Daily Current Affairs 16 & 17 June 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Imposes ₹1.45 Crore Fine on Central Bank of India, ₹96.4 Lakh Fine on Bangladesh’s Sonali Bank for Violations   

• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1,45,50,000 (₹1.45 crore) on the Central Bank of India (CBI), citing deficiencies in regulatory compliance.
• The penalty follows the findings of the Statutory Inspection for Supervisory Evaluation (ISE 2022) conducted by the RBI with reference to the bank’s financial position as of March 31, 2022.

Regulatory Violations:

• Loans and Advances: The bank violated RBI directions concerning ‘Loans and Advances – Statutory and Other Restrictions’.
• Customer Protection: The bank failed to comply with directions related to ‘Customer Protection – Limiting Liability of Customers in Unauthorized Electronic Banking Transactions’.
• Legal Provisions Invoked:The penalty has been imposed under the provisions of Section 47A(1)(c), read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.
• Also RBI has imposed a monetary penalty of ₹96.40 Lakh on Sonali Bank PLC (Public Limited Company).
• Reason for Penalty: The penalty results from contraventions of regulatory requirements.

Regulatory Violations:

• Credit Information: Non-compliance with sub-section (1) of Section 15 of the Credit Information Companies (Regulation) Act, 2005 [CIC (R) Act] and directions under the provisions of the CIC (R) Act on ‘Membership of Credit Information Companies (CICs)’.
• Know Your Customer (KYC): Failure to comply with the ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’.
• SWIFT Controls: Non-compliance with RBI’s directions on ‘Time-bound implementation and strengthening of SWIFT-related operational controls’.
• Legal Provisions Invoked:The penalty is imposed under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949 (BR Act) and Section 25(1)(iii) read with Section 23(4) of the CIC (R) Act.
• Sonali Bank’s Profile: Sonali Bank PLC is part of the commercial bank of Bangladesh, with its operations extending into India.
• The action is based on deficiencies in statutory and regulatory compliance and is not intended to pronounce upon the validity of any transactions or agreement entered into by the bank with its customers.

About CBI :

• Founded : 21 December 1911
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Matam Venkata Rao

About Sonali Bank PLC :

• Founded : 1972
• Headquarters : Motijheel, Dhaka, Bangladesh
• Current Chairman : Ziaul Hasan Siddiqui
• Current MD & CEO : Md Afzal Karim
• First Chairman and Managing Director of Sonali Bank : G.M. Chowdhury

State Bank of India Completes $100 Million Foreign Bond Issuance  

• The State Bank Of India (SBI) has concluded the issuance of $100 million foreign bonds which will be issued through SBI’s London branch on June 20 2024.
• The bonds are senior unsecured floating rate notes (FRN) with a maturity period of 3 years.
• These notes have a coupon rate of SOFR + 95 basis points (bps).
• The reference rate for these particular FRNs is the Secured Overnight Financing Rate (SOFR), a benchmark interest rate for dollar-denominated loans.

What are Floating Rate Notes?

• Floating Rate Notes (FRNs) are fixed income securities that pay a coupon determined by a reference rate which resets periodically.

Key Characteristics of FRNs:

• Interest Rate: The rate may change (“float”) over time, linked to the reference rate.
• Maturity: Typically, FRNs mature within a short-term period, often around 2 years.
• Interest Payments: Interest is paid periodically, often four times a year.
• Fluctuating Payments: As the reference rate resets, the interest payment received fluctuates over time.

What Is the Secured Overnight Financing Rate (SOFR)?

• The SOFR is a benchmark interest rate for dollar-denominated derivatives and loans that replaced the London Interbank Offered Rate (LIBOR).

Insurance Regulatory and Development Authority Issues Master Circular to Ease Compliance Burden on Insurers   

• Insurance regulator Insurance Regulatory and Development Authority (IRDAI) has issued a master circular on submission of returns for insurers, including foreign reinsurance branches (FRBs), on the 202 regulatory returns to be filed.
• Superseding 10 circulars issued since 2014, the master circular lists the operational guidelines on the regulations issued post a comprehensive review of regulatory framework for the insurance sector.
• It consolidates 37 regulations related to returns into 7 and introduces 2 new regulations, effective from April 1, 2024.
• The move towards principle-based regulations aims to facilitate a favourable environment for ease of doing business and reduce the compliance burden.

Key Highlights :

• While the review was aimed at facilitating a favourable environment for ease of doing business and reducing compliance burden, the master circular is being issued to create a single reference for all returns and harmonise the timelines for filing.
• The circular collates 60 regulatory returns required under the new regulations/operational guidelines.
• Additionally, 142 returns are required to be filed with IRDAI periodically (quarterly, half-yearly, and annual).
• The master circular is divided into 3 parts.

1. Part 1: Deals with returns specified in the regulations and corresponding master circulars. These returns monitor the fulfilment of regulatory objectives and the performance of insurers.
2. Part 2: Pertains to business statistics collected through a business analytics project or email. This data helps understand business growth, distribution channels, demography, product segments, persistence, and renewability.
3. Part 3: Repeals various previous circulars, rendering them inapplicable subsequent to the new master circular.

About IRDAI : 

• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairperson : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.

CURRENT AFFAIRS: NATIONAL NEWS

Centre extends scheme by another year to digitize patients’ health record

• The Centre has extended the scheme for digitizing patients’ health records and linking them with the Ayushman Bharat Digital Health Account (ABHA ID) by one year.
• The scheme aims to promote digital healthcare services and encourage public adoption of the Ayushman Bharat Digital Mission (ABDM).

Extended Duration

• Initially set to conclude on 30th June, the Digital Health Incentive Scheme (DHIS) will now continue until 30th June 2025 or until funds are available unless discontinued earlier.

Utilization of Funds

• To facilitate the effective use of funds under DHIS, the National Health Authority (NHA) has issued guidelines on incentive utilization.
• Hospitals can utilize these funds for enhancing digital infrastructure or other patient welfare-related activities.

Financial Incentives

• Under DHIS, hospitals receive Rs. 20 per patient for digitizing their health records and linking them with ABHA IDs.

Coverage and Participation

• All health facilities registered with the health facility registry (HFR), including clinics, nursing homes, hospitals, laboratories, and digital solution companies, can potentially earn incentives up to ₹4 crore.

ABHA ID Initiative

• Currently, approximately 633 million ABHA IDs have been generated nationwide. The objective is to expand this voluntary digital health ID initiative to cover every individual in the country.

Monitoring and Evaluation

• The NHA monitors and evaluates the effectiveness of the scheme, making necessary adjustments in terms of continuation, modification, and budget allocation as required.

PFRDA selects NEC Corp India as the system integrator

• Pension regulator PFRDA has chosen NEC Corporation India as the System Integrator (SI) for its digital platform, PFRDA-TRACE, for a period of six years.
• NEC Corporation India is set to play a pivotal role in PFRDA’s journey of digital transformation.

Project Background

• Initiative by PFRDA: In February, PFRDA initiated the selection process for appointing an SI for PFRDA-TRACE under its Technology Architecture (TARCH) project.
• Shortlisting Process: By April, PFRDA had shortlisted four bidders for technical evaluation, which included Bahwan Cybertek, Inspira Enterprise India, NEC Corporation India, and Trigyn Technologies.

PFRDA-TRACE Platform

• Functionality: PFRDA-TRACE, or Tracking, Reporting, Analytics, and Compliance E-platform, aims to streamline regulatory and supervisory compliance reports from intermediaries.
• It facilitates data sharing with PFRDA, monitors functions, and supports workflow for PFRDA departments.
• Phase and Integration: PFRDA-TRACE constitutes the second phase of the TARCH project, focusing on digitization and automation of operational processes.

Modular Technology Architecture

• Modules Planned: The TARCH project will adopt a modular approach with API-based platforms:

• • Website Revamp and Chatbot
  • PFRDA Online Intermediary Supervision Engine (POISE)
  • PFRDA Repository and Information Systems Management: Data and Analytics Platform (PRISM)
  • PFRDA Intranet: Internal Digitalization (PINTRA)

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Cyril Ramaphosa Re-Elected as South African President for 2nd Term    

• The South African parliament re-elected Cyril Ramaphosa, the African National Congress’s (ANC) President, as the President of South Africa during the first sitting of the National Assembly of the 7th Parliament.
• ANC has reached a broad agreement with the main opposition and other parties to form a coalition government, aiming to end a political deadlock after the ANC lost its 30-year majority in an election two weeks ago.

Details of Election:

• The election took place on May 29,2024 with 339 ballot papers issued and counted, including 12 invalid ballots.
• Ramaphosa secured 283 votes, while Julius Malema, leader of the Economic Freedom Fighters (EFF), received 44 votes.

Key Highlights :

• Nomination and Support:Ramaphosa was nominated for the presidency by ANC Member of Parliament Mdumiseni Ntuli and seconded by Velenkosini Hlabisa, leader of the Inkatha Freedom Party (IFP).
• The process was overseen by Chief Justice Raymond Zondo.
• Ramaphosa’s Political Career:This marks Ramaphosa’s second term as South Africa’s president, having first taken office on February 15, 2018, and re-elected on May 22, 2019, following the 2019 elections.
• Political Landscape:Since the first democratic election in 1994, the ANC has been the dominant political force in South Africa.
• The Democratic Alliance (DA), led by John Steenhuisen, is the largest opposition party, formed through a merger of the Democratic Party and the New National Party, representing the centre-right.

About South Africa :

• Capital : Pretoria (executive), Cape Town (legislative), Bloemfontein (judicial)
• Currency : South African rand

BJP’s Tesam Pongte Elected as the new Speaker of Arunachal Pradesh Assembly                            

• Tesam Pongte, Member of the Legislative Assembly (MLA) from Changlang North, has been elected unanimously as the Speaker of the 8th Arunachal Pradesh Legislative Assembly as there was no other nomination received for the post.
• The special session of the Assembly started with the election of the Speaker.
• BJP’s Kardo Nyigyor, who was elected from the Likabali Assembly constituency, was also elected uncontested as the Deputy Speaker of the House.
• Tesam Pongte served as the Deputy Speaker in the previous Legislative Assembly.

About Arunachal Pradesh : 

• Governor : Kaiwalya Trivikram Parnaik
• Chief Minister : Pema Khandu
• Capital : Itanagar
• National Parks : Mouling National Park, Namdapha National Park
• Wildlife Sanctuaries : Dibang Wildlife Sanctuary, Eagle Nest Wildlife Sanctuary

CURRENT AFFAIRS : DEFENCE NEWS

Indian Army Introduces Indigenous Nagastra-1 Kamikaze Drones Manufactured by Solar Industries     

• The Indian Army has inducted Nagastra-1, India’s first indigenous loitering munition developed by Nagpur-based Solar Industries.

About Nagastra-1 :

• Nagastra-1, operating in a “kamikaze mode,” boasts the capability to neutralise hostile threats with GPS-enabled precision strikes, exhibiting an impressive accuracy of 2 metres.

Specifications:

• Weight: 9 kilograms
• Endurance: 30 minutes
• Man-in-loop range: 15 kilometres
• Autonomous mode range: 30 kilometres
• Electric propulsion system ensures low acoustic signature, undetectable by adversaries at heights over 200 metres.
• Order and Delivery:The Indian Army placed an order for 480 Loiter Munitions with Economics Explosives Ltd (EEL), a subsidiary of Solar Industries, under an emergency purchase agreement.
• Initial batch of 120 Loiter Munitions delivered to Ammunition Depot at Pulgaon following successful Pre-Delivery Inspection (PDI) in May 2024.
• Features : Equipped with day and night surveillance cameras and a 1-kilogram High Explosive Fragmenting Warhead, the Loiter Munition stands ready to combat soft-skin targets effectively.
• Notably, its ability to abort missions and execute soft landings with a parachute recovery mechanism allows for multiple reuses, setting it apart from similar systems developed by advanced nations.
• Economics Explosives Limited (EEL), in collaboration with Z-Motion Autonomous Systems Private Limited, Bangalore, has spearheaded the development of Nagastra-1, with over 75% indigenous content.
• This man-portable system, weighing 30 kilograms in two rucksacks, comprises essential components such as the Ground Control Station, Communication Control, Payload, and Pneumatic Launcher.

About Indian Army :

• Chief of Defence Staff : General Anil Chauhan
• Chief of the Army Staff : General Manoj Pande

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Airtel Clears Spectrum Acquisition Dues Worth Rs 7,904 Crore from 2012 and 2015                                              

• Bharti Airtel has prepaid ₹7,904 crore to the telecom department, clearing the remaining part of the payment relating to spectrum bought in 2012 and 2015 auctions, a move which will lead to interest cost savings.
• This will help Airtel to save interest costs annually and boost cash flows, as its nationwide 5G rollout nears completion.
• This comes after India’s second largest telecom operator prepaid ₹8,325 crore in January 2024, clearing a sizable chunk of the deferred liabilities.
• Airtel acquired spectrum worth Rs 8.67 crore in 2012 and Rs 29,129 crore in 2015 auction.
• With this, the company has fully prepaid all deferred liabilities pertaining to spectrum acquired in auction of the year 2012 and 2015 which were at the highest interest cost of 9.75% and 10% respectively.
• The consolidated net debt for the company, including the impact of leases, declined to Rs 2,04,646 crore as of March 31, 2024, from Rs 2,13,126.4 crore as of March 31, 2024.

Key Highlights :

• Airtel has consistently worked on prepaying its spectrum-related dues over the past few years.
• In July 2023, the company prepaid Rs 8,024 crore to the DoT, and in March 2022, it cleared Rs 8,815 crore for airwaves bought in the 2015 auction.
• This was followed by a significant prepayment of Rs 15,519 crore in December 2021, which cleared all dues related to spectrum purchases in 2014.
• These prepayments are part of Airtel’s strategy to manage its finances more effectively, especially in light of the 4-year moratorium on spectrum and adjusted gross revenue payments introduced by the Indian government in September 2021.
• This relief package, which also included reduced bank guarantees and the option to convert statutory dues into government equity, aimed to provide around Rs 48,000 crore in cash flow relief to telecom operators.

About Bharti Airtel :

• Founded : 7 July 1995
• Headquarters : New Delhi, India
• Chairman : Sunil Mittal
• MD & CEO : Gopal Vittal

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Scientists Identify “super fluffy” exoplanet with Density Comparable to Cotton Candy                        

• Researchers have discovered a “super fluffy” exoplanet, 50% larger than Jupiter and weighing only a 7th of it, giving it a “cotton candy”-like density.
• The new, “fluffy” planet has been named ‘WASP-193b’ and was found to be located about 1,200 light years away from Earth, roughly equivalent to 10,800 trillion kilometres.
• The planet is so light that it’s difficult to think of an analogous, solid-state material.
• The reason why it’s close to cotton candy is because both are pretty much air.

About WASP-193b :

• WASP-193b is the 2nd-lightest planet discovered so far, after the smaller, Neptune-like world, Kepler 51d.
• The much larger size of the new planet, combined with its super light density, makes WASP-193b the odd one out among the more than 5,400 planets discovered so far.
• The exoplanet was initially spotted by the Wide Angle Search for Planets (WASP), an international collaboration of academic institutions.
• Dips in light or “periodic transits” had been detected from the star WASP-193 in the data taken between 2006 and 2008, and again from 2011 to 2012.
• Astronomers had determined that the star’s periodic dips in brightness were consistent with a planet passing in front of it every 6.25 days.
• In this study, the researchers used data from observatories based in the Atacama Desert, Chile, to measure the planet’s weight.
• Their calculations revealed an “extremely low density” for the planet – 0.059 grams per cubic centimetre.
• The substance closest in density, according to the researchers – the cotton candy – has a density of about 0.05 grams per cubic centimetre,
• Water is known to have a density of 1 gram per cubic centimetre.
• While Jupiter has a density of about 1.33 grams per cubic centimetre, Earth is a more substantial 5.51 grams per cubic centimetre.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Oracle partners with Tamil Nadu to empower youth with IT skills

• Oracle has collaborated with the Tamil Nadu Skill Development Corporation to provide IT skills and capabilities to the youth in the state, aiming to improve their employment prospects.

Skills Development Program

• Oracle’s specialised skills development program will be integrated into the Naan Mudhalvan initiative, offering employment-linked skills training to over 200,000 students in Tamil Nadu.

Significance of Tamil Nadu’s Youth

• Tamil Nadu is one of India’s top 12 states with a rapidly growing youth population, making this initiative particularly impactful.

About Oracle Corporation

• Oracle Corporation, an American multinational computer technology company, is headquartered in Austin, Texas, United States.

Kotak Mahindra Life Insurance, Mahindra Finance partner to offer life insurance products

• Kotak Mahindra Life Insurance Company Ltd. (Kotak Life) has formed a partnership with Mahindra & Mahindra Financial Services Ltd. (Mahindra Finance) to provide life insurance solutions to customers.

Signatories of the Agreement

• The agreement was signed by Mahesh Balasubramanian, MD of Kotak Mahindra Life Insurance Company, and Raul Rebello, Managing Director & CEO of Mahindra Finance.

Customer Benefits

• This partnership will benefit over 10 million customers of Mahindra Finance by offering a wide range of customized life insurance solutions from Kotak Life.

Samsung partners with Paytm to bring travel, entertainment services to Samsung Wallet

• Samsung has partnered with One 97 Communications Limited (OCL), the parent company of fintech firm Paytm, to introduce flight, bus, movie, and event ticket booking services on the Samsung Wallet.

Objective of Collaboration

• The partnership aims to enhance consumer convenience by directly offering a seamless booking experience through the Samsung Wallet app.

Accessing New Services

• Users can access these new booking services by updating their Samsung Wallet app via the Galaxy Store.

About Samsung Wallet

• Since its launch in 2017, Samsung Wallet has become a popular mobile tap-and-pay solution in India, continuously evolving to meet user needs.

Jammu & Kashmir Elevates Agricultural Partnership With New Zealand

• Jammu & Kashmir has expanded its existing Memorandum of Cooperation (MoC) with New Zealand into a comprehensive strategic agreement aimed at advancing the agricultural sector.

Utilizing New Zealand’s Expertise

• The partnership leverages New Zealand’s renowned capabilities in breeding technology, sustainable farm management, and advanced disease control within the sheep sector on a global scale.

Transformational Impact

• This collaboration is poised to revolutionize and rejuvenate the sheep and goat sectors in the Union Territory through extensive training programs and the adoption of innovative and sustainable farming practices.

Enhancing Local Farming Practices

• The agreement underscores the adoption of New Zealand’s cutting-edge techniques to elevate local sheep farming practices in Jammu & Kashmir.

Key Collaborative Initiatives

• The collaboration includes advanced training programs for master trainers, genetic and breeding innovations, expert visits, and workshops.
• New Zealand experts will visit Jammu & Kashmir to conduct workshops and establish long-term objectives focusing on breeding values, artificial insemination (AI), embryo transfer technology (ETT), digitization, and value chain optimization.

Financial Details and Duration

• Valued at approximately Rs 20 crore spread over 5 years, this strategic agreement signifies not just a continuation but an expansion of efforts to enhance the sheep sector in Jammu & Kashmir.

CURRENT AFFAIRS: RANKING AND REPORTS

Western Sydney University tops THE Impact Rankings again

• THE’s Impact Rankings 2024 evaluates a record 2,152 universities across 125 countries/regions based on their contributions to all 17 UN Sustainable Development Goals (SDGs) as of June 12, 2024.
• Western Sydney University achieves the highest ranking globally, leading in the overall category for its comprehensive impact across the SDGs.

Country Achievements

• United Kingdom: Holds the top position in five individual SDGs, surpassing all other countries.
• Australia: Dominates the top 10 with four universities in the overall category, showcasing strong performance.
• Canada and UK: Each have two universities in the top 10 overall rankings.
• United Kingdom: Leads globally with 25 universities in the top 100 overall rankings.

Indian Representation

• Total Universities: India contributes the most universities to the rankings, with 10 5 institutions assessed.
• Ranking Categories:
• Amrita Vishwa Vidyapeetham: Ranked 81st overall in THE University Impact Rankings 2024.
• Beyond Top 100: Several Indian institutions, including JSS Academy of Higher Education, Lovely Professional University, Manipal Academy of Higher Education, and Shoolini University of Biotechnology and Management Sciences, are placed in the 101-200 rank bracket.
• Lower Ranks: IIM Mumbai is in the 601-800 rank range, while Jawaharlal Nehru University (JNU) secures a position in the 901-1000 rank segment.

Methodology and Coverage

• Assessment Criteria: The rankings assess universities’ commitment to sustainability across research, stewardship, outreach, and teaching.
• League Tables: Results are presented in 18 league tables, one for each SDG and an overall ranking table.
• Popular SDGs: SDG 4 (Quality Education) and SDG 3 (Good Health and Well-being) are the most represented, followed by SDG 5 (Gender Equality).

CURRENT AFFAIRS: SPORTS NEWS

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

• The International Hockey Federation (FIH) has announced that India will host the FIH Hockey Men’s Junior World Cup in December 2025.
• For the first time, the tournament will feature 24 teams, marking the 14th edition of the Junior Hockey World Cup.
• The host city will be disclosed at a later date.

Previous Tournament in Kuala Lumpur

• The most recent edition of the FIH Hockey Men’s Junior World Cup took place in Kuala Lumpur, Malaysia, in 2023.

India’s Recent Performance

• In the 2023 tournament, India reached the semi-finals but lost 4-1 to eventual champions Germany.
• They then fell 3-1 to Spain in the third-place playoff, finishing fourth overall.

India as Host Country

• India will host the Junior Hockey World Cup for the fourth time.
• Previous editions were held in New Delhi in 2013, Lucknow in 2016, and Bhubaneswar in 2021.

Historical Context

• India has won the Men’s Junior World Cup twice, in Australia in 2001 and on home soil in 2016.
• Germany holds the record with seven victories, making them the most successful team since the competition’s inception in 1979.

Puja Tomar scripts history becomes first Indian to win a bout in the UFC

• Puja Tomar made history as the first mixed martial arts fighter from India to secure a victory at the Ultimate Fighting Championship (UFC).
• In her debut bout in the straw-weight (52kg) category, Tomar clinched a split- decision win over Brazil’s Rayanne dos Santos, with scores of 30-27, 27-30, and 29-28.
• The 30-year-old, nicknamed “Cyclone,” signed with the UFC in October last year, becoming India’s first woman to compete in the prestigious MMA promotion.

Indian Representation in UFC

• Previously, Anshul Jubli, Bharat Kandare, and Canada-based Arjan Singh Bhullar have represented India on the global stage in the UFC.

Background and Achievements

• Born in Budhana village, Muzaffarnagar, Uttar Pradesh, Tomar boasts an impressive resume with five national titles in wushu, complemented by a background in karate and taekwondo.

About UFC

• Ultimate Fighting Championship (UFC) is a prominent American mixed martial arts promotion company known worldwide.

IPL business value rises by 6.5% to US$16.4bn

• According to a report by Houlihan Lokey, the business valuation of the Indian Premier League (IPL) has risen to $16.4 billion, marking a 6.5% increase.
• The ‘IPL Valuation Study 2024’ report indicates that the standalone brand value of the IPL has grown by 6.3% to reach $3.4 billion over the past year.

Tata Group’s Sponsorship Deal

• The Tata Group secured the IPL title sponsorship for an additional five years (2024-2028) at around $300 million, marking a 50% increase from the previous agreement.

Franchise Highlights

1. Chennai Super Kings (CSK): Leading the league with a brand value of $231 million, CSK has been consistent, qualifying for playoffs in 12 out of 15 seasons and securing five titles, largely attributed to former captain Mahendra Singh Dhoni.
2. Royal Challengers Bangalore (RCB): Following closely with a brand value of $227 million, RCB benefits significantly from star cricketer Virat Kohli’s presence.
3. Kolkata Knight Riders (KKR): After a successful season 17, KKR clinched the championship and holds a brand value of $216 million, securing the third position.
4. Mumbai Indians (MI): Ranked fourth with a brand value of $204 million, MI remains a strong contender in the league.

Mid-tier Franchises

• Rajasthan Royals (RR): Climbed to the fifth spot with a brand value of $133 million.
• Sunrisers Hyderabad (SRH): Follows closely behind RR at sixth place with a brand value of $132 million.
• Delhi Capitals (DC): Also in the mid-range with competitive brand value.

Other Franchises

• Punjab Kings (PK): Registers a brand value of $101 million.
• Lucknow Super Giants (LSG): Records a brand value of $91 million.

CURRENT AFFAIRS : OBITUARIES

Renowned Sports Journalist Harpal Singh Bedi Passed away                  

• Veteran sports journalist Harpal Singh Bedi, renowned for his extensive coverage of Indian sports over a career spanning more than four decades, passed away at the age of 72 in New Delhi.

About Harpal Singh Bedi :

• Bedi, the former sports editor of United News of India (UNI), was a towering figure in Indian sports journalism.
• He served as a consulting editor for the Statesman newspaper.
• He became a beloved figure among Pakistani journalists during his tours with the Indian cricket teams in 2004 and 2005.
• Known for his wit and warmth, he was the press attaché for India’s Olympic contingent in 2012, endearing himself to colleagues and newcomers alike in the media box.
• He covered a wide array of sporting events, including 8 Olympic Games, Asian Games, Commonwealth Games, Cricket and Hockey World Cups, and various world and national championships in athletics and other Olympic sports.
• He reported on historic moments in Indian sports, such as P.T. Usha’s performance in the 1984 Los Angeles Olympics and Abhinav Bindra’s gold medal win at the 2008 Beijing Olympics.

T.Padmanabha Rao, The Hindu’s former legal correspondent passed away

• Padmanabha Rao, The Hindu’s former Legal Correspondent who had a reputation for covering the Supreme Court with balance and accuracy, passed away at the age of 91 in New Delhi.

About T. Padmanabha Rao :

• Known as T.P. Rao among his colleagues, he joined The Hindu in November 1962 and served for nearly 40 years.
• For over two decades on the Supreme Court beat, he was known for his impeccable journalism.
• He retired from service on October 31, 2002.

CURRENT AFFAIRS: IMPORTANT DAYS

World Day to Combat Desertification and Drought: June 17

• Every year on June 17th, the World Day to Combat Desertification and Drought is commemorated to increase public awareness about the critical need to combat desertification and drought.
• The theme of this year’s World Day to Combat Desertification and Drought is – ‘United for Land. Our Legacy. Our Future. “
• During the 1992 Rio Earth Summit, desertification, loss of biodiversity and climate change were recognised as the greatest challenges to sustainable development.
• In 1994, The UN General Assembly established the United Nations Convention to Combat Desertification (UNCCD) – the legally binding international agreement linking environment, development and sustainable land management.
• In 2007, the UN General Assembly declared the decade of 2010 to 2020 as the United Nations Decade for Deserts and the fight against Desertification.

Daily CA One- Liner: June 16 & 17

• The Centre has extended the scheme for digitizing patients’ health records and linking them with the Ayushman Bharat Digital Health Account (ABHA ID) by one year.
• Pension regulator PFRDA has chosen NEC Corporation India as the System Integrator (SI) for its digital platform, PFRDA-TRACE, for a period of six years
• Oracle has collaborated with the Tamil Nadu Skill Development Corporation to provide IT skills and capabilities to the youth in the state, aiming to improve their employment prospects
• Kotak Mahindra Life Insurance Company Ltd. (Kotak Life) has formed a partnership with Mahindra & Mahindra Financial Services Ltd. (Mahindra Finance) to provide life insurance solutions to customers.
• Samsung has partnered with One 97 Communications Limited (OCL), the parent company of fintech firm Paytm, to introduce flight, bus, movie, and event ticket booking services on the Samsung Wallet
• Jammu & Kashmir has expanded its existing Memorandum of Cooperation (MoC) with New Zealand into a comprehensive strategic agreement aimed at advancing the agricultural sector
• THE’s Impact Rankings 2024 evaluates a record 2,152 universities across 125 countries/regions based on their contributions to all 17 UN Sustainable Development Goals (SDGs) as of June 12, 2024
• The International Hockey Federation (FIH) has announced that India will host the FIH Hockey Men’s Junior World Cup in December 2025
• Puja Tomar made history as the first mixed martial arts fighter from India to secure a victory at the Ultimate Fighting Championship (UFC).
• According to a report by Houlihan Lokey, the business valuation of the Indian Premier League (IPL) has risen to $16.4 billion, marking a 6.5% increase.
• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1,45,50,000 (₹1.45 crore) on the Central Bank of India (CBI), citing deficiencies in regulatory compliance.
• The State Bank Of India (SBI) has concluded the issuance of $100 million foreign bonds which will be issued through SBI’s London branch on June 20 2024.
• Insurance regulator Insurance Regulatory and Development Authority (IRDAI) has issued a master circular on submission of returns for insurers, including foreign reinsurance branches (FRBs), on the 202 regulatory returns to be filed.
• The South African parliament re-elected Cyril Ramaphosa, the African National Congress’s (ANC) President, as the President of South Africa during the first sitting of the National Assembly of the 7th Parliament.
• Tesam Pongte, Member of the Legislative Assembly (MLA) from Changlang North, has been elected unanimously as the Speaker of the 8th Arunachal Pradesh Legislative Assembly as there was no other nomination received for the post.
• The Indian Army has inducted Nagastra-1, India’s first indigenous loitering munition developed by Nagpur-based Solar Industries.
• Bharti Airtel has prepaid ₹7,904 crore to the telecom department, clearing the remaining part of the payment relating to spectrum bought in 2012 and 2015 auctions, a move which will lead to interest cost savings.
• Researchers have discovered a “super fluffy” exoplanet, 50% larger than Jupiter and weighing only a 7th of it, giving it a “cotton candy”-like density.
• Veteran sports journalist Harpal Singh Bedi, renowned for his extensive coverage of Indian sports over a career spanning more than four decades, passed away at the age of 72 in New Delhi.
• Padmanabha Rao, The Hindu’s former Legal Correspondent who had a reputation for covering the Supreme Court with balance and accuracy, passed away at the age of 91 in New Delhi.
• Every year on June 17th, the World Day to Combat Desertification and Drought is commemorated to increase public awareness about the critical need to combat desertification and drought