Daily Current Affairs 3rd June, 2022

Daily Current Affairs 3 June 2022 for Banking/Insurance/SSC and other related exams.


Govt releases Rs 86,912 cr to states, clears entire GST compensation dues
Ahead of the compensation regime for goods and services tax (GST) that ends in June, the Centre has released the entire compensation of Rs 86,912 crore due to states.

  • This step was taken to help states in managing their resources. It was also to ensure that their programmes, especially expenditure on capital were carried out successfully during the fiscal year, the finance ministry stated. The full compensation was made even when the cess fund had an inadequate balance of just Rs 25,000 crore.
  • Compensation to states will be paid out of the compensation fund since the inception of the GST regime. The balance has been paid from the Centre’s own resources pending collection of cess.

PM Modi Inaugurates World’s First Nano Urea Plant By IFFCO In Gujarat
Prime Minister Narendra Modi virtually inaugurated the Nano Urea (Liquid) Plant constructed at IFFCO, Kalol in the Gandhinagar district ahead of his address at the seminar of leaders of various cooperative institutions on ‘Sahakar Se Samriddhi’ at Mahatma Mandir.

  • The Nano Urea (Liquid) Plant was constructed at a cost of around Rs. 175 crores is an effort to further provide farmers the means to boost productivity and help increase their income. The plant will produce about 1.5 lakh bottles of 500 ml capacity per day.

Jan Aushadhi outlets cross Rs 100 crore revenue mark in May
Jan Aushadhi outlets for the first time crossed the Rs 100 crore sales mark in May, an official release said.

  • Jan Aushadhi outlets offer more than 1,600 generic medicines, 250 surgical devices, nutraceuticals, Ayush products and Suvidha Sanitary pads.
  • Pharmaceuticals & Medical Devices Bureau of India (PMBI) is the implementing agency of Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP).”In its journey of last eight years, starting from the annual turnover of Rs 8 crore in year 2014-15, PMBI has clocked its highest monthly sales turnover of Rs 100 crore in the month of May, 2022 which in turn has saved around Rs 600 crore of citizens of the country.

TN signs MoU with IPPB for pensioners’ digital life certificate
The Tamil Nadu government signed a Memorandum of Understanding (MoU) with the India Post Payments Bank (IPPB) for obtaining life certificate from pensioners through doorstep services of the Postal Department.

  • Recently, the State government issued orders for five modes of annual mustering of pensioners during July to September this year, including the doorstep services of the IPPB, for obtaining digital life certificate through Jeevan Pramaan Portal to avoid hardship of coming in person for aged pensioners/family pensioners.
  • As per the agreement, the IPPB would render the doorstep services at a cost of ₹70 per digital life certificate, an official release said. Over 7.15 lakh State government pensioners/ family pensioners submit their life certificate during July, August and September every year for annual mustering.


Central African Republic adopts bitcoin as legal tender, becomes 2nd to do so
The Central African Republic (CAR) became the second country in the world after El Salvador to adopt Bitcoin as legal tender. It is also the first African country to adopt Bitcoin as an official currency.

  • The country adopted Bitcoin as legal tender along with the existing fiat currency, CFA Franc and established a legal and regulatory framework for cryptocurrencies on April 27.


India’s GDP grows 4.1% in Q4; expands 8.7% in FY22: Govt data
India’s economy grew 4.1 per cent year-on-year in the January-March period of 2021-22 (Q4 FY22), even as the rate of growth slowed sequentially for a third straight quarter with the Omicron wave-induced restrictions and high commodity prices weighing on economic activities.

  • The National Statistics Office pared down the overall growth estimate for FY22 to 8.7 per cent from the 8.8 per cent projected in February. In FY22, all sectors except trade, hotels and communication services were above the pre-pandemic levels of FY20.
  • Growth in private final consumption expenditure, or private spending, decelerated sequentially in Q4 to 1.8 per cent, proving to be the weakest link. Government spending, however, picked up to grow at 4.8 per cent, supporting overall growth. Gross fixed capital formation, which represents investment demand in the economy, slowed to 5.1 per cent.


Para-canoeist Prachi Yadav clinches historic World Cup bronze in Poland
Para-canoeist Prachi Yadav created history by becoming the first Indian to clinch a bronze medal in women’s VL2 200m event at the Paracanoe World Cup at Poznan, Poland.

  • Prachi bagged the bronze with a timing of 1:04.71 seconds behind silver medallist Brianna Hennessy of Canada (1:01.58s) and gold medallist Susan Seipel of Australia (1:01.54s).
  • Besides, Manish Kaurav (KL3 men 200m) and Manjeet Singh (VL2 men 200m) made it to the finals of their respective events for the first time in the history of the tournament.
  • Jaideep qualified for the semifinals of VL3 men’s 200m event but could not progress further.


Meta COO Sheryl Sandberg steps down, Javier Olivan to take over
Meta Platforms veteran Javier Olivan is taking over as the company’s chief operating officer (COO). He will replace Sheryl Sandberg, who announced, she was stepping down from Meta.

  • Sandberg was the second-in-command after Zuckerberg. She was responsible for driving changes in Facebook and its apps such as Instagram, Messenger and WhatsApp. She will leave the company by the fall of this year and plans to focus more on her foundation and philanthropic work.
  • However, she will continue to serve on Meta’s board of directors. As Olivan takes on new responsibility as the COO, we take a look at his early life and career at Meta.

Punjab & Sind Bank MD & CEO S Krishnan retires
Punjab & Sind Bank Limited, an Indian nationalised bank, announced that its MD & CEO, S Krishnan to retire from the role, with effect from May 31, 2022.

  • He was appointed as Managing Director & Chief Executive Officer of Punjab & Sind Bank from the date of assumption of office till the date of his superannuation, i.e. 31.05.2022 or until further orders, whichever is earlier.
  • It is now informed that Shri S Krishnan has retired upon his superannuation on 31.05.2022.

IPS Zulfiquar Hasan appointed new DG of BCAS
Senior IPS officer, Zulfiquar Hasan has been appointed as the new Director-General of the Bureau of Civil Aviation Security (BCAS). The official order stated that Zulfiquar Hasan has been appointed “for a tenure up to his superannuation on 31.10.2024”.

  • West Bengal-cadre 1988-batch IPS officer, Zulfiquar Hasan has been serving as the Special Director General of the Central Reserve Police Force (CRPF) in Delhi.
  • The post of the Director-General, BCAS has been vacant since January 4 after incumbent Nasir Kamal opted for voluntary retirement.

Centre appoints S L Thaosen as Director General of Sashastra Seema Bal
A 1988-batch Indian Police Service officer S L Thaosen has been appointed as the new Director-General of the Sashastra Seema Bal (SSB).

  • Thaosen, a Madhya Pradesh-cadre IPS officer, has been serving as the Special Director General of the Border Security Force (BSF).
  • The Sashastra Seema Bal force guards the country’s borders with Nepal (1,751 km) and Bhutan (699 km).


Indian-American Harini Logan crowned Scripps National Spelling Bee champion
Harini Logan, a 14-year-old Indian-American eighth-grader from Texas, spelled 21 words correctly to win the prestigious 2022 Scripps National Spelling Bee, beating Vikram Raju in a marathon, first-of-its-kind spell-off, a format that tested the contestants on how many words they could correctly spell within 90 seconds.

  • Logan, who took home the USD 50,000 cash prize and Scripps Cup trophy on top of awards from Merriam-Webster and Encyclopedia Britannica, spelled 21 out of 26 words correctly, while Raju, a 12-year-old boy from Denver, got 15 out of 19 words right.

Young woman entrepreneur Rashmi Sahu wins Times Business Award 2022
Director of Ruchi Foodline, a leading food brand from Eastern India and No. 1 Spice Company of Odisha, Rashmi Sahoo won the Times Business Award 2022.

  • He was given this award by famous Bollywood actor and social activist Sonu Sood. this award Leading Ready-to-Eat Brands from Eastern India given in the category.
  • While working as the director of Ruchi Foodline, he started and established FROZIT – Odisha’s first frozen food company. He not only revolutionized the food processing segment in Odisha but also transformed the lives of thousands of women by proving employment opportunities.

West Indies’ Darren Sammy Conferred With Sitar-e-Pakistan Award
Former West Indies skipper Darren Sammy received civil honour of Sitara-e-Pakistan award.

  • The right-handed all-rounder had captained the Peshawar Zalmi team in four editions in the Pakistan Super League and was awarded with the honor on 14 August last year by the President of Pakistan Dr. Arif Alvi.
  • The honour is with regards to his contribution towards reviving international cricket in Pakistan


Navy Commissions Advanced Light Helicopter MK III Squadron, ‘Eagle Owl’
An Indian Naval Air Squadron (INAS) operating the indigenously-built Advanced Light Helicopter MK III has been commissioned into the Indian Navy, in a boost to its combat capability.

  • The INAS 325 squadron was commissioned into the Navy by Lieutenant General Ajai Singh, the Commander-in-Chief of the Andaman and Nicobar Command, at a ceremony held at the INS Utkrosh naval air station in Port Blair.
  • The newly-inducted helicopters flew for the first time over the Andaman Islands earlier this year and were officially inducted on January 28.

US’ Frontier overtakes Japan’s Fugaku as world’s most powerful supercomputer
According to the 59th edition of the Top500 list of the world’s most powerful supercomputers unveiled by Germany, ORNL’s Supercomputer Frontier from the US, a supercomputer built using Hewlett Packard Enterprise (HPE) architecture and equipped with Advanced Micro Devices (AMD) processors, outperformed Japan’s Supercomputer Fugaku to become the world’s fastest supercomputer.

  • The supercomputer – Frontier, which was built for the US Department of Energy’s Oak Ridge National Laboratory (ORNL), has broken the exascale speed barrier with a Linmark benchmark score of 1.1 exaflops, making it the world’s first supercomputer to do so. Whereas, 1 exaflop is equivalent to 1,000 petaflops.
  • Frontier features a total of 8,730,112 cores and is designed on the newest HPE Cray EX235a architecture with AMD EPYC 64C 2GHz processors.


Santoor maestro Pandit Bhajan Sopori passes away
Santoor maestro Bhajan Sopori, often referred to as the ‘saint of santoor’ and ‘king of strings’ for his mastery over the instrument, died at a Gurugram hospital following a battle with cancer. He was 73.

  • The musician is considered a pioneer in establishing the santoor on national and international platforms as a complete solo instrument. He is also credited with innovating the instrument to improve its tonal quality and range.
  • Sopori received multiple awards through his career, including the Padma Shri in 2004, the Sangeet Natak Akademi Award in 1992 and the Jammu and Kashmir State Lifetime Achievement Award.

Delhi musician Sheil Sagar passes away at 22
Sheil Sagar, a 22-year-old Delhi-based musician and singer died due to unknown causes, as per reports.

  • Sheil became known within the Indian independent music scene in Delhi after his acoustic debut single, If I Tried (2021), Rolling Stones reported. His song had over 40,000 streams on Spotify alone. The musician followed that up with three more singles in 2021: Before It Goes, Still and Mr Mobile Man – Live, the report added.

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