Daily GK Updates - 14th June, 2017

­­­­NATIONAL UPDATES:

1. Union Cabinet approves Interest Subvention on Short-Term Crop Loan to Farmers: The Union cabinet has approved the Interest Subvention Scheme (ISS) for farmers for the year 2017-18. The Government has allocated Rs. 20,339 crore for this scheme.

2. Ministry of Railways launches Mission Retro-Fitment: Minister of Railways Suresh Prabhu has launched Mission Retro-Fitment to enhance the passenger experience by upgrading the existing fleet of coaches.

3. Bihar govt to conduct social audit of Public distribution system: Bihar govt will carry out a social audit of the Public Distribution System to determine effective implementation of the Right to Food Act, 2013 in the state. Bihar was the first state to implement the Right to Food Act on February 1, 2014. Social audit is a process of reviewing official records and determining whether state reported expenditures reflect the actual monies spent on the ground.

4. Rajasthan village to be named after US President Donald Trump: US President Donald Trump will soon have a village named after him in the Indian state of Rajasthan. Sulabh International founder Bindeshwar Pathak announced that a village will be named after the US president to give a fillip to India-US relationship. Sulabh International is an India-based social service organization that works to promote human rights, environmental sanitation, non-conventional sources of energy, waste management and social reforms through education. Sulabh International is the largest nonprofit organization in India.

5. Uttar Pradesh ranks first in child labourers: According to CRY report over 8 lakh children in India between the age group 5 and 6 years are engaged in child labour. According to the report released Uttar Pradesh has the highest number of 2,50,672 children engaged in labour, followed by Bihar with 1,28,087 children and Maharashtra where the number stands at 82,847.

6. DRDO successfully test fires 'Nag' missile: The DRDO successfully test fired anti-tank missile 'Nag' in a desert in the western sector of Rajasthan. The "fire and forget" third generation anti-tank guided missile 'Nag' is equipped with the highly advanced Imaging Infrared Radar (IRR) seeker with integrated avionics, technology. It is one of five missile systems developed by the Defence Research and Development Organisation (DRDO) under the Integrated Guided Missile Development Program (IGMDP).

7. India emerges as the seventh largest exporter of agri-products: In 22nd APEDA Annual Award Function, commerce secretary Rita Teaotia said India has emerged as the seventh largest exporter of agri-products globally. Goods exports during 2016-17 stood at $276.28 billion, out of which agri exports comprised of $33.38 billion representing 12.08% of the total exports. Agricultural and Processed Food Products Export Development Authority popularly known as APEDA is an apex body of the Ministry of Commerce, Government of India, to promote the export of agricultural commodities and processed food products.

INTERNATIONAL UPDATES:

1. World Bank approves $500 million for Afghanistan: The World Bank has approved financing worth more than 500 million dollars for Afghanistan to support a string of projects to boost the economy. The package will help Afghanistan with refugees, expand private-sector opportunities for the poor, boost the development of five cities, expand electrification, improve food security and build rural roads etc. The World Bank is an international financial institution that provides loans to countries of the world for capital programs and its headquarters located in Washington, D.C.

OTHER UPDATES:

BANKING & FINANCE:

1. IDBI Bank is the only PSB to get ‘high’ rating for code compliance: According to the Code Compliance Rating of banks done by the Banking Codes and Standards Board of India (BCSBI) 2017, only 1 out of 26 public sector banks and 8 out of 17 private sector banks got ‘high’ rating for their adherence to code compliance. The eight private sector banks that got ‘high’ rating are — Axis Bank, DCB Bank, HDFC Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, RBL Bank and YES Bank. The three foreign banks — Citibank, HSBC and Standard Chartered Bank — that were surveyed got ‘high’ ranking.

2. RBI identifies 12 loan accounts constituting 25% of gross NPAs for immediate resolution under bankruptcy law: The RBI’s Internal Advisory Committee has identified 12 accounts each having more than 5,000 crore rupees of outstanding loans.

It accounts for 25 % of the current gross Non Performing Assets for immediate referral and resolution under the bankruptcy law. The Insolvency and Bankruptcy Code, 2016 (IBC) is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy.

BUSINESS & ECONOMY:

3. SEBI permits options trading in commodity futures:  Securities and Exchange Board of India, SEBI, permitted options trading in commodities to deepen the market but will permit each exchange to launch options on futures of only one commodity initially. Options could be launched on futures contract of only those commodities that are among the top five in terms of total trading turnover value of previous 12 months.

Daily GK Updates - 13th June, 2017

NATIONAL UPDATES:

1.  Uttar Pradesh leads in number of child labourers: Approximately more than 8 lakh children between the age group of 5 and 6 years in India are engaged in child labour. This is according to CRY report on child labour. Child Rights and You (CRY) is an NGO working towards the upliftment of underprivileged children.

2.   Movement of People Near Indo-Myanmar Border is to be examined: Ministry of Home Affairs has constituted an expert committee for examining Indo-Myanmar boarder. Citizens of India and Myanmar are permitted free movement within 16 km of the international border, but these rules are widely exploited by militants for smuggling arms, drugs, and fake Indian currency.

3.  India awards road contract to complete Kaladan project in Myanmar: The contract for building 109-km road connecting Paletwa river terminal to Zorinpui in Mizoram border has been awarded by the government. The Kaladan project connects Sittwe Port (Myanmar) to the India-Myanmar border. This project will reduce distance from Kolkata to Sittwe by approximately 1328 km.

4.     NDRF to be set up in New Delhi now: NDRF - National Disaster Response Force is equipped with nuclear and biological combat gear to quickly respond to dangerous threats. NDRF base was in Sector-19 near Ghaziabad till now. Please note that the Apex Body for Disaster Management in India is the National Disaster Management Authority (NDMA).

5. A separate time zone for Arunachal Pradesh: Arunachal Pradesh CM demanded for a separate time zone for the north-eastern states. Separate time zone was needed to improve work efficiency and save electricity in the region. A planning commission report in 2006 suggested different time zones in India to improve efficiency.

6.  ‘Anuyatra’, an empowerment programme for the differently-abled: The Kerala government unveiled ‘anuyatra’, an empowerment programme for the differently abled persons. The initiative is aimed at transforming the southern state to a disabled-friendly one and empower differently-abled children by bringing them to the forefront of the society.

7.  India, Israel sign ‘white shipping’ agreement: India and Israel signed a “white shipping” agreement to improve data sharing on non-classified merchant navy ships or cargo ships. The agreement was signed by Admiral Lanba and Chief of the General Staff of Israeli Defence Force Lt Gen Gadi Eisenkot. Defence ties between India and Israel have been growing rapidly and India is the largest buyer of Israel’s military hardware. 

8.  Odia language poet, essayist and columnist Haraprasad Das gets Kalinga Literary Award: Legendary Odiya poet, essayist and columnist Haraprasad Das was conferred with the coveted Kalinga Literary Award for his work and contribution to literature at the fourth edition of Kalinga Literary Festival.

INTERNATIONAL UPDATES:

1. Panama forges Diplomatic ties with China and breaks away with Taiwan: Panama has established formal diplomatic ties with China and broke all of its relationship with Taiwan in a move that is seen as a victory for China in its drive to isolate Taiwan from the rest of the world. China claims Taiwan as its own territory.

OTHER UPDATES:

SPORTS:

1.  ICC ODI Player Rankings: Virat Kohli becomes No.1 ODI Batsman: Indian Captain Virat Kohli has reclaimed the top spot in the recently released ICC ODI batting rankings. He overtook South Africa’s AB de Villiers and Australia’s David Warner to reach the number one position.

BANKING & FINANCE:

2.    RBI to release a new batch of Rs. 500 Currency Notes: Reserve Bank of India has said that it will release new batch of Rs. 500 currency notes whose design will be similar in all respects to the Rs. 500 rupee banknotes of the Mahatma Gandhi (New) Series which were released post demonetisation.

BUSINESS & ECONOMY:

3.  Consumer price based inflation falls to all time low: Consumer price based inflation (Retail inflation) fell to an all-time low of 2.18 % in May this year. This number is the lowest inflation rate that the country has witnessed ever since it started publishing an economy-wide consumer price index (CPI) in the year 2012.The Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services. CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them.

4.  IRDAI takes over management of Sahara Life Insurance: The Insurance Regulatory and Development Authority of India (IRDAI) has taken over the administration of Sahara India Life Insurance. This is a first of its kind move in the insurance sector. IRDAI appointed one of its general managers to manage the affairs of the insurer with "immediate effect".

Daily GK Updates - 12th June, 2017

NATIONAL UPDATES:

1. Bihar’s project Jal Sanchay chosen for National award: Adopted in Nalanda district of south central Bihar, project Jal Sanchay, a water conservation model has been chosen for the national award for excellence in the Mahatma Gandhi national rural employment guarantee programme by Ministry of Rural Development. The award will be conferred on June 19 in New Delhi.

2. Government of India has launched ‘Tele Law’ service : IT Minister Ravi Shankar Prasad, has launched ‘Tele Law’ service in order to facilitate legal aid for the people living in rural areas through video conferencing. The service has been launched to make legal aid easily accessible to the marginalized communities and citizens living in rural areas. To provide legal aid services through its Common Service Centres, CSC at the panchayat level, the Ministry of Law and Justice partnered with the Ministry of Electronics and Information Technology.

INTERNATIONAL UPDATES:

                                                                              

1. World Day against Child Labour: In 2002, the International Labour Organization (ILO) launched the World Day Against Child Labour to focus attention on the global extent of child labour and the action and efforts needed to eliminate it. Each year on 12 June, the World Day brings together governments, employers and workers organizations, civil society, as well as millions of people from around the world to highlight the plight of child labourers and what can be done to help them.

OTHER UPDATES:

SPORTS:

1. Lewis Hamilton wins Canadian Grand Prix: For the sixth time Lewis Hamilton won the Canadian Grand Prix. He won against Sebastian Vettel’s overall championship and lead to 12 points. It was Hamilton’s third victory of the season and also his third in a row. It was the three-time champion’s sixth victory at the Circuit Gilles Villeneuve.

2. ISSF World Cup: Jitu Rai-Heena Sidhu Clinch Gold Medal: In mixed team 10m air pistol event of the ISSF World Cup, beating Russia in the final in Azerbaijan, India’s Jitu Rai and Heena Sidhu combined to clinch the gold medal. France beat Iran by an identical score to win the bronze in the event. 430 athletes from 45 countries are competing for medals in the ongoing World Cup, which is the last chance for rifle and pistol shooters to qualify for the ISSF World Cup Finals.

Daily GK Updates - 11th June, 2017

NATIONAL UPDATES:

1.  Aadhaar - a Must for filing Income Tax Returns:  Central Board of Direct Taxes has made Aadhaar mandatory for applying for Permanent Account Number and filing of Income Tax returns from July 1, 2017. Although, a partial relief has been given to those who do not have Aadhaar or who do not wish to obtain Aadhaar for time being, tax authorities will not invalidate their PAN.

2.   First underwater metro in India:  India’s first underwater Metro is set to come in Kolkata. It will use a transportation tunnel built under the Hooghly River which has been constructed 30 metres below riverbed, few metres away from Howrah Bridge. It will be connecting two main terminals: Howrah and Sealdah – each of which has a footfall of about 10-12 lakh passengers per day.

3.   A grant of 3.5 million euros to curb emission in India: France and European Union extended a grant of 3.5 million euros to curb emissions in India. According to French Development Agency (AFD) three Indian cities- Nagpur, Kochi and Ahmedabad -- will get the grant as part of the EU’s commitment under the Paris Climate agreement.

4.  The book “Indira Gandhi – A life in Nature” released: Written by former Union Minister Jairam Ramesh the book “Indira Gandhi: A Life in Nature” releases at Indira Gandhi Memorial Museum in New Delhi by Congress President Sonia Gandhi.

INTERNATIONAL UPDATES:

1.  World’s largest floating Solar Farm launched in China: China has launched the world’s largest floating solar farm. In central Anhui province, the 40-MW power plant has 1,60,000 panels resting on a lake that emerged after the collapse of a coal mine. The world’s top carbon emitter Beijing’s has made an effort to wean itself off a fossil fuel dependency.

2.  World’s smallest & cheapest private jet launched:  Aviation company, Cirrus Aircraft, has launched the world’s smallest and most affordable private jet called ‘Vision Jet’ for Rs. 12.62 crore. The aircraft takes off from just 620 metres of runway and has a maximum operating altitude of 28,000 feet.

3. Bengali actor Soumitra Chatterjee to receive Legion d' Honneur: Thespian Bengali actor, Soumitra Chatterjee has been conferred with the France's highest civilian honour, the coveted Legion of Honour. The award will be presented to the Kolkata-based actor by the Ambassador of France to India Alexandre Ziegler. The award comes to the octogenarian Bengali screen legend exactly 30 years after Satyajit Ray got the honour by the then French President Francois Mitterrand in 1987.

                                                                              

OTHER UPDATES:

SPORTS:

1. Dhanya Shah and Sanmay Gandhi win U-14 Asian Junior Tennis Title(AJTC): Dhanya Shah and Sanmay Gandhi clinched the Under-14 doubles title of the AJTC at the Balewadi Stadium.They defeated Vishesh Patel and Shashidhar Kota in the finals.

2. Rafael Nadal wins French Open: Rafael Nadal from Spain has become the first player in the to win the same Grand Slam title 10 times. He won against Swiss star Stanislas Wawrinka in 6-2, 6-3, 6-1.

3. Hashikant Kutwal becomes the differently-abled Champion for 17th World Individual Chess Championship: This World Championship was held by Physically Disabled Chess Association (PDCA). He scored scoring 7.5 points and won the gold.

4. Jelena Ostapenko wins French Open women’s crown: Jelena Ostapenko of Latvia beat Simona Halep 4-6, 6-4, 6-3 at Roland Garros to win the 2017 French Open Women’s Singles crown and her first ever Grand Slam title.

5.  Jeje Lalpekhlua wins AIFF Player of the Year award: India's Mohun Bagan striker Jeje Lalpekhlua received the All India Football Federation's inaugural player of the year 2016 award. Sasmita Malik was adjudged the 2016 AIFF Women's player of the year.

OBITUARIES:

6.  Shri C Narayana Reddy passes away: Cingireddi Narayana Reddy was a noted poet and writer. He was a recipient of the Jnanpith Award in 1988 for his poetic work ‘Visvambara’. It which was also translated in three other languages.Mr. Reddy was a renowned Telugu poet who also wrote several songs for Telugu movies.

Daily GK Updates - 10th June, 2017

NATIONAL UPDATES:

1. 'SATH’ initiative launched by NITI Aayog: For furthering the agenda of cooperative federalism, NITI Aayog has launched SATH, a program providing ‘Sustainable Action for Transforming Human capital’ with the State Governments. The objective of this program is to initiate transformation in the education and healthcare sectors.

2. Pranab Mukherjee launches mobile app ‘Selfie with Daughter’: The President of India, Shri Pranab Mukherjee launched a mobile Application ‘Selfie with Daughter’ at Rashtrapati Bhavan. The App is aimed at raising awareness among people about female foeticide and sex selection. The President has urged the people to take selfies with their daughters to make the campaign a huge success.

3. EU, France give 3.5 Million Euros as Grant to Curb Emissions in India: EU and France will give a grant of 3.5 million euros to three Indian cities- Nagpur, Kochi and Ahmedabad as part of the EU’s commitment under the Paris Climate agreement to curb emissions and promote sustainability in these cities.

4. India’s Forex Reserves reach Life Time High of $381.167 billion: According to RBI, India’s foreign exchange (Forex) reserves have increased by $2.404 billion to touch a lifetime high of $381.167 billion in the week that ended on June 2. The increase was due to increase in foreign currency assets (FCAs).

5. Government awards Contracts for completion of Kaladan project in Myanmar: Government has awarded a Rs 1,600-crore contract for constructing 109-km road connecting Paletwa river terminal to Zorinpui in Mizoram border as a part of the $484-million Kaladan multi-modal transport (KMTT) projects in Myanmar which will offer connectivity to Mizoram.

INTERNATIONAL UPDATES:

1. Preet Kaur Gill becomes Britain's first female Sikh MP: Preet Kaur Gill has become the first Sikh to be elected to the British Parliament’s House of Commons. Labour Party candidate Preet Kaur Gill won her Birmingham Edgbaston seat by polling 24,124 votes, defeating ruling Conservative party rival Caroline Squire by 6,917 votes.

OTHER UPDATES:

SPORTS:

1. Jelena Ostapenko wins Women’s Crown: Unseeded Jelena Ostapenko of Latvia has lifted the the 2017 French Open Women’s Singles crown. She defeated Simona Halep 4-6, 6-4, 6-3.  This will be Ostapenko’s first ever Grand Slam title. With this win, Ostapenko, 20, has become the first unseeded woman to win the French Open after Britain’s Margaret Scriven’s feat in 1933. Ostapenko also earned the distinction for being the first player of Latvian origin – men or women – to win a Grand Slam event.

BANKING & FINANCE:

2. Canara Bank partners with New India Assurance: Canara Bank has tied up with New India Assurance recently. Under this agreement NIA will sell its policies through the branches of Canara Bank.

3. SBI reduces the interest rate home loans above Rs. 75 lakhs: SBI has reduced the home loan interest rates above Rs. 75 lakhs by 10 basis points to 8.55-8.6%. The rate of 8.55% is for women borrowers and for the rest , it is 8.6%.

4. IOB launches retail mart in Thiruvananthapuram: Indian Overseas Bank (IOB), the Lead Bank for Thiruvananthapuram district, has launched the Retail Mart, a retail lending concept, in Kerala's capital city. The exclusive facility that handles retail products has started functioning at the main branch of the bank at Statue Junction in Thiruvananthapuram.

BUSINESS & ECONOMY:

5. Vikram Limaye appointed as the new MD & CEO of National Stock Exchange: The Securities and Exchange Board of India (Sebi) has approved the appointment of Vikram Limaye as the new managing director and chief executive officer (MD & CEO) of National Stock Exchange.

Daily GK Updates - 9th June, 2017

NATIONAL UPDATES:

1. 2nd National Health Editors’ Conference held: The second National Health Editors’ Conference on Yoga began on June 9 in New Delhi. The conference aims at giving insight to the journalists about the scientific aspects of yoga and its benefits for health. The theme of conference is “Yoga for Health and Harmony”.

2. Twenty-one new railway stations to come up on Konkan route: Konkan Railway Corporation Ltd (KRCL) is planning to develop 21 new stations on the Konkan route. A total 147 km's of railway track would be doubled under the expansion and modernisation project at a cost of Rs. 3,000 crore. After addition, the total number of stations on the route to 87 and reduce the distance between two stations to 8.3 km from 12.75 kms.

3. India signs OECD to check tax evasion: India signed the OECD multilateral convention that aims to check cross-border tax evasion by multinational companies. More than 65 countries, including India, signed the convention. The OECD/G20 BEPS project delivers solutions for governments to close the gaps in existing international rules that allow corporate profits to “disappear”.

4. Krishi Rin Samadhan Yojana launched by MP Govt.: Madhya Pradesh govt has launched a new debt relief scheme – Krishi Rin Samadhan Yojana for farmers. Under the scheme, the interest rate on loans would be less, which would in turn also help defaulting farmers get loans. Government has also allocated 1000 crore Rupees for the implementation of this scheme.

5. Union Law Ministry clears Kambala Bill: Union Ministry of Law and Justice has cleared Prevention of Cruelty to Animals (Karnataka Amendment) Bill 2017 for the Kambala. Karnataka HC had banned Kambala along with bull-cart race while hearing a case filed by People for the Ethical Treatment of Animals citing animal cruelty.

Kambala is the traditional slush track buffalo race that is held annually in coastal districts of Karnataka.

6. Tamil Nadu govt signs MoU with Aviation Ministry for implementation of UDAN scheme: Tamil Nadu govt. has signed a Memorandum of Understanding (MoU) with the Union Civil Aviation Ministry for the implementation of the UDAN scheme in the state. The MoU has been signed in presence of the chief minister Tamil Nadu Edappadi K Palaniswamy and the Airports Authority of India Chairman Guruprasad Mohapatra at the Secretariat in Fort St George, Chennai. Three of the tier-two industrial towns (Hosur, Salem, and Neyveli) are to be developed in the first phase where airstrips are available.

INTERNATIONAL UPDATES:

1. WHO revises Protocol for Antibiotics: In an effort to curb antibiotic resistance, the World Health Organization has divided the drugs into 3 categories — access, watch and reserve. This is the biggest revision of the antibiotics section in the 40-year history of the essential medicines list.

2. 1 Million Dollar Fund for BRICS Media: The Brazil-Russia-India-China-South Africa (BRICS) grouping has signaled its intent to expand its footprint in the global media space, with the injection of a $1 million fund. The plan will promote six objectives, including “balanced reporting”— a view shared by several speakers at the forum who called for alternative media narrative, which did not take the cue from Washington or London.

3. Christopher Wray as new FBI director, Trump’s nomination: US President Donald Trump has nominated former justice department official Christopher Wray as the new director of the Federal Bureau of Investigations (FBI). He would be replacing James Comey. Wray’s nomination would require confirmation from the US Senate.

OTHER UPDATES:

SPORTS:

1. Bopanna-Dabrowski clinch French Open mixed-doubles title: Indian tennis ace Rohan Bopanna and his teammate Gabriela Dabrowski (Canada) have won the French Open mixed doubles title 2017 in Paris, France. They beat the pair of Anna-Lena Groenefeld (Germany) and Robert Farah (Colombia) by 2-6, 6-2, 12-10. The event has been named after the French aviator Roland Garros.

BUSINESS & ECONOMY:

2. Microsoft acquires Hexadite: Microsoft has confirmed that it has acquired Hexadite, an Israeli startup that uses AI to identify and protect against attacks. Hexadite will develop security solutions for commercial Windows 10 customers, specifically with Windows Defender Advanced Threat

Daily GK Updates - 8th June, 2017

NATIONAL UPDATES:

1. QS World University Rankings - IIT-Delhi best ranked Indian institution: IIT Delhi has surpassed IISc Bangalore, to become the top-ranked Indian institute according to QS World University Rankings. IIT Delhi Ranked 172 while IIT Bombay and IISc Bangalore stood at 179 and 190 respectively. MIT topped the list for 6th consecutive year, followed by Stanford University.

2. Petrol prices to change daily from 16^th June onwards: Public Sector OMCs have decided to start daily revision in RSP of Petrol and Diesel in the entire country with effect from 16th June, 2017. Daily price revisions of Petrol and Diesel will make retail prices more reflective of current market conditions.

3. War memorial inaugurated in Arunachal at Thembang Village: General officer commanding of Gajraj Corps Lt General Amarjeet Singh Bedi inaugurated a war memorial at Thembang village in Kameng district of Arunachal Pradesh. The memorial has been constructed by the scout battalion of the Indian Army. It has been dedicated to the men of 5 Guards, who fought during the Indo-China war in Thembang village in 1962.

4. Sahithi Pingali to get a planet named after her: Sahithi Pingali, a Class 12 student from Bengaluru, joins an elite league of people to have a minor planet named after them. She represented India and finished 2nd at ISEF following which MIT decided to name a planet after her.

5. National Human Milk Bank “Vatsalya” inaugurated: Health Secretary C K Mishra inaugurated Vatsalya – Maatri Amrit Kosh, a National Human Milk Bank and Lactation Counselling Centre at Lady Hardinge Medical College, New Delhi. It will collect pasteurise, test and store milk donated by lactating mothers and make it available for infants in need. Vatsalya is established in collaboration with Norwegian government, Oslo University and NIPI.

6. Radha Chauhan appointed CEO of Government eMarketplace: Radha Chauhan has been appointed as the Chief Executive Officer of Government e- Marketplace (GeM). GeM is an online platform for central and state government departments for purchase of goods and services.

INTERNATIONAL UPDATES:

1. World Oceans Day being observed globally: World Oceans Day is annually observed on 8th June to raise awareness of the challenges humanity faces to protect the world's oceans. The overall theme of this year is 'Our Oceans, Our Future'.

2. 650 light years from Earth, scientists discover hottest known planet in universe: Scientists have discovered the hottest known planet from Earth (located 650 light years), which is warmer than most stars in the universe and sports a giant, glowing gas tail like a comet. It is hotter than most stars and only 926-degree Celsius cooler than Sun.

3. World Pest Day held for the first time in the world: The first World Pest Day was launched in Beijing, China. Its objective is to increase awareness of pest-borne diseases and safeguard public health through scientific and professional pest control methods. More than 30 national and international organisations have signed to support the initiative.

OTHER UPDATES:

BANKING & FINANCE:

1. Karmakar and Shankar appointed as Independent Directors of IPPB: K G Karmakar and Gauri Shankar have been appointed as the Independent Directors of India Post Payments Bank. Their appointment to the post on the board of directors of the bank is for a period of three years. The IPPB has been incorporated as a public sector bank under the Department of Posts with 100 per cent equity of the government of India.

2. HDFC Bank starts fees on UPI transaction: HDFC bank will start charging its customers for transactions made via the Unified Payments Interface from 10 July. Fees will be imposed on all outward UPI transactions. Transactions from Rs 1 to Rs 25,000 will be charged Rs 3 plus taxes while those above Rs 25,000 to Rs 1 lakh will be charged Rs 5. These charges make small value payments over UPI more expensive than those on NEFT.

3. Axis Bank becomes the first one in India to launch bio-degradable prepaid gift cards: Axis Bank announced biodegradable prepaid gift cards on World Environment Day. The cards are made up of Polyethylene Terephthalate Glycol. These cards have a large positive impact on the environment as they can be broke down safely and quickly into raw materials of nature and disappear into the environment.

BUSINESS & ECONOMY:

4. Annual SCO summit begins in Astana: The two-day annual 17th summit of Shanghai Cooperation Organisation (SCO) has begun in Astana, Kazakhstan. Heads of six member countries of the SCO (China, Kazakhstan, Kyrgzstan, Russia, Tajikisthan, and Uzbekistan) are taking part and deliberate on matters of mutual interest including security and economy in Central Asia. India and Pakistan (so far observers) in the SCO are set to join as its full members and a formal announcement is expected during the summit.