Daily Current Affairs 10 June 2023 for Banking/Insurance/SSC and other related exams.
NOTE: To read complete Current Affairs, subscribe to our plan. All important news are not covered here.
NATIONAL NEWS
Karnataka announces free bus travel ‘Shakti’ scheme for women
The Congress government in Karnataka rolled out its first of the five poll guarantees, the ‘Shakti’ scheme, which offers free travel to women and transgender people in government-run buses in the state.
- Chief minister Siddaramaiah, deputy chief minister DK Shivakumar and transport minister Ramalinga Reddy launched the scheme and issued smart cards to five beneficiaries at an event on the steps of the Vidhana Soudha in Bengaluru.
- The five women were handed replicas of the smart cards that would be issued to women passengers in the next three months.
INTERNATIONAL NEWS
US and UK forge ‘Atlantic Declaration’ to boost economic ties
The United States and Britain announced a new strategic pact as their leaders rededicated the “special relationship” to counter Russia, China and economic instability.
- In a White House summit, US President Joe Biden and Prime Minister Rishi Sunak discussed Russia’s invasion of Ukraine and the lightning-fast evolution of artificial intelligence.
- An “Atlantic Declaration” adopted by the leaders aims to boost industry ties on defense and renewable energy, in the face of growing competition from China.
First edition of India, France and UAE Maritime Partnership Exercise takes off
The first edition of India, France, and United Arab Emirates (UAE) Maritime Partnership Exercise commenced in the Gulf of Oman, featuring the participation of INS Tarkash, French Ship Surcouf, French Rafale aircraft and UAE Navy Maritime Patrol Aircraft.
- A wide spectrum of naval operations such as Surface Warfare, involving tactical firing and drills for missile engagements on surface targets are planned to display during the naval exercise.
- According to the Indian Navy, under the Maritime Exercise, navies will also conduct helicopter cross-deck landing operations, advanced air defence exercises and boarding operations.
El Niño is now developing rapidly, with long-range data already showing a strong event is likely, impacting the Fall and Winter Weather
El Niño is developing rapidly, with an official watch currently in effect, issued by NOAA. A moderate to strong El Niño event is expected to occur, with global weather impacts in the second half of the year and over the Winter season of 2023/2024.
- Based on the latest global anomaly data, this El Niño might be something we have never seen before in such an environment.
- El Niño is a phase of the ENSO, which stands for “El Niño Southern Oscillation.” This region of the equatorial Pacific Ocean regularly shifts between warm and cold phases. Typically there is a phase change around every 1-3 YEARS.
BANKING & FINANCE
RBI expands scope of TReDS, includes insurers as participants
The Reserve Bank expanded the trade receivables discounting system (TReDS) by permitting insurance companies to function as participants, a move aimed at improving the cash flows of MSMEs.
- The RBI issued guidelines on TReDS in December 2014 with the objective of facilitating the financing of trade receivables of MSMEs. Subsequently, three entities started operating TReDS platforms. These entities process about Rs 60,000 crore worth of transactions annually.
- Apart from MSME sellers, buyers and financiers, insurance companies are permitted to participate as “fourth participant” in TReDs.
Go Digit Life Insurance gets Irdai nod for life insurance business in India
Indian insurance regulator IRDAI has granted certificate of registration to Go Digit Life Insurance Limited to commence life insurance business in the country.With this the total number of life insurers have gone up to 26 in the country.
- According to IRDAI, this is the fourth registration granted by IRDAI in the last one year in the Life and Non-life segment.
- Go Digit Life is promoted by Oben Ventures LLP (promoted by Kamesh Goyal) and FAL Corporation (having Fairfax Financial Holdings Limited as its ultimate parent company).
BUSINESS & ECONOMY
India’s Internet Economy Poised for $1 Trillion Growth by 2030
India’s internet economy is projected to reach $1 trillion by 2030, showing substantial growth from $175 billion in 2022, as per a joint report by Google, Temasek, and Bain & Company.
- According to the report, the growth will be led by the B2C e-commerce segment, followed by B2B e-commerce, software-as-a-service providers and online media led by over-the-top players.
- The expansion is being fueled by a rapidly increasing internet penetration rate, high-speed internet access, and increased online shopping and digital content consumption.
IICA and RRU sign MoU for academic and research collaboration
A Memorandum of Understanding (MoU) was signed between Indian Institute of Corporate Affairs (IICA) and Rashtriya Raksha University (RRU).
- The MoU intends to synergise the professional capabilities of IICA and RRU towards capacity building, education, research and consulting in the domain of Internal Security, Financial Crimes, Law Enforcement, Corporate Frauds and other subject matters common to their mandate and objectives.
- The MoU also provides for exchange of knowledge and resources between IICA and RRU for conducting research, training and consultancy.
Microsoft and AirJaldi Partner to Expand Internet Connectivity in Rural India
Microsoft has partnered with internet service provider AirJaldi to expand connectivity services to serve 500,000 underserved beneficiaries in rural regions.
- Under a three-year memorandum of understanding signed by the companies, the AirJaldi Networks will be expanded to three states – Telangana, Chhattisgarh, and Odisha with coverage of an additional 20,000 sq.km.
- Further, the networks in existing areas of operations in nine states will be strengthened to support 120,000 beneficiaries.
AWARDS
Mumbai Tops the List as India’s Costliest City for Expatriates
According to Mercer’s Cost of Living survey, Mumbai has been identified as the most expensive city for expatriates in India. The survey analyzed 227 cities across five continents to determine the cost of living for expats. Following Mumbai, New Delhi and Bengaluru ranked second and third respectively on the list.
- In Mercer’s 2023 Cost of Living survey, Mumbai has been positioned at 147 in the global ranking, New Delhi at 169, Chennai (184), Bengaluru (189), Hyderabad (202), Kolkata (211), and Pune (213).
- Globally, Hong Kong, Singapore and Zurich are the most expensive cities for international employees this year, the report shows.
- As per the report, the least expensive locations in the ranking include Havana, which dropped 83 spots, due in part to strong currency devaluations mid-last-year, and two cities in Pakistan — Karachi and Islamabad.