Daily Current Affairs 06 June 2024 | Latest News | Download PDF

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CURRENT AFFAIRS: BANKING & FINANCE

Reserve Bank of India Absorbs ₹44,430 Crore of Surplus Liquidity Through 2 variable rate reverse repo Auctions

• The Reserve Bank of India (RBI) absorbed surplus liquidity aggregating ₹44,430 crore through two variable rate reverse repo (VRRR) auctions of three days tenor.
• The aforementioned amount was deployed by banks even as the central bank was ready to absorb a total of ₹1-lakh crore (notified amount).

Auction Details:

• First Auction:
• Notified amount: ₹50,000 crore.
• Funds deployed by banks: ₹41,730 crore.
• Weighted Average Rate (WAR): 6.48%.
• Second Auction:
• Notified amount: ₹50,000 crore.
• Funds deployed by banks: ₹2,700 crore.
• WAR: 6.49%.
• The system liquidity surplus increased to ₹28,800 crore (excluding adjustments for daily cash reserve ratio imbalances).
• Reason for Increased Liquidity Surplus:The widening of the system liquidity surplus was primarily due to month-end government spending.

What is meant by Repo Auction?

• A repo auction is conducted by the central bank to inject liquidity into the system, allowing banks to obtain liquidity overnight through RBI’s marginal standing facility when interbank liquidity is insufficient.

What is a Liquidity Adjustment Facility? 

• A liquidity adjustment facility (LAF) is a tool used in monetary policy, mainly by the Reserve Bank of India (RBI), which enables banks to borrow money through repurchase agreements (reposals) or banks to lend to the RBI using reverse repo contracts.
• It was introduced as a part of the outcome of the Narasimham Committee on Banking Sector Reforms of 1998.

Recent News : 

• In June 2024, In a first, the Reserve Bank of India (RBI) cancelled the auction of 10-year green bonds as traders refused to pay greenium.
• Greenium signifies the premium investors are willing to pay for green bonds because of their sustainability impact.
• In May 2024, The Reserve Bank of India (RBI) conducted a variable rate repo (VRR) auction of Rs 1.25 trillion, bringing the total liquidity infused through 9 VRR auctions in May, 2024 to Rs 7.75 trillion.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar

Punjab National Bank Collaborates with IIFCL to Offer Financing for Infrastructure Projects

• Punjab National Bank (PNB), a public sector bank, and India Infrastructure Finance Company Ltd (IIFCL), a state-owned entity, signed a Memorandum of Understanding (MoU) to provide long-term financial support for viable infrastructure projects.
• Under this agreement, both institutions will collaborate to fund infrastructure projects, participating together under consortium or multiple lending arrangements.
• They will provide financial support to prospective borrowers following due diligence on a case-by-case basis.
• The MoU represents a milestone in creating new lending opportunities for infrastructure projects in India.
• The MoU was exchanged between Atul Kumar Goel, MD & CEO of PNB, and Padmanabhan Raja Jaishankar, Managing Director of IIFCL.

About India Infrastructure Finance Company Limited : 

• Establishment: IIFCL was established in 2006 by the Government of India.
• Ownership: IIFCL is a wholly-owned government entity.
• Function: IIFCL provides long-term financial assistance to viable infrastructure projects.
• Operational Mechanism: It operates through the Scheme for Financing Viable Infrastructure Projects via a Special Purpose Vehicle (SPV) known as IIFCL, commonly referred to as SIFTI.

SEBI Establishes Committee to Review Ownership and Economic Structure of Clearing Corporations

• The Capital markets regulator Securities and Exchange Board of India (SEBI) has set up a committee to review the ownership and economic structure of clearing corporations and suggest measures to ensure that clearing corporations function as resilient, independent, and neutral risk managers.
• The ad-hoc committee would be chaired by Usha Thorat, former Deputy Governor of the Reserve Bank of India (RBI).
• The decision has been taken in the wake of the substantial growth of Indian securities markets in recent years and the importance of clearing corporations as central risk management institutions.

Key Highlights : 

• Ownership Structure Review :With regards to ownership structure, the committee will examine the feasibility, and broadening the list of eligible investors, who are allowed to take shareholding in a clearing corporation and suggest categories of investors who can acquire stakes in such corporations.
• Shareholding Caps : Additionally, it will examine the need to alter the caps on the shareholding of various entities in a clearing corporation.
• Current Ownership Structure : At present, the current ownership structure of a clearing corporation is dominated by the parent exchange with all clearing corporations under the regulatory purview of Sebi being subsidiaries of their parent exchanges.
• Financial Structure : Additionally, the committee is required to deliberate and suggest alternatives towards achieving optimum financial structure for a clearing corporation which ensures its financial independence and sustenance as a robust going concern, while also taking into consideration the following aspects.

Recent News : 

• In June 2024, SEBI introduced the ‘Saarthi 2.0’ mobile app, which offers a suite of comprehensive tools designed to simplify intricate financial concepts while bolstering investor education in personal finance.

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.

Adani One and ICICI Bank Launched 2 Co-Branded Credit Card Variants

• Adani One,the digital platform of the Adani Group, and ICICI Bank have collaborated to introduce two new co-branded credit cards in association with Visa.
• This partnership signifies the Adani Group’s entry into the retail financial sector.
• The newly launched credit cards come in two variants: Adani One ICICI Bank Signature Credit Card and Adani One ICICI Bank Platinum Credit Card.

Fee Structure and Benefits:

• The Adani One ICICI Bank Signature Credit Card has an annual fee of Rs 5,000 and offers joining benefits worth Rs 9,000.
• The Adani One ICICI Bank Platinum Credit Card has an annual fee of Rs 750 with joining benefits worth Rs 5,000.
• Cardholders can earn up to 7% Adani reward points on purchases made within the Adani Group ecosystem.
• This includes services such as the Adani One app, which can be used for booking flights, hotels, trains, buses, and cabs, along with spends across Adani-managed airports, Adani CNG pumps, Adani Electricity bills, and train bookings.
• Other benefits of the co-branded credit card include premium lounge access, free air tickets, Pranaam Meet & Greet Service, porter, valet, and premium car parking.
• Adani Group launched the Adani One app in December 2022, marking a significant step in the company’s digital journey.

About ICICI Bank Limited : 

• Founded : 5 January 1994
• Headquarters :  Mumbai, Maharashtra
• MD & CEO: Sandeep Bakhshi.

Securities and Exchange Board of India’s Rumour Verification Rules Now Apply to Top 100 Listed Companies

• Amid the mayhem over exit poll prediction, market regulator Securities and Exchange Board of India (SEBI) has implemented the much awaited market rumour verification regulation on top 100 companies.

Key Highlights : 

• Rule Requirement: Under the SEBI’s rule, these companies will have to ‘confirm, deny, or clarify any reported event or information in the mainstream media that is not general in nature and that indicates that rumours of an impending specific material event’ are circulating among the investors in 24 hours from the reporting of the information.
• Price Movement Impact Norms: SEBI has established norms for calculating the price movement impact on stocks due to rumours.
• Exemptions: The price movement due to certain corporate actions, such as buybacks through reverse book building on stock exchanges, qualified institutional placements, preferential allotments, and takeovers, is exempted while calculating the impact of rumours on stock price movements.
• Additional Coverage: From December 1, the rumour confirmation norms will be extended to the next 250 top companies.
• Exclusions in Price Calculations: Price calculations for corporate actions like share buybacks and open offers will exclude material share price movements caused by confirmed rumours.
• Penalties for Non-Compliance: Companies that do not comply with these rules will have to pay a penalty to stock exchanges.

CURRENT AFFAIRS: NATIONAL NEWS

Over 1 lakh farmers voluntarily gave up their PM-Kisan benefits last year(2023)

• According to the Union Ministry of Agriculture and Family Welfare,116,000 farmers have voluntarily surrendered their benefits under the Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) scheme during June 2023 to May 2024 period across the country.

Bihar leads the state in surrendering PM -Kisan scheme

• Of the 116,000 farmers who have voluntarily given up the scheme maximum are from Bihar followed by Uttar Pradesh and Rajasthan.

Following are the top states where farmers have surrendered their PM-Kisan benefit 

• Bihar-.29176 farmer’s families
• Uttar Pradesh -26.593 farmer’s families
• Rajasthan -10,343 farmer’s families
• Maharashtra-7,825 farmer’s families
• Jharkhand- 6,215 farmer’s families

Uttar Pradesh largest beneficiary of PM Kisan scheme

• The farmers are paid Rs 2000 each in three installments by the government of India.
• The 16th installment was released by Prime Minister Narendra Modi on 29 February 2024 directly to the bank account of 9.09 crore farmers.
• Out of the 9.09 crore farmers, the maximum number of farmers were from Uttar Pradesh.
• 03 crore beneficiary farmers were in Uttar Pradesh,followed by Maharashtra (89.66 lakh farmers), Madhya Pradesh (79.93 lakh), Bihar (75.79 lakh) and Rajasthan (62.66 lakh).

Pradhan Mantri Kisan Samman Yojana (PM-KISAN)

• To provide income support to the farmers of the country the government of India launched a 100 per cent centrally sponsored scheme Pradhan Mantri Kisan Samman Nidhi (PM-Kisan)
• It was launched by the Prime Minister Narendra Modi at Gorakhpur, Uttar Pradesh on 24 February 2019.
• The Union Ministry of Agriculture and Farmer Welfare, Government of India, administers the PM-KISAN yojana in India.

What is the benefit of the scheme?

• Under this scheme, eligible farmers receive Rs 6000 per year in their bank account from the Government of India in three installments, every 4th month of the year.
• All installments falling due on or after 1^st December 2019 are being paid only on the basis of the Aadhaar authenticated bank data of beneficiaries.

National Pension System assets surge 28% to ₹12.16 lakh crore

• National Pension System’s (NPS) assets under management (AUM) have touched ₹12.16 lakh crore as of May 25, the latest data from the Pension Fund Regulatory and Development Authority (PFRDA)
• The AUM is up by 28 per cent from ₹9.52 lakh crore a year ago.
• The overall AUM, including Atal Pension Yojana (APY), was also higher than the March 2024 level of ₹11.73 lakh crore.
• In August last year, the NPS assets had touched ₹10 lakh crore.
• In nine months, it jumped by ₹2 lakh crore, PFRDA data showed.
• NPS took six years and six months to reach the milestone of ₹1 lakh crore AUM after its implementation in 2009.
• It then took four years and 11 months to reach ₹5 lakh crore.

New subscribers

• The number of new NPS and APY subscriber registrations till June 2 stood at 1,26,023, PFRDA data showed.
• The number of subscribers in the non-government sector, as of May 25, grew by 79 lakh year-on-year, while in the government sector it grew by 7.18 lakh.
• In 2023-24, as many as 9.47 lakh new subscribers joined NPS from the non-government sector, including 8.10 lakh from ‘all citizen model ‘ and 1.37 lakh corporate employees.
• The NPS assets growth in recent years has been driven by buoyant equity markets and a widening subscriber base.
• The non-government corporates and retail sector saw 38.65 per cent year-on-year growth in NPS assets as of May 25, to touch ₹2.38 lakh crore.
• On the other hand, NPS assets of the government sector were up 25.09 per cent at ₹9.35 lakh crore.
• As many as 7.10 lakh new government employees joined the NPS in fiscal 2023-24.

Equity returns

• Bull markets in equities helped pension funds record an average annual return of 35.06 per cent as of May 24, surpassing corporate bonds fourfold and outperforming government securities and state government schemes, the PFRDA data showed.
• Over the past three years, pension funds achieved an average return of 18.62 per cent in equities, with returns since NPS inception coming in at 13.78 per cent for equity investments.
• As of May 24 this year, corporate bonds recorded annual return of 7.12 per cent, while government securities saw a return of 7.83 per cent.
• The annual return from central and state government schemes stood at 10.78 per cent and 10.77 per cent, respectively, data showed.
• The total number of NPS and APY subscribers, as of May 25 this year, stood at 7.45 crore, up 16.11 per cent over 6.42 crore a year ago.

NOTA gets over 1.7 lakh votes in Indore LS seat, breaks previous record of Gopalganj

• Following the Congress’ appeal to electors in Madhya Pradesh’s Indore to select the ‘None of the Above’ option, it has so far got more than 1.7 lakh votes in the Lok Sabha seat, breaking the previous NOTA record of Gopalganj in Bihar.
• NOTA gives an option to voters to reject all candidates in a constituency.
• In the 2019 elections, the Gopalganj Lok Sabha seat in Bihar recorded the maximum NOTA votes at 51,660, about 5 per cent of the total votes polled in the constituency.
• As per the latest data available on the EC’s website amid vote counting underway, NOTA has so far got 1,72,798 votes in Indore, the second highest after BJP candidate Shankar Lalwani who got 9,90,698
• All the 13 other candidates in Indore have so far received less votes than NOTA.

NOTA History:

• Following a decision of the Supreme Court, the NOTA option was introduced on the Electronic Voting Machines (EVMs) in September 2013.
• In the 2014 Lok Sabha polls, Nilgiris in Tamil Nadu recorded 46,559 votes for NOTA, which was then around 5 per cent of the total votes polled in the constituency.
• The Congress has been out of poll race in Indore for the first time in this Lok Sabha seat’s 72-year history.
• Voting in Indore took place on May 13, with 61.75 per cent of the 25.27 lakh electors exercising their franchise, as per the EC’a data.

CBIC initiates process to replace 80 years old Central Excise Act

• Ahead of the formation of the new Government, the Central Board of Indirect Taxes and Custom (CBIC) released draft of new Bill to amend the Central Excise Act.
• The proposed Bill, once enacted, will replace 8 decades’ Act – the Central Excise Act.
• The Bill comprises twelve chapters, 114 (one hundred and fourteen) sections and two schedules.
• The existing Act has 11 chapters with over 110 Sections and 4 Schedules.
• Post introduction of GST, Central Excise is levied mainly on petroleum products.

CURRENT AFFAIRS : STATE NEWS

Hyderabad No Longer Serves as Joint Capital for Telangana and Andhra Pradesh

• Hyderabad, one of the bustling metropolitan cities of the country, ceased to be the common capital of Telangana and Andhra Pradesh on June 2, 2024, as per the Andhra Pradesh Reorganisation Act, 2014.
• Starting from June 2, 2024, Hyderabad is the capital city of Telangana only.
• Hyderabad was made the capital city of both Telangana and Andhra Pradesh for a period of 10 years following the bifurcation of undivided Andhra Pradesh in 2014.

Key Highlights : 

• Formation of Telangana: Telangana was formed on June 2, 2014.
• AP Reorganisation Act: According to Section 5(1) of the Andhra Pradesh Reorganisation Act, 2014, Hyderabad was to be the capital of Telangana only for ten years, after which a new capital was to be established for Andhra Pradesh.
• Legislative Approval: The Andhra Pradesh Reorganisation Bill was passed in the Indian Parliament in February 2014.
• Andhra Pradesh’s Capital Status: As of now, Andhra Pradesh has not yet established a permanent capital. There are ongoing disputes over Amaravati and Visakhapatnam, which are pending in courts.
• Temporary Administrative Setup: Previously, then Chief Minister Chandrababu Naidu had planned to build a new capital in Amaravati. In the interim, he shifted his administration to Vijayawada and parts of Guntur.
• No Official Capital: Currently, Andhra Pradesh does not have an officially designated permanent capital.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

PV Sindhu Named Brand Ambassador for Greenday’s Better Nutrition, a Biofortified Staples Brand

• PV Sindhu, two-time Olympic medallist and world champion shuttler, has invested in and become the brand ambassador for Greenday’s ‘Better Nutrition’ brand.
• The collaboration aims to address micronutrient deficiencies in India through biofortified foods, benefiting both consumer health and farmer livelihoods.
• The partnership between Sindhu and Greenday aims to improve consumer health and enhance farmer prosperity by promoting the nutritional value of staple crops.

About Greenday : 

• Founder & CEO : Prateek Rastogi
• Greenday, founded by Indian Institute of Management Ahmedabad alumni Rastogi and Aishwarya Bhatnagar, works with farmers to cultivate nutrient-dense crop varieties.
• Retail Presence: Greenday operates around 75 agri-input stores and procurement centers across India under the brand Greenday ‘Kisan ki Dukan.’
• Farming Approach: Greenday closely collaborates with farmers, educating, empowering, and incentivizing them to grow nutrient-rich crops.
• Biofortified Crops: These crops are enriched with essential micronutrients such as iron, zinc, pro-vitamin A, calcium, and protein, promoting holistic human growth and development.
• Farmer Incentives: Farmers receive premium prices for cultivating these nutrient-rich crops.

Serie A Champions Inter Appoint Giuseppe Marotta as Club’s New President

• Giuseppe Marotta, Inter Milan’s current sporting Chief Executive Officer (CEO), is set to become the club’s new president.
• Marotta’s appointment follows the nomination by Inter Milan’s new owners, Oaktree, a US-based investment firm.
• Marotta, considered the architect of Inter’s recent return to football’s top table, will replace outgoing president Steven Zhang following a shareholders’ meeting in Milan in which a new board will also be appointed.
• Oaktree took control of Inter last month, days after the club were officially crowned kings of Italy for a 20th time, when previous owners Suning failed to repay a three-year loan which matured at 395 million euros ($428 million).

About Giuseppe Marotta : 

• Marotta joined Inter in 2018 as head of football operations under Suning and Zhang.
• Since then, Inter have won two Serie A titles, two Italian Cups, three Italian Super Cups and reached the final of both the Champions League and Europa League.
• The 67-year-old was previously CEO at Juventus for a trophy-laden eight years.

About Inter Milan : 

• Founded : 9 March 1908
• Football Club Internazionale Milano, commonly referred to as Internazionale or simply Inter, and colloquially known as Inter Milan in English-speaking countries,is an Italian professional football club based in Milan, Lombardy.
• Inter is the only Italian side to have always competed in the top flight of Italian football since its debut in 1909.

CURRENT AFFAIRS: AWARDS & HONOURS

Nar Singh, Rohini Lokhande win Dilip Bose lifetime achievement award

• The All India Tennis Association (AITA)has announced the Dilip Bose award for lifetime achievement to coach Nar Singh.
• The award along with a cash prize of 50,000 will be presented during the 11th National coaches workshop to be held at the PYC Hindu Gymkhana in Pune on June 7 and 8.
• The secretary general of AITA, Anil Dhupar, announced a new lifetime achievement award for women coaches.
• The first award would be presented to the 69-year-old Rohini Lokhande who was a member of the national team along with Kiran Bedi, Nirupama Mankad, Susan Das and Udaya Kumar, before she took to coaching at a young age.
• Rohini was the first woman tennis coach to qualify from the National Institute of Sports.
• The 65-year-old Nar Singh, who has served as a coach and educator for several years, will be the 11th recipient of the Dilip Bose award.
• His eldest brother Balram Singh was chosen for the award in
• Akhtar Ali, Nandan Bal, CGK Bhupathi, T Chandrasekaran, Enrico Piperno, Tahir Ali, CV Nagaraj, Gajendra Singh, Hemant Bendrey, S Narendra Nath were the other recipients of the award.
• The AITA Coaches workshop revived after 2019 will have the theme of Technology and allied services in tennis.
• The Head of Participation and Education of the International Tennis Federation (ITF), Miguel Crespo, will deliver the keynote address.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Punjab National Bank Board Approves Selling 10% Stake in Canara HSBC Life Insurance Company

• Punjab National Bank’s (PNB) Board approved the initiation of process for divesting 10% shareholding in its associate company Canara HSBC Life Insurance through an initial public offering (IPO) route.
• Currently, PNB holds a 23% stake in Canara HSBC Life Insurance.
• The proposed move will be subject to regulatory approvals and the modalities of the issue and other formalities will be decided in due course.
• This latest PNB move comes on the heels of the Board of Canara Bank giving its approval for initiating the process of diluting 14.50 per cent stake in its subsidiary Canara HSBC Life Insurance.
• Currently, Canara Bank has a 51 per cent stake in the life insurer, while HSBC has a 26 per cent stake in the joint venture.
• For the fiscal year ending March 31, 2024, Canara HSBC Life reported a surplus of ₹182 crore, marking a notable 15% increase from the previous fiscal’s surplus of ₹158 crore.
• Earlier, IRDAI norm required PNB to bring down holding in one of its life insurance companies to 10%.
• It was earlier stipulated that a bank cannot be a promoter of two life insurers and should bring holding to 10% in one of them.
• However, this norm had been changed and IRDAI had permitted a bank to move from promoter category to investment category even if the holding is up to 25%.

About PNB : 

• Founded : 19 May 1894
• Headquarters : New Delhi
• MD & CEO : Atul Kumar Goel

About Canara HSBC Life Insurance : 

• Founded : 2008
• Headquarters : Gurgaon, Haryana, India
• CEO : Anuj Mathur

CURRENT AFFAIRS: BUSINESS NEWS

RIL to build Global Economic Hub in Navi Mumbai

• Reliance Industries Limited (RIL)is set to establish a global economic hub in Navi Mumbai, having secured sub-leases on approximately 3,750 Acres of land for an estimated INR 13,400 Crore.
• The lease duration is 43 years, following a memorandum of understanding signed with the Maharashtra Governmentback in
• The land, initially allotted to the Navi Mumbai SEZ (NMSEZ)in 2006, will be used to develop an integrated industrial area.
• RIL aims to create a world-class integrated digital services industrial area through global partnerships.
• Moreover, the economic hub will provide infrastructure encouraging corporations to set up offices and factories.
• Moreover, this initiative aligns with the state government’s plan to decongest
• It will create parallel industrial hubs in Navi Mumbai and Panvel, enhancing infrastructure and providing facilities such as affordable housing and improved connectivity.

Netherlands Becomes India’s Third Largest Export Destination In 2023

• The Netherlands has emerged as India’s third largest export destination after the US and UAE in 2023-24, with key exports including petroleum products, electrical goods, chemicals, and pharmaceuticals.
• India’s trade surplus with the Netherlands rose to USD 17.4 billion in the last fiscal year.
• This development comes amid a dip in India’s overall merchandise shipments by over 3 per cent, according to the commerce ministry data.
• Significant exports to the Netherlands included petroleum products valued at USD 14.29 billion, along with electrical goods, chemicals, and pharmaceuticals.
• The bilateral trade surplus broadened to USD 17.4 billion, up from USD 13 billion in the previous fiscal year.
• Both countries have solidified their economic ties since establishing diplomatic relations in 1947.
• In the same period, India saw a modest rise in export value by 3.5 per cent to USD 22.36 billion.
• The Netherlands, being a crucial entry point into Europe with its efficient ports, is projected to continue as a key trading partner.
• Foreign direct investment inflows from the Netherlands into India also saw a notable increase during this period.

About Netherlands:

• Capital: Amsterdam
• Currency: Euro
• Prime Minister: Mark Rutte

Volvo to issue world’s first EV battery passport ahead of EU rules

How green is your green car:

• Even as electric vehicles (EVs) are touted as the best for the planet, the components – especially in the batteries – may not quite be.
• As such, Volvo is set to issue the world’s first EV battery passport that will record the source of components and raw materials, and list out the carbon footprint of the company’s flagship EX90 electric SUV.
• The passport has been worked out by Volvo in partnership with UK-based startup Circulor.
• The company makes use of blockchain technology to trace the origins of supply chains for companies.
• The objective behind having an EV battery passport for the EX90, according to Volvo, is to increase awareness and improve transparency around such vehicles. “It’s really important for us to be a pioneer and a leader,” Vanessa Butani, Volvo’s Head of Global Sustainability told Reuters. She also confirmed that the passport would soon be extended to all Volvo EVs.
• It has also been confirmed that manufacturing of the EX90 with the battery passport will commence shortly at the company facility in South Carolina in the United States and that deliveries for customers in North America and Europe will start from later this year.
• Customers will be able to access the battery passport by scanning a QR code. A comprehensive version of the passport will also be made available to regulators.
• While Volvo has taken the lead in this regard, all others are expected to follow soon. This is because battery passports will become mandatory for EVs in European Union from February of 2027.

CURRENT AFFAIRS: ACQUISITIONS & MERGERS

CCI approves combination involving acquisition in IRB Infrastructure Trust and MMK Toll Road by Cintra

• The Competition Commission of India (CCI) has approved the proposed combination involving acquisition in IRB Infrastructure Trust and MMK Toll Road Private Limited by Cintra.
• Cintra InvIT Investments B.V. (Cintra SPV 1)and Cintra IM Investments B.V. (Cintra SPV 2) are collectively referred to as “Acquirers” The Acquirers are SPVs (wholly-owned subsidiaries of Cintra Global S.E.) which have been incorporated in the Netherlands for the purpose of the Proposed Combination and belong to the Ferrovial group.
• The Cintra division of the Ferrovial group undertakes activities in relation to toll roads development and management, and the Ferrovial group is a global developer of transport infrastructure, mobility solutions, engineering and is engaged in the construction of civil works and buildings.
• IRB Infrastructure Trust (Private InvIT) is a private trust registered under the Indian Trusts Act 1882 and SEBI’s Infrastructure Investment Trusts Regulations 2014.
• The sponsors of the trust are IRB Infrastructure Developers Ltd (IRB ListCo) and GIC.
• It is operating 14 highways assets, which are being managed pursuant to the concessions granted by the respective nodal agencies.
• The Private InvIT invests in road infrastructure assets in India and all road projects of the Private InvIT are held through
• MMK Toll Road Private Limited (IM) is the investment manager of the Private InvIT which is an InvIT registered with the SEBI.
• The Proposed Combination involves: (i) Acquisition of approximately 24% of the issued and outstanding unitholding (on a fully-diluted basis) along with certain commercially negotiated rights in the Private InvIT by Cintra SPV 1 (InvIT Transaction); (ii) Simultaneous acquisition of approximately 24% equity shareholding along with the right to nominate a director on the board of directors of the IM of the Private InvIT by Cintra SPV 2 (IM Transaction) (Proposed Combination).

About Competition Commission of India:

• The Competition Commission of India(CCI) is the chief national competition regulator in India. It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act, 2002 to promote competition and prevent activities that have an appreciable adverse effect on competition in India.
• Formed: 14 October 2003
• Jurisdiction: Republic of India
• Headquarters: New Delhi
• Chairperson: Ravneet Kaur IAS

Air India teams up with Delhi Metro, DIAL

• Air Indiain its latest collaboration with Delhi Airport and Delhi Metro is all set to offer check-in services at two metro stations in the national capital for international passengers.
• With this initiative, passengers will now be able to explore the city without worrying about their luggage.
• Flyers can now check in their luggage at the metro stations.
• Passengers will need to check in their luggage at the Shivaji Stadium and New Delhi stations.
• Once they have checked in, baggage will get transferred to the flight through a sophisticated automated system managed by Delhi International Airport Ltd (DIAL) AND Delhi Metro Rail Corporation (DMRC).
• Flyers can enjoy these services at the metro station from 7 am to 9 pm. Earlier, these facilities were only for domestic flyers but now it has opened for international passengers too.
• To ensure a seamless journey, metro services are available every 10 minutes and passengers can reach the departure area of Terminal 3 at Delhi Airport in just 19 minutes.
• The airline stated that the passengers can check in their baggage between 12 hours and 2 hours before domestic flights and for international flights between 4 hours and 2 hours.

CURRENT AFFAIRS: SPORTS NEWS

GM Erigaisi breaks into top-5 in FIDE rating list

• Grandmaster Arjun Erigaisi’s strong showing in the French Team Chess Championship has helped him reach the fifth spot in the FIDE standings, making him the highest ranked Indian by live rating.
• Arjun, with a ELO rating of 2769.7, has so far added 8.7 points to his tally, behind Magnus Carlsen of Norway, USA’s Hikaru Nakamura and Fabiano Caruana and Ian Nepomniachtchi of Russia.
• He had briefly reached a career-high live rating of 2771.2 earlier this week and is the only Indian since Viswanathan Anand to do so.
• The 20-year-old, who is representing Metz Fischer Chess Club, has won four of the five matches he has played so far including victories over compatriot P Harikrishna and Germany’s Vitaly Kunin. Two more rounds are remaining in the competition.
• Arjun has been in fine form over the past few months, finishing second in the TePe Sigeman Chess Tournament and had finished joint-fifth in the Sharjah Masters Open Tournament.
• He also won the Menorca Open crown in April by edging out GMs Kirill Alekseenko and Maksim Chigaev.

French Open: Jannik Sinner becomes first Italian World No. 1 after Djokovic withdrawal

• Jannik Sinner became the first ever Italian player to be crowned the ATP World No. 1 in men’s singles competition.
• Sinner achieved the feat after he beat Grigor Dimitrov in the quarter-final of the competition.
• Sinner was aided by the withdrawal of defending champion Novak Djokovic from the French Open, ahead of his quarter-final match against Casper Ruus.
• Djokovic was forced to withdraw from the competition due to a knee injury sustained in his marathon fourth-round win over Francisco Cerundolo, organisers stated.
• The withdrawal ended the Serb’s quest for a record-extending 25th Grand Slam trophyand will result in him losing the world number one ranking to Italian Jannik Sinner later this month.
• Sinner defeated Grigor Dimitrov 6-2, 6-4, 7-6(3) to advance to the French Open semi-finals and bolster his quest for a second Grand Slam title.
• Minutes after his victory, it was confirmed that Sinner would claim the world number one ranking next week, a first for the 22-year-old.
• The climb to the top spot was assured after defending French Open champion Novak Djokovic withdrew from his quarter-final match due to a knee injury.

CURRENT AFFAIRS: IMPORTANT DAYS

Russian Language Day is celebrated on 6 June at the UNESCO Headquarters

• The UN Russian Language Day is celebrated on 6 June – the birthday of the great Russian poet Alexander Pushkin.
• This Day was set by the decision of the UN Department of Public Information in
• Its celebration, along with the days of the other official UN languages, was welcomed by the UN General Assembly in 2017 and supported by the UNESCO 215th Executive Board (2022).
• It is the second time (first was in 2023) when the Russian Language Day is celebrated at the Organization’s Headquarters.

Daily CA on June 06 :

• The Reserve Bank of India (RBI) absorbed surplus liquidity aggregating ₹44,430 crore through two variable rate reverse repo (VRRR) auctions of three days tenor.
• Punjab National Bank (PNB), a public sector bank, and India Infrastructure Finance Company Ltd (IIFCL), a state-owned entity, signed a Memorandum of Understanding (MoU) to provide long-term financial support for viable infrastructure projects.
• Capital markets regulator Securities and Exchange Board of India (SEBI) has set up a committee to review the ownership and economic structure of clearing corporations and suggest measures to ensure that clearing corporations function as resilient, independent, and neutral risk managers.
• Adani One,the digital platform of the Adani Group, and ICICI Bank have collaborated to introduce two new co-branded credit cards in association with Visa.
• Amid the mayhem over exit poll prediction, market regulator Securities and Exchange Board of India (SEBI) has implemented the much awaited market rumour verification regulation on top 100 companies.
• Hyderabad, one of the bustling metropolitan cities of the country, ceased to be the common capital of Telangana and Andhra Pradesh on June 2, 2024, as per the Andhra Pradesh Reorganisation Act, 2014.
• PV Sindhu, two-time Olympic medallist and world champion shuttler, has invested in and become the brand ambassador for Greenday’s ‘Better Nutrition’ brand.
• Giuseppe Marotta, Inter Milan’s current sporting Chief Executive Officer (CEO), is set to become the club’s new president.
• Punjab National Bank’s (PNB) Board approved the initiation of process for divesting 10% shareholding in its associate company Canara HSBC Life Insurance through an initial public offering (IPO) route.
• According to the Union Ministry of Agriculture and Family Welfare,116,000 farmers have voluntarily surrendered their benefits under the Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) scheme during June 2023 to May 2024 period across the country.
• The National Pension System’s (NPS) assets under management (AUM) have touched ₹12.16 lakh crore as of May 25, the latest data from the Pension Fund Regulatory and Development Authority (PFRDA)
• Following the Congress’ appeal to electors in Madhya Pradesh’s Indore to select the ‘None of the Above’ option, it has so far got more than 1.7 lakh votes in the Lok Sabha seat, breaking the previous NOTA record of Gopalganj in Bihar.
• Ahead of the formation of the new Government, the Central Board of Indirect Taxes and Custom (CBIC) released draft of new Bill to amend the Central Excise Act. The proposed Bill, once enacted, will replace 8 decades’ Act – the Central Excise Act.
• The All India Tennis Association (AITA) has announced the Dilip Bose award for lifetime achievement to coach Nar Singh & Rohini Lokhande.
• Reliance Industries Limited (RIL)is set to establish a global economic hub in Navi Mumbai, having secured sub-leases on approximately 3,750 Acres of land for an estimated INR 13,400 Crore.
• The Netherlands has emerged as India’s third largest export destination after the US and UAE in 2023-24, with key exports including petroleum products, electrical goods, chemicals, and pharmaceuticals.
• Volvo is set to issue the world’s first EV battery passport that will record the source of components and raw materials, and list out the carbon footprint of the company’s flagship EX90 electric SUV.
• The Competition Commission of India (CCI) has approved the proposed combination involving acquisition in IRB Infrastructure Trust and MMK Toll Road Private Limited by Cintra.
• Air India in its latest collaboration with Delhi Airport and Delhi Metro is all set to offer check-in services at two metro stations in the national capital for international passengers.
• Grandmaster Arjun Erigaisi’s strong showing in the French Team Chess Championship has helped him reach the fifth spot in the FIDE standings, making him the highest ranked Indian by live rating.
• Jannik Sinner became the first ever Italian player to be crowned the ATP World No. 1 in men’s singles competition.
• The UN Russian Language Day is celebrated on 6 June – the birthday of the great Russian poet Alexander Pushkin.