NATIONAL UPDATES:
1. CAQM, CSIR-CRRI, SPA sign MoU to reduce dust pollution via urban road redevelopment: The Commission for Air Quality Management (CAQM) signed a Memorandum of Understanding (MoU) with CSIR-Central Road Research Institute (CSIR-CRRI) and School of Planning and Architecture (SPA), New Delhi, to tackle dust pollution through urban road redevelopment.Focus on Dust Pollution Control: The collaboration targets the implementation of a standardized framework for urban road redevelopment, including paving and greening of sidewalks and pathways to reduce dust levels in Delhi-NCR.Project Monitoring Cell Setup: The MoU includes establishing a Project Monitoring Cell (PMC) at CAQM, with facilitation from CSIR-CRRI and SPA, to ensure phased and efficient implementation of road redevelopment strategies across NCR States.
2. Covrzy and NammaYatri join forces to provide health coverage to gig workers: Bengaluru-based insurance-tech startup Covrzy has collaborated with Namma Yatri to provide affordable and accessible health insurance to auto and cab drivers and their families across India.Covrzy’s health insurance offerings will be embedded directly into the Namma Yatri driver app, enabling drivers to compare, purchase, and manage insurance policies digitally with ease, including features like claim requests, policy downloads, and network hospital listings.The initiative will initially cover over 3,000 drivers in Bengaluru and is planned to expand to more than 50,000 drivers across multiple cities like Kolkata, Chennai, Kochi, and Bhubaneswar within 12–18 months.a
3. Andhra Pradesh Govt to Disburse ₹8,745 Crore Under ‘Talliki Vandanam’ Scheme as TDP Marks One Year in Power: The Andhra Pradesh government will disburse ₹8,745 crore under the ‘Talliki Vandanam’ scheme, providing ₹15,000 annually to mothers of school-going children, benefiting around 67 lakh students.The scheme, approved by CM N. Chandrababu Naidu coincides with the TDP-led coalition government’s first anniversary, and is considered a key component of Naidu’s “Super Six” welfare agenda.The benefit will cover students from Class 1 to Intermediate First Year, with the amount credited directly to the mothers’ bank accounts after admission data is finalized.
4. Sumit Madan Appointed as MD & CEO of Axis Max Life Insurance: Max Financial Services Ltd has announced the appointment of Sumit Madan as the new Managing Director and CEO of Axis Max Life Insurance Ltd, effective from October 1, 2025, following the retirement of current CEO Prashant Tripathy on September 30, 2025. His appointment is subject to shareholder and IRDAI approval.Sumit Madan, currently the Chief Distribution Officer at Axis Max Life, has over 25 years of experience in the banking and financial services sector. He previously played a key role at IDFC FIRST Bank, where he helped expand the branch network and achieve a CASA ratio of over 50%.
5. FSIB Recommends R Doraiswamy as Next CEO & MD of LIC, to Succeed Interim Chief Sat Pal Bhanoo: The Financial Services Institutions Bureau (FSIB) has recommended R Doraiswamy as the new CEO and MD of Life Insurance Corporation of India (LIC), after evaluating four candidates on performance, experience, and other criteria.Doraiswamy, who has been serving as MD at LIC since September 1, 2023, brings over 30 years of experience across operations, marketing, technology, and academics; he previously worked at National Insurance Academy and currently holds multiple directorships.He is expected to succeed Sat Pal Bhanoo, the interim CEO & MD (appointed on June 8, 2025), who is set to serve till September 7, 2025, following the tenure of former CEO Siddhartha Mohanty.
6. Mohd. Arif Khan Appointed Deputy CEO of SBI General Insurance: Arif Khan has been appointed as the Deputy Chief Executive Officer (Dy. CEO) of SBI General Insurance, bringing over two decades of experience in the banking industry.He started his career in 2000 as a probationary officer at State Bank of India (SBI) and has since held senior roles in retail banking, core banking systems, and strategic training.Prior to this appointment, he served as the General Manager, Network-I, at SBI’s Local Head Office in Thiruvananthapuram, showcasing strong leadership in network management.
INTERNATIONAL UPDATES:
1. 10 June – International Day for Dialogue among Civilizations: The International Day for Dialogue among Civilizations is observed every year on June 10, with the aim of promoting understanding, tolerance, and open dialogue between cultures, communities, and civilizations around the world.
The day was proclaimed by the United Nations in 2001, in response to increasing global tensions and cultural misunderstandings, encouraging nations to replace the “clash of civilizations” with conversations that foster peace and cooperation.
2. 12 June – World Day Against Child Labour: World Day Against Child Labour is observed every year on 12 June to raise awareness about the plight of child labourers worldwide and to promote efforts to eliminate child labour in all its forms.Theme 2025 – Progress is clear, but there’s more to do: let’s speed up effortsThe day was established by the International Labour Organization (ILO) in 2002 to highlight the need for global action against child labour, which deprives children of their childhood, education, and potential.The observance aims to encourage governments, organizations, and individuals to take decisive steps to combat child labour by enforcing laws, improving education access, and supporting families economically.
OTHER UPDATES:
DEFENCE
1. India’s 1st Underwater Museum to be Built Around INS Guldar in Maharashtra: India’s first underwater museum and artificial coral reef will be developed around the decommissioned warship INS Guldar near Nivati Rocks at Vengurla in Sindhudurg district of Maharashtra.The initiative, supported by the central government, aims to boost marine conservation and tourism, offering scuba diving and future submarine tours. The Union Tourism Ministry has approved 46.91 crore rupees for the project.The ship, weighing 1,120 tons, was decommissioned in January 2024. It has been officially handed over by the central government to the Maharashtra Tourism Development Corporation for conversion into a submerged museum.
2. Indian Army Joins 22nd Multinational Khaan Quest Exercise in Mongolia with 40-Member Contingent: A 40-member Indian Army contingent, including personnel from the Kumaon Regiment and three women (one officer and two soldiers), has arrived in Ulaanbaatar, Mongolia, to take part in the 22nd edition of the multinational military exercise Khaan Quest, scheduled from 14 to 28 June 2025.Khaan Quest, co-sponsored by the United States Indo-Pacific Command and the Mongolian Armed Forces, began as a bilateral exercise in 2003 and became a multinational event in 2006, with India participating since then.The exercise aims to enhance interoperability for UN peace operations (Chapter VII) through drills in joint operations, counter-IED tactics, evacuation of civilians, cordon and search, and checkpoint establishment, promoting cooperation among participating nations’ armed forces.
SCIENCE AND TECHNOLOGY
1. Ocean Darkening: Recent studies reveal alarming trends in ocean health. Research indicates that over 20% of the global ocean has darkened in the past two decades. This phenomenon poses serious threats to marine ecosystems and overall planetary health. Ocean darkening refers to the reduction of light penetration in the photic zones. These zones are vital as they support photosynthesis, which is essential for marine life. The photic layer can extend up to 200 meters deep and is crucial for maintaining biodiversity. The study employed satellite data and advanced modelling techniques. Researchers measured changes in light absorption using the diffuse attenuation coefficient (Kd 490). Between 2003 and 2022, 21% of the global ocean experienced darkening. Particularly, 9% saw a reduction in photic zone depth exceeding 50 meters.
BANKING AND FINANCE
1. Razorpay and RateGain Join Forces to Transform Hotel Payments with AI-Driven, Secure Digital Solutions: RateGain Travel Technologies has partnered with Razorpay to revolutionize hotel payments in India by integrating Razorpay’s secure and flexible payment gateway into RateGain’s hotel booking engine, providing guests with a seamless and intelligent digital payment experience.With the Indian travel and hospitality market projected to reach $125 billion by 2027 and over 70% of hotel bookings expected to happen online, the partnership aims to meet the growing demand for secure, frictionless, and automated digital payment solutions in the industry.
Razorpay’s platform, compliant with PCI DSS Level 1 and SOC 3 standards, brings advanced fraud detection and payment security tools, while RateGain leverages AI-driven automation to enhance decision-making and further streamline the guest experience.
2. RBI to Discontinue Daily Variable Rate Repo Auctions from June 11 Amid ₹3 Lakh Crore Liquidity Surplus: The Reserve Bank of India (RBI) has announced that it will discontinue daily Variable Rate Repo (VRR) auctions from June 11, 2025, due to a significant liquidity surplus in the banking system, which currently stands at around ₹3 lakh crore.The decision follows weak demand for daily VRR operations, with banks borrowing only ₹3,711 crore and ₹3,853 crore on June 9 and 10 respectively, against a notified ₹25,000 crore—signaling that banks do not need daily support under current surplus conditions.Daily VRR auctions were introduced on January 16, 2025, to manage temporary liquidity tightness caused by tax outflows and forex interventions, but with easing liquidity and declining overnight market rates, the RBI is now focusing on stabilizing money market dynamics.While daily VRRs are being discontinued, the RBI is expected to continue 14-day VRR auctions to handle short-term liquidity needs. This move follows a 100 bps CRR cut to 3.0%, aimed at injecting ₹5 lakh crore into the banking system, aligning with the RBI’s calibrated and neutral policy stance.
No comments:
Post a Comment