Daily Current Affairs 15 June 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Integration of Unified Payment Interface Boosts Distribution of RuPay Credit Cards

• Integration of the Unified Payments Interface (UPI) with RuPay credit cards has significantly boosted the distribution and issuance of these domestic cards.
• Around 30% of new credit cards issued in the country now are on the RuPay network.
• In comparison, RuPay cards accounted for around 5% of the new credit card issuance in 2022-23, before the Reserve Bank of India allowed linking UPI with these cards.
• American card payment majors Visa and Mastercard dominate the domestic credit card market.
• There are certain concerns among banks regarding losing their valuable credit card customers to the payment applications that dominate UPI.

Key Highlights :

• Shifting Trends: Major banks are actively issuing RuPay credit cards in response to customer demand, including co-branded cards now running on the RuPay platform.
• Challenges and Concerns:Third-Party Apps: Banks are concerned about losing customer visibility when credit cards are linked with UPI on third-party apps like Google Pay and PhonePe.
• Cross-Selling: These apps may leverage customer data to cross-sell products like insurance and personal loans, potentially reducing banks’ direct engagement with customers.
• This is a challenge banks are facing across all their UPI payments, given consumers are using their bank accounts for payments but transacting on third party apps, effectively resulting in banks losing sight of their customers to a large extent.
• Regulatory Measures:Interchange Fees: NPCI announced interchange fees on credit cards for UPI transactions in October 2023, with exemptions for small merchants.
• Customer Choice: RBI mandated that card issuers must offer customers multiple network options and prohibited exclusive arrangements that restrict customer choice.
• Transaction Details:Merchant Transactions: Average ticket size of merchant transactions on UPI ranges from Rs 1,400 to Rs 1,500.
• MDR Charges: Merchant Discount Rate (MDR) applies to UPI-linked RuPay credit card transactions above Rs 2,000, while transactions below Rs 2,000 are exempt.
• Regulatory Impact: In March 2023 directive from RBI directed towards offering multiple network options to customers at the time of card issuance, benefiting the RuPay card network.

About UPI :

• UPI is a system that powers multiple bank accounts into a single mobile application.
• It is developed by the National Payments Corporation of India (NPCI).
• It was introduced in April 2016.

Moody’s Forecasts Commercial Banks’ Credit Growth to Slow to 12-14% in FY25            

• The pace of credit growth of commercial banks in India is expected to moderate in the current financial year (FY25) to 12-14% due to challenges in raising resources and regulatory concerns on unsecured credit.
• The moderation of credit growth will be faced by the non-banking finance companies also, according to global rating agency Moody’s and its Indian Unit ICRA.

Key Highlights :

• Previous Year’s Credit Growth:In FY24, banks reported a credit growth of 16.3%, excluding the impact of the HDFC merger with HDFC Bank.
• The RBI data highlights a 3.1% gap between credit and deposits growth rates as of May 17, 2024, which widens to 6.2% when considering merger effects.
• Financial System Stability and Credit Quality:The credit quality in India’s financial system has improved with record-high profitability and low delinquencies.
• Stable credit ratings are supported by domestic-oriented funding and improved financial metrics.
• NBFC Sector Outlook:NBFCs, excluding housing and infrastructure financing, are projected to grow their assets under management (AUM) at a relatively muted rate of 17-19% in FY25, compared to higher growth rates in previous years.
• Asset quality and earnings of NBFCs may weaken, with non-performing assets (NPAs) expected to increase by up to 30 basis points and earnings declining by 20-40 basis points from FY24 levels.
• Regulatory Initiatives:The RBI’s initiatives include managing credit growth in high-risk segments like unsecured loans and tightening scrutiny on customer protection, risk management, cyber security, and IT infrastructure.
• These measures aim to enhance overall financial stability in the banking and NBFC sectors.

About Moody’s Ratings :

• Founded : 1909
• Headquarters : New York City, United States

About ICRA Limited :

• Founded : 1991
• Headquarters : Gurugram, Haryana
• Managing Director & Group CEO : Ramnath Krishnan

State Bank of India Plans to Raise Up to $3 Billion Through Debt in Fiscal Year 2025

• India’s largest lender State Bank of India (SBI), announced that its board has approved a plan to raise to $3 billion through debt in the current financial year.
• The funds will be raised in single or multiple tranches via public offering and/or private placement of senior unsecured notes.
• These notes will be denominated in US dollars or any other major foreign currency.
• The purpose of the fund utilization was not disclosed in the announcement.
• The fundraising will be conducted under Regulation S (RegS) and Rule 144A, which are regulations governing securities offerings in international markets.
• This move comes as Indian banks, including SBI, are strengthening their capital reserves to cater to increasing loan demands.
• Several other state-run banks including Canara Bank, Punjab and Sind Bank, and Punjab National Bank also have plans to raise funds through debt this fiscal year.

Recent News :

• In June 2024, SBI launched ‘SME Digital Business Loans‘ to cater to small and medium enterprises (SMEs).
• In January,2024 SBI successfully raised 50 billion rupees (approximately $600 million) by issuing Basel III-compliant additional tier-I perpetual bonds.

About SBI : 

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

Reserve Bank of India’s Automated Sweep-In and Sweep-Out System Glitch Disrupts Lending and Borrowing Operations

• The Automated Sweep-In and Sweep-Out System (ASISO), utilized by banks for managing daily liquidity requirements with the Reserve Bank of India (RBI), experienced its first malfunction since its inception nearly four years ago.
• This system is crucial as it allows banks to borrow from RBI’s Marginal Standing Facility (MSF) and deposit funds at its Standing Deposit Facility (SDF).
• The malfunction prompted the RBI to investigate the cause to ensure operational reliability.

Key Highlights :

• Regulatory Requirements for Banks:Indian banks are mandated to deposit 4.5% of their net deposits with RBI.
• They must maintain at least 90% of this requirement on a daily basis, ensuring liquidity stability in the banking system.
• The Marginal Standing Facility (MSF) offers banks a way to access funds from the central bank during liquidity shortfalls.

What is ASISO?

• Introduction of ASISO:ASISO was introduced in 2020 during the Covid-19 pandemic to automate the process of liquidity management for banks in India.
• Functionality and Importance:ASISO automates the procedure for overseeing banks’ liquidity, playing an essential role in their daily liquidity management.
• It helps maximize the use of human resources by giving qualified participants more flexibility in handling their cash reserve ratio (CRR) balances at the end of the day.
• Technical Glitch:A recent technical glitch in the ASISO facility prevented it from processing transactions in e-Kuber, the core banking solution of RBI.
• The glitch occurred around midnight when the system was automatically triggered.
• Operations and Adjustments:On all real-time gross settlement (RTGS) working days, participants can set or modify their end-of-day current account balance limits between 9 am and 11.30 pm.
• These restrictions can be defined as the maximum and minimum balances (in rupees) associated with MSF (Marginal Standing Facility) operations and the liquidity adjustment facility (LAF).

CURRENT AFFAIRS: NATIONAL NEWS

India Needs Up to USD 215 Billion for 2030 Renewable Energy Goal

• India will need investments between USD 190 to 215 billion to achieve its goal of 500 gigawatts (GW) of renewable energy capacity by 2030, according to Moody’s Ratings.
• This expenditure highlights the significant financial commitment necessary for the nation’s infrastructure companies amid its energy transition driven by robust economic growth.

Key Insights from the Report:

• Increased Energy Demands: India’s rapid economic growth is leading to higher energy demands, necessitating a swift shift towards renewable energy sources.
• Investment in Infrastructure: Substantial investments in infrastructure and technology are imperative to meet this demand.
• Government Policies and Regulatory Stability: Moody’s emphasizes that supportive government policies and a stable regulatory environment will be crucial in maintaining credit quality and bolstering investor confidence, facilitating the necessary capital influx.
• Favorable Outlook: These factors collectively suggest a positive outlook for India’s energy sector and its capacity to meet future energy demands sustainably.

India: Second-Largest Emitter of Nitrous Oxide Globally

• India ranks as the second-largest emitter of nitrous oxide (N2O) globally, a greenhouse gas significantly more potent than carbon dioxide in terms of atmospheric heating.

Key Points from the Study:

Publication: The study was published in the Journal Earth System Science Data, providing a global assessment of N2O emissions.

Global Ranking: In 2020, India accounted for nearly 11% of global man-made N2O emissions, second only to China, which contributed 16%.

N2O Concentrations: Atmospheric N2O levels reached 336 parts per billion in 2022, about 25% higher than pre-industrial levels.

CO2 Comparison: Carbon dioxide levels were 417 parts per million in 2022, highlighting the immediate focus on CO2 emissions for climate change mitigation.

Top Five Countries Emitting Nitrous Oxide (N2O)

Here are the top five emitter countries of nitrous oxide (N2O), a potent greenhouse gas:

1. China: 16.7%
2. India: 10.9%
3. United States: 5.7%
4. Brazil: 5.3%
5. Russia: 4.6%

CURRENT AFFAIRS : STATE NEWS

Chief Minister M.K. Stalin Launches ‘Chief Minister’s Mannuyir Kaathu Mannuyir Kaappom’ Scheme to Enhance Soil Health in Tamil Nadu

• Chief Minister K. Stalin inaugurated the ‘Chief Minister’s Mannuyir Kaathu Mannuyir Kaappom’ scheme to improve soil health across Tamil Nadu (TN).

Key Highlights:

• Financial Outlay: The scheme is implemented with an initial outlay of ₹206 crore.
• Allocation for Green Manure: ₹20 crore has been allotted specifically for the preservation of soil fertility through the use of green manure.
• Implementation Phase: The scheme will be rolled out in phases.
• The first phase, scheduled for 2024-25, aims to distribute green manure seeds covering about 2 lakh acres.
• Beneficiaries: Over 2 lakh farmers are expected to benefit from the distribution of green manure seeds in the initial phase.
• Support for Farmers: As part of the scheme, tractors are being made available to farmers at a nominal cost. 90 tractors and rotavators have been acquired for this purpose at a cost of ₹10.25 crore.
• Youth Training Program: A program organized by the Agricultural Engineering Department includes training youths in tractor driving skills.
• Tractors were flagged off for this purpose at the event.

About Tamil Nadu :

• Governor: R. N. Ravi
• Chief minister: M. K. Stalin
• Capital: Chennai
• Dance : Bharatnatyam, Karakattam
• National Park: Mudumalai National Park, Mukurthi National Park, Guindy National Park, Gulf of Mannar Marine National Park
• Wildlife Sanctuaries: Kalakad Wildlife Sanctuary, Karikili Bird Sanctuary, Vedanthangal Bird Sanctuary
• Tiger Reserve: Anamalai Tiger Reserve
• Biosphere Reserve : Agasthyamalai Biosphere Reserve

Assam Introduces Monthly Allowance to Prevent Child Marriage and Promote Education

• Assam Chief Minister Himanta Biswa Sarma announced that his government will provide monthly stipend to all girl students from class 11 to post-graduation over the next 5 years.
• This move is aimed to prevent child marriages.
• The scheme, ‘Nijut Moina’, was approved by the cabinet, which estimated that Rs 1,500 crore would be required in 5 years to give the incentives to around 10 lakh girls.
• A married girl will not get the benefit.
• The only exception will be those married girls who are enrolled in PG courses, they will also benefit.
• All girls studying in classes 11 and 12 will get Rs 1,000 every month, it will be Rs 1,250 for degree students and Rs 2,500 for girls doing post-graduation.
• Except for daughters of ministers, MLAs and MPs, and those students studying in private colleges, all girls irrespective of their financial background will be included in the scheme.
• In June and July, during summer vacation, no money will be given.
• The stipend will be deposited to the bank accounts of the students for 10 months in a year.
• This amount will be received by the students on the 11th of every month and the burden on the parents will be reduced to a large extent and they will be able to send their daughters to college and university.

About Assam :

• Governor : Gulab Chand Kataria
• Chief Minister : Himanta Biswa Sarma
• Capital: Guwahati
• National Park: Kaziranga National Park, Manas National Park, Nameri National Park
• Wildlife Sanctuary: Garampani Wildlife Sanctuary, Laokhowa Wildlife Sanctuary, Bornadi Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

PLI Scheme To Attract Investment Of Rs 3-4 Lakh Crore In 4 Years; Private Sector Capital Expenditure May Increase: ICRA

• The Production Linked Incentive (PLI) scheme is anticipated to attract investments worth Rs 3-4 lakh crore over the next four years and create 2 lakh jobs, according to a top executive at ICRA.
• The scheme is poised to launch large-scale projects in sectors such as semiconductor, solar modules, and pharmaceutical intermediaries.

Key Points Highlighted:

• Investment Projections: The PLI scheme is expected to draw investments ranging from Rs 3-4 lakh crore.
• Job Creation: Approximately 2 lakh jobs are forecasted to be generated through upcoming projects.
• Sectoral Focus: Sectors benefiting include semiconductor, solar modules, and pharmaceutical intermediaries.
• Future Outlook: Private sector capital expenditure is anticipated to increase in sectors like oil and gas, metals and mining, hospitals, healthcare, and cement.
• Tax Breaks for Increased Capex: To stimulate private sector capex to record levels, the government may consider providing tax breaks to enhance disposable income among individuals.
• This strategy aims to bolster economic growth and industrial expansion across key sectors in India.

Finance Minister Smt.Nirmala Sitharaman-led GST Council to meet on June 22

• The 53rd meeting of the GST Council is set to convene on June 22, 2024, in New Delhi, marking the first session under the newly re-elected government.
• Led by Finance Minister Nirmala Sitharaman, this meeting comes ahead of the final Budget presentation for FY25, pivotal for setting the agenda of Modi 3.0 government’s priorities for Viksit Bharat.

Agenda Highlights:

• Taxation of Online Gaming: Addressing industry concerns regarding the taxation of online gaming.
• Review of Valuation Rules: Assessment and potential revision of valuation rules introduced in October 2023.
• Union Budget 2024 Feedback: Discussion and feedback from state finance ministers on the Union Budget of 2024.
• New Policy Initiatives: Deliberation on key policy initiatives anticipated under the new government’s tenure.
• This session is crucial for shaping fiscal policies and addressing industry challenges as India navigates its economic landscape under renewed leadership.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Ajit Doval Reappointed as National Security Advisor, PK Mishra to Remain Principal Secretary to Prime Minister

• Ajit Doval has been reappointed as the National Security Advisor and PK Mishra as the Principal Secretary to the Prime Minister with effect from June 10,2024 in a resounding vote for continuity under Narendra Modi’s 3rd term as the Prime Minister.
• Both Doval and Mishra will be assigned the rank of a cabinet minister in the table of precedence during their term in office.
• The Appointments Committee of the Cabinet (ACC) has also approved the reappointment of Amit Khare and Tarun Kapoor as advisors to the PM, in the Prime Minister’s Office, for 2 years.

About Ajit Doval :

• Doval is a former Indian Police Service (IPS) officer of the 1968 batch and retired director of the Intelligence Bureau (IB) in 2005.
• He will continue to handle national security, military affairs, and intelligence.
• He was appointed the NSA after Modi was sworn in as the Prime Minister in May 2014 and then reappointed in 2019.
• He launched the Vivekananda International Foundation, a public policy think tank, in 2009.
• He is the PM’s interlocutor in the neighbourhood and with the P5 countries – the US, China, France, Russia, and the United Kingdom.
• He played crucial roles in managing diplomatic and security challenges, including during military confrontations with China in the Doklam plateau (2017) and East Ladakh (2020).
• He is also New Delhi’s special representative for resolving India’s boundary dispute with China.

About PK Mishra :

• PK Mishra is a retired Indian Administrative Service (IAS) officer from the 1972 batch.
• He served as the Union Agriculture Secretary before joining the Prime Minister’s Office (PMO).
• He has been associated with the PMO for over a decade, highlighting his extensive experience in administrative matters at the highest levels of government.
• Mishra is set to become one of the longest-serving advisors to Prime Minister Narendra Modi.

About ACC :

• Established : January 26, 1950
• Headquarters : New Delhi
• Chairperson : Narendra Modi (Prime Minister of India)

Delhi Metro Rail Corporation Appoints Manuj Singhal as New Director of Infrastructure

• Manuj Singhal, an Indian Engineering Service (IES) officer of the 1994 batch, has been appointed as the new Director (Infrastructure) at Delhi Metro Rail Corporation (DMRC).
• He will oversee maintenance activities related to civil, electrical, signal, AFC (Automatic Fare Collection), telecom, rolling stock, and solar power systems at DMRC.

About Manuj Singhal :

• Singhal started his career at the National Thermal Power Corporation (NTPC) and later joined the Department of Telecom through the IES.
• Since 2006, he has been associated with DMRC, holding various significant roles, including Executive Director (Rolling Stock/Project).
• He has nearly three decades of multidisciplinary experience and has played a crucial role in DMRC’s projects.
• He contributed to redefining DMRC’s energy mix, implementing electrical works for the Kochi Metro Project, and overseeing procurement activities for Phase IV projects.

About DMRC :

• Founded : 3 May 1995
• Headquarters : New Delhi, Delhi
• Chairman : Manoj Joshi
• The DMRC is a centre-state joint venture that operates the Delhi Metro and Noida Metro.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Adani Group’s Ambuja Cements to Acquire Penna Cement for Rs 10,422 Crore    

• Ambuja Cements, part of the Adani Group, is acquiring Hyderabad-based Penna Cement Industries Ltd (PCIL) for an enterprise value of Rs 10,422 crore.
• This marks Ambuja Cement’s 3rd acquisition in the cement sector since September 2022.
• The acquisition is expected to be completed within 3 to 4 months.
• In April 2024 the Adani company agreed to acquire MyHome Industries’ grinding unit in Tamil Nadu.
• Ambuja Cements will acquire 100% of the shares of PCIL from its existing promoter group – P Pratap Reddy and family.
• The acquisition would add 14 million tonnes per annum (mtpa) to its capacity, taking the total capacity of Adani group’s cement business (ACC-Ambuja consolidated) to 89 mtpa.
• At present, Penna Cement operates a 10 mtpa capacity and has another 4 mtpa under construction at Krishnapatnam (2 mtpa) and Jodhpur (2 mtpa), expected to be completed in the next 6 to 12 months.
• The acquisition will improve Adani group’s market share in India’s cement business by 2% to 16%.
• The group had already shared targets to increase capacity to 140 mtpa by 2028.
• UltraTech Cement, the largest cement maker in India with 152 mtpa capacity, plans to take its capacity to 200 mtpa in a similar timeframe.

About Ambuja Cements Limited :

• Founded : 1983
• Headquarters : Mumbai, Maharashtra, India
• Whole-time Director & CEO : Ajay Kapur
• Ambuja Cements Limited, formerly known as Gujarat Ambuja Cement Limited (GACL), is a major Indian cement producing company.

CURRENT AFFAIRS: RANKING AND INDEX

Mumbai, and Delhi record real estate price appreciation in double-digit, ranked 3rd and 5th globally

• According to Knight Frank’s ‘Prime Global Cities Index Q1 2024’, Mumbai and New Delhi have experienced significant annual increases in real estate prices, driven by robust economic growth in India.
• Meanwhile, Bengaluru observed a slight decline in ranking despite recording a modest 4.8% yearly growth in residential prices.

Key Insights from the Report:

• Mumbai’s Rise: Mumbai saw a sharp increase in real estate prices due to strong demand across all segments, particularly higher-value properties.
• Delhi NCR’s Growth: Delhi NCR climbed from 17th to 5th place in the global index with a 10.5% annual price growth.
• Bengaluru’s Performance: Bengaluru, while showing growth, slipped slightly in rank from 16th to 17th place.
• Economic Drivers: India’s major cities benefited from GDP growth exceeding 8% in FY 2023-24, bolstering housing demand.

Global Rankings:

• Manila Leads: Manila, Philippines, topped the index with a 26.2% annual price rise, driven by strong purchasing power and infrastructure investments.
• Tokyo’s Surge: Tokyo, Japan, ranked 2nd with a 12.5% yearly price growth, attributed to sustained population growth fueled by internal migration.
• This data highlights the dynamic real estate landscape in India’s key urban centers amidst varying economic conditions and regional market dynamics.

CURRENT AFFAIRS: IMPORTANT DAYS

Global Wind Day 2024: June 15

• Global Wind Day, which is observed on 15 June every year, raises awareness about the importance of wind energy and its power to alter the globe.
• In 2007, The European Wind Energy Association (EWEA) organized the first Wind Day.
• In 2009 the EWEA joined forces with the Global Wind Energy Council (GWEC) and made it a worldwide event.
• In recent years, WindEurope and the GWEC have organized the day together.
• In 2012, the organization sponsored a photo competition. People around the world were encouraged to enter photos that best captured the theme for the year.

World Elder Abuse Awareness Day 2024: June 15

• On June 15th, every year the world commemorates World Elder Abuse Awareness Day.
• This day is marked in order to raise awareness about the plight of the elderly who are abused and harmed.
• The theme of World Elder Abuse Awareness Day 2024 is ‘Spotlight on Older Persons in Emergencies.’
• In 1978, SAGE was formed and the Advocacy and Services for LGBT elders were created.
• In 1983, The first book on elder abuse, “Abuse and Maltreatment of the Elderly: Causes and Interventions”, was published.
• In1988, The National Center on Elder Abuse (NCEA) was established by the U.S. Administration on Aging.
• In 2003, A group of UCI professors created the nation’s first-ever Elder Abuse Forensic Center
• The day was officially recognized by the United Nations General Assembly in December 2011 bypassing the resolution 66/127 of the United Nations following a request by the International Network for the Prevention of Elder Abuse (INPEA), which first established the commemoration in June 2006.

Daily CA One- Liner: June 15

• India will need investments between USD 190 to 215 billion to achieve its goal of 500 gigawatts (GW) of renewable energy capacity by 2030, according to Moody’s Ratings
• India ranks as the second-largest emitter of nitrous oxide (N2O) globally, a greenhouse gas significantly more potent than carbon dioxide in terms of atmospheric heating
• The Production Linked Incentive (PLI) scheme is anticipated to attract investments worth Rs 3-4 lakh crore over the next four years and create 2 lakh jobs, according to a top executive at ICRA
• The 53rd meeting of the GST Council is set to convene on June 22, 2024, in New Delhi, marking the first session under the newly re-elected government
• According to Knight Frank’s ‘Prime Global Cities Index Q1 2024’, Mumbai and New Delhi have experienced significant annual increases in real estate prices, driven by robust economic growth in India.
• Integration of the Unified Payments Interface (UPI) with RuPay credit cards has significantly boosted the distribution and issuance of these domestic cards.
• The pace of credit growth of commercial banks in India is expected to moderate in the current financial year (FY25) to 12-14% due to challenges in raising resources and regulatory concerns on unsecured credit.
• India’s largest lender State Bank of India (SBI), announced that its board has approved a plan to raise up to $3 billion through debt in the current financial year.
• The Automated Sweep-In and Sweep-Out System (ASISO), utilised by banks for managing daily liquidity requirements with the Reserve Bank of India (RBI), experienced its first malfunction since its inception nearly four years ago.
• Chief Minister K. Stalin inaugurated the ‘Chief Minister’s Mannuyir Kaathu Mannuyir Kaappom’ scheme to improve soil health across Tamil Nadu (TN).
• Assam Chief Minister Himanta Biswa Sarma announced that his government will provide a monthly stipend to all girl students from class 11 to post-graduation over the next 5 years.
• Ajit Doval has been reappointed as the National Security Advisor and PK Mishra as the Principal Secretary to the Prime Minister with effect from June 10, 2024 in a resounding vote for continuity under Narendra Modi’s 3rd term as the Prime Minister.
• Manuj Singhal, an Indian Engineering Service (IES) officer of the 1994 batch, has been appointed as the new Director (Infrastructure) at Delhi Metro Rail Corporation (DMRC).
• Ambuja Cements, part of the Adani Group, is acquiring Hyderabad-based Penna Cement Industries Ltd (PCIL) for an enterprise value of Rs 10,422 crore.
• Global Wind Day, which is observed on 15 June every year, raises awareness about the importance of wind energy and its power to alter the globe
• On June 15th, every year the world commemorates World Elder Abuse Awareness Day.