Daily Current Affairs 16 June 2022 for Banking/Insurance/SSC and other related exams.
PM Modi Inaugurates Jal Bhushan Building And Gallery Of Revolutionaries At Raj Bhawan In Mumbai
Prime Minister of India Narendra Modi inaugurated ‘Kranti Gatha’ – the Gallery of Revolutionaries of the Indian freedom movement and Modi inaugurated the newly reconstructed ‘Jal Bhushan’ Building that houses the office and residence of Maharashtra Governor on the occasion.
- The gallery has come up in the subterranean network of 13 pre-World War-I British era bunkers, discovered in the Raj Bhavan campus in August 2016 during the tenure of the then Governor C. Vidyasagar Rao.
- The gallery includes information on the freedom movement heroes, their role in the movement, sculptures, rare photographs, murals and details on tribal revolutionaries drawn by school-kids.
‘Agniveers’ To Be Prioritised By UP Govt. For Recruitment
Uttar Pradesh Chief Minister Yogi Adityanath said the government will give priority to ‘Agniveers’ — soldiers recruited in the Army, Navy and the Air Force on short-term contract under special ‘Agnipath’ scheme — will get priority in recruitment to police and related services in the state.
- This comes a day after Defence minister Rajnath Singh unveiled the ‘Agnipath scheme’ of short term contractual recruitment, extending maximum of four years, of soldiers in the tri-services that include the Army, the Navy and the Air force.
ASEAN Foreign Ministers’ Meeting held in New Delhi
The foreign ministers of the ASEAN nations called on Prime Minister Narendra Modi and discussed the ongoing cooperation between the two sides.
- The ASEAN foreign ministers are in New Delhi to attend a two-day conclave being hosted by India to mark the 30th anniversary of its relations with the 10-nation grouping.
- This is the first time India is hosting such a special meeting with foreign ministers of the Asean to mark the 30th anniversary of relations with the 10-member grouping. People familiar with the matter said that in addition to celebrating the work done in the past three decades, the meeting will be an opportunity to frame long-term plans for the future.
BANKING & FINANCE
Tamilnad Mercantile Bank Gets SEBI’s Nod To Float IPO
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).
Memorandum Of Understanding Signed Between HDFC Bank And 100X
Private sector lender HDFC Bank has announced the signing of a memorandum of understanding with 100X.VC, a notable early-stage venture capital firm, to further its engagement with the start-up ecosystem in the country.
- The bank announced the provision of its comprehensive package of specialised services and facilities customised for start-ups, branded as ‘Smart-Up’, for all enterprises affiliated with the venture capital firm.
- It also announced it would issue additional loans to these start-ups and evaluate their investment potential.
BRICS PartNIR Innovation Center Has Signed MoU With A BRICS Bank
The BRICS Partnership on New Industrial Revolution (PartNIR) Innovation Center signed a memorandum of understanding (MoU) with the BRICS New Development Bank (NDB) to facilitate bilateral cooperation and promote the common development of BRICS countries.
- According to the MoU, the two sides will give priority to cooperation in such fields as artificial intelligence, the industrial internet, energy conservation and environmental protection through joint research, personnel training and information sharing on infrastructure and sustainable programs.
XPay.Life launches UPI services targeted at rural India
Fintech startup XPay.Life, which claims to be India’s first blockchain-enabled transaction framework, launched its UPI services targeted at rural India, as it completes three years of operations.
- XPay.Life said it is working closely with the regional rural banks and district co-operative banks to help them bank better and enable true financial inclusion of the rural populace with security and no disruption.
OmniCard becomes 1st RBI licensed PPI to launch cash withdrawal across all ATMs PAN India
Payment solution provider, OmniCard has announced that it became the 1st RBI licensed PPI (prepaid payment instrument) to launch cash withdrawal using a RuPay-powered card from any ATMs across the country.
- The move came in after RBI permitted the non-bank licensed entities to enable cash withdrawals from the digital wallets.The company worked with the National Payments Corporation of India (NPCI) team to enable the facility.
- OmniCard users can withdraw cash from any ATM at their convenience with full security from frauds like card theft, card cloning, and PIN skimming as the withdrawal facility comes with high safety & secure features and protects the user from exposing their money and bank account details.
US Fed hikes interest rate by 75 bps, biggest since 1994
The Federal Reserve raised its target interest rate by three-quarters of a percentage point to stem a disruptive surge in inflation, and projected a slowing economy and rising unemployment in the months to come.
- The rate hike was the biggest made by the U.S. central bank since 1994, and was delivered after recent data showed little progress in its inflation battle.
- The action raised the short-term federal funds rate to a range of 1.50% to 1.75%, and Fed officials at the median projected the rate increasing to 3.4% by the end of this year and to 3.8% in 2023 – a substantial shift from projections in March that saw the rate rising to 1.9% this year.
CASHe Has Launched An Industry-First Credit Line Service On WhatsApp
Financial wellness platform CASHe has launched an industry-first credit line service using its AI-powered chat capability on WhatsApp to provide customers with a fast, seamless and convenient way to access instant credit line by merely typing their name.
- The firm offers an instant credit limit without the need for any documents, app downloads or filling up tedious application forms.
- Underlying this facility is an AI-powered bot that matches the customer’s inputs and automatically facilitates a formal application along with a KYC check, and once verified, sets up a credit line in a few clicks through a guided conversational flow.
BUSINESS & ECONOMY
Assam joins hands with NLC India to set up 1GW solar power project
Assam government will set up Joint Venture Company (JVC) with Neyveli Lignite Corporation (now NLC India Ltd) to produce one GW plus solar power with an investment of Rs 5000 Crore.
- Assam chief minister, Himanta Biswa Sarma said, “MoU to be signed with NLC India Ltd, a Navratna enterprise, to set up a Joint Venture Company (JVC) for generating 1GW plus solar power on Government land. This will be the first such initiative among PSUs in energy sector”.
Max Verstappen wins Azerbaijan F1 GP
Red Bull’s Max Verstappen won the Azerbaijan Formula One Grand Prix to extend his Formula One championship lead over Ferrari’s Charles Leclerc. The Ferrari duo of Leclerc and Carlos Sainz had a terrible outing in the street circuit of Baku with their cars suffering their respective problems, knocking them out midway through the race.
- It was not only the Ferrari cars that suffered problems. The power units of Haas faced issues too, ending up in a DNF for their point scorer Kevin Magnussen.
Andy Murray and Iga Swiatek wins respective singles in Stuttgart Open 2022
Matteo Berrettini showed signs of recapturing the form which took him to the Wimbledon final last year as he beat Andy Murray 6-4, 5-7, 6-3 to win the Stuttgart Open in his first tournament for three months.
- The Italian hadn’t played since Indian Wells in March because of a hand injury which forced him to miss the entire clay-court swing and, in Murray, faced an opponent whose own injury issues hampered him in the deciding set.
Arati Prabhakar To Be Appointed As Science Adviser To The President Of US
US president Joe Biden is expected to name Arati Prabhakar as the head of the White House Office of Science and Technology Policy (OSTP).
- She will succeed Eric Lander who left the role nine months after his appointment after he admitted to bullying his staff and creating a hostile work environment during his tenure.
- Arati also served in top roles during the presidential tenures of Bill Clinton and Barack Obama.
SCIENCE & TECHNOLOGY
India’s first display fab to be established in Telangana worth Rs 24,000 cr
Rajesh Exports (Elest), a Fortune-500 company has agreed to invest Rs 24,000 crore to establish Display FAB to manufacture the most advanced AMOLED displays in Telangana.
- It will be India’s first ever display plant. A MoU has been signed between the Telangana government and Rajesh Exports to help the state transform into an investment destination for semiconductors in India.
UDAN celebrating its 5th anniversary in the year 2022
This year, 2022 marks the fifth anniversary of the Central Government’s dream initiative, Ude Desh ka Aam Naagrik (UDAN). The effort began slowly but grew in popularity as newer airlines, such as Star Air, began to explore this vast untapped market.
- According to analysts, UDAN is a gamechanger in the aviation business since it allows the average person to commute between smaller cities in minutes rather than hours and at a reasonable cost.
- Over 415 UDAN routes connect 66 underserved/unserved airports, including heliports and water aerodromes, benefiting over 92 lakh people.