Daily GK Update- 25th June, 2022

 

NATIONAL UPDATES:

 

1. IOC unveils indoor solar cook top Surya Nutan: Indian Oil Corporation (IOC) has unveiled its patented indigenous solar cook top, “Surya Nutan”, developed by the oil refiner’s Faridabad R&D centre. Surya Nutan will aid in reducing India’s CO2 emissions drastically and keep our citizens insulated from the vagaries of the high international fossil fuel prices. The product was demonstrated in the presence of the Minister of Petroleum & Natural Gas (MoPNG) HS Puri; Rural Development and Panchayati Raj Minister Giriraj Singh; Minister of State (MoS) for Commerce & Industry Som Prakash; MoS for Housing & Urban Affairs Kaushal Kishore, and Minister of Finance and Parliamentary Affairs of Uttar Pradesh Suresh Khanna.

About the Surya Nutan:

a)      The solar cook top is a stationary, rechargeable and kitchen-connected indoor solar cooking system. It offers an online cooking mode while charging. It works in hybrid mode, which means it can run on both solar and auxiliary energy sources simultaneously. The insulation design of the solar cook top minimises radiative and conductive heat losses.

b)      The initial cost of the product was Rs 12,000 for the base model and Rs 23,000 for the top model. However, the cost is expected to reduce substantially with economies of scale. At present, pilot projects are being held in around 60 places such as Leh (Ladakh) to ascertain various operational and commercial aspects related with its application.

Note: Indian Oil Corporation Chairperson: Shrikant Madhav Vaidya; Indian Oil Corporation Headquarters: New Delhi; Indian Oil Corporation Founded: 30 June 1959.

 

2. Uttarakhand: Project to boost rain-fed agriculture approved by World Bank: In order to advance rain-fed agriculture in the steep areas of Uttarakhand, the World Bank has approved a project costing Rs. 1,000 crore. The watershed department will carry out the Uttarakhand Climate Responsive Rain-fed Farming Project. The initiative, which aims to lower greenhouse gas emissions, was offered to the World Bank for funding by the State government. The project will be financed by the World Bank. Additionally, it will encourage environmentally friendly agricultural practices so that young people and farmers have an economically feasible choice.

 

3. P Udayakumar begins office as NSIC’s Chairman and Managing Director: P Udayakumar, Director (Plng and Mktg), NSIC, took additional responsibility as CMD NSIC with effect from 20 June 2022. He has a mechanical engineering degree from College of Engineering in Guindy, a postgraduate degree from IIM Bangalore, and 12 years of service on the Board.

NSIC: The NSIC has been trying to support, encourage, and promote the growth of micro, small, and medium-sized businesses across the nation. NSIC functions through a network of offices and technical centres spread throughout the nation. Additionally, NSIC has established a Training and Incubation Center run by qualified personnel. NSIC offers a variety of carefully designed programmes to help Micro, Small, and Medium Enterprises improve their competitiveness.

 

4. GSAT-24: Indian Communication Satellite successfully launched by ISRO: NewSpace India Limited (NSIL) launched GSAT-24, following the space reforms leasing the entire satellite’s capacity to Direct-to-Home (DTH) service provider Tata Play. This was the company’s first “demand-driven” communication satellite mission. The satellite, developed by the Indian Space Research Organization for NSIL, was successfully launched into geostationary orbit from Kourou in French Guiana by the Ariane 5 rocket (South America). Key Points:

a)      GSAT-24 is a 4180 kg 24-Ku band communication satellite that provides pan-India coverage for DTH application requirements.

b)      The commercial arm of ISRO, NSIL was established in March 2019 and is a Central Public Sector Enterprise (CPSE) under the Department of Space (DOS).

c)       NSIL was required to carry out operational satellite missions on a “demand driven” model as part of the “space reforms” announced by the government in June 2020.

d)      Under this model, NSIL is responsible for building, launching, owning, and operating satellites as well as providing services to its devoted customer.

e)      The 15-year mission life of GSAT-24 is configured on ISRO’s tried-and-true I-3k Bus.

f)        To suit the needs of its devoted customer Tata Play, the DTH division of the Tata Group, the whole satellite capacity on board GSAT-24 will be leased.

g)      Two satellites, MEASAT-3d for the Malaysian operator MEASAT and GSAT-24, were successfully launched into geostationary orbit by the Ariane 5 after being carried aboard an Ariane-V VA257 flight from the Guiana Space Centre, Europe’s spaceport in Kourou.

 

INTERNATIONAL UPDATES:

 

1. Coursera Global Skill Report 2022: India ranked 68th: The Global Skills Report (GSR) 2022 by Coursera states that India’s proficiency in data science has reduced from 38% in 2021 to 26% in 2022, leading to a 12-rank drop. In terms of overall skills proficiency, India has slipped 4 places to be ranked 68th globally and 19th in Asia. However, the report reveals that India has improved its technology proficiency levels from 38 percent to 46 percent, improving its position by six spots.

State-Wise: West Bengal leads the Indian states in terms of skills proficiency with the state showing the highest levels of digital skills proficiency in the country. Andhra Pradesh is among the top three performing states with high proficiency in business and technology skills.

World: For the second year in a row, Switzerland had the highest-skilled learners followed by Denmark, Indonesia, and Belgium.

 

2. Mongolia’s Khuvsgul Lake added to UNESCO World Network of Biosphere Reserves: Khuvsul Lake National Park of Mangolia has been added to the World Network of Biosphere Reserve of UNESCO. The decision was made during the 34th session of the International Co-ordinating Council of the Man and the Biosphere Programme taking place in Paris, France.

About Khuvsgul Lake: The Khuvsgul Lake is located in northern Mongolian province of Khuvsgul, near to Russian border. It holds 70 per cent of freshwater of Mongolia or accounts for 0.4 per cent of world’s total. The lake is 1,645 meters above sea level, 136 km long and 262 meters deep. It is the largest fresh water lake of Mongolia, by volume. In terms of area, it is the second largest lake in Mongolia. The lake is located at about 200 km west of Lake Baikal. It is nicknamed as “Younger sister” of two “sister lakes”. It freezes over completely in winter.

Note: UNESCO Founded: 16 November 1945; UNESCO Headquarters: Paris, France; UNESCO Members: 193 countries; UNESCO Head: Audrey Azoulay.

 

3. Arianespace will launch an Indian Communication Satellite: Two communication satellites from Malaysia and India will be launched into geostationary orbit by the European space agency Arianespace. The Ariane-5 rocket will launch the two satellites, which together weigh more than 10,000 kilograms, from the spaceport in Kourou, French Guiana.

About the Communication Satellite:

a)      The commercial arm of ISRO, New Space India Limited (NSIL), created the Indian satellite GSAT-24 for Tata Sky, a television service provider. The GSAT-24 is a 24-Ku band communication satellite with Pan-India coverage that weighs over 4,000 kilograms and can accommodate DTH application requirements.

b)      The satellite is set up to have a 15-year mission life.

c)       Stéphane Isral, CEO of Arianespace, expressed his enthusiasm for working with ISRO once more in an official statement following the foundation of NSIL in 2019.

 

4. International Day of the Seafarer: 25th June: The “Day of the Seafarer” is celebrated annually on June 25 to honour the vital contribution that seafarers make to global trade and the economy, frequently at considerable personal sacrifice to themselves and their families. Governments, shipping associations, businesses, shipowners, and all other interested parties are asked to support and commemorate the Day in a meaningful and suitable way. With the theme “Your voyage – then and now, share your adventure,” the Day of the Seafarers campaign for 2022 will examine seafarer voyages, including what they entail, how they have changed over time, and what has remained central to seafarers’ reality.

The International Convention on Standards of Training, Certification, and Watchkeeping for Seafarers (STCW), 1978, held in Manila, Philippines, in June 2010, adopted a resolution that established the Day of the Seafarer and made significant revisions to the STCW Convention and Code. The resolution established the Day of the Seafarer, which was first observed in 2011.

 

OTHER UPDATES:

 

SPORTS

 

1. Lisa Sthalekar becomes first female president of FICA: Former Australia cricketer, Lisa Sthalekar has become the first female president of the Federation of International Cricketers’ Association (FICA), the sport’s international players association. Her appointment was made at a meeting of the organisation’s executive committee in Switzerland, the first in-person meeting since the start of the Covid pandemic. Sthalekar joins a shortlist of former cricketers including Barry Richards, Jimmy Adams and Vikram Solanki to have held the post of FICA president.

 

2. Ranjit Bajaj named as chairman of the Advisory Committee overseeing AIFF: Entrepreneur Ranjit Bajaj has been named chairman of advisory committee to assist the Supreme Court-appointed Committee of Administrators (CoA) which is running the day-to-day affairs of All India Football Federation (AIFF). Bajaj, who owned former I-League club Minerva Punjab before it was sold to RoundGlass in 2020, will be the chairman of the advisory committee and integrity matters. The 12-member advisory committee was appointed by the CoA to oversee the day-to-day matters of various departments of the AIFF. The advisory committee will send regular reports to all the members of the CoA for their information and approvals, if required.

Note: All India Football Federation Headquarters location: New Delhi; All India Football Federation Founded: 23 June 1937; All India Football Federation FIFA affiliation: 1948.

 

BANKING AND FINANCE

 

1. RBI delays implementation of provisions for issuing credit and debit cards: The Reserve Bank of India (RBI) extended the deadline for implementing a number of the master directives it issued on the issuance of debit cards and credit cards. by three months, from July 1, 2022 to October 1, 2022. The following Master Direction provisions will now go into effect on October 1, 2022 the central bank announced in a circular. This decision was made after taking into account various comments from industry stakeholders. Key Points:

a)      The RBI stated in the master directives released in April that card issuers must get one-time password (OTP)-based authorization from the cardholder before activating a credit card if the customer has not done so for more than 30 days from the date of issuance.

b)      Card-issuers must close the credit card account without charging the consumer within seven working days after asking for approval, if the customer does not give their consent.

c)       The timeframe for putting this provision into effect has now been extended by the central bank.

d)      The unpaid fees, assessments, and taxes shall not be capitalised for the purpose of charging or compounding interest.

e)      The central has also moved up the implementation date for this clause till October 1, 2022.

 

BUSINESS AND ECONOMY

 

1. Dr D J Pandian appointed to lead NDB’s India Regional Office in Gift City: Shanghai-headquartered New Development Bank (NDB) of the BRICS countries has appointed former bureaucrat Dr D J Pandian as the Director-General of its India Regional Office in Gujarat International Finance Tec-City (GIFT City). Pandian earlier served as the Vice President and Chief Investment Officer of the Beijing-based Asia Infrastructure Investment Bank (AIIB) in which India is the 2nd largest shareholder after China. The announcement of Pandian’s appointment comes as China, which is the chair of this year’s BRICS, is set to host the summit of the five-member bloc via video link on June 23-24 in which Prime Minister Narendra Modi is scheduled to take part.

Note: New Development Bank Headquarters location: Shanghai, China; New Development Bank President: Marcos Prado Troyjo; New Development Bank Founder: BRICS; New Development Bank Founded: 15 July 2014.

 

2. Freo partners with Equitas Small Finance Bank to launch digital savings account: Bengaluru-based neobanking platform Freo has launched its digital savings account ‘Freo Save’ in partnership with Equitas Small Finance Bank. With this launch, it has become the first consumer neobank in the country to provide full-stack neo-banking products, including smart savings account, credit and payments products, cards and wealth-growth products. The neobank is planning to open one million new accounts in the next ten months.

Features of Freo Save: Freo Save will offer quick access to credit & shopping and through its partnership with Equitas Small Finance Bank. It will provide up to 7 per cent interest on customer savings for balances above ₹5 lakh up to ₹2 crore. Freo Save will be available in multiple Indian languages, including English, Hindi, and Tamil. Freo Save brings together our expertise in banking services and Freo’s strength in lending to offer consumers a world-class consumer-first digital banking experience.

 

DEFENCE

 

1. “BRO Cafes” to be established at 75 border areas in 12 states and UTs: The Border Roads Organization will build 75 outlets along various route segments in 12 states and union territories under the name “BRO Cafes,” as permitted by the Ministry of Defense. These are designed to offer fundamental comforts and amenities to visitors, increase economic activity in border regions, and create jobs for the local population.

About the Bro Cafe Proposal:  It is proposed to offer amenities including two- and four-wheeler parking, a food court, a restaurant, separate restrooms for men, women, and people with disabilities, first-aid stations, MI rooms, etc.

Daily GK Update- 24th June, 2022

 

NATIONAL UPDATES:

 

1. Assam becomes 36th State/UT to implement One Nation One Ration Card: Assam has become the 36th State to implement the One Nation One Ration Card (ONORC) scheme. With this, the ONORC plan is successfully implemented in all 36 states, and Union Territories, making food security portable throughout the country. This is a one-of-its-kind citizen-centric initiative in the country, which is swiftly implemented in a short span of time covering about 80 Crore beneficiaries, after being initiated in August 2019, the Ministry of Consumer Affairs, Food and Public Distribution said in a statement today.

Objective of the program: The objective of this beneficiary centric high-impact program is to empower all NFSA beneficiaries to become AtmaNirbhar for their food security anywhere in the country, through the portability of their existing ration cards enabling them to seamlessly lift their entitled subsidized foodgrains (in part or full) from any Fair Price Shop of their choice. This also enables their family members to lift balance/required amount of foodgrains on the same ration card at their native/ any place from the FPS of their choice.

Note: Assam Capital: Dispur; Assam Chief Minister: Himanta Biswa Sarma; Assam Governor: Jagadish Mukhi.

 

2. PM Narendra Modi to inaugurate Vanijya Bhawan and the NIRYAT Site: The new office complex for the Ministry of Commerce and Industry, “Vanijya Bhawan,” and the “National Import-Export Record for Yearly Analysis of Trade” (NIRYAT) portal, which will provide data on India’s international trade, will both be officially inaugurated by Prime Minister Narendra Modi. The department of commerce and the department for the promotion of industry and internal trade will both use the facility, which will serve as an integrated and contemporary office complex.

About Vanijya Bhawan: Vanijya Bhawan is being built close to India Gate on a 4.33-acre property and is envisioned as a smart building that incorporates sustainable architecture principles with a focus on energy conservation. More than 56% of the 214 trees on the property were either left alone or were planted again during the building’s construction. Modern amenities including smart access control, central air conditioning, video conferencing, and fully networked systems are available in the 1,000-person capacity building.

 

3. Culture Minister G Kishan Reddy launched “Jyotirgamaya” festival in New Delhi: Jyotirgamaya, a festival celebrating the brilliance of underappreciated performers, was launched in New Delhi by Union Culture Minister G. Kishan Reddy. Sangeet Natak Akademi organised this festival as part of Azadi Ka Amrit Mahotsav and on the occasion of World Music Day to highlight the talent of rare musical instruments from all across the country, including street performers and train entertainers. The festival aims to raise awareness among attendees of the need of preserving both the production and playing of rare musical instruments. Sangeet Natak Akademi’s effort to save India’s vanishing performing arts is unique.

 

4. ‘Shabash Mithu’: A biopic on former Indian women’s cricket team captain Mithali Raj: Filmmaker Srijit Mukherji has dropped the trailer of “Shabaash Mithu”, a Taapsee Pannu-starrer biopic on former India women’s cricket team captain Mithali Raj. The film is set to hit theatres on July 15. The film has been written by Priyan Aven who makes her debut as a screenplay writer with Shabaash Mithu. Amit Trivedi has provided music for the film with lyrics by Swanand Kirkire, Kausar Munir and Raghav M. Kumar, and sound designed by Academy Award winner Rasool Pookutty.

 

INTERNATIONAL UPDATES:

 

1. White House: The US prioritises its bilateral relations with India: The US prioritises its bilateral relationship with New Delhi and views India as a “very crucial” strategic ally in the strategically significant Indo-Pacific region, according to the White House, which also noted that each country must make its own choices about Russia. Because Russia began a “special military operation” in the neighbouring Ukraine, the US-led Western nations have imposed punishing sanctions on it. Key Points:

a)      India is a “very important strategic partner in the Indo-Pacific region.”

b)      Industry data show that as refiners buy Russian crude available at a significant discount as a result of the conflict in Ukraine, Russia has surpassed Saudi Arabia to become India’s second-largest oil supplier after Iraq.

c)       About 25 million barrels of Russian oil, or more than 16 percent of their total oil imports, were purchased by Indian refiners in May.

d)      India reiterated earlier this month that its needs for energy security serve as the basis for its purchases of crude oil from Russia.

Impact of Russia-Ukraine War:

a)      In western capitals, there has been some unease regarding India’s stance on the Ukraine situation and its choice to buy discounted Russian oil.

b)      India is yet to denounce the Russian war on Ukraine but has been advocating for an immediate halt to all hostilities and a diplomatic and diplomatic solution to the crisis.

c)       India, the third-largest importer and consumer of crude oil worldwide, has long defended its purchases of Russian crude oil by pointing out that its imports from Russia are negligible in comparison to those of Europe and only make up a small portion of the country’s overall consumption.

 

2. Ruchira Kamboj named as next Permanent Representative of India to the UN: Senior Diplomat Ruchira Kamboj, currently Indian ambassador to Bhutan, has been appointed as the next Permanent Representative of India to the United Nations at New York. She will succeed TS Tirumurti as the Indian ambassador to the United Nation. Ministry of External Affairs said, Ruchira Kamboj is expected to take up the assignment shortly.

 

3. India comes third in Renewable Energy Installations in 2021: India ranked third globally for total renewable power capacity additions in 2021 with 15.4 GW, behind only China (136 GW) and the US (43 GW). According to a report, despite the Covid-19 pandemic’s promise of a global green recovery, this historic opportunity has been lost. The world is unlikely to be able to achieve important climate goals this decade, according to REN21’s Renewables 2022 Global Status Report (GSR 2022). This is because the global clean energy transition is not taking place.

Key Points:

a)      The largest energy crisis in modern history started in the second half of 2021, and it was made worse by the Russian Federation’s invasion of Ukraine in early 2022 and an unprecedented global commodities shock.

b)      The research states that India increased its hydroelectric capacity by 843 MW in 2021, bringing the total to 45.3 GW.

c)       India was the third-largest market globally and the second-largest market in Asia for new solar PV capacity (13 GW of additions in 2021).

d)      In terms of overall installations, it came in at number four (60.4 GW), passing Germany (59.2 GW) for the first time.

e)      India was in third place overall for installed wind power (40.1 GW), trailing only China, the US, and Germany.

f)        In the energy industry, historic increases in generation (7,793 terawatt hours) and capacity (314.5 gigawatts, up 17% from 2020) were unable to keep up with the six percent growth in global electricity demand.

 

4. Huge Stingray breaks the record for the Biggest Freshwater Fish: The enormous stingray Moul Thun snagged on the end of line by a fisherman was larger than any fish ever seen, the hunter was aware. The 42-year-old fisherman from Kaoh Preah, an isolated island in the Mekong River, in northern Cambodia, didn’t realise was that the ray would eventually be designated the largest documented freshwater fish in the world. Key Points:

a)      Fishermen in Cambodia initially informed Dr. Hogan and his colleagues at the Wonders of the Mekong Project, which is funded by the U.S. Agency for International Development and seeks to preserve the aquatic variety of the Southeast Asian river, that they had caught a stingray that was the largest ever seen.

b)      Three industrial scales were lined up by team members as they hurried to the little river island known as Koh Preah. They lifted the stingray out of the water and onto the scales using a sheet to determine its weight.

c)       The finding was made less than a month after a 400-pound huge stingray was also captured and released close by. This year has also seen the capture of two other huge rays.

 

OTHER UPDATES:

 

SPORTS

 

1. Rumeli Dhar retires from all forms of international cricket: Rumeli Dhar, the India seam-bowling allrounder, has announced her retirement from international cricket, at the age of 38. Dhar played her last international match in the tri-nation women’s T20I series between India, Australia and England, at Brabourne in 2018. In all, she featured in four Tests, 78 ODIs, and 18 T20Is, scoring 1328 runs and taking 84 wickets across formats. She was also part of the India team that had reached the 2005 World Cup final in South Africa. Having made her international debut in 2003, against England in Lincoln, Dhar made an unlikely comeback, to the Indian team at the age of 34, when she was called up to India’s T20 squad for their tour of South Africa in February 2018.

 

BANKING AND FINANCE

 

1. Karnataka Bank launches “V-CIP” for account opening: Karnataka Bank has launched online savings bank (SB) account opening facility through ‘Video-based Customer Identification Process (V-CIP)’. The facility enabled in the corporate website of the bank, empowers prospective customers to open an SB account through online process and complete KYC (know your customer) verification through a video call at their place of convenience.

The end-to-end paperless digital process leverages the bank’s API (Application Programming Interface) that auto fills the account opening form, validates PAN/Aadhaar number instantly and completes the KYC process through a video call. Online SB Account opening facility through V-CIP will take the customers experience to a new high as it reduces the turnaround time of account opening by eliminating the need of customer’s physical presence at the branch to complete Know Your Customer (KYC) process.”

Note: Karnataka Bank Headquarters: Mangaluru; Karnataka Bank CEO: Mahabaleshwara M. S; Karnataka Bank Founded: 18 February 1924.

 

2. South Indian Bank launches “SIB TF Online” EXIM trade portal: South Indian Bank has launched a new portal called ‘SIB TF Online’ for its corporate EXIM customers. The portal facilitates a platform for trade-related payments to foreign entities remotely. The customer can initiate the payment request over SIB TF Online after uploading the relevant supporting documents for the transaction. About the “SIB TF Online”:

a)      SIB TF Online is yet another accomplishment by the bank to make its operations more tech-driven. It comes close on the heels of launching the internet banking facility targeting retail savings and NRE SB customers to initiate foreign remittances without visiting the branch.

b)      The bank plans to launch SIB TF Online in phases, with the initial version allowing three types of import remittances such as advance remittance for Imports, remittance against import bill received from overseas bank for collection (Bank-to-Bank Foreign Inward Collection Bill) and payment against Import documents received by the importer directly from overseas suppliers.

Note: South Indian Bank Headquarters: Thrissur, Kerala; South Indian Bank CEO: Murali Ramakrishnan; South Indian Bank Founded: 29 January 1929.

 

BUSINESS AND ECONOMY

 

1. Indian’s funds in Swiss banks jumps over Rs 30 lakh crore in 2021: Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 14-year-high of 3.83 billion Swiss francs (over Rs 30,500 crore) in 2021, according to annual data from Switzerland’s central bank. The rise in aggregate funds of Indian clients with Swiss banks, from 2.55 billion Swiss francs (Rs 20,700 crore) at the end of 2020, marks the second consecutive year of increase. Key Points:

a)      In terms of assets (or funds due from customers), Indian clients accounted for CHF 4.68 billion at the end of 2021, up nearly 10 per cent. This included dues from Indian customer’s worth about CHF 323 million after a rise of 25 per cent during the year.

b)      The UK has topped the charts for foreign clients’ money in Swiss banks at CHF 379 billion, followed by the US (CHF 168 billion) at the second place – the only two countries with 100-billion-plus client funds.

c)       Others in the top 10 were West Indies, Germany, France, Singapore, Hong Kong, Luxembourg, Bahamas, the Netherlands, Cayman Islands and Cyprus respectively.

d)      India was placed at 44th place, ahead of countries like Poland, South Korea, Sweden, Bahrain, Oman, New Zealand, Norway, Mauritius, Bangladesh, Pakistan, Hungary and Finland.

e)      In BRICS nations, India stood below Russia (15th place) and China (24th), but above South Africa and Brazil.

Note: Swiss National Bank Chairman of the Governing Board: Thomas J. Jordan; Swiss National Bank Head Offices: Berne, Zurich; Swiss National Bank Founded: 1854.

 

2. PhonePe and Kotak General Insurance come Together to Provide Motor Insurance: Kotak Mahindra General Insurance Company Limited (Kotak General Insurance) announced that it has partnered with PhonePe Insurance Broking Services Pvt. Ltd (PhonePe), a digital payments platform, to offer motor insurance to PhonePe’s 380 million users, placing a significant bet on the digital distribution and direct-to-customer space. Key Points:

a)      Kotak General Insurance will provide its clients quick and easy vehicle and two-wheeler insurance policies via PhonePe.

b)      Through this partnership, PhonePe users will be able to quickly and easily purchase automobile and two-wheeler insurance online from the convenience of their smartphones.

c)       The relationship with PhonePe will enable to connect and engage with customers who are digital natives and seeking convenience.

d)      Kotak General Insurance, made it a mission to serve customers with straightforward and simple-to-understand solutions.

Daily GK Update- 23rd June, 2022

 

NATIONAL UPDATES:

 

1. India’s first ‘Balika Panchayat’ constituted in five villages of Gujarat: The country’s first-ever, ‘Balika Panchayat’, has started in five villages of Gujarat’s Kutch district. The initiative aims to promote the social and political development of the girls and ensure their active participation in politics. The Panchayat has started in Kunaria, Maska, Motagua, and Vadsar villages of the Kutch district. This initiative has been taken by the Women and Child Development Welfare Department of the Gujarat Government under the ‘Beti Bachao Beti Padhao’ campaign. The Ministry of Women and Child Development is also planning to begin the girl panchayat across the country.

About the “Balika Panchayat”: “Balika Panchayat” is managed by people in the 11-21 age group and its main objective is to promote the social and political development of the girl child and to remove the evil practices from the society such as child marriage, and the dowry system. The main objective of panchayat is that the girls should move forward in politics. In Balika panchayat, the member is nominated just like Gram panchayat.

 

2. ‘Single-Use Plastic’ use to ban by Union Govt. from 1st July, 2022: ‘Single-Use Plastic’ use to be outflow from July 1st, 2022 by the Union government. Single-use plastics, particularly those made of polystyrene and expanded polystyrene, will be illegal to produce, import, stock, distribute, sell, and use starting on July 1, 2022, nationwide. A national task group has also been established by the Environment Ministry to make coordinated efforts in this area.

Key Points:

a)      According to a response submitted by Minister of State for Environment Ashwini Choubey in Parliament, fourteen states and UTs have joined the special task force by July 23.

b)      The Delhi Environment Department will also launch a campaign on July 1 to guarantee compliance with the ban on 19 single-use plastics in the national capital, and any producers, suppliers, stockists, dealers, or sellers found in violation of the restrictions would be shut down.

c)       The manufacturing, importation, stocking, distribution, sale, and use of certain single-use plastic (SUP) goods, such as candy sticks, plates, cups, and cutlery, have been outlawed as of July 1, 2022, according to the Plastic Waste Management Amendment Rules, 2021, which were announced by the Center.

List of items Identified as SUP: Earbuds, plastic balloon sticks, flags, candy sticks, ice-cream sticks, polystyrene (thermocol), plates, cups, glasses, forks, spoons, knives, straws, trays, wrapping or packaging films around sweets boxes, invitation cards, cigarette packets, plastic or PVC banners less than 100 micron, and banners made of less than 100 micron thick are among the 19 items identified as SUP.

 

3. Tamil Nadu became the largest state in outstanding microfinance loan: Tamil Nadu replaced Bihar and West Bengal to become the largest state in terms of outstanding portfolio of microfinance loans. According to MFIN Micrometer Q4 FY21-22, a quarterly report published by Microfinance Institutions Network (MFIN), the gross loan portfolio (GLP) of Tamil Nadu as of March 31, 2022 stood at ₹36,806 crore. It was followed by Bihar (₹35,941 crore) and West Bengal (₹34,016 crore).

At the end of Q3FY22, West Bengal topped the chart with the highest outstanding portfolio of loans at ₹32,880 crore, followed by Tamil Nadu (₹32,359 crore). The Top 10 States (based on total microcredit universe) constitute 82.4 per cent of total GLP of the industry. West Bengal was followed by Karnataka, Uttar Pradesh and Maharashtra. According to the report, around 64 per cent of the microfinance portfolio is concentrated in the East, Northeast, and Southern regions.

Note: Tamil Nadu Capital: Chennai; Tamil Nadu Chief Minister: MK Stalin; Tamil Nadu Governor: RN Ravi.

 

4. Shanan Dhaka secured 1st rank to the First Women’s NDA Batch: Shanan Dhaka, daughter of Sundana village of Rohtak, has secured the first rank in the examination for admission to the country’s first women’s NDA batch. Shanan has secured 10th position in Boys’ examination and first position in Girls’ examination across the country.  Selected for lieutenant, Shanan Dhaka, inspired by Grandfather Subedar Chandrabhan Dhaka and father Nayak Subedar Vijay Kumar Dhaka, joined the army and chose to serve the country.

 

5. Haryana CM releases a book ‘Ashtang Yoga’ by Dr Sonu Phogat: Haryana Chief Minister Manohar Lal khattar on the eve of 8th International Yoga Day released a book titled Ashtang Yoga authored by Dr Sonu Phogat. Manohar Lal khattar said that every person should have a resolution for Yoga and he has to connect himself with the resolution. He said that the Mantra of Yog to Sehyog will show us a new way to the future. Appreciating the efforts of writer Dr Sonu Phogat, it is a matter of pride that the book on Yoga was released on the eve of International Yoga Day. He said that it will benefit the people.

 

INTERNATIONAL UPDATES:

 

1. Sri Lanka revises Minimum Age for Migrant Domestic Workers: In Sri Lanka, the government has amended the minimum age limit for women leaving for foreign employment as domestic aides to 21 years of age. The decision was announced at the weekly Cabinet meeting. However, the minimum age limit for Saudi Arab has been set at 25 years, and 23 years for the other countries in the Middle East. The minimum age limit announced as 21 for the rest of the Middle East countries other than Saudi Arabia.

On other hand, a team from the International Monetary Fund is in Sri Lanka for crucial bailout negotiations with the crisis-ridden country that is left with virtually no foreign exchange to import food, fuel and medicines. The talks began as schools and government offices shut down for two weeks and switched to working online to conserve fast depleting fuel supplies. The nine-member team has met Prime Minister Ranil Wickremesinghe and will be in the country for 10 days.

Note: Sri Lanka Capitals: Colombo, Sri Jayawardenepura Kotte; Sri Lanka President: Gotabaya Rajapaksa; Sri Lanka Currency: Sri Lankan rupee; Sri Lanka Prime minister: Ranil Wickremesinghe.

 

2. United Nations Public Service Day: 23rd June: With the aim to appreciate the value of public institutions and public servants, June 23 is observed as United Nations Public Service Day. UN Public Service Day celebrates the value and virtue of public service to the community; highlights the contribution of public service in the development process; recognizes the work of public servants, and encourages young people to pursue careers in the public sector. The theme for this year’s event is “Building back better from COVID-19: Enhancing innovative partnerships to meet the Sustainable Development Goals.”

United Nations Public Service Day History: The origin of the UN Public Service day goes back to December 20, 2002, when the General Assembly selected June 23 as Public Service Day after adopting a resolution 57/277. With an aim to give the day its recognition, the UN established the UN Public Service Awards (UNPSA) programme in 2003, which was later reviewed in 2016. This was done to align the day with the 2030 Agenda for sustainable development.

 

3. International Olympic Day: 23rd June: International Olympic Day is celebrated on June 23rd across the globe. The day is primarily celebrated to commemorate the birth of modern Olympic Games. This year, the theme for the International Olympic Day is “Together For A Peaceful World.” The theme represents the ability of sports to bring the world together and dimmish the differences.

International Olympic Day History: At the 41st session of the International Olympic Committee in Stockholm, a member of the IOC named Doctor Gruss, submitted a report suggesting the celebration of Olympic Day. Submitted in 1947, the report was discussed and the suggestions were finally implemented in 1948 at the 42nd IOC session in St Moritz. The day was decided as June 23 to commemorate the founding of the International Olympic Committee at Sorbonne, Paris in 1894. Under the leadership of Sigfrid Edstrom, who was the president of the IOC at that time, the first International Olympic Day was celebrated on June 23, 1948.

Note: International Olympic Committee Headquarters: Lausanne, Switzerland; International Olympic Committee President: Thomas Bach; International Olympic Committee Founded: 23 June 1894, Paris, France; International Olympic Committee Director General: Christophe De Kepper.

 

4. International Widows’ Day: 23rd June: International Widows’ Day is observed across the world on 23 June. The day aims to gather support for widows and to spread awareness about their situation. International Widows’ Day is a day of action to address the “poverty and injustice faced by millions of widows and their dependents in many countries”. This year’s theme is – “Sustainable Solutions for Widows Financial Independence”.

International Widows’ Day History: The day was established by The Loomba Foundation to raise awareness about the issue of widowhood. June 23 was chosen as the day to mark International Widows’ day as it was on this day in 1954 that Shrimati Pushpa Wati Loomba, mother of Lord Loomba, became a widow. The first International Widows Day took place in 2005 and was launched by Lord Loomba and Cherie Blair, the foundation’s president. The day was formally adopted as International Widows’ Day by the United Nations on 21 December 2010, the sixth edition. June 23 has been observed as International Widows’ Day since 2011 by the United Nations.

 

OTHER UPDATES:

 

SPORTS

 

1. Indian women’s wrestling team wins Under-17 Asian Championship: Indian women’s Wrestling team has won five medals to claim Under-17 Asian Championship title with a total of eight gold at Bishkek, Kyrgyzstan. India lifted the title with a total of 235 points from eight golds, one silver and one bronze. Japan had to be content with the runners-up trophy with 143 points and Mongolia finished third with 138 points. Indian women including Ritika won gold in 43 kilogram, Ahilaya Shinde got gold in 49 kilogram, Siksha lifted gold medal in 57 kilogram, Priya received gold in 73 kilogram while Pulkit secured a Silver medal in 65 kilogram. In addition, the competitions in three weight categories of Free Style were also held and Parwinder Singh won Gold in 80 kilogram while Narender secured Silver in 71 kilogram.

 

BANKING AND FINANCE

 

1. Millath Co-operative Bank’s licence suspended by the RBI: Millath Co-operative Bank Ltd., Davangere, Karnataka, had its licence suspended by the Reserve Bank of India (RBI), resulting in a capital shortage. As a result, the bank’s banking operations will come to an end at the end of the day. According to a press release from the RBI, the Registrar of Cooperative Societies in Karnataka has also been asked to issue an order winding up the bank and appoint a liquidator. Key Points:

a)      The bank lacks sufficient capital and earnings potential. As a result, it violates Sections 11(1) and 22(3)(d) of the Banking Regulation Act, 1949, as well as Section 56 of the Act, according to RBI.

b)      If the bank is allowed to continue operating, it will be unable to pay its current depositors in full, and the public interest will be harmed, according to RBI’s official statement.

c)       The Reserve Bank of India has also stated that, upon liquidation, every depositor will be entitled to a deposit insurance claim sum of up to Rs. 5,00,000/- from the Deposit Insurance and Credit Guarantee Corporation (DICGC), subject to the provisions of the DICGC Act, 1961.

d)      According to the bank’s information, all depositors will get the entire amount of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC). As of May 18, 2022, the DICGC had already paid out 10.38 crore of total insured deposits under the requirements of Section 18A of the DICGC Act, 1961, based on the willingness of the bank’s depositors.

 

2. Dhan Sanchay: A new life insurance product from LIC India: The Life Insurance Corporation of India (LIC) has introduced Dhan Sanchay, a non-linked, non-participating individual savings life insurance plan that offers both protection and savings. This plan provides financial support to the family if the life assured dies prematurely during the policy’s term. According to a LIC press release, it also provides a guaranteed income stream from the date of maturity to the conclusion of the payout period.

Key Points:

a)      The first two alternatives require a minimum Sum Assured of Rs.3,30,000/-, the third option requires a minimum Sum Assured of Rs.2,50,000, and the fourth option requires a minimum Sum Assured of Rs.22,00,000.

b)      There are no limitations on the maximum Premium. The minimum age for entrance varies depending on the Policy term selected.

c)       The death benefit payable on the death of a Life Assured during the policy term after the date of starting of risk but before the stipulated date of maturity is known as the Sum Assured on Death.

d)      According to the Policyholder’s/Life Assured’s option, the Death Benefit will be paid in a lump sum or in instalments over a 5-year term. After the Death Benefit is paid, the policy will expire, and no further payments will be paid.

e)      If the life guaranteed survives the stated date of maturity, a maturity benefit will be given in the form of Guaranteed Income Benefit and Guaranteed Terminal Benefit.

 

BUSINESS AND ECONOMY

 

1. DBS Bank India purchase 9.9% share in Svakarma Finance: DBS Bank India Ltd. announced that it has purchased a 9.9% share in Svakarma Finance, a non-deposit taking, non-banking finance company that provides micro businesses with relevant financial solutions through a combination of direct lending and co-lending. DBS Bank India‘s extended franchise plan envisions considerable development in SME and consumer companies across over 300 sites and 500 branches. It stated it will continue to look for ways to promote microenterprise lending in a cost-effective manner, both via its own enlarged franchise and through partners. Svakarma is expanding its network across the country. It is currently active in Gujarat, Maharashtra, and Tamil Nadu.

 

2. Beneficiaries of the PFRDA pension scheme increased by 24%: According to official figures, the number of subscribers to PFRDA‘s two flagship pension schemes increased by more than 24% year on year to 5.32 crore as of May 31, 2022. According to the Pension Fund Regulatory and Development Authority (PFRDA), the number of subscribers in various NPS plans climbed to 531.73 lakh by the end of May 2022, up from 428.56 lakh in May 2021, a year-on-year rise of 24.07 percent.

Key Points:

a)      By the end of May this fiscal year, the Atal Pension Yojana (APY), the largest contributor to the subscriber base, had grown by 31.6 percent to 3.72 crore.

b)      The number of NPS members among federal government employees increased by 5.28 percent to 22.97 lakh, while the number of subscribers among state government employees increased by 7.70 percent to 56.40 lakh.

c)       According to the data, the number of NPS subscribers in the corporate sector climbed by 26.83 percent to 14.69 lakh, while those in the all citizens category increased by 39.11 percent to 23.61 lakh by the end of May.

d)      The number of subscribers in the NPS Lite category declined by 2.7 percent to 41.85 lakh in April 2015, when no new registrations were allowed.

e)      As of May 31, 2022, the two plans’ total assets under management (AUM) had increased by 21.5 percent to Rs 7.38 lakh crore.

 

AWARDS AND HONOURS

 

1. Prime Minister’s award for outstanding contribution for promotion of Yoga announced: On the occasion of International Yoga Day, the AYUSH ministry has announced to give the ‘Prime Minister’s Award for Outstanding Contribution towards the Development and Promotion of Yoga’ for 2022 to two individuals and two organisations in recognition of their contributions in the space.

Award winners: Two individuals Bhikkhu Sanghasena from Ladakh, Marcus Vinicius Rojo Rodrigues from Brazil and two organisations, “The Divine Life Society” from Uttarakhand and the British Wheel of Yoga from United Kingdom have been chosen for award. They will also receive ₹25 lakh as cash prize, a trophy and a certificate.

a)      Sanghasena is the founder of the Mahabodhi International Meditation Centre in Leh, and a social and spiritual worker. Earlier, the Gandhi Peace Foundation conferred him with the World Peace Award in 2004.

b)      Rojo trained at Kaivalyadhama School in Lonavla, which was founded by Swami Kuvalayananda. Upon his return to Brazil, he acted as the main promoter of yoga in the country, emphasising on the scientific teachings of Swami Kuvalayananda.

c)       Similarly, the British Wheel of Yoga in the United Kingdom was founded by Wilfred Clark in 1965. He practiced yoga during his army service in the First World War. Later, he started teaching yoga and eventually opened up the Wheel. The organisation is now committed to promoting a better understanding of yoga through education and training programs.

 

2. UNESCO recognises India’s use of ICT under PM eVIDYA scheme: The Central Institute of Educational Technology (CIET), a constituent unit of the National Council of Educational Research and Training (NCERT) under the Department of School Education and Literacy (DOSEL), Ministry of Education (MoE), Government of India, has been conferred the UNESCO’s King Hamid Bin Isa Al-Khalifa Prize, for the 2021 edition.

About PM eVIDYA: During Covid-19, with the schools shut down, the government reimagined the schooling models and the ways in which education can be imparted to students without interruptions. Hence, PM e-VIDYA, a unique and comprehensive initiative was launched by the Ministry of Education in May 2020 which aimed at unifying all efforts to enable multi-mode access to education.

One of the major initiatives of PM eVidya is 12 eVidya TV Channels based on the line – ‘One Class-One Channel’ for classes 1 to 12, airing educational content related to the respective classes. 12 eVidya DTH channels are especially useful for the learners of those remote areas where stable internet is not available. These channels telecast curriculum-based educational content developed by NCERT and other agencies such as CBSE, KVS, NIOS, Rotary, etc.

 

3. US-Canadian author Ruth Ozeki wins Women’s Prize for Fiction: US-Canadian author, film-maker and Zen Buddhist priest, Ruth Ozeki has won the Women’s Prize for Fiction this year for her novel ‘The Book of Form and Emptiness”. Ozeki’s fourth novel, ‘The Book of Form and Emptiness’ tells the story of a thirteen-year-old boy who, after the tragic death of his father, starts to hear the voices of objects speaking to him. She was announced as the winner of the £30,000 prize at a ceremony in London, beating nominees including Elif Shafak, Meg Mason and Louise Erdrich.