Daily GK Update- 3rd Jun, 2024

 

NATIONAL UPDATES:

 

1. SC reconstitutes committee on gender sensitization: The Supreme Court has reconstituted its Gender Sensitisation and Internal Complaints Committee. In exercise of powers conferred by Clause 4(2) of the Gender Sensitisation and Sexual Harassment of Women at the Supreme Court of India (Prevention, Prohibition and Redressal) Regulations, 2013 and all enabling provisions in this behalf, Hon’ble Chief Justice of India has been pleased to re-constitute the Supreme Court Gender Sensitisation and Internal Complaints Committee. The 12-member committee is headed by top court judge Hima Kohli, who is the chairperson.

 

2. Telangana Marks Decade Since Formation from Andhra Pradesh: Telangana Formation Day on June 2, which marks ten years since India’s newest state was formed from Andhra Pradesh. The Congress-led UPA government made it easier for the state to form by passing the Andhra Pradesh Reorganisation Act. The 2023

 

INTERNATIONAL UPDATES:

 

1. Krishn Kanhai unveils ‘The Golden Krishna’ Exhibition in Dubai: Renowned Indian artist Krishn Kanhai unveiled his latest collection, “The Golden Krishna,” in a grand opening ceremony. The exhibition showcases Kanhai’s exquisite new works centered around Lord Krishna. The centerpiece of the exhibition is a breathtaking life-sized, three-dimensional painting of Tirupati Balaji, meticulously crafted with 24-karat gold and measuring an impressive 5 feet by 8 feet. This masterpiece exemplifies Kanhai’s signature style, which has captivated art lovers worldwide. Kanhai, a Padma Shri recipient, has held exhibitions in major cities like Hong Kong, London and countries like the Philippines and the United States.

 

2. Ruchira Kamboj, India’s first woman Permanent Representative to UN, retires: India’s first woman Permanent Representative to the United Nations, Ruchira Kamboj retired after 35 years of service, during which she served as Indian envoy in Bhutan, South Africa and UNESCO. Kamboj, a 1987-batch IFS officer. Kamboj, who was the All India women’s topper of the 1987 Civil Services batch and the topper of the 1987 Foreign Service batch, formally assumed the position of Permanent Representative/ Ambassador of India to New York, on August 2, 2022.

 

3. 3 June – World Bicycle Day: World Bicycle Day is celebrated every year on 3 June. This day highlights the importance of the bicycle as a simple, affordable, clean, and sustainable means of transportation. It encourages using bicycles for a healthy lifestyle and promotes their role in building a greener environment. In April 2018, the United Nations General Assembly announced that World Bicycle Day will be celebrated every year on June 3. The theme this year, the designated theme for World Bicycle Day is Promoting Health, Equity, and Sustainability through Cycling.

 

4. 3 June – World Cyder Day: World Cyder Day is observed every year on 3 June. The World Cider Day on June 3rd is an international declaration of love for the popular cult drink. It symbolizes the beginning of the apple cider season all over the world. The Apple Cider Day aims to generate publicity for the wide variety and characteristics of apple cider, to whet people’s appetite for apple cider, to provide information about apple cider.

 

5. 3 June – World Clubfoot Day: World Clubfoot Day is observed every year on 3 June. Globally believed to have been designated by the Ponseti International Association or the PIA, in commemoration of the birthday of Dr Ignacio Ponseti (1914-2009), the developer of the Ponseti Method for treating clubfoot. According to Ponseti International, clubfoot is the most common “musculoskeletal birth deformity, affecting 2,00,000 newborn children each year, 80 per cent in the developing countries”.

 

OTHER UPDATES:

DEFENCE

 

1. Indian Forces Join US-Hosted Multinational War Games: The Indian Air Force (IAF) and the Indian Navy are both taking part in military drills with other countries that are being held by the US. In Alaska, the Indian Air Force is taking part in the aerial combat training

 

SPORTS

 

1. India’s DP Manu wins gold in javelin throw at Taiwan Athletics Open 2024: DP Manu from India won the gold medal in Javelin throw at the Taiwan Athletics Open 2024, achieving a distance of 81.58 meters. Initially, he started with a throw of 78.32 meters, then improved to 80.59 meters in the third attempt. However, he clinched the top position in the competition during his sixth and final attempt, surpassing his previous mark. Chao Tsun Cheng of Chinese Taipei earned the silver medal with a throw of 76.21 meters.

 

2. India bag 7 medals at Taiwan Athletics Open: In the Taiwan Athletics Open 2024, the Indian contingent concluded the campaign with a remarkable medal haul, bagging seven medals including three golds, three silvers and one bronze medal. In women’s Long Jump, Nayana James clinched the gold medal, registering the best jump of 6.43 metres. Sumire Hata of Japan won the silver. In Men’s 800 metres, India’s Ankesh Choudhary bagged the gold, clocking 1 minute 50.63 seconds, while compatriot Somnath Chouhan won the silver medal clocking 1 minute 50.88 seconds. In Men’s pole vault, Dev Meena won the silver medal.

 

3. Tanvi Sharma bags women’s singles title of Bonn International Badminton Tournament: India’s Tanvi Sharma bagged the women’s singles title at the Bonn International Badminton Tournament in Germany. The young Indian shuttler defeated Wang Pei Yu of Taiwan in straight sets, 21-19, 22-20. This is the first senior title for the 15-year-old Tanvi.

 

4. Dinesh Karthik announces retirement from all forms of cricket: Days after announcing retirement from the Indian Premier League tournament, ace Indian wicket-keeper batter Dinesh Karthik announced retirement from all formats of cricket. He last played for Royal Challengers Bengaluru in the IPL 2024 Eliminator on 22 May. Karthik played 26 Tests, 94 ODIs and 60 T20Is for India in a career spanning nearly two decades since he first represented the country in the 50-overs format against England at Lord’s in September 2004.

 

SCIENCE AND TECHNOLOGY

 

1. Kerala Introduces Artificial Intelligence Learning in School Textbooks: Kerala has introduced Artificial Intelligence (AI) learning in the Information & Communication Technology (ICT) textbook for Class 7 students. This initiative aims to familiarize over 4 lakh students with AI in the upcoming academic year, marking a significant step towards enhancing technological education in the state. This move is poised to impact over 4 lakh students across Kerala, who will now have the opportunity to delve into the realm of AI in the upcoming academic year, according to a release issued by the Kerala Infrastructure and Technology for Education (KITE).

 

2. ISRO and Wipro 3D Collaborate on 3D-Printed Rocket Engine: The Indian Space Research Organisation (ISRO) and Wipro 3D have successfully manufactured a 3D-printed rocket engine, the PS4, set to power the fourth stage of the Polar Satellite Launch Vehicle (PSLV). This groundbreaking achievement, lauded by Dr. V. Narayanan, Director of Liquid Propulsion Systems Centre (LPSC) at ISRO, marks a paradigm shift in space manufacturing, ushering in the era of additive manufacturing for space exploration. The PSLV, ISRO’s workhorse launch vehicle for earth observation and scientific satellites, relies on its fourth stage, the PS4, for precise orbital placement.

 

BANKING AND FINANCE

 

1. Axis Bank and Mastercard Introduce NFC Soundbox: Axis Bank has partnered with Mastercard to launch NFC Soundbox. The new soundbox will act as an all-in-one solution that will allow the users to accept Bharat QR, UPI, Tap & Pay and Tap + Pin payments. This device aligns with the Bank’s asset lite strategy to provide products/solutions of superior quality at an affordable price.

The NFC Soundbox will help the Bank further penetrate the small merchant segments with cost-effective and simple payment solutions that are secure and compliant with PCI standards.

 

2. GST collection rises 10% to Rs 1.73 lakh crore in May: The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at ₹1.73 lakh crore. In the month of May, 2024, the Central Government settled ₹38,519 crore to CGST and ₹32,733 crore to SGST from the net IGST collected of ₹67,204 crore. This translates to a total revenue of ₹70,928 crore for CGST and ₹72,999 crore for SGST in May, 2024, after regular settlement. This represents a 10% year-on-year growth, driven by a strong increase in domestic transactions (up 15.3%) and slowing of imports (down 4.3%).

 

 

Daily GK Update- 2nd Jun, 2024

 

NATIONAL UPDATES:

 

1. First Successful Pig Liver Transplant in Cancer Patient: A man with advanced liver cancer who is 71 years old is the first person in history to receive a liver donation from a genetically modified pig. This is a huge step forward in medicine. Doctors at Anhui Medical University’s ..

 

2. AI Helps Search for Endangered Plant’s Female Partner: Artificial intelligence (AI) is used to help researchers find a female partner for E. woodii, also known as the “world’s loneliest plant.” This project aims to naturally spread the species, which is now extinct in the wild and can only

 

3. Reliance, Tata, SII in TIME’s 100 Most Influential Companies 2024: The Tata Group, Adar Poonawalla’s Serum Institute of India (SII), and Mukesh Ambani’s Reliance Industries Limited (RIL) were named by TIME magazine as some of the most important companies in the world in 2024. This recognition shows how important these.

 

 

INTERNATIONAL UPDATES:

 

1. BFI agrees to become a member of World Boxing: The Boxing Federation of India (BFI) has agreed to become a member of World Boxing, the International Federation established to ensure boxing remains at the heart of the Olympic Movement. The membership application has been approved by the BFI’s General Assembly, and will be ratified by World Boxing’s Executive Board.

World Boxing was launched in April 2023 and aims to ensure that boxing remains at the heart of the Olympic movement. The BFI president, Ajay Singh, recently met with World Boxing’s President and Secretary General to discuss ways in which India can support the International Federation in growing its member base in Asia where FBI is one of the largest National Federation.

 

2. Zelenskyy Secures Military Pacts With Sweden, Norway: President Volodymyr Zelenskyy of Ukraine recently signed long-term security agreements with Sweden and Norway. These agreements show that Western countries are committed to helping Ukraine in its ongoing war with Russia. At the time of this event, Western partners were.

 

3. Mangroves in South India, Sri Lanka Labeled ‘Critically Endangered: Coastal mangroves in Tamil Nadu, Sri Lanka, and the Maldives were recently rated as “critically endangered” by the International Union for Nature Conservation (IUCN). According to the IUCN’s first global assessment of mangrove ecosystems, this scary classification shows that these ..

 

 

OTHER UPDATES:

DEFENCE

 

1. Agnikul Cosmos Launches First 3D Printed Rocket Engine: A company called Agnikul Cosmos, which was started at IIT Madras, made history on May 30, 2024, by safely launching “Agnibaan – SOrTeD,” the world’s first rocket powered by a fully 3D-printed engine. This important event happened at Sriharikota from ..

 

SPORTS

 

1. Bernadine Bezuidenhout retires from international cricket: New Zealand cricketer Bernadine Bezuidenhout announced her retirement from international cricket. The 30-year-old appeared in 4 ODIs, and 7 T20Is for South Africa after that she switched to New Zealand. Bezuidenhout played 16 ODIs and 22 T20Is for the Kiwis in the international cricket. Bezuidenhout played her maiden international cricket in 2014 for the Proteas. In 2015, she relocated to Christchurch and was picked in New Zealand’s squad in 2018 after her end of a two-year residential stand-down in August 2017.

 

2. Indian-American Bruhat Soma wins Scripps National Spelling Bee: Bruhat Soma, a 12-year-old Indian-American seventh-grade student from Florida, has won the Scripps National Spelling Bee after he spelt 29 words correctly in the tiebreaker, maintaining the dominance of the children from the small ethnic community in the prestigious competition. Bruhat emerged victorious in the Scripps National Spelling Bee, earning more than $50,000 in cash and other prizes. This year’s contest came down to a tiebreaker in which Bruhat spelt 29 words correctly in 90 seconds, beating Faizan Zaki, who managed to correctly spell 20 words in the lightning round.

 

SCIENCE AND TECHNOLOGY

 

1. OSIRIS-APEX Safely Navigates Close Sun Approach: The OSIRIS-APEX project has changed since its start as OSIRIS-REx, which successfully took samples from the asteroid Bennu. The spacecraft is now on a longer mission that includes a move to visit the asteroid Apophis. In this new phase, the.

 

BANKING AND FINANCE

 

1. RBI cancels 10-year green bond auction for first time: Reserve Bank of India (RBI) cancelled the auction of 10-year green bonds as traders refused to pay greenium. Greenium signifies the premium investors are willing to pay for green bonds because of their sustainability impact. Funds generated via the sale of green bonds will be allocated to public-sector projects aimed at decreasing the carbon footprint of the economy. Diverging from the pattern of issuing green bonds in the latter half, the government plans to issue green bonds worth Rs 12,000 crore in the first half of the current financial year.

 

2. RBI imposes monetary penalty on SBM Bank (India): The Reserve Bank of India (RBI) has imposed a penalty of Rs 88.70 lakh on SBM Bank (India) for non-compliance with certain regulatory norms. The central banks said the penalty has been imposed for non-compliance with licensing conditions imposed by the RBI, and specific directions to stop undertaking Liberalised Remittance Scheme (LRS) transactions with immediate effect. The RBI said the bank was engaged business correspondents for establishing account-based relationship with customers from certain regions, despite its request being not acceded to by RBI.

 

3. India’s GDP grows 8.2% in FY24 against 7% in FY23: According to the provisional estimate of the National Statistical Organization (NSO), the Indian Gross Domestic Product (GDP) grew by 8.2 per cent in the financial year 2023-24. The Indian GDP growth rate in 2022-23 was 7 percent. This is the ninth time since 1960-61 the Indian GDP has grown by 8 per cent or more in a financial year. According to the Ministry of Statistics and Programme Implementation, real GDP or GDP at constant prices is estimated to attain a level of over 173 lakh crore rupees in the year 2023-24.

 

AWARDS AND HONOURS

 

1. NIMHANS Wins Nelson Mandela Health Promotion Award 2024: The World Health Organization (WHO) has given the Nelson Mandela Award for Health Promotion for 2024 to the National Institute of Mental Health and Neuro Sciences (NIMHANS) in Bengaluru. NIMHANS is known as India’s top mental health center.

Daily GK Update- 1st Jun, 2024

 

NATIONAL UPDATES:

 

1. NSE Indices launches India’s first EV index to facilitate: Index provider NSE Indices launched a new thematic index called Nifty EV & New Age Automotive index. The 33-stock index will track the performance of companies which form a part of the electric vehicle (EV) ecosystem or are involved in the development of new-age automotive vehicles or related technology. Bajaj Auto, Tata Motors, Mahindra & Mahindra and Maruti Suzuki are the top four components of the index.

 

2. India Endures Second-Hottest Year on Record in 2023:
India’s temperatures rose incredibly quickly in 2023, making it the second-hottest year on record since records started 122 years ago. All four seasons, including winter and summer, had unusually high temperatures during this time. Record-Breaking Temperatures Across the Nation A ..

 

INTERNATIONAL UPDATES:

 

1. Adani Ports signs 30-year concession pact to operate Tanzania Port Terminal: Marking its third foray into international ports, Adani Ports and Special Economic Zone (APSEZ) will operate and manage Container Terminal 2 at the Dar es Salaam Port, Tanzania, through its subsidiary Adani International Ports Holdings Pte Ltd. The concession agreement for 30 years has been signed with the Tanzania Ports Authority. Through a joint venture formed with Abu Dhabi Ports Group and East Harbour Terminals Ltd last year, India’s largest port operator has also bought the Hong Kong-base

 

2. 1 June – Global Day of Parents: The Global Day of Parents is observed on 1 June every year. The United Nations General Assembly established this day in 2012 to express international awareness about the importance of parenthood and to promote the healthy development of children by their parents. The day was established to highlight the parents’ significant role in their children’s development and promote their healthy growth and development. The General Assembly also emphasized the importance of parental support and involvement in the education and development of children.

 

3. 1 June – World Milk Day: World Milk Day is celebrated every year on 1 June. This day is dedicated to the dairy industry and the products they sell. It is a day to start a conversation about how accessible, affordable, and nutritious milk is around the world. World Milk Day, established by the Food and Agriculture Organization (FAO) of the United Nations, has been observed across the world since its inception in 2001. Milk is a staple of many cultures, and it is used in a variety of ways, including drinking, cooking, and making ice cream. It is also a significant source of calcium, vitamin D, and potassium, which are essential nutrients for human health.

 

4. World Health Assembly Approves Global Organ Transplant Strategy: The 77th World Health Assembly made news when it approved a draft resolution to make organ donations, including those using tissues and human cells, more available around the world. This project is aware of the differences in the number of.

 

5. Zelenskyy Secures Military Pacts With Sweden, Norway: President Volodymyr Zelenskyy of Ukraine recently signed long-term security agreements with Sweden and Norway. These agreements show that Western countries are committed to helping Ukraine in its ongoing war with Russia. At the time of this event, Western partners were

 

OTHER UPDATES:

 

SPORTS

 

1. England’s Brydon Carse banned for three months for betting violations: England paceman Brydon Carse has been banned from all cricket for three months for betting violations. Brydon Carse, who signed an England central contract in October, accepted the charges of placing 303 bets on various cricket matches between 2017 and 2019. Carse, who signed an England central contract in October, accepted the charges of placing 303 bets on various cricket matches between 2017 and 2019, though not on games in which he was playing.

 

SCIENCE AND TECHNOLOGY

 

1. NASA, ESA Develop Standardized Lunar Time System: Under the Artemis program, NASA and the European Space Agency (ESA) are working together to set up a regular time system for the moon. The goal of this new idea is to help people go back to the Moon soon, ..

 

2. OpenAI Unveils ChatGPT Edu for Universities: OpenAI recently announced the release of ChatGPT Edu, a more advanced version of its AI-powered robot designed to work in school settings. Their newest technology, GPT-4o, is at the heart of this project, which started on May 30. Its goal ..

 

3. DoT Plans Drone, Balloon Trials for 5G Emergency Connectivity: Currently, the Department of Telecommunications (DoT) is looking into new ways to use drones and tethered balloons to quickly restore 5G connection after emergencies and natural disasters. In these kinds of situations, normal internet services can get interrupted, and this

 

 

 

 

BANKING AND FINANCE

 

1. India’s fiscal deficit in FY24 improved to 5.6% of GDP: Govt data: India’s fiscal deficit stood at Rs 16.54 lakh crore in FY24 as against the budgetary target of Rs 17.86 lakh crore. With this, the fiscal gap has reached 95.3 per cent of the budgetary target, data from the Comptroller General of Accounts showed. The central government’s fiscal deficit stood at 5.6 per cent of GDP in FY24, below the revised estimate of 5.8 per cent. The centre’s net tax receipts for FY24 were higher than projected at Rs 23.27 lakh crore, and 100.1 per cent of the year’s target.

 

2. Canara Bank gives approval to dilute 14.50% stake in insurance unit: Canara Bank has granted an approval for initiating the process of diluting its 14.50 per cent stake in its subsidiary Canara HSBC Life Insurance Company Ltd. The bank has accorded approval for initiating the process of diluting 14.50 per cent stake of the Bank in its subsidiary Canara HSBC Life Insurance by listing the company in Stock Exchanges (BSE/NSE) through initial public offer (IPO). Earlier in the day, the lender’s Board approved the raising of Rs 8,500 crore via debt instruments (Additional Tier I / Tier II Bonds) for the financial year 2024-25.

 

AWARDS AND HONOURS

 

1. NIMHANS awarded Nelson Mandela Award for Health Promotion for 2024
: The National Institute of Mental Health and Neuro Sciences (NIMHANS) in Bengaluru has been awarded the Nelson Mandela Award for Health Promotion for 2024 by the World Health Organization (WHO). The institute is an Institute of National Importance under the Ministry of Health and Family Welfare. Union Health Minister Dr. Mansukh Mandaviya congratulated the institute, highlighting that it is a recognition of India’s efforts in inclusive healthcare. The Nelson Mandela Award for Health Promotion, established by WHO in 2019, recognizes individuals, institutions, governmental or non-governmental organizations that have demonstrated remarkable contributions to health promotion.

 

Daily GK Update- 31st May, 2024

 

NATIONAL UPDATES:

 

1. Mines Ministry organizes Workshop on Granites and Marble Mining: Ministry of Mines organized a workshop on Granite and Marble mining in Bengaluru. V L Kantha Rao addressed the inaugural session of workshop. Additional Chief Secretary & Development Commissioner, Government of Karnataka, Dr. Shalini Rajneesh delivered the keynote address on the occasion. This initiative, driven by data collected from central agencies, aims to enhance transparency and efficiency in the mining sector.

 

2. Sourav Ganguly became Chief Guest for Supply Chain Conference 2024: Sourav Ganguly, ex-BCCI President, has been named the Chief Guest for the International Procurement and Supply Chain Conference in Mumbai, 2024. The conference will host 400+ delegates, focusing on “India Tomorrow: Economic Supremacy” to enhance India’s economy. The prestigious IPSC Awards 2024 will be presented, recognizing excellence in supply chain management.

 

3. Government raises Retirement & Death Gratuity Limits to 25 Lakh: The maximum limit of retirement gratuity and death gratuity has been revised by the government from 20 lakh to 25 lakh rupees. Ministry of Personnel, Public Grievances and Pensions has issued an official memorandum in this regard. The revised limit will come into effect from 1st January 2024.

 

4. Shah Rukh Khan appoints brand ambassador of Muthoot Pappachan Group: Muthoot Pappachan Group (MPG), popularly known as Muthoot Blue, has roped in Shah Rukh Khan as its brand ambassador. This strategic collaboration represents a significant milestone for MPG, reinforcing its brand presence, and a new way of connecting with a diverse audience across the country. Muthoot Pappachan Group is the promoter of leading NBFCs including Muthoot FinCorp Limited (flagship Company of the Group), Muthoot Microfin Limited, Muthoot Capital Services Limited and Muthoot Housing Finance Company Limited. Chairman of the Muthoot Pappachan Group – Thomas John

 

5. IRDAI approves Sandeep Batra as ICICI Prudential Board chairman: The Insurance Regulatory and Development Authority of India (IRDAI) has approved the appointment of Sandeep Batra, as Chairman of the Board of Directors of ICICI Prudential. The appointment of Batra will be effective from June 30, 2024. Batra has been associated with ICICI group since September 2000 and is currently an Executive Director on the Board of ICICI Bank since July 2018, incharge of Corporate Centre. Batra has also served as Executive Director, CFO at ICICI Prudential life and Group Compliance officer at ICICI Bank.

 

 

 

 

INTERNATIONAL UPDATES:

 

1. NHAI launches initiative to attract the UAE’s investments for India’s highway expansion: The National Highways Authority of India (NHAI) has launched an initiative to monetize its infrastructure, seeking investments from the UAE to sustain and enhance India’s expanding national highway network. NHAI’s delegation is conducting high-level meetings and roadshows in Dubai and Abu Dhabi to attract foreign investment via NHAI Infrastructure Investment Trusts (InVITs). At a Dubai roadshow with the Consulate General of India and SBICAPS UAE, Yadav highlighted India’s highway expansion from 70,000 to 140,000 kilometres in a decade, driven by significant government investment.

 

2. 31 May – World No-Tobacco Day: World No-Tobacco Day is observed every year on 31 May. Objective – To raise awareness about the dangers of tobacco use and advocate for effective policies to reduce consumption. Theme 2024 – Protecting Children from Tobacco Industry Interference In 1987, Member States of the World Health Organization designated 31 May as World No Tobacco Day. This was done to draw attention to the global tobacco epidemic, and the preventable death and disease it causes.

 

 

OTHER UPDATES:

DEFENCE

 

1. Armed Forces Medical Services & IIT Hyderabad ink MoU for Collaborative Research and Training: The Armed Forces Medical Services (AFMS) has signed an MoU with the Indian Institute of Technology (IIT) Hyderabad to collaborate on research and training. The MoU aims to foster innovation and research in developing novel medical devices and addressing health issues specific to soldiers serving in varied terrains. IIT Hyderabad, with its departments of Biotechnology, Biomedical Engineering, and Bioinformatics, will provide the necessary technical expertise to tackle the diverse medical challenges faced by the Armed Forces.

 

SCIENCE AND TECHNOLOGY

 

1. South Korea launches its First Space Agency: The Asian Development Bank (ADB) has sanctioned $6 billion in sovereign lending to India in the calendar year 2023. The loan sanctioned by ADB in 2023 will be used to finance urban development projects, promote the power sector, support industrial corridor development, support horticulture, enhance connectivity and build India’s climate resilience. Sovereign means supreme power, and in India the government of India is sovereign. Thus, a sovereign loan means a loan given to the government of India. It includes a loan the ADB gives for a project in a particular state.

 

2. Agnikul launches Agnibaan with India’s first 3D-printed rocket engine: India’s private space industry, Agnikul Cosmos successfully launched its SOrTeD mission, a single-stage launch vehicle demonstration powered by a semi-cryogenic 3D-printed engine. The mission, which lasted approximately two minutes, marked a major achievement for the company and the country in the development of indigenous space technology. The mission featured a 6.2-meter-tall single-stage launch vehicle with an elliptical nose cone and was equipped with advanced avionics architecture and autopilot software developed in-house. The Agnilet engine, the world’s first single-piece 3D-printed semi-cryogenic rocket engine, powered the vehicle.

 

BANKING AND FINANCE

 

1. RBI imposes Rs 36.38 lakh penalty on HSBC for violating Fema regulations: The Reserve Bank has imposed a fine of Rs 36.38 lakh on foreign lender HSBC for Foreign Exchange Management Act (FEMA) violations. The central bank said reporting requirements under the Liberalised Remittance Scheme of FEMA, 1999 were not followed by HSBC.

 

2. ADB approves $2.6 billion in Sovereign lending to India in 2023: The Asian Development Bank (ADB) has sanctioned $6 billion in sovereign lending to India in the calendar year 2023. The loan sanctioned by ADB in 2023 will be used to finance urban development projects, promote the power sector, support industrial corridor development, support horticulture, enhance connectivity and build India’s climate resilience. Sovereign means supreme power, and in India the government of India is sovereign. Thus, a sovereign loan means a loan given to the government of India. It includes a loan the ADB gives for a project in a particular state.

 

3. Capital Small Finance Bank, ICICI Lombard enter into bancassurance tie-up: Capital Small Finance Bank (CSFB) has forged a bancassurance tie-up with ICICI Lombard General Insurance Company Ltd.(ICICI Lombard), a private general insurer. Through this collaboration, CSFB will leverage its network and customer base to distribute ICICI Lombard’s suite of general insurance products, including health, motor, home, travel and rural insurance. This partnership will empower the bank’s customers to be adequately risk covered and access our wide suite of innovative and tech-driven insurance solutions. Currently, CSFB has 177 branches spread over 5 States and 1 Union Territory.

 

4. RBI projects 7% Real GDP growth in current financial year: The Reserve Bank of India has projected a 7 percent GDP growth in the current financial year. In its annual report, RBI said the real GDP growth for 2024-25 is projected to grow at 7 per cent with risks evenly balanced.

The Indian economy expanded at a robust pace in fiscal 2024, with real GDP growth accelerating to 7.6 percent from 7 percent in previous year. On May 22, the RBI’s Central Board of Directors approved the transfer of Rs 2.11 lakh crore as surplus to the government for FY 2023-2024.

 

 

 

AWARDS AND HONOURS

 

1. PFC receives CSR Champion Award 2024: Power Finance Corporation Limited (PFC) has been honoured with the Corporate Social Responsibility award in the Non-Fossil Fuel (NF) business category at the Outlook Planet Sustainability Summit & Awards 2024 held in Goa. PFC’s Chairperson & Managing Director (CMD) Parminder Chopra received the award from the Department of Administrative Reforms and Public Grievances’ Secretary V Srinivas in presence of officials from Department of Public Enterprises, IIT Goa and Outlook. The Outlook Planet Sustainability Summit & Awards 2024 brought together senior government policymakers and top management of Central Public Sector Enterprises (CPSEs) to discuss and showcase exemplary initiatives in sustainability.