Daily Current Affairs 01 June 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

PhonePe introduces secured lending platform in collaboration with multiple NBFCs

• Bengaluru-based fintech firm PhonePe has launched secured loans in partnership with various non-banking finance companies (NBFCs).
• The Walmart-owned company is offering 6 credit products to its customers to begin with – loan against mutual funds, gold loan, two-wheeler and four-wheeler loans, home loan, loan against property and education loan.
• The launch comes at a time when the Reserve Bank of India has asked consumer lending platforms to go slow on unsecured lending.
• PhonePe has a base of about 535 million users and NBFCs are hoping to tap into this user base with their credit offerings.

Key Highlights :

• Partner NBFCs: PhonePe has partnered with lenders such as Tata Capital, L&T Finance, Hero FinCorp, Muthoot Fincorp, DMI Housing Finance, Home First Finance, Rupyy, Volt Money, and Gradright.
• Expansion Plans: The platform currently has 15 active partners and aims to scale to 25 by the next quarter.
• Strategic Opportunity:Platform Objective: PhonePe aims to connect lenders with millions of customers across the country to meet their financial needs on a single platform.

Difference Between Secured Loan & Unsecured Loan :

Aspect	Secured Loan	Unsecured Loan
Definition	A loan where an asset is used as collateral or security for the loan.	A loan not secured by any collateral.
Collateral	Requires an asset such as a house, gold, etc., to secure the loan.	No collateral required.
Asset Ownership	The lender holds the ownership deed of the asset until the loan is fully repaid.	No asset ownership by the lender.
Risk to Lender	Lower risk due to collateral backing.	Higher risk as there is no collateral backing.
Interest Rates	Generally lower interest rates due to reduced risk.	Higher interest rates due to increased risk.
Loan Approval Basis	Based on the value of the collateral provided.	Based on the borrower’s financial status and creditworthiness.
Examples of Loans	Loan against property, home equity line of credit, car loan.	Credit cards, personal loans, student loans.

About Phonepe :

• Founded : 2015
• Headquarters : Bangalore, Karnataka
• CEO : Sameer Nigam

Ministry of Finance Directs State Bank of India to Establish Committee to Address Co-Lending Challenges     

• The Finance Ministry has instructed the State Bank of India (SBI) to establish a six-member committee to address challenges associated with the co-lending business model.
• Objectives of the Committee : To tackle issues related to co-lending, enhance credit flow to Micro, Small, and Medium Enterprises (MSMEs), and regulate the rapid growth in consumer loans.

Key Highlights :

• Regulatory Framework:The Reserve Bank of India (RBI) has permitted banks to co-lend or co-originate loans with non-banking finance companies (NBFCs), including housing finance companies, to improve credit access for underserved sectors of the economy.
• NBFCs can contribute a maximum of 20% under the norms.
• Addressing Bank Hesitation:The committee will also look at why banks are hesitating to enter the co-lending space.
• This will also create common ground for both banks and non-banking finance companies.
• 80% of the money comes from banks and 20% from non-banking finance companies.
• So banks have suggested to us to provide first loss cover, which will ease the banks in this space.
• Market Projections : CRISIL Ratings predicts that the co-lending book of non-banking financial companies will likely reach Rs 1 trillion by June 2024, with a growth rate of 35-40% annually over the medium term
• Committee Members and Focus : SBI has started reaching out to potential members, MSME-focused NBFC UGro Capital is expected to be one of the members of the committee.
• Co-lending was designed for priority sector loans (PSLs), including MSMEs.
• But some banks availed dispensation for non-PSL and suddenly consumer loans now account for 65-75%of total co-lending.

What is Co lending?

• Co lending is an arrangement where multiple lenders partner to provide loans to borrowers.
• This helps increase lending capacity and reduces risk for individual lenders.
• Each lender sets their own terms and conditions.
• Co lending is used in various industries like real estate, small business loans, and personal loans

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Bhagwat Karad, Pankaj Choudhar

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti

Securities and Exchange Board of India Reduces Approval Time for Brokers for Internet-Based Trading to 7 Days

• Markets regulator Securities and Exchange Board of India (SEBI) significantly reduced the time taken by stock exchanges for granting approval to stock brokers for internet-based trading to 7 days from the current 30 days.
• Aim : To enhance the ease of doing business in the securities market.
• The new guidelines will be applicable with immediate effect.

Key Highlights :

• Application Process:Brokers are required to apply to the respective stock exchange for formal permission to offer internet-based trading services.
• Communication of Decision:Previously, stock exchanges had 30 calendar days to communicate their decision to the member broker.
• Now, this communication must occur within 7 days.
• Order Routing Systems:The internet trading can take place through order routing systems, which will route client orders to exchange trading systems for execution.
• Thus a client sitting in any part of the country can trade using the internet as a medium through brokers’ internet trading systems.
• Abolishment of Requirement:SEBI has eliminated the existing requirement for periodic confirmation of internet-based trading (IBT) statistics by stock brokers before publication by stock exchanges.
• Industry Standard Forum’s Involvement:SEBI made this decision after receiving requests related to internet-based trading from the Industry Standard Forum (ISF) of stock brokers.

Recent News :

• In May 2024, SEBI modified the basis for the computation of market capitalisation of listed companies under its Listing Obligations and Disclosure Regulations (LODR) regulations.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

Capital Small Finance Bank and ICICI Lombard Form Bancassurance Partnership to Offer General Insurance Products

• Capital Small Finance Bank (CSFB), a small finance bank, has forged a bancassurance tie-up with ICICI Lombard General Insurance Company Ltd.(ICICI Lombard), a private general insurer.
• Through this collaboration, CSFB will leverage its network and customer base to distribute ICICI Lombard’s suite of general insurance products, including health, motor, home, travel and rural insurance.
• This partnership will empower the bank’s customers to be adequately risk covered and access our wide suite of innovative and tech-driven insurance solutions.
• Currently, CSFB has 177 branches spread over 5 States and 1 Union Territory.

What is Bancassurance?

• Bancassurance is an insurance distribution model where insurance companies partner with banks to sell their policies.
• Both the bank and insurance companies get to benefit from this arrangement.
• While the bank earns a commission from the insurance company, the insurer gains from the distribution network of the bank.

Related News :

• In December 2022, ICICI Lombard General Insurance Company announced a bancassurance partnership with AU Small Finance Bank with an aim to offer AU Bank’s wide range of customers access to ICICI Lombard’s insurance products, thereby increasing the insurer’s reach across India.

About Capital Small Finance Bank :

• Founded : 2000; licensed in 2016
• Headquarters : Jalandhar, Punjab, India
• Chairman : Madan Gopal Sharma
• MD & CEO : Sarvjit Singh Samra
• Capital Small Finance Bank (formerly Capital Local Area Bank) is an Indian first small finance bank.

About ICICI Lombard General Insurance Company Limited :

• Founded : 2001
• Headquarters : Mumbai, Maharashtra, India
• Chairman & Managing Director : Sanjeev Mantri
• It is a joint venture between ICICI Bank (64% stake)– India’s second-largest bank, and Fairfax Financial Holdings Limited (36%)- a financial services company based in Toronto.

4 European Union Banks-Credit Agricole, Societe Generale, Deutsche Bank, and BNP Paribas, Request RBI Approval for Third-Party Transaction Model

• Four prominent European banks, which also serve critical custodian roles in local sovereign debt trade, have approached the Reserve Bank of India (RBI) seeking approval for a third-party transaction model.
• The European banks involved in this initiative are Credit Agricole, Societe Generale, Deutsche Bank, and BNP Paribas.
• The banks seek RBI’s approval due to the absence of established regulations governing such arrangements.

Key Highlights :

• Challenges Faced:These Eurozone-based lenders encounter obstacles in conducting trades in Indian government bonds and derivatives following the European Securities and Markets Authority’s (ESMA) decision to de-recognize the Clearing Corporation of India Ltd (CCIL) in October 2022.
• RBI’s Standoff with ESMA:ESMA’s action stemmed from RBI’s refusal to grant audit and inspection rights over CCIL, which hosts the local platform for government bond trading and ensures guaranteed settlement.
• Deadline and Alternatives:European banks have until October 2024 to cease transactions with CCIL, prompting the exploration of alternative third-party clearing mechanisms.
• Local Intermediaries:State Bank of India (SBI) and ICICI Bank are expected to serve as local intermediaries for the proposed third-party clearing model.

About Credit Agricole :

• Founded : 5 November 1894
• Headquarters : Montrouge, France
• CEO : Philippe Brassac

About Societe Generale :

• Founded : 4 May 1864
• Headquarters : Paris, France
• CEO : Slawomir Krupa

About Deutsche Bank :

• Founded : 10 March 1870
• Headquarters : Germany
• CEO : Christian Sewing

About BNP Paribas :

• Headquarters : Paris, France
• CEO : Jean-Laurent Bonnafé

JM Financial Asset Reconstruction Companies Capital Adequacy Drops Below Reserve Bank of India Standards

• JM Financial Asset Reconstruction Companies (JMFARC’s) capital adequacy fell below regulatory requirements following a provision of Rs 846.86 crore for expected credit loss on distressed loans in FY24.
• The existing shareholders, including promoter JM Financial, will infuse up to Rs 1,000 crore in equity to shore up capital.
• This is to meet regulatory norms and support business growth.
• The ARC’s capital adequacy ratio (CAR) fell to 2.91% in March 2024 from 24.67% in March 2023.
• ARCs have to maintain at least 15%CAR.
• The ARC’s net loss for FY24 widened to Rs 942.42 crore from a loss of Rs 154.93 crore in FY23.
• JM Financial ARC’s cumulative recoveries stood at Rs 2,855 crore in FY24. These recoveries are through sale of assets, settlements and proceedings under the Insolvency and Bankruptcy Code (IBC).

What is an Asset Reconstruction Company?

• Function: ARCs are specialized financial institutions that purchase non-performing assets (NPAs) or bad assets from banks and financial institutions, helping these institutions clean up their balance sheets.
• Business: ARCs are involved in buying bad loans from banks.
• Incorporation and Regulation: An ARC is incorporated under the Companies Act and registered with the Reserve Bank of India (RBI) under section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002.
• There are a total of 27 ARCs registered with the regulator.

What is capital adequacy?

• Definition: Capital adequacy is a measure of a financial institution’s ability to pay its debts, particularly if borrowers are unable to repay their loans.
• Requirements: Banks and financial institutions must meet specific capital adequacy requirements, rules, or standards set by regulators.
• For example, minimum capital adequacy requirements have been doubled for certain banks to ensure financial stability.

CURRENT AFFAIRS: NATIONAL NEWS

Global unemployment rate is expected to fall slightly to 4.9% in 2024: ILO

• According to the International Labour Organization (ILO), the global unemployment rate is expected to decrease slightly to 4.9% this year from 5.0% in 2023, despite persistent inequalities in labour markets.

Initial Projections and Revision

• In January, the ILO, a United Nations agency, forecasted unemployment to rise to 5.2% due to an anticipated increase in joblessness in advanced economies.
• However, the latest revision attributes the adjustment to lower-than-expected unemployment rates in China, India, and high-income countries reported so far this year.

Future Outlook

• Despite the current decline, the downward trend for joblessness is predicted to plateau in 2025, with unemployment remaining at 4.9%.

Jobs Gap Analysis

• The ILO estimates the ‘jobs gap,’ which measures the number of individuals without a job but seeking employment, at 402 million persons in 2024.
• This figure encompasses 183 million people classified as unemployed.

Gender Disparities

• The disparity in the jobs gap is pronounced for women in low-income countries, reaching 22.8%, compared to 15.3% for men.
• Globally, 45.6% of working-age women are employed in 2024, in contrast to 69.2% of men.

Rise in Informal Employment

• The number of workers engaged in informal employment has increased from approximately 1.7 billion in 2005 to 2.0 billion in 2024.

About ILO

• Headquarters: Geneva, Switzerland
• Founded: 1919

DoT allots separate numbering series exclusively for service and transactional voice calls

• In its ongoing effort to combat Unsolicited Commercial Communication (UCC), the government has introduced a dedicated numbering series, 160, exclusively for service and transactional voice calls per the Telecom Commercial Communication Customer Preference Regulation (TCCCPR), 2018.

Allocated Prefixes

• Entities such as government (Centre/State) and Regulators will be assigned numbers with a prefix of 1600, while Financial Entities regulated by RBI, Sebi, PFRDA, and IRDA will have a prefix of 1601.

Assignment Process

• Entities other than Principal Entities (PEs) seeking number resources under this series must request approval separately from the Telecom Regulatory Authority of India (TRAI).

Number Format

• The new phone numbers will be displayed to users in the ‘1600ABCXXX’ format, with ‘AB’ representing the telecom circle code (e.g., 11 for Delhi, 22 for Mumbai), ‘C’ indicating the telecom operator code, and ‘XXX’ comprising digits from 000 to 999.

Financial Entity Numbers

• Financial entity numbers will follow the ‘1601ABCXXX’ format, differing from government-related calls only by placing the digit ‘1’ instead of ‘0’ in the fourth position.

Subscriber Statistics

• As of February 2024, India has a total of 1.19 billion telecom subscribers, according to TRAI. Reliance Jio Infocomm leads as the top service provider with a market share of 52.2% of all subscribers.

CDRI launches $8 million funding initiative for disaster resilient infrastructure in small island developing states

• During the UN 4th International Conference on Small Island Developing States (SIDS) in Antigua and Barbuda, the Coalition for Disaster Resilient Infrastructure (CDRI), headquartered in New Delhi, announced a Call for Proposals aimed at funding projects to enhance infrastructure resilience in SIDS.

Financing Appeal

• The funding appeal, amounting to $8 million, was unveiled at the SIDS4 Conference in Antigua and Barbuda as part of CDRI’s Infrastructure for Resilient Island States Programme (IRIS).

Recognition for IRIS

• IRIS has been honored with the 2024 UN SIDS Partnership Award, acknowledging its role in fostering sustainable development in SIDS through innovative and impactful partnerships.

Objectives of the Call

• The Call for Proposals, open to all 57 SIDS, seeks to support initiatives that provide technical assistance and information products to bolster disaster-resilient infrastructure in these states.

CDRI’s Background

• Introduced by Prime Minister Narendra Modi at the UN Climate Action Summit in 2019, the Coalition for Disaster Resilient Infrastructure (CDRI) is a collaborative effort involving national governments, UN agencies and programs, multilateral development banks and financing mechanisms, the private sector, and academia.

Leadership

• Amit Prothi serves as the Director General of CDRI, leading its efforts in advancing disaster-resilient infrastructure across nations.

India assumes chair of Colombo Process for 2024-26

• India’s assumption of the chairmanship for the regional grouping Colombo Process marks the first time since its inception in 2003.

Overview of the Colombo Process

• The Colombo Process is a regional consultative forum consisting of 12 member states across Asia.

India’s Chairmanship for 2024-26

• India has assumed the Chair of the Colombo Process for the term 2024-26, marking its first tenure in this position since the establishment of the forum.

Purpose and Function

• The Colombo Process serves as a Regional Consultative Process for migrant worker origin countries from South and Southeast Asia.
• It acts as a platform for the exchange of best practices concerning overseas employment.

Objectives

• Under India’s leadership, the Colombo Process aims to foster collaboration and cooperation among member states to address challenges and promote the well-being of migrant workers.

Significance

• India’s chairmanship underscores its commitment to regional cooperation and its role in addressing issues related to migrant workers’ rights and overseas employment practices in South and Southeast Asia

CURRENT AFFAIRS : STATE NEWS

Kerala Introduces Artificial Intelligence Learning in School Textbooks

• Kerala has introduced Artificial Intelligence (AI) learning in the Information & Communication Technology (ICT) textbook of Class 7.
• This initiative aims to familiarise over 4 lakh students with AI in the upcoming academic year.

Key Highlights :

• AI Program Activity:In the ‘Computer Vision’ chapter, students will create an AI program that can recognize up to seven human facial expressions.
• Uniform AI Learning:This is the first instance in India where all students in a class are uniformly learning AI.
• New ICT Textbooks:New ICT textbooks for Classes 1, 3, 5, and 7 will be available in Malayalam, English, Tamil, and Kannada.
• Curriculum Framework:Emphasis on developing critical thinking, analytical skills, problem-solving abilities, logical thinking, and programming skills.
• Mandatory ICT Education:ICT education is compulsory for students from Classes 1 to 10 in Kerala.
• Learning Tools:The textbooks introduce students to the PictoBlox package and the Scratch software, which teaches visual programming.
• It allows them to practice programming, artificial intelligence, robotics, etc. Kerala Infrastructure and Technology for Education (KITE), the technology arm of the Department of General Education, will make all the essential software for this available on the laptops deployed in schools.
• FOSS-Based Applications:ICT textbooks for Classes 1 and 3 will include Free and Open-Source Software (FOSS) educational applications like GCompris, eduActiv8, OmniTux, and TuxPaint.
• KITE Applications:KITE-developed applications like Traffic Signal and Waste Challenge will be part of the curriculum.
• Language Labs:New textbooks will feature language labs to aid in language learning.
• Teacher Training:Training for all Primary school teachers on the new ICT textbooks will commence in June 2024.
• Future Rollout:New ICT textbooks for Classes 2, 4, 6, 8, 9, and 10 will be introduced in the next academic year.

About Kerala:

• Capital: Thiruvananthapuram
• Chief Minister: Pinarayi Vijayan
• Governor: Arif Mohammad Khan
• National Parks: Periyar National Park, Mathikettan National Park, Eravikulam National Park, Silent Valley National Park, Indira Gandhi National Park

CURRENT AFFAIRS: BUSINESS NEWS

PwC to become OpenAI’s largest enterprise customer amid genAI boom

• PwC will become the largest customer and the first reseller of OpenAI’s enterprise product as businesses accelerate their adoption of generative artificial intelligence.

Deployment of ChatGPT Enterprise

• PwC plans to roll out ChatGPT Enterprise, a version of the Microsoft-backed AI startup’s chatbot designed for large companies.

Employee Access

• The firm will provide ChatGPT Enterprise to its 75,000 U.S. employees and 26,000 UK employees, enhancing their capabilities with advanced AI tools.

Investment in Generative AI

• This agreement with OpenAI builds upon PwC’s previously announced plans to invest $1 billion in generative AI technology.

Key Figures and Headquarters

• OpenAI is led by CEO Sam Altman and is headquartered in San Francisco.

Dhaksha uses Dassault’s platform to accelerate the development of new drones

• French tech firm Dassault Systemes announced that Dhaksha Unmanned Systems Pvt Ltd, a Chennai-based drone manufacturer, has adopted its Modsim modeling and simulation tools on the 3DEXPERIENCE platform to develop and launch next-generation drones at lower costs.

Agricultural Drone Development

• Dhaksha, a subsidiary of Murugappa Group’s Coromandel International, has already developed agriculture drones using Modsim and will deliver a new set of drones to its customers next month.

New Manufacturing Facility

• Dhaksha has set up a new state-of-the-art manufacturing facility at Sholavaram in Chennai.
• This facility has the capacity to produce about 400 drones per month for the agriculture sector and about 50 drones for the logistics or defense sectors.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Government Appoints Saurabh Garg as Full-Time Secretary of Ministry of Statistics and Programme Implementation

• Saurabh Garg, a 1991-batch Odisha cadre IAS officer, has been appointed as the full-time Secretary of the Ministry of Statistics and Programme Implementation (MoSPI).
• Prior to this, Garg was holding additional charge as Secretary, MoSPI.
• Before Garg, the MoSPI Secretary was GP Samanta, who held the position until April 15, 2024.
• Garg also currently serves as Secretary, Department of Social Justice & Empowerment, and has been given charge of Secretary, National Statistical Commission (NSC).
• Amit Yadav, a 1991-batch AGMUT cadre IAS officer, has been appointed as the Secretary of the Department of Social Justice & Empowerment.
• He will take charge as Officer on Special Duty until Garg’s superannuation and then as Secretary.
• Garg has held key positions such as Chief Executive Officer of the Unique Identification Authority of India (UIDAI), Principal Secretary for Agriculture and Farmers’ Empowerment in Odisha (working on the KALIA or Krushak Assistance for Livelihood and Income Augmentation scheme), and Joint Secretary, Ministry of Finance.

About Chief Statistician of India :

• The Chief Statistician of India is an appointment in the rank of Secretary to the Government of India.
• CSI, while holding the charge as Secretary, MoSPI, also heads the National Statistical Office and has the charge of Secretary of the National Statistical Commission.

Shah Rukh Khan Named New Brand Ambassador for Muthoot Pappachan Group

• Muthoot Pappachan Group (MPG), popularly known as Muthoot Blue, has roped in Shah Rukh Khan as its brand ambassador.
• This strategic collaboration represents a significant milestone for MPG, reinforcing its brand presence, and a new way of connecting with a diverse audience across the country.

About Muthoot Pappachan Group :

• Founded : 1887
• Headquarters : Thiruvananthapuram, Kerala, India
• Chairman : Thomas John Muthoot
• Muthoot Pappachan Group is the promoter of leading Non-Banking Financial Companies (NBFCs) including Muthoot FinCorp Limited (flagship Company of the Group), Muthoot Microfin Limited, Muthoot Capital Services Limited and Muthoot Housing Finance Company Limited.
• CEO of Muthoot FinCorp : Shaji Varghese

Airtel Names Sharat Sinha as New Chief Executive Officer of Airtel Business

• Telecommunications services provider Bharti Airtel has appointed Sharat Sinha as the Chief Executive Officer (CEO) of Airtel Business, effective June 3, 2024, who will be reporting to Gopal Vittal, CEO and Managing Director, Airtel.
• He will also be a part of the Airtel Management Board.

About Sharat Sinha :

• Sinha joins Airtel Business from Checkpoint Software Technologies, where he served as President of Asia Pacific.
• He is a seasoned technology professional, and has also worked with Palo Alto Networks, Cisco, and VM Ware, Ericsson and VSNL in various leadership roles.
• Earlier this month, Bharti Airtel reported its fiscal fourth quarter profit at Rs 2071.60 crore, down 31.1% on-year in comparison to Rs 3005.60 crore during the corresponding quarter of last year.

About Bharti Airtel :

• Founded : 7 July 1995
• Headquarters : New Delhi, India
• MD & CEO : Gopal Vittal

About Airtel Business :

• Airtel Business is the business-to-business arm of Bharti Airtel, offering a diverse portfolio of products and services such as data connectivity, voice and messaging, conferencing, cloud, data centre, security, Internet of things, enterprise mobility and many more.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

State Bank of India Begins Sale of Personal Guarantees Provided by Formerr Reliance Naval Promoter Nikhil Gandhi

• State Bank of India (SBI) has commenced the process of selling personal guarantees provided by Nikhil Gandhi, the former promoter of Reliance Naval and Engineering Limited (R-Naval).

Key Highlights :

• Reserve Price and Outstanding Dues:The bank has set a reserve price of ₹3.48 crore for the sale, which is less than 1% of the ₹1,160 crore principal claim made by the bank on the personal guarantee.
• As of May 31, 2024, SBI reported principal outstanding dues of Rs 1,160 crore and total dues of Rs 3,512 crore.
• Significance of Transaction:This sale marks the largest secondary market trade in terms of outstanding dues for personal guarantees by any lender.
• SBI aims to assign the residual debt along with the guarantee, indicating its intent to recover as much debt as possible.
• Guarantors and Guarantees:Nikhil Gandhi, along with his brother Bhavesh Gandhi, has provided personal guarantees, while SKIL Infrastructure has provided corporate guarantees on the loan.

About Reliance Naval and Engineering Limited (R-Naval) :

• Founded : 17 October 1997
• It is an Indian shipbuilding and heavy industry company.
• R-Naval is the first private sector company in India to obtain a license and contract to build warships.

CURRENT AFFAIRS: MOUS AND AGREEMENT

MEA, MeitY and CSC e-Governance Services India Ltd sign MoU to provide eMigrate services through Common Services Centres

• A Memorandum of Understanding (MoU) has been established between the Ministry of External Affairs (MEA), Government of India, the Ministry of Electronics and Information Technology (MeitY), Government of India, and CSC eGovernance Services India Limited.
• This collaboration aims to synchronize the efforts of CSC SPV and MEA to deliver eMigrate services through Common Service Centers (CSCs) across the country.

Facilitating Blue-collar Workers

• The eMigrate project primarily targets blue-collar workers bound for Emigration Check Required (ECR) countries.
• Its objective is to streamline the emigration process online, addressing the challenges faced by migrant workers, and facilitating safe and legal migration by bringing foreign employers, registered recruitment agents, and insurance companies onto a unified platform.

Integration of Services

• Under the MoU, the eMigrate Portal of MEA will be integrated with the CSC’s portal to offer various eMigrate services to citizens through CSCs.

Increasing Migration Trends and Remittances

• The increasing number of Indians seeking employment abroad underscores the significance of initiatives like eMigrate.
• Additionally, the remittances sent back by Indian expatriates play a substantial role in the country’s economy.

Role of CSCs in Digital India

• Common Service Centers (CSCs) play a vital role in the Digital India mission, serving as essential points of access for various government services.

Preventing Exploitation through Legal Channels

• This collaboration aims to expand avenues for safe and legal migration, particularly at the grassroots level, with a specific focus on safeguarding Indian citizens from exploitation by unscrupulous elements when seeking employment overseas.

CURRENT AFFAIRS: SPORTS NEWS

Praggnanandhaa secures the top spot in Norway Chess by defeating Carlsen.

• Indian Grandmaster R Praggnanandhaa secured a historic victory by defeating world number one Magnus Carlsen in the Classical format, emerging as the sole leader in the Norway Chess tournament.

Crucial Battle

• During round three, the 18-year-old prodigy faced off against the Norwegian star on his home turf and emerged victorious, claiming the top spot in the open section of the six-player tournament.

Leaderboard Update

• At the conclusion of the third round, Praggnanandhaa’s tally stands at 5.5 out of nine points, while Carlsen has slipped to the fifth position.

Previous Encounters

• Earlier encounters saw Praggnanandhaa clinch wins over Carlsen in rapid and blitz chess games, showcasing his versatility and skill across different formats.

Vaishali R’s Victory

• Vaishali R secured her first classical win in the Norway Chess Women’s Tournament by defeating fellow Indian Koneru Humpy.
• Despite Humpy’s slight advantage in the opening, a critical blunder under time pressure allowed Vaishali to claim victory.

Milestone Achievement

• This win marked Vaishali’s first-ever victory against India’s number one female player, elevating her to India’s number two female player on the live rating list

Indian Mountaineer Satyadeep Gupta Becomes First Person To Scale Mt. Everest And Mt. Lhotse Twice In One Season

• Indian mountaineer Satyadeep Gupta has etched his name in history by achieving two remarkable feats: becoming the first person to scale Mt Everest and Mt Lhotse twice in a single season, and the first Indian to traverse both peaks within a span of 11 hours and 15 minutes.

Double Summit Success

• Gupta commenced his extraordinary journey by conquering the 8,516-meter-high Mt Lhotse, followed by scaling the 8,849-meter-high Mt Everest at 12:45 am, midnight.

Unprecedented Feat

• This remarkable accomplishment marks the world’s first Double Dual Ascent of the highest and fourth highest peaks in one season, according to the adventure company overseeing the expedition.

Record-breaking Traverse

• Gupta further distinguished himself by completing the traverse from Mt Everest to Mt Lhotse in an astonishing 11 hours and 15 minutes, setting a new record for Indian mountaineers.

Supportive Guides

• Throughout his expedition, Gupta was accompanied by experienced climbing guides, Pastemba Sherpa and Nima Ungdi Sherpa, whose expertise and assistance were invaluable to his success.

Global Trailblazer

• Gupta’s unparalleled achievement makes him the first person worldwide to accomplish this double dual ascent, cementing his place in mountaineering history.

CURRENT AFFAIRS: IMPORTANT DAYS

World Milk Day 2024: June 1

• Every year on June 1, World Milk Day is commemorated.
• This year’s theme will focus on celebrating the vital role dairy plays in delivering quality nutrition to nourish the world. Dairy is an accessible, affordable, and nutrient-dense food, and an essential part of balanced diets across the world.
• In 2001, World Milk Day was established by the Food and Agriculture Organisation of the United Nations to recognize the importance of milk as a global food, and to celebrate the dairy sector.

History:

• During the Neolithic age of around 9000-7000 B.C, human beings had domesticated animals.
• Milk consumption dates back to those times.
• But since lactose tolerance was lost in humans, they started drinking fermented
• Soon it became a source of nutrition for everyone – in fact, in many cultures, milk replaced the consumption of meat.
• It also started to be used in religious traditions as it was believed that milk has been sent to earth by the creator of the universe.
• With time, the consumption of milk took a hit due to distribution of industrialised milk, change in consumer preferences and availability of milk substitutes.

Daily CA One- Liner: June 1

• According to the International Labour Organization (ILO), the global unemployment rate is expected to decrease slightly to 4.9% this year from 5.0% in 2023, despite persistent inequalities in labour markets
• In its ongoing effort to combat Unsolicited Commercial Communication (UCC), the government has introduced a dedicated numbering series, 160, exclusively for service and transactional voice calls per the Telecom Commercial Communication Customer Preference Regulation (TCCCPR), 2018
• During the UN 4th International Conference on Small Island Developing States (SIDS) in Antigua and Barbuda, the Coalition for Disaster Resilient Infrastructure (CDRI), headquartered in New Delhi, announced a Call for Proposals aimed at funding projects to enhance infrastructure resilience in SIDS
• India’s assumption of the chairmanship for the regional grouping Colombo Process marks the first time since its inception in 2003.
• PwC will become the largest customer and the first reseller of OpenAI’s enterprise product as businesses accelerate their adoption of generative artificial intelligence
• French tech firm Dassault Systemes announced that Dhaksha Unmanned Systems Pvt Ltd, a Chennai-based drone manufacturer, has adopted its Modsim modeling and simulation tools on the 3DEXPERIENCE platform to develop and launch next-generation drones at lower costs
• A Memorandum of Understanding (MoU) has been established between the Ministry of External Affairs (MEA), Government of India, the Ministry of Electronics and Information Technology (MeitY), Government of India, and CSC eGovernance Services India Limited
• Indian Grandmaster R Praggnanandhaa secured a historic victory by defeating world number one Magnus Carlsen in the Classical format, emerging as the sole leader in the Norway Chess tournament.
• Indian mountaineer Satyadeep Gupta has etched his name in history by achieving two remarkable feats: becoming the first person to scale Mt Everest and Mt Lhotse twice in a single season, and the first Indian to traverse both peaks within a span of 11 hours and 15 minutes
• Bengaluru-based fintech firm PhonePe has launched secured loans in partnership with various non-banking finance companies (NBFCs).
• The Finance Ministry has instructed the State Bank of India (SBI) to establish a six-member committee to address challenges associated with the co-lending business model.
• Markets regulator Securities and Exchange Board of India (SEBI) significantly reduced the time taken by stock exchanges for granting approval to stock brokers for internet-based trading to 7 days from the current 30 days.
• Capital Small Finance Bank (CSFB), a small finance bank, has forged a bancassurance tie-up with ICICI Lombard General Insurance Company Ltd.(ICICI Lombard), a private general insurer.
• 4 prominent European banks, which also serve critical custodian roles in local sovereign debt trade, have approached the Reserve Bank of India (RBI) seeking approval for a third-party transaction model & the European banks involved in this initiative are Credit Agricole, Societe Generale, Deutsche Bank, and BNP Paribas.
• JM Financial Asset Reconstruction Companies (JMFARC’s) capital adequacy fell below regulatory requirements following a provision of Rs 846.86 crore for expected credit loss on distressed loans in FY24.
• Kerala has introduced Artificial Intelligence (AI) learning in the Information & Communication Technology (ICT) textbook of Class 7.
• Saurabh Garg, a 1991-batch Odisha cadre IAS officer, has been appointed as the full-time Secretary of the Ministry of Statistics and Programme Implementation (MoSPI).
• Muthoot Pappachan Group (MPG), popularly known as Muthoot Blue, has roped in Shah Rukh Khan as its brand ambassador.
• Telecommunications services provider Bharti Airtel has appointed Sharat Sinha as the Chief Executive Officer (CEO) of Airtel Business, effective June 3, 2024, who will be reporting to Gopal Vittal, CEO and Managing Director, Airtel.
• State Bank of India (SBI) has commenced the process of selling personal guarantees provided by Nikhil Gandhi, the former promoter of Reliance Naval and Engineering Limited (R-Naval).
• Every year on June 1, World Milk Day is commemorated.