Daily Current Affairs 5th June, 2024

Daily Current Affairs 5 June 2024 for Banking/Insurance/SSC and other related exams.

NATIONAL NEWS

India created world record with 64.2 crore people voting in Lok Sabha polls: CEC Rajiv Kumar

• India created a world record with 64.2 crore voters, including 31.2 crore women, participating in the Lok Sabha elections this year, Chief Election Commissioner Rajiv Kumar said. 
• Kumar said over 68,000 monitoring teams and 1.5 crore polling and security personnel were involved in the world’s largest electoral exercise. This is 1.5 times of the voters of all G7 countries – US, UK, France, Germany, Italy, Japan, Canada. 
• The Chief Election Commissioner highlighted that seizures of Rs 10,000 crore, including cash, freebies, drugs and liquor were made during the 2024 polls compared to Rs 3,500 crore in 2019. 

Department of School Education signs MoU with the National Book Trust under Department of Higher Education to develop an institutional framework for Rashtriya e-Pustakalaya

• The Department of School Education, Ministry of Education, Government of India, signed an MoU with the National Book Trust under the aegis of Department of Higher Education, Ministry of Education in New Delhi to create an institutional framework for the Digital Library Platform, Rashtriya e-Pustakalaya.
• A first-of-its-kind digital library, Rashtriya e-Pustakalya, will seek to instil a lifelong love of reading among Indian children and youth by offering over 1,000 non-academic books to children and adolescents published by over 40 reputed publishers in more than 22 languages besides English. 
• It will be aimed at facilitating the availability of quality books across geographies, languages, genres, and levels and providing device-agnostic accessibility for children and adolescents in the country. The books will be categorized by four age groups, as per NEP 2020, for readers aged 3-8, 8-11, 11-14, and 14-18 years.
• The Rashtriya e-Pustakalaya app will be available for download on both Android and iOS devices. Other salient features of the Rashtriya e-Pustakalaya will include the availability of books in multiple genres, such as adventure and mystery, humour, literature and fiction, classics, non-fiction and self-help, history, biographies, comics, picture books, science, poetry, etc.

Zupee Joins Forces with Gurugram Cyber Police to Promote Cyber Security Awareness

• In its bid to strengthen the cyber security ecosystem, Zupee, India’s largest skill-based Ludo platform, has partnered with the Gurugram Cyber Police, for the 11th edition of the Cyber Security Summer Internship Program, called ‘Cyber Warriors’. 
• The Gurugram Police Cyber Security Summer Internship Program (GPCSSI 2024) is a flagship event of the Gurugram Police since 2013. The month-long internship started recently , with Zupee as its knowledge partner.
• This year witnessed an overwhelming response, with 15,000 applications received and 1,100 interns selected from across India & overseas. Of this, 550 candidates, including working professionals and college goers above 18 years of age, will be trained under the Gurugram Cyber Police Department under the guidance of Cyber Security Expert Dr Rakshit Tandon. 

Assam: Centre Approves New IIM Near Guwahati, Mentored by IIM Ahmedabad

• The proposal for the establishment of a new Indian Institute of Management (IIM) near Assam’s capital Guwahati has been approved by the Union Education Ministry, as suggested by Assam CM Himanta Biswa Sarma. The new IIM will be set up at Marabhita in Kamrup District in Assam.
• Himanta Biswa Sarma noted that setting up an IIM in Assam will be a game changer, making the State an education hub in Eastern India and also help the residents in fulfilling their economic aspirations.
• IIM Ahmedabad has been given the responsibility of mentoring and overseeing the creation of the new IIM, the proposal for which has received in-principle approval from the Union education ministry.

INTERNATIONAL NEWS

Shangri-La Dialogue summit held in Singapore

• The 21st edition of the Asia Pacific premier defence meet, the Shangri La Dialogue or the Asian Security Summit, ended in Singapore on 2 June 2024. It was attended by over a hundred delegates from Asia Pacific regions and from other parts of the world.
• The Dialogue brings together security practitioners, including defence ministers, senior officials and non-governmental stakeholders, to discuss the most pressing security challenges in the Asia-Pacific, engage in bilateral discussions, and identify fresh approaches.
• The Shangri-La Dialogue attempts to provide such an environment for the countries of the Asia Pacific to discuss and find a solution to the region’s security problems. 
• This time, India was not represented. In 2018, Prime Minister Narendra Modi was the first Indian prime minister to address the Shangri La Dialogue.

Developed countries fulfilled USD 100 billion climate finance promise in 2022: OECD report

• Developed countries met their long-standing promise of mobilising $ 100 billion a year to help developing countries mitigate and adapt to climate change in 2022, according to the latest data published by the Organisation for Economic Co-operation and Development (OECD). 
• According to the OECD, developed countries provided $ 115.9 billion in climate finance to developing countries in 2022. The data showed that public climate finance (bilateral and multilateral funds attributable to developed countries) accounted for close to 80 percent of the total, with $ 91.6 billion provided in 2022. However, 69 percent, or $ 63.6 billion, was provided in the form of loans.
• This promise was made in Copenhagen in 2009 and was supposed to be met by 2020. Delays in achieving the $ 100 billion goal have eroded trust between developed and developing nations and have been a continual source of contention during annual climate negotiations.

BANKING & FINANCE

Bank union launches online platform Bank Clinic for customer assistance  

• The All India Bank Employees’ Association (AIBEA) has launched the “Bank Clinic” initiative to assist bank customers with grievance redressal.
• It is an initiative by the All India Bank Employees’ Association (AIBEA), aims to assist bank customers with grievance redressal amid the rapid expansion of technology and Reserve Bank of India (RBI) guidelines on retail banking.
• Under this initiative, customers can register their complaints on the Bank Clinic website and within five working days, they will receive a reply detailing the available remedies and relevant RBI guidelines for their specific issue. 

Punjab National Bank, IIFCL sign pact for financing infra projects

• Punjab National Bank (PNB) and India Infrastructure Finance Company Ltd (IIFCL) signed an agreement to offer long-term financial assistance to viable infrastructure projects.
• With this, both the institutions will collaborate to fund the infrastructure projects wherein the parties can mutually participate under consortium/multiple lending arrangements to provide financial support to the prospective borrowers subject to due diligence and on a case-to-case basis. 
• This MOU would be a milestone in finding new avenues of lending to the infrastructure projects of the country and they assured full participation from both sides in this endeavour. 

RBI approves a Committee of Executives (CoE) in Tamilnad Mercantile Bank as an interim arrangement

• The Reserve Bank of India(RBI) has approved the appointment of a Committee of Executives (CoE) in Tamilnad Mercantile Bank as an interim arrangement to oversee its operations and administration in the absence of a regular managing director.
• The interim arrangement will be in place till the new MD & CEO assumes charge or for a period of three months from the date of relieving Krishnan, whichever is earlier, the bank said. The CoE would comprise three general managers — S Narayanan, D Ramesh, and PR Ashok Kumar.
• RBI had in October last year directed Krishnan to continue till his successor resumes office. He on September 28, 2023 conveyed his decision to resign from the post and sought the apex bank’s guidance since the TMB had only one whole time director.

Adani Group & ICICI Bank launch co-branded credit cards with airport lined benefits

• Adani One and ICICI Bank launched India’s first co-branded credit cards with airport-linked benefits in collaboration with Visa. Available in two variants – Adani One ICICI Bank Signature Credit Card and Adani One ICICI Bank Platinum Credit Card – they offer a comprehensive and substantial reward programme.This is Adani Group’s first venture in the financial services world. 
• They offer up to 7 per cent Adani Reward Points on spends across the Adani Group consumer ecosystem like the Adani One app, where one can book flights, hotels, trains, buses, and cabs; Adani-managed airports; Adani CNG pumps; Adani Electricity bills, and Trainman, an online train booking platform. 
• The Adani One ICICI Bank Signature Credit Card has an annual fee of ₹5,000 and joining benefits worth ₹9,000, while the Adani One ICICI Bank Platinum Credit Card has an annual fee of ₹750 and joining benefits worth ₹5,000.

Newgen launches GenAI-powered hyper-personalisation platform LumYn for banks

• Newgen Software, a global provider of low-code digital transformation platforms, has launched LumYn, a Gen AI-powered hyper-personalisation platform designed specifically for the banking sector. 
• The company claims this growth intelligence platform is set to enhance profitability and significantly improve customer experiences for banks worldwide.
• This innovative platform aims to enhance profitability and significantly improve customer experiences by providing banks with a deeper understanding of customer needs, behavior, preferences, and intent.
• The platform’s key features include creating behavioral segments based on spending habits and lifestyles to maximize customer lifetime value, accelerating time-to-market with a library of pre-built AI models, and ensuring data transparency, security, and ensuring data transparency, security, and privacy.

Universal Sompo launches ‘insure today for a safe tomorrow’ campaign to promote awareness

• Universal Sompo has launched a new theme, “Insure today for a safe tomorrow,” to raise awareness about the importance of insurance in safeguarding against unforeseen risks.
• Universal Sompo offers a wide range of insurance products, including motor, health, personal accident, fire, and burglary insurance. It is dedicated to ensuring comprehensive protection for individuals, assets, and businesses alike. 
• As part of an initiative called ‘Insurance for All by 2047,’ Universal Sompo collaborated with Maruti Suzuki Insurance Broking to spread insurance awareness in Andhra Pradesh. Under the theme ‘Insure today for a safe tomorrow,’ a free vehicle checkup was provided at Krishna district in Andhra Pradesh.

BUSINESS & ECONOMY

DBS retains India GDP growth forecast at 7% for FY24-25 

• Singapore-headquartered DBS Bank expects India’s economic growth to stay in the 7 percent handle in the April-June 2024 quarter. Thus, foreign bank also retained its India GDP growth forecast for current fiscal at 7 per cent.
• The new government will have to build upon the 8.2% GDP growth recorded in 2023-24. 
• The new government will however have to tackle with problems like unemployment and rural distress, which seemed to have played a major role in voting pattern in states like Uttar Pradesh, while also keeping inflation under control.

India receives highest FDI from Singapore in 2023-24; Mauritius second biggest investor

• India received the highest foreign direct investment (FDI) from Singapore in 2023-24 even as overseas capital inflows into the country contracted by about 3.5% due to global economic uncertainties, according to the latest government data.
• Though FDI from Singapore has dipped by 31.55% to $11.77 billion in 2023-24, India has attracted the maximum inflows from that country, the data showed. FDI from Mauritius dipped to USD 7.97 billion in the last fiscal from USD 6.13 billion in 2022-23. The US is the third largest investor in India in 2023-24 with USD 4.99 billion foreign investments, though it is down from USD 6 billion in 2022-23.
• It was followed by the Netherlands (USD 4.93 billion), Japan (USD 3.17 billion), the UAE (USD 2.9 billion), UK (USD 1.2 billion), Cyprus (USD 806 million), Germany (USD 505 million), and Cayman Islands (USD 342 million).
• During the last fiscal, FDI equity inflows decreased from major countries, including Mauritius, Singapore, the US, the UK, UAE, Cayman Islands, Germany, and Cyprus. However, investments increased from the Netherlands and Japan.
• FDI equity inflows in India declined 3.49 per cent to USD 44.42 billion in 2023-24 as against USD 46.03 billion in 2022-23. The total FDI — which includes equity inflows, reinvested earnings and other capital declined marginally by one per cent to USD 70.95 billion during 2023-24 from USD 71.35 billion in 2022-23.

Sebi launches saa₹thi 2.0 personal finance app for investors

• Capital markets regulator SEBI launched mobile app ‘Saa₹thi 2.0’ on personal finance for investors with comprehensive tools aimed at simplifying complex financial concepts. The updated ‘Saathi’ app introduces a user-friendly interface with comprehensive tools aimed at simplifying complex financial concepts. 
• The app includes financial calculators and has modules that introduce and explain KYC procedures, mutual funds, ETFs, buying and selling shares on stock exchanges, investor grievances redressal mechanism, and the Online Dispute Resolution (ODR) platform.
• Additionally, the app features a range of videos designed to assist investors in their personal finance planning. This app serves this purpose by empowering investors with reliable and essential insights into the securities market. This tool can be especially useful for young investors who are at the beginning of their financial journey.

Nokia, Gati Shakti Vishwavidyalaya Ink Pact to Collaborate on 5G/6G Communication Research

• Finnish telecom gearmaker Nokia said it has signed an agreement with the Gati Shakti Vishwavidyalaya (GSV) for carrying out joint research related to 5G/6G communications in the transportation and logistics sector. 
• Nokia and Gati Shakti Vishwavidyalaya, a university under the Ministry of Railways, will collaborate on research opportunities in 5G/6G communications targeting air, land and sea transportation use cases, as well as standards development, smart factory/ automation, and AI/GenAI labs. 
• This MoU further reinforces industry-driven approach of the university to proactively co-work with the industry stakeholders for a Viksit Bharat. 

PV Sindhu invests in, becomes brand ambassador for Greenday’s ‘Better Nutrition’

• Two-time Olympic medallist and world champion shuttler P V Sindhu announced her investment and brand ambassadorship with Greenday’s ‘Better Nutrition’ brand, which aims to combat micronutrient deficiencies in India through biofortified foods. Sindhu has also joined the startup as its brand ambassador. 
• Sindhu’s partnership with Greenday targets both consumer health and farmer prosperity by enhancing staple crops’ nutritional value. This collaboration aims to combat micronutrient deficiencies in India through innovative biofortified foods, enhancing both consumer health and farmer livelihoods.
• Greenday is collaborating with 15,000 farmers and plans to scale up operations significantly. With revenue already surpassing Rs 10 crore, it projects the nutrition-dense farming and staples market to grow to about Rs 2,000 crore by 2030.

Reliance Foundation and INCOIS partner to empower coastal communities

• Reliance Foundation and the Indian National Centre for Ocean Information Services (INCOIS), an autonomous organisation of the Government of India, under the Ministry of Earth Sciences, have signed a Memorandum of Understanding (MoU) to empower the inhabitants of coastal areas. 
• After the collaboration both entities will work to leverage ocean data, enhancing climate resilience and disaster mitigation.
• The aim of the foundation, after the partnership, is to reach nearly 25 per cent of India’s active marine fisherperson families, mainly across eight states.
• Reliance Foundation supports women in linkage and availing of schemes to increase returns from fish production and other high-value fishing activities.

Sourav Ganguly joins Blue Ocean Corporation board 

• Blue Ocean Corporation, a supply chain training and consulting firm from Middle East has announced that sports person Sourav Ganguly has join its board. The announcement was made at the International Procurement and Supply Chain Conference (IPSC) 2024, organised by Blue Ocean Corporation in Mumbai.
• With the supply chain industry valued at $320 billion spells significant growth opportunities for India, the IPSC aims to capitalise on these prospects by bringing together the industry’s best global thought leaders, innovators and investors to deliberate on the subject, the organisers said. 
• The theme for this year’s conference was ‘India Tomorrow: Economic Supremacy through Supply Chain Transformation”.
• The panel discussions covered a range of topics, including managing the dynamic business world with agile procurement processes, India’s supply chain awakening and its rise as a new leader, the role of women as change leaders in management, and the UAE-India trade winds driving the ‘Make in India’ initiative to global heights.

Dell Technologies and Ericsson form partnership to accelerate telecom network cloud transformation

• Dell Technologies and Ericsson have announced a strategic partnership to combine their industry expertise with telecom software, solutions and support, to guide communications service providers (CSPs) through their radio access network (RAN) cloud transformation journeys.
• Dell and Ericsson’s partnership aims to address these concerns by working alongside CSPs to develop simple and reliable Open RAN-based network cloud transformation strategies, using Dell and Ericsson integrated solutions and support.
• Commercially introduce Ericsson Cloud RAN software on Dell PowerEdge servers. The solution will offer continuous integration testing and lifecycle management to speed deployment and de-risk day-2 operations around updates and upgrades, with Dell as a solution partner.

Deutsche Bank expects FY25 fiscal deficit target could be lowered to under 5 per cent of GDP

• A faster-than-anticipated pace of fiscal consolidation could pave the way for a sooner-rather-than-later sovereign rating upgrade for India, according to Kaushik Das, Chief Economist – India and South Asia, Deutsche Bank. 
• The government’s commitments on fiscal deficit to 5.1 per cent in FY25 and further down to 4.5 per cent in FY26 “look more credible now”, pointing out that the number came in at 5.6 per cent in FY24 as against the budgeted. 
• The FY25 fiscal deficit target could be lowered to under 5 per cent of GDP thanks to the RBI’s larger-than-expected dividend transfer to the Govt of India. 

Ashok Leyland rolls out ‘Sarathi Suraksha’ policy

• Heavy commercial vehicle manufacturer Ashok Leyland has launched the ‘Sarathi Suraksha’ Policy aimed at safeguarding the driver community, which insurance coverage of up to Rs 10 lakh.
• The policy, classified as an ‘Unnamed GPA (Group Personal Accident) policy’ covers any driver operating an Ashok Leyland vehicle, providing comprehensive protection for the drivers. The comprehensive insurance policy covers accidental death, permanent and partial disability and also includes a special education bonus for children.
• The Sarathi Suraksha Policy showcases the commitment of Ashok Leyland to the health and welfare of drivers who form the cornerstone of the transport sector, contributing to its growth and development. 

SPORTS

ICC announces record prize money of $11.25 million for T20 World Cup 2024

• The International Cricket Council (ICC)  announced a groundbreaking prize money of $11.25 million for the Men’s T20 World Cup 2024, setting a new record for the tournament.
• The winners of the ICC Men’s T20 World Cup 2024 is set to receive at least $2.45 million – the highest prize amount in the history of the event, the ICC stated. The runners-up will secure at least $1.28 million, while the losing semi-finalists will take home $787,500 each.
• The ninth edition of the tournament will witness the participation of 20 teams competing over a span of 28 days across nine venues in the West Indies and USA, making it the largest event of its kind.

APPOINTMENTS

Businesswoman Halla Tomasdottir elected as Iceland’s next President

• Halla Tomasdottir(55), a businesswoman and investor, has won Iceland’s presidential election, topping a crowded field of candidates in which the top three finishers were women. She wil replace Gudni Th. Johannesson, who did not seek re-election after two four-year terms, on August 1.
• Ms. Tomasdottir was elected to the largely ceremonial post with 34.3% of the vote, defeating former Prime Minister Katrin Jakobsdottir, with 25.2%, and Halla Hrund Logadottir, with 15.5%. 
• She also ran for president eight years ago when she came in second behind Johannesson. Tomasdottir was the previous head of Iceland’s Chamber of Commerce and in 2007 founded financial services company Audur Capital, aiming to incorporate social responsibility and women’s perspectives into finance. 

Helen Mary Roberts becomes first woman brigadier in Pakistan Army from minority community

• Dr Helen Mary Roberts, serving in the Pakistan Army Medical Corps, has made history by becoming the first woman from the Christian and minority community to achieve the rank of brigadier in the Muslim-majority country.
• The appointment of Roberts as a rank one-star officer in the Pakistan Army takes place at a time when the nation’s atrocities on minorities, particularly Christians, have come under scrutiny. A Muslim mob in Punjab’s Sargodha district attacked a Christian factory owner, vandalized his home, and set fire to many properties on the pretext of blasphemy, prompting incensed Christian citizens to take to the streets earlier. 
• Brigadier Dr Helen is a senior pathologist and has been serving in the Pakistan Army for the last 26 years. Her ascension coincides with increased attention being paid to atrocities against minorities in the nation with a majority of Muslims, particularly against Christians. 

Kuwait’s Emir makes Sheikh Sabah al-Khalid Crown Prince

• Kuwait’s Emir Sheikh Meshal al-Ahmad al-Sabah issued a decree nominating Sheikh Sabah al-Khalid al-Sabah as crown prince, the state news agency KUNA reported, June 1, 2024.
• Sheikh Sabah al-Khalid previously served as Prime Minister from 2019 until 2022, when he resigned after facing a combative legislature as the head of successive cabinets, with opposition MPs bent on questioning him over issues including perceived corruption.
• Before becoming a prime minister in 2019, Sheikh Sabah al-Khalid served as foreign minister for about eight years from 2011. He had also held many ministerial portfolios since 2006.

AWARDS

Mumbai’s Super Cop Krishna Prakash Honored with Hindi Sahitya Bharati Award

• Krishna Prakash, renowned as the head of Mumbai Police’s elite counter-terrorism unit, Force One, has been honored with the prestigious Annual Hindi Sahitya Bharati Award. The recognition was bestowed during the Sab Me Ram Shashwat Shri Ram multicultural festival in Mumbai.
• At the festival, which featured a confluence of music, literature, dance, and theatre, Krishna Prakash shared his insights with the youth, emphasizing the “strength of steel” he derives from Lord Ram’s life and teachings. The event aimed to narrate Lord Ram’s story through various artistic forms, offering a unique cultural experience.
• Krishna Prakash has been instrumental in conceptualizing this festival, aiming to present Lord Ram’s narrative in an engaging and educational manner. “Lord Ram’s teachings provide a reservoir of strength and wisdom that can guide us through the toughest challenges.
• Incidentally, Krishna Prakash is a two-time Guinness World Record holder who will achieve his third this June for initiating the maximum number of letters through postcards to Lord Ram, enabling the common man’s direct connection with the divine.

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