Daily Current Affairs 13 June 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

State Bank of India Introduces ‘SME Digital Business Loans’ with 45-Minute Sanction Time      

• State Bank of India (SBI) has launched ‘SME Digital Business Loans’ to cater to small and medium enterprises (SMEs).
• The product offers an end-to-end sanction turnaround time of up to 45 minutes, representing a significant advancement in digitalization.
• SME Digital Business Loans leverages technology and an ecosystem of APIs (application programming interface) to streamline the lending process.
• SBI has identified the micro, small, and medium enterprise (MSME) sector as a key area for the bank’s growth and profitability over the next 5 years.

Key Highlights : 

• Digital Loan Journey:The product provides SMEs with a digital loan journey, eliminating the need for traditional credit underwriting and lengthy appraisal processes.
• It emphasizes simplicity, speed, and accessibility in MSME lending.
• Documentation Waiver:For loans up to Rs 50 lakh, SBI has waived the requirement for financial statements, relying instead on transaction history and GST returns for appraisal.
• Data-driven Credit Assessment : Utilising authentic data footprints from sources such as income tax returns (ITR), GST returns, and bank statements, SBI has developed a data-driven credit assessment engine capable of providing sanction decisions within a remarkable 10 seconds after submitting the required details, without any human intervention.
• SME Loan Portfolio Growth:SBI’s SME loan book has shown significant growth, rising from Rs 2.67 trillion in March 2020 to Rs 4.33 trillion in March 2024.
• Asset quality has improved, with gross non-performing assets declining from 9.43% in March 2020 to 3.75% in March 2024.
• Credit Growth and Digitization Efforts:SBI registered a 20% year-on-year credit growth in the SME segment.
• Outstanding credit to SME borrowers crossed Rs 4 lakh crore as of March-end 2024.
• The bank has also digitized the Mudra product (offering loans to micro units having loan requirement up to ₹10 lakh) and automated the collateral-free process for loans under CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprise ) cover.

Recent News : 

• In June 2024, The State Bank of India (SBI) established co-lending tie-ups with 23 non-banking finance companies (NBFCs) and housing finance companies (HFCs) to expand its outreach to the unserved and under-served populations.

About SBI : 

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti

Exim Bank Extends USD 23.37 Million Line of Credit to Government of Guyana

• The Export-Import Bank of India (Exim Bank) has provided a Government of India-supported Line of Credit (LoC) of USD 23.37 million to the Government of the Co-operative Republic of Guyana (GO-GUY).
• Purpose of the LoC : To facilitate the procurement of two Hindustan 228-201 aircraft from Hindustan Aeronautics Limited.

Key Highlights : 

• Agreement Details:An agreement was signed on March 15, 2024, between Exim Bank and the GO-GUY for the implementation of the LoC.
• Eligibility Criteria for Goods and Services:The export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their eligibility under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement.
• Supply Requirements:Out of the total credit by Exim Bank under the agreement, goods, works and services of the value of at least 75% of the contract price shall be supplied by the seller from India, and the remaining 25% of goods and services may be procured by the seller for the purpose of the eligible contract from outside India.
• Effective Date and Disbursement:The agreement under the LoC became effective from April 8, 2024.
• The last date for disbursement will be 48 months after the scheduled completion date of the project.
• Regulatory Basis:The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999  and are without prejudice to permissions/ approvals, if any, required under any other law.

What Is a Line of Credit (LOC)?

• A line of credit (LOC) is a preset borrowing limit offered by banks and financial institutions to their personal and business customers.
• Lines of credit can be used at any time until the limit is reached.
• The limit is set by the issuer based on the borrower’s creditworthiness.

Types of LoC : 

Secured Line of Credit:

• Interest rates are relatively low.
• Issued against valuable assets provided as security by the borrower.
• Borrower’s income and credit score are considered in determining the interest rate.

Unsecured Line of Credit:

• Interest rates are higher compared to secured LOCs.
• No collateral or assets are required as security.
• Repayment is solely based on the borrower’s creditworthiness.
• Higher risk for lenders due to lack of collateral, hence higher interest rates.

About Export-Import Bank of India (Exim Bank) : 

• Founded : 1 January 1982 (under the Export-Import Bank of India Act, 1981)
• Headquarters : Mumbai, Maharashtra
• Chairman & MD : Ms. Harsha Bangari
• The Exim Bank is a specialized financial institution in India.
• The bank’s primary function is to finance, facilitate and promote India’s international trade. 
• It is owned by the Government of India and operates as a statutory corporation.

Union Bank of India Board Approves Rs 10,000 Crore Capital Raise through Equity and Debt Issuance      

• Union Bank of India’s board of directors, in a meeting held on June 11, 2024, approved a proposal to raise funds amounting to Rs 10,000 crore.

Key Highlights : 

• Modes of Fundraising:The board approved raising equity capital up to Rs 6,000 crore through public issue (further public offer), rights issue, private placements including qualified institutions placements, preferential allotment, or a combination thereof, subject to necessary approvals.
• Additionally, the approval includes raising Basel-III compliant Additional Tier-1 (AT-1) bonds up to Rs 2,000 crore and Tier-2 bonds up to Rs 2,000 crore, including foreign currency-denominated AT1/Tier-2 Bonds.
• Business Operations of Union Bank of India:Union Bank of India is involved in treasury operations, corporate and wholesale banking, retail banking operations, and other banking activities.
• Government Stakeholding:As of March 31, 2024, the Government of India held a stake of 74.76% in Union Bank of India.
• Branch and ATM Network:As of March 31, 2024, Union Bank of India operated 8,466 branches, including foreign branches, and 8,982 ATMs.

About Union Bank of India : 

• Founded : 11 November 1919
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : A. Manimekhalai
• Tagline : Good People to Bank with

SBI Mutual Fund Raises Stake in Kotak Mahindra Bank to Over 5%           

• India’s largest asset management company (AMC) based on assets under management (AUM), SBI Mutual Fund has increased its stake in Kotak Mahindra Bank to over 5%.
• Kotak Mahindra Bank disclosed in a regulatory filing that the investment house bought 21.57 lakh shares in the open market on June 5.
• SBI Mutual Fund claimed that with the new investment, its ownership of Kotak Mahindra Bank climbed to 5.01%.

Recent News : 

• In June 2024, SBI Mutual Fund, became the 1st mutual fund house in the country to surpass Rs 10 lakh crore in Average Assets Under Management (AAUM).

About SBI Mutual Fund : 

• Founded: June 29, 1987
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Shamsher Singh
• Joint Venture: Between the State Bank of India (SBI) and Amundi, a European asset management company.
• SBI Mutual Fund is an Indian asset management company introduced by the State Bank of India (SBI).

About Kotak Mahindra Bank Limited : 

• Founded : 1985
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Ashok Vaswani

Ministry of Finance Sets ₹10 Crore Cap on Dispute Value for Arbitration     

• The Union Finance Ministry has recommended capping arbitration clauses in government contracts to disputes involving amounts less than ₹10 crore.

What is Arbitration?

• Arbitration is a dispute resolution mechanism between investors and brokers, or between brokers.
• It is overseen by the Financial Industry Regulatory Authority (FINRA), with decisions that are final and binding.
• Arbitration differs from mediation, where parties negotiate a voluntary, non-binding settlement unless agreed upon by all parties.
• Guidance for Government Entities:Government entities are advised to amicably settle disputes using mechanisms available in the contract.
• Guidelines suggest setting up a High-Level Committee to resolve high-value cases, which should include a retired judge and a retired top official or technical expert.
• Legislation Governing Arbitration in India:The primary legislation is the Arbitration and Conciliation Act, 1996.

Types of Arbitration:

• Domestic Arbitration: Disputes within a single country.
• International Arbitration: Disputes involving parties from different countries.
• International Commercial Arbitration: International disputes involving commercial transactions.
• Institutional Arbitration: Administered by specialized institutions.
• Ad-Hoc Arbitration: Conducted without institutional support.
• Fast Track Arbitration: Expedited process with shorter timelines.
• Contractual Arbitration: Based on specific contract terms.
• Statutory Arbitration: Mandated by law.
• Foreign Arbitration: Conducted outside the jurisdiction of the country of one or more of the parties.

About Ministry of Finance : 

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhary

Export-Import Bank of India (India Exim Bank) Opens East Africa Representative Office in Nairobi to Boost India’s Business Presence in Africa                     

• Export-Import Bank of India (India Exim Bank) has inaugurated its East Africa Representative Office in Nairobi.
• The objective is to expand India’s business presence in Africa, particularly in resource-rich and demographically young regions.
• Apart from Nairobi, the Bank has offices in Abidjan, Côte d’Ivoire, and Johannesburg, South Africa.

Key Highlights : 

• Overseas Investment Finance Programme:India Exim Bank has provided finance to 77 ventures established by over 50 companies across 14 countries in Africa under its Overseas Investment Finance Programme.
• Trade Assistance Programme (TAP):Since 2022, the Bank has supported 76 transactions totaling close to USD 800 million in 18 African countries.
• This assistance has supported 22 Indian exporters (including 10 MSMEs) based in 14 cities across 9 states of India.
• Role of Exim Bank:Export-Import Bank of India serves as India’s premier financial institution for coordinating export and import financing.

CURRENT AFFAIRS: NATIONAL

India may sustain 6.5-7% GDP growth between FY26 & FY30, says UBS

• India is expected to sustain a potential growth rate of 6.5 percent -7 percent year-on-year (Y-o-Y) between 2025-26 and 2029-30, UBS Securities.
• During FY25, India is expected to grow at 7 percent as post-pandemic recovery in the capital expenditure (capex) cycle, driven by government spending and strong residential real estate demand is likely to continue, stated Tanvee Gupta Jain, chief India economist at UBS Securities.
• In the recent review of the monetary policy, the Reserve Bank of India revised its FY25 gross domestic product (GDP) forecast to 7.2 percent from 7 percent projected in April.
• Corporate capital expenditure recovery is expected to pick up now that elections are over, with visible data impacts from FY26, it stated.
• Household consumption growth is projected to rise to 5 percent Y-o-Y in FY25, driven by premium and rural segments, though urban mass-market demand will remain modest, she stated.
• On the other hand, Jain stated the monthly inflation forecast suggests that inflation could be lower than the RBI’s forecast of 4.5 percent for the full year.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Australia to Introduce Mobility Arrangement for Talented Early-professionals Scheme Migration Program for Indian Nationals Starting November 1, 2024      

• The Australian Federal Budget Document has announced the implementation date for the Mobility Arrangement for Talented Early-professionals Scheme (MATES) for Indian Nationals.
• The MATES Migration Scheme will come into effect from November 1, 2024 providing a new mobility pathway for 3,000 Indian graduates and early career professionals.
• Under the MATES scheme Indian graduates and early career professionals (aged 18 to 30 years) with knowledge and skills in targeted fields of study, will be offered a new temporary mobility pathway, to live and work in Australia for up to 2 years.

Eligibility Criteria for MATES

MATES will be open to Indian Nationals who are:

• Age: 18 to 30 years at the time of application
• First-time participants: Must not have previously participated in MATES
• Language Proficiency: Must have proficient English language skills
• Recent Graduates: Must have graduated within 2 years from an eligible educational institution at the time of application
• Educational Qualification: Must hold a Bachelor’s degree or higher in targeted fields of study.

Visa Charges:

• Pre-application (ballot) charge of AUD 25.
• Application charge of AUD 365.
• Both charges are indexed to the consumer price index in future years.
• This measure is part of the Australia-India Migration and Mobility Partnership Arrangement (MMPA) signed by the two nations on May 23, 2023.
• Additionally, under the MMPA, the Australian government has also lengthened the validity of the Business Visas for Indian nationals to up to 5 years.
• Earlier, the validity of Business Visa for Indian Nationals was up to 3 years.

About Australia : 

• Prime Minister – Anthony Albanese
• Capital – Canberra
• Currency : Australian Dollar

World Health Organization Unveils 1st Patient Safety Rights Charter at Global Ministerial Summit      

• The World Health Organization (WHO) unveiled its inaugural Patient Safety Rights Charter at the Global Ministerial Summit on Patient Safety.
• Purpose : The Charter delineates patients’ rights within the realm of safety, assisting stakeholders in crafting legislation, policies, and guidelines to bolster patient safety.
• The Charter emphasizes that every individual deserves safe healthcare, aligning with international human rights standards irrespective of age, gender, ethnicity, religion, disability, or socioeconomic status.
• Encompassing 10 pivotal patient safety rights, the Charter aims to mitigate risks and prevent unintended harm.

1. Timely, effective, and appropriate care.
2. Safe healthcare processes and practices.
3. Qualified and competent health workers.
4. Safe medical products and their rational use.
5. Safe and secure healthcare facilities.
6. Dignity, respect, non-discrimination, privacy, and confidentiality.
7. Information, education, and supported decision-making.
8. Access to medical records
9. To be heard and receive fair resolution.
10. Patient and family engagement.

Key Highlights : 

• Global Patient Harm Statistics:Alarmingly, 1 in 10 patients suffers harm in healthcare, with half of these cases being preventable.
• Factors compromising patient safety include surgical errors, medication mistakes, late diagnoses, and unsafe practices like blood transfusions.
• Global Initiatives for Patient Safety:The World Health Assembly and the Global Patient Safety Action Plan 2021-2030 have prioritized improving patient safety globally.
• Efforts are focused on addressing systemic failures rather than isolated incidents to reduce patient harm.
• Global Ministerial Summit on Patient Safety:The 6th Global Ministerial Summit on Patient Safety was hosted by Chile’s Government in Santiago from April 17–18, 2024.
• The summit convened ministers, healthcare leaders, and patient advocates to deliberate on patient safety policy changes, challenges, and opportunities.

What is Patient Safety?

• Patient safety encompasses efforts to prevent unintended harm during healthcare provision, a critical aspect of global healthcare.

About WHO : 

• Established : 7 April 1948
• Headquarters : Geneva, Switzerland
• Director General : Tedros Adhanom Ghebreyesus
• Parent organization : United Nations Economic and Social Council
• The WHO is a specialized agency of the United Nations responsible for international public health. 

IUCN launches GSAP SKILLS – the Global Species Action Plan Online Knowledge Platform

• Recently, the GSAP SKILLS Platform was launched at the 4th meeting of the Subsidiary Body on Implementation, Convention on Biological Diversity.

About GSAP SKILLS Platform:

• Global Species Action Plan(GSAP), the Species Conservation Knowledge, Information, Learning, Leverage and Sharing (SKILLS) platform brings the GSAP’s content online and allows the updating of technical tools and resources in real time.
• It aims to facilitate global collaboration and partnership, connecting decision makers, species conservation practitioners and experts at all levels.
• It provides real-time updates on technical tools and resources, ensuring accessibility and relevance.
• Each Global Biodiversity Framework target is accompanied by a brief summary and rationale for species conservation interventions, actions, and sub-actions, actors and technical tools and resources for those actions, facilitating the scaling-up of implementation efforts.

• This platform is managed proactively by IUCN to meet the needs from governments and all stakeholders to take actions for species.
• The development of the GSAP SKILLS platform has been principally supported by the Ministry of Environment, Republic of Korea, with additional resources from the Tech4Nature Initiative launched by IUCN and Huawei in 2020.

What is the Global Species Action Plan:

• It has been developed to support implementation of the Kunming-Montreal Global Biodiversity Framework (GBF) and to address the increasing biodiversity loss worldwide.
• It outlines strategic interventions and actions to conserve and sustainably manage species while ensuring equitable benefits.

India to remain fastest-growing among largest economies, says World Bank

• The World Bank retained its growth forecast for India at 6.6 percent for FY25.
• “India will remain the fastest-growing of the world’s largest economies, although its pace of expansion is expected to moderate. After a high growth rate in FY 2023/24, steady growth of 6.7 percent per year, on average, is projected for the three fiscal years beginning in FY 2024/25,” the multilateral bank stated in its latest biannual Global Economic Prospects.
• For FY26 and FY27, the World Bank projected India’s economy to grow at 6.7 percent and 6.8 percent, respectively.
• In FY24, the National Statistical Office has estimated gross domestic product (GDP) to have grown at 2 percent.
• The Reserve Bank of India (RBI) in its latest monetary policy review last week raised its growth projection to 7.2 percent for FY25 from 7 percent estimated earlier.

FY25 forecasts (%)

UN Declares 2025 International Year of Quantum Science, Technology

• A General Assembly meeting of the United Nations (U.N.) has announced that 2025 will be theInternational Year of Quantum Science and Technology.
• The year-long global initiative aims to strengthen national basic sciences and science education capacities and celebrate the impacts of quantum science on technology, culture and understanding of the natural world.
• 2025 marks 100 years since Erwin Schrödinger developed wave mechanics and Werner Heisenberg, Max Born and Pascual Jordan developed matrix mechanics, the first way of expressing quantum physics using a mathematical formula.
• Announcing the milestone, the U.N. stated: “Looking forward, quantum science and technology will be a key cross-cutting scientific field of the 21st century, having a tremendous impact on critical societal challenges highlighted by the N.’s 2030 Sustainable Development Goals, including climate, energy, food safety and security and clean water.”

Other benefits:

• Quantum chemistry is also demonstrating potential in developing new vaccines, drugs and treatments.
• Quantum engineering supports industry and infrastructure by developing energy-efficient and affordable solar cells and low-emission LED light sources.
• Scientists are using quantum physics to develop next-generation sensors for environmental monitoring and developing quantum processors that could improve the accuracy of long-term climate models.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Vice Chief of the Army Staff Lieutenant General Upendra Dwivedi Named the 30th Chief of Army Staff             

• The Government has appointed Lieutenant General Upendra Dwivedi, presently serving as Vice Chief of the Army Staff, as the 30th Chief of the Army Staff with effect from the afternoon of June 30, 2024.
• The present Chief of the Army Staff Gen Manoj C Pande, demits office on June 30, 2024.
• The term of Chief Pande was extended in a rare move by a month due to ongoing Lok Sabha polls in the country.
• Gen Pande was to retire from service on May 31, 2024.
• The extension to Gen Pande came nearly five decades after the then Indira Gandhi-led government extended the tenure of Army Chief Gen G G Bewoor by one year in early 1970s in the first such instance.

About Lt Gen Upendra Dwivedi : 

• Lt Gen Upendra Dwivedi was born on July 01, 1964, and was commissioned into the Infantry (Jammu & Kashmir Rifles) of the Indian Army on December 15, 1984.
• He has served in significant command appointments including Command of Regiment (18 Jammu & Kashmir Rifles), Brigade (26 Sector Assam Rifles), Inspector General, Assam Rifles (East), and 9 Corps.
• During his long and distinguished service spanning nearly 40 years, he has served in a variety of Command, Staff, Instructional and Foreign appointments.
• He strongly supports the infusion of new technology into operations and has extensive experience in operations on both the China and Pakistan borders.
• In the rank of Lt Gen, the officer has tenanted important appointments including that of Director General Infantry and General Officer Commanding in Chief (Headquarter Northern Command) from 2022-2024, before getting appointed as the Vice Chief of the Army Staff.
• He has been honoured with the Param Vishisht Seva Medal  (PVSM), the Ati Vishisht Seva Medal (AVSM)l, and three GOC-in-C Commendation Cards.

About Ministry of Defence : 

• Defence Minister : Rajnath Singh
• Minister of State : Sanjay Seth

Jyoti Vij was appointed as the new director general of the Federation of Indian Chambers of Commerce and Industry   

• The Federation of Indian Chambers of Commerce (FICCI) announced the appointment of Jyoti Vij as FICCI’s director general.
• Shailesh Pathak, Secretary General of FICCI, has resigned from his position citing personal reasons.
• Jyoti Vij is a seasoned industry professional with over 30 years of experience working with leading Indian industry chambers.
• She joined FICCI in 1993 and has served in various capacities.
• Vij is a business economist by training and leads a range of policy areas across various industry sectors.
• Prior to her new appointment, she was the Additional Director General at FICCI.

About FICCI : 

• Founded : 1927
• Headquarters : New Delhi, Delhi
• President : Dr Anish Shah
• The FICCI is a non-governmental trade association and advocacy group based in India

CURRENT AFFAIRS: BUSINESS NEWS

Ola Electric gets Sebi’s nod to launch IPO

• Ola Electric has received approval from the markets regulator Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).
• The Bhavish Aggarwal-led electric vehicle (EV) company plans to raise Rs 5,500 crore through the IPO in a combination of a fresh issue of shares and an offer for sale, stated sources aware of the development.
• Ola Electric had filed its Draft Red Herring Prospectus (DRHP) with the SEBI in December 2023.
• If things go as planned, the company will become the first one from the Indian two-wheeler EV industry to go public.
• Meanwhile, the company has raised Rs 100 crore in debt from Alteria Capital, according to the Registrar of Company filings.
• This is the second round of debt funding by Ola Electric in 2024.
• The company joins the likes of Go Digit Insurance, Awfis, and Ixigo who have tapped the public markets this year, and opens the window for a larger number of Indian startups who want to list on the Indian stock markets.
• The company has emerged as the leading EV manufacturer in India, garnering around 52% market share.
• Among its closest competitors is Bengaluru-based EV startup, Ather Energy, which has plans to go public next year.

Snapdeal signs MOU with Bhashini to Boost Digital Inclusion in India

• E-commerce platform Snapdeal has signed a Memorandum of Understanding (MOU) with Digital India Bhashini, an Independent Business Division established by the Ministry of Electronics and Information Technology (MeitY) within  Digital India Corporation (DIC) to address the diverse linguistic landscape of India, the company stated.
• The MOU was signed between Bharat Venishetti of Snapdeal and Amitabh Nag, chief executive officer of Bhashini.
• The collaboration aims to leverage Artificial Intelligence (AI) to develop products and services focusing on voice-first technology for nine vernacular languages to enhance language translation efforts to promote digital inclusion in India.

Snapdeal:

• Snapdeal is an e-commerce company catering to the value price segment offering merchandise in categories like home, fashion, beauty and personal care.
• More than 90% of the products on the platform are priced under 1,000 and more than 86% of the orders are from outside metro cities.
• Over the last several years, the company has enhanced its expertise in catering to mid-income users who have a budget-led approach to spending and access the Internet primarily through their mobile phones.

Bhashini:

• Launched by the Indian Prime Minister in July 2022 under the National Language Technology Mission, Bhashini aims to transcend language barriers, ensuring that citizens can access digital services in their language.
• It aims to provide technology translation services in 22 scheduled Indian languages.

Pharma sector will cross $130-bn mark by 2030

• Hyderabad, which is known as the pharma hub of India, is home to 214 USFDA approved facilities in the city and as the growth of the pharma market is coming from complex molecules, it will force companies to invest and build future state-of-the art labs, stated Dr Reddy’s Laboratories Limited’s official.
• Speaking at the ninth edition of B2B pharma expoPharmaLytica 2023 here, Avinash Kumar Talwar, Vice President, Dr Reddy’s Laboratories stated that the Indian pharmaceutical industry is valued at around $50 billion and is expected to grow at a CAGR of 10.7 percent till 2030.
• The pharmaceutical sector in India is expected to reach $65 billion by 2024, and $130 billion by 2030.

Adani group strengthens hold in defence sector, inks pact with UAE firm Edge Group

• The Gautam Adani-group stepped up its presence in the defence segment by joining hands with Edge Group, one of the world’s leading advanced technology and defence group. Group arm Adani Defence & Aerospace signed the milestone agreement with the UAE company.
• A press statement from the conglomerate stated the agreement aims to establish a global platform leveraging the defence and aerospace capabilities of both companies to bring together their respective product portfolios and cater to the requirements of global and local customers.
• The core products of Adani and Edge include missiles and weapons covering airborne, surface, infantry, ammunition, and air defence products.
• It includes platforms & systems covering unmanned aerial systems (UAS), loitering munitions, counter drone systems, unmanned ground vehicles (UGV) as well as electronic warfare (EW) and cyber technologies.
• The agreement will explore the possibilities of R&D facilities in India and the UAE.
• It will also look into the setting up of development, production, and maintenance facilities of defence and aerospace solutions to not only serve the two captive markets, but also Southeast Asian and wider global markets.
• Adani Defence & Aerospace is engaged in the design, development and manufacturing of state-of-the-art defence products. The development comes at a time the defence sector and its indigenisation is expected to be one of the focus areas for the Narendra Modi-government.

India to clock highest growth in tech spending in 2024 in APAC: Report

• India’s technology spending this year is estimated to grow by 8 percent – the highest in Asia Pacific (APAC),
• India’s technology spending will reach around $54.5 billion (around Rs 4.49 trillion), according to Forrester’s ‘Asia Pacific Tech Market Forecast, 2023 to 2027’.
• Technology spending in APAC will grow at a compound annual growth rate (CAGR) of 6.4 percent to 7.4 percent per year from 2024 to 2027, reaching $876 billion in 2027.
• Spending on software will continue its rapid growth over the next few years. It will be followed by spending on information technology (IT) services, communications equipment, and computers.
• The share of software purchases will climb from 26.4 percent in 2024 to 30 percent of total technology spending in 2027, outpacing the other IT categories due to demand generated by artificial intelligence and AI-augmented enterprise software and services.
• After India, Singapore in APAC will this year see the second highest growth in technology spending at 5 percent, reaching $18 billion.
• Australia’s technology spending will grow by 4 percent and China by 2 percent.
• China has the largest technology spending – in absolute terms – APAC at $261.9 billion.
• Technology spending in six major Southeast Asian economies (Indonesia, Malaysia, Philippines, Thailand, Taiwan, and Vietnam) will hit $74 billion in 2024, representing a 1 percent

Insurtech startup Kenko Health stares at shutdown

• Insurtech startup Kenko Health is on the verge of shutting its operationsdue to an ongoing shareholder battle within the company, according to the public.

Key highlights:

• Kenko Health, backed by Peak XV Partners (formerly Sequoia Capital India) and Orios Venture Partners, is in need of funds to meet requirements put forth by the insurance regulator.
• The startup was close to raising capital from the Hero Group, but a few existing investors who risked significant stake dilution at the proposed valuation could not agree on a deal, people close to the development stated.
• We have learnt that the startup’s shareholders are now writing off their investments. The 2019-founded company has not paid salaries to its employees for the last 2-3 months.

Nabard may raise Rs 30,000 crore through bonds in FY25, says CRISIL

• National Bank for Agriculture and Rural Development (Nabard) is planning to raise up to Rs 30,000 crore through bonds in the current financial year (FY25) to support lending operations, according to rating agency
• The money raised through the market covering bonds and money market instruments had about 5 percent share in total borrowings by Nabard at the end of March 2024.
• The government-owned development finance institution’s (DFI’s) total borrowings stood at Rs 7.89 trillion as of March 2024, according to CRISIL analysis.
• It has assigned a “AAA” rating to the proposed bond offering, which factors in support from the government of India.
• The balance sheet statement for FY24 showed the outstanding bonds and debentures stood at Rs 2.86 trillion in March 2024, up from Rs 2.46 trillion a year ago.
• Thus, the net borrowings through debentures and bonds grew by Rs 39,473 crore in FY24.
• Its debt-to-equity ratio stood at 10.96 percent and capital adequacy ratio was 16.5 percent at the end of March 2024.
• The Union government’s fiscal management policies and financial reforms in the past few years have led to an increase in the institution’s reliance on market borrowings, resulting in higher cost of borrowings, CRISIL stated.
• Another source of funds for the DFI is the deposits from commercial banks.
• The amount banks have to keep as deposits with Nabard is linked to the extent of the shortfall in meeting priority sector lending targets.
• Rural Infrastructure Development Fund deposits had close to 23.7 percent share in total borrowings at the end of March 2024, CRISIL stated.
• As for its lending operations, its loan book is broadly divided into two segments: direct finance and refinance book.
• Direct finance, which includes loans to state government agencies as well as voluntary organisations, stood at Rs 4.47 trillion or 56.3 percent of the loan book as on March 31.

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

IISc researchers develop sustainable methods to remove heavy metal contaminants from groundwater

• Researchers at the Centre for Sustainable Technologies (CST), Indian Institute of Science (IISc), have developed a novel remediation process for removing heavy metal contaminants such as arsenic from groundwater.
• The three-step method, which is patent-pending, also ensures that the removed heavy metals are disposed of in an environment-friendly and sustainable manner, instead of sending untreated heavy metal-rich sludge to landfills from where they can potentially re-enter groundwater, Bengaluru-based IISc stated in a release, stated a report.

Important Cause:

• According to reports, the release stated, 113 districts in 21 states in India have arsenic levels above 01 mg per litre while 223 districts in 23 states have fluoride levels above 1.5 mg per litre, which are beyond the permissible limits set by the Bureau of Indian Standards and the World Health Organization (WHO).
• These contaminants can significantly affect human and animal health, necessitating their efficient removal and safe disposal.

Tracing the steps:

• The first step in the process developed by the IISc team involves passing the contaminated water through a bed of biodegradable adsorbent made of chitosan, a fibrous substance obtained from crustaceans, doped with bimetallic (Fe and Al) hydroxide/oxyhydroxide.
• The adsorbent bed grabs the toxic inorganic arsenic through electrostatic forces and complex formation between arsenic and the adsorbent, it was stated.
• In the second step, the alkaline wash solution, which is essentially sodium hydroxide and arsenic in water, is taken to a membrane system to separate the two.
• While the sodium hydroxide solution (the alkaline wash) is taken back to regenerate the bed, the arsenic concentrated in the other stream is now ready to be taken to the third step:
• The membrane process serves to concentrate the arsenic ahead of bioremediation.
• In the bioremediation step, the toxic inorganic arsenic is converted to low-toxicity organic arsenic via methylation by microbes found in cow dung.
• This results in a decrease of toxic inorganic arsenic to below the maximum permissible limit specified by WHO standards, within a span of eight days.
• The remaining cow dung sludge can be safely disposed of in landfills, since the arsenic is locked in it in an organic form.
• The system can also be adapted to remove fluoride, with the last step changed to precipitation to form calcium fluoride, which has very low solubility in water.

About the research:

• The researchers have been working with INREM Foundation and Earthwatch, both NGOs, to deploy and test these systems in rural areas such as Bhagalpur in Bihar and Chikkaballapur in Karnataka.
• According to the researchers, such a system would work best at the community level.

CURRENT AFFAIRS : DEFENCE NEWS

Japan-India Maritime Exercise 24 (JIMEX-24) Begins in Yokosuka, Japan       

• The Indian Navy’s indigenous Stealth Frigate, Indian Naval Ship (INS) Shivalik, arrived at Yokosuka, Japan, to participate in the bilateral Japan-India Maritime Exercise 2024 (JIMEX 24).
• This marks the 8th edition of JIMEX since its inception in 2012.
• INS Shivalik was warmly welcomed by VAdm ITO Hiroshi, Commander JMSDF Yokosuka District, and Ambassador Sibi George, Ambassador of India to Japan.

Phases of the Exercise:

• The exercise comprises both harbour and sea phases.
• The harbour phase involves professional, sports, and social interactions.
• The sea phase focuses on joint war-fighting skills enhancement through complex multi-discipline operations in surface, sub-surface, and air domains.

Participants:

• The Indian Navy is represented by INS Shivalik, while the Japan Maritime Self-Defense Force (JMSDF) is represented by the Guided Missile Destroyer JS Yugiri.
• Integral helicopters from both navies will also participate in the exercise.

Objective and Significance : 

• JIMEX 24 provides an opportunity to learn from each other’s best practices and facilitates operational interactions between IN and JMSDF to foster mutual cooperation and reaffirm their shared commitment towards maritime security in the Indo – Pacific.
• The 7th edition of JIMEX 23 hosted by the Indian Navy, is being conducted at Visakhapatnam from 05 -10 July 2023.

About Indian Navy : 

• Founded : 26 January 1950
• Headquarters : New Delhi, Delhi
• Chief of Defence Staff (CDS) : General Anil Chauhan
• Chief of the Naval Staff  : Admiral Dinesh K Tripathi

CURRENT AFFAIRS: MOUS & AGREEMENTS

HCLTech renews deal with German cooperative apoBank for $278 million

• HCL Technologies (HCLTech) has expanded its partnership with Deutsche Apotheker- und Ärztebank eG (apoBank), Germany’s largest cooperative primary bank, in a deal valued at USD 278 million over 7.5 years, as disclosed in a regulatory filing.
• With this agreement, HCLTech will implement an outcome-oriented managed services model aimed at delivering resilient, scalable, and high-quality digital foundation services.
• This will support apoBank in offering fast and secure banking services to its clientele, according to a company statement.
• Thomas Runge, apoBank’s COO, cited HCLTech’s extensive Avaloq expertise and in-depth understanding of apoBank as key reasons for the partnership.
• Sudip Lahiri, Executive Vice President and Head of Financial Services, Europe, HCLTech, expressed enthusiasm about leveraging HCLTech’s managed infrastructure and cloud services to benefit apoBank’s customers.

About ApoBank:

• Industry: Cooperative Banking
• Founded: 1902
• Headquarters: Dusseldorf, Germany

Wadhwani Foundation partners with top institutes to boost innovation hubs in India

• New Delhi, Not-for-profit tech organisation Wadhwani Foundation stated it has signed agreements with technical education body AICTE as well as four IIT and other premier institutions to set up a network of innovation hubs across the the country.
• The agreements have been signed with AICTE (All India Council for Technical Education), IIT Bombay, IIT Delhi, IIT Kanpur, IIT Hyderabad, IISc Bangalore, and C-CAMP to establish Wadhwani Innovation Network Centers of Excellence (WIN-COEs) to accelerate the commercialisation of academic innovations.
• The WIN-COEs aim to accelerate home-grown research and discoveries to create an ecosystem that provides inclusive and equitable solutions from emerging technologies, while also fostering collaborations between industry, universities, research institutions, and the government, the release added.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Bank of India Acquires 6.125% Stake in Clearing Corporation of India Limited (IFSC) in GIFT SEZ, Gujarat

• The Bank of India (BoI) has acquired a 6.125% stake in the incorporated Clearing Corporation of India Limited. (IFSC), listed in the GIFT SEZ (Special Economic Zone) in Gujarat.
• Promoted by Clearing Corporation of India Limited (CCIL), CCIL IFSC is the proposed entity to build and operate a real-time foreign currency settlement system at GIFT City.
• The entity will act as a clearing house and system operator at GIFT City.
• Business Targets and Achievements:Bank of India set an ambitious target of achieving a business of $1 billion in its first year of operation for its IFSC Banking Unit (IBU) at GIFT City.
• The IBU surpassed the target by achieving a business exceeding $1 billion as of March 2024.
• For the current fiscal year, the IBU has set a target of achieving 50% business growth over the previous year.
• Digital Banking Facilities:Bank of India aims to provide digital banking facilities through transaction-based internet banking services to eligible clients as per the guidelines of the International Financial Services Centres Authority (IFSCA).

About Bank of India : 

• Founded : 7 September 1906
• Headquarters : Mumbai,Maharashtra
• MD & CEO : Shri Rajneesh Karnatak
• Bank of India is an Indian public sector bank.

CURRENT AFFAIRS: SPORTS

Jose Molina becomes new Mohun Bagan SG head coach, replaces Antonio Habas

• Mohun Bagan Super Giant have appointed former ATK boss Jose Molina as their head coach for the upcoming Indian Super League (ISL) season. The club announced the Spaniard’s appointment on their social media.
• Jose Francisco Molina, who also served as the Technical Director of the Spanish Football Federation (REEF), will replace compatriotAntonio Lopez Habas who took over duties midway last season and led the club to their maiden ISL League shield.

Experience as a Manager

• Even though his last stint as a football manager was way back in 2018, Jose Molina knows Indian football very well having previously served as the ATKFC head coach in 2016 when he guided the team to their second league title.

Previous experience in India

• Molina’s only stint in India came with ATK and he guided the team to the league title in his only season in India in 2016.
• That title was ATK FC’s second ISL title in three seasons before the club went defunct in

India to Host 2025 FIH Hockey Men’s Junior World Cup

• India will host next year’s men’s Junior Hockey World Cup, the Executive Board of the International Hockey Federation announced.
• The tournament will be held in December and it will be the first time ever that a Hockey Junior World Cup will include as many as 24 teams.
• This was announced by FIH President Tayyab Ikram.
• The last edition of the tournament was held in Kuala Lumpur in 2023 with Germany emerging winners with a 2-1 win over
• Spain and India took the third and fourth places respectively.
• India have, in the past, hosted the tournament three times in 2013 (New Delhi), 2016 (Lucknow) and 2021 (Bhubaneswar).

India were the winners of the 2016 edition as well.

CURRENT AFFAIRS: IMPORTANT DAYS

• Russia Day is a national holiday in Russia observed every year on June 12.

HISTORY OF RUSSIA DAY

• On December 25, 1991, the country was renamed the Russian Federation.
• The festival to mark this occasion in the world’s largest country, however, has undergone two name changes since then.
• And although it was not a national holiday, it was initially termed ‘Independence Day.’
• The Russian Supreme Assembly declared June 12 to be a national holiday in
• Yet In 1994, President Boris Yeltsin declared the same date a national holiday for the second time.
• To celebrate the country’s reestablished independence, the creation of the office of President, the adoption of the historical national flag, and a new national song, the day was renamed the ‘Day of the Adoption of the Declaration of Sovereignty of the Russian Federation.’
• It was later renamed ‘Russia Day’ on February 1, 2002, and has been celebrated annually since then.
• While it has been an official holiday since 1991, it was not widely observed until 2003, after Russian President Vladimir Putin embraced and promoted it.
• The Russian Day celebration, on the other hand, has evolved over time to become a spectacular event.
• Acrobatic air shows from elite Russian acrobatic teams were the highlight of the 2003 Russia Day event.
• The military planes were also put on display, leaving a trail in the shape of the Russian flag.
• In 2004, the Red Square celebrations were highlighted by a historical military parade in which Russian army personnel and representatives from 89 regions, dressed in national costumes, presented the audience with the most significant historical milestones in Russian history.

Daily CA on June 13 : 

• State Bank of India (SBI) has launched ‘SME Digital Business Loans’ to cater to small and medium enterprises (SMEs).
• The Export-Import Bank of India (Exim Bank) has provided a Government of India-supported Line of Credit (LoC) of USD 23.37 million to the Government of the Co-operative Republic of Guyana (GO-GUY).
• Union Bank of India’s board of directors, in a meeting held on June 11, 2024, approved a proposal to raise funds amounting to Rs 10,000 crore.
• India’s largest asset management company (AMC) based on assets under management (AUM), SBI Mutual Fund has increased its stake in Kotak Mahindra Bank to over 5%.
• The Union Finance Ministry has recommended capping arbitration clauses in government contracts to disputes involving amounts less than ₹10 crore.
• Export-Import Bank of India (India Exim Bank) has inaugurated its East Africa Representative Office in Nairobi.
• The Australian Federal Budget Document has announced the implementation date for the Mobility Arrangement for Talented Early-professionals Scheme (MATES) for Indian Nationals.
• The World Health Organization (WHO) unveiled its inaugural Patient Safety Rights Charter at the Global Ministerial Summit on Patient Safety.
• The Government has appointed Lieutenant General Upendra Dwivedi, presently serving as Vice Chief of the Army Staff, as the 30th Chief of the Army Staff with effect from the afternoon of June 30, 2024.
• The Federation of Indian Chambers of Commerce (FICCI) announced the appointment of Jyoti Vij as FICCI’s director general.
• The Indian Navy’s indigenous Stealth Frigate, Indian Naval Ship (INS) Shivalik, arrived at Yokosuka, Japan, to participate in the bilateral Japan-India Maritime Exercise 2024 (JIMEX 24).
• The Bank of India (BoI) has acquired a 6.125% stake in the incorporated Clearing Corporation of India Limited. (IFSC), listed in the GIFT SEZ (Special Economic Zone) in Gujarat.

• India is expected to sustain a potential growth rate of 6.5 percent -7 percent year-on-year (Y-o-Y) between 2025-26 and 2029-30, UBS Securities.
• Recently, the GSAP SKILLS Platform was launched at the 4th meeting of the Subsidiary Body on Implementation, Convention on Biological Diversity.
• The World Bank retained its growth forecast for India at 6.6 percent for FY25.
• A General Assembly meeting of the United Nations (U.N.) has announced that 2025 will be theInternational Year of Quantum Science and Technology.
• Ola Electric has received approval from the markets regulator Securities and Exchange Board of India (SEBI) for its initial public offering (IPO) of Rs. 5,500 crore.
• E-commerce platform Snapdeal has signed a Memorandum of Understanding (MOU) with Digital India Bhashini, an Independent Business Division established by Ministry of Electronics and Information Technology (MeitY) within  Digital India Corporation (DIC) to address the diverse linguistic landscape of India, the company stated.
• The pharmaceutical sector in India is expected to reach $65 billion by 2024, and $130 billion by 2030.
• The Gautam Adani-group stepped up its presence in the defence segment by joining hands with Edge Group, one of the world’s leading advanced technology and defence group.
• India’s technology spending this year is estimated to grow by 8 percent – the highest in Asia Pacific (APAC),
• Insurtech startup Kenko Health is on the verge of shutting its operationsdue to an ongoing shareholder battle within the company, according to public.
• National Bank for Agriculture and Rural Development (Nabard) is planning to raise up to Rs 30,000 crore through bonds in the current financial year (FY25) to support lending operations, according to rating agency
• Researchers at the Centre for Sustainable Technologies (CST), Indian Institute of Science (IISc), have developed a novel remediation process for removing heavy metal contaminants such as arsenic from groundwater.
• HCL Technologies (HCLTech) has expanded its partnership with Deutsche Apotheker- und Ärztebank eG (apoBank), Germany’s largest cooperative primary bank, in a deal valued at USD 278 million over 7.5 years, as disclosed in a regulatory filing.
• New Delhi, Not-for-profit tech organisation Wadhwani Foundation stated it has signed agreements with technical education body AICTE as well as four IIT and other premier institutions to set up a network of innovation hubs across the the country.
• Mohun Bagan Super Giant have appointed former ATK boss Jose Molina as their head coach for the upcoming Indian Super League (ISL) season.
• India will host next year’s men’s Junior Hockey World Cup, the Executive Board of the International Hockey Federation announced.
• Russia Day is a national holiday in Russia observed every year on June 12.

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