Daily Current Affairs 11 June 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Permits Investors and Companies to Invest in Overseas Funds

• The Reserve Bank of India (RBI) has amended the Foreign Exchange Management (Overseas Investment) Directions, 2022, facilitating investments in overseas funds.
• The amendment lifts several restrictions, allowing Indian investors and companies to invest in overseas funds, including those in the United States and Singapore, without any limitations.
• The move follows an amendment by the RBI regarding Overseas Portfolio Investments (OPIs).

Key Highlights :

• Expanded Investment Scope: Indian Limited Partners (LPs) can now invest in any instrument issued by overseas funds, not just units.
• This includes various forms of investments, regardless of their structure.
• Regulation Flexibility: Investments are now allowed in funds regulated through their investment managers (IMs), rather than being restricted to funds directly regulated by the financial regulator of the host country.
• For instance, regulators in Singapore and the US (for some cases), regulate the fund manager rather than the fund.
• Impact on Resident Indian Individuals: Post-amendment, resident Indian individuals can honour their capital calls from certain overseas funds, including exempt funds in the US and venture capital companies in Singapore, provided they satisfy Authorised Dealer (AD) banks regarding the regulation of their activities.
• General Partners’ Flexibility: The regulatory change allows General Partners to establish funds in commercially favourable jurisdictions without concerns about Indian investment permissions.
• Clarification on Fund Structures: The new norms remove ambiguity regarding the structure of funds, whether set up as trusts, companies, or partnerships, allowing for a broader range of investment opportunities.

About RBI :

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

Punjab National Bank to Open Representative Office in Dubai, Expanding Overseas Footprint

• State-owned Punjab National Bank (PNB) plans to open a representative office in Dubai, as part of its plan to expand its global footprint.
• The board of directors of PNB has approved the decision to open a representative office in Dubai, and the bank is currently in the process of seeking regulatory clearance for this initiative.
• As of March 31, 2024, PNB already has a presence in 6 countries through various subsidiaries, joint ventures, and representative offices.
• These include subsidiaries in London, UK, and Bhutan, a joint venture in Nepal, and representative offices in Myanmar and Bangladesh.
• PNB’s focus for its global expansion includes sectors such as retail, agriculture, Micro, Small, and Medium Enterprises (MSMEs), along with extending corporate loans.
• Additionally, the bank aims to control slippages (non-performing assets) and improve recovery of loans.

About PNB :

• Founded : 19 May 1894
• Headquarters : Dwarka, Delhi, India
• Managing Director : Atul Kumar Goel.

Reserve Bank of India Allows Automatic Replenishment of UPI Lite Wallets for Customers

• The Reserve Bank of India (RBI) has proposed a facility to promote small-value digital payments by allowing customers to automatically replenish their UPI Lite wallets.
• Currently, the UPI Lite has a daily limit of Rs 2,000, while the upper limit for a single payment is Rs 500.

About UPI Lite :

• UPI Lite is a simplified version of the Unified Payments Interface (UPI).
• It acts as an on-device wallet for small-value transactions.
• Presently, the UPI Lite app can only hold a maximum of Rs 2000 at a time.
• UPI Lite was introduced in September 2022 to enable small value digital payments in a quick and seamless manner through an on-device wallet.
• To encourage wider adoption of UPI Lite, it is now proposed to bring it under the e-mandate framework by introducing a facility for customers to automatically replenish their UPI Lite wallets if the balance goes below the threshold limit set by them.
• It is now proposed to include payments, such as replenishment of balances in Fastag, National Common Mobility Card (NCMC), etc., which are recurring in nature, but without any fixed periodicity, in the e-mandate framework.
• Under the current e-mandate framework there is a 24-hours cooling period before an actual debit from the customer’s account can be done.
• The RBI has proposed to exempt this requirement for payments made from customer’s account for automatic replenishment of balances in Fastag and NCMC, under the e-mandate framework.

Reserve Bank of India to Establish Digital Payments Intelligence Platform to Combat Fraud

• The Reserve Bank of India (RBI) announced creating a dedicated platform to address digital payment frauds in India.
• There has been a significant increase in digital payment frauds in recent years, prompting the RBI to take proactive measures.

Key Highlights :

• Statistics on Fraud Cases : According to the annual report by the RBI, as many as 36,075 digital frauds were reported in banks, marking an increase of nearly 166% from the 13,564 cases reported in FY23.
• Decrease in Fraud Amount: Despite the rise in the number of fraud cases, the amount involved in these frauds decreased by 46.7%, dropping to Rs 13,930 crore from Rs 26,127 crore in FY23.
• Modus Operandi of Frauds: Many frauds occur by manipulating unsuspecting victims into making payments or sharing their credentials.
• Digital Payments Intelligence Platform: The RBI proposes to establish a Digital Payments Intelligence Platform, leveraging advanced technologies to mitigate payment fraud risks effectively.
• Formation of Committee: To advance this initiative, the RBI has formed a committee chaired by Shri A.P. Hota, former MD & CEO of NPCI, tasked with examining various aspects of setting up a digital public infrastructure for the Digital Payments Intelligence Platform.
• The committee is expected to provide its recommendations within two months.

Reserve Bank of India Announces Launch of 3rd Global Hackathon – HaRBInger 2024    

• The Reserve Bank of India (RBI) is organising its 3rd global hackathon – ‘HaRBInger 2024 – Innovation for Transformation’.
• Themes: The 3rd edition of the hackathon will focus on two themes: ‘Zero Financial Frauds’ and ‘Being Divyang Friendly’.

Previous Editions:

• The first two editions of the hackathon were completed in the year 2022 and 2023.
• The first edition, “HARBINGER 2021 – Innovation for Transformation”, centred on ‘Smarter Digital Payments’.
• The second edition, “HARBINGER 2023 – Innovation for Transformation”, launched on February 14, 2023, focused on ‘Inclusive Digital Services’.

Prizes:

• According to an RBI statement, the winner across each problem statement will get Rs 40 lakh as a prize.
• There will be a special prize of Rs 20 lakh for the best ‘all woman team’ (a team comprising only women members), across all the four problem statements.
• The RBI will also award a stipend of Rs 5 lakh per team shortlisted for solution development for meeting the cost of development of prototype.
• Registration: Registration for HaRBInger 2024 starts on June 7, 2024.
• Purpose of Hackathon : A hackathon is an event that is organised to bring together people and entities for the development of innovative solutions for challenges in specified areas through problem statements.

CURRENT AFFAIRS: NATIONAL NEWS

Shri Narendra Modi Takes Oath As Prime Minister For Record 3rd Time

• Prime Minister Shri Narendra Modi took the oath of office for an unprecedented third consecutive term as the head of a coalition government.
• Ceremony Details: The swearing-in ceremony included the induction of several leaders from the National Democratic Alliance (NDA) partners, showcasing the BJP’s commitment to its allies.

Shri Narendra Modi’s Political Milestone

• Age and Achievement: At the age of 73, Modi matched the record of India’s first Prime Minister, Jawaharlal Nehru, who won three consecutive general elections in 1952, 1957, and 1962.
• Significance: This achievement highlights Modi’s enduring popularity and the BJP’s dominance in India’s political landscape.

Cabinet Formation

• Key Ministers: Following Modi’s oath-taking, senior leaders such as Rajnath Singh, Amit Shah, and Nitin Gadkari were sworn in as Cabinet Ministers. Nirmala Sitharaman also retained her position, ensuring continuity and experience in crucial portfolios.
• Strategic Inductions: Modi strategically included several MPs from NDA partners, recognizing their contributions to the alliance’s success.

Representation from NDA Partners

• Telugu Desam Party (TDP): The TDP, along with the BJP in Andhra Pradesh, secured two ministerial berths each, reflecting the impressive win of 21 out of 25 Lok Sabha seats.
• Notable Inclusions:

• • Ram Mohan Naidu: TDP
  • Pemmasani Chandrashekhar: TDP
  • H.D. Kumaraswamy: JD(S)
  • Sarbananda Sonowal: BJP

Election Results Overview

• BJP’s Outcome: The Bharatiya Janata Party (BJP) emerged as the single largest party in the 18th Lok Sabha by securing 240 seats.
• Comparative Performance:
  • 2019 Elections: The BJP had won 303 seats.
  • 2014 Elections: The BJP had secured 282 seats.
• Government Formation: Despite the significant decrease in seats, the BJP’s performance has been sufficient to form the government at the center.

Opposition Party Performance

• Indian National Congress: The principal opposition party, secured 99 seats in the 18th Lok Sabha elections.

Political Implications

• BJP’s Dominance: The BJP continues to be the dominant party, retaining the ability to form the central government.
• Congress Position: The Indian National Congress remains the principal opposition with 99 seats, reflecting the ongoing political dynamics between the two major parties in India.

Legal Provision

• As per the Constitution of India, the total strength of the council of ministers cannot exceed 15% of the total number of Lok Sabha MPs.

Calculation for Current Lok Sabha

• Total MPs: The current Lok Sabha comprises 543 members.
• Maximum Limit: Accordingly, the council of ministers cannot exceed 15% of 543, which is 81 members.

Previous Modi Government’s Council of Ministers

• Composition: In the last reshuffle, the council of ministers under the previous Modi government consisted of:
  • Prime Minister
  • 29 Cabinet Ministers
  • 3 Ministers of State (Independent Charge)
  • 47 Ministers of State
• Total Members: The total number of ministers was 78, adhering to the constitutional limit.

Conclusion

• Compliance with Limit: The previous Modi government’s council of ministers adhered to the constitutional limit, with a total of 78 members.

CURRENT AFFAIRS : INTERNATIONAL NEWS

India,United States, Japan, South Korea, and European Union Unveil Biopharmaceutical Alliance

• South Korea, India, the United States, Japan, and the European Union (EU) have collaborated to establish an alliance aimed at creating a resilient supply chain in the biopharmaceutical sector.
• The inaugural meeting of the Biopharmaceutical Alliance took place in San Diego during the Bio International Convention 2024.
• Representatives from government officials, as well as bio and pharmaceutical companies from the participating countries, attended the meeting.
• South Korea and the U.S. agreed to form the alliance during their dialogue on core emerging technologies in December and expanded it to include Japan, India and the EU.

About Biopharmaceutical Alliance :

• The Biopharmaceutical Alliance consists of India, South Korea, Japan, the United States of America (USA), and the European Union (EU).
• The primary objective of the alliance is to collaboratively strengthen the supply chain in the biopharmaceutical sector, aiming for resilience and sustainability.
• The participating countries have agreed to coordinate their biopolicies, regulations, and research and development support measures to achieve mutual goals.
• The alliance acknowledges the concentration of essential raw materials and ingredients production in a few countries and plans to work together to create a comprehensive pharmaceutical supply chain map.
• The formation of the alliance is a direct response to the drug supply shortages experienced during the Covid-19 pandemic, highlighting the need for more robust and adaptable supply chains.
• The Biopharmaceutical Alliance was inaugurated during the Bio International Convention 2024, held in San Diego.

About Bio International Convention :

• The Bio International Convention is the premier event for the biotechnology industry, bringing together over 20,000 leaders from around the world.
• It represents the entire biotech ecosystem, from public pharmaceutical companies and biotech startups to academia, non-profits, and government agencies.

About South Korea :

• President : Yoon Suk Yeol
• Prime Minister : Han Duck-soo
• Capital : Seoul
• Currency : Korean Republic won

About United States :

• President : Joe Biden
• Capital : Washington, D.C.
• Currency : U.S. dollar

About Japan :

• Prime Minister: Fumio Kishida
• Capital: Tokyo
• Currency: Japanese yen

CURRENT AFFAIRS : STATE NEWS

Himachal Pradesh Government Raises Prize Money for Winners of International Sporting Events     

• The Himachal Pradesh (HP) government, under Chief Minister Thakur Sukhvinder Singh Sukhu, has significantly raised the prize money for medal winners in various international sporting events.
• The prize money for gold medal winners in the Olympics, Winter Olympics, and Paralympics has been increased from Rs 3 crore to Rs 5 crore.
• Similarly, silver medalists will now receive Rs 3 crore instead of Rs 2 crore, and bronze medalists will be awarded Rs 2 crore instead of Rs 1 crore.

Key Highlights :

• Gold medal winners in the Asian Games and Para Asian Games will now receive Rs 4 crore, up from Rs 50 lakh previously.
• Silver medalists would now be rewarded with 2.50 crore instead of Rs. 30 lakh, while bronze medalists would receive Rs. 1.50 crore instead of Rs. 20 lakh.
• Moreover, athletes achieving glory in the Commonwealth Games and Para Commonwealth Games would also benefit from the revised prize scheme.
• Gold medal winners would now receive Rs 3 crore instead of Rs. 50 lakh, silver medalists would be awarded Rs 2 crore instead of Rs 30 lakh, and bronze medalists would now get Rs. 1 crore instead of Rs. 20 lakh.
• The enhancement in prize money reflects the Himachal Pradesh government’s commitment to promoting sports and recognizing the efforts of athletes representing the state at the international level.
• The new sports policy of the state government is aimed at recognising and encouraging sporting excellence and would ultimately contribute to the overall development of sports in the state.
• This move would not only boost morale but also attract more talented individuals to pursue excellence in sports activities.

About Himachal Pradesh :

• Governor : Shiv Pratap Shukla
• Chief Minister : Sukhvinder Singh Sukhu
• National Park : Great Himalayan National Park
• Wildlife Sanctuary : Kalatop Wildlife Sanctuary, Chail Wildlife Sanctuary, Manali Wildlife Sanctuary

Rajasthan Chief Minister Bhajan Lal Sharma Announces ₹2,000 Increase in Kisan Samman Nidhi Assistance to Farmers Following BJP’s Poor Performance in Lok Sabha Polls

• The Rajasthan State government, following the BJP’s poor performance in the Lok Sabha election, announced a ₹2,000 increase in the annual honorarium paid to farmers under the Union government’s Kisan Samman Nidhi.
• With the state government’s contribution, the amount given to each farm household has been raised from ₹6,000 to ₹8,000 per year.

Key Highlights :

• Government’s Commitment to Farmers: Chief Minister Bhajan Lal Sharma emphasized the government’s commitment to ‘Annadata Utthan’ (farmers’ upliftment), indicating a proactive stance towards supporting agricultural communities.
• Budgetary Allocation: The interim budget, with an outlay of ₹1.75 lakh crore for the first four months of 2024-25, has been passed.
• Additionally, the full state budget for the financial year will be presented soon, with pre-budget consultations underway.
• Current Beneficiaries: Currently, 57 lakh farmers in Rajasthan are receiving support under the Kisan Samman Nidhi scheme, which was initiated by Prime Minister Narendra Modi in 2019.
• Budget Provision: The state’s interim budget has proposed an outlay of ₹1,400 crore to enhance financial assistance to farmers under the scheme.
• Expected Impact: The increase in honorarium is expected to alleviate financial difficulties faced by farmers and contribute to overall economic stability and agricultural production in the state.

About Rajasthan :

• Governor: Kalraj Mishra
• Capital: Jaipur
• National Park: Keoladeo National Park, Ranthambore National Park
• Wildlife Sanctuary: Bassi Wildlife Sanctuary, Kumbhalgarh Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

Coca-Cola Announces Rs 700 Crore Investment in Telangana with New Plant

• The renowned beverage giant, Coca-Cola is set to bolster its manufacturing capacity with a new greenfield plant in Telangana’s Peddapalli district.
• Hindustan Coca Cola Beverages (HCCB), the company’s wholly owned bottling arm, will spearhead the establishment of the plant, having already identified potential sites for the facility.

Key Discussions at Atlanta Headquarters

• During discussions with a delegation including Industries and IT Minister D. Sridhar Babu and R&B and Cinematography Minister Komatireddy Venkatreddy at Coca Cola’s headquarters in Atlanta, United States, Head of Fiscal Policy Jonathan Rief and other senior executives shared plans for the new plant.

Fostering Distributed Industrial Growth

• This decision marks a significant shift of new large-scale manufacturing capacities by multinational companies into the hinterland of the state away from Hyderabad thereby leading to a more distributed industrial growth in the state, in line with the priority of the new government

CURRENT AFFAIRS: AWARDS AND HONOURS

Films with Transgender focus win big at KASHISH 2023

• The short film “Mehroon” secured two prestigious awards at the KASHISH International Film Festival in Mumbai.
• Director: Abu Sohel Khondekar (she/they), a transwoman and queer filmmaker, directed the film and received significant accolades.

Awards and Recognition

• KASHISH QDrishti Film Grant 2023: Abu Sohel Khondekar won this grant to create “Mehroon.”
• Special Jury Mention: After the film’s screening on May 19, 2024, at Liberty Cinema, Mumbai, Khondekar received the Special Jury Mention for the Riyad Wadia Award for Best Emerging Indian Filmmaker.

About KASHISH

• Festival Significance: KASHISH is the largest queer film festival in South Asia, attracting hundreds of queer directors, film industry professionals, and actors from around the world to screen and celebrate diverse stories from the community.

Future Prospects

• Next Screening: Following its success at KASHISH, “Mehroon” has been nominated for the Chennai International Queer Film Festival, where it will be screened in the upcoming months.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Dubai Conclave Unveils Major Advancements In India-UAE Digital Payments

• The Indian Business and Professional Council (IBPC) in Dubai, in collaboration with representatives from the National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI), hosted a conclave.
• The event took place at the Taj Dubai.
• Objective: The conclave aimed to enhance economic cooperation and facilitate seamless cross-border transactions.

Key Highlights

• Local Currency Settlement (LCS) Framework: The LCS framework was a significant focus, stemming from Prime Minister Narendra Modi’s visit to the UAE earlier this year.
• Benefits: This framework leverages the stability of the Indian Rupee and advanced digital payment technologies to reduce transaction costs and enhance financial transparency and convenience.
• Goals: It aims to create a seamless financial ecosystem benefiting both businesses and consumers, fostering deeper economic ties between India and the UAE.

Digital Payment Initiatives

• RuPay Cards: Accepted in the UAE via the Mercury payment gateway.
• UPI Payments: Enabled through Mashreq Bank in the UAE.

Upcoming Developments:

• RuPay Stack “JAYWAN”: Scheduled to launch in the UAE in July 2024, with further enhancements planned for October 2024.
• Future Plans: Integrating UPI with the Aani service for remittances and enabling international acceptance of RuPay cards. Aani is an instant payment platform Al Etihad Payments operates in the UAE.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Competition Commission of India Appoints IRS Officer Inder Pal Singh Bindra as Secretary

• The Competition Commission of India (CCI) has appointed an Indian Revenue Service (IRS) officer, Inder Pal Singh Bindra as its new Secretary.
• Bindra’s appointment as CCI Secretary is on a deputation basis for a period of 3 years.
• Bindra will replace Anupama Anand, who has resigned after being appointed in September 2023 for a period of 3 years.
• Prior to his appointment as CCI Secretary, Bindra was posted as an officer in the income tax department.
• The Centre had in September, 2023 appointed Anupama Anand, an IRS officer, as the Secretary of the CCI, the country’s competition watchdog, for an initial period of 3 years that would later be extended to 7 years.
• Role of CCI Secretary: The Secretary of the CCI serves as the nodal officer on behalf of the commission for various functions, including making or receiving all statutory communications, establishing formal relationships with other competition authorities or agencies of foreign countries, subject to approval from both the Commission and the Centre.

About CCI :

• Founded : 14 October 2003
• Headquarters : New Delhi
• 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, 2002 to promote competition and prevent activities that have an appreciable adverse effect on competition in India.

Prem Singh Tamang Sworn in as Sikkim Chief Minister:

• Prem Singh Tamang, the leader of Sikkim Krantikari Morcha (SKM), has taken oath as Chief Minister of Sikkim for a second consecutive term.
• Governor Lakshman Prasad Acharya administered the oath of office and secrecy during a ceremony held at Paljor Stadium, where Tamang and his Council of Ministers were sworn in.

Election Triumph:

• SKM secured an overwhelming victory in the assembly polls, winning 31 out of 32 seats, while the opposition Sikkim Democratic Front (SDF) managed only one seat.

Peaceful Elections:

• Tamang hailed the party’s victory as a record, emphasizing the peaceful conduct of elections in Sikkim. He expressed gratitude to those who supported SKM’s return to power. Tamang himself secured victory from the Rhenock Assembly seat, defeating SDF’s Som Nath Poudyal by a significant margin.

Historical Context:

• This landslide victory marks the third instance in Sikkim’s political history, following similar outcomes in 1989 by Sikkim Sangram Parishad and in 2009 by SDF.

Previous Elections:

• In the 2019 assembly elections, SKM won 17 seats while SDF secured 15 out of 32 seats. Notably, SKM had only won 10 seats in its inaugural assembly elections in 2014.

Changing Alliances:

• In the 2019 elections, SKM initially allied with the BJP-led NDA but later contested independently, severing ties with the alliance.

CURRENT AFFAIRS : PERSON IN NEWS

Sub-Lieutenant  Anamika Rajeev Earns ‘Golden Wings’ as Indian Navy’s First Female Helicopter Pilot

• On June 7, 2024, a historic passing-out parade took place at Naval Air Station Indian Naval Ship (INS) Rajali in Arakkonam, Tamil Nadu, celebrating the graduation of the 102nd Helicopter Conversion Course (HCC) and the completion of the 4th Basic Helicopter Conversion Course (BHCC).
• The event signifies a significant milestone for the Indian Navy, emphasizing its commitment to gender inclusivity and expanding career opportunities for women.
• Sub-Lieutenant Anamika B Rajeev made history by becoming the Indian Navy’s first woman naval helicopter pilot among the 21 officers who graduated.
• Her achievement symbolizes a breakthrough in gender barriers within the Indian Navy.
• Additionally, Lt Jamyang Tsewang, the first commissioned naval officer from the Union Territory of Ladakh, also successfully graduated as a qualified helicopter pilot.
• The parade saw Vice Admiral Rajesh Pendharkar, Flag Officer Commanding-in-Chief of the Eastern Naval Command, awarding the prestigious “Golden Wings” to the graduates.
• This ceremony concluded an intensive 22-week training program that involved rigorous flying and ground training at the Indian Naval Air Squadron 561, the training ground for all Indian Navy helicopter pilots.
• Awards were given to recognize the top performers among the graduates.
• Lt Gurkirat Rajput received the FOCinC Eastern Naval Command Rolling Trophy for standing first in flying.
• The Sub Lieutenant Kunte Memorial Book Prize for excellence in ground subjects went to Lt Nitin Sharan Chaturvedi, and the Governor of Kerala Rolling Trophy for overall merit was awarded to Lt Deepak Gupta.
• The Helicopter Training School, with a rich heritage of over five decades, has trained 849 pilots from the Indian Navy, Indian Coast Guard, and friendly foreign nations.
• Commanded by Commodore Kapil Mehta and Commander Archesh, the school ensures a safe and effective training environment.
• The newly qualified pilots from the 102nd HCC will join various frontline operational units of the Indian Navy, engaging in missions such as reconnaissance, surveillance, search and rescue, and anti-piracy operations.
• Officers from the 4th BHCC will continue with Stage II training at the Helicopter Training School, further honing their skills.
• SLt Anamika B Rajeev’s achievement as the first woman naval helicopter pilot is a testament to the Indian Navy’s dedication to fostering inclusivity and excellence.

CURRENT AFFAIRS: SPORTS NEWS

Iga Swiatek eases past Jasmine Paolini to win third consecutive French Open

• Iga Swiatek won her third consecutive French Open championship, defeating Jasmine Paolini of Italy 6-2, 6-1 in the final.
• Grand Slam Titles: This victory marks her fourth French Open title in five years and her fifth Grand Slam title overall.

Record-Breaking Feat

• Consecutive Titles: Swiatek is the third woman to win three consecutive titles at the French Open, following Monica Seles (1990-1992) and Justine Henin (2005-2007).
• Previous Achievements: Swiatek won her maiden Grand Slam at the French Open four years ago and claimed the US Open title in 2022.

About the French Open

• Tournament Details: The French Open, also known as Roland-Garros, is a major tennis tournament held over two weeks at the Stade Roland Garros in Paris, France, starting in late May each year.
• Historical Significance: Named after the French aviator Roland Garros, the French Open is the premier clay court championship in the world.
• Unique Surface: It is the only Grand Slam tournament currently held on clay courts, making it unique in the tennis world.

Magnus Carlsen wins sixth Norway Chess title

• Magnus Carlsen, the reigning World No. 1, secured his sixth Norway Chess Tournament title in a thrilling conclusion.
• His victory over Fabiano Caruana in an intense Armageddon match showcased Carlsen’s dominance on the global chess stage.

Rising Star Praggnanandhaa Shines

• Indian prodigy Praggnanandhaa Rameshbabu impressed with his talent, holding Hikaru Nakamura to a tense draw and securing a remarkable third-place finish.
• His subsequent Armageddon victory highlighted his potential in the world of chess.

Ju Wenjun Reigns in Women’s Championship

• Ju Wenjun, the reigning Women’s World Champion, claimed victory in the Women’s Norway Chess Tournament.
• Her smooth classical win over Lei Tingjie paved the way for her triumph, while Anna Muzychuk secured second place with a thrilling Armageddon victory over Koneru Humpy.

Celebrating Grandmaster Excellence

• The Norway Chess Tournament captivated audiences with displays of grandmaster prowess and strategic brilliance.
• The triumphs of Carlsen, Ju Wenjun, and the exceptional performances of rising talents like Praggnanandhaa Rameshbabu have left an enduring mark on the annals of chess history, inspiring future generations of players worldwide.

Sponsorship for Indian Olympians up 2000% in a decade

• Team India’s journey to the Paris Olympics has kicked off with a remarkable achievement in sponsorship.
• The Indian Olympic Association (IOA) has secured approximately Rs 50 crore in sponsorship revenue from renowned brands and establishments.
• This amount is double the figure attained for the Tokyo Games in 2020 and a staggering 2,000% increase from the pre-Rio 2016 period.

Growth in Talent Endorsements:

• The surge in sponsorships and brand deals extends to individual athletes, notably Olympic medalists Saikhom Mirabai Chanu, Lovlina Borgohain, Manpreet Singh, Harmanpreet Singh, and standout performers like Manika Batra and Manu Bhaker.

Key Sponsors:

• Major sponsors and brands supporting the IOA include Reliance Foundation, JSW, Yes Bank, Ebco, Puma, Adani Sportsline, and Aditya Birla Capital.

Talent Endorsements:

• For talent endorsements, partnerships have been formed with a wide array of brands including Domino’s, Adidas Global, Nike, Asics, RBL Bank, Amrutanjan, OnePlus, Red Bull, Bisleri, Britannia, Royal Enfield, Nothing Tech, Herbalife, Puma, and Evocus, among others. Neerav Tomar, MD of IOS Sports & Entertainment, the official marketing agency for the IOA, highlighted these collaborations.

CURRENT AFFAIRS : OBITUARIES

British TV Presenter Michael Mosley Discovered Dead on Greek Island

• British TV presenter and advocate for healthy living, Michael Hugh Mosley, has been discovered dead on the Greek island of Symi at the age of 67.

About Michael Hugh Mosley :

• Mosley was born in Calcutta, India, on 22 March 1957.
• He was a prominent British television journalist, producer, presenter, and writer, known for his work with the BBC starting from 1985, following his medical school education.
• He presented various television programs focusing on biology and medicine, and he was a regular contributor to “The One Show.”
• He was known for advocating intermittent fasting and low-carbohydrate diets, and he authored books promoting the ketogenic diet.
• He appeared in and hosted numerous programs for the BBC, including “Trust Me, I’m a Doctor,” “Medical Mavericks,” “Blood and Guts: A History of Surgery,” and “Eat, Fast and Live Longer.”
• He also hosted the BBC podcast “Just One Thing” and had a column in the Daily Mail.

Achievements:

• Mosley received an Emmy nomination in 2002 for his work on “The Human Face,” a BBC series exploring the science of facial beauty and expression.
• In 2017, he was awarded an Honorary Doctor of Science by the University of Edinburgh.

Daily CA One- Liner: June 11

• The Reserve Bank of India (RBI) has amended the Foreign Exchange Management (Overseas Investment) Directions, 2022, facilitating investments in overseas funds.
• State-owned Punjab National Bank (PNB) plans to open a representative office in Dubai, as part of its plan to expand its global footprint.
• The Reserve Bank of India (RBI) has proposed a facility to promote small-value digital payments by allowing customers to automatically replenish their UPI Lite wallets.
• The Reserve Bank of India (RBI) announced creation of a dedicated platform to address digital payment frauds in India.
• The Reserve Bank of India (RBI) is organising its 3rd global hackathon – ‘HaRBInger 2024 – Innovation for Transformation’.
• South Korea, India, the United States, Japan, and the European Union (EU) have collaborated to establish an alliance aimed at creating a resilient supply chain in the biopharmaceutical sector.
• The Himachal Pradesh (HP) government, under Chief Minister Thakur Sukhvinder Singh Sukhu, has significantly raised the prize money for medal winners in various international sporting events.
• The Rajasthan State government, following the BJP’s poor performance in the Lok Sabha election, announced a ₹2,000 increase in the annual honorarium paid to farmers under the Union government’s Kisan Samman Nidhi.
• The Competition Commission of India (CCI) has appointed an Indian Revenue Service (IRS) officer, Inder Pal Singh Bindra as its new Secretary.
• On June 7, 2024, a historic passing-out parade took place at Naval Air Station Indian Naval Ship (INS) Rajali in Arakkonam, Tamil Nadu, celebrating the graduation of the 102nd Helicopter Conversion Course (HCC) and the completion of the 4th Basic Helicopter Conversion Course (BHCC).
• Prime Minister Shri Narendra Modi took the oath of office for an unprecedented third consecutive term as the head of a coalition government.
• The renowned beverage giant, Coca-Cola is set to bolster its manufacturing capacity with a new greenfield plant in Telangana’s Peddapalli district
• The short film “Mehroon” secured two prestigious awards at the KASHISH International Film Festival in Mumbai
• The Indian Business and Professional Council (IBPC) in Dubai, in collaboration with representatives from the National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI), hosted a conclave
• Prem Singh Tamang, the leader of Sikkim Krantikari Morcha (SKM), has taken oath as Chief Minister of Sikkim for a second consecutive term
• Iga Swiatek won her third consecutive French Open championship, defeating Jasmine Paolini of Italy 6-2, 6-1 in the final
• Magnus Carlsen, the reigning World No. 1, secured his sixth Norway Chess Tournament title in a thrilling conclusion
• Team India’s journey to the Paris Olympics has kicked off with a remarkable achievement in sponsorship.
• British TV presenter and advocate for healthy living, Michael Hugh Mosley, has been discovered dead on the Greek island of Symi at the age of 67.