Daily Current Affairs 08 June 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Monetary Policy Highlights : RBI Maintains Repo Rate at 6.5% and Boosts FY25 GDP Growth Forecast to 7.2%

• The Reserve Bank of India (RBI) Governor, Shaktikanta Das, announced the second bi-monthly monetary policy for the financial year 2024-25.
• This marks the first RBI policy announcement after the Lok Sabha election results of 2024.
• The RBI Governor-headed 6-member Monetary Policy Committee (MPC) decided to keep the benchmark repo rate unchanged at 6.5% for the 8th consecutive time by a 4:2 majority.
• The repo rate, which is the rate at which the RBI lends to commercial banks to address shortfalls in funds, is a key tool used by the central bank to manage liquidity in the economy.
• The RBI decided to continue with its stance of ‘withdrawal of accommodation’, indicating a conservative approach towards monetary policy.
• The RBI revised its GDP growth forecast for the financial year 2024-25, raising it to 7.2% from the previous estimate of 7%.
• The RBI retained its inflation forecast for the financial year 2024-25 at 4.5%

RBI MPC Meeting Highlights: Policy Measures:

• GDP Growth Forecast: The RBI has raised its GDP growth forecast for the financial year 2024-25 to 7.2%, with quarterly projections as follows: Q1 – 7.3%, Q2 – 7.2%, Q3 – 7.3%, and Q4 – 7.2%.
• CPI Inflation Estimates: CPI inflation estimates for FY25 have been retained at 4.5%. Detailed quarterly inflation forecasts are as follows: Q1 – 4.9%, Q2 – 3.8%, Q3 – 4.6%, and Q4 – 4.5%.

Developmental and Regulatory Policies:

• Review of Bulk Deposit Limits: Reviewing the limit of bulk deposits for Scheduled Commercial Banks, Small Finance Banks, and Local Area Banks.
• Rationalization of Export and Import Regulations: Rationalizing export and import regulations under the Foreign Exchange Management Act
• Establishment of Digital Payments Intelligence Platform: Setting up a Digital Payments Intelligence Platform to harness advanced technologies to mitigate payment fraud risk
• Inclusion of Recurring Payments: Including recurring payments for Fastag, National Common Mobility Card (NCMC),, with auto-replenishment facility under the e-mandate framework.
• Auto-Replenishment of UPI Lite Wallet: Introducing auto-replenishment of UPI Lite wallet and including it under the e-mandate framework.
• Launch of RBI Hackathon HARBINGER 2024: Launching the third edition of RBI Hackathon HARBINGER 2024, focused on innovation for transformation.
• The next monetary policy announcement on August 8, 2024.

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

Reserve Bank of India Penalties Increase by 88% Over Last 3 Years, Know Your Customer and Anti-Money Laundering Violations Lead the List

• The Reserve Bank of India (RBI) has increased the number of penalties on financial institutions by 88% over the past 3 years (from 2021 to January 2024).
• Know Your Customer (KYC) and Anti-Money Laundering (AML) violations are the most common infractions leading to penalties.
• The RBI has collected Rs 78.6 crore in penalties over 3 years, with 261 penalties imposed in 2023 alone, according to Signzy, a fintech firm specializing in regulatory compliance.

Key Highlights :

• Regulatory Compliance Importance:KYC and AML regulations require companies to allocate resources effectively to detect potential money laundering activities within their operations.
• Co-operative Banks’ Violations:Urban and rural co-operative banks have the highest number of KYC and AML violations, with urban co-operative banks paying Rs 13.5 crore and rural co-operative banks paying Rs 20.13 crore from 2021 to January, 2024.
• Rise in Penalties Reasoning:The increase in penalties can be attributed to the RBI’s stricter and more comprehensive auditing, particularly targeting fintechs and non-banking financial companies (NBFCs).
• Challenges for Fintechs : Fintechs, being technology-driven, differ from traditional banks as their primary focus is on solving problems through technology.
• Consequently, they often lack large risk and compliance teams and the extensive institutional knowledge typical of banks.
• Co-founder and CEO of Signzy : Ankit Ratan

Recent News :

• In May 2024, RBI imposed a penalty of Rs 1 crore on ICICI Bank for non-compliance with norms relating to loans, and a Rs 91 lakh fine on another private sector lender, Yes Bank, for violating norms relating to customer service and unauthorised operation of internal/ office accounts.

Reserve Bank of India May Permit Change in Trusteeship for Asset Reconstruction Companies

• The Reserve Bank of India (RBI) may allow Security Receipts (SR) holders to change the trusteeship of Asset Reconstruction Companies (ARCs).
• Aim : To enable ARCs to retain stressed assets without necessarily acting as trustees, which is expected to expedite the resolution process for distressed assets.

What are security receipts?

• Security Receipt (SR) is an instrument like a pass through certificate which is issued by ARCs to investors, which represent rights of the investors over realisations from underlying assets.
• Banks, non-banking financial companies (NBFCs) and foreign portfolio investors are the holders of SRs issued by ARCs.

Key Highlights :

• Current Trusteeship Role: Under existing guidelines, when an ARC acquires distressed debt, it becomes the trustee of the underlying asset.
• Therefore, there cannot currently be a trustee without a debt.
• Single Trustee Concept: The idea behind allowing a change in trusteeship is to have a single trustee for pooled distressed debt, which would simplify and streamline the management of distressed assets.
• Multiple ARCs Involvement: Often, multiple ARCs acquire distressed debts from a bank, complicating the trusteeship and management of these assets.
• Recommendations and Addresses: The Sudarshan Sen Committee in 2021 recommended allowing changes in trusteeship of ARCs.
• Additionally, RBI Deputy Governor Rajeshwar Rao highlighted this suggestion in a recent address to ARC representatives.
• Current ARC Operations: There are currently 27 ARCs operating in India, and they have seen significant growth.
• The book value of bad loans acquired by ARCs increased from ₹6.38 trillion in March 2022 to ₹9.35 trillion at the end of December 2023.
• Benefits for Banks and Financial Institutions: Banks and financial institutions favour ARCs because lenders receive some upfront cash, ranging from 15% to 100%, when they sell bad loans to ARCs.
• Growth of ARCs: ARCs have experienced robust growth, with increasing amounts of bad loans being managed by these companies, as evidenced by RBI data.

Muthoot Microfin Forms Strategic Co-Lending Partnership with State Bank of India                    

• Muthoot Microfin Limited has entered into a partnership with State Bank of India (SBI) for co-lending to members of joint liability groups (JLGs) engaged in agricultural and allied activities as well as other income-generating enterprises.
• Under the agreement, Muthoot Microfin and SBI will co-lend to members of Joint Liability Groups (JLGs) who are engaged in agricultural and allied activities as well as other income-generating enterprises.
• The loan amounts will range from a minimum of ₹10,000 to a maximum of ₹3 lakh, aimed at boosting rural women entrepreneurs.
• With this collaboration, Muthoot Microfin Limited aims to extend its financial services to women entrepreneurs in rural and semi-urban regions across India.
• Under the co-lending model, banks are permitted to co-lend with all registered NBFCs (including HFCs) on the basis of a prior agreement.

What is a co-lending?

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

About Muthoot Microfin Limited :

• Founded : 2010
• Headquarters : Kochi, Kerala
• Managing Director : Thomas Muthoot
• CEO : Sadaf Sayeed
• Muthoot Microfin Limited is an Indian microfinance institution, & It is a part of Muthoot Pappachan Group.

Insolvency and Bankruptcy Board of India Releases New Guidelines for Appointing Insolvency Professionals as Resolution Professionals

• The Insolvency and Bankruptcy Board of India (IBBI) has issued a new set of guidelines to streamline the process for appointing insolvency professionals (IPs) as interim resolution professionals, liquidators, and bankruptcy trustees.
• Under the new guidelines, issued on June 5, a panel of IPs will be set up, which will be effective from July 1, 2024, to December 31, 2024.
• Aim : To enhance the efficiency and effectiveness of the insolvency resolution process by ensuring a ready pool of qualified professionals available for immediate appointment.

Key Highlights :

• Formation of Panel : The panel will be shared with the National Company Law Tribunal (NCLT) and the Debt Recovery Tribunal (DRT) to avoid administrative delays.
• Panel Validity : The panel will have a validity of 6 months.
• Eligibility Criteria:IPs seeking inclusion in the panel must have no pending disciplinary proceedings or convictions in the last 3 years by a court of competent jurisdiction.
• They must hold an authorization for assignment valid until the panel’s validity and submit an expression of interest.
• Prior experience in handling assignments under the Insolvency and Bankruptcy Code is required.
• Panel Preparation:The IBBI will prepare the panel based on the volume of completed assignments and registration dates of the IPs.
• IPs with more experience will be given priority.
• Appointment Expectations:IPs are expected to accept appointments without withdrawing consent unless permitted by the NCLT, DRT, or IBBI.
• Failure to comply without sufficient justification could result in removal from the panel for 6 months.

About IBBI :

• Headquarters : New Delhi, Delhi
• Chairperson : Ravi Mittal
• Parent Department : Ministry of Corporate Affairs
• IBBI) is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India.
• It was established on 1 October 2016 and given statutory powers through the Insolvency and Bankruptcy Code, which was passed by Lok Sabha on 5 May 2016.

PhonePe Partners with Sri Lankan Ride-Hailing Service PickMe to Enable Unified Payments Interface Payments

• Fintech firm PhonePe has partnered with ride-hailing platform PickMe to facilitate Unified Payments Interface (UPI)-based payments for Indian travellers in Sri Lanka.

Key Highlights :

• Enhancing Convenience for Indian Travellers:The partnership with PickMe reflects PhonePe’s commitment to providing convenient and trusted payment solutions for Indian travellers visiting Sri Lanka.
• It eliminates the hassle of navigating payments in a new country by offering the ease and security of UPI payments for rides.
• Support for Digital Transformation:The collaboration aligns with PhonePe’s mission to drive digital transformation in Sri Lanka’s transportation sector by introducing modern payment methods.
• High Commissioner’s Encouragement:Indian High Commissioner Santosh Jha encouraged companies in Sri Lanka to engage with Indian firms like PhonePe to leverage the UPI stack for innovations in various sectors, including hotel bookings, cab bookings, and delivery services.
• Impact on Indian Travellers:The partnership not only enhances convenience for Indian travellers but also signifies the growing integration of digital payment systems across borders, facilitating seamless transactions for international travellers.
• CEO of PhonePe – International Payments : Ritesh Pai

Recent News :

• In May 2024, PhonePe collaborated with LankaPay to enable its users to make payments using UPI across Sri Lanka, expanding its reach in the country.

About Phonepe :

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

About PickMe :

• Founded : March 2014
• Headquarters : Colombo, Sri Lanka
• CEO : Jiffry Zulfer
• Chairman : Ajith Gunewardene
• PickMe is a Sri Lankan taxi hailing and delivery app developed by Digital Mobility Solutions (Pvt) Ltd.

Reserve Bank of India Annual Report: Nearly 80% of Digital Transactions Conducted via UPI                   

• According to the Reserve Bank of India’s (RBI) annual report, nearly four out of five digital payments in the country were conducted on the Unified Payments Interface (UPI) in the financial year 2024 (FY24).

Key Highlights :

• Growth of UPI:UPI’s share of total digital payments increased from 73.4% in FY23 to 79.7% in FY24.
• In FY20, UPI’s share was 36.8% compared to the total volume of digital payments.
• Volume of Digital Transactions:The volume of digital payments in FY24 reached 164.4 billion transactions, a 44% year-on-year increase from 113.9 billion transactions in FY23.
• In FY20, the country recorded a total of 34 billion digital UPI transactions.
• Impact of Payments Infrastructure Development Fund (PIDF):The report further added that the Payments Infrastructure Development Fund (PIDF) has aided in the growth of digital payments in the last financial year.
• Deployments of Point of Sale (PoS), mobile PoS terminals, interoperable Quick Response (QR) codes, among others, have been subsidised under the scheme.
• Growth in PoS Terminals and QR Codes:The number of PoS terminals increased by 14.3% year-on-year to 8.9 million in FY24.
• Bharat QR (BQR) codes increased by 16.1% to 6.2 million, while UPI QR codes increased by 35% to 346 million.
• Expansion of UPI Internationally:On taking UPI international, the annual report said that the RBI, along with NPCI International Payments Ltd. (NIPL), will work towards taking UPI to 20 countries with an initiation timeline of 2024-25 and a completion timeline of 2028-29.
• Online Payment Aggregators : The RBI gave a final nod to 22 online payment aggregators.
• Debit card transactions have continued to decline, reaching a five-year low.
• Trends in Debit and Credit Card Transactions:In FY24, the RBI recorded 2.28 billion transactions on debit cards, a 33% Y-o-Y decrease, from 3.41 billion transactions in FY23.
• The latest numbers are nearly half of the 5.06 billion debit card transactions recorded in FY20.
• Credit card transactions have continued to rise: In FY24, credit card transactions were pegged at 3.56 billion, a 22% Y-o-Y increase, from 2.9 billion transactions in FY23.

What is UPI?

• UPI, or Unified Payments Interface, has become the backbone of digital transactions in India.
• The UPI was introduced in India on April 11, 2016, by Dr Raghuram G Rajan, Governor, RBI at Mumbai, Maharashtra and developed by the National Payments Corporation of India (NPCI).
• It allows you to instantly transfer money between any two parties’ bank accounts.
• UPI transactions require the authorisation of a Personal Identification Number (PIN), a 4-6 digit passcode set by the customers as a security measure to ensure safe and approved transactions.

CURRENT AFFAIRS: NATIONAL NEWS

Coal and Lignite PSUs Lead the Way in Land Restoration and Sustainability

• The Ministry of Coal has unveiled a report detailing the strides made by Coal and Lignite Public Sector Undertakings (PSUs) in land restoration and sustainability.

Dual Focus: Energy Production and Environmental Preservation

• According to a press release by the Ministry of Coal, amidst rising energy demands, these PSUs have ramped up coal production and made notable progress in environmental preservation through comprehensive land reclamation and greening efforts.

Global Environmental Alignment

• This global focus aligns seamlessly with the Ministry of Coal’s newly released report, “Greening Initiative in Coal & Lignite PSUs,” which showcases the ambitious efforts of coal and lignite PSUs in transforming mined-out areas into vibrant green spaces.

Key Environmental Benefits

• These initiatives play a pivotal role in combating desertification, enhancing drought resilience, sequestering carbon, and conserving biodiversity.

Green Cover Expansion

• The report reveals that they have established green cover over approximately 50,000 hectares in and around coal mining regions.

Carbon Sink Potential

• Collectively, these initiatives are estimated to create a carbon sink potential of approximately 2.5 million tonnes of CO2 equivalent per year.

Contributing to India’s NDC Target

• This greening initiative is set to significantly contribute to the augmentation of India’s green cover, aiding in the fulfilment of India’s Nationally Determined Contribution (NDC) target of achieving a carbon sink of 2.5 to 3.0 billion tonnes by 2030.

DoT to undertake MSME survey to push industry 4.0 applications

• The Department of Telecommunications has launched a comprehensive survey aimed at understanding and resolving the challenges encountered by Micro, Small, and Medium Enterprises (MSMEs) in adopting new technologies.

Pioneering Technological Integration

• This initiative seeks to establish a robust ecosystem that harnesses the potential of cutting-edge technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and the integration of 5G and 6G networks.

Survey Duration and Coverage

• Over 60 days, the survey will cover five sectors each in North and South India. It is designed to unveil sector-specific requirements across a minimum of ten industries.

Policy-Shaping Insights

• The insights gleaned from this survey will serve as the bedrock for policy interventions geared towards enhancing the competitive edge and sustainability of MSMEs.
• By addressing the technological barriers faced by MSMEs, this initiative aims to propel them towards a future of innovation and resilience in the ever-evolving digital landscape.

CURRENT AFFAIRS: BUSINESS NEWS

CBDC usage soars 39-fold among retail users, plunges in wholesale

• The outstanding amount for Central Bank Digital Currency (CBDC) in the wholesale segment crashed while its usage in the retail segment climbed 39 times in the past year.

Wholesale Segment Decline

• In the wholesale segment, the outstanding amount stood at ₹8 lakh in March 2024, down from ₹10.6 crore last year.

Retail Segment Surge

• In the retail segment, the amount climbed to ₹234 crore in March 2024, up from ₹6 crore last year.

Introduction of India’s Digital Rupee

• India’s CBDC, the Digital Rupee (e₹), is a digital form of its official currency, introduced after the FY23 budget.

CBDC Pilots and Accessibility

• The pilots for CBDC retail and wholesale were introduced in 2022, allowing retail users to make person-to-merchant transactions after scanning UPI QR codes from the CBDC app, making it widely accessible.

Objective for Wholesale Segment

• The objective for the wholesale segment was to facilitate secondary market transactions in government securities for select banks while reducing transaction costs.

Expansion of CBDC Pilot Projects

• The central bank has been pushing for the use of CBDC by continuously expanding its pilot projects to offer more services and instruments using the e₹.

NSE creates a world record for handling 1,971 crore transactions in a single day

• The National Stock Exchange of India, the country’s largest stock exchange and the world’s largest derivatives exchange, made history by registering the highest-ever transactions in a single day.

Record-breaking Numbers

• The exchange handled 1,971 crore orders and 28.55 crore trades, marking a significant milestone in its operational history.

Launch of Thematic Index

• Earlier, NSE Indices Ltd, a subsidiary of NSE, launched India’s first thematic index to track the electric vehicle and new-age automobiles segment, showcasing the exchange’s commitment to innovation and diversification.

About NSE

• National Stock Exchange of India Limited is one of the leading stock exchanges in India, based in Mumbai.
• NSE is under the ownership of various financial institutions such as banks and insurance companies.

Key Information

• Founded: 1992; 32 years ago
• Chairperson: Girish Chandra Chaturvedi
• MD & CEO: Ashishkumar Chauhan

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

PNB MetLife Names Sameer Bansal as New MD and CEO, Succeeding Ashish Srivastava

• PNB MetLife India Insurance has appointed Sameer Bansal as the Managing Director (MD) and Chief Executive Officer (CEO) effective from July 1, 2024, subject to regulatory approvals.
• He will succeed Ashish Srivastava, who will become the MD for MetLife Inc.’s Global Shared Services team in India.

About Sameer Bansal :

• Bansal has over 25 years of experience in financial services, including extensive and successful experience in leading Distribution through Bancassurance, Agency, Digital, Employee Benefits and Direct marketing business models.
• He joined the firm in 2007 and is currently serving as the Chief Distribution Officer.

About PNB MetLife Insurance :

• Founded: 2001
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Ashish Kumar Srivastava
• PNB MetLife Insurance is a joint venture between MetLife International Holdings LLC (46% stake) and Punjab National Bank (30% stake).
• Product Offerings:PNB MetLife offers various insurance products focusing on Child Education, Family Protection, Long-Term Saving, and Retirement.
• The company has a wide range of protection and retirement products available through its sales channel of over 19,500 financial advisors and multiple bank partners.
• Market Presence:PNB MetLife caters to over 590 group relationships in India, demonstrating a significant presence in the Indian insurance market.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

E-commerce Giant Amazon to Acquire Select Assets of Streaming Service MX Player

• E-commerce and technology giant Amazon has signed an agreement to acquire some assets from MX Player, a streaming platform owned by Times Internet.
• The deal reportedly values MX Player at less than $100 million.
• This is a significant decrease from its $500 million valuation when it last raised $111 million in funding in 2019.
• The deal is expected to give a boost to Amazon’s streaming service miniTV.

Key Highlights :

• Launched in May 2021, Amazon miniTV is a free, ad-supported video service, which is a part of Amazon’s shopping app.
• It currently offers a vast selection of fresh, trendy, and immersive entertainment across multiple genres and can also be downloaded as an app from the Play Store.
• Amazon also operates a subscription-based streaming service called Prime Video.
• It is bundled with its Prime subscription service.
• The deal is taking place at a time when this year, India’s top conglomerate Reliance Industries and Walt Disney announced the merger of their India TV and streaming media assets, creating an $8.5 billion entertainment platform.
• The asset purchase of MX Player, which has deep penetration in tier 2 and 3 and beyond, will also help Amazon’s rural push.
• Times Internet acquired MX Player for ₹1,000 crore ($140 million) in 2018.
• Together, the Reliance-Disney merged entity will have 120 TV channels and two streaming platforms.
• The merger is expected to take on competitors such as Amazon’s Prime Video and miniTV, Netflix Inc, and local platforms such as MX Player and Zee Entertainment Ltd’s ZEE5.

About Amazon :

• Founded : July 5, 1994
• Headquarters : Seattle, Washington, United States
• Executive Chairman : Jeff Bezos
• President & CEO : Andy Jassy

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Russian Cosmonaut Oleg Kononenko Sets Record as First Person to Spend 1,000 Days in Space

• Oleg Kononenko, a 59-year-old Russian cosmonaut, has become the first person to spend 1,000 days in space.
• Kononenko achieved this milestone through five journeys to the International Space Station (ISS) starting from 2008.
• His current trip to the ISS began on September 15, 2023, launching alongside NASA astronaut Loral O’Hara and compatriot Nikolai Chub.

Key Highlights :

• Cumulative Space Time Record : In February 2024, Kononenko surpassed the previous total cumulative space time record of 878 days, 11 hours, 29 minutes, and 48 seconds, set by fellow Russian cosmonaut Gennady Padalka in 2015.
• Expected Total Orbit Time:If Kononenko’s mission concludes as scheduled on September 23, 2024, he will have spent a total of 1,110 days in orbit.
• International Cooperation:Despite geopolitical tensions, the International Space Station remains a key area of cooperation between the United States and Russia.
• This cooperation continues following Russia’s invasion of Ukraine in February 2022.
• Roscosmos-NASA Collaboration:Roscosmos, the Russian space agency, announced in December an extension of its cross-flight program with NASA, which transports astronauts to the ISS, until 2025.

About Roscosmos :

• Founded : 25 February 1992
• Headquarters : Moscow, Russia
• Administrator : Yury Borisov
• It is a state corporation of the Russian Federation responsible for space flights, cosmonautics programs, and aerospace research.

Indian-American Astronaut Sunita Williams Becomes First Woman to Pilot New Spacecraft on Its Maiden Crewed Test Flight

• Sunita Williams and Butch Wilmore became the first people to fly to space in a Boeing Starliner during its first-ever crewed flight.
• Indian-Origin NASA astronaut Sunita Williams made history by being the first female pilot of a newly developed human-rated spaceship.
• On June 5, 2024, the crew was launched from Space Launch Complex-41 at the Cape Canaveral Space Force Station in Florida to board the Atlas V rocket of United Launch Alliance.
• The goal of the Starliner mission is to transport goods and crew to low Earth orbit and beyond for upcoming NASA missions.
• The maiden flight with humans was initially scheduled for May 7 but was postponed due to a helium leak and a problem with ULA’s ground power supply.
• This is the 3rd try, and 90% of the weather was ideal for the launch.
• Sunita Williams served as the pilot, and Butch Wilmore was the commander of the flight.
• The two will spend almost a week at the International Space Station before riding the reusable crew spacecraft back to Earth.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Ministry of Health & Family Welfare and Ministry of Defence sign MoU to set up dedicated Tele MANAS cell for armed forces

• A memorandum of understanding (MoU) was signed between the Ministry of Health and Family Welfare (MoHFW) and the Ministry of Defence (MoD) to collaborate on operating a special cell of Tele MANAS, the National Telemental Health Helpline, as a pilot project for two years at the Armed Forces Medical College in Pune.

Inauguration and Leadership

• The special Tele-MANAS Cell was inaugurated on December 1, 2023, at the Armed Forces Medical College in Pune by Chief of Defence Staff, General Anil Chauhan.

Addressing Mental Health Needs

• The collaboration aims to address the mental health and well-being of Armed Forces personnel and their families.
• Direct access to specialized care will be provided, ensuring prompt and effective addressing of their unique mental health needs.

Tele MANAS Initiative

Digital Extension of DMHP:

• Tele MANAS serves as the digital extension of the District Mental Health Programme (DMHP), offering comprehensive, integrated, and inclusive 24/7 tele-mental health services.

Toll-Free Support Line:

• The initiative provides a toll-free number, 14416, in each State and Union Territory (UT) for easy access to mental health support.

Operational Details

• Currently, 51 operational Tele MANAS cells are functioning across all 36 States and UTs, offering services in 20 different languages.
• Since its launch in October 2022, Tele MANAS has received over 10 lakh calls and manages more than 3,500 calls daily.
• This collaborative effort between the Ministry of Health and Family Welfare and the Ministry of Defence underscores the commitment to addressing mental health issues, particularly within the Armed Forces community, through accessible and specialized care.

CURRENT AFFAIRS: RANKING AND REPORTS

Brihanmumbai Municipal Corporation Announces Climate Budget Report For Financial Year 2024-25

• On the occasion of World Environment Day, the Brihanmumbai Municipal Corporation (BMC) launched its inaugural Climate Budget Report for 2024-25.

A Landmark Achievement

• With this initiative, BMC has emerged as the first municipal corporation in India and the fourth globally, following Oslo, New York, and London, to release such a comprehensive report.

Significant Allocations

• BMC has allocated Rs 10,224.24 crores for climate-relevant activities, comprising 32.18% of the total capital expenditure budget.

Integration of Climate Action Plan

• Additionally, Rs 2,163.8 crores has been earmarked for activities aligned with the Mumbai Climate Action Plan (MCAP), including the adoption of LED lights, plantation/landscaping, rooftop solar installations, and sewage treatment plants in new constructions, representing 6.81% of the capital expenditure budget.

Ambitious Targets

• The BMC has set ambitious goals, aiming for 100% municipal and private zero-emission vehicles by 2050, and targeting a 50% reduction in landfill waste by the same year.

Part of Global Climate Initiative

• The climate budget report is part of the C40 Cities’ climate budget pilot program, which commenced in September 2021.

Collaborative Effort

• Mumbai’s climate budgeting process is led by BMC’s Environment Department and supported by WRI India and C40 Cities, reflecting a collaborative approach to addressing climate challenges.

CURRENT AFFAIRS: SPORTS NEWS

Seagram’s Royal Stag Renews Partnership with ICC as Official Supporter for Four Years

• Seagram’s Royal Stag has extended its association with the International Cricket Council (ICC) for four more years, solidifying the brand’s commitment to cricket and the sport’s global community of fans.

Partnership Duration

• The partnership, which will run until the end of 2027, extends Royal Stag’s status as an Official Supporter, kicking off with the ICC Men’s T20 World Cup in the West Indies and the USA.

Previous Successful Partnership

• This extension follows the brand’s successful five-year partnership with the ICC between 2018 and 2023.

Engagement with Global Cricket Fans

• Pernod Ricard India, the manufacturer of the Indian whiskey brand, said Royal Stag’s continued association with the ICC and cricketers like Rohit Sharma, Jasprit Bumrah, and Suryakumar Yadav has helped engage with millions of cricket fans across the globe.

CURRENT AFFAIRS: BOOKS AND AUTHOR

Bill Gates announces release of personal memoir in 2025

• Microsoft co-founder Bill Gates announced the release of his memoir titled Source Code: My Beginnings, set to hit the shelves on February 4, 2025.

Pre-order Now Available

• The book, currently available for pre-order, will chronicle Gates’s life from childhood up until the formation of Microsoft in 1975.

Exploring Personal Challenges

• In a blog post, Gates revealed that his memoir will delve into the more challenging aspects of his early life, including feeling like a misfit during childhood, clashing with his parents as a teenager, dealing with the sudden loss of a loved one, and almost being expelled from college.

Focus on Personal Growth

• However, Source Code is not about Microsoft or Gates’s other business ventures. Instead, it focuses on the early passions and pursuits that shaped Gates into the person he is today.

CURRENT AFFAIRS: IMPORTANT DAYS

World Brain Tumour Day 2024: June 8

• Every year on June 8th, World Brain Tumor Day is commemorated.
• The day raises awareness of brain tumours and educates people about them.
• The theme of World Brain Tumour Day 2024 is ‘Brain Health and Prevention’.
• The history of World Brain Tumour Day goes back 24 years when it was first observed in the year 2000 by a Leipzig-based NPO Deutsche Hirntumorhilfe e.V or German Brain Tumour Association.
• The international day has since been dedicated to brain tumour patients across the globe and to raising awareness about this brain disease.

World Oceans Day 2024: June 8

• Every year on June 8th, World Ocean Day is commemorated to raise awareness of the ocean’s vital role in human life and ways to conserve it across the world.
• The theme for World Oceans Day 2024 is “Awaken New Depths”.
• In 1992, during the Earth Summit in Rio de Janeiro, the notion of World Ocean Day was introduced.
• In 2008 World Ocean Day was officially created by the United Nations General Assembly to be observed yearly on June 8 to address ocean issues and conserve ocean water.
• On June 8, 2009, The United Nations General Assembly formally designated the day with Resolution 63/111.

Daily CA One- Liner: June 8

• The Ministry of Coal has unveiled a report detailing the strides made by Coal and Lignite Public Sector Undertakings (PSUs) in land restoration and sustainability
• The Department of Telecommunications has launched a comprehensive survey aimed at understanding and resolving the challenges encountered by Micro, Small, and Medium Enterprises (MSMEs) in adopting new technologies
• The outstanding amount for Central Bank Digital Currency (CBDC) in the wholesale segment crashed while its usage in the retail segment climbed 39 times in the past year.
• The National Stock Exchange of India, the country’s largest stock exchange and the world’s largest derivatives exchange, made history by registering the highest-ever transactions in a single day.
• A memorandum of understanding (MoU) was signed between the Ministry of Health and Family Welfare (MoHFW) and the Ministry of Defence (MoD) to collaborate on operating a special cell of Tele MANAS, the National Telemental Health Helpline, as a pilot project for two years at the Armed Forces Medical College in Pune
• On the occasion of World Environment Day, the Brihanmumbai Municipal Corporation (BMC) launched its inaugural Climate Budget Report for 2024-25
• Seagram’s Royal Stag has extended its association with the International Cricket Council (ICC) for four more years, solidifying the brand’s commitment to cricket and the sport’s global community of fans.
• Microsoft co-founder Bill Gates announced the release of his memoir titled Source Code: My Beginnings, set to hit the shelves on February 4, 2025
• The RBI Governor Shaktikanta Das, headed the 6-member Monetary Policy Committee (MPC) decided to keep the benchmark repo rate unchanged at 6.5% for the 8th consecutive time by a 4:2 majority.
• The Reserve Bank of India (RBI) has increased the number of penalties on financial institutions by 88% over the past 3 years (from 2021 to January, 2024).
• The Reserve Bank of India (RBI) may allow Security Receipts (SR) holders to change the trusteeship of Asset Reconstruction Companies (ARCs).
• Muthoot Microfin Limited has entered into a partnership with State Bank of India (SBI) for co-lending to members of joint liability groups (JLGs) engaged in agricultural and allied activities as well as other income-generating enterprises.
• The Insolvency and Bankruptcy Board of India (IBBI) has issued a new set of guidelines to streamline the process for appointing insolvency professionals (IPs) as interim resolution professionals, liquidators, and bankruptcy trustees.
• Fintech firm PhonePe has partnered with ride-hailing platform PickMe to facilitate Unified Payments Interface (UPI)-based payments for Indian travellers in Sri Lanka.
• According to the Reserve Bank of India’s (RBI) annual report, nearly four out of five digital payments in the country were conducted on the Unified Payments Interface (UPI) in the financial year 2024 (FY24).
• PNB MetLife India Insurance has appointed Sameer Bansal as the Managing Director (MD) and Chief Executive Officer (CEO) effective from July 1, 2024, subject to regulatory approvals.
• E-commerce and technology giant Amazon has signed an agreement to acquire some assets from MX Player, a streaming platform owned by Times Internet.
• Oleg Kononenko, a 59-year-old Russian cosmonaut, has become the first person to spend 1,000 days in space.
• Sunita Williams and Butch Wilmore became the first people to fly to space in a Boeing Starliner during its first-ever crewed flight.
• Every year on June 8th, World Brain Tumor Day is commemorated.
• Every year on June 8th, World Ocean Day is commemorated to raise awareness of the ocean’s vital role in human life and ways to conserve it across the world