Daily Current Affairs 25th & 26th June, 2023

Daily Current Affairs 25 & 26 June 2023 for Banking/Insurance/SSC and other related exams.

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NATIONAL NEWS

Bengaluru startup ecosystem ranked 20th on global list
In Startup Genome’s Global Startup Ecosystems Report (GSER) 2023, Bengaluru has climbed two spots to secure the 20th position. Meanwhile, Silicon Valley maintained its top ranking, with New York City and London tied for the second position. The top three ecosystems have retained their positions since 2020.

• Among the emerging ecosystems, Pune has made significant progress, moving into the 31-40 range in 2023 from its previous position of 51-60 in 2022.
• In the rankings, Boston and Beijing have slipped out of the top 5 to the 6th and 7th spots, respectively, allowing Los Angeles to rise to 4th place and Tel Aviv to 5th place, both gaining two spots. Singapore has entered the top 10 for the first time, making a significant jump of ten places to the 8th position from 18th in the 2022 edition, marking the largest improvement in the rankings. Miami has also made impressive progress, reaching the 23rd spot and rising ten positions from the previous year.

India’s first hydrogen-powered train expected to run from Haryana’s Jind district
Shobhan Choudhary, General Manager (GM) of Northern Railway, recently visited the country’s first hydrogen plant, which is set up in Jind, Haryana. This will be the first hydrogen-powered train in the country and is expected to run from Haryana’s Jind district by the end of this year.

• India’s first hydrogen plant is being set up near the railway junction in Jind district. Officials said that the development of the plant has reached the final stage and that hydrogen will be produced from water. The first prototype of the hydrogen train is expected to be introduced in the financial year 2023-2024 between Jind and Sonipat on the Northern Railway.

INTERNATIONAL NEWS

PM Modi, Egyptian President El-Sisi sign deal to elevate bilateral relationship to a “Strategic Partnership”
Prime Minister Narendra Modi met Egyptian President Abdel Fattah al-Sisi for bilateral talks in Cairo. The two leaders discussed ways to further deepen the partnership between the two countries, including in trade and investment, defence and security, renewable energy, cultural and people to people ties. 

• They reviewed the full range of India-Egypt relations and agreed to further augment economic and cultural linkages.
• The two leaders signed an agreement to elevate the bilateral relationship to a “Strategic Partnership”. Three MoUs in the fields of Agriculture, Archeology and Antiquities and Competition Law were also signed. 
• The Foreign Secretary said Prime Minister also extended an invitation to President Sisi for the upcoming G20 Summit to be held in September in Delhi.

BANKING & FINANCE

Aditya Birla Sun Life Insurance Launches New Guaranteed Pension Plan – ABSLI Nishchit Pension Plan
Aditya Birla Sun Life Insurance Company Limited (ABSLI), a subsidiary of Aditya Birla Capital Limited (ABCL), has recently launched a new retirement solution called ABSLI Nishchit Pension Plan. This plan is specifically designed to help individuals plan for their retirement by providing a 100% guaranteed corpus, ensuring a secure and uninterrupted income during their golden years.

• The ABSLI Nishchit Pension Plan allows policyholders to accumulate a guaranteed corpus by providing accrued guaranteed additions throughout the policy term. Additionally, a loyalty addition is provided at the end of the policy term, as long as the policy remains active and all premiums have been paid. 
• These features ensure that policyholders can accumulate a fully guaranteed corpus by their desired retirement age, guaranteeing a steady income after retirement. Another notable aspect of the plan is its flexibility, as it allows policyholders to defer the Vesting Benefit for up to 10 years.

World Bank unveils debt payment pause, IMF touts $100 bn for poorest
The World Bank will ease financing for countries hit by natural disasters, it said, as the International Monetary Fund (IMF) announced it had hit its target of making $100 billion in special drawing rights available for vulnerable nations.

• The two announcements were made at a gathering in Paris of some 40 leaders, including about a dozen from Africa, China’s prime minister and Brazil’s president, that aims give impetus to a new global finance agenda.
• In remarks to a panel, new World Bank president Ajay Banga outlined a “toolkit”, including offering a pause in debt repayments, giving countries flexibility to redirect funds for emergency response, providing new types of insurance to help development projects and helping governments build advance-emergency systems.

BUSINESS & ECONOMY

REC Limited to provide ₹ 3,045 Crores financial assistance to Bangalore Metro Rail Corporation Limited
REC Limited, a Maharatna Central Public Sector Enterprise under the Union Ministry of Power, has decided to extend financial assistance of Rs. 3,045 crores to Bangalore Metro Rail Corporation Limited (BMRCL), for establishment and development of Metro Lines under Phase-II project of Bangalore Metro.

• Phase-II project of Bangalore Metro. The decision to extend the assistance was taken at the board meeting of REC, held in Bengaluru, at which the Board approved the proposal of BMRCL.
• The Phase-II project of Namma Metro comprises extension of existing two corridors of Phase-I, namely East–West Corridor and North–South Corridor; and 2 new lines, namely one from R.V. Road to Bommasandra and another from Kalena Agrahara to Nagawara. These lines will traverse some of the densest and high-traffic areas of the city.

India achieves milestone of 101 Million Cubic Meters per Day of gas production
India has achieved the milestone of 101 Million Metric Standard Cubic Meters per Day of gas production.

• Union Minister Hardeep Singh Puri said, the feat reflects the untiring efforts of India’s energy soldiers and the impact of policy reforms. He said, it is a significant step towards becoming a gas-based economy.

ONDC, Kerala govt sign agreement for better market access to PSU products
After signing agreements with the Madhya Pradesh and the Tamil Nadu governments, the government-backed e-commerce marketplace the Open Network for Digital Commerce (ONDC) signed an agreement with the Kerala government to improve access and business opportunities in various sectors in the State.

• Nine public sector units (PSUs) have already onboarded around 200 products on ONDC.
• They announced that ONDC is going to be a priority initiative to extend market access to PSU and private industries, especially small and micro enterprises.

AWARDS

Prime Minister conferred with the Order of the Nile
In a special ceremony at the Presidency in Cairo, President of the Arab Republic of Egypt, H.E. Mr. Abdel Fattah El-Sisi, conferred Prime Minister Shri Narendra Modi with the ‘Order of the Nile’, the highest civilian award of Egypt.

• The ‘Order of the Nile’ award is the 13th state honour that Prime Minister Narendra Modi has received during his nine-year tenure.
• The Order of the Nile was established in 1915 and was one of the Kingdom of Egypt’s principal orders until the monarchy was abolished in 1953. It was then reconstituted as the Republic of Egypt’s highest state honour.

SCIENCE & TECHNOLOGY 

SpaceX launches 47 more Starlink satellites into orbit
SpaceX successfully launched 47 Starlink satellites to orbit., aboard a Falcon 9 launch from Space Launch Complex 4 East (SLC-4E) at Vandenberg Space Force Base in California.

• The first stage booster supporting this mission previously launched Space Development Agency’s Tranche 0 and two Starlink missions.
• Following stage separation, the first stage landed on the Of Course I Still Love You droneship that was stationed in the Pacific Ocean.

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