Daily Current Affairs 21 June 2024 | Latest News | Download PDF

By Ameena Ameena - Jun 21 2024

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Dear Readers, get to know the daily current affairs today covering all the National & International Events provided here in this article. Current Affairs is an important topic in various competitive exams like IBPS/SBI/PO/Clerk and other competitive exams. To score better in this section, be updated with the daily happenings. Check the Daily Current Affairs February 2024 updates here. Revision is very important in remembering current affairs. Candidates after learning the Daily current affairs June 21 2024, can test their knowledge by attempting Current Affairs Quiz provided with answers. Daily current affairs June 21 2024 covers current affairs from International & National news, Important Days, State News, Banking & Economy, Business News, Appointments & Resignation, Awards & Honour, Books & Authors, Sports News, etc.,

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CURRENT AFFAIRS: BANKING & FINANCE

Shivalik Small Finance Bank raises Rs 100 Cr in equity investment

  • Noida-based Shivalik Small Finance Bank has raised Rs 100 crore in equity co-led by global venture capital firm Lightspeed and Sanjay Nayar-founded Sorin Investments, with participation from existing investors Accel and Quona.
  • The bank plans to use the funding to enhance its tech stack, strengthen its team, and further develop its product proposition to build a digital-first bank for small businesses and underserved segments.
  • In 2022, the bank had raised Rs 111 crore in equity co-led by global venture capital firms Accel and Quona Capital.
  • The bank is the first Small Finance Bank in India to have transitioned from an Urban Cooperative Bank with over 25 years of experience in offering retail banking products and services.

About Shivalik Small Finance Bank:

  • Shivalik became the first Small Finance Bank in India to transition from an Urban Co-operative bank namely Shivalik Mercantile Co-operative Bank (SMCB).
  • Founded in 1998 by Mr. Yashvir Kumar Gupta, with Mr. Suveer Kumar Gupta serving as its MD & CEO, till transition into Shivalik Small Finance Bank (SSFB).
  • Suveer Kumar Gupta, who played a crucial role in this transition, not only served as the first MD & CEO of SSFB but also continues to contribute as an Advisor to the Board.
  • Headquartered in

SBI to raise up to ₹20000 crores to fund infra projects

  • State Bank of India (SBI), the country’s largest lender, plans to raise Rs 20,000 crore through long-term bonds in the current financial year for funding infrastructure projects and affordable housing units.
  • In a filing with stock exchanges, the lender stated its central board had, at its meeting on Wednesday, approved issuing long-term bonds to raise to Rs 20,000 crore through a public issue or private placement during 2024-25.
  • A senior SBI executive stated that the bank had raised Rs 20,000 crore in two previous financial years (FY23 and FY24).
  • In September 2023, it had placed a 15-year infrastructure bond at a coupon of 7.49 per cent.

Key highlights:

  • The bank has already announced plans to raise up to $3 billion of long-term funds from the international market through a public offer and/or private placement of senior unsecured notes in the US dollar or any other major foreign currency in the current financial year.
  • The infrastructure bonds issued earlier by SBI carry an AAA credit rating by domestic credit-rating agencies with a stable outlook.
  • The proceeds from infrastructure bonds are exempt from regulatory reserve requirements like statutory liquidity ratio (SLR) and cash reserve ratio (CRR). The entire amount can be deployed in lending operations.
  • If banks were to raise similar amounts through deposits, they would have to keep 4.5 per cent of the amount with the Reserve Bank of India as CRR.
  • Also, they have to invest about 18 per cent of money into securities to maintain
  • SBI’s infrastructure loans rose 5.72 per cent year-on-year (Y-o-Y) to Rs 3.94 trillion at the end of March 2024.
  • Of this, major exposures were to the power sector (Rs 2.04 trillion), ports and roads (Rs 1.12 trillion) and telecom (Rs 30,376 crore).
  • In its annual report for FY24, SBI stated the government had further raised its budgetary allocation towards capital expenditure from Rs 10 trillion in FY24 to Rs 11.11 trillion for the current financial year.
  • The Government of India has introduced various initiatives to strengthen the economy, such as the National Infrastructure Pipeline (NIP) with targeted investments of $1.4 trillion, the National Monetisation Pipeline (NMP), and Performance-linked Schemes (PLI).
  • The need to ramp up infrastructure on a large and sustainable scale has resulted in new projects, particularly in sectors such as renewables, roads, and city gas distribution.

About SBI: 

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

RBI invites applications for recognition of SROs for NBFCs

  • The Reserve Bank of India (RBI) invited applications for recognition of SROs for the NBFC sector.
  • The applications are invited under the aegis of RBI’s ‘Omnibus Framework for recognition of Self-Regulatory Organisations for Regulated Entities of the Reserve Bank’ dated March 21, 2024.

Membership criteria for NBFC SROs:

  • According to the RBI, the SRO for NBFC sector is primarily envisaged for NBFCs in the categories of Investment and Credit Companies (NBFC-ICCs), Housing Finance Companies (HFCs) and Factors (NBFC-Factors).
  • However, the SRO may also have other categories of NBFCs as its members.
  • The recognized SRO shall have a good mix of NBFC-ICCs, HFCs and NBFC-Factors as its members.
  • To ensure fair representation to smaller NBFCs, the SRO shall have at least 10% of the total number of NBFCs in the Base Layer as per Scale Based Regulatory Framework and categorised as NBFC-ICC and NBFC-Factor, as its members.
  • The RBI has also highlighted that the failure to achieve the aforesaid membership, within two years of the grant of recognition as SRO, would render the SRO liable for revocation of the recognition

Terms of recognition of SROs:

  • As per the details laid down by the RBI, the applicant should achieve a minimum net worth of Rs 2 crore within a period of one year after recognition as an SRO, or before commencement of operations as an SRO, whichever is earlier.
  • A maximum of two SROs for the NBFC sector will be recognised, subject
    to the applicants fulfilling the prescribed criteria to the satisfaction of the Reserve Bank.
  • The guidelines as given in the omnibus framework for recognition of SRO for REs of the Reserve Bank, shall be adhered to for application, recognition and functioning of the SRO.

Self-Regulatory Organization (SRO):

  • A self-regulatory organization (SRO) is an entity such as a non-governmental organization, which has the power to create and enforce stand-alone industry and professional regulations and standards on its own.
  • In the case of financial SROs, such as a stock exchange, the priority is to protect investors by establishing rules, regulations, and setting standards of procedures that promote ethics, equality, and professionalism.

RBI Cancels Licence Of Mumbai-based The City Co-operative Bank

  • The Reserve Bank cancelled the licence of The City Co-operative Bank, Maharashtra for lacking adequate capital and earning prospects.
  • The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been asked to issue an order for winding up the bank and appoint a liquidator, RBI stated.
  • According to RBI, the cooperative bank ceases to carry on banking operations with effect from the close of business hours on June 19, 2024.
  • On liquidation, every depositor would be entitled to receive a deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5 lakh only from Deposit Insurance and Credit Guarantee Corporation (DICGC).
  • “As per the data submitted by the bank, about 87 per cent of the depositors are entitled to receive the full amount of their deposits from DICGC,” RBI stated.
  • As of June 14, 2024, DICGC has already paid Rs 230.99 crore of the total insured deposits based on the willingness received from the depositors concerned of the bank.
  • Giving details, RBI stated the Mumbai-based cooperative bank does not have adequate capital and earning prospects.
  • Consequent to the cancellation of its licence, The City Co-operative Bank has been prohibited from conducting the business of ‘banking’ which includes, among other things, acceptance of deposits and repayment of deposits.

About RBI :

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

Zurich Insurance acquires majority stake in Kotak General Insurance

  • Zurich Insurance Company Ltd. (“Zurich”) announced the successful completion of acquiring a majority stake in Kotak Mahindra General Insurance Company Limited (“Kotak General Insurance”) from Kotak Mahindra Bank Limited (“Kotak”), following the receipt of all necessary regulatory approvals.
  • Zurich has acquired a 70% stake in Kotak General Insurance for a total consideration of 5,560 crores (i.e., USD 670 million), through a combination of fresh growth capital and share purchase.

Key highlights:

  • The transaction marks the largest foreign investment in India’s general insurance market and is the first by a foreign insurer since the foreign direct investment (FDI) limit was raised from 49% to 74% in 2021.
  • With this entry, Zurich is fully committed to fostering the development and expansion of India’s insurance sector in keeping with the Insurance Regulatory and Development Authority of India’s (IRDAI) goal of achieving “Insurance for All” by 2047.
  • The combined entity will bring to the Indian market, Zurich and Kotak’s collective commitment to trust, innovation, integrity, and customer service.
  • In due course, the business will adopt a new brand that represents both Zurich and Kotak as shareholders.
  • The transaction was announced in November 2023 and was subject to customary conditions precedent including regulatory approvals from the Reserve Bank of India, Insurance Regulatory and Development Authority of India, and the Competition Commission of India. All necessary approvals have been received.

About Zurich Insurance:

  • Formation: 1872
  • Headquarters:  Zurich, Switzerland
  • Chairman: Michel Lies
  • CEO: Mario Greco

About Kotak General Insurance:

  • Formation: 2015
  • Headquarters:  Mumbai, Maharashtra
  • MD & CEO: Suresh Agarwal

ADB approves $170 mn loan to strengthen health system in India

  • Multi-lateral development lender Asian Development Bank (ADB) approved a USD 170 million (over Rs 1,418 crore) policy-based loan to improve India’s health system preparedness and capacity to respond to future pandemics.
  • The Strengthened and Measurable Actions for Resilient and Transformative Health Systems will support the government’s National Health Policy 2017, which aims to provide quality health care services to all, ADB stated in a statement.
  • This policy-based loan will help fill the gaps in policy, legislative, and institutional governance and structures and contribute to India’s goal of providing universal access to quality and affordable healthcare services to strengthen pandemic preparedness and response, it stated.
  • The programme will strengthen disease surveillance systems to effectively respond to public health threats, it stated.
  • It will set up laboratory networks for infectious disease surveillance at the state, union, and metropolitan levels and will also support the establishment of robust data systems to monitor and coordinate national health programmes for the poor, women, and other vulnerable groups.

About Asian Development Bank:

  • Formation: 19 December 1966
  • Headquarters:  Manila, Philippines
  • Membership: 68 Countries
  • President: Masatsugu Asakawa (from 17 January 2020)

IPPB ties with Ria Money Transfer to set up 25,000 centres

  • India Post Payments Bank (IPPB) announced a partnership with Ria Money Transfer to facilitate international remittances, particularly for rural customers. The service will include doorstep cash delivery.
  • The collaboration with Ria Money, which is part of Euronet Worldwide Inc., will enable international inward money transfer services at over 25,000 post offices with immediate effect.
  • IPPB plans to expand the services to over 100,000 locations owned by India Post.
  • Around 50-60% of the new centres would be set up in top states.
  • The move aims to expand IPPB’s digital paymentchannels to serve its 90 million customers.

IPPB expansion

  • Transactions by IPPB customers have increased tenfold to 10 million per day over the past three and a half years, with 80-90% of these transactions serving its rural customer base, and 5-10% catering to semi-urban areas.
  • According to IPPB data, Singapore and Malaysia are the top countries for remittances to India.
  • To ensure paperless doorstep delivery of remittances to customers, Ria Money Transfer and IPPB are training postmen using modules on biometric systems.

About India Post Payment Bank:

  • Formation: 30 January 2017
  • Headquarters: New Delhi, India
  • Under: India Post, Department of Post, Ministry of Communications, Government of India
  • MD & CEO: Shri. R. Viswesvaran

About Ria Money Transfer:

  • Formation: 1987
  • Headquarters:  California, US
  • CEO: Juan Bianchi

E Magazine

CURRENT AFFAIRS: NATIONAL NEWS

Union Cabinet Approves MSP Hike for Kharif Crops for 2024-25 Season

  • The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved an increase in the Minimum Support Prices (MSP) for all 14 Kharif crops for the 2024-25 crop season, which spans from July to June.
  • This decision aligns with PM Modi’s vision of policy continuity to support farmers and boost their income during his third term in office.

Key Highlights:

  1. Financial Impact:
    • Farmers will receive around ₹2 trillion as MSP, which is ₹35,000 crore more than the previous season, as announced by Union Railways Minister Ashwini Vaishnaw.
  2. Significant Increases:
    • Oilseeds: Nigerseed and sesamum saw the highest MSP increase by ₹983 and ₹632, set at ₹8,717 and ₹9,267 per quintal, respectively.
    • Pulses: Tur (arhar) received a substantial hike of ₹550, now standing at ₹7,550 per quintal.
  3. MSP for Major Crops:
    • Paddy: Raised by ₹117 to ₹2,300 per quintal for the common grade variety and to ₹2,320 for grade A.
    • Cereals: Jowar, bajra, ragi, and maize MSPs have been increased to ₹3,371-3,421, ₹2,625, ₹4,290, and ₹2,225 per quintal, respectively.
    • Pulses: Moong (green gram) and urad (black gram) MSPs are now ₹8,682 and ₹7,400 per quintal, increased by ₹124 and ₹450, respectively.
    • Oilseeds: Groundnut, sunflower seed, and yellow soybean MSPs are now ₹6,783, ₹7,280, and ₹4,882 per quintal, increased by ₹406, ₹520, and ₹292, respectively.
    • Cotton: MSP for medium staple and long staple varieties increased by ₹501 to ₹7,121 and ₹7,521 per quintal, respectively.
  4. Policy Context:
    • The MSP hike is in line with the Union Budget 2018-19 announcement to fix MSP at a minimum of 1.5 times the average cost of production.
  5. Margins Over Production Cost:
    • The expected margin over the cost of production is highest for bajra (77%), followed by tur (59%), maize (54%), and urad (52%). For the other crops, the margin is estimated at 50%.

Implications:

  • The MSP hike for Kharif crops is a strategic move to enhance farmers’ incomes and support agricultural sustainability.
  • The increase aims to provide financial stability to farmers, encouraging higher production and self-sufficiency in crucial crops like pulses by 2027.
  • The decision is also expected to have a positive ripple effect on the rural economy, benefiting FMCG, consumer durables, automotive, fertilizers, irrigation, and banking sectors.

Types of Cropping patterns:

  • Rabi crops are those which are grown in the winter season like wheat, gram, mustard, pea, etc.
  • Kharif crops are sown in the rainy season. These include rice, sugarcane, cotton, etc.
  • Zaid crops are the summer crops such as cucumber, watermelon, etc.

Inauguration of New Nalanda University Campus by Prime Minister Narendra Modi

  • Prime Minister Shri Narendra Modi inaugurated the new campus of Nalanda University near Rajgir, Bihar.
  • The event was marked by significant dignitaries and symbolic actions, emphasizing the university’s revival and its international significance.
  • The inauguration of the new Nalanda University campus marks a significant milestone in India’s educational landscape, reaffirming its commitment to fostering global collaboration in academia, research, and cultural heritage.

Dignitaries Present:

  • Governor of Bihar, Shri Rajendra Vishwanath Arlekar
  • Chief Minister of Bihar, Shri Nitish Kumar
  • External Affairs Minister Dr. S. Jaishankar
  • MoS for External Affairs, Shri Pabitra Margherita
  • Chancellor of the University, Prof. Aravind Panagariya

Overview of Nalanda University:

  • Location and Establishment: The modern Nalanda University (NU) is situated near the ancient ruins of Nalanda, Bihar. It was established by an Act of the Parliament of India with the aim to revive the historical glory of Nalanda as an international institution for intellectual, philosophical, historical, and spiritual studies.
  • Historical Context: The foundation for NU was laid during the 2nd East Asia Summit (Philippines, 2007) and furthered in the 4th East Asia Summit (Thailand, 2009). The Nalanda University Act was passed in 2010, with substantial construction efforts initiated under the leadership of Prime Minister Narendra Modi from 2017 onwards, aligning with India’s ‘Act East’ Policy.

International Participation:

  • Participating Countries: Alongside India, 17 other countries are involved in this initiative: Australia, Bangladesh, Bhutan, Brunei Darussalam, Cambodia, China, Indonesia, Laos, Mauritius, Myanmar, New Zealand, Portugal, Singapore, South Korea, Sri Lanka, Thailand, and Vietnam. Ambassadors from these nations attended the inaugural ceremony, underscoring the international cooperation and support for Nalanda University.

Campus Features:

  • Design and Architecture: The new 455-acre campus draws inspiration from the original monasteries and buildings of ancient Nalanda Mahavihara.
  • Green Campus: It is designed as a ‘Net Zero Green Campus’ with sustainable features including over 100 acres of water bodies (Kamal Sagar ponds), an on-grid solar plant, water treatment and recycling facilities, and extensive green cover.
  • Facilities: The campus includes a 250-capacity Yoga Center, a modern auditorium, library, archival center, and a comprehensive sports complex.

Academic Focus:

  • Programs Offered: NU emphasizes higher education and research with offerings in:
    • Buddhist studies, philosophy & comparative religions
    • Languages and literature
    • Ecology and environmental studies
    • Sustainable development and environment
    • International relations and peace studies
  • Student Diversity: Currently, the university hosts students from over 20 countries, reflecting its international academic environment.

MeitY seeks inputs from industry, and think tanks on digital competition bill

  • The Ministry of Electronics and Information Technology (MeitY) recently engaged with prominent think tanks to gather feedback on the draft Digital Competition Bill (DCB) and its potential implications for India’s startup ecosystem.
  • Here are the key points from the meeting and the current perspectives on the bill:

Meeting with Think Tanks:

  1. Participants and Discussions:
    • The meeting included representatives from think tanks such as Chase India, CUTS Institute for Regulation and Competition, Centre for Competition and Law, Centre for Digital Future, and others.
    • MeitY officials, along with members from the Competition Commission of India (CCI), solicited inputs on how the proposed Digital Competition Bill would impact domestic startups.
    • The ministry sought insights on whether further consultations are necessary and how evidence selection should be approached under the bill.

Perspectives on the Digital Competition Bill:

  1. Support from Domestic Startups:
    • Approximately 40 domestic startups, including Matrimony.com, TrulyMadly, Innov8, QuackQuack, Magicbricks, Hoichoi, and Medibuddy, have expressed support for the Digital Competition Bill.
    • In a collective letter to the Ministry of Corporate Affairs (MCA), these startups indicated that they view the proposed legislation positively, considering it a step forward in promoting fair competition and addressing market challenges.
  2. Rationale for Support:
    • Startups backing the bill believe that it will foster a level playing field in the digital space, promoting competition and innovation.
    • They anticipate that the legislation will create a conducive environment for startups to grow and compete against larger players in the market.
  3. Government’s Approach:
    • The Ministry is actively seeking diverse perspectives from stakeholders to ensure comprehensive deliberation on the bill’s provisions.
    • Input from think tanks and industry stakeholders will likely inform potential revisions or enhancements to the draft legislation before its formal enactment.

Conclusion:

  • The engagement between MeitY, CCI, think tanks, and startups underscores the government’s commitment to shaping a regulatory framework that supports digital competitiveness while safeguarding the interests of all stakeholders, especially startups. The Digital Competition Bill, once finalized, aims to provide a structured approach to managing competition in the digital economy, addressing concerns related to market dominance and ensuring fair business practices.

India Approves Plan to Invest $9B to Build Mega Port Near Mumbai

  • The Indian government has approved the construction of Vadhavan Port, positioned north of Mumbai on the west coast, with aspirations for it to rank among the top 10 ports globally upon completion.
  • Vadhavan Port represents a major infrastructure initiative by the Indian government to bolster trade connectivity and operational efficiency on the west coast, thereby positioning itself as a key player in global maritime trade routes.
  1. Location and Importance:
    • Vadhavan Port will be situated less than 100 miles north of Mumbai, strategically located to serve as a crucial trade gateway between India, the Middle East, and Europe.
    • The region currently hosts only two ports: Mumbai Port, constrained by the city’s urban sprawl and limited natural draft, and Jawaharlal Nehru Port, which predominantly handles containers.
  2. Capacity and Capabilities:
    • Vadhavan Port is designed with a natural draft of up to 20 meters (65 feet), enabling it to accommodate the world’s largest ships. This deep draft capability is a significant advantage over existing ports in the region.
    • The port will cater exclusively to cargo, featuring designated zones for containers, dry bulk, and wet bulk shipments.
  3. Development Timeline and Ownership:
    • Originally proposed by an Australian company in 1997, the Vadhavan Port project gained momentum under the Indian government’s initiative starting in 2015.
    • The cabinet has approved a substantial investment exceeding $9.1 billion for the port’s construction, which will be jointly owned by the port authority and the Maharashtra Maritime Board.
  4. Strategic Economic Impact:
    • Vadhavan Port is expected to enhance India’s maritime infrastructure significantly, facilitating smoother trade operations and boosting economic activities in the region.
    • Its location and capabilities are poised to alleviate congestion at existing ports and support the growth of international trade, particularly in handling larger vessels efficiently.
  5. Future Prospects:
    • Once operational, Vadhavan Port aims to strengthen India’s position in global maritime trade and contribute to the country’s ambitious infrastructure development goals.
    • The port’s development underscores India’s commitment to expanding its logistics and transportation network, crucial for sustaining economic growth and competitiveness in global markets.

CURRENT AFFAIRS: INTERNATIONAL NEWS

Alembic Pharmaceuticals Receives USFDA Approval for Generic Dabigatran Etexilate Capsules

  • Alembic Pharmaceuticals Ltd has secured final approval from the US Food & Drug Administration (USFDA) for its generic Dabigatran Etexilate capsules in 75 mg and 150 mg dosages.
  • The company also received tentative approval for the 110 mg dosage.
  • These capsules are used to reduce the risk of stroke and blood clots in adults with specific medical conditions.
  • Alembic Pharmaceuticals’ approval from the USFDA marks a significant milestone, enhancing its product portfolio in the US market and providing a cost-effective alternative to the brand-name drug Pradaxa for patients requiring anticoagulant therapy.

Key Details:

  1. Approval and Equivalence:
    • The approved Abbreviated New Drug Application (ANDA) for Dabigatran Etexilate capsules is therapeutically equivalent to the Reference Listed Drug (RLD) product, Pradaxa Capsules by Boehringer Ingelheim Pharmaceuticals, Inc.
    • The approved dosages are 75 mg, 110 mg (tentative), and 150 mg.
  2. Indications:
    • Dabigatran Etexilate capsules are indicated for reducing the risk of stroke and systemic embolism in adults with atrial fibrillation not caused by a heart valve problem.
    • The drug is also indicated for the treatment and reduction of the risk of recurrence of deep venous thrombosis (DVT) and pulmonary embolism (PE) in adults.
  3. Market Size:
    • According to IQVIA data, the market size for Dabigatran Etexilate capsules 75 mg and 150 mg is estimated at USD 179 million for the 12 months ending March 2024.
    • The 110 mg dosage has an estimated market size of USD 5 million for the same period.

CURRENT AFFAIRS: BUSINESS NEWS

Indian Fintech and Digital Lending Firms See Significant Growth in FY23-24

  • The Fintech Association for Consumer Empowerment (FACE) reported substantial growth in the Indian fintech and digital lending sector for the fiscal year 2023-24.
  • These firms processed and sanctioned over 10 crore loans, with disbursements amounting to ₹1,46,517 crore.
  • This impressive growth underscores the expanding role of fintech and digital lending firms in providing accessible financial solutions across India.
  • The increase in both the volume and value of loans indicates a robust demand for digital lending services, reflecting the sector’s rising importance in the financial ecosystem

Key Highlights:

  1. Overall Growth:
    • Loans Processed: Over 10 crore loans were processed and sanctioned.
    • Total Disbursements: The total disbursements reached ₹1,46,517 crore.
  2. Year-on-Year Increase:
    • Disbursement Volume: Increased by 35% year-on-year.
    • Disbursement Value: Grew by 49% year-on-year.
  3. Average Loan Size:
    • The average ticket size for loans in FY23-24 was ₹12,648, up from ₹11,094 in the previous fiscal year.
  4. Quarterly Performance:
    • Q4 FY23-24: Member companies disbursed 2.69 crore loans worth ₹40,322 crore.
    • Average Ticket Size in Q4: ₹13,418.
    • Quarterly Growth Rate: A 3% increase over Q3 FY23-24.

CIL ties up with private sector to to revive unviable mines

  • Coal India Limited (CIL) has undertaken a significant initiative to monetize 23 discontinued underground coal mines by awarding them to private sector operators under a revenue-sharing model.
  • This decision stems from the recognition that these mines, though possessing good quality coal reserves, were deemed financially unviable for continued operation by the state-owned company.
  • This strategic move by CIL not only aims to optimize the utilization of coal reserves but also fosters private sector participation in the mining sector, leveraging their expertise and investment capabilities to enhance productivity and operational efficiency in the coal mining industry

Key Details of the Initiative:

  1. Mines and Capacity:
    • The 23 mines awarded have a cumulative peak rated capacity of 34.14 million tonnes.
    • They hold an estimated total extractable coal reserves amounting to 635 million tonnes.
  2. Selection Process:
    • Initially, CIL identified 34 mines with substantial coal reserves but which were financially unsustainable for its operations.
    • Out of these, 23 mines were selected for offering to private sector players based on their interest and capability to manage and operate these mines profitably.
  3. Contractual Arrangement:
    • Private operators were selected through a competitive bidding process after signing non-disclosure agreements.
    • Contracts are structured under a revenue-sharing model, where the private operators will share a minimum percentage of the revenue generated from coal extraction with CIL.
    • The contract period extends up to 25 years, during which the private operators are allowed to utilize the existing infrastructure and project facilities without additional payment to CIL.
  4. Distribution of Mines:
    • The 23 mines are distributed among various subsidiaries of CIL:
      • Eastern Coalfields and Bharat Coking Coal, with 10 mines each.
      • Western Coalfields with 5 mines.
      • South Eastern Coalfields with 4 mines.
      • Mahanadi Coalfields with 3 mines.
      • Central Coalfields with 2 mines.
  5. Financial Implications:
    • This initiative is expected to bring substantial financial benefits to CIL through revenue sharing.
    • It enables efficient utilization of resources by allowing private sector efficiency in operations where CIL found challenges.

CURRENT AFFAIRS: APPOINTMENT AND RESIGNATION

Ramaphosa Sworn In for New Term as South African President

  • Cyril Ramaphosa was sworn in for another term as South Africa’s president, following recent elections that resulted in his party losing its parliamentary majority.
  • Overall, Cyril Ramaphosa’s swearing-in ceremony for another presidential term marks a significant moment in South African politics, reflecting both continuity and the evolving dynamics of governance in the country.
  1. Swearing-In Ceremony: Cyril Ramaphosa took the oath of office in the Nelson Mandela amphitheatre at the Union Buildings in Pretoria, South Africa’s capital. Chief Justice Raymond Zondo administered the oath.
  2. Dignitaries Present: The ceremony was attended by several prominent leaders from Africa, including Nigerian President Bola Tinubu, Democratic Republic of Congo leader Felix Tshisekedi, and Zimbabwe’s President Emmerson Mnangagwa. Their presence underscores the importance of the event within the African political landscape.
  3. Symbolic Gestures: The ceremony included a 21-gun salute and an air force flyover, traditional elements of formal state events in many countries, symbolizing respect and honor for the occasion.
  4. Political Context: Ramaphosa’s re-election comes after his party, the African National Congress (ANC), lost its majority in parliament during the recent elections. This outcome has necessitated a power-sharing arrangement with other political parties, marking a shift in South Africa’s political dynamics.
  5. Continued Leadership: Despite the electoral challenges and the need for a coalition government, Ramaphosa’s swearing-in affirms his continued leadership and mandate to govern South Africa, addressing critical issues such as economic recovery, social stability, and governance reforms.
  6. Regional and International Relations: The presence of regional leaders at the ceremony highlights the importance of South Africa’s role in regional diplomacy and its relationships with neighboring countries and allies across Africa.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and U.S. to Finalize Agreement on Critical Minerals Cooperation

  • India and the U.S. are set to rapidly conclude a bilateral agreement aimed at enhancing cooperation on critical minerals.
  • This collaboration involves the S. Department of Commerce and the Indian Ministry of Commerce and Industry, along with the Ministry of Mines, focusing on bolstering supply chains for essential minerals such as graphite, gallium, and germanium.
  • This agreement underscores the growing importance of critical minerals in global supply chains and technological advancements, highlighting India and the U.S.’s commitment to working together towards a secure and sustainable future.

Key Objectives and Initiatives:

  1. Critical Mineral Security:
    • The agreement will emphasize India’s significant role in the mineral security partnership.
    • Initiatives include co-investing in lithium resource projects in South America and rare earth deposits in Africa to ensure diverse and sustainable critical mineral supply chains.
  2. Exploration and Evaluation:
    • A collaborative program between the Geological Survey of India and the U.S. Geological Survey will focus on the exploration, characterization, and evaluation of rare earth elements and critical mineral deposits.
    • This program aims to enhance understanding and utilization of these vital resources.
  3. Technological Collaboration:
    • The initiative, part of the India-U.S. Initiative for Critical and Emerging Technology (iCET) dialogue, covers a wide range of technological fields including artificial intelligence, quantum computing, semiconductors, and wireless telecommunications.
    • Launched in January 2023, iCET is designed to strengthen the strategic partnership between India and the U.S. in both technological and defense sectors.
  4. Framework and Leadership:
    • The initiative is led by the National Security Councils of both countries, with National Security Advisor (NSA) Ajit Doval and his U.S. counterpart Jake Sullivan co-chairing the recent review meeting.
    • A joint fact sheet issued after the meeting highlights the commitment to quickly finalize a Memorandum of Understanding (MoU) on critical minerals.
  5. Strategic Importance:
    • The agreement will promote sustainable and responsible diversification of critical mineral supply chains, which is crucial for both nations’ economic and security interests.
    • Enhanced cooperation is expected to facilitate advancements in key industries and technologies, reinforcing the Indo-U.S. strategic partnership.

Russia’s Putin and North Korea’s Kim sign mutual defence pact

  • In a significant development, North Korea and Russia have agreed to a mutual defence pact during Russian President Vladimir Putin’s recent visit to North Korea, marking his first in 24 years.
  • Overall, the pact between North Korea and Russia marks a significant development in regional and international geopolitics, with implications for security dynamics in Northeast Asia and broader global relations.
  • It underscores the evolving alliances and strategies of countries amid shifting global power dynamics and geopolitical tensions.
  1. Mutual Defense Pact: North Korea and Russia have signed an agreement to provide immediate military assistance to each other in case of armed aggression. This pact revives a mutual defense agreement that was originally part of a 1961 treaty between the two countries. The treaty was annulled in 1990 when the Soviet Union established diplomatic relations with South Korea.
  2. Comprehensive Strategic Partnership: The agreement also includes provisions for a “comprehensive strategic partnership” between North Korea and Russia. This partnership aims to deepen cooperation across various sectors, including political, economic, and military spheres.
  3. International Implications: The signing of this pact and the establishment of a strategic partnership are significant moves in Asia by Russia, indicating Moscow’s intent to strengthen ties with North Korea amid its increasing isolation on the global stage.
  4. Context of International Relations: The agreement comes at a time of heightened tensions and geopolitical maneuvers globally. Both North Korea and Russia have faced international isolation and sanctions, particularly from Western countries and the United States. The pact underscores their shared interests in countering Western influence and hegemony, with explicit references made to opposing Western policies and supporting each other against external pressures.
  5. Nuclear and Security Concerns: The international community, particularly the United States and its Asian allies, has expressed concerns about the implications of this agreement. North Korea remains a nuclear-armed state, and any military cooperation with Russia raises questions about regional security dynamics and the extent of Russian support for North Korea’s strategic goals.
  6. Geopolitical Strategy: For both North Korea and Russia, the agreement is part of broader geopolitical strategies aimed at asserting sovereignty, countering perceived threats from Western powers, and potentially reshaping regional alliances and influence.

CURRENT AFFAIRS: IMPORTANT DAYS

World Hydrography Day 2024: June 21

  • Every year on June 21st, World Hydrography Day is commemorated to promote awareness about the importance of hydrography, safe navigation, and maritime environmental conservation
  • The theme of 2024 is “Hydrographic Information – Enhancing Safety, Efficiency and Sustainability in Marine Activities”.
  • The International Hydrographic Bureau was founded in 1921 to provide a forum for states to confer on issues such as safe navigation, technical standards, and the conservation of the maritime environment.
  • In 1970, the name was changed to the International Hydrographic Organization (IHO).
  • In 2005, the United Nations General Assembly passed a resolution calling for the International Hydrographic Organization to commemorate World Hydrography Day on June 21st.
  • The international commemoration of World Hydrography Day began in 2006.
  • The day honors hydrographers’ efforts and raises awareness about the vital importance of hydrography in people’s lives.

International Yoga Day 2024: June 21

  • Every year on the 21st of June, International Yoga Day is commemorated to create awareness about the relevance and advantages of yoga in everyone’s life.
  • The 2024 theme, “Yoga for Self and Society”.
  • On December 27, 2014, The Prime Minister proposed that the UN General Assembly commemorate International Yoga Day with the goal of boosting public awareness about the relevance of yoga around the world.
  • Finally, on December 11, 2014, the United Nations General Assembly recognized International Yoga Day, and 170 member states accepted the proposed draught resolution.
  • On June 21, 2015, the first International Yoga Day was observed all around the world.

World Music Day 2024: June 21

  • On 21st June, World Music Day 2024 is celebrated all over the globe to celebrate music among the public.
  • Fête de la Musique was held in Paris in 1982to commemorate World Music Day. This day was arranged by two members of the French Minister of Culture, Jack Lang, a French politician, and Maurice Fleuret, a composer, music journalist, radio producer, and arts administrator.
  • Maurice Fleuret was asked by Jack Lang to become Director of Music and Dance at the French Ministry of Culture. Maurice Fleuret conducted research on musical practice and evolution.
  • Following that, he investigated the French population, discovering that one out of every two individuals was interested in learning to play musical instruments. As a result, he began to mark the Summer Solstice as World Music Day in order to recognize the people and their interests.
  • Maurice Fleuret researched the cultural habits of the French and discovered that one out of every two young people played a musical instrument.
  • He intended to get people out of their houses and into the streets by proposing that the summer solstice (June 21) be designated as World Music Day.

Daily CA One- Liner: June 21

  • The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved an increase in the Minimum Support Prices (MSP) for all 14 Kharif crops for the 2024-25 crop season, which spans from July to June.
  • Prime Minister Shri Narendra Modi inaugurated the new campus of Nalanda University near Rajgir, Bihar.
  • The Ministry of Electronics and Information Technology (MeitY) recently engaged with prominent think tanks to gather feedback on the draft Digital Competition Bill (DCB) and its potential implications for India’s startup ecosystem
  • The Indian government has approved the construction of Vadhavan Port, positioned north of Mumbai on the west coast, with aspirations for it to rank among the top 10 ports globally upon completion.
  • Alembic Pharmaceuticals Ltd has secured final approval from the US Food & Drug Administration (USFDA) for its generic Dabigatran Etexilate capsules in 75 mg and 150 mg dosages
  • The Fintech Association for Consumer Empowerment (FACE) reported substantial growth in the Indian fintech and digital lending sector for the fiscal year 2023-24.
  • Coal India Limited (CIL) has undertaken a significant initiative to monetize 23 discontinued underground coal mines by awarding them to private sector operators under a revenue-sharing model.
  • Cyril Ramaphosa was sworn in for another term as South Africa’s president, following recent elections that resulted in his party losing its parliamentary majority
  • India and the U.S. are set to rapidly conclude a bilateral agreement aimed at enhancing cooperation on critical minerals.
  • In a significant development, North Korea and Russia have agreed to a mutual defence pact during Russian President Vladimir Putin’s recent visit to North Korea, marking his first in 24 years.
  • Noida-based Shivalik Small Finance Bank has raised Rs 100 crore in equity co-led by global venture capital firm Lightspeed and Sanjay Nayar-founded Sorin Investments, with participation from existing investors Accel and Quona.
  • State Bank of India (SBI), the country’s largest lender, plans to raise up to Rs 20,000 crore through long-term bonds in the current financial year for funding infrastructure projects and affordable housing units.
  • The Reserve Bank of India (RBI) invited applications for recognition of SROs for the NBFC sector.The applications are invited under the aegis of RBI’s ‘Omnibus Framework for recognition of Self-Regulatory Organisations for Regulated Entities of the Reserve Bank’ dated March 21, 2024.
  • The Reserve Bank cancelled the licence of The City Co-operative Bank, Maharashtra for lacking adequate capital and earning prospects.
  • Zurich Insurance Company Ltd. (“Zurich”) announced the successful completion of acquiring majority stake in Kotak Mahindra General Insurance Company Limited (“Kotak General Insurance”) from Kotak Mahindra Bank Limited (“Kotak”), following the receipt of all necessary regulatory approvals.
  • Multi-lateral development lender Asian Development Bank (ADB) approved a USD 170 million (over Rs 1,418 crore) policy-based loan to improve India’s health system preparedness and capacity to respond to future pandemics.
  • India Post Payments Bank (IPPB) announced a partnership with Ria Money Transfer to facilitate international remittances, particularly for rural customers. The service will include doorstep cash delivery.
  • Every year on June 21st, World Hydrography Day is commemorated to promote awareness about the importance of hydrography, safe navigation, and maritime environmental conservation
  • Every year on the 21st of June, International Yoga Day is commemorated to create awareness about the relevance and advantages of yoga in everyone’s life
  • On 21st June, World Music Day 2024 is celebrated all over the globe to celebrate music among the public.

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