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CURRENT AFFAIRS : BANKING & FINANCE
Securities and Exchange Board of India Proposes Increasing Basic Service Demat Account Threshold to Rs 10 Lakh
- The Capital markets regulator Securities and Exchange Board of India (SEBI) proposed to enhance the threshold for the basic service demat account (BSDA) to Rs 10 lakhsfrom the current Rs 2 lakhs in a bid to boost the participation of retail investors in the securities market.
What is a Basic Service Demat Account (BSDA)?
- A basic service demat account, or BSDA, is a more basic version of a regular demat account.
- The facility was introduced by SEBI in 2012 to reduce the burden of demat charges on investors with small portfolios.
- At present, an individual can hold debt securities worth up to Rs 2 lakh and other than debt securities worth up to Rs 2 lakh in a single demat account to be eligible for BSDA.
- In order to further boost participation in the securities market and to facilitate ease of doing investments, the facility of BDSA has been comprehensively reviewed.
- The regulator proposed that the value of securities held in the demat account should not exceed Rs 10 lakh for debt and other than debt securities combined at any point of time.
- Listing out eligibility criteria, SEBI stated an individual needs to have only one demat account where he/she is the sole or first holder and the individual needs to have only one BSDA in his/her name across all depositories.
- Additionally, SEBI has proposed to review the maximum annual maintenance charges (AMC) for BSDA.
- For portfolio values up to Rs 4, SEBI has proposed that annual maintenance charge for a BDSA should be nil and for portfolio values of between over Rs 4 lakh and up to Rs 10 lakh, the charges should be Rs 100.
- Accounts that hold up to ₹1 lakh in debt securities and ₹50,000 in other-than-debt securities are not charged anything currently.
- However, if portfolio value exceeds Rs 10 lakh then BDSA should automatically be converted into a regular demat account.
- With regards to services for BDSA, the regulator stated that electronic statements should be provided free of cost to such account holders, besides, physical statements can be charged at Rs 25 per statement.
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.
Securities and Exchange Board of India Mandates Direct Payment of Securities to Investor Accounts to Prevent Issues
- To enhance operational efficiency and reduce the risk to clients’ securities, markets regulator Securities and Exchange Board of India (SEBI) decided to make the process of direct payout of such securities to the client’s account mandatory.
- This new process will become effective from October 14, 2024
Key Highlights :
- Current Process: Currently, the clearing corporation credits the payout of securities into the pool account of the broker, who then credits them to the respective clients’ demat accounts.
- Introduction of Direct Delivery: A facility for direct delivery to investors was introduced in February 2001.
- SEBI’s Decision After Deliberations: After extensive deliberations with stock exchanges, clearing corporations (CCs), and depositories, SEBI has decided that “the securities for payout shall be credited directly to the respective client’s demat account by the CCs.”
- Identification of Unpaid Securities and Funded Stocks:Clearing corporations are required to provide a mechanism for trading members (TMs)or clearing members (CMs) to identify unpaid securities and funded stocks under the margin trading facility.
- Handling of Internal Shortages:In cases where shortages arise due to inter se netting of positions between clients (internal shortages), SEBI suggests that TMs or CMs should handle such shortages through the process of auction.
- Client Charges Regulation:Brokers are instructed not to levy any charges on the client over and above the charges levied by the clearing corporations in cases of internal shortages.
- May 2023 Specification:In May 2023, SEBI specified various processes for handling clients’ securities concerning pay-in and pay-out of securities.
- Objective:These specifications are designed to protect clients’ securities and ensure that stockbrokers segregate securities of clients to prevent vulnerability to misuse.
SBI Mutual Fund Assets Cross Rs 10 Trillion Mark, Emerges as First Fund House to Achieve Milestone
- SBI Mutual Fund (SBI MF) made history by becoming the first fund house in the country to achieve the Rs 10 trillion milestone in assets under management (AUM).
- SBI MF effectively navigated the post-pandemic equity boom and capitalized on the increasing awareness of mutual fund (MF) investing.
Key Highlights :
- Composition of AUM:As of April 2024, SBI accounted for Rs 2 trillion of SBI MF’s AUM, with over Rs 5 trillion in direct plans and Rs 2.2 trillion linked to other distributors.
- Institutional investors, including the Employees’ Provident Fund Organisation, held nearly Rs 5 trillion of the total AUM.
- Top 5 Fund Houses: Other top 5 fund houses, including ICICI Prudential MF, HDFC MF, Nippon India MF, and Kotak MF, are also backed by leading banks.
- Consistent AUM Growth: SBI MF had an average AUM of Rs 3.7 trillion for the three-month period ending March 2020, claiming the top spot in the AUM ranking.
- Its AUM growth consistently outpaced the industry average for three of the past four financial years, widening its lead over other players.
- Industry and Market Growth:The MF industry’s AUM surged 2.6x to Rs 57 trillion during this period, with the market (NSE Nifty 50) rising similarly.
- Composition of SBI MF’s AUM:Passive and international funds constitute the largest share of SBI MF’s total AUM at 36%, followed by active equity schemes at 29%, and active debt schemes at 18%.
About SBI Mutual Fund (SBIFMPL):
- Founded : 29 June 1987
- Headquarters : Mumbai, Maharashtra
- SBIFMPL is a joint venture between the State Bank of India, an Indian public sector bank, and Amundi, a European asset management company.
CURRENT AFFAIRS: NATIONAL NEWS
Total Foodgrain Production At 3288.52 LMT As Per Third Advance Estimates
- The estimated total foodgrain production in the country for 2023-24 is 3288.52 LMT.
- Comparison with Previous Years: This figure represents an increase of 211.00 lakh tonnes compared to the average foodgrain production of the last five years (2018-19 to 2022-23), which stood at 3,077.52 lakh tonnes.
- Final Estimates for 2022-23: The final estimates for the production of major crops in 2022-23 showed a total foodgrain production of 3,296.87 lakh tonnes.
Production of Major Crops:
- Rice: Estimated at 1367 lakh tonnes.
- Wheat: Estimated at over 1129 lakh tonnes, an increase of over 23 lakh tonnes from the previous year.
- Tur: Estimated at around 34 lakh tonnes, marginally higher than the previous year.
- Millets (Shree Anna): Estimated at 174.08 lakh tonnes.
- Soybean: Estimated at 130.54 lakh tonnes.
- Rapeseed and Mustard: Estimated at 131.61 lakh tonnes.
- Cotton: Estimated at 325.22 lakh bales (of 170 kg each).
- Sugarcane: Estimated at 4425.22 lakh tonnes.
Basis of Estimate: This estimate is primarily based on information received from State agricultural statistics authorities.
Cropping Seasons in India:
- India has three cropping seasons: summer, kharif, and rabi.
- Rabi: Crops sown during October and November and harvested from January, depending on maturity.
- Kharif: Crops sown during June-July and dependent on monsoon rains, harvested in October-November.
- Summer: Crops produced between the Rabi and Kharif seasons.
The Secretary of the Ministry of Electronics and Information Technology (MeitY) unveils a domestically developed Air Quality Monitoring System and introduces the Air-Pravah App
- On World Environment Day, Secretary of MeitY, Shri S Krishnan, inaugurated the Indigenous Air Quality Monitoring System (AQ-AIMS) and launched the Air-Pravah App.
Development and Collaboration
- Development: The Centre for Development of Advanced Computing (C-DAC), Kolkata, in collaboration with TeXMIN (ISM, Dhanbad) and industry partner J M Envirolab Pvt Ltd, developed the outdoor air quality monitoring system.
- Program: This development is part of the ‘National Programme on Electronics and ICT Applications in Agriculture and Environment (AgriEnIcs).’
Features of AQ-AIMS
- Parameters Monitored: The system monitors environmental pollutants, including PM 1.0, PM 2.5, PM 10, SO2, NO2, O3, CO, CO2, temperature, and humidity, providing continuous air quality monitoring.
Field Trials and Certification
- Field Trials and Certification: After successful field trials and certification by the National Physical Laboratory, Delhi, and TUV India, Pune, the technology transfer partner M/s J M Envirolab Pvt Ltd is commercializing the system.
Cost-Effective Technology
- Cost-Effective Solution: The AQ-AIMS technology offers a cost-effective alternative to conventional gold standard instruments, aligning with the ‘Make in India’ initiative.
Air-Pravah App
- App Features: The AQ-AIMS is integrated with the Air-Pravah mobile application, which allows for real-time Air Quality Index (AQI) monitoring.
National Coordination Committee Begins Work On World’s Largest Grain Storage Plan
- The National Level Coordination Committee (NLCC) convened its inaugural meeting at the Ministry of Cooperation, New Delhi.
- The committee scrutinized the progress of its pilot project across 11 States, initiated last year.
Comprehensive Infrastructure Creation:
- Objective: The plan aims to develop various agricultural infrastructure at the Primary Agricultural Cooperative Society (PACS) level, including warehouses, processing units, and Fair Price Shops.
- Convergence of Schemes: It integrates multiple existing Government of India (GoI) schemes like the Agriculture Infrastructure Fund (AIF), Agricultural Marketing Infrastructure Scheme (AMI), among others.
Implementation and Expansion:
- Pilot Project Implementation: Executed by the National Cooperative Development Corporation (NCDC), with support from NABARD, FCI, CWC, and NABCONS, in coordination with States/ UTs.
- Expansion: The pilot is being extended to 500 additional PACS with support from State Governments, NCCF, NBCC, etc.
Approval and Financial Support:
- Government Approval: On 31.05.2023, the Government sanctioned the “World’s Largest Grain Storage Plan in Cooperative Sector” as a Pilot Project.
- Financial Assistance: PACS can avail subsidies and interest subvention benefits for infrastructure development. NABARD extends refinancing at highly subsidized rates.
Monitoring Mechanism:
- To ensure seamless integration with existing policies and programs, State Cooperative Development Committees (SCDCs) and District Cooperative Development Committees (DCDCs) have been constituted.
Utilized Government Schemes:
- Agriculture and Farmers Welfare Ministry: Leverages schemes like AIF, AMI, MIDH, SMAM.
- Food Processing Industries Ministry: Utilizes schemes such as PMFME, PMKSY.
- Consumer Affairs, Food and Public Distribution Ministry: Incorporates schemes related to food grain allocation and procurement operations.
Pilot Project Locations and Targets:
- Scope: Currently operating in 11 PACS across 11 states, with plans for nationwide expansion.
- Targets:Aim to achieve 100% storage capacity before 2027, with the goal of constructing storage facilities for 700 lakh metric tonnes in the next five years, costing Rs 1.2 lakh crore.
Agricultural Context:
- Land Utilization Challenge: Despite possessing only 11% of the world’s cultivable area, India must meet the food requirements of 18% of the global population, highlighting the crucial need for efficient storage infrastructure.
Additional Insights:
- Food Security Concerns: Addressing the food security concerns of a rapidly growing population, this initiative reflects the government’s commitment to enhancing agricultural infrastructure and ensuring adequate storage capacity.
CURRENT AFFAIRS : INTERNATIONAL NEWS
South Korea Launches National Space Agency, Korea AeroSpace Administration
- South Korea has officially launched its space agency, the Korea Aerospace Administration (KASA), to lead policy and industrial development in the aerospace sector.
- The establishment of KASA was made possible after the country’s national assembly passed a special law in January, unifying government organizations responsible for space policy and projects.
- KASA is based in Sacheon, South Gyeongsang Province, with an annual budget of 758.9 billion won ($556 million).
Objectives:
- KASA aims to establish a roadmap for South Korea’s space exploration, promoting reusable launch vehicles, development of a global positioning system (GPS), and a lunar lander program.
- Plans include landing a lunar lander on the moon by 2032 and designing engines for commercial launch services.
- South Korea became the 7th country to possess indigenous space launch vehicle and satellite development technology with the launch of the Nuri rocket in May, 2023.
- South Korea plans to launch its first lunar lander by 2032 and conduct at least three more space missions by 2027, including military satellite deployments.
- North Korea’s failed attempt to launch a military spy satellite highlights regional tensions and competitive dynamics in space technology.
Global Advancements:
- China, Japan, and India continue to make significant advancements in space technology.
- China’s space program has developed heavy-lift rockets such as the Long March 5, the Tiangong space station, unmanned moon probes and the rover Zhurong that reached Mars in 2021.
- In January,2024 Japan became the 5th country to place a lander on the moon.
- In 2023, India became the 4th nation to land on the moon, after Russia failed in an attempt.
- Japan also plans a rover mission to Mars.
About South Korea :
- President : Yoon Suk Yeol
- Prime Minister : Han Duck-soo
- Capital : Seoul
- Currency : Korean Republic won
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Cashfree Payments Names Abhaya Hota as Independent Director
- Abhaya Hota, former Managing Director (MD) & Chief Executive Officer (CEO) of NPCI, has been appointed as an Independent Director of Cashfree Payments.
About Abhaya Hota :
- Hota brings with him almost three decades of experience in the Reserve Bank of India and has played a significant role in shaping India’s payment systems.
- During his tenure at NPCI, Hota played a crucial role in the design, development, and implementation of payment systems and policies in India.
- Notable contributions include the implementation of MICR technology in Cheque Clearing, the launch of UPI, and RuPay credit cards, India’s domestic card scheme
- Additionally, he serves as an Independent Director at Federal Bank, NSE Clearing, Protean e-Gov Technologies, and the RBI Innovation Hub.
About Cashfree Payments :
- Co-founder & CEO : Akash Sinha
- Cashfree Payments had received approval from the RBI to operate as a payment aggregator and resumed the process of onboarding new merchants, following a nearly year-long regulatory ban.
- Since obtaining the payment aggregator license in December 2023, Cashfree Payments has successfully onboarded thousands of merchants, including large, medium, and small-scale businesses.
Bisleri Limonata Unveils #DoubleTheChill Campaign Featuring Aditya Roy Kapur as Brand Ambassador
- Bisleri International has announced Aditya Roy Kapur as the new brand ambassador for Bisleri Limonata.
- Bisleri International was established by Ramesh Jayantilal Chauhan, a pioneer in the carbonated soft drinks industry in India, with a legacy of creating iconic brands.
- Bisleri Limonata blends the zest of lime with the coolness of mint, delivering a refreshing experience for consumers.
- Bisleri Limonata combines the zest of lime with the coolness of mint, offering a refreshing experience for consumers.
- The launch of the vibrant #DoubleTheChill campaign aims to highlight the unique product experience of Bisleri Limonata, emphasizing its distinctive flavour blend.
- Unlike other drinks in the segment, Limonata stands out with its combination of lime and mint, setting it apart from the competition.
- Aditya Roy Kapur’s association with Limonata is intended to enhance the brand’s image and appeal to Gen Z consumers.
About Bisleri International :
- Headquarters : Mumbai, Maharashtra, India
- Chairman : Ramesh Chauhan
- CEO : Angelo George
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
Kotak Mahindra Bank Receives Reserve Bank of India Approval for Zurich Insurance’s 70% Acquisition of Kotak General for Rs 5,560 Crore
- Kotak Mahindra Bank announced that the Reserve Bank of India (RBI) has approved Zurich Insurance Company’s proposed acquisition of 70% stake in Kotak Mahindra General Insurance Company for a total consideration of approximately Rs 5,560 crore.
- Kotak Mahindra General Insurance Company is a 100% subsidiary of Kotak Mahindra Bank.
Key Highlights :
- Acquisition Announcement:In February,2024 Kotak Mahindra Bank announced that Zurich Insurance would acquire a 70% stake in Kotak Mahindra General Insurance for Rs 5,560 crore in a single tranche.
- In November 2023, Zurich Insurance indicated it would first acquire a 51% stake through a combination of fresh growth capital and share purchase, followed by an additional 19% stake.
- Kotak Mahindra Bank Financial Performance:In May,2024 Kotak Mahindra Bank reported its fiscal fourth-quarter earnings, showing an 18% profit growth driven by healthy loan growth.
- Net interest income (the difference between interest earned and paid) rose by 13%, reaching Rs 6,909 crore in 2023-24 from Rs 6,103 crore in the same quarter of the previous fiscal year.
About Kotak Mahindra Bank Limited :
- Established : 1985
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Ashok Vaswani
- Tagline : Let’s make money simple
About Zurich Insurance Group Limited :
- Founded : 1872
- Headquarters : Zürich, Switzerland
- Chairman : Michel Liès
- CEO : Mario Greco
About Kotak General Insurance Company Limited :
- Founded : 2015
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Suresh Agarwal
- Kotak General Insurance received the license to conduct general insurance business in India from the Insurance Regulatory Development Authority of India (IRDAI) in April 2015.
Competition Commission of India Greenlights Acquisition in IRB Infrastructure Trust and MMK Toll Road Private Limited 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.
Key Highlights :
- Acquirers : The Acquirers are Cintra InvIT Investments B.V. (Cintra SPV 1) and Cintra IM Investments B.V. (Cintra SPV 2).
- These are Special Purpose Vehicles (SPVs) and wholly-owned subsidiaries of Cintra Global S.E., incorporated in the Netherlands for the purpose of this combination.
- The Acquirers belong to the Ferrovial group.
- IRB Infrastructure Trust (Private InvIT):A private trust registered under the Indian Trusts Act 1882 and SEBI’s Infrastructure Investment Trusts Regulations 2014.
- Sponsors of the trust are IRB Infrastructure Developers Ltd (IRB ListCo) and GIC.
- Manages 14 highway assets under concessions granted by respective nodal agencies.
- Invests in road infrastructure assets in India, with all projects held through SPVs.
- MMK Toll Road Private Limited (IM):The investment manager of the Private InvIT, registered with SEBI as an Infrastructure Investment Trust (InvIT).
- Proposed Combination:InvIT Transaction: Cintra SPV 1 will acquire approximately 24% of the issued and outstanding unitholding (on a fully-diluted basis) along with certain commercially negotiated rights in the Private InvIT.
- IM Transaction: Cintra SPV 2 will simultaneously acquire approximately 24% equity shareholding along with the right to nominate a director on the board of directors of the investment manager of the Private InvIT.
About CCI :
- Established :14 October 2003
- Headquarters : New Delhi, Delhi, India
- Chairman : Ravneet Kaur
- The 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, 2002to promote competition and prevent activities that have an appreciable adverse effect on competition in India.
Tata Motors Rises After Board Approves New Subsidiary and Tata Motors Finance Limited-Tata Capital Limited Merger
- Tata Motors’ board has approved the establishment of a wholly-owned subsidiary named TML Commercial Vehicles (TMLCVL).
- TMLCVL is proposed to be incorporated with a paid-up capital of Rs 10,00,000 comprising 5,00,000 equity shares of face value Rs 2 each fully paid-up in cash.
- The subsidiary is intended for manufacturing automotive vehicles.
Key Highlights :
- Demerger Announcement:Previously, Tata Motors informed stock exchanges about its demerger into two separate listed companies: one for Commercial Vehicles business and related investments, and another for Passenger Vehicles businesses including PV, EV, JLR, and related investments.
- TMFL-TCL Merger Approval:The Board of Directors of Tata Motors Limited (TML), Tata Capital Limited (TCL), and Tata Motors Finance Ltd (TMFL) approved the merger of TMFL with TCL through an NCLT scheme of arrangement.
- Consideration for Merger:As part of the merger, TCL will issue its equity shares to TMFL shareholders, resulting in TML holding a 4.7% stake in the merged entity.
- Regulatory Approvals and Timeline:The scheme of arrangement is subject to approval from SEBI, RBI, NCLT, and shareholders and creditors of TCL and TMFL.
- The merger process is expected to take around 9-12 months to complete.
- Overview of TCL and TMFL:TCL is one of the largest diversified NBFCs in India with an AUM of Rs 1.6 Lakh crore servicing customers with 25+ product offerings across Retail, SME and Corporate Segments.
- TMFL, with an AUM of Rs 32.5 crore predominantly provides financing solutions for new and old commercial vehicles(CV), passenger vehicles (PV), dealers and vendors.
About Tata Motors Limited :
- Founded : 1945
- Headquarters : Mumbai, Maharashtra, India
- Chairman : Natarajan Chandrasekaran
CURRENT AFFAIRS: BUSINESS NEWS
Second Advance Estimates of 2023-24 of Area and Production of Horticultural Crops
- The Second Advance Estimates of 2023-24 for area and production of various horticultural crops have been released by the Department of Agriculture and Farmers Welfare.
- This data is compiled based on information received from States/UTs and other governmental source agencies.
- Total Horticulture Production: The horticulture production in the country for 2023-24 (Second Advance Estimates) is estimated to be about 352.23 million tonnes.
- Fruit Production: The production of fruits is expected to reach 112.63 million tonnes. This increase is primarily attributed to higher production levels of banana, lime/lemon, mango, guava, and grapes.
- Vegetable Production: The production of vegetables is envisaged to be around 204.96 million tonnes.
- Potato Production: Potato production in the country is expected to be around 567.62 lakh tonnes in 2023-24.
- Tomato Production: The production of tomatoes is expected to be around 212.38 lakh tonnes in 2023-24.
CURRENT AFFAIRS: AWARDS AND HONOURS
Krishna Prakash Receives Hindi Sahitya Bharati Award
- Krishna Prakash, renowned as the head of Mumbai Police’s elite counter-terrorism unit, Force One, has been honoured with the prestigious Annual Hindi Sahitya Bharati Award.
- Recipient: Krishna Prakash, Esteemed Head of Mumbai Police’s Counter-Terrorism Unit
- Award: Annual Hindi Sahitya Bharati Award
- Presented at: Sab Me Ram Shashwat Shri Ram Multicultural Festival, Mumbai
- Krishna Prakash’s receipt of the Hindi Sahitya Bharati Award underscores his multifaceted contributions to society, blending exemplary service in law enforcement with a deep commitment to cultural enrichment.
About the Award:
- Prestigious Recognition: The Hindi Sahitya Bharati Award celebrates outstanding contributions to literature and culture.
- Cultural Significance: Bestowed upon individuals who exemplify excellence in literary and cultural endeavours.
Krishna Prakash’s Achievements:
- Leadership in Counter-Terrorism: Renowned for his leadership as the head of Mumbai Police’s elite counter-terrorism unit, Force One.
- Cultural Engagement: Holder of two Guinness World Records for initiating the maximum number of letters through postcards to Lord Ram.
Implications of the Award:
- Recognition of Excellence: Highlights Krishna Prakash’s significant contributions to both law enforcement and cultural enrichment.
- Inspiration to Others: Serves as an inspiration for individuals to engage in cultural activities alongside professional pursuits.
C-DOT Receives UN’s WSIS 2024 “Champion” Award
- Centre for Development of Telematics (C-DOT), the premierTelecom R&D centre of the Government of India, has been awarded UN’s WSIS 2024 “Champion” Award for the project “Mobile-Enabled Disaster Resilience through Cell Broadcast Emergency Alerting”, recognised under AI, C-7, E-environment, in the category of ‘Benefits in all aspects of life – E-environment”.
- Recipient: Centre for Development of Telematics (C-DOT), Government of India
- Award: UN’s WSIS 2024 “Champion” Award
- Category: Benefits in all aspects of life – E-environment
Recognition at WSIS+20 Forum 2024:
- High-Level Event: The World Summit on the Information Society (WSIS)+20 Forum 2024, organized by the International Telecom Union (ITU) in Geneva, Switzerland.
- Dates: May 27th – May 31st, 2024.
About the Project:
- Title: Mobile-Enabled Disaster Resilience through Cell Broadcast Emergency Alerting.
- Technology Focus: Leveraging AI, specifically in the category of E-environment.
- Objective: Strengthening the implementation of WSIS outcomes and promoting technology for societal impact.
C-DOT’s Cell Broadcast Emergency Alerting Platform:
- End-to-End Solution: Enables near real-time delivery of life-saving emergency information to mobile phones via cellular networks.
- Significance: Addresses critical needs for disaster resilience and public safety.
Recognition of Innovation:
- AI Startups: DeepVision Tech and Nayancom, selected by C-DOT, showcased their innovative solutions alongside the Cell Broadcast Emergency Alerting Platform.
- Nayancom: Provides AI-based vision processing for enhanced road safety and smart city monitoring through crowd-sourced visual data.
- DeepVisionTech – Let’sTalkSign: Offers an automatic Sign Language Interpreter, facilitating education for the Deaf and Hearing Impaired community.
Leadership and Background:
- CEO: Rajkumar Upadhyay leads C-DOT, the premier telecommunications technology development centre of the Indian Government.
- Headquarters: Located in Delhi, India.
- Foundation: Established on August 25, 1984.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
James Webb Space Telescope Discovers Earliest-Known Galaxy, JADES-GS-z14-0
- The James Webb Space Telescope (JWST) has identified the earliest-known galaxy named JADES-GS-z14-0.
- The galaxy dates back to 290 million years after the Big Bang event that initiated the universe roughly 13.8 billion years ago.
- It is the most ancient galaxy yet observed.
- The galaxy measures approximately 1,700 light-years across.
- A light-year represents the distance light travels in one year, equivalent to 9.5 trillion kilometres.
- The discovery was made by an international team of astronomers, who used JWST to observe galaxies as part of the JWST Advanced Deep Extragalactic Survey (JADES) program.
- Prior to this discovery, the earliest-known galaxy was dated to around 320 million years after the Big Bang, as announced by the JADES team last year.
About James Webb Space Telescope :
- The James Webb Space Telescope, also called Webb or JWST, is a large, space-based observatory.
- The telescope was launched by the National Aeronautics and Space Administration (NASA) in December, 2021.
- Purpose: JWST is optimized for infrared wavelengths, complementing and extending the discoveries made by the Hubble Space Telescope. It offers longer wavelength coverage and improved sensitivity.
- Design Features: Webb is designed to study not only distant galaxies but also the Solar System’s planets such as Mars, Jupiter, Saturn, Uranus, and Neptune, along with their satellites.
CURRENT AFFAIRS: MOUS AND AGREEMENT
NPCI International and the Central Reserve Bank of Peru Partner to Develop UPI-Like Real-Time Payments System in Peru
- NPCI International has announced a partnership with the Central Reserve Bank of Peru (BCRP) to implement a UPI-like real-time payments system in Peru.
First in South America
- Peru will be the first country in South America to integrate UPI technology into its digital payment ecosystem.
Empowering BCRP
- This strategic partnership enables the BCRP to establish a reliable and efficient real-time payment platform within the country.
Benefits of the New System
- The innovative system will facilitate instant payments between individuals and businesses, reducing reliance on cash transactions.
- It aims to expand the use of digital payments, particularly benefiting Peru’s large unbanked population.
Key Figures and Locations
- Mr Ritesh Shukla, CEO of NPCI International.
- Julio Velarde, Governor of the Central Reserve Bank of Peru (BCRP).
- Peru’s Capital: Lima
Mines Ministry Signs MoU with Central TB Division, Ministry of Health & Family Welfare for Collaborative Action Towards Elimination of Tuberculosis in the Country by 2025
- The Ministry of Mines and Central TB Division of the Ministry of Health & Family Welfare has signed an MoU in New Delhi to collaborate on eliminating Tuberculosis (TB).
Target: TB Elimination by 2025
- The MoU aims to foster inter-ministerial collaboration and strategic partnerships to achieve the goal of eliminating TB in India by 2025.
Collaborative Field Actions
- The partnership will involve collaborative field actions such as webinars and awareness-building initiatives under the National TB Elimination Programme.
- It will engage Central Public Sector Enterprises (CPSEs), attached offices, subordinate offices, and autonomous bodies of the Ministry of Mines.
Capacity Building for Health Functionaries
- The initiative will focus on capacity building for health functionaries of PSU hospitals and health centres.
- This includes specialized campaigns aimed at eradicating TB at the grassroots level.
Impact and Objectives
- By engaging various stakeholders and utilizing their resources, the initiative seeks to enhance awareness and capacity for TB elimination efforts.
- The ultimate goal is to significantly contribute to the national target of TB elimination by 2025.
- This collaborative effort between the Ministry of Mines and the Ministry of Health & Family Welfare underscores the importance of cross-sector partnerships in addressing public health challenges like TB.
CURRENT AFFAIRS: RANKING AND INDEX
IIT Bombay rises 31 places to rank 118th in QS World University Rankings 2025
- The QS World University Rankings 2025 highlight the remarkable progress of Indian Institutes of Technology (IITs), with IIT-Bombay climbing 31 places to secure the 118th spot and IIT-Delhi surging 47 places to claim the 150th position worldwide.
Global Academic Giants Maintain Lead:
- MIT retains its position as the top university globally for the 13th consecutive year, while Imperial College of London surpasses Oxford and Cambridge to secure the second spot.
- Harvard University and University of Oxford jointly hold the third rank.
Indian Institutions Make Their Mark:
- Following IIT-Bombay and IIT-Delhi, the Indian Institute of Science (IISc), Bengaluru, ranks third in India at 211.
- IIT Kharagpur advances from 271 to 222, with notable climbs by IIT Madras and University of Delhi.
Mixed Performance Within India:
- While 61% of Indian universities have improved their rankings and 24% have maintained their positions, 9% have witnessed a decline. IIT Indore’s rank has decreased from 454 to 477.
Indian Representation in Asia:
- With 46 ranked universities, India holds the third-largest representation in Asia, trailing Japan and China (Mainland).
Evaluation Criteria for Rankings:
- Institutions were evaluated on parameters such as academic reputation, citations per faculty, employer reputation, faculty-student ratio, and international faculty and student ratios.
CURRENT AFFAIRS: IMPORTANT DAYS
World Food Safety Day 2024: June 7
- Every year on June 7th, World Food Safety Day is commemorated.
- The major goal of this day is to raise awareness and empower people to recognize, prevent, and manage food-related dangers.
Theme: “Food safety: prepare for the unexpected”
History
- World Food Safety Day was established by the United Nations General Assembly in December 2018.
- It was first celebrated on June 7, 2019.
- The day aims to raise awareness about the importance of food safety and to encourage actions that help prevent, detect, and manage foodborne risks. Food safety is crucial for ensuring that the food we eat does not cause harm to our health.
- The World Health Organization (WHO) and the Food and Agriculture Organization (FAO) of the United Nations play a key role in promoting this day and its activities.
Daily CA One- Liner: June 7th
- The Capital markets regulator Securities and Exchange Board of India (SEBI) proposed to enhance the threshold for the basic service demat account (BSDA) to Rs 10 lakh from the current Rs 2 lakh in a bid to boost the participation of retail investors in the securities market.
- To enhance operational efficiency and reduce the risk to clients’ securities, the markets regulator Securities and Exchange Board of India (SEBI) decided to make the process of direct payout of such securities to the client’s account mandatory.
- SBI Mutual Fund (SBI MF) made history by becoming the first fund house in the country to achieve the Rs 10 trillion milestone in assets under management (AUM).
- South Korea has officially launched its space agency, the Korea Aerospace Administration (KASA), to lead policy and industrial development in the aerospace sector.
- Abhaya Hota, former Managing Director (MD) & Chief Executive Officer (CEO) of NPCI, has been appointed as an Independent Director of Cashfree Payments.
- Bisleri International has announced Aditya Roy Kapur as the new brand ambassador for Bisleri Limonata.
- Kotak Mahindra Bank announced that the Reserve Bank of India (RBI) has approved Zurich Insurance Company’s proposed acquisition of a 70% stake in Kotak Mahindra General Insurance Company for a total consideration of approximately Rs 5,560 crore.
- The Competition Commission of India (CCI) has approved the proposed combination involving the acquisition of IRB Infrastructure Trust and MMK Toll Road Private Limited by Cintra.
- Tata Motors’ board has approved the establishment of a wholly-owned subsidiary named TML Commercial Vehicles (TMLCVL).
- The James Webb Space Telescope (JWST) has identified the earliest-known galaxy named JADES-GS-z14-0
- The estimated total foodgrain production in the country for 2023-24 is 3288.52 LMT.
- On World Environment day, Secretary of MeitY, Shri S Krishnan, inaugurated the Indigenous Air Quality Monitoring System (AQ-AIMS) and launched the Air-Pravah App
- The Second Advance Estimates of 2023-24 for the area and production of various horticultural crops have been released by the Department of Agriculture and Farmers Welfare
- Krishna Prakash, renowned as the head of Mumbai Police’s elite counter-terrorism unit, Force One, has been honoured with the prestigious Annual Hindi Sahitya Bharati Award
- Centre for Development of Telematics (C-DOT), the premierTelecom R&D centre of the Government of India, has been awarded UN’s WSIS 2024 “Champion” Award for the project “Mobile-Enabled Disaster Resilience through Cell Broadcast Emergency Alerting”, recognised under AI, C-7, E-environment, in the category of ‘Benefits in all aspects of life – E-environment
- NPCI International has announced a partnership with the Central Reserve Bank of Peru (BCRP) to implement a UPI-like real-time payments system in Peru.
- The Ministry of Mines and Central TB Division of the Ministry of Health & Family Welfare has signed an MoU in New Delhi to collaborate on eliminating Tuberculosis
- The QS World University Rankings 2025 highlight the remarkable progress of Indian Institutes of Technology (IITs), with IIT-Bombay climbing 31 places to secure the 118th spot and IIT-Delhi surging 47 places to claim the 150th position worldwide
- Every year on June 7th, World Food Safety Day is commemorated.
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