NATIONAL UPDATES:
1. Virat Kohli leads 2023 Celebrity Brand Valuation Rankings with $228 million: Kroll: Ace cricketer Virat Kohli regained the top slot in the Celebrity Brand Valuation Report 2023 released by Kroll. Kohli’s brand value is pegged at $227.9 million on the back of his stellar performance in ICC ODI World Cup and boasts of over 40 brands in his endorsement portfolio. Ranveer Singh was at number two rank at a brand value of $203.1 million lending his name to endorse 50 brands. Meanwhile, Shah Rukh Khan jumped to third spot with a brand value of $ 120. 7 million, marking his return to the top five club for the first time since 2020 in Kroll’s Celebrity brand valuation rankings. Akshay Kumar stood at the fourth spot in 2023 at a brand value of $111.7 million, followed by Alia Bhatt at the fifth spot at $101.1 million.
2. PM Modi to lead yoga day celebrations from Srinagar on June 21: Prime Minister Narendra Modi will lead the main International Yoga Day event in Srinagar on June 21, as India gears up to celebrate the ancient practice of yoga on a global scale. This year’s theme, “Yoga for Self and Society,” highlights the importance of incorporating yoga into every aspect of life for individual and community well-being. Additionally, the Jammu and Kashmir government is organizing yoga events simultaneously at all district headquarters. Yoga, an ancient physical, mental, and spiritual practice originating in India, symbolizes the union of body and consciousness.
3. PM Modi inaugurated New Campus of Nalanda University at Rajgir: Prime Minister Narendra Modi has inaugurated the new campus of Nalanda University at Rajgir in Nalanda district. Nalanda University is conceived as a collaboration between India and East Asia Summit (EAS) countries. Equipped with state-of-the-art infrastructure the University campus is spread over 450 acres. Based on the theme of environmental conservation the campus has been made as a ‘Net Zero’ Green Campus. For energy and other needs, the university is self-sustainable with a solar plant, domestic and drinking water treatment plant, and water recycling plant for reusing wastewater. It has several water bodies spread over the 100-acre area and many other environment-friendly facilities.
4. Ajith Kumar KK appointed as MD and CEO of Dhanlaxmi Bank: Private sector Dhanlaxmi Bank has appointed Ajith Kumar KK as Managing Director (MD) of the bank. He is a seasoned banker with over 36 years of experience with the Federal Bank in various facets of banking including Credit, Human Resources, Business, Branch Banking etc. He is presently the Chief Human Resources Officer at Federal Bank in the cadre of president, it said.
5. Paytm names Ex-SEBI Official Rajeev Agarwal as non-executive independent director: Neeraj Arora, the former Chief Business Officer of WhatsApp, has resigned from the board of One97 Communications, the parent company of fintech giant Paytm. Arora was a key figure in negotiating the WhatsApp merger deal with social media major Facebook. He has co-founded his own social networking Hallo App and a venture capital firm Venture Highway. Paytm has onboarded former whole-time director of market regulator SEBI Rajeev Krishnamuralilal Agarwal as an independent director for five years.
INTERNATIONAL UPDATES:
1. IFC to invest $105 million in Brookfield’s Bikaner Solar Power project: The International Finance Corporation (IFC) has agreed to invest $105 million (around Rs 871 crore) in the non-convertible debentures of Brookfield’s Bikaner Solar Power project in Rajasthan. IFC is a company of the World Bank Group which provides finance to the private sector companies.
2. Paris hosts the world’s premier defense and security expo Eurosatory 2024: The global defense and security industry is being converging on Paris for the highly anticipated Eurosatory 2024. With over 60,000 visitors and approximately 2,000 exhibitors, this event is set to be a significant gathering for industry professionals. The five-day event will be held at the expansive Paris Nord Villepinte Exhibition Centre. The event will feature more than 40 national pavilions, showcasing new equipment and innovative solutions. Additionally, a dedicated zone for helicopters will display models such as the Eurocopter Tiger, NH90 Caïman, H160M Guepard, H135, Apache, Black Hawk, and Chinook.
3. 18 June – International Day for Countering Hate Speech: International Day for Countering Hate Speech is observed every year on 18 June. In July 2021, the UN General Assembly highlighted global concerns over “the exponential spread and proliferation of hate speech” around the world and adopted a resolution on “promoting inter-religious and intercultural dialogue and tolerance in countering hate speech”. The resolution proclaimed 18 June as the International Day for Countering Hate Speech, building on the UN Strategy and Plan of Action on Hate Speech launched on 18 June 2019. To observe the Day, the United Nations invites governments, international organizations, civil society groups, and individuals to hold events and initiatives promoting strategies to identify, address and counter hate speech.
OTHER UPDATES:
BANKING AND FINANCE
1. ESAF SFB to discontinue business correspondent services of ESMACO: ESAF Small Finance Bank (ESAF SFB) has decided to discontinue the services of business correspondent ESAF Swasraya Multi State Agro Co-operative Society Limited (ESMACO) to reduce concentration risks and absorb its 5,000 plus employees on the rolls of the lender. The discontinuation will reduce the contribution of ESMACO to the management of the gross advances to 14.90 %. The discontinuation of the scope of services is not expected to have a material adverse financial impact on the bank. The decision was part of the bank’s strategy to mitigate concentration risk associated with reliance on a single business correspondent and to bring the business operations in-house.
2. Namdev Finvest partners with Bajaj Allianz General Insurance: Namdev Finvest, a Jaipur based NBFC, has entered into strategic alliance with Bajaj Allianz General Insurance, a leading insurance platform, to offer comprehensive financial solutions, including insurance and NBFC services, to its customers. The strategic alliance leverages Namdev’s customer network and geographic presence, backed by Bajaj General Insurance’s expertise in insurance products. As a result, the integrated products and services are expected to be rolled out in phases, with the initial offerings being available in key markets. By the end of the year, these integrated products and services will be made available in all branches, ensuring nationwide availability. MD of Namdev Finvest Pvt. Ltd – Jitendra Tanwar
3. ICICI Prudential Life offers Lifetime 15% Discount for Women on iProtect Smart Term Plan: ICICI Prudential Life Insurance offered a 15% lifetime discount for women on all premiums for its best-selling term insurance product, iProtect Smart. Furthermore, salaried/working women will be eligible for an additional 15% off the first year’s payment, allowing them to create financial stability for themselves and their loved ones.
4. Fitch Ratings raises India’s growth forecast by 20 bps to 7.2% for FY25: Fitch Ratings has raised its growth estimates for India by 20 basis points to 7.2 per cent citing positive economic outlook driven by recovering consumer confidence and increased investment. The Indian economy grew at an impressive rate of 8.2 per cent in FY24, driven by a stronger-than-expected expansion of 7.8 per cent in the fourth quarter. The World Bank last week-maintained India’s growth forecast at 6.6 per cent for FY25, affirming the country’s position as the fastest-growing economy among major economies. Meanwhile, the RBI raised its growth projection for FY25 to 7.2 per cent from an earlier estimate of 7 per cent in its last monetary policy review.
AWARDS AND HONOURS
1. Vinod Ganatra conferred ‘Nelson Mandela Lifetime Achievement Award’: Eminent children’s film-maker Vinod Ganatra has been conferred with South Africa’s prestigious ‘Nelson Mandela Lifetime Achievement Award’ for his contribution to films. Vinod Ganatra becomes the first Indian to be honoured with the ‘Nelson Mandela Lifetime Achievement Award. Vinod Gantra was conferred with the award at the 7th Nelson Mandela Children’s Film Festival for his outstanding contribution to children’s cinema. Ganatra has won 36 national and international awards. He is also the recipient of the “DadaSaheb Phalke Lifetime Achievement Award” conferred by the Association of Film and Video Editors.‘
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