapurram, and Paul
Merchants, Mufin Finance is the fourth NBFC to get a similar licence from the
RBI.
Key Points:
a)
The
company is currently putting the groundwork in place for the launch of
MufinPay, a digital payment solution that will support its lending operation.
b)
Mufin
Finance, which was founded in 2016, wants to use the MufinPay platform to
better service its 50,000+ customers and bring on new users.
c)
Digital
wallets, smart cards, magnetic chips, and vouchers are all examples of PPI. PPI
serves as a store of value that may be used to purchase products and services
as well as transfer money.
d)
PPIs
come in the shape of gift cards, payment wallets, smart cards, and vouchers.
Debit cards, on the other hand, can only be issued to banks and require an open
PPI licence.
e)
Last
August, the RBI approved expanded PPI usage, including cash withdrawal of fully
KYC PPI. Recent limits on lending through non-bank PPIs were put in place by
the RBI.
2.
RBI approves SBI’s establishment of operations support subsidiary: The Reserve Bank
of India has given the State Bank of India preliminary approval for its
proposed operations support subsidiary, which aims to reduce the cost-to-income
ratio. Before introducing the new subsidiary across India, the bank will soon
begin a pilot programme in a select areas. Dinesh Kumar Khara, the chairman of
SBI, said that a subsidiary for operations assistance is being established. It
aims to allay the worry over the cost to income ratio. They already have RBI‘s
in-principle permission, and we’ll be starting a trial programme soon. Key
Points:
a)
Khara
stated that the subsidiary will allow the lender to utilise its expensive
labour for more beneficial services in an interview.
b)
SBI‘s
cost to income ratio increased by 240 basis points from FY19 levels to 53.3% in
FY22.
c)
In
contrast, the top three private banks have cost to income ratios that are
between 35 and 40% lower than SBI‘s. Therefore, the subsidiary designed to
increase operational effectiveness can eventually aid India’s largest bank in significantly
increasing its profitability.
d)
SBI‘s
net interest margin for FY22 was 3.15 percent, whereas the average for
commercial banks in FY22 was over 4 percent.
BUSINESS AND ECONOMY
1.
NSE and BSE approve the merger of PVR-INOX: The Bombay Stock Exchange (BSE)
and National Stock Exchange (NSE) have approved the merger of multiplex chain
PVR and Inox Leisure. According to their separate exchange filings, PVR and
Inox Leisure received observation letters from the BSE on June 20 and 21 with
“no unfavourable observations” and “no objection,” respectively. According to
the documents, the Competition Commission of India must provide the necessary
regulatory licences before the merging plan can forward (CCI).
Key Points:
a)
In
March of this year, the boards of directors of PVR and INOX authorized the
merger of the two multiplex companies. If the merger goes through, Ajay Bijli
will take over as managing director and Pavan Kumar Jain would be named
non-executive chairman of the board.
b)
In
the amalgamated entity, Siddharth Jain will be appointed as a non-executive
non-independent director in addition to Sanjeev Kumar’s appointment as
executive director.
c)
The
proposed merger would be in the best interest of the transferee business, the
transferor firm, and each of their respective shareholders, workers, creditors,
and other stakeholders, according to PVR’s exchange filing.
About the Merger:
a)
Following
the merger, INOX promoters will own 16.66% of the combined firm, while PVR
promoters will own 10.62%. Promoter families will have equal participation on
the board with two seats each, and the board of directors of the combined firm
will be reconstituted with a total of 10 members.
b)
Three
PVR shares will be exchanged for ten INOX shares under the share exchange
ratio.
c)
The
merged firm would run 1,546 screens over 341 buildings in 109 cities, making it
the largest movie theatre chain in India. At the moment, PVR runs 871 screens
181 properties in 73 cities, whereas INOX runs 675 screens 160 properties in 72
cities.
OBITUARIES
1.
Father of Indian PSUs Dr V Krishnamurthy passes away: Dr V Krishnamurthy,
former chairman of public sector undertakings such as Bharat Heavy Electricals
Limited (BHEL), Steel Authority of India (SAIL) and Maruti Udyog (now Maruti
Suzuki), passed away. He served as Secretary of Industries for the Government
of India, Member of the Planning Commission, and many other Prime Minister’s
Committees. He was conferred Padma Shri, Padma Bhushan and Padma Vibhushan for
his services.
Born in Karuveli in Tiruvarur district in Tamil Nadu, Dr Krishnamurthy started his career as a technician on the airfields during World War II. He has held positions as the Chairman of IIM Ahmedabad, Bangalore; IIT Delhi and the Xavier Institute of Management, Bhubaneswar, and Chancellor of the Central University of Tamil Nadu and Indian Maritime University. He is widely regarded as the ‘Father of Public Sector Undertakings’ and a mentor to prominent figures in business.
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