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CURRENT AFFAIRS : BANKING & FINANCE
Securities and Exchange Board of India Introduces ‘Saarthi 2.0’ Mobile App for Investor Education on Personal Finance
- Capital markets regulator Securities and Exchange Board of India (SEBI) has launched a mobile app, ‘Saarthi 2.0’, focused on personal finance for investors.
- The app provides comprehensive tools aimed at simplifying complex financial concepts and enhancing investor education.
Key Features of ‘Saarthi 2.0’ App:
- User-Friendly Interface: The updated ‘Saarthi’ app introduces a user-friendly interface for investors.
- Financial Calculators: The app includes financial calculators to assist users in various financial calculations.
- Educational Modules: Modules within the app introduce and explain KYC procedures, mutual funds, Exchange Traded Funds (ETFs), buying and selling shares on stock exchanges, investor grievances redressal mechanism, and the Online Dispute Resolution (ODR) platform.
- Video Content: The app features a range of videos designed to aid investors in personal finance planning.
- Empowerment of Investors: ‘Saarthi’ aims to empower investors with reliable insights into the securities market, assisting them in making informed financial decisions.
- Target Audience and Purpose:The app is particularly useful for young investors who are at the beginning of their financial journey, providing them with essential tools and insights for investment planning.
- It serves to connect with an investing public increasingly transacting over mobile phones.
- Previous Version and Evolution : The first version of Saarthi was launched in January 2022.
- It serves to connect with an investing public increasingly transacting over mobile phones.
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.
State Bank of India Becomes 1st Public Sector Bank and 7th Indian Company to Surpass Rs 8 Trillion Market Capitalization
- The State Bank of India (SBI) became the 1st public sector bank and the 7th Indian company to cross the Rs 8 trillion market capitalization (m-cap).
- HDFC Bank and ICICI Bank are the only other lenders with m-cap of over Rs 8 trillion.
Key Highlights :
- Stock Performance and Rally:Share Surge: SBI’s shares surged by 9.5% amid a broad-based rally in the equity market ahead of election results.
- Recent Growth: In the last year, SBI’s stock has increased by nearly 55%, and the Nifty PSU Bank index has almost doubled.
- Factors Contributing to the Rally:Strong Profit Growth: Strong profit growth and improvement in asset quality have contributed to the rise in stock prices.
- Better Valuations: State-owned banks, including SBI, have comparatively better valuations than private players.
- Companies in the Rs 8 Trillion League: At present, six Indian companies are valued over Rs 8 trillion.
- Apart from SBI, Reliance Industries, TCS, HDFC Bank, Bharti Airtel, and ICICI Bank are in the Rs 8 trillion league.
- IT major Infosys had also crossed the milestone but is now valued at Rs 5.8 trillion.
- Near $100 Billion Market Cap : Domestic lenders SBI and ICICI Bank are also on the verge of crossing the $100 billion m-cap milestone.
- Recently, telecom major Airtel achieved that feat.
About SBI :
- Established : 1 July 1955
- Headquarters : Mumbai, Maharashtra, India
- Chairman : Dinesh Kumar Khara
- CFO : Kameshwar Rao Kodavanti
Alternative Investment Fund Welcome Securities and Exchange Board of India’s Proposed Amendments to Valuation Norms
- The alternative investment fund (AIF) industry has welcomed recent suggestions by the Securities and Exchange Board of India (SEBI) to change the valuation norms, aiming to resolve valuation issues and relax guidelines.
- On May 23, 2024, SEBI proposed that the valuation of unlisted securities held by AIFs be carried out according to guidelines issued by the eligible industry association, rather than Mutual Fund (MF) Regulations.
- The proposal is open for public comment until June 13, 2024.
Key Highlights :
- Industry Support:The AIF industry association has endorsed the International Private Equity and Venture Capital Valuation Guidelines (IPEV Guidelines) for the proposed change.
- These guidelines are considered more suitable for AIFs as they invest in startups and early-stage private companies, addressing valuation gaps related to holding duration, fund structure (open or closed-ended), and valuation frequency.
- Valuation Methodologies:AIF representatives emphasized the need for a fundamental valuation based on cash flows pertinent to the underwriting thesis, which MF guidelines do not cover.
- Differences Between AIF and MF Investments:A fundamental difference between MF and AIF investments is their holding period strategy:
- Mutual Funds (MF) typically hold investments as ‘Available for Sale’ (AFS).
- Alternative Investment Funds (AIF) typically hold investments as ‘Hold Till Maturity’ (HTM).
- AIFs invest at various stages of companies’ life cycles, such as seed-stage, asset-light stage, growth stage, and exit stage, often in unconventional sectors with no tangible assets.
- Continued MF Regulations: Valuation of securities other than unlisted securities, including non-traded, thinly-traded, and those below investment grade, will continue to be done as per MF regulations.
What is an Alternative Investment Fund (AIF)?
- An Alternative Investment Fund (AIF) refers to any fund established or incorporated in India that operates as a privately pooled investment vehicle.
- These funds gather capital from sophisticated investors, both domestic and international, to invest according to a specified investment strategy for the benefit of the investors.
- AIFs are distinct from funds regulated under the SEBI (Mutual Funds) Regulations, 1996, the SEBI (Collective Investment Schemes) Regulations, 1999, or any other SEBI regulations aimed at managing fund activities.
Over the Past 5 Years, Six PSU Banks Have Issued 1,071 Look-Out Circulars Targeting Defaulters
- In their bid to recover money stuck with absconding wilful defaulters, 6 public sector banks (PSUs) have issued 1,071 look-out circulars (LOCs) since 2018 to prevent them from fleeing to other countries.
- The State Bank of India (SBI), the largest commercial bank in India, has issued the highest number of LOCs among the PSU banks, totalling 583.
- RTI applications were filed with 11 PSU banks, but 3 banks-Canara Bank, UCO Bank, and Bank of Baroda (BoB)-refused to provide the data.
- Bank of Maharashtra did not respond to the application even after a month, while the Indian Bank’s reply is awaited.
- After SBI, Union Bank of India, Punjab National Bank (PNB) and Indian Overseas Bank (IOB) issued 260, 131, and 42 LOCs,
- Bank of India also issued 42 LOCs and Central Bank of India 13 circulars.
Key Highlights :
- Bombay High Court Ruling: On April 23, 2024 the Bombay High Court ruled that public sector banks lack the authority to recommend or request the central government for issuance of LOCs against default borrowers who are Indian citizens or foreigners under the office memoranda (OM) of the central government.
- Wilful Default Accounts: PSU banks have categorized 17,713 accounts involving loans amounting to Rs 353,129 crore as wilful default cases as of December 2023.
- High Value Default Accounts: SBI has classified 2,048 accounts amounting to Rs 81,673 crore as wilful defaults.
- Punjab National Bank (PNB) follows with 2,279 accounts for Rs 43,112 crore, and Union Bank with 1,967 accounts for Rs 37,241 crore.
What are Look Out Circulars (LOCs)?
- Look Out Circulars (LOCs) are governmental directives issued to immigration authorities to regulate the physical movement of individuals.
- The primary objective is to restrict or monitor the entry and exit of persons flagged by law enforcement or regulatory bodies.
- The Bureau of Immigration, operating under the Union Ministry of Home Affairs (MHA), issues these LOCs.
- Immigration officials, primarily at airports and other departure points, are responsible for implementing LOCs to prevent individuals named in the directive from leaving or entering the country.
- These LOCs are based on a series of office memoranda (OMs) or circulars issued by the MHA since October 27, 2010.
IRDAI Releases Comprehensive Circular on Corporate Governance for Insurers
- The Insurance Regulatory and Development Authority of India (IRDAI) issued a master circular on corporate governance for insurers.
What is meant by corporate governance?
- Corporate governance refers to the system of rules, practices, and processes by which a company is directed and controlled.
- It ensures ethical operation and serves the best interests of all stakeholders.
- Objectives of Corporate Governance:The primary goal is to ensure accountability, fairness, and transparency in the company’s relationship with stakeholders.
- It promotes integrity, ethical behaviour, and responsible decision-making.
- Applicability and Compliance Deadline:The master circular applies to all insurers except foreign companies engaged in reinsurance business through a branch established in India.
- Insurers are given time until June 30, 2024, to ensure compliance with the provisions.
Key Provisions:
- IRDAI has directed insurance companies to take prior approval for the appointment of board chairperson.
- Previously, no such approvals were required for appointing Chairman.
- This shift towards principle-based regulations is to ensure thorough due diligence at both the Board Chairman and CEO levels.
- To promote checks and balances, it is good practice for the chair of the board to be a non-executive board member and not serve as chair of any board committee.
- Insurers must ensure the independence of control functions such as compliance, risk, audit, actuarial, and secretarial functions.
- An Investment Committee comprising at least two Non-Executive Directors should be set up by the board of every insurer.
- The audit committee of insurers should be directly responsible for the recommendation of the appointment, remuneration, performance and oversight of the work of the auditors.
About IRDAI :
- Established : 1999
- Headquarters : Hyderabad, Telangana
- Chairperson : Debasish Panda
- The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.
- It has been established for overall supervision and development of the Insurance sector in India.
- The powers and functions of the Authority are laid down in the IRDA Act, 1999 and Insurance Act, 1938.
Axis Bank and Bajaj Allianz General Insurance Form Bancassurance Alliance to Enhance Insurance Reach and Financial Inclusion
- Axis Bank, a private sector bank, and Bajaj Allianz General Insurance, a private general insurer, have entered a strategic bancassurance partnership to boost insurance penetration and financial inclusion in the country.
- Under this Bancassurance tie-up, a comprehensive suite of Bajaj Allianz General Insurance products will be distributed through Axis Bank’s network of 5,250 plus branches.
- The suite of insurance solutions would include personal insurance products such as motor insurance, health insurance, home insurance, travel insurance, and commercial insurance products, including engineering and marine insurance.
- This collaboration will strengthen Bajaj Allianz General Insurance’s distribution reach, enabling it to cater to a broader customer base and offer varied insurance solutions to diverse demographics.
What is Bancassurance?
- Bancassurance is an insurance distribution model where companies partner with banks to sell policies.
- This arrangement benefits both the bank and insurance companies to benefit from this arrangement.
- While the bank earns a commission from the insurance company, the insurer gains from the bank’s distribution network.
About Axis Bank :
- Established : 3 December 1993
- Headquarters: Mumbai, Maharashtra, India
- MD & CEO: Amitabh Chaudhry
- Tagline : Badhti Ka Naam Zindagi
About Bajaj Allianz General Insurance :
- Headquarters : Pune, Maharashtra
- MD & CEO : Tapan Singhel
CURRENT AFFAIRS: NATIONAL NEWS
India to Host 81st IATA Annual General Meeting in 2025
- India is set to host the prestigious annual general meeting (AGM) of the International Air Transport Association (IATA) in 2025, marking a significant milestone after 42 years.
Significance of the Event
- The IATA AGM is widely regarded as one of the most significant events in the aviation industry’s calendar, bringing together key stakeholders to discuss pressing issues and innovations shaping the sector.
Host Airline and Venue
- IndiGo, India’s largest airline by market share, will serve as the host airline for the AGM and the accompanying World Air Transport Summit.
- The event is scheduled to take place in Delhi from June 8 to 10, 2025.
Participation and Global Reach
- With approximately 330 member airlines representing over 80% of global air traffic, the IATA AGM provides a platform for industry leaders to collaborate and strategize on key challenges and opportunities facing the aviation sector.
CEO’s Perspective
- IndiGo CEO Pieter Elbers expressed pride in the airline’s role as the host airline for the 81st IATA AGM, emphasizing their commitment to welcoming the global aviation community to Delhi in 2025.
Decision and Historical Context
- The decision to host the 81st IATA AGM in India was made at the ongoing 80th IATA AGM in Dubai.
- This will mark the third time that Delhi hosts the IATA AGM, with previous meetings held in 1958 and 1983.
Current Event in Dubai
- The 80th IATA Annual General Meeting and World Air Transport Summit are currently taking place in Dubai, UAE, from June 2 to 4, 2024. This marks the first time the event is held in the UAE and is hosted by Emirates Airline.
CURRENT AFFAIRS: BUSINESS NEWS
India receives the highest FDI from Singapore in 2023-24; Mauritius second biggest investor
- India received the highest foreign direct investment (FDI) from Singapore in 2023-24, even as overall overseas capital inflows into the country contracted by approximately 3.5% due to global economic uncertainties.
Singapore: Key Source of FDI for India
- Despite a 31.55% decrease in FDI from Singapore to $11.77 billion in 2023-24, India attracted the maximum inflows from that country, continuing the trend since 2018-19.
- In the preceding fiscal year, India had received the maximum FDI from Mauritius.
Decline in Overall FDI Equity Inflows
- FDI equity inflows into India experienced a 3.49% decline to $44.42 billion in 2023-24 compared to $46.03 billion in the previous fiscal year.
- The total FDI, encompassing equity inflows, reinvested earnings, and other capital, marginally decreased by one per cent to $70.95 billion.
Sectoral Trends
- Inflows contracted across various sectors including services, computer software and hardware, trading, telecommunication, automobile, pharmaceuticals, and chemicals.
Other Key Investors
- While FDI from Mauritius decreased to $7.97 billion in the last fiscal year, the United States emerged as the third-largest investor in India in 2023-24 with $4.99 billion.
- This figure represents a decline from $6 billion in 2022-23.
- Other significant investors include the Netherlands, Japan, the UAE, UK, Cyprus, Germany, and the Cayman Islands.
Russia Emerges as India’s Top Oil Supplier for Second Consecutive Year
- Russia has solidified its position as the leading oil supplier to India for the fiscal year 2023/24, marking the second consecutive year of dominance and reshaping market dynamics by reducing the market share of Middle Eastern and OPEC producers to historic lows.
Factors Driving the Shift
- New Delhi’s increased reliance on Russian oil stems from favourable pricing, with India capitalizing on discounted rates amidst sanctions imposed by Western nations following Russia’s invasion of Ukraine.
Surge in Russian Oil Imports
- Russian oil constituted approximately 35% of India’s total crude imports, amounting to 4.7 million barrels per day (bpd) during the fiscal year ending on March 31.
- This marks a significant surge from the previous year’s 22% share.
Supplier Rankings
- Iraq maintained its position as the second-largest oil supplier to India, with Saudi Arabia, UAE, Qatar, and the US following suit in the fiscal year 2023/24 ranking.
Balanced Imports
- Notably, India achieved a milestone by importing an equal volume of oil from both OPEC and non-OPEC nations for the first time during the fiscal year 2023/24, showcasing a diversified import portfolio.
Implications for Global Oil Markets
- The growing prominence of Russian oil in India’s imports underscores shifting dynamics in global oil trade and geopolitical influences, with potential implications for market stability and strategic partnerships in the energy sector.
CURRENT AFFAIRS: MOUS AND AGREEMENT
Japan Airlines and IndiGo Agree on Codeshare Partnership; enables JAL to expand reach to 14 IndiGo destinations in India
- IndiGo and Japan Airlines (JAL) have entered into a codeshare partnership to provide customers with increased travel options between Japan and India.
Benefits for Customers
- This collaboration promises to significantly benefit customers by expanding travel options between the two countries.
- It will facilitate smoother connectivity and more seamless travel experiences.
Strengthening Connectivity
- Initially, the partnership will focus on strengthening Japan Airlines’ connectivity into India.
- Subsequently, it will broaden to offer IndiGo customers access to JAL’s extensive domestic and international network.
Commencement of Codeshare
- IndiGo, holding over 60% of the market share in India, and Japan Airlines will commence codeshare operations on India domestic routes.
- These routes will connect to JAL-operated flights to and from Delhi and Bengaluru.
Current Route Operations
- Currently, Japan Airlines operates daily services between Tokyo Haneda and Delhi and three times a week services between Tokyo Narita and Bengaluru.
- These services cater to the growing air travel demand between Japan and India.
Enabling Seamless Travel
- Through this partnership, travellers can expect smoother transitions between flights, enhanced convenience, and a wider range of destinations to explore, ultimately enriching the overall travel experience.
Nokia, Gati Shakti Vishwavidyalaya ink pact to partner on 5G, 6G research
- Finnish telecom giant Nokia has agreed with Gati Shakti Vishwavidyalaya (GSV) to conduct joint research focusing on 5G/6G communications within the transportation and logistics domain.
Research Focus
- Under the partnership, Nokia and GSV, a university under the Ministry of Railways, will explore research opportunities in 5G/6G communications, emphasizing air, land, and sea transportation applications.
- The collaboration will extend to areas such as standards development, smart factory automation, and AI/GenAI labs.
Memorandum Signing
- The Memorandum of Understanding (MoU) was formalized at Rail Bhawan, New Delhi, in the presence of Railway Minister Ashwini Vaishnaw, who also serves as the Chancellor of Gati Shakti Vishwavidyalaya.
About Gati Shakti Vishwavidyalaya
- GSV is a central university established with the objective of offering multidisciplinary education, research, skilling, and executive education tailored to the transportation and logistics sectors.
The Department of School Education signs MoU with the National Book Trust to develop an institutional framework for Rashtriya e-Pustakalaya
- The Department of School Education, Ministry of Education, Government of India, has entered into a Memorandum of Understanding (MoU) with the National Book Trust, operating under the Department of Higher Education, Ministry of Education, to establish a robust institutional framework for the Digital Library Platform, Rashtriya e-Pustakalaya.
Key Features
- 24/7 Accessibility: Rashtriya e-Pustakalaya will be accessible round-the-clock, transcending geographical barriers and ensuring wider access to books.
- Diverse Collection: This pioneering digital library will offer over 1,000 non-academic books tailored to children and adolescents, sourced from more than 40 reputable publishers in over 22 languages, including English.
- Inclusive Access: The platform aims to cultivate a lifelong passion for reading among Indian youth by providing quality books across various genres, age groups, and language preferences, thereby ensuring device-agnostic accessibility.
- Age-Centric Categorization: Books will be classified into four age groups, aligning with the guidelines outlined in the National Education Policy (NEP) 2020, catering to readers aged 3-8, 8-11, 11-14, and 14-18 years.
Promoting Inclusivity and Literacy
- The Rashtriya e-Pustakalaya project represents a significant stride towards bridging the digital divide and fostering an inclusive reading culture nationwide, fostering a love for reading among children and adolescents across diverse backgrounds.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Claudia Sheinbaum Secures Landslide Victory to Become Mexico’s 1st Female President
- A climate scientist and former mayor of Mexico City, Claudia Sheinbaum secured a sweeping win to become Mexico’s first female president.
- Claudia Sheinbaum is from the ruling leftist Morena party.
- She succeeded her mentor and outgoing leader, Andres Manuel Lopez Obrador, whose strong support among the impoverished contributed to her victory
- Sheinbaum clinched the presidency with an estimated vote share ranging from 58.3% to 60.7%, according to a swift sample count by Mexico’s electoral body.
- This marks a historic high in Mexico’s democratic record for vote percentage.
Historical Significance:
- Sheinbaum is the first woman to win a general election in the United States, Mexico, or Canada.
- In 2018, she became the first female mayor of Mexico City, a position she held until 2023 when she stepped down to run for president.
About Mexico :
- Capital: Mexico City
- Currency: Mexican Peso
- Mexico, officially the United Mexican States, is a country in the southern portion of North America.
Vijaya Bharathi Sayani Appointed as Acting Chairperson of National Human Rights Commission
- Vijaya Bharathi Sayani, Member of the National Human Rights Commission (NHRC), has been authorized to act as the Chairperson of NHRC by the President, under Section 7(1) of the Protection of Human Rights Act, 1993.
- This appointment is effective from June 2, 2024, until the appointment of a new Chairperson to fill the vacancy.
- Sayani will replace Justice (Retd) Arun Kumar Mishra, who completed his three-year tenure as the eighth Chairperson of NHRC on June 1, 2024.
- Sayani, an advocate practising before the Telangana High Court was appointed as an NHRC member in December 2023.
- Justice Arun Kumar Mishra was appointed as the Chairperson of NHRC in June 2021.
- He served as a former Supreme Court judge and was the first non-Chief Justice of India (CJI) to hold the position of NHRC Chief since the amendment of the Protection of Human Rights Act in 2019.
- Eligibility Criteria Amendment:In 2019, Parliament amended the Protection of Human Rights Act, 1993, to revise the eligibility criteria for the posts of Chairperson of NHRC and State Human Rights Commissions.
- Previously, only a retired Chief Justice of India was eligible for appointment as NHRC Chairperson.
- However, the amended law allowed consideration of a judge of the Supreme Court for the position.
About NHRC :
- Establishment: NHRC is a statutory body established on October 12, 1993, under the Protection of Human Rights Ordinance of September 28, 1993.
- Headquarters: New Delhi, Delhi, India.
- Mandate: NHRC is responsible for the protection and promotion of human rights, which are defined by the act as “Rights Relating To Life, liberty, equality, and dignity of the individual guaranteed by the constitution or embodied in the international covenants and enforceable by courts in India.”
Composition:
- NHRC consists of:
- Chairperson
- Five members (excluding the ex-officio members)
Indian Railway Service of Mechanical Engineering, Sushil Kumar Singh Appointed as Chairperson of Deendayal Port Authority
- Appointment of Sushil Kumar Singh as Chairperson of Deendayal Port Authority (DPA), Kandla approved by the Appointments Committee of the Cabinet.
- Singh is from the Indian Railway Service of Mechanical Engineering (IRSME) with the batch of 1992.
- The appointment falls under the Ministry of Ports, Shipping, and Waterways.
- Singh’s tenure extends until January 31, 2027, or until further orders, whichever is earlier.
- The appointment is significant for the management and development of the Deendayal Port Authority.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
China Lands Uncrewed Craft on Moon’s Far Side, Achieving Milestone in Lunar Sample Retrieval Mission
- China landed an uncrewed spacecraft on the far side of the moon, overcoming a key hurdle in its landmark mission to retrieve the world’s first rock and soil samples from the dark lunar hemisphere.
- The Chang’e-6 spacecraft is equipped with an array of tools and its own launcher.
- It landed using these tools in the South Pole-Aitken Basin.
- The South Pole-Aitken Basin is one of the largest known impact craters in the solar system.
- The mission is part of China’s Chang’e moon exploration program, named after the Chinese moon goddess.
- This is the 6th mission in the program.
- Chang’e-6 was launched on May 3 using China’s Long March 5 rocket from the Wenchang Satellite Launch Center in Hainan, China.
- This marks China’s 2nd successful descent on the far side of the moon, following its initial landing in 2019.
- The mission aims to gather 2 kg (4.4 pounds) of lunar material within a three-day span using a robotic arm and a drill.
- China previously achieved successful sample retrieval from the near side of the moon with the Chang’e-5 mission in 2020, bringing back 1.7 kg (3.7 lb) of material.
About China:
- President: Xi Jinping
- Capital: Beijing
- Currency: Renminbi
CURRENT AFFAIRS: SPORTS NEWS
Devarakeshavi Prakasha Manu Secures Gold Medal in Javelin at Taiwan Athletics Open 2024
- Indian javelin thrower DP Manu secured the gold medal at the Taiwan Athletics Open 2024 with an impressive throw of 81.58 meters.
Remarkable Performance
- Manu’s journey to victory began with a strong throw of 78.32 meters.
- He further improved to 80.59 meters in his third attempt, ultimately clinching the top spot with his final throw of 81.58 meters.
Podium Finishers
- Silver Medal: Chao Tsun Cheng of Chinese Taipei with a throw of 76.21 meters.
- Bronze Medal: Chao-Hong Huang, also from Chinese Taipei, with a throw of 71.24 meters.
Solo Foreign Contender
- Manu stood out as the only foreign participant among the 12 competitors, showcasing his prowess on an international stage.
Olympic Qualification
- Despite his gold medal win, Manu is yet to meet the automatic qualification mark of 85.50 meters for the Paris Olympics, indicating room for further improvement.
Tournament Details
- The Taiwan Athletics Open is classified as a World Athletics Continental Tour bronze-level meet, attracting athletes from across the globe to compete at a high level.
Indian Contingent’s Success
- The Indian contingent wrapped up their campaign at the Taiwan Athletics Open 2024 with an outstanding medal haul, securing seven medals, including three golds, three silvers, and one bronze medal, further cementing India’s presence in the global athletics arena.
CURRENT AFFAIRS: IMPORTANT DAYS
World Environment Day 2024: June 5
- Every year on June 5th, World Environment Day raises public awareness about various concerns such as increasing deforestation, which contributes to global warming.
- Organised by: United Nations General Assembly (UNGA)
- Theme: “Land Restoration, Desertification and Drought Resilience”
- In 1972, the United Nations General Assembly (UNGA) passed a resolution, designating June 5th as World Environment Day during the Stockholm Conference on the Human Environment.
- The first World Environment Day was celebrated in 1973 with the theme “Only One Earth”.
- Since then, World Environment Day has been celebrated annually on June 5th, with a different host country and theme each year.
- At present, the day has become a global movement, with participation from millions of people around the world, making it one of the largest annual celebrations of the United Nations.
Daily CA One- Liner: June 5
- India is set to host the prestigious annual general meeting (AGM) of the International Air Transport Association (IATA) in 2025, marking a significant milestone after 42 years
- India received the highest foreign direct investment (FDI) from Singapore in 2023-24, even as overall overseas capital inflows into the country contracted by approximately 3.5% due to global economic uncertainties
- Russia has solidified its position as the leading oil supplier to India for the fiscal year 2023/24, marking the second consecutive year of dominance and reshaping market dynamics by reducing the market share of Middle Eastern and OPEC producers to historic lows
- IndiGo and Japan Airlines (JAL) have entered into a codeshare partnership to provide customers with increased travel options between Japan and India
- Finnish telecom giant Nokia has agreed with Gati Shakti Vishwavidyalaya (GSV) to conduct joint research focusing on 5G/6G communications within the transportation and logistics domain
- The Department of School Education, Ministry of Education, Government of India, has entered into a Memorandum of Understanding (MoU) with the National Book Trust, operating under the Department of Higher Education, Ministry of Education, to establish a robust institutional framework for the Digital Library Platform, Rashtriya e-Pustakalaya.
- Indian javelin thrower DP Manu secured the gold medal at the Taiwan Athletics Open 2024 with an impressive throw of 81.58 meters.
- Capital markets regulator Securities and Exchange Board of India (SEBI) has launched a mobile app, ‘Saarthi 2.0’, focused on personal finance for investors.
- The State Bank of India (SBI) became the 1st public sector bank and the 7th Indian company to cross the Rs 8 trillion market capitalisation (m-cap).
- The alternative investment fund (AIF) industry has welcomed recent suggestions by the Securities and Exchange Board of India (SEBI) to change the valuation norms, aiming to resolve valuation issues and relax guidelines.
- In their bid to recover money stuck with absconding wilful defaulters, 6 public sector banks (PSUs) have issued 1,071 look-out circulars (LOCs) since 2018 to prevent them from fleeing to other countries.
- The Insurance Regulatory and Development Authority of India (IRDAI) issued a master circular on corporate governance for insurers.
- Axis Bank, a private sector bank, and Bajaj Allianz General Insurance, a private general insurer, have entered a strategic bancassurance partnership to boost insurance penetration and financial inclusion in the country.
- A climate scientist and former mayor of Mexico City, Claudia Sheinbaum secured a sweeping win to become Mexico’s first female president.
- Vijaya Bharathi Sayani, Member of the National Human Rights Commission (NHRC), has been authorized to act as the Chairperson of NHRC by the President, under Section 7(1) of the Protection of Human Rights Act, 1993.
- Appointment of Sushil Kumar Singh as Chairperson of Deendayal Port Authority (DPA), Kandla approved by the Appointments Committee of the Cabinet.
- China landed an uncrewed spacecraft on the moon’s far side, overcoming a key hurdle in its landmark mission to retrieve the world’s first rock and soil samples from the dark lunar hemisphere.
- Every year on June 5th, World Environment Day raises public awareness about various concerns such as increasing deforestation, which contributes to global warming.
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