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CURRENT AFFAIRS : BANKING & FINANCE
Reserve Bank of India Launches PRAVAAH Portal, Retail Direct App, and FinTech Repository for G-Secs
- The Governor of the Reserve Bank of India (RBI), Shaktikanta Das, introduced 3 significant initiatives, namely the PRAVAAH portal, the retail direct mobile app, and a fintech repository.
About PRAVAAH Portal :
- PRAVAAH (Platform for Regulatory Application, VAlidation and AutHorisation) is a secure and centralised web-based portal for any individual or entity to seek authorisation, license or regulatory approval on any reference made by it to the RBI.
- Currently, the portal offers access to 60 application forms across various regulatory and supervisory departments of the RBI.
- Convenience and Efficiency:PRAVAAH aims to streamline the process of applying for regulatory approvals by enabling individuals or entities to submit their applications online in a seamless manner.
- The portal is expected to enhance the efficiency of processes related to granting regulatory approvals and clearances by the Reserve Bank.
Key Features of the Portal:
- Users can submit applications online through the portal.
- They can track and monitor the status of their application/reference in real-time.
- Individuals or entities can respond to any clarification or query raised by the RBI regarding their application/reference.
- The Reserve Bank commits to providing decisions in a timely manner, ensuring a time-bound process.
About Retail Direct Mobile App :
- The Retail Direct Mobile App will provide retail investors seamless and convenient access to the retail direct platform and provide ease of transacting in government securities (G-Secs).
- The app will enable investors to buy and sell instruments/government securities (Government Dated Securities, State Development Loans, Treasury Bills and Sovereign Gold Bonds,) on the go, at their convenience.
About RBI Retail Direct Scheme :
- Launched in November 2021, the RBI Retail Direct Scheme allows individual investors to maintain gilt accounts with the RBI and invest in government securities.
- Investors can participate in primary auctions and buy/sell securities through the NDS-OM platform, ensuring direct access to the government securities market.
- Convenience and Safety:The scheme aims to provide a safe, simple, and secure platform for investors to manage their investments conveniently.
- Payments for investments can be made conveniently using a savings bank account through internet banking or Unified Payments Interface (UPI).
- Investment Options and Flexibility:Investors can open RBI Retail Direct Gilt Accounts in single or joint holding modes.
- Non-resident retail investors are also eligible to invest in government securities under the Foreign Exchange Management Act, 1999.
- The scheme allows investors to start with a minimum investment of 10,000, with the flexibility to invest up to Rs. 2 crores per security.
- Interest Rate Determination and Tenures:Interest rates associated with the scheme are determined through an auction process, where investors bid for the securities.
- The scheme covers a broad range of tenures, from 1 year to 40 years, offering investors flexibility in aligning their investments with their financial objectives.
- Risk Factors and Market Mechanisms:G-Secs are credit risk-free instruments in domestic currency, but market risks may arise if sold before maturity.
- Clearing Corporation of India Limited. (CCIL) is authorized by the RBI to act as an aggregator for primary issuances and as a receiving office for Sovereign Gold Bonds for Retail Direct Investors.
- CCIL also operates the NDS-OM platform, authorized by the RBI.
Launch of FinTech and EmTech Repositories :
- RBI Governor Shaktikanta Das inaugurated a fintech repository aimed at capturing essential information about FinTech entities, their activities, and technology uses.
- Simultaneously, a related repository focusing on RBI-regulated entities’ adoption of emerging technologies, called EmTech Repository, was also launched.
- Objective of the Repositories:The FinTech Repository and EmTech Repository aim to gather crucial data about FinTech entities and regulated entities’ adoption of emerging technologies.
- Both regulated and unregulated FinTechs are encouraged to contribute to the FinTech Repository, accessible at the URL: https://fintechrepository.rbihub.in.
- Simultaneously, a related repository for only RBI regulated entities (banks and NBFCs) on their adoption of emerging technologies (like AI, ML, Cloud Computing, DLT, Quantum, etc.), called EmTech Repository is also being launched.
- Management and Security:These repositories are secure web-based applications managed by the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI.
- Benefits and Utility:The repositories will facilitate the availability of aggregate sectoral-level data, trends, analytics, etc., beneficial for policymakers and participating industry members.
- The data gathered will provide insights into the fintech and emerging technology landscape, aiding in informed decision-making and policy formulation.
- Encouragement for Contribution:RBI encourages both FinTechs and regulated entities to actively contribute to the repositories, fostering collaboration and knowledge-sharing within the industry.
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
Capital Market Regulator Securities and Exchange Board of India Establishes Guidelines on Subordinate Units within Infrastructure Investment Trusts
- The Securities and Exchange Board of India (SEBI) has introduced amendments to the Infrastructure Investment Trust (InvIT) regulations to permit the issuance of subordinate units by privately placed InvITs.
Key Highlights :
- Eligibility and Limitations on Subordinate Units:These subordinate units can only be issued to the sponsors, their associates, and the group upon acquiring an infrastructure project.
- However, the issuance cannot exceed 10% of the acquisition price of the infrastructure project.
- Regulatory Framework and Risk Mitigation Measures:SEBI has designed a framework incorporating risk mitigation measures for subordinate units within InvITs.
- The total number of outstanding subordinate units within an InvIT cannot surpass a cap of 10%.
- Impact on Fundraising Activities:InvITs are prohibited from raising funds through public issues if any subordinate units have been issued and are outstanding.
- Nature of InvITs and Subordinate Units:InvITs are relatively new in the Indian market but are globally recognized for their potential for high returns and capital appreciation, typically comprising infrastructure assets like highways.
- The sponsor, which establishes an InvIT, can issue subordinate units, which do not carry voting or distribution rights.
- Additional Issuance and Governance:An InvIT exceeding the limit on subordinate units can issue additional subordinate units, subject to compliance with the prescribed limit.
- Unitholders holding a minimum of 10% of the total outstanding units of the InvIT can collectively nominate one director to the board of directors of the Investment Manager.
- Reclassification Timeline:According to SEBI, the minimum time period between the issuance of subordinate units and the entitlement date for reclassification of the subordinate units to ordinary units would be 3 years.
What is Infrastructure Investment Trusts (InvIT)?
- An Infrastructure Investment Trust (InvITs) is a Collective Investment Scheme similar to a mutual fund, which enables direct investment of money from individual and institutional investors in infrastructure projects to earn a small portion of the income as a return.
- The InvIT is designed as a tiered structure with Sponsor setting up the InvIT which in turn invests into the eligible infrastructure projects either directly or via special purpose vehicles (SPVs).
- The InvITs are regulated by the SEBI (Infrastructure Investment Trusts) Regulations, 2014.
About SEBI :
- Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
- Headquarters : Mumbai, Maharashtra
- Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
- SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.
Reserve Bank of India Mandates Full-Fledged Money Changers to Maintain Foreign Currency Note Value at a Minimum 75% of Purchased Value on a Quarterly Basis
- The Reserve Bank of India (RBI) has instructed full-fledged money changers to ensure that the value of foreign currency notes sold to the public is not less than 75% of the value of such notes bought from other money changers on a quarterly basis.
- These directions by the RBI are effective from July 1, 2024.
- Purpose of RBI’s Directive:To ensure that foreign currency balances held by full-fledged money changers remain at reasonable levels and to prevent the accumulation of idle balances.
Key Highlights :
- Submission of Audited Balance Sheets:Full-fledged money changers are instructed to submit their annual audited balance sheets to the concerned regional office of the RBI.
- This submission must include a certificate from statutory auditors regarding the net-owned funds as of the balance sheet date, and it should be done by October 31 of the relevant year.
- Legal Basis for the Directions:The RBI’s directions have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).
- These directives are provided without prejudice to any permissions or approvals required under any other law.
Poonawalla Fincorp Introduces Co-Branded ‘IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card’
- Poonawalla Fincorp Limited, in collaboration with IndusInd Bank, has launched the co-branded ‘IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card’, a card designed to redefine and elevate the banking experience of customers.
- With this co-branded credit card launch, Poonawalla Fincorp marks a significant milestone in their ongoing commitment to providing tailored financial solutions to meet the evolving needs of their customers.
Special Features:
- No Joining and Annual Fees
- Earn rewards on every ₹100 spent (excluding fuel)
- 5x reward points on e-commerce transactions (excluding fuel, travel, and low interchange MCC)
- Buy One Get One movie ticket (up to ₹200) via BookMyShow once a month
About Poonawalla Fincorp Limited :
- Founded : 1988
- Headquarters : Pune, Maharashtra, India
- Chairman : Adar Poonawalla
- Managing Director : Abhay Bhutada
- Nature of Business:a Cyrus Poonawalla Group promoted Non-deposit taking systemically important non-banking finance company (ND-SI-NBFC), registered with the Reserve Bank of India (RBI).
- Listing: Listed on both the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE).
- Identity: The letter “P” represents Passion, Principles, Purpose, People, and Possibilities
About IndusInd Bank Limited
- Founded: April 1994
- Headquarters: Mumbai, Maharashtra
- CEO: Sumant Kathpalia
- Tagline: “We care Dil se; we make you feel Richer”
CURRENT AFFAIRS: NATIONAL NEWS
India Extends financial Support to Papua New Guinea After Devastating Landslide
- India pledges a swift financial aid package of $1 million to assist the victims of a catastrophic landslide that struck the Enga province of Papua New Guinea, claiming the lives of over 2,000 people and causing widespread devastation.
Solidarity in Crisis
- India reaffirms its unwavering support for Papua New Guinea during times of adversity, having previously extended assistance following the earthquake in 2018 and volcanic eruptions in 2019 and 2023.
Strengthening Bilateral Bonds
- This humanitarian gesture underscores the robust ties between India and Papua New Guinea, reflecting India’s commitment to standing by its Pacific neighbour in times of need.
About New Guinea
- Capital: Port Moresby
- Currency: Papua New Guinean Kina
National Archives Of India Undertakes First Overseas Digitization Of Diaspora Records In Oman
- The Indian Embassy in Muscat and the National Archives of India (NAI) collaborate on a groundbreaking project to archive historical documents of the Indian diaspora in Oman, titled “The Oman Collection – Archival Heritage of the Indian Community in Oman.”
Project Timeline
- Running from May 19th to 27th, 2024, this project marks a significant milestone in preserving the rich heritage of the Indian community in Oman.
Enthusiastic Participation
- The project witnesses active involvement from 32 prominent Indian families from Gujarat, whose roots in Oman extend back 250 years, showcasing their deep historical connection.
Digital Preservation Milestone
- This venture represents a pioneering overseas endeavor for the NAI in digitizing diaspora documents. Over 7,000 documents in English, Arabic, Gujarati, and Hindi, some dating back to 1838, are digitized, offering invaluable insights into the late 19th and early 20th centuries.
Accessibility and Outreach
- The digitized collection will be accessible to researchers and the public through the NAI’s online portal “Abhilekh Patal,” fostering greater engagement and understanding of the Indian diaspora’s legacy in Oman.
Oman’s Support
- The initiative receives backing from Oman’s National Records and Archives Authority (NRAA), reflecting a collaborative effort to safeguard historical records and deepen connections with the Indian diaspora in Oman.
CURRENT AFFAIRS: BUSINESS NEWS
Reliance Industries to begin construction on India’s first multimodal logistics park near Chennai
- India’s first Multimodal Logistics Park, conceptualized 12 years ago and located at Mappedu near Chennai, will finally see construction commence in June, led by Reliance Industries.
Reliance Wins the Bid
- In 2022, Reliance Industries won the bid for the Rs 1,424 crore project on 184.27 acres of land in Tiruvallur district, surpassing Adani Group.
- The contract was awarded by the Centre, with Prime Minister Narendra Modi laying the foundation stone on May 26, 2022.
Strategic Partnerships and Location
- A Memorandum of Understanding was signed in October 2021 among Tamil Nadu Industrial Development Corporation, National Highways Logistics Management Limited, and Chennai Port Trust.
- The park is strategically located 52 km from Chennai Port, 80 km from Ennore Port, and 87 km from Kattupalli Port, positioning it as a key logistics hub in the southern region.
Project Significance
- The logistics park is expected to handle approximately 7.17 million tonnes of cargo over the next 45 years.
- Its proximity to the automobile and electronics manufacturing clusters in the Sriperumbudur-Oragadam industrial belt and the Chennai Peripheral Ring Road further enhances its strategic importance.
Economic Impact
- The Multimodal Logistics Park at Mappedu will significantly boost the logistics infrastructure in southern India, serving as a pivotal point for cargo handling and distribution in the region.
LIC reports 2.5% rise in Q4 net profit to ₹13,762 Crore, announces dividend
- The Life Insurance Corporation of India (LIC) has reported a 2.5% year-on-year increase in net profit for the March quarter of FY24, reaching ₹13,762 crore compared to ₹13,421 crore in the same period last year.
Interim Dividend Announcement
- LIC, the country’s largest insurer, also announced an interim dividend of ₹6 per share.
Full-Year Profit Growth
- LIC’s overall Profit After Tax (PAT) for FY24 stood at ₹40,676 crore, up from ₹36,397 crore in the previous fiscal year.
Improvement in Asset Quality
- LIC reported an improvement in its asset quality, with the gross non-performing asset (GNPA) ratio decreasing to 2.01% in the final quarter of FY24, down from 2.56% in the corresponding period last year.
Premium Income
- LIC’s total premium income for FY24 was ₹4,75,070 crore, marginally higher than the ₹4,74,005 crore recorded in FY23.
Enhanced Solvency Ratio
- LIC’s solvency ratio, a key measure of financial stability, improved to 1.98 as of March 31, 2024, up from 1.87 a year earlier.
Market Leadership
- LIC continues to lead the Indian life insurance market with an overall market share of 58.87%.
TATA AIG General Insurance Introduces Surety Insurance Bonds for Infrastructure Development
- TATA AIG General Insurance, a leading private insurer, launches Surety Insurance Bonds to bolster infrastructure development, aligning with the government’s allocation of 3.3% of GDP in FY 2024.
Catering to Diverse Project Needs
- These bonds, offered in conditional and unconditional formats, are tailored to streamline the execution of infrastructure projects and commercial contracts in both government and private sectors, addressing various project requirements effectively.
Understanding Surety Bonds
- A surety bond is a legally binding agreement involving three parties: the obligee, the principal, and the surety.
Ensuring Commitment
- Primarily utilized in construction and infrastructure ventures, a surety bond guarantees the principal’s fulfillment of contract obligations.
- In case of default, the surety compensates the obligee, mitigating financial risks.
Tata AIA Life Insurance introduces an instant Rs 1 lakh loan service, allowing policyholders to get funds in just 1 minute
- Tata AIA Life Insurance introduces a pioneering service enabling policyholders to secure instant loans, up to Rs. 1 lakh, via the MyDigiAccount portal, ensuring a hassle-free digital process.
Preserving Policy Coverage
- This initiative aims to furnish swift financial assistance while safeguarding the policy’s coverage, ensuring peace of mind for policyholders.
Impressive Uptake
- Since its inception, the service has processed over 500 requests, disbursing approximately Rs. 5.5 crores, reflecting its growing popularity and utility.
Convenient Terms
- The new service extends loans up to Rs. 1 lakh without necessitating collateral or credit assessments, offering competitive interest rates at 8.80% per annum, significantly lower than conventional personal loan rates.
Flexible Repayment Options
- With the Loan Against Policy service, policyholders benefit from flexible repayment plans, with any outstanding loan amount adjusted during claim settlement, ensuring financial ease and convenience.
Reliance to buy Russian oil from Rosneft in roubles
- Reliance Industries Limited enters a pivotal one-year agreement with Russia’s Rosneft, committing to purchase a minimum of 3 million barrels of oil per month, denominated in roubles.
Benefiting from Discounts
- This term deal empowers Reliance to acquire oil at discounted rates, providing a competitive edge amidst expectations of extended supply cuts by the OPEC+ consortium.
Deal Structure
- Commencing at the start of the Indian financial year on April 1, Reliance commits to procuring two cargoes of approximately one million barrels of Urals crude per month, with an option for four additional cargoes, all at a significant discount of $3 per barrel compared to the Middle East Dubai benchmark.
Payment Mechanism
- Reliance pledges to settle payments for the oil using Russia’s rouble currency, facilitated by HDFC Bank and Russia’s Gazprombank.
India’s Prominent Role
- India emerges as a leading purchaser of seaborne Russian crude, capitalizing on opportunities following Western sanctions imposed after Russia’s 2022 invasion of Ukraine.
Government’s Involvement
- In a proactive move, the Central government reportedly urges state-run oil refiners and Reliance Industries Ltd. to collaborate on negotiating a long-term supply agreement with Russia, emphasizing strategic energy security.
Reliance-Backed Radisys Enters Telco Infra Business in Africa, Forms Consortium Including Nokia, Tech Mahindra
- Radisys, backed by Reliance, leads a consortium named Next-Gen Infra Co (NGIC), partnering with Nokia, Mahindra Tech, Ascend Digital, K-NET, and Mobile Network Operators (MNOs) AT Ghana and Telecel Ghana to establish a 4G and 5G network for the Government of Ghana.
Empowering Digital Ghana
- The formation of NGIC is pivotal for fostering affordable, high-speed data access, aligning with Ghana’s vision of achieving 100% Digital Ghana by 2030.
Affordable Smartphone Launch
- NGIC plans to collaborate with MNO partners to introduce affordable 4G/5G-enabled smartphones in Ghana by the end of the current year, aiming to democratize access to advanced technology.
Enhancing Lives through Digitalization
- The consortium’s partnership aims to revolutionize various sectors such as education, healthcare, and payment transactions, enriching the lives of Ghanaians through digitalization initiatives.
Investment in Infrastructure
- NGIC Executive Director Harkirit Singh outlines plans to invest $145 million in infrastructure development in Ghana over the next three years, underscoring the consortium’s commitment to bolstering the nation’s digital infrastructure.
CURRENT AFFAIRS: AWARDS AND HONOURS
Indian Peacekeeper Major Radhika Sen was Honored with the Military Gender Advocate Award
- Major Radhika Sen, an Indian peacekeeper, receives the prestigious Military Gender Advocate Award for her exceptional contributions during her deployment with the United Nations Mission in Congo (MONUSCO).
UN Recognition
- UN Secretary-General Antonio Guterres announces the award, lauding Major Sen as “a true role model” for her outstanding dedication and service.
Profile of Excellence
- Hailing from Himachal Pradesh, Major Radhika Sen served as the commander of the Indian battalion in the eastern part of the Republic of Congo from March 2023 to April 2024.
Dedicated Deployment
- Deployed as the Engagement Platoon Commander with the Indian Rapid Deployment Battalion under the United Nations Stabilization Mission in Congo (MONUSCO), Major Sen’s tenure concluded in April 2024.
India’s Contribution to Peacekeeping
- India maintains a significant presence in UN peacekeeping efforts, ranking 11th in contributions of female military peacekeepers. Major Radhika Sen’s recognition adds to India’s legacy of peacekeeping excellence.
Prestigious Award
- The Military Gender Advocate of the Year Award, presented annually to a peacekeeper nominated by Force Commanders and Heads of Mission from all peacekeeping operations, highlights Major Sen’s remarkable leadership.
Proud Legacy
- Major Suman Gawani from India also received this esteemed award in 2019, underscoring India’s enduring commitment to global peacekeeping efforts and bringing honor to the nation.
CURRENT AFFAIRS: MOUS AND AGREEMENT
NSDC and ILO sign MoU to advance skill development and lifelong learning
- The National Skill Development Corporation (NSDC) and the International Labour Organization (ILO) join forces under the Ministry of Skill Development & Entrepreneurship (MSDE) to bolster skill development and lifelong learning initiatives in India and beyond.
Empowering Individuals Worldwide
- This partnership empowers individuals worldwide by providing them with essential competencies and qualifications, fostering employability and sustainable economic growth.
Key Signatories
- The Memorandum of Understanding (MoU) was inked by Shri Ved Mani Tiwari, CEO and MD of NSDC, and Mr. Sangheon Lee, Director of the Employment Policy, Job Creation, and Livelihoods Department at ILO.
Digital Transformation with Skill India Digital Hub (SIDH)
- A pivotal component of this collaboration is the implementation of the Skill India Digital Hub (SIDH), aimed at digitizing skill development initiatives to enhance efficiency, accessibility, and global reach.
Enhancing Sector Skill Councils (SSCs) and More
- The partnership seeks to facilitate public-private partnerships and knowledge exchange to strengthen Sector Skill Councils (SSCs), develop micro-credentials, and promote Recognition of Prior Learning (RPL) through a global knowledge-sharing platform.
About the International Labour Organization (ILO)
- Established in October 1919 under the League of Nations, the ILO stands as one of the UN’s oldest and first specialized agencies,
- Headquartered in Geneva, Switzerland.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
National Asset Reconstruction Company Board Recommends P Santhosh for MD & CEO Role
- The board of the National Asset Reconstruction Company (NARCL) has proposed P Santhosh for the position of managing director (MD) and chief executive officer (CEO) of the state-owned bad bank.
- Santhosh’s recommendation is for a 3-year term.
- Santhosh has been serving as NARCL’s acting CEO since January, stepping into the position after N Sundar’s unexpected departure before the end of his term.
- Santhosh is a former chief general manager of Canara Bank, one of the sponsor banks of the asset reconstruction company.
- Previous MDs of NARCL include senior SBI officials Sundar and Padmakumar Nair.
Key Highlights :
- Invitation for Senior Management Applications:In mid-April, NARCL invited applications for the MD & CEO post, targeting senior management professionals with 10 years of experience in stressed asset resolution.
- NARCL stated its plan to acquire approximately ₹2 lakh crore of stressed assets in phases.
- Acquisition of Stressed Assets:According to media reports, NARCL had acquired 18 accounts with outstanding loans totaling ₹92,500 crore as of March 31, 2024.
- Significant Debt Acquisitions:Among the acquired assets is the ₹32,000-crore debt of bankrupt Srei Infrastructure Finance and Srei Equipment Finance, both acquired under the insolvency and bankruptcy process.
About NARCL :
- Chairman : Mr. Diwakar Gupta
- Formation: Incorporated in July 2021 as a ‘bad bank’ to address stressed assets of commercial banks.
- Regulatory Status: Registered with the Reserve Bank of India as an Asset Reconstruction Company under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
- Scope: Initial focus on handling stressed assets worth Rs 2 lakh crore from commercial banks.
- NARCL is the only ARC that makes offers under the 15:85 structure wherein 15% of the consideration is cash and the balance 85% is security receipts (SR).
- The government provides guarantees for any shortfall in recovery, with SRs worth ₹30,600 crore guaranteed, accessible if redemption falls short.
Procter & Gamble India Names Mrinalini Srinivasan as Chief Financial Officer
- Procter & Gamble Hygiene and Health Care, one of P&G India’s listed entities that includes brands like Vicks and Whisper, announced the appointment of Mrinalini Srinivasan as the company’s chief financial officer (CFO) effective June 29, 2024.
- Srinivasan will succeed Prashant Bhatnagar, who is stepping down after nearly 28 years of service with the company.
About Mrinalini Srinivasan :
- Srinivasan brings 16 years of experience in various finance roles to her new position.
- She joined P&G in 2008 in India and has held positions across different geographies, including Singapore, India, and Dubai.
- In her previous roles, she led transformational projects and delivered outstanding results for several significant P&G businesses.
- Srinivasan most recently served as the Senior Director of Sales Finance for P&G India and also held the role of Executive Sponsor of Gender Equality for P&G India group.
- She has previously served as the Regional Business Planning Director for Asia, the Middle East, and Africa, as well as Finance Director for the Feminine Care business in India, the Middle East, and Africa.
About Procter & Gamble Hygiene :
- Procter & Gamble Hygiene is one of India’s fastest growing Fast-Moving Consumer Goods (FMCG) companies with a strong presence in the health and personal care sector.
Ministry of Home Affairs Grants 3-Month Extension to Delhi Chief Secretary Naresh Kumar’s Tenure
- The Ministry of Home Affairs (MHA) approved the extension of Delhi Chief Secretary Naresh Kumar’s tenure by 3 months.
- Naresh Kumar’s retirement, which was originally scheduled for the end of May 2024, has been postponed until August 31, 2024.
- The extension is granted by invoking Rule 3 of AIS(CS-RM) Rules, 1960, relaxing Rule 16(1) of AIS (DCRB) Rules, 1958.
- Kumar had previously been granted a 6-month extension, pushing his retirement from November 30, 2023, to May 31, 2024.
About Ministry of Home Affairs :
- Cabinet Minister : Amit Shah
- Minister of State : Nityanand Rai, Nisith Pramanik, Ajay Kumar Mishra
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Tata Consultancy Services and Indian Institute of Technology-Bombay Collaborate to Develop India’s First Quantum Diamond Microchip Imager
- Tata Consultancy Services (TCS) has joined forces with the Indian Institute of Technology Bombay (IIT Bombay) to create India’s inaugural Quantum Diamond Microchip Imager.
- This collaboration aims to develop a tool for assessing the quality of semiconductors.
- This collaboration is aligned with the government of India’s National Quantum Mission.
Key Highlights :
- Functionality:The Quantum Diamond Microchip Imager leverages quantum diamond technology to visualize magnetic fields, facilitating non-invasive and non-destructive semiconductor chip mapping, akin to MRI technology in hospitals.
- Technology Utilization:The imager capitalizes on defects within diamond structures, specifically Nitrogen-Vacancy (NV) centers, to achieve its functionality.
- Development Timeline:Over the next two years, experts from TCS will collaborate with Kasturi Saha, an associate professor in IIT Bombay’s electrical engineering department, to realize the quantum imaging platform within the PQuest Lab.
- Historical Collaboration:TCS and IIT Bombay have engaged in numerous joint initiatives since the 1990s, fostering a longstanding partnership.
- Notably, IIT Bombay was TCS’ inaugural academic partner for its Co-Innovation Network (COIN), aimed at promoting industry-academia collaboration to pioneer innovative solutions.
What is National Quantum Mission India?
- The National Quantum Mission India is an initiative led by the Department of Science and Technology, Government of India, aimed at advancing scientific and industrial research in quantum technologies.
- This mission aligns with the nation’s goals under Digital India, Make in India, Skill India, and sustainable development.
- In a significant move, the Union Cabinet of the Government of India has approved the National Quantum Mission with a budget of INR 6003.65 crore (approximately $730.3 million) for the period from 2023-24 to 2030-31.
About TCS :
- Founded : 1968
- Headquarters : Mumbai, Maharashtra, India
- Chairman : Natarajan Chandrasekaran
- CEO : K. Krithivasan
Daily CA One- Liner: May 30
- India pledges a swift financial aid package of $1 million to assist the victims of a catastrophic landslide that struck the Enga province of Papua New Guinea, claiming the lives of over 2,000 people and causing widespread devastation.
- The Indian Embassy in Muscat and the National Archives of India (NAI) collaborate on a groundbreaking project to archive historical documents of the Indian diaspora in Oman, titled “The Oman Collection – Archival Heritage of the Indian Community in Oman.”
- India’s first Multimodal Logistics Park, conceptualized 12 years ago and located at Mappedu near Chennai, will finally see construction commence in June, led by Reliance Industries
- The Life Insurance Corporation of India (LIC) has reported a 2.5% year-on-year increase in net profit for the March quarter of FY24, reaching ₹13,762 crore compared to ₹13,421 crore in the same period last year
- TATA AIG General Insurance, a leading private insurer, launches Surety Insurance Bonds to bolster infrastructure development, aligning with the government’s allocation of 3.3% of GDP in FY 2024.
- Tata AIA Life Insurance introduces a pioneering service enabling policyholders to secure instant loans, up to Rs. 1 lakh, via the MyDigiAccount portal, ensuring a hassle-free digital process
- Reliance Industries Limited enters a pivotal one-year agreement with Russia’s Rosneft, committing to purchase a minimum of 3 million barrels of oil per month, denominated in roubles
- Radisys, backed by Reliance, leads a consortium named Next-Gen Infra Co (NGIC), partnering with Nokia, Mahindra Tech, Ascend Digital, K-NET, and Mobile Network Operators (MNOs) AT Ghana and Telecel Ghana to establish a 4G and 5G network for the Government of Ghana
- Major Radhika Sen, an Indian peacekeeper, receives the prestigious Military Gender Advocate Award for her exceptional contributions during her deployment with the United Nations Mission in Congo (MONUSCO).
- The National Skill Development Corporation (NSDC) and the International Labour Organization (ILO) join forces under the Ministry of Skill Development & Entrepreneurship (MSDE) to bolster skill development and lifelong learning initiatives in India and beyond.
- The Governor of the Reserve Bank of India (RBI), Shaktikanta Das, introduced 3 significant initiatives, namely the PRAVAAH portal, the retail direct mobile app, and a fintech repository.
- The Securities and Exchange Board of India (SEBI) has introduced amendments to the Infrastructure Investment Trust (InvIT) regulations to permit the issuance of subordinate units by privately placed InvITs.
- The Reserve Bank of India (RBI) has instructed full-fledged money changers to ensure that the value of foreign currency notes sold to the public is not less than 75% of the value of such notes bought from other money changers on a quarterly basis.
- Poonawalla Fincorp Limited, in collaboration with IndusInd Bank, has launched the co-branded ‘IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card’, a card designed to redefine and elevate the banking experience of customers.
- The board of the National Asset Reconstruction Company (NARCL) has proposed P Santhosh for the position of managing director (MD) and chief executive officer (CEO) of the state-owned bad bank.
- Procter & Gamble Hygiene and Health Care, one of P&G India’s listed entities that includes brands like Vicks and Whisper, announced the appointment of Mrinalini Srinivasan as the company’s chief financial officer (CFO) effective June 29, 2024.
- The Ministry of Home Affairs (MHA) approved the extension of Delhi Chief Secretary Naresh Kumar’s tenure by 3 months.
- Tata Consultancy Services (TCS) has joined forces with the Indian Institute of Technology Bombay (IIT Bombay) to create India’s inaugural Quantum Diamond Microchip Imager.
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