Daily Current Affairs 10th June, 2022

Daily Current Affairs 10 June 2022 for Banking/Insurance/SSC and other related exams.

NATIONAL NEWS

Assam celebrates annual festival for good rain and harvest
People in India’s northeastern state of Assam began celebrations for a spring festival, meant to bring in an auspicious harvest season filled with abundant crops and good health.

• Locals in Gamerimura village gathered to mark the usually colorful celebrations, an ancient tradition known as Baikho festival that is predominantly observed by the Rabha tribes every year in June, although people from other communities have joined in the celebrations in recent years. The festival is celebrated across the state annually.

Government approves military modernization projects worth Rs 76,000 crore
In a major boost to ‘Aatmanirbhar Bharat’, the Defence Acquisitions Council, chaired by Defence Minister Rajnath Singh, gave preliminary approval to military modernization projects costing Rs 76,000 crore, including the Navy’s next-generation corvettes.

• The approval will help cut India’s dependence on foreign imports for military equipments. India is one of the largest defence importers in the world.
• For the Indian Navy, the DAC accorded approval for the procurement of next generation corvettes (NGCs) at an estimated cost of around Rs 36,000 crore.
• The DAC also approved a proposal for the manufacture of Dornier aircraft and Su-30 MKI aero-engines by Hindustan Aeronautics Limited (HAL) with a focus on enhancing indigenisation.
• For the Indian Army, the DAC accorded a fresh approval for the procurement of Rough Terrain Fork Lift Trucks (RTFLTs), Bridge Laying Tanks (BLTs), Wheeled Armoured Fighting Vehicles (Wh AFVs) with Anti-Tank Guided Missiles (ATGMs) and Weapon Locating Radars (WLRs) through domestic sources, with an emphasis on indigenous design and development.

India’s first centralised AC railway terminal in Bengaluru
The ultra luxury Sir M Visvesvaraya Railway Terminal in Karnataka’s capital city Bengaluru was made operational on 6 June.

• The Ernakulam Tri-Weekly Express chugged trough the station to mark this special occasion. According to the railway officials, the air-conditioned SMV Railway Terminal is a ₹314 crore project. It has solar rooftop panels and rainwater harvesting mechanism.
• The railway terminal at the city’s Baiyappanahalli area, named after Bharat Ratna Sir M. Visvesvaraya, is equipped with state-of-the-art facilities and claims to have an airport-like aura.

India, Poland sign legal help treaty on criminal matters 
India and Poland have signed a mutual legal assistance treaty on criminal matters (MLAT) to help both countries in investigation and prosecution of crimes, including those related to terrorism.

• The Union cabinet had, last December, approved the proposal. However, the signing of the formal agreement was delayed due to the ongoing Russia-Ukraine crisis, officials added.
• The treaty aims to enhance the effectiveness of both countries in investigation and prosecution of crime, through cooperation and mutual legal assistance in criminal matters.

IIM Ahmedabad launches country’s first Agri Land Price Index
In a unique initiative, IIM-Ahmedabad (IIM-A) has joined hands with an e-marketplace for agricultural land, SFarms India, to develop a farm land price index based on the sales and purchases done on the platform.

• The index has been designed to record and present the “quality-controlled” data on prices of agricultural land in the country.
• The Misra Centre for Financial Markets and Economy at IIM-A, under which this index is being launched, will host this on its official website and it will be called IIM-Ahmedabad SFarmsIndia Land Price Index (ISALPI).

Health Minister releases State Food Safety Index, Tamil Nadu tops food safety index
Tamil Nadu topped the State Food Safety Index this year, followed by Gujarat and Maharashtra this year. Among the smaller States, Goa stood first, followed by Manipur and Sikkim.

• Among the Union Territories, Jammu and Kashmir, Delhi and Chandigarh secured first, second and third ranks.The winners were felicitated by Health Minister Mansukh Mandaviya.
• The State Food Safety Index (SFSI) measures the performance of States on the basis of five parameters prescribed by the Health Ministry. The rating is done by the Food Safety and Standards Authority of India (FSSAI).

INTERNATIONAL NEWS

US passes world’s first ‘right to repair’ law for digital electronics
In a a world’s first, the New York state legislature has passed the “right to repair” bill that will require digital electronics manufacturers to make parts, tools, information, and software available to consumers and independent repair shops.

• The “Fair Repair Act” comes after federal pressure to enforce consumers’ rights to repair and refurbish their purchased goods.
• For independent repair shops, this news is huge as they will finally be able to compete with manufacturers, resisting the repair market consolidation manufacturers have created by restricting access to parts and tools

BANKING & FINANCE

Axis Bank and Indian Oil launch co-branded RuPay Contactless credit card
Axis Bank and Indian Oil Corp.Ltd.  (IOCL) in partnership with National Payments Corp. of India (NPCI), have announced the launch of a co-branded contactless INDIAN OIL AXIS BANK RuPay Credit Card.

• Apart from surcharge waiver at fuel outlets and cashback on fuel spends, the credit card comes with a host of other benefits on everyday transactions through accelerated reward points, instant discount on movie tickets, and dining delights at partner restaurants.
• As an onboarding gift, users of this card will be entitled to 100% cashback up to ₹250 on all fuel spends within the first 30 days of issue of card. It will also provide a surcharge waiver of 1% on fuel spends between ₹200 and ₹5000 and reward points worth 4% for every ₹100 spent on fuel at Indian Oil outlets.

CoinSwitch launches CRE8, first crypto index in Indian Rupee
CoinSwitch has launched the Crypto Rupee Index (CRE8). The crypto exchange claims that it is India’s first benchmark index to measure the performance of the Indian Rupee-based crypto market.

• The index gives a real-time insight into the crypto market based on actual transactions on CoinSwitch and is refreshed over 1,400 times a day to ensure the reflection of real-time market movement.

IRDAI eases capital norms for insurers offering PMJJBY 
Insurance regulator IRDAI has relaxed capital requirement norms for insurers offering Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

• The capital required to be held by insurers offering PMJJBY has been reduced by almost 50%. The move will encourage more participation of insurers in the scheme and provide financial security to bottom of the pyramid of Indian population through life insurance.
• The easing of the capital requirement will accelerate penetration of life insurance in the country and support life insurers achieve the target set by the government, the Insurance Regulatory and Development Authority of India said.

Tamilnad Mercantile Bank IPO gets SEBI’s nod 
Private sector lender Tamilnad Mercantile Bank has received capital markets regulator Securities and Exchange Board of India’s (SEBI) to launch and raise funds through an initial public offering (IPO). 

• The public issue comprises a fresh issue of 1,58,27,495 equity shares and an Offer For Sale (OFS) of up to 12,505 equity shares by shareholders, according to the Draft Red Herring Prospectus (DRHP).
• The public issue comprises a fresh issue of 1,58,27,495 equity shares and an Offer For Sale (OFS) of up to 12,505 equity shares by shareholders, according to the Draft Red Herring Prospectus (DRHP).

RBI issues differential provisioning norms for standard assets for large NBFCs
The Reserve Bank of India (RBI) has aligned provisioning norms for standard assets of large non-banking financial companies with that for commercial banks.

• As per the revised scale-based regulatory framework, NBFCs in the Upper Layer will comprise of entities which are specifically identified by RBI as warranting enhanced regulatory requirement. The top ten eligible NBFCs in terms of their asset size shall always reside in the upper layer, irrespective of any other factor.
• In the case of individual housing loans and loans to Small and Micro Enterprises (SMEs), NBFC-UL have to maintain provisions in respect of ‘standard’ assets’ for the funded amount outstanding at the rate of 0.25 per cent.
• For standard housing loans extended at teaser rates, the rate of provisioning will be 2 per cent. This will decrease to 0.40 per cent after 1 year from the date on which the rates are reset at higher rates (if the accounts remain ‘standard’).

BUSINESS & ECONOMY

World Bank cuts India growth forecast to 7.5% for FY23 
The World Bank cut its 2022-23 (FY23) real gross domestic product (GDP) growth forecast for India to 7.5 per cent, from 8 per cent, on the back of inflationary pressures, supply-chain pressures, and geopolitical tensions due to Russia’s invasion of Ukraine.

• In its latest Global Economic Prospects report, the multilateral institution also lowered its global growth forecast for calendar year 2022 to 2.9 per cent from 4.1 per cent.
• The World Bank said that growth will be supported by fixed investment undertaken by the private sector and by the government, which has introduced incentives and reforms to improve the business climate.

Maruti Suzuki sets up Asia’s largest carport type solar plant at Manesar facility
India’s largest carmaker Maruti Suzuki said that it has installed Asia’s largest 20 MWp carport type Solar Plant at its Manesar facility. The initiative will contribute 28,000 MWH2 per annum of the company’s energy requirements.

• The power generated would be equivalent to the energy required for the production of over 67,000 cars annually.
• Maruti Suzuki has been harnessing solar energy since 2014, when it installed the first solar power plant of 1 MWp capacity at its Manesar facility, which was later expanded to 1.3 MWp. Taking this initiative ahead, the company commissioned a 5 MWp carport style photovoltaic solar power plant at its Gurugram facility in 2020.

OECD slashes FY23 growth forecast for India to 6.9%
The Organisation for Economic Cooperation and Development (OECD) sharply slashed the growth for India to 6.9% growth in FY23 from 8.1% estimated earlier and to 6.2 percent in 2023.

• This is below the Reserve Bank of India’s estimate of a 7.2% rise. India’s Gross domestic product (GDP) grew 8.7% in 2021-22, making it the fastest-growing major economy in the world.

WhatsApp launches SMBSaathi Utsav to help small biz adopt digital mediums
WhatsApp India announced SMBSaathi Utsav – an initiative that aims to support small businesses by helping them adopt digital mediums such as the WhatsApp Business App to run their business.

• SMBSaathi Utsav has kicked off with a pilot in Jaipur’s Johri Bazaar and Bapu Bazaar where over 500 small businesses are being trained on various aspects of running their business online.
• Launched in collaboration with Josh Talks the intent of this initiative is to educate and help small businesses unlock the potential of their business through WhatsApp.

APPOINTMENTS

Indian national Krishna Srinivasan to head IMF’s Asia-Pacific dept
International Monetary Fund Managing Director Kristalina Georgieva announced the appointment of Indian national Krishna Srinivasan as director of the Asia and Pacific Department (APD) from June 22.

• Krishna Srinivasan will succeed Changyong Rhee whose retirement from IMF was announced on March 23.
• Mr. Srinivasan has more than 27 years of Fund experience, starting in 1994 in the Economist Program. He is currently a Deputy Director in APD where he oversees the department’s surveillance work on a number of large and systemically important countries such as China and Korea, and smaller states in the Pacific such as Fiji and Vanuatu.

AR Rahman appointed ambassador of Indo-UK culture platform
Music Maestro AR Rahman has been named the ambassador of the Indo-UK culture, which marks the 75th anniversary of India’s independence. It was officially launched by Britain’s Deputy High Commissioner to India Jan Thomson and Director (India) of the British Council Barbara Wickham.

• It aims to strengthen India and the United Kingdom’s relations in arts, English and education.

AWARDS

Virat Kohli becomes first Indian to reach 200 million followers on Instagram 
Indian cricket star Virat Kohli has crossed the 200 million followers mark on the social media site Instagram.

• Former India and Royal Challengers Bangalore (RCB) captain entered the 200m club. With this, he became the first Indian to have 200 million followers on Instagram.
• Kohli is also the third most followed sportsperson on Instagram.
• Portugal football star Cristiano Ronaldo tops the chart with 451 million followers, ahead of Argentina football captain and FC Barcelona legend Lionel Messi with 334 million followers.

SCIENCE & TECHNOLOGY

Goa CM Pramod Sawant introduces ‘Beach Vigil App’ to keep an eye on beaches
In a bid to raise awareness and keep vigil on the beaches in Goa, the state Chief Minister has introduced a new app, Beach Vigil App. 

• Talking to the media, the CM said that the app will benefit the institutions working in the beach tourism sector and that the collaboration between IT and the tourism sector will open several avenues in future.
• The Beach Vigil App will cover everything from reporting illegal hawkers and illegal massage services to beach cleanliness.

DST launches Geospatial Self Certification Portal 
The Department of Science and Technology (DST) launched the Self Certification Portal for conveying adherence to provisions of Geospatial Guidelines by individuals, companies, organisations, and government agencies, in what can be described as a significant step towards liberalisation of the geospatial industry in India.

• With the launching of the Self-Certification portal, the Department of Science and Technology aims to remove such restrictions and make the data more easily accessible for all.
• Making geospatial data accessible to all, individuals, corporations, and organizations alike would be free to process acquired data and use the same to develop required applications and solutions.

U.S., South Korea fire missiles to sea, matching North Korea’s launches
The US and South Korean militaries launched eight ballistic missiles into the sea in a show of force matching a North Korean missile display a day earlier that extended a provocative streak in weapons demonstrations.

• South Korea’s Joint Chiefs of Staff said the allies’ live-fire exercise involved eight Army Tactical Missile System missiles fired into South Korea’s eastern waters across 10 minutes.
• It said the drill was aimed at demonstrating an ability to respond swiftly and accurately to North Korean attacks.

Rubber Board launches e-trading platform mRube
The Beta launch of ‘mRube’, the e-trading platform for natural rubber, was inaugurated by KN Raghavan, Executive Director, Rubber Board, at the Rubber Research Institute of India, Kottayam.

• mRube follows a simple one-time registration. KN Raghavan, Executive Director will launch the beta version of the electronic platform at a function in the presence of the Rubber Producer Society and other industry representatives.
• The e-market for rubber will be a game-changer in the rubber marketing system. Though rubber trade possesses an innate advantage of high-level marketing efficiency, the trading system has not upgraded with changing requirements of the consumer sector.

Delhi Airport Launches RFID-Enabled Tag ‘Bagg Trax’ to Track Arriving Check-in Luggage
The Delhi airport has introduced personalised baggage tag, enabled by radio frequency identification (RFID) technology, which will give passengers real-time information about when and on which belt is their check-in luggage arriving at the terminal.

• The Delhi airport is the first Indian airport to introduce this facility, its operator GMR Group-led DIAL claimed in a statement.
• A passenger can purchase this tag at the Delhi airport, scan the QR code on it, and register it on the website bag.hoi.in, the statement mentioned. “Once the tag is registered, all a passenger has to do is to tie the tag or place it into their check-in luggage.

India to simultaneously launch first Human Space Mission Gaganyaan & first Human Ocean Mission in 2023: Dr Jitendra Singh
Earth Science Minister Dr Jitendra Singh has said that India will achieve the unique distinction of simultaneously launching the first Human Space Mission Gaganyaan as well as the first Human Ocean Mission in 2023. 

• Addressing the World Oceans Day celebrations in New Delhi, Dr Singh said, trials for both the Space and Ocean manned missions have reached advanced stage and the unique feat will be achieved in the second half of 2023.
• The Minister also said, government will soon unveil the Blue Economic Policy and around 40 million people will be employed by ocean-based industries by 2030. He said, the mineral wealth which is hidden in the sea will give new heights to the development of the country.

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