Daily Current Affairs 26 June 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Five Public Sector Banks Expected to Launch Qualified Institutional Placements (QIPs) in FY25 to Meet SEBI Requirements

• Five state-owned banks(UCO Bank, Central Bank of India, Punjab & Sind Bank, Bank of Maharashtra, and Indian Overseas Bank) are planning qualified institutional placements or QIPs in the second half of FY25 to reduce the government’s stake to comply with the Securities and Exchange Board of India’s (SEBI) mandate of a maximum 75% government holding.
• The quantum of share sale is expected to be between 5% and 10% of the bank’s paid-up equity capital initially, with further sales staggered over the next two years.

What is the qualified institutional placement?

• A Qualified Institutional Placement is a method for a publicly traded firm to raise funds by issuing equity shares, fully and partially convertible debentures, or other instruments.

Key Highlights :

• Public Shareholding Compliance:PSBs have sought a two-year extension from SEBI to achieve the 25% minimum public shareholding requirement, similar to the extension granted to LIC to achieve 10% public shareholding by May 2027.
• Current Public Shareholding:Public shareholding in the five PSBs (UCO Bank, Central Bank of India, Punjab & Sind Bank, Bank of Maharashtra, and Indian Overseas Bank) ranges from 1.75% to 13.54%.
• Value of Government Shares to be Sold:Approximately ₹64,500 crore worth of government shares need to be sold at current market prices to reach the 75% public shareholding target.
• Indian Overseas Bank requires the highest amount at ₹26,750 crore, while Bank of Maharashtra requires the lowest at around ₹5,350 crore.
• Promoter Holding:Current promoter (government) holdings are high in these PSBs: 93.08% for Central Bank, 86.46% for Bank of Maharashtra, 95.39% for UCO Bank, 98.25% for Punjab & Sind Bank, and 96.38% for Indian Overseas Bank.
• Financial Performance:The total net profit of listed public sector as well as private sector banks in FY24 jumped 39% year-on-year (YoY) to cross ₹3 trillion for the first time.
• While the 26 private lenders posted a net profit of ₹1.78 trillion, the 12 PSU banks reported a net profit of ₹1.41 trillion in FY24.

Securities and Exchange Board of India Considers Stricter Scrutiny for Stocks Entering Futures & Options Segment

• The Securities and Exchange Board of India (SEBI) will consider a proposal to tighten rules on the inclusion of stocks in the derivatives segment at its board meeting on June 27, 2024.
• The focus is on addressing concerns about excessive and risky trading in illiquid equity derivatives.

Key Highlights :

• Background and Consultation:In the June 8, 2024 consultation paper, Sebi sought feedback on revising eligibility criteria for stocks in futures and options (F&O).
• Objective is to ensure stocks in derivatives are liquid and traded widely to mitigate manipulation risks.
• Current Market Dynamics:Average daily notional turnover in equity derivatives has significantly increased, highlighting growing retail participation and speculative activity since the stock market rally post-April 2020.
• Concerns have risen over the suitability of certain stocks in the F&O segment due to erratic trading volumes and manipulation risks.
• Proposed Changes:Sebi proposes to raise thresholds for F&O entry, including Median Quarter Sigma Order Size, Market Wide Position Limit, and Average Daily Delivery Value.
• Introducing exit criteria similar to index derivatives to maintain liquidity and stability.
• Impact on Stocks in F&O Segment:Potential for 18-22 stocks to exit and 70-75 stocks to become eligible for derivatives trading based on initial analysis.
• Focus on ensuring only the most liquid stocks qualify for F&O to enhance market integrity.
• The F&O segment currently has 181 stocks, against 207 in May 2018.

What are F & O (futures and options)?

• Futures and options are the major types of stock derivatives trading in a share market.
• These are contracts signed by two parties for trading a stock asset at a predetermined price on a later date.
• Such contracts try to hedge market risks involved in stock market trading by locking in the price beforehand.

Recent News :

• In June 2024, The RBI governor, Shaktikanta Das, mentioned that both the Reserve Bank of India and the SEBI are closely observing the significant rise in retail trading activity within the futures and options segment

Insurer Niva Bupa Plans $360-million Initial Public Offering : Reuters Report

• Indian health insurer Niva Bupa Health Insurance Company Limited (Niva Bupa) plans to raise $360 million through an Initial Public Offering (IPO).
• The IPO could potentially value Niva Bupa at up to $2.5 billion.

What is an Initial Public Offering?

• Initial Public Offering (IPO) is the process by which private companies sell their shares to the public intending to raise equity capital from public investors.

Key Highlights :

• Stake Sales:British United Provident Association (Bupa) plans to sell a stake worth up to $38 million.
• Indian private equity firm True North plans to sell a stake worth up to $225 million.
• IPO Filing: Niva Bupa will file papers with India’s market regulator in the next week for IPO approval.
• Fund AllocationUse of Funds:
• $96 million will be raised by issuing new shares.
• $264 million worth of shares will be sold by existing investors.
• Funds will be used to strengthen the balance sheet and for operating expenses
• Recent IPOs:
• In June 2024, Hyundai filed for a potentially record-breaking IPO.
• Upcoming IPOs include Ola Electric, FirstCry, and Bajaj Housing Finance.
• Niva Bupa’s Market Position: Niva Bupa has a market share of 1.8%, partnering with over 10,000 hospitals.
• Competition: Competes with larger insurance ventures like Allianz and Generali.
• Foreign Investment: India in 2021 allowed foreign investors to take a stake of up to 74% in local insurers from 49% earlier.
• In 2023, U.K’s Bupa increased its stake in the Indian venture by 20% to 63%
• Advisors for IPO: Niva Bupa has hired Morgan Stanley and Indian banks ICICI, Kotak, Axis, HDFC, and Motilal Oswal.

Recent News :

• In June 2024, The SEBI imposed additional measures and surveillance to curb manipulation in the process involved in computing the opening price for a stock on the day of its listing following an initial public offering (IPO).

About Niva Bupa :

• Founded : 2008
• Headquarters : New Delhi, India
• It is a joint venture between Fettle Tone LLP (an affiliate of True North Fund VI LLP), an Indian private equity firm, and the UK-based healthcare services expert, Bupa Singapore Holdings Pte. Limited.

Kotak Mahindra Bank Plans to Open Up to 200 New Branches in FY25

• Kotak Mahindra Bank plans to open approximately 175 to 200 new branches in the financial year 2024-25.
• This decision comes after the Reserve Bank of India (RBI) restricted the bank from acquiring new customers through digital channels.
• In April2024 the RBI barred Kotak Mahindra Bank from adding new customers via its online and mobile banking platforms.
• The bank was also prohibited from issuing new credit cards due to deficiencies related to information technology.
• India’s fourth-largest private lender will target the pockets where there is easy availability of deposits.

Recent News :

• In June 2024, As a part of the network expansion plan, the State Bank of India (SBI) is planning to open 400 branches across the country in the current financial year.

About Kotak Mahindra Bank :

• Founded : 1985
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Ashok Vaswani
• Tagline : Let’s make money simple

Paytm Expands Travel Reach, Forms Partnerships with Skyscanner and Google Flights   

• One97 Communications (parent company of Paytm) has partnered with global travel aggregators including Skyscanner, Google Flights, and Wego to expand its presence in the travel segment.
• These partnerships aim to enhance Paytm’s travel booking capabilities and offerings.

Key Highlights :

• Expansion of Flight Options:Paytm has onboarded three new international carriers: Cambodia Angkor Air, SalamAir, and
• This expansion is in response to a 19% year-on-year increase in flight bookings on Paytm Travel during Q4FY24.
• Collaboration with Samsung:Paytm has teamed up with Samsung to offer integrated bookings for flights, buses, movies, and events through Samsung Wallet.
• Integration with Amadeus:In 2023, Paytm integrated its New Distribution Capability (NDC) with global travel technology firm Amadeus.
• The initiative initially included Singapore Airlines and Qatar Airways on the NDCx platform, and expanded with the recent onboarding of Eva Airways.

Recent News :

• In June 224, Food delivery major Zomato was in advanced talks to acquire fintech player Paytm’s movie and event ticketing business, a potential deal that is pegged in the range of Rs 1,600 crore-2,000 crore.

About Paytm :

• Founded : August 2010
• Headquarters : Noida, Uttar Pradesh, India
• Founder & CEO : Vijay Shekhar Sharma

Canara Bank’s official X account breached, investigation in progress

• Canara Bank, one of the country’s prominent public sector banks, has issued a notice confirming the hacking of their official X handle.
• The concerned teams are investigating the matter and working closely with X to regain access to Canara Bank’s X handle at the earliest.
• X will hand over control of the page to the bank only after completing Standard Operating Procedure (SOP).
• The compromised page, which has 250,000 followers, displayed advertisements from a cryptocurrency company.

Recent News :

• In April 2024, Canara Bank, in collaboration with Reserve Bank Innovation Hub (RBIH), launched the “Digitalised Submission of Form 15G/15H” as one of customer friendly services adding to our pursuit of “Customer Delight”.

About Canara Bank : 

• Established : 1906
• Headquarters : Bengaluru, Karnataka, India
• MD & CEO : K. Satyanarayana Raju
• Tagline : Together We Can

CURRENT AFFAIRS: NATIONAL NEWS

Seven years of GST: Households Emerge Top Beneficiaries

• The Goods and Services Tax (GST), introduced on July 1, 2017, replaced 17 local taxes and fees across India.
• Over nearly seven years since its implementation, GST has led to notable reductions in tax rates for various products and services crucial to everyday life.

Key Points:

• Tax Reductions: Data from the Central Board of Indirect Taxes and Customs (CBIC) indicates that post-GST implementation, the tax burden on many household essentials has decreased.
• Affordability Improvements: Items such as flour, cosmetics, televisions, refrigerators, and more have seen lowered prices, easing financial pressures on households.
• Broader Impact: These reductions in GST have not only made essential goods more affordable but have also contributed to enhancing overall consumer purchasing power.

About CBIC:

• Central Board of Indirect Taxes and Customs (erstwhile Central Board of Excise & Customs) is a part of the Department of Revenue under the Ministry of Finance, Government of India.
• Shri Sanjay Kumar Agarwal is Chairman, Central Board of Indirect Taxes & Customs and Special Secretary to the Government of India.

Ashwini Vaishnaw reviews the advanced version of Indian Railways’ Kavach, directs officials to ensure installation in mission mode

• Railway Minister Ashwini Vaishnaw recently reviewed the progress of the enhanced Automatic Train Protection System (ATP), Kavach 4.0, at Rail Bhawan.

Current Deployment

• Kavach 3.2 is currently operational on high-density routes.
• Plans underway to upgrade and expand Kavach 4.0 across the railway network.

Minister’s Review

• On June 22, Vaishnaw assessed the advancements made in Kavach 4.0.
• Manufacturers presented progress reports; testing in advanced stages.

Implementation Plans

• Vaishnaw stressed on systematic and swift deployment of Kavach 4.0 once operational.
• Emphasizes Kavach as a significant leap in enhancing railway safety.

Background

• Indian Railways initiated ATP technology adoption in 2016 with the Train Collision Avoidance System(TCAS).
• Represents a modernisation effort to align with global safety standards.

About KAVACH:

• The KAVACH is an indigenously developed Automatic Train Protection (ATP) system by the Research Design and Standards Organisation (RDSO) in collaboration with the Indian industry.Initial development of Kavach started in 2012 under the name Train Collision Avoidance System (TCAS) and completed development in

What is TCAS?

• The Train Collision Avoidance System (TCAS) being implemented on Indian Railways has been designed in a manner to prevent Signal Passing at Danger (SPAD) cases, unsafe situations arising due to overspeed and train collisions in station areas as well as block section.

What is ATS?

• Automatic train stop or ATS is a system on a train that automatically stops a train if certain situations occur (unresponsive train operator, earthquake, disconnected rail, train running over a stop signal, etc.) to prevent accidents. In some scenarios, it functions as a type of dead man’s switch.

Centre imposes stock limit on Wheat until 31st March 2025 in all States and UTs

• The Government of India has implemented stock limits on wheat across various entities including Traders/Wholesalers, Retailers, Big Chain Retailers, and Processors in all States and Union Territories.

Purpose

• Aims to regulate and stabilise wheat availability and prices across the country.

Implementation Details

• Effective Date: The Removal of Licensing Requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2024 is effective from June 24, 2024.
• Duration: Applicable until March 31, 2025.

Stock Limits

• Traders/Wholesalers: Limited to 3000 MT.
• Retailers: 10 MT per retail outlet.
• Big Chain Retailers: 10 MT per outlet and 3000 MT at all depots.
• Processors: 70% of Monthly Installed Capacity (MIC) multiplied by remaining FY 2024-25 months.

Compliance Requirements

• Entities must declare their stock positions and update them regularly on the Department of Food and Public Distribution’s portal (https://evegoils.nic.in/wsp/login).
• Entities exceeding the prescribed limits must adjust their stocks within 30 days from the issuance of this notification.

MEA rendered 16.5 mn passport-related services in 2023

• In 2023, the Ministry of External Affairs (MEA) of India delivered 16.5 million passport-related services, marking a significant annual growth of nearly 15%.
• External Affairs Minister S Jaishankar praised the efficiency of service delivery during the 12th Passport Seva Divas, commemorating the Passports Act’s enactment on June 24, 1967.

Key Achievements

• Service Growth: Witnessed an annual growth of nearly 15% in passport and related services.
• Application Volume: Monthly applications surpassed 1.4 million in 2023.

Technological Integration

• Jaishankar emphasized leveraging advanced technologies to enhance citizen experience.

Infrastructure Expansion

• Passport Seva Kendras (PSKs) and POPSKs: Operates a network of 533 application processing centers, including 440 post office passport seva kendras (POPSKs) and 93 PSKs across 37 regional Passport Offices (RPOs) nationwide.

Recognition

• Jaishankar praised the passport delivery program as a highly successful and acclaimed model of government service delivery.

RPOs Conference

• A three-day Regional Passport Officers (RPO) conference in Delhi coincided with the 12th Passport Seva Divas, inaugurated by Minister of State for External Affairs, Kirti Vardhan Singh.

CAG inaugurates India’s first ‘Chadwick House: Navigating Audit Heritage’ Museum at Shimla

• The Comptroller and Auditor General of India inaugurated the ‘Chadwick House: Navigating Audit Heritage Museum’ in Shimla, marking a significant milestone in preserving and celebrating the institution’s rich legacy and contributions to India’s governance.

Museum Location and Historical Significance

• Location: Chadwick House, a historic landmark in Shimla.
• Historical Significance: Mahatma Gandhi stayed here in 1946 during his visit for the Cabinet Mission. In 1950, it became a training school for the Indian Audit and Accounts Service.

Preservation Efforts

• Challenges: Facing neglect and potential demolition in 2018.
• Intervention: The Supreme Audit Institution of India stepped in to preserve its heritage.

Development into a Museum

• MoU: Signed with Prasar Bharati (All India Radio) in December 2020 to establish Chadwick House as a museum.
• Facility: State-of-the-art museum showcasing the evolution, achievements, and milestones of the Comptroller and Auditor General of India.

Museum Highlights

• Galleries: Structured into ten galleries exploring CAG’s history, roles, and significance.
• Exhibits: Include historical documents, artefacts, memorabilia, and photographic displays chronicling the institution’s journey.

Visitor Experience

• Interactive Displays: Utilize graphic panels, videos, dioramas, and interactive features to engage visitors.

Critical minerals: first six blocks awarded, 21 more on offer

• Union Mines Minister G. Kishan Reddy initiated a new round of auctions for mining rights in 21 blocks rich in critical and strategic minerals.
• Additionally, winners for six blocks from the previous auction held in November were announced.

Strategic Focus

• Minerals: Focus on critical minerals such as Phosphorite, Lithium, Graphite, and Manganese.
• Locations: Blocks awarded in Odisha, Tamil Nadu, Uttar Pradesh, and Chhattisgarh.

Future Plans

• Offshore Minerals: Plans to commence auctions for 10 offshore blocks within the first 100 days in office.
• Production Goals: Aim to expedite mining activities to achieve self-sufficiency in mineral imports.

Government Perspective

• Ministry’s Goals: Ensure mines commence production swiftly to bolster domestic supply.
• Investor Interest: Optimism about increased investor interest compared to previous rounds.

CURRENT AFFAIRS: BUSINESS NEWS

CBIC to issue detailed clarification on GST applicability for corporate guarantees, including distribution of liability and valuation rules

• The Central Board of Indirect Taxes & Customs (CBIC) is set to issue a comprehensive clarification on the application of GST concerning corporate guarantees provided by related parties for loans from banks or financial institutions.

Key Points:

• Scope of Circular: The upcoming circular aims to address several key issues, including the distribution of GST liability when multiple guarantors are involved and the tax responsibility in cases with foreign guarantors.
• Recommendations by GST Council: Recently recommended amendments to Rule 28(2) of the CGST Rules will be covered, particularly focusing on retrospective applicability from October 26, 2023.
• Valuation Clarifications: The circular intends to clarify nuances related to the valuation of services under Rule 28(2).
• Notably, it specifies that such valuation won’t apply in scenarios involving the export of services or when the recipient is eligible for full input tax credit.

PLI projects: Steel Min fast-tracks visa approvals for Chinese experts

• India’s Steel Ministry is streamlining visa procedures for Chinese technicians and experts involved in The Production Linked Incentive (PLI) projects for speciality steel.
• The Ministry plans to monitor and report progress on speciality steel-making schemes under the PLI initiative.

Investment Trends in FY24

• Revised expected investment for FY24 was ₹16,000 crore.
• Actual investments were ₹14,500 crore, 10% lower than anticipated.
• Previous commitments were ₹21,000 crore.

PLI Scheme for Speciality Steel

• 57 MoUs signed, leading to an investment of ₹29,500 crore.
• Additional capacity of 25 million tonnes (mt) by FY28.

Investment Update till December 2023

• Selected companies have invested ₹12,900 crore by December 2023. An additional ₹10,000 crore investment is expected in FY25.

Equipment Requirements and Imports

• Precision equipment for speciality steel production is mostly imported.
• Expected import of 15-20% of steel plant equipment from foreign countries.

About PLI:

• The Production Linked Incentive (PLI) Scheme is a government program that offers incentives to companies that manufacture goods in India. The scheme aims to increase domestic manufacturing, investments, and exports in various sectors

GST Exemption Granted To Platform Tickets And Essential Railway Services

• GST Council proposes exemption for specific services offered by Indian Railways to the general public and intra-railway transactions.
• GST exemption proposed for:
  • Platform tickets
  • Retiring rooms
  • Waiting rooms
  • Cloakroom facilities
  • Battery-operated car services

Upcoming Agenda

• Focus on pending agenda items from today’s meeting.

Key Decisions

• Measures aimed at easing compliance and providing relief to taxpayers.

Next Meeting

• Tentative schedule for mid to late August.

Relief Measures and Waivers

Interest Penalties Waived

• Waiver recommended on interest penalties under Section 73 for FY 2017-18 to 2019-20.
• Conditions: Full tax amount paid by March 31, 2025.

Extension of Input Tax Credit (ITC)

• Extension granted for ITC claims related to invoices or debit notes up to November 30, 2021.

Simplification and Facilitation

Litigation Curbs

• Monetary thresholds set for appeals:
  • GST appellate tribunal: Rs 20 lakh
  • High courts: Rs 1 crore
  • Supreme Court: Rs 2 crore

Return Filing Extension

• Deadline extended from April 30 to June 30 for FY 2024-25 onwards.

Uniform GST Rates

Sprinklers

• All types, including fire and water sprinklers, to attract a uniform GST rate of 12%.

Accommodation Services

• Exemption for accommodation services up to Rs 20,000 per person per month, benefiting hostels and similar establishments.

Milk Cans and Carton Boxes

• Uniform GST rate of 12% recommended for:
  • Milk cans (steel, iron, aluminium)
  • Carton boxes and cases (corrugated and non-corrugated paper or paperboard)

Solar Cookers

• Uniform GST rate of 12% for all types of solar cookers, supporting renewable energy initiatives.

Other Recommendations

• Phased rollout of biometric-based Aadhaar authentication for GST registration.
• Appointment of Bihar’s Deputy CM as Chairman of GoM on Rate Rationalization.

India’s coal consumption surpasses North America & Europe combined in 2023

• India’s coal consumption exceeds that of Europe and North America combined, marking a significant shift in global energy dynamics.
• Statistical Review of World Energy: Released by Energy Institute (EI), in collaboration with KPMG and Kearney, covering comprehensive global energy data for 2023.
• Global Energy Consumption: Reached a record high of 620 Exajoules (EJ), driven by increased use of coal and oil, pushing global fossil fuel consumption to 505 EJ.
• Regional Trends:
• Europe: Experienced a 7% decline in gas demand, with LNG imports surpassing piped gas for the second consecutive year.
• Russia: Reduced its share of EU gas imports from 45% in 2021 to 15% in 2023.
• Advanced Economies: Likely reached peak dependence on fossil fuels.
• Global Fossil Fuel Use:
• China: Despite overall fossil fuel use increasing by 6%, the share of fossil fuels in primary energy consumption has been declining since 2011, reaching 81.6% in 2023.
• Renewables: Showed acceleration, particularly in China, amid struggles to curb fossil fuel growth in developing economies.
• Africa: Saw a slight decline (-0.5%) in primary energy consumption, with fossil fuels dominating at 90% compared to renewables (excluding hydro) at 6% of electricity.

Vedanta mulls first dollar bond sale of $500 million

• Vedanta Ltd., led by billionaire Anil Agarwal, is contemplating its debut overseas bond issuance, aiming to raise at least $500 million.
• The company is currently discussing the plan with lenders and seeking legal advice on the potential sale.

Potential Size

• The bond sale could reach up to $1 billion depending on investor interest, as per sources familiar with the matter.

Other Fundraising Avenues

• Vedanta also explores additional fundraising options, including equity sales and securing local currency loans from domestic banks.

Previous Actions

• Historically, Vedanta has issued local currency bonds and borrowed in Indian rupees from local lenders.
• Recently, the company’s board approved the issuance of 10 billion rupees ($120 million) in local, non-convertible debentures.

Strategic Implications

• The move marks Vedanta’s strategic effort to diversify its funding sources and potentially expand its global investor base.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Srinagar Named 4th Indian ‘World Craft City’ by World Craft Council, Following UNESCO Creative City Network Recognition

• Srinagar, a City in Jammu and Kashmir has become the 4th Indian city to be recognised as a ‘World Craft City’ by the World Craft Council (WCC), 3 years after it was designated as part of the UNESCO Creative City Network (UCCN) for crafts and folk arts.
• The J&K administration applied for this recognition in 2021 alongside the UNESCO designation.
• The WCC tag for Srinagar will help artisans in the long term by enhancing global recognition and demand for our handicrafts.

Other Recognized Indian Cities :

• Jaipur (City in Rajasthan) Malappuram (City in Kerala) and Mysore (City in Karnataka) are the other Indian cities that have previously been recognised as World Craft Cities.
• Variety of Crafts: As of now, at least 10 different forms of craftsmanship survive in Srinagar and its suburbs, including papier-mâché, walnut wood carving, carpets, Sozni embroidery and Pashmina and Kani shawls.

About WCC :

• Founded : June 1964.
• Founders : Aileen Osborn Vanderbilt Webb, Margaret M. Patch, and Kamaladevi Chattopadhyay.
• Leadership: The presidency changes every four years, and the current headquarters (2021-2024) is in Kuwait.
• Current president is Saad al-Qaddumi.
• Mission: WCC is a non-governmental organization working to empower artisans and safeguard craft heritage globally.

Kerala’s Kozhikode Named India’s First UNESCO ‘City of Literature’

• Kozhikode in north Kerala, known for its rich cultural heritage, was officially declared as India’s first United Nations Educational, Scientific and Cultural Organization (UNESCO) ‘City of Literature’.
• This prestigious recognition, part of the UNESCO Creative Cities Network (UCCN), celebrates cities worldwide for their commitment to creativity as a strategic factor for sustainable urban development.
• In October 2023, Kozhikode had earned a place in the ‘Literature’ category of the UCCN.
• The Kerala government also announced that from this coming year(2024), June 23 will be celebrated as the ‘City of Literature’ Day of Kozhikode, a place known for literary greats like the late S K Pottakkad and Vaikom Muhammed Basheer.
• On this day, special awards will be announced in 6 categories.

1. Comprehensive contribution.
2. Women writers.
3. Young writers.
4. Children’s literature.
5. Translations from Malayalam to other languages.
6. Translations from other languages to Malayalam.

• Tourism Minister P A Mohammed Riyas unveiled the logo of the ‘City of Literature’ by UNESCO.

Key Highlights :

• Gwalior and Kozhikode from India are among the 55 new cities which have joined the UCCN.
• The new list was published on its website on World Cities Day, which falls on October 31.
• While Gwalior in Madhya Pradesh made it to the coveted list in the ‘Music’ category, Kozhikode earned the place in the ‘Literature’ category.
• Global Context:Other cities in the new list include Bukhara (Crafts and Folk Art), Casablanca (Media Arts), Chongqing (Design), Kathmandu (Film), Rio de Janeiro (Literature), and Ulaanbaatar (Crafts and Folk Art).
• UCCN Statistics:The UCCN now includes 350 cities in over 100 countries, covering 7 creative fields: Crafts and Folk Art, Design, Film, Gastronomy, Literature, Media Arts, and Music.
• Upcoming UCCN Conference:The newly designated Creative Cities are invited to participate in the 2024 UCCN Annual Conference from July 1-5, 2024, in Braga, Portugal, under the theme ‘Bringing Youth to the Table for the Next Decade’

Note :

Other Indian Cities in UCCN:

• Srinagar and Jaipur: Crafts and Folk Arts.
• Mumbai: Film category.
• Chennai and Varanasi: Music category.
• Hyderabad: Gastronomy category.

About UNESCO :

• Founded : 16 November 1945
• Headquarters : Paris, France
• Director General : Audrey Azoulay
• Members : 194 member states and 12 associate members
• UNESCO is a specialized agency of the United Nations (UN) with the aim of promoting world peace and security through international cooperation in education, arts, sciences and culture.

About UCCN :

• UCCN is a flagship city programme of UNESCO launched in 2004 to promote cooperation among cities which have recognized culture and creativity as strategic drivers of sustainable urban development.

CURRENT AFFAIRS : STATE NEWS

Kerala Assembly Approves Resolution to Rename State to ‘Keralam’

• The Kerala Legislative Assembly unanimously passed a resolution on June 24 to change the name of the state from ‘Kerala’ to ‘Keralam’.
• The resolution, moved by Chief Minister Pinarayi Vijayan, called for invoking Article 3 of the Indian Constitution to effectuate this change in the First Schedule.

Key Highlights :

• Historical Context:The resolution reflects a longstanding demand to recognize the state’s name as ‘Keralam’, which is how it is referred to in Malayalam.
• The name change aims to align with historical and cultural sentiments dating back to the national freedom struggle.
• Previous Attempts:A similar resolution was passed on August 9, 2023, but was sent back by the Central government due to procedural issues.
• The revised resolution addresses these procedural concerns by focusing on the First Schedule.
• Article 3 of the Indian Constitution:The resolution invokes Article 3, which deals with the formation of new states and the alteration of areas, boundaries, or names of existing states
• Ongoing Name Change Requests:West Bengal has also been seeking a name change to Bangla, which would move it up in the alphabetical listing of Indian states.

About Kerala:

• Capital: Thiruvananthapuram
• Chief Minister: Pinarayi Vijayan
• Governor: Arif Mohammad Khan
• National Parks: Periyar National Park, Mathikettan National Park, Eravikulam National Park, Silent Valley National Park, Indira Gandhi National Park

Hemis Tseschu Festival Commences in Ladakh

• The Hemis Monastic Festival, also known as Hemis Tseschu, is an annual celebration of Tibetan Buddhism in Ladakh, India.
• In 2024, the festival will be held on June 16th and 17th.

Celebration Activities:

• Grand prayers
• Sacred mask dances (Chaam dance)
• Exhibition of Thanka or mural paintings
• The festival marks the birth anniversary of Guru Padma Sambhava.
• Popularity: Attracts large numbers of visitors from across India and abroad.
• Historical Background: Celebrated since the 17th century, founded by Galras Rinpoche, son of the King of Ladakh, Deskong Namgyal.
• Cultural Highlight: The Chaam dance, performed by monks in colorful masks, symbolizes the triumph of good over evil and represents Guru Padmasambhava’s eight avatars.

About Ladakh :

• Lieutenant Governor : B. D. Mishra
• Capital : Leh, Kargil

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

ESAF Small Finance Bank Chief Paul Thomas Elected as Chairperson of Sa-Dhan

• Paul Thomas, Managing Director (MD) & Chief Executive Officer (CEO) of ESAF Small Finance Bank, has been elected as Chairperson of the board of Sa-Dhan.
• He was previously the co-chair of the Association.

Key Members :

Co-Chairs:

• Sadaf Sayeed, CEO of Muthoot Microfin.
• Mukul Jaiswal, MD of Cashphor Micro Credit.

Treasurer:

• V N Salimath, Chairman of IDF Financial Services.

Board Members:

• Sadaf Sayeed has been re-elected for a second term on the board at the Association’s Annual General Body meeting held on June 21st.
• New members elected to the board include:
• A Ramesh Kumar, Chairman & MD of Laraksha Impact Finance.
• Nagendra Mali, MD of Navachetna Microfinance.
• Ganesh Chandra Modak, MD of Grameen Shakti.
• The Society also approved a ₹30 crore budget for the current year, which is almost 75 per cent more than the current year’s income and expenditure.

What is Sa-Dhan?

• Sa-Dhan is an association of Microfinance and Impact Finance Institutions.
• Sa–Dhan is registered under the Societies Act of 1860.
• Regulatory Role: It is an RBI-appointed Self-Regulatory Organization (SRO) for Microfinance Institutions.
• Formation and Purpose: Sa-Dhan is the first and largest association of community development finance institutions in India formed over two decades back for supporting and strengthening the agenda of fostering Inclusive Impact Finance in India.
• Membership:Sa-Dhan has about 220 members operating in 33 states/UTs and over 600 districts.
• Members include both for-profit and not-for-profit MFIs, SHG promoting institutions, banks, rating agencies, and capacity-building institutions.
• Recognition: Sa-Dhan is recognized as a National Support Organization (NSO) by the National Rural Livelihood Mission (NRLM).

Intelligence Bureau Chief Tapan Kumar Deka Receives One-Year Extension

• The Appointments Committee of the Cabinet (ACC) approved a year’s extension in service to Tapan Kumar Deka, Director, Intelligence Bureau (IB).
• The extension is effective beyond June 30, 2024, or until further orders, whichever is earlier.
• The extension is in relaxation of the provisions of FR 56 (d) and Rule 16 (1A) of All India Services (Death cum Retirement Benefits) Rule, 1958.

About Tapan Kumar Deka :

• Tapan Kumar Deka is a retired Indian Police Service (IPS) officer from the 1988 batch.
• He belongs to the Himachal Pradesh cadre.
• Tenure Details : Deka was appointed as head of the country’s domestic intelligence agency on June 24, 2022, months before he was set to retire in February 2023.
• He assumed office on July 1, 2022.
• His original two-year tenure was to be completed on June 30, 2024.
• During his tenure as IB chief, Deka took the fight to the left-wing extremists in Central India with the Maoists now confined to Bastar district of Chhattisgarh.
• He was instrumental in dismantling the Pak-sponsored Indian Mujahideen group.
• Deka investigated the 26/11 Mumbai attacks and brought the culprits to justice.

About Intelligence Bureau (IB) :

• Founded : 1887
• Headquarters : New Delhi, Delhi, India
• The Intelligence Bureau (IB) is India’s internal security and counterintelligence agency under the Ministry of Home Affairs.

RBI Appoints Arun Kumar Singh as Additional Director of Bandhan Bank

• The Reserve Bank of India (RBI) has appointed Arun Kumar Singh as an additional director on the board of Bandhan Bank.
• His appointment is effective from 24 June 2024 for a period of one year, or until further orders, whichever is earlier.
• The appointment coincides with the upcoming retirement of Bandhan Bank’s founder, Chandra Shekhar Ghosh, scheduled for July 9, 2024.

About Arun Kumar Singh :

• Arun Kumar Singh previously served as the chief general manager (retired) at RBI.
• He has extensive experience, having been a nominee director for RBI on the boards of five banking and non-banking entities.
• Singh also served as the Regional Director for the State of Rajasthan during his tenure at RBI.
• Bandhan Bank aims to rebalance its loan portfolio, targeting a shift from the current 57.4% unsecured loans to achieving a 50:50 ratio of secured and unsecured loans by FY26.
• The bank, whose current portfolio is 57.4% unsecured loans and 42.6% secured loans, plans to achieve a 50:50 ratio by FY26.

What is meant by secured & unsecured loan?

• A secured loan is backed by collateral, meaning something you own can be seized by the bank if you default on the loan.
• An unsecured loan, on the other hand, does not require any form of collateral.
• Unsecured loans are the standard option among personal loan lenders

About Bandhan Bank :

• Founded : 2015
• Headquarters : Kolkata, West Bengal, India
• MD & CEO : Chandra Shekhar Ghosh

Sony Pictures Networks India Appoints Gaurav Banerjee from Disney Star as New Managing Director and Chief Executive Officer

• Sony Pictures Networks India (SPNI) announced the appointment of former Disney executive Gaurav Banerjee as its Managing Director (MD) and Chief Executive Officer (CEO), effective on or before August 26,2024 pending regulatory approvals.
• Banerjee will succeed P. Singh, who will move into the role of Non-Executive Chairman after a 25-year tenure.
• P. Singh will transition to his new role only after Banerjee takes charge, supporting the transition through the end of the fiscal year.

About Gaurav Banerjee :

• Banerjee Started his media career as an assistant producer and anchor at Aaj Tak.
• He Moved to Star News, where he produced and anchored prime-time news shows.
• He previously held the positions of Head of Content for Hindi Entertainment & Disney+ Hotstar and Business Head for Star Bharat, Hindi & English Movies, Kids & Infotainment, and Regional (East).

About Sony Pictures Networks India :

• Founded on September 18, 1995.
• Headquarters: Mumbai, Maharashtra, India.
• Operates as Culver Max Entertainment Pvt. Ltd., trading as Sony Pictures Networks India (SPN or SPNI).
• Owned by Sony Pictures Television, part of the Indian media conglomerate.

J.P. Nadda Appointed as Leader of the House in Rajya Sabha

• Union Minister for Health and Family Welfare and Bharatiya Janata Party (BJP) president JP Nadda has been appointed as the Leader of the House in the Rajya Sabha.
• Nadda replaces Union Minister Piyush Goyal, who recently won the Lok Sabha election and took oath on Monday as a member of the Lower House of Parliament.
• In the Cabinet, Mr. Nadda is also in charge of the Chemicals and Fertilizers portfolio.
• Congress president Mallikarjun Kharge is the Leader of the Opposition in the Rajya Sabha.
• Besides Mr. Nadda, 11 other members of the Upper House of Parliament are in the Union Council of Ministers.

About JP Nadda :

• Nadda started his political career with the Akhil Bharatiya Vidyarthi Parishad (ABVP), the student wing of the Rashtriya Swayamsevak Sangh (RSS), showing a long-standing association with the BJP’s ideological roots.
• In April 2012, he was elected to the Rajya Sabha from the state.
• In 2014 when the BJP came to power at the Centre, he was appointed as Union minister for health and family welfare and was renominated to the Rajya Sabha in 2018.

About Rajya Sabha :

• The Rajya Sabha, also known as the Council of States, is the upper house of the bicameralParliament of India.
• The total allowed capacity is 250 (238 elected, 12 appointed) according to article 80 of the Indian Constitution.
• The current potential seating capacity of the Rajya Sabha is 245 (233 elected, 12 appointed), after the Jammu and Kashmir (Reorganisation) Act.
• Article 84 of the Constitution provides the qualification to be elected as a member of Rajya Sabha:
• He must be a citizen of India.
• An individual needs to complete 30 years of age.

CURRENT AFFAIRS: SPORTS NEWS

Smriti Mandhana becomes the first Indian woman cricketer to score consecutive centuries in ODIs.

• Smriti Mandhana, renowned for her aggressive batting style, created history in Indian cricket during the recent ODI series against South Africa.

Record-breaking Series Performance:

• Mandhana amassed a remarkable 343 runs across three ODIs against South Africa.
• This achievement eclipsed Jaya Sharma’s previous record of 308 runs in five innings versus New Zealand in 2003-04.

Back-to-Back Centuries:

• She became the first Indian woman cricketer to score consecutive centuries in ODIs.
• Mandhana’s centuries in the first two matches showcased her outstanding form and consistent performance.

Near Miss of Milestone:

• In the final ODI, Mandhana narrowly missed the opportunity to become the second player globally to achieve three consecutive centuries in ODIs.

Career Milestones:

• Mandhana has accumulated 3585 runs in ODIs, including seven centuries and 25 fifties.
• Her statistics highlight her standing as the second-highest run-scorer for India in ODIs, affirming her role as a dependable top-order batswoman for the national team.

Cummins creates history with second consecutive T20 World Cup hat-trick

• Australia’s Pat Cummins has achieved a remarkable milestone in T20 World Cup history by becoming the first bowler to secure consecutive hat-tricks in the tournament.

Key Points:

• Historic Feat: Pat Cummins achieved back-to-back hat-tricks during Australia’s Super Eights match against Afghanistan.
• Sequence of Wickets: In the 18th over, Cummins dismissed Rashid Khan with the last ball. He then returned in the 20th over to take the wickets of Karim Janat and Gulbadin Naib.
• Rare Achievement: This marks only the eighth instance of a bowler taking a hat-trick in a Men’s T20 World Cup match.
• First Time for Multiple Hat-Tricks: Cummins is the first player ever to achieve this feat more than once in the history of the tournament.
• Exclusive Company: Previously, only seven other bowlers had managed a hat-trick in the Men’s T20 World Cup: Brett Lee (2007), Curtis Campher (2021), Wanindu Hasaranga (2021), Kagiso Rabada (2021), Karthik Meiyappan (2022), and Josh Little (2022).

Indian recurve mixed team wins bronze medal in Archery World Cup

• India’s recurve mixed team of Dhiraj Bommadevara and Bhajan Kaur displayed exceptional skill to secure a bronze medal in the Archery World Cup Stage 3.

Key Points:

• Event Overview: Competing against Mexico, India initially trailed 0-2 after the first set but staged a comeback.
• Match Highlights: The Indian duo levelled the score with a flawless round and ultimately won 5-3 (35-38, 40-39, 38-37, 38-38) against Alejandra Valencia and Matias Grande of Mexico.
• Medal Tally: This bronze marks India’s third medal at the event, with prospects for more as Dhiraj Bommadevara and Ankita Bhakat advance to their individual semifinals.
• Additional Achievements: Earlier, the Indian women’s compound team comprising Jyothi Surekha Vennam, Aditi Swami, and Parneet Kaur secured a gold medal, while Priyansh claimed a silver in their respective events.

Jessica Pegula knocks out Coco Gauff in semis, beats Anna Kalinskaya to win Berlin Open

• Jessica Pegula emerged victorious at the Berlin Open after a series of compelling matches, including a rain-interrupted semi-final against top seed Coco Gauff and a final against Anna Kalinskaya.

Championship Win

• Final Match: Defeated Anna Kalinskaya in the final to claim the title.
• Performance: Demonstrated resilience and skill throughout the tournament.

Player Profile

• Ranking: Currently ranked fifth in the world.
• Achievement: Adds the Berlin Open title to her list of accomplishments.

Sinner beats Hurkacz to win first title on grass at Halle Open

• Italian world number one Jannik Sinner secured his first grasscourt title by defeating his doubles partner Hubert Hurkacz 7-6(8), 7-6(2) in the Halle Open final.

Match Highlights

• Competitive First Set: Both players saved break points, traded aces, and held serve, leading to a closely contested tiebreak.
• Sinner’s Victory: Won the first set tiebreak to gain momentum.
• Second Set: Continued strong performance, securing another tiebreak to clinch the match.

Career Milestones

• Title Count: The victory marks Sinner’s 14th singles career title.
• Australian Open Champion: Previously won the Australian Open.

Doubles Partnership

• Collaboration: Sinner and Hurkacz, who also played together in doubles, displayed their skills and camaraderie throughout the tournament.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day against Drug Abuse & Illicit Trafficking 2024: June 26

• Every year on June 26th, the International Day Against Drug Abuse and Illicit Trafficking 2024 is commemorated to raise awareness about the impact and negative consequences that drugs have on society.
• 2024 THEME: “The evidence is clear: invest in prevention”
• On December 7, 1987, the United Nations General Assembly established June 26 as International Day Against Drug Abuse and Illicit Trafficking. During the early twentieth century, the global epidemic of drug usage was already recognized.
• Illicit drugs and drug trafficking pose a significant health risk to humanity. Even though the younger generation is aware that drugs are hazardous to them, they continue to use them for recreational purposes.

Daily CA One-Liner: June 26

• Five state-owned banks are planning qualified institutional placements or QIPs in the second half of FY25 to reduce the government’s stake to comply with Securities and Exchange Board of India’s (SEBI) mandate of a maximum 75% government holding.
• The Securities and Exchange Board of India (SEBI) will consider a proposal to tighten rules on the inclusion of stocks in the derivatives segment at its board meeting on June 27, 2024.
• Indian health insurer Niva Bupa Health Insurance Company Limited (Niva Bupa) plans to raise $360 million through an Initial Public Offering (IPO).
• Kotak Mahindra Bank plans to open approximately 175 to 200 new branches in the financial year 2024-25.
• One97 Communications (parent company of Paytm) has partnered with global travel aggregators including Skyscanner, Google Flights, and Wego to expand its presence in the travel segment.
• Canara Bank, one of the country’s prominent public sector banks, has issued a notice confirming the hacking of their official X handle.
• Srinagar, City in Jammu and Kashmir has become the 4th Indian city to be recognised as a ‘World Craft City’ by the World Craft Council (WCC), 3 years after it was designated as part of the UNESCO Creative City Network (UCCN) for crafts and folk arts.
• Kozhikode in north Kerala, known for its rich cultural heritage, was officially declared as India’s first United Nations Educational, Scientific and Cultural Organization (UNESCO) ‘City of Literature’.
• The Kerala Legislative Assembly unanimously passed a resolution on June 24 to change the name of the state from ‘Kerala’ to ‘Keralam’.
• The Hemis Monastic Festival, also known as Hemis Tseschu, is an annual celebration of Tibetan Buddhism in Ladakh, India.
• Paul Thomas, Managing Director (MD) & Chief Executive Officer (CEO) of ESAF Small Finance Bank, has been elected as Chairperson of the board of Sa-Dhan.
• The Appointments Committee of the Cabinet (ACC) approved a year’s extension in service to Tapan Kumar Deka, Director, Intelligence Bureau (IB).
• The Reserve Bank of India (RBI) has appointed Arun Kumar Singh as an additional director on the board of Bandhan Bank.
• Sony Pictures Networks India (SPNI) announced the appointment of former Disney executive Gaurav Banerjee as its Managing Director (MD) and Chief Executive Officer (CEO), effective on or before August 26, 2024 pending regulatory approvals.
• Union Minister for health and Family Welfare and Bharatiya Janata Party (BJP) president JP Nadda has been appointed as the Leader of the House in the Rajya Sabha.
• The Goods and Services Tax (GST), introduced on July 1, 2017, replaced 17 local taxes and fees across India.
• Railway Minister Ashwini Vaishnaw recently reviewed the progress of the enhanced Automatic Train Protection System (ATP), Kavach 4.0, at Rail Bhawan
• The Government of India has implemented stock limits on wheat across various entities including Traders/Wholesalers, Retailers, Big Chain Retailers, and Processors in all States and Union Territories.
• In 2023, the Ministry of External Affairs (MEA) of India delivered 16.5 million passport-related services, marking a significant annual growth of nearly 15%.
• The Comptroller and Auditor General of India inaugurated the ‘Chadwick House: Navigating Audit Heritage Museum in Shimla, marking a significant milestone in preserving and celebrating the institution’s rich legacy and contributions to India’s governance
• Union Mines Minister G. Kishan Reddy initiated a new round of auctions for mining rights in 21 blocks rich in critical and strategic minerals.
• The Central Board of Indirect Taxes & Customs (CBIC) is set to issue a comprehensive clarification on the application of GST concerning corporate guarantees provided by related parties for loans from banks or financial institutions.
• India’s Steel Ministry is streamlining visa procedures for Chinese technicians and experts involved in The Production Linked Incentive (PLI) projects for speciality steel
• GST Council proposes exemption for specific services offered by Indian Railways to the general public and intra-railway transactions.
• India’s coal consumption exceeds that of Europe and North America combined, marking a significant shift in global energy dynamics
• Vedanta Ltd., led by billionaire Anil Agarwal, is contemplating its debut overseas bond issuance, aiming to raise at least $500 million.
• Smriti Mandhana, renowned for her aggressive batting style, created history in Indian cricket during the recent ODI series against South Africa
• Australia’s Pat Cummins has achieved a remarkable milestone in T20 World Cup history by becoming the first bowler to secure consecutive hat-tricks in the tournament
• India’s recurve mixed team of Dhiraj Bommadevara and Bhajan Kaur displayed exceptional skill to secure a bronze medal in the Archery World Cup Stage 3.
• Jessica Pegula emerged victorious at the Berlin Open after a series of compelling matches, including a rain-interrupted semi-final against top seed Coco Gauff and a final against Anna Kalinskaya
• Italian world number one Jannik Sinner secured his first grasscourt title by defeating his doubles partner Hubert Hurkacz 7-6(8), 7-6(2) in the Halle Open final
• Every year on June 26th, the International Day Against Drug Abuse and Illicit Trafficking 2024 is commemorated to raise awareness about the impact and negative consequences that drugs have on society.