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8th June 2022
National News
PM Modi launches new series of coins with Azadi Ka Amrit Mahotsav
design
Prime Minister Narendra Modi has launched a special series of coins that are
also 'visually impaired friendly'. The
coins of Re 1, Rs 2, 5, 10 and 20 denominations will have the Azadi Ka Amrit
Mahotsav (AKAM) design. They are not
commemorative coins and will be part of circulation. These new series of coins
will remind people of the goal of amrit kal and motivate people to work towards
the development of the country.
Fliers not wearing masks to be treated as
unruly, deboarded: DGCA in new norms
Aviation regulator DGCA has issued new COVID-19 norms for airports and
flights, making masks mandatory throughout the journey. Mask removal is
permitted only during "exceptional circumstances", while those
violating the mask mandate may be treated as "unruly passengers" and
deboarded before departure, DGCA said. Violators can even be put on the 'no-fly'
list, it added.
'Sital Sasthi' festival being celebrated in Odisha
Sital Sasthi is a sacred Hindu festival is being celebrated in Odisha. This
week-long special festival highlights the marriage of Lord Shiva and Goddess
Parvati. According to the Hindu
calendar, Sital Sasthi is observed on the sixth day of the Jyestha month during
the Shukla Paksha.
Andhra Pradesh launched ‘14400 app’ to report corrupt officials
Andhra Pradesh Chief Minister Jagan Mohan Reddy launched the ‘14400’ app. This
app has been developed by Anti-Corruption Bureau (ACB). This app is customized for the people to
register corruption-related complaints against the officials in the state. This app also aims to ensure fool-proof
evidence to present before the court. A complaint can be filed through a
toll-free number 14400.
Tamil Nadu launched Nalaya Thiran skilling programme for college
students
The Tamil Nadu government recently launched Naan Mudhalvan (I am the first).
Under this programme, Tamil Nadu government has now launched Nalaya Thiran
(Tomorrow’s ability). In this programme,
50,000 college students will train with the knowledge in computer science,
electronics and IT domains, skilling them on problem solving using
technologies. The Tamil Nadu government
has created the Nalaya Thiran program to help the industry get skilled
students.
Goa CM Launches ‘Beach Vigil App’ for Holistic Management of
beaches
The chief minister (CM) of Goa, Pramod Sawant has launched a ‘Beach Vigil App’,
a collaboration between Information Technology (IT) sector and tourism sector
that aims to benefit tourists and the institutions working in the beach tourism
sector in a holistic management of beaches.
Through the Beach Vigil App, the Drishti workers, police and other
stakeholders can raise issues for safeguarding the interest of the tourist’s.
During the launch, Goa IT and Tourism Minister Rohan Khaunte was also present.
Appointments News
Alok Kumar Choudhary takes charge as MD of SBI
Alok Kumar Choudhary has took charge as the new Managing Director (MD) of State
Bank of India (SBI). His appointment
comes in the wake of the superannuation of Ashwani Bhatia as Managing Director
on May 31, 2022. Choudhary was
previously Deputy Managing Director (Finance) at the bank. As the new MD, he
will be handling retail business and operations.
Satish Pai named as the new chairman of International Aluminium Institute
The International Aluminium Institute (IAI), the only body representing the
global primary aluminium industry, has announced the appointment of Satish Pai
as its new Chair. He is the Managing
Director of Hindalco Industries, one of the world’s largest integrated
producers of aluminium. Earlier serving
as Vice Chairman, he succeeds Ben Kahrs, Chief Innovation Officer, Alcoa
Corporation.
INTERNATIONAL
World Bank approves $1.49 billion in further
aid to Ukraine
The World Bank's executive board has approved an additional fund of
$1.49 billion for Ukraine amid its ongoing war with Russia. With this, the
total monetary assistance it pledged to aid Ukraine crossed to over $4 billion.
The latest funding was backed by countries including Britain, the Netherlands,
Lithuania, Latvia and Italy.
Great efforts: China on India helping Sri
Lanka amid economic crisis
The Indian government has made "great efforts" to help Sri
Lanka during its worst economic crisis, China said on Wednesday. China
recognises India's efforts, Chinese Foreign Ministry spokesman Zhao Lijian
said. "We also are willing to work with India and other members of the
international community to help Sri Lanka and other countries with
difficulties," he added.
UN's plan to restart Ukraine grain exports
is reasonable: Türkiye
Turkish Foreign Minister Mevlüt Çavuşoğlu on Wednesday said that UN's
plan to restart grain exports from Ukraine along a sea corridor was
"reasonable". "We're ready to guarantee the safety of vessels
leaving Ukrainian ports and heading for (Turkish waters)," Russian Foreign
Minister Sergei Lavrov said. Ukrainian grain supplies are stuck for export as
Russia has blockaded Ukraine's Black Sea ports.
BANKING, BUSINESS AND ECONOMY News
RBI raises limit for recurring payment
e-mandate to ₹15,000
Reserve Bank of India (RBI) on Wednesday raised the limit for e-mandates
for recurring payments such as subscriptions, fees and EMIs from ₹5,000 to
₹15,000. RBI Governor Shaktikanta Das, while announcing the decision, said,
"This will further leverage the benefits available under the framework and
augment customer convenience." RBI also raised the repo rate by 50 basis
points on Wednesday.
India could be $20 trillion economy by 2040,
says Chief Economic Advisor
If the dollar GDP doubles every seven years, India will be at $20
trillion GDP by 2040 with per capita income close to $15,000, Chief Economic
Advisor V Anantha Nageswaran said. "India is forecasted by IMF to cross $5
trillion by 2026-27," he stated. "Indian economy is...[in] much
better place than many others in the world to face...challenges,"
Nageswaran added.
RBI raises inflation projection for FY23
from 5.7% to 6.7%
RBI Governor Shaktikanta Das said the Russia-Ukraine war "has led
to globalisation of inflation" and announced RBI's decision to raise FY23
inflation projection from 5.7% to 6.7%. "Inflationary pressures have
become broad-based and remain largely driven by adverse supply shocks,"
Das said. RBI's Monetary Policy Committee said inflation is likely to remain
above 6% in FY23's first three quarters.
Andhra Pradesh to provide tractors at
subsidised rates to farmers
YS Jagan Mohan Reddy-led Andhra Pradesh government has decided to
provide tractors at subsidised rates to farmers at custom hiring centres across
the state. He launched the scheme called 'YSR Yantra Seva' at Chuttugunta
village in Guntur where he flagged off 3,800 tractors. Reddy also transferred
₹175 crore into the accounts of 5,260 farmers through direct benefit transfer.
Central Bank Digital Currency will be
introduced this fiscal: RBI
Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar on Wednesday
said the Central Bank Digital Currency (CBDC), also known as digital rupee,
will be introduced in fiscal year 2022-23. Process of introduction of CBDC will
be gradual to avoid any impact on the financial and banking system, Sankar
added. Introduction of CBDC was announced in Union Budget 2022.
Sensex, Nifty fall for fourth straight day
as RBI hikes repo rate
Indian stock benchmarks Sensex and Nifty fell for the fourth straight
day on Wednesday after RBI raised the repo rate by 50 basis points to 4.90%.
While Sensex fell 214.85 points to close at 54,892.49, Nifty fell 60.10 points
today to close at 16,356.25. Sensex has fallen 926.28 points while Nifty has
fallen 271.25 points in last four trading sessions.
Fintech market likely to reach $150 bn
valuation by 2025: MoS Finance
Minister of State (MoS) for Finance Pankaj Chaudhary on Wednesday said
the growth in Indian fintech startups has been exponential and the market is
expected to reach a valuation of $150 billion by 2025. India's fintech adoption
rate is at 87% as against the global average of 64%, Chaudhary noted. Fintech
is one of India's immensely growing sectors, he added.
Debt Recovery Tribunal can't restrain person
from flying abroad: HC
Debt Recovery Tribunal (DRT) does not have the power to restrain a
person from travelling abroad, the Bombay High Court ruled on Tuesday. DRT,
however, has the power to prevent abuse of its process or secure ends of its
justice, the HC added. The bench was hearing a plea by a 34-year-old
businessman restrained by the DRT from flying abroad.
RBI Monetary Policy: RBI raises repo rate by 50 bps to 4.90%
The six-member Monetary Policy Committee (MPC) led by RBI Governor Shaktikanta
Das voted unanimously to raise repo rate by 50 basis points to 4.90 percent. The Monetary Policy Committee has raised the
repo rate in order to tackle elevated inflation. Standing Deposit Facility and Marginal
Standing Facility rates also raised by 50 basis points. Standing Deposit
Facility rate now 4.65 percent, and Marginal Standing Facility rate now 5.15
percent, Bank Rate 5.15%
World Bank cuts India GDP forecast to 7.5%
The World Bank has slashed its growth forecast for India for the current
financial year to 7.5 percent, a hefty 1.2 percentage points down from its
previous forecast of 8.7 percent. Writing
in its latest Global Economic Prospects report released, the World Bank said it
cut India’s GDP growth forecast due to headwinds from rising inflation, supply
chain disruptions, and geopolitical tensions.
Maruti
Suzuki installed Asia's largest 20 MW solar plant at Manesar
Maruti Suzuki India has installed a 20 MW solar carport at its Manesar,
Haryana, site. The project is projected to provide the organisation with 28,000
MWh of electricity per year. According
to the firm, the energy generated by this initiative will be similar to the
energy required to create nearly 67,000 cars every year. This is Asia's largest
solar carport, according to the business.
Suzuki Motor Corporation, the parent firm of Maruti Suzuki India, inked
a memorandum of understanding with Gujarat in March this year, agreeing to
invest around 150 billion yen ($1.13 billion) in local manufacturing of battery
electric vehicles (BEVs) and BEV batteries.
Suryoday SFB and Mobisafar Services partnered to provide banking services
across India
Suryoday Small Finance Bank, one of India's premier small finance banks, has
established a cooperation with Mobisafar to provide banking services across
India through all of Mobisafar's franchises and Business Correspondent network. The cooperation aims to increase financial
inclusion by providing vital banking services to underbanked customers
digitally, even in the most distant corners of the country. Mobisafar's 1.38 lac Banking Mitras will
assist Suryoday Small Finance Bank in onboarding new clients digitally using
eKYC and enabling banking services like savings account establishment, deposit
/ withdrawal of money, balance inquiry, and so on.
NBFCUL Releases New Provisioning Norms for Standard Assets, issued by the
RBI
The Reserve Bank of India (RBI), in light of the growing involvement of
non-banking financial companies (NBFCs) in the financial system, has issued a
set of standards for provisioning for standard assets by large NBFCs. The RBI published a framework for NBFC
scale-based regulation in October of last year. NBFCs have a four-layer
regulatory structure based on their size, activity, and perceived riskiness.
Schemes and Committees News
SEBI Advisory Committee on Mutual Funds restructured
SEBI, the market regulator, has revamped its mutual fund advisory committee. According to the latest update with the
Securities and Exchange Board of India (Sebi), the 25-member advisory council
will be chaired by Usha Thorat, a former Deputy Governor of the Reserve Bank of
India (RBI). Previously, the panel consisted of 24 people. The committee's mission is to advise the
Securities and Exchange Board of India (SEBI) on problems relating to mutual
fund regulation and development. It can
also advise the regulator on disclosure requirements and steps necessary for a
change in the legal framework to bring mutual fund laws closer to
simplification and transparency.
Defence News
India successfully tested nuclear- capable Agni-4 ballistic missile in
Odisha
India has successfully executed a nuclear- capable Agni-4 ballistic missile
from APJ Abdul Kalam Island in Odisha. The
missile has the range of around 4,000 kilometres. Earlier, India successfully
test-fired an extended range version of the BrahMos supersonic cruise missile
from a Sukhoi fighter jet. It was the
first launch of the extended range version of the BrahMos missile from a Su-30MKI
aircraft.
Sports News
KL Rahul, Kuldeep Yadav ruled out of T20I
series against SA; Rishabh Pant named captain
KL Rahul and Kuldeep Yadav have been ruled out of India's T20I series
against South Africa owing to injury. The BCCI have named wicketkeeper Rishabh
Pant as captain of the side in place of Rahul. Meanwhile, all-rounder Hardik
Pandya has been appointed vice-captain for the series. The five-match series
will begin on Thursday.
Harmanpreet Kaur appointed India Women ODI
captain after Mithali Raj's retirement
After Mithali Raj announced her retirement from international cricket,
Harmanpreet Kaur was appointed the captain of the India Women ODI team. The
BCCI announced India Women squad for the upcoming tour of Sri Lanka, naming
Harmanpreet as captain and Smriti Mandhana as vice-captain. Mithali retired
from international cricket after a 23-year-long career.
National Air sports Policy 2022 launched by Civil Aviation Minister
The Minister of Civil Aviation Shri Jyotiraditya M. Scindia launched the
National Air Sport policy 2022 (NASP 2022).
The vision of NASP 2022 is to make India one of the top sports nations
by 2023. The policy ensures to provide safe, affordable, accessible, enjoyable,
and sustainable air sports in India. The
Air sports included various sports events which are going to be in air medium.
India as a developing country has the potential to become one of the top
countries in the world of air sports.
India Beat Poland 6-4 to Clinch Inaugural FIH Hockey 5s Title
India beat Poland 6-4 in final to clinch the inaugural FIH Hockey 5s
championship in Lausanne in Switzerland.
Earlier, India first outplayed Malaysia 7-3, pumping in four goals in
the second half in a stunning show before beating Poland 6-2 in the second match
of the day. India, who had topped the
five-team league standings with three wins and one draw en route final, ended
their campaign with an unbeaten record.
Important News
World Oceans Day observed on 8th June
The World Oceans Day is celebrated on June 8 every year across the globe. The
day is commemorated to remind people of the importance of the oceans and the
major role they play in everyday life. The
day is also observed to make raise public awareness of the ocean and its
resources in order to promote global ocean and resource sustainability. "Revitalization: collective action for
the ocean" is the theme for World Oceans Day 2022, a year framed by the UN
Decade of Ocean Science and the celebration of the United Nations Ocean
Conference, two years after being cancelled because of the pandemic.
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