Daily Current Affairs 09 & 10 June 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Securities and Exchange Board of India Honoured with ‘Best Conduct of Business Regulator’ Award by The Asian Banker    

• The Securities and Exchange Board of India (SEBI) has been awarded the ‘Best Conduct of Business Regulator’ in the Asia Pacific region by The Asian Banker.
• This recognition acknowledges SEBI’s efforts in enhancing the regulatory framework for securities markets in India.
• The award was received by SEBI’s Whole Time Member Kamlesh Chandra Varshney in a ceremony held in Hong Kong.

Key Highlights :

• Introduction of T+1 Settlement:In2021, India introduced T+1 settlement in a phased manner, which was fully implemented from January 2023.
• T+1 settlement allows trades in assets to be settled one business day after they occur, providing investors with faster access to their funds post-trade execution and settlement.
• Benefits of T+1 Settlement:The adoption of T+1 settlement enhances market efficiency and liquidity by expediting the settlement process.
• It aims to reduce risks associated with trade settlements and streamline market operations.
• SEBI’s Regulatory Practices:Through rigorous enforcement and innovative regulatory practices, SEBI has significantly improved the conduct of business in India’s financial markets.
• SEBI’s efforts ensure fair treatment of consumers and maintain robust market integrity.

About Asian Banker :

• The Asian Banker creates platforms to build a greater sense of community amongst players in the financial services industry, from traditional banks and digital disruptors to fintechs and platform players.
• It conducts rankings and ratings of institutions, individuals, and processes to uphold high standards in delivering financial products and solutions.

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 bodyfor securities and commodity markets in India under the ownership of the Ministry of Finance (MoF),

Securities and Exchange Board of India Introduces Penalty Framework for Surveillance Lapses     

• The Securities and Exchange Board of India (SEBI) came out with a framework on “financial disincentives” for market infrastructure institutions that would impose a penalty ranging from ₹1 lakh to ₹1 crore for each instance of surveillance lapse during the financial year.

Key Highlights :

Penalty Structure:

• First Instance:Penalty ranges from ₹1 lakh (annual revenue < ₹300 crore) to ₹25 lakh (annual revenue > ₹1,000 crore).
• Second Instance:Penalty ranges from ₹2 lakh to ₹50 lakh.
• Third Instance Onwards:Penalty ranges from ₹4 lakh to ₹1 crore.
• The new framework will come into effect from July 1, 2024.
• Objective of Surveillance:Surveillance by MIIs aims to monitor the market to detect and deter manipulation or abusive trading, safeguarding market integrity, and supporting regulatory enforcement actions.
• Scope of Market Surveillance:Market surveillance encompasses monitoring daily market activities, including trading, margining, settlement, and demat transactions.
• It involves scrutinizing the conduct of market intermediaries through generating and processing alerts, seeking trading rationale, and carrying out snap analysis.
• Reporting of abnormal or suspicious activities is also part of market surveillance.
• Definition of Surveillance Lapse:Surveillance lapse includes any observed lapse in conducting surveillance activities, inadequate or untimely reporting, and partial or delayed implementation of SEBI decisions related to surveillance.
• Exemptions from Financial Disincentives:The framework will not apply in instances with market-wide impacts, causing losses to a large number of investors, or affecting market integrity significantly.

Reserve Bank of India Raises Limit for Bulk Fixed Deposits to Rs 3 Crore from Rs 2 Crore      

• The Reserve Bank of India (RBI) hiked the threshold for bulk fixed deposits to Rs 3 crore from existing Rs 2 crore.
• Bulk fixed deposits typically earn slightly higher interest rates compared to retail term deposits due to banks offering different rates as part of their liquidity management.

Key Highlights :

• Retail Fixed Deposits: Single rupee term deposits of up to Rs 2 crore with Scheduled Commercial Banks (excluding Regional Rural Banks) and Small Finance Banks will now be categorised as retail fixed deposits.
• The definition of bulk deposits has been revised to include ‘Single Rupee term deposit of Rs 3 crore and above’ for Scheduled Commercial Banks (excluding Regional Rural Banks) and Small Finance Banks.
• Local Area Banks: For Local Area Banks, the bulk deposit limit has been defined as ‘Single Rupee term deposits of Rs 1 crore and above’.
• Ease of Doing Business: RBI aims to promote ease of doing business by rationalizing guidelines for export and import of goods and services under the Foreign Exchange Management Act (FEMA), 1999.
• Digital Payment Initiative: RBI proposes to establish a Digital Payments Intelligence Platform for network level intelligence and real-time data sharing across the digital payments’ ecosystem.

Reserve Bank of India Proposes Simplified Foreign Exchange Management Act Guidelines for Export and Import of Goods and Services    

• In the midst of changing dynamics of international trade, the Reserve Bank of India (RBI) is planning to rationalise the Guidelines for Export and Import of Goods and Services under the Foreign Exchange Management Act (FEMA), 1999.
• The move will further promote ease of doing business and provide greater operational flexibility to authorised dealer banks.
• According to the Ministry of Commerce and Industry, India’s exports touched a new high of $68 billion in FY24, slightly surpassing the $776.40 billion recorded in the preceding fiscal year.
• The country achieved the highest monthly merchandise exports of $41.68 billion in March.
• Total goods imports by India in FY24 decreased by 5.66% to $675.44 billion.

About FEMA :

• FEMA came into force on June 1, 2000, as a successor to the Foreign Exchange Regulation Act, or FERA, of 1973, with changing economic conditions in a post-liberalisation India.
• Objective : To facilitate external trade and payments and promote the orderly development and maintenance of the foreign exchange market in India.
• FEMA deals with provisions relating to procedures, formalities, dealings, etc. of foreign exchange transactions in India.
• FEMA’s head office is known as the Enforcement Directorate and is located in Delhi.
• FEMA is applicable throughout India and equally applicable to agencies and offices located outside India, which are owned or managed by an Indian Citizen.

Securities and Exchange Board of India cautions ICICI Bank regarding its promotional activities for the scheme of arrangement aimed at delisting I-Sec equity shares   

• The Securities and Exchange Board of India (SEBI) has issued an administrative warning to ICICI Bank regarding its outreach efforts related to the delisting of ICICI Securities (I-Sec) equity shares.
• SEBI received numerous complaints from I-Sec shareholders, claiming they received multiple calls and messages from bank officials urging them to vote in favour of the delisting scheme.

What is meant by delisting of securities?

• The term “delisting” of securities means permanent removal of securities of a listed company from a stock exchange.
• As a consequence of delisting, the securities of that company would no longer be traded at that stock exchange.

Key Highlights :

• SEBI’s Advice:SEBI advised ICICI Bank to investigate these complaints thoroughly, whether received directly or via the SCORES (SEBI Complaint Redressal System) portal, for any guideline violations by the officials.
• The bank is urged to take appropriate action against any officials found to have violated the guidelines.
• Conflict of Interest:SEBI noted a clear conflict of interest as ICICI Bank is the promoter of I-Sec with over 74% shareholding, making it an interested party in the delisting transaction.
• Inappropriate Outreach Programme:SEBI concluded that ICICI Bank’s outreach program was inappropriate given the circumstances.

About ICICI Bank :

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

Sundaram Mutual Fund Rolls Out New Business Cycle Fund      

• Sundaram Mutual has launched a new fund offer (NFO), Sundaram Business Cycle Fund, an open-ended equity scheme following a business cycles-based investing theme.
• This scheme focuses on capitalizing on various business cycles that drive economic change.
• By strategically investing across these cycles during their upswings, the fund aims to generate substantial long-term growth for investors.

Key Highlights :

• Asset Allocation: At least 80% of the fund’s assets will be invested in equity and related instruments selected based on the current business cycle.
• The remaining 0-20% can be invested in a broader range of financial instruments, including other equity and related options, debt, money market securities, Real Estate Investment Trusts (REITs), and Infrastructure Investment Trusts (InvITs).
• Management Team: Ratish B Varier and Bharath S will manage the equity portion, Dwijendra Srivastava and Sandeep Agarwal will manage the fixed income portion, and Pathanjali Srinivasan will oversee Overseas Investments.
• Benchmark: The Nifty 500 TRI is chosen as the benchmark for the Sundaram Business Cycle Fund.
• NFO Details: The New Fund Offer (NFO) opens for subscription on June 5, 2024, and closes on June 19, 2024.
• Subscription and Redemption: The scheme reopens for ongoing subscription and redemption from July 1, 2024.
• Sundaram Mutual CEO : Anand Radhakrishnan

Ashv Finance Collaborates with HDFC Bank for Co-Lending Micro, Small and Medium Enterprises Loans     

• Micro, Small and Medium Enterprises (MSME) focused non-banking financial company Ashv Finance, a part of the Aavishkaar Group, has entered into a co-lending agreement with HDFC Bank to offer unsecured business loans to micro and small enterprises (MSEs).
• The co-lending deal is part of Ashv Finance’s focus on growing co-lending partnerships for lending to MSMEs.
• This tie-up validates our data-led model to underwrite MSME businesses and is yet another bit of effort towards the country’s “Make in India” initiative, as it percolates more and more towards MSMEs in India.”

Key Highlights :

• Loan Offerings:Ashv Finance provides unsecured business loans ranging from Rs 20 lakh to Rs 50 lakh, extendable up to Rs 75 lakh for repeat customers, with repayment periods spanning from 12 to 36 months.
• These loans cater to MSMEs’ needs for infrastructure investment and working capital.
• Eligibility Criteria for MSMEs:MSMEs seeking loans should have a minimum operational history of three years, a turnover between Rs 3 crore and Rs 100 crore, and furnish GST and ITR returns for the preceding 3 years.
• Previous Funding and Expansion:In December 2023, Ashv Finance secured $10 million in funding from Encourage Capital to initiate a program aimed at financing rooftop solar installations for micro and small businesses.
• The company manages assets worth Rs 1,000 crore and operates across 15 states in India.
• HDFC Bank’s Co-Lending Initiatives:HDFC Bank, in September 2023, announced a similar co-lending arrangement with TruCap Finance to facilitate lending to MSMEs, indicating its commitment to supporting the growth of this segment.

What Is Co-Lending?

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

About Ashv Finance :

• MD : Nikesh Kumar Sinha

About HDFC Bank :

• Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sashidhar Jagdishan
• Tagline : We Understand Your World

CURRENT AFFAIRS: NATIONAL NEWS

NHAI invites global bids for GNSS-based electronic toll collection

• NHAI has invited expressions of interest (EoIs) from around the world for the implementation of GNSS-based electronic toll collection (ETC) on National Highways.
• Objective: The aim is to provide a seamless and barrier-free tolling experience for users of National Highways.

GNSS-Based ETC System

• Technology Description: GNSS-based Electronic Toll Collection (ETC) is a barrier-free method that utilizes Global Navigation Satellite System (GNSS) technology.
• Functionality: The system tracks vehicles and calculates tolls based on the distance travelled on tolled highways.
• Satellite Tracking: It employs satellites or constellations of satellites to monitor vehicles’ movements and compute toll charges accordingly.

Implementation Plan

• Vehicle Equipping: Vehicles equipped with GNSS-enabled On Board Units (OBUs) will be charged based on the distance they travel on tolled highway stretches.
• Hybrid Approach: NHAI plans to initially implement the GNSS-based ETC system within the existing FASTag ecosystem. A hybrid model will be adopted where both RFID-based ETC and GNSS-based ETC will operate simultaneously, ensuring a smooth transition.

ECI reports 65.79 per cent overall voter turnout: Lok Sabha elections 2024

• The Election Commission reported an overall voter turnout of 65.79 percent in the General Elections 2024 at the polling stations.
• Seven Phases: The elections were conducted in seven phases from April 26 to June 1, with the counting of votes taking place on June 4.
• Total Voters: A total of 64.2 crore voters exercised their franchise in the 2024 elections.

Regional Turnout

• Highest Turnout: Lakshadweep recorded the highest voter turnout of 84.16 percent, followed by Assam with 81.56 percent and Tripura with 80.93 percent.
• Lowest Turnout: Bihar recorded the lowest voter turnout at 56.19 percent, followed by Uttar Pradesh at 56.92 percent.

Comparison with Previous Elections

• 2019 vs. 2024: The voter turnout in the 2019 parliamentary polls was 67.40 percent, slightly higher than the 2024 turnout.
• Increase in Electorate: The size of the electorate grew from 91.20 crore voters in 2019 to 96.88 crore voters in 2024.

NHRC seeks report on ‘sale of underage girls’ as part of ‘Nata Pratha’

• The National Human Rights Commission (NHRC) has issued a notice to Uttar Pradesh, Madhya Pradesh, Rajasthan, and Gujarat following a 2020 case where a father sold his daughter for 2.5 lakhs. The girl was later found dead.
• Complaint: The father lodged a complaint with the NHRC upon discovering his daughter’s dead body.
• Details: The incident originated from a marriage deal called ‘Nata Pratha’ where the girl was allegedly sold as part of the deal.

NHRC Intervention

• Spot Inquiry: NHRC conducted a spot inquiry and found that the father himself sold his daughter for ₹2.5 lakh as part of the marriage deal.
• Failure of Police Action: The girl complained to the Banswada SP about her father’s actions, but no action was taken. She later poisoned herself on June 16, 2020.
• NHRC Notice: NHRC issued a notice to the concerned states based on its findings.

About NHRC

• Establishment: NHRC is a statutory body constituted on October 12, 1993, under the Protection of Human Rights Act, 1993 (PHRA).
• Mandate: NHRC is responsible for protecting and promoting human rights, including rights relating to life, liberty, equality, and dignity as guaranteed by the Constitution and international covenants.
• NHRC Type: NHRC is a statutory body established in 1993.
• POCSO Act: The Protection of Children from Sexual Offences Act, 2012, is a legislative measure aimed at safeguarding children from sexual abuse and exploitation.

CURRENT AFFAIRS : STATE NEWS

Bihar’s Nagi and Nakti Bird Sanctuaries Designated as Ramsar Wetlands      

• Bihar’s Nagi and Nakti bird sanctuaries have been added to the global list of wetlands of international importance under the Ramsar Convention.
• With the addition of Nagi and Nakti bird sanctuaries, the total number of Ramsar sites in India has increased to 82.
• These two wetlands are situated in Bihar’s Jamui district, specifically in the Jhajha forest range.
• These two wetlands are man-made reservoirs situated in the Jhajha forest range of Jamui.
• Both sites were declared as Wetlands of International Importance on World Environment Day, celebrated on June 5, 2024.
• Nakti Bird Sanctuary was primarily developed for irrigation through the construction of Nakti Dam, while Nagi Bird Sanctuary was formed following the damming of the Nagi River, resulting in the gradual formation of water bodies with clear water and aquatic vegetation.

About Ramsar Convention :

• The Ramsar Convention is an international treaty signed by 172 countries to protect wetlands.
• It is named after the city in Iran where it was signed, and it began with 18 countries in 1971.
• The countries with the most Sites are the United Kingdom with 175 and Mexico with 142.
• India and China both have 82 recognised waterlogged ecosystems in the country.
• In India, 82 wetlands covering an area of 1,332,739 hectares have been designated as Ramsar Sites of International Importance from India.

About Bihar :

• Governor : Rajendra Arlekar
• Chief Minister : Nitish Kumar
• Capital : Patna
• National Park : Valmiki National Park
• Wildlife Sanctuary : Bhimbandh Sanctuary, Kaimur Wildlife Sanctuary

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

N.Chandrababu Naidu Set to Swear In as Andhra Pradesh Chief Minister on June 12

• Chandrababu Naidu, the national president of the Telugu Desam Party (TDP), will take oath as the Chief Minister of Andhra Pradesh on June 12, 2024, at Kesarapalli IT Park in Gannavaram, Krishna District, Andhra Pradesh (AP).
• The oath-taking ceremony will be attended by National Democratic Alliance (NDA) Prime Ministerial candidate Narendra Modi, along with several senior NDA leaders and Chief Ministers from other states.
• The NDA secured victory in 164 out of the total 175 Assembly constituencies. The TDP won 135 seats, the Jana Sena Party (JSP) secured 21 seats, and the Bharatiya Janata Party (BJP) won 8 seats, while the YSR Congress Party (YSRCP) secured 11 seats.
• Naidu previously served as the Chief Minister of Andhra Pradesh from 1995 to 2004.
• He became the first Chief Minister of the newly carved out state of Andhra Pradesh in 2014 after the bifurcation of the united state into Telangana and Andhra Pradesh.
• Naidu lost the elections in 2019, with YSRCP leader Y. S. Jagan Mohan Reddy taking over as Chief Minister.
• Naidu will now assume the role of Chief Minister again after a gap of 5 years.

About Andhra Pradesh

• Capital: Amaravati
• Governor: S. Abdul Nazeer
• National Park : Papikonda National Park, Rajiv Gandhi (Rameswaram) National Park
• Wildlife Sanctuary : Coringa Wildlife Sanctuary, GundlaBrahmeswaram Wildlife Sanctuary, Koundinya Wildlife Sanctuary

Cameroon’s Philemon Yang Elected as President of Upcoming General Assembly Session

• Philemon Yang, former Prime Minister of Cameroon, has been elected as the President of the upcoming 79th session of the UN General Assembly (UNGA), scheduled to begin in September, 2024.
• Yang will succeed Denis Francis of Trinidad and Tobago, the president of the 78th UNGA session.

About Philemon Yang :

• Yang served as Cameroon’s Prime Minister from 2009 to 2019 and has been serving as the Grand Chancellor of National Orders at the Presidency of the Republic since 2020.
• He also served as Cameroon’s high commissioner to Canada from 1984 to 2004 and has chaired the Panel of Eminent Africans of the African Union since February 2020.
• President-elect Yang has served as the chairperson of the Panel of Eminent Africans of the African Union.
• Following Uganda (2014) and Nigeria (2019), Cameroon becomes the 13th African country to have a representative appointed as president of the UN General Assembly.

About 79th session of the General Assembly :

• The 79th session of the General Assembly will convene on September 10, with the body’s high-level general debate starting on September 24, 2024.
• The theme for the 79th session is “unity in diversity, for the advancement of peace, sustainable development, and human dignity for everyone everywhere”.
• The General Assembly is the UN’s most representative body, comprising all 193 Member States.

About United Nations General Assembly :

• Established in 1945 under the Charter of the United Nations, the General Assembly is the main policy-making organ of the Organisation.
• Headquarters : New York City, United States
• President : Dennis Francis
• It provides a unique forum for multilateral discussion of the full spectrum of international issues covered by the Charter.

CURRENT AFFAIRS: BUSINESS NEWS

Adani Solar retains Top Performer ranking in Kiwa PVEL’s PV Module Reliability Scorecard for the seventh year

• Adani Solar, the solar photovoltaic (PV) manufacturing arm of the Adani Group, has been recognized as a Top Performer in the 10th Edition of Kiwa PVEL’s PV Module Reliability Scorecard.

About Kiwa PVEL

• Independent Laboratory: Kiwa PVEL is an independent laboratory serving the downstream solar industry.
• Annual Scorecard: Their annual scorecard highlights manufacturers that have produced PV modules demonstrating noteworthy results in independent testing.

Adani Solar’s Performance

• PQP Testing: Adani Solar’s PV modules successfully completed the PQP testing, demonstrating industry-leading reliability and performance metrics.
• Consistent Excellence: With this recognition, Adani Solar is the only Indian manufacturer to have maintained Top Performer status for seven consecutive years.

Industry Leadership

• Vertical Integration: Adani Solar is the first Indian solar manufacturing company to vertically integrate businesses that offer services across the spectrum of photovoltaics manufacturing.

CURRENT AFFAIRS: AWARDS AND HONOURS

Vellayan Subbiah of TII was named EY World Entrepreneur of the year 2024

• Vellayan Subbiah, Executive Vice-Chairman of Tube Investments of India (TII) and Chairman of Cholamandalam (Chola) Investment and Finance Co. Ltd., was named the EY World Entrepreneur Of The Year 2024.
• Event: The award ceremony was held in Monaco’s Salle des Etoiles.

Selection Process

• Competition: Vellayan was selected from nearly 5,000 programme participants, including 51 winners from 47 countries and jurisdictions.
• Historical Win: He is the fourth winner from India in the award’s 24-year history, making India the only country among EY regions to win the global entrepreneurship award four times.

Previous Indian Winners

• Uday Kotak (2014)
• Kiran Mazumdar-Shaw (2020)
• Vellayan Subbiah (2024)
• Narayana Murthy (2003)

Criteria for Award

• Judging Criteria: This year’s award was given based on four criteria: entrepreneurial spirit, purpose, growth, and impact.
• National Recognition: Vellayan was previously awarded the EY Entrepreneur of the Year for India in 2023.

WisdomNext to push generative AI play for Tata Consultancy Services

• Tata Consultancy Services (TCS) has launched TCS WisdomNext, a platform that consolidates multiple generative artificial intelligence (GenAI) services into a single interface.
• Objective: The platform allows organizations to adopt next-gen technologies at scale within regulatory frameworks and at lower costs.

Platform Features

• Cloud Integration: TCS WisdomNext will be part of the newly-formed AI.Cloud unit of TCS.
• SaaS Features: The platform includes software-as-a-service (SaaS) capabilities, enabling customers to:
  • Compare various GenAI models from different vendors.
  • Experiment with different models in real-time.
  • Access cost parameters for different models.

Industry Impact

• Barrier Removal: TCS WisdomNext is designed to eliminate obstacles for customers in developing and launching business solutions.
• Real-Time Experimentation: It supports real-time experimentation across vendor, internal, and open-source large language models (LLMs), facilitating rapid innovation and deployment.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

National Company Law Tribunal Greenlights Merger of Full-Service Carriers Vistara with Competitor Air India 

• The National Company Law Tribunal (NCLT) has approved the merger of Air India and
• The merger has resulted in the creation of one of the world’s largest airline conglomerates.
• Under the merger deal, Singapore Airlines will own 25.1 % stake in Air India.
• Vistara is a joint venture between Tata Group and Singapore Airlines.
• Air India plans to finalize the merger by the end of the year, with the merger being announced in November 2022.
• The Chandigarh branch of the NCLT has approved a composite scheme of arrangement, bringing Air India, Vistara, and Talace under the Tata Group umbrella.
• The two key regulatory bodies, the Competition Commission of India (CCI) and the Directorate General of Civil Aviation (DGCA) have given clearance for the merger scheme.
• The merged entity will connect five of seven continents and operate more flights on international routes than any other Indian carrier.

About NCLT :

• The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues relating to Indian companies.
• The tribunal was established under the Companies Act 2013and was constituted on 1 June 2016 by the government of India and is based on the recommendation of the Balakrishna Eradi committee on law relating to the insolvency and the winding up of companies.

About Air India : 

• Founded : 15 October 1932 (Commenced Operations -29 July 1946)
• Headquarters : Gurgaon, Haryana, India
• Chairman : N. Chandrasekaran
• MD & CEO : Campbell Wilson
• The Air India group, which also includes low-cost carrier Air India Express and Air Asia India, has ordered a staggering 470 jets from Airbus and Boeing, aiming to take on local rivals such as IndiGo and Middle Eastern carriers that dominate outbound traffic from India.

About Vistara :

• Founded : 2013 (Commenced Operations -9 January 2015)
• Headquarters : Gurgaon, Haryana, India
• Chairman : Bhaskar Bhat
• CEO : Vinod Kannan

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Space Research Organisation Unveils Thermal Infra-Red Imaging Satellite for High-resolution Natural Resource Assessment: Indo-French Infrared Earth Observation Mission for Global Surface Temperature and Water Management    

• The Space agency Indian Space Research Organisation (ISRO) has announced a joint Indo-French infrared earth observation satellite mission, TRISHNA (Thermal Infra-Red Imaging Satellite for High-Resolution Natural Resource Assessment), to monitor surface temperature and water management around the world.

Key Highlights :

• Data Collection: The satellite will provide data on climate impacts through evapotranspiration monitoring, measuring water evaporation from land and plants.
• Monitoring Parameters: TRISHNA will monitor thermal anomalies, heat emission from land, surface energy, urban heat islands, and other global parameters related to heat.
• Payloads : The satellite will carry two primary payloads.
• The Thermal Infra-Red (TIR) payload will be provided by the French space agency CNES, and will be a four channel long-wavelength infrared imaging sensor that will study high-resolution surface temperature.
• The Visible Near Infrared-Red Short Wave Infrared-Red (VNIR-SWIR) payload is being developed by ISRO, and will map over seven bands the reflectivity or albedo of earth’s surface.
• Operational Details: TRISHNA will operate in a sun-synchronous orbit at an altitude of 761 km.
• The mission is designed for a 5-year operational life.
• Contribution to Global Initiatives: TRISHNA’s data will contribute to various global initiatives such as GEOGLAM for agricultural monitoring, the UN’s Sustainable Development Goals, and the Global Water Watch.

About ISRO :

• Established: 15 August 1969
• Headquarters: Bangalore, Karnataka, India
• Chairman: S. Somanath

CURRENT AFFAIRS: RANKING AND INDEX

Nvidia passes Apple as the world’s second-most valuable company

• Nvidia has surpassed Apple in market capitalization, becoming the second-most valuable public company, behind Microsoft.

Market Values:

1. Microsoft: $3.15 trillion
2. Nvidia: $3.019 trillion
3. Apple: $2.99 trillion

Historical Context

• Significance: Nvidia is the world’s most valuable semiconductor company and the first computer chip firm to reach a $3 trillion market capitalization.
• Historical Comparison: The last time Nvidia’s value exceeded Apple’s was in 2002.
• At that time, both companies were valued at less than $10 billion each, five years before the release of the first iPhone.

About Nvidia Corporation

• Headquarters: Nvidia Corporation is an American multinational corporation headquartered in Santa Clara, California.
• CEO: Jensen Huang.

CURRENT AFFAIRS: SPORTS NEWS

ISSF World Cup 2024 Munich: India’s Sarabjot Singh wins gold medal in 10m air pistol

• Indian shooter Sarabjot Singh secured India’s first medal at the ISSF World Cup in Munich, Germany.
• Gold Medal: He claimed the gold medal in the men’s 10-meter air pistol event, scoring an impressive 242.7 points in the final.

Medalists

• Silver Medal: Shuaihang Bu of the People’s Republic of China.
• Bronze Medal: Robin Walter of Germany.

Significant Achievements

• Second Gold Medal: This victory marks Sarabjot Singh’s second individual gold medal in the ISSF World Cup, showcasing his remarkable talent and precision.
• Previous Triumph: Last year, he triumphed in the men’s 10-meter air rifle event at the ISSF World Cup held in Bhopal, Madhya Pradesh.

India’s Overall Performance

• Additional Medal: Sift Kaur Samra secured the bronze medal in the women’s 50-meter Rifle event.
• Medal Tally: India currently stands in third place in the medal tally, tied with France, having won two medals each.
• China’s Dominance: China leads the medal tally with an impressive 11 medals, followed by Norway with 3 medals.

About ISSF World Cup

• Prestigious Event: The ISSF World Cup is one of the most prestigious shooting tournaments globally, second only to the Olympics.
• Organizer: Hosted by the International Shooting Sports Federation (ISSF), the event attracts top shooters from across the globe.
• Establishment: Established in 1907, the ISSF is headquartered in Munich, Germany.
• Annual Schedule: Since 1996, four ISSF World Cups are organized annually, except during Olympic years when three are held.
• Event Categories: The ISSF World Cup comprises separate competitions for rifle, pistol, and shotgun events.

Rohit Sharma Makes History in 9th ICC T20 World Cup Cricket Tournament

• The Indian cricket team, led by captain Rohit Sharma, commenced their journey at the 9th ICC T20 World Cup with a convincing 8-wicket win against Ireland.
• Venue: The match took place at the Nassau County International Cricket Stadium in New York, USA.

Stellar Performances

• Bowling Excellence: Jasprit Bumrah showcased a remarkable bowling display, taking 2 wickets for just 6 runs, earning him the prestigious ‘Man of the Match’ award.
• Record-breaking Achievement: Rohit Sharma, renowned as the “Hitman” for his extraordinary six-hitting prowess, created history by becoming the first cricketer in the world to smash 600 sixes in international cricket.

About Rohit Sharma

• Captaincy: Rohit Sharma leads the Indian cricket team in the ICC T20 World Cup 2024 campaign.
• Nickname: He is affectionately known as the “Hitman” for his ability to hit towering sixes and dominate opposition bowlers.
• Record Setter: Rohit Sharma’s achievement of hitting 600 sixes solidifies his status as one of the most destructive batsmen in the world.

Significance of Victory

• Positive Start: India’s emphatic victory against Ireland marks a strong start to their campaign in the ICC T20 World Cup.
• Confidence Booster: The team’s performance, coupled with individual milestones, instills confidence and sets a positive tone for the upcoming matches

International Cricket’s Highest Number of Sixes

Daily CA One- Liner: June 9 & 10

• The Securities and Exchange Board of India (SEBI) has been awarded the ‘Best Conduct of Business Regulator’ in the Asia Pacific region by The Asian Banker.
• The Securities and Exchange Board of India (SEBI) came out with a framework on “financial disincentives” for market infrastructure institutions that would impose a penalty ranging from ₹1 lakh to ₹1 crore for each instance of surveillance lapse during the financial year.
• The Reserve Bank of India (RBI) hiked the threshold for bulk fixed deposits to Rs 3 crore from existing Rs 2 crore.
• In the midst of changing dynamics of international trade, the Reserve Bank of India (RBI) is planning to rationalise the Guidelines for Export and Import of Goods and Services under Foreign Exchange Management Act (FEMA), 1999.
• Securities and Exchange Board of India (SEBI) has issued an administrative warning to ICICI Bank regarding its outreach efforts related to the delisting of ICICI Securities (I-Sec) equity shares.
• Sundaram Mutual has launched a new fund offer (NFO), Sundaram Business Cycle Fund, an open-ended equity scheme following a business cycles-based investing theme.
• Micro, Small and Medium Enterprises (MSME) focused non-banking financial company Ashv Finance, a part of the Aavishkaar Group, has entered into a co-lending agreement with HDFC Bank to offer unsecured business loans to micro and small enterprises (MSEs).
• Bihar’s Nagi and Nakti bird sanctuaries have been added to the global list of wetlands of international importance under the Ramsar Convention.
• Chandrababu Naidu, the national president of the Telugu Desam Party (TDP), will take oath as the Chief Minister of Andhra Pradesh on June 12, 2024, at Kesarapalli IT Park in Gannavaram, Krishna District, Andhra Pradesh (AP).
• Philemon Yang, former Prime Minister of Cameroon, has been elected as the President of the upcoming 79th session of the UN General Assembly (UNGA), scheduled to begin in September, 2024.
• The National Company Law Tribunal (NCLT) has approved the merger of Air India and
• Space agency Indian Space Research Organisation (ISRO) has announced a joint Indo-French infrared earth observation satellite mission, TRISHNA (Thermal Infra-Red Imaging Satellite for High-Resolution Natural Resource Assessment), to monitor surface temperature and water management around the world
• NHAI has invited expressions of interest (EoIs) from around the world for the implementation of GNSS-based electronic toll collection (ETC) on National Highways
• The Election Commission reported an overall voter turnout of 65.79 percent in the General Elections 2024 at the polling stations
• The National Human Rights Commission (NHRC) has issued a notice to Uttar Pradesh, Madhya Pradesh, Rajasthan, and Gujarat following a 2020 case where a father sold his daughter for 2.5 lakhs. The girl was later found dead
• Adani Solar, the solar photovoltaic (PV) manufacturing arm of the Adani Group, has been recognized as a Top Performer in the 10th Edition of Kiwa PVEL’s PV Module Reliability Scorecard
• Vellayan Subbiah, Executive Vice-Chairman of Tube Investments of India (TII) and Chairman of Cholamandalam (Chola) Investment and Finance Co. Ltd., was named the EY World Entrepreneur Of The Year 2024
• Tata Consultancy Services (TCS) has launched TCS WisdomNext, a platform that consolidates multiple generative artificial intelligence (GenAI) services into a single interface.
• Nvidia has surpassed Apple in market capitalization, becoming the second-most valuable public company, behind Microsoft
• Indian shooter Sarabjot Singh secured India’s first medal at the ISSF World Cup in Munich, Germany
• The Indian cricket team, led by captain Rohit Sharma, commenced their journey at the 9th ICC T20 World Cup with a convincing 8-wicket win against Ireland

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