Daily Current Affairs June 30 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

RBI cancels Mahalaxmi Cooperative Bank Dharwad’s banking licence & allows it to operate as NBFC

The Reserve Bank of India (RBI) has cancelled the banking license of the Karnataka-based Mahalaxmi Cooperative Bank, Dharwad, and allowed it to function only as a Non-Banking Financial Company (NBFC).
The RBI cancelled the banking licence dated March 23, 1994 granted to the Mahalaxmi Cooperative Bank Dharwad.
This will not stop the bank from conducting the business of ‘banking’ and acceptance of deposits from non-members with immediate effect.
Further, the bank shall ensure to repay unpaid and unclaimed deposits of non-members held by it, whenever demanded, even after being notified as a non-banking Institution.
Earlier, In April 2023, the RBI cancelled the banking licence of Adoor Co-operative Urban Bank and allowed it to operate only as NBFC.

What is NBFC?

A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/ securities issued by Government or local authority or other marketable securities

About RBI :

Founded : 1 April 1935
Headquarters : Mumbai, Maharashtra, India
Governor : Shaktikanta Das

RBI imposes a penalty on 7 cooperative banks for violating norms

The Reserve Bank of India (RBI) imposed monetary penalties on 7 co-operative banks for contravention of/non-adherence with certain norms issued by the central bank for the co-operative banks.
These cooperative banks were

Textile Traders Co-operative Bank Ltd – ₹4.50 lakhs
Ujjain Nagarik Sahakari Bank Maryadit – ₹1 lakh
Panihati Co-operative Bank – ₹2.50 lakh
The Berhampur Co-operative Urban Bank – ₹1 lakh
Solapur Siddheshwar Sahakari Bank – ₹1.50 lakh
Uttar Pradesh Co-operative Bank Limited – ₹28 lakhs
Uttarpara Co-operative Bank – ₹2.50 lakh

These co-operative banks had violated rules like violation of the Banking Regulation Act, 1950 and non-compliance with specific directions, relating to interest rates on deposits, failure to put into use any robust software as a part of effective identification and reporting of suspicious transactions; and levied penal charges for non-maintenance of minimum balances in inoperative accounts, during the financial year 2019-20, etc.
In June, 2023 the RBI had imposed monetary penalties on 4 cooperative banks citing various rule violations; these were Cooperative Bank of Rajkot, Telangana State Cooperative Apex Bank Ltd, The Bihar State Cooperative Bank Ltd and Jowai Cooperative Urban Bank Ltd.

RBI Slaps Rs 30 Lakhs Penalty on Standard Chartered Bank-India for KYC Non-Compliance

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹30.00 lakh on Standard Chartered Bank-India for non-compliance with certain provisions of the ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’.
This penalty has been imposed in the exercise of powers vested in RBI conferred under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
The Statutory Inspection for Supervisory Evaluation (ISE 2021) of the bank was conducted by RBI with reference to its financial position as on March 31, 2021.

Kotak Mahindra Bank partners with actyv.ai to provide insurance products to MSMEs

Kotak Mahindra Bank’s subsidiary, Kotak Mahindra General Insurance Company has partnered with ai to offer bite-sized insurance products to new-age Micro, Small and Medium Enterprises (MSME) companies in India.
Kotak General Insurance will leverage actyv.ai’s AI-powered platform to provide insurance solutions to support the business sustainability of small businesses.
Through actyv.ai’s technology stack and Kotak General Insurance’s customized insurance products, this tie up will offer innovative insurance products to the enterprise and close to one lakh supply chain partner ecosystem to focus on driving growth without worrying about business risks.
ai founder and global CEO : Raghunath Subramanian

About Kotak General Insurance :

Established : 2015
Headquarters : Mumbai, Maharashtra, India
MD & CEO : Suresh Agarwal

RBI imposed fine on all 4 credit bureaus over rule violations

The Reserve Bank of India (RBI) has imposed a monetary penalty on all 4 credit information companies currently operating in the country for non-compliance with certain provisions of the Credit Information Companies/CICs (Regulation) Act, 2005, read with the CIC Rules, 2006.

List of 4 credit bureaus :

CRIF High Mark Credit Information Services Private Limited – ₹25.75 lakh
Equifax Credit Information Services Private Limited – ₹24.25 lakh
TransUnion CIBIL Limited – ₹26 lakh
Experian Credit Information Company of India Private Limited – ₹24.75 lakh.

“These actions are based on the deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the companies,”

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister Shri Narendra Modi to inaugurate 17th Indian Cooperative Congress in New Delhi:

Prime Minister Shri Narendra Modi will inaugurate the 17th Indian Cooperative Congress (ICC) on the 1st of July 2023 at Pragati Maidan in New Delhi.
National Cooperative Union of India (NCUI) is organizing the two days Indian Cooperative Congress with the theme of Amrit Kaal: Prosperity through Cooperation for a Vibrant India.
It will be chaired by the Union Home and Cooperation Minister Amit Shah.
According to the Ministry of Cooperation, the objective of the Indian Cooperative Congress is to discuss various trends in the cooperative movement, to showcase the best practices being adopted by the successful cooperatives and to deliberate on challenges being faced by the cooperative world.
The Ministry said, an exhibition will also be held displaying various products of Self-Help Group’s and NCUI Cooperative Education Field Projects under the banner of NCUI HAAT.
Approximately five crore members will be connected live during the event.

DoT announces ‘5G & Beyond Hackathon 2023’:

The Department of Telecommunications has been conducting Hackathons for the development of 5G products and solutions.
This culminated in the development of 5G products/solutions in different technological verticals.
The DoT invites applications from June 28, 2023, for ‘5G & Beyond Hackathon 2023’, aimed at shortlisting India-focused cutting-edge ideas that can be converted into workable 5G & beyond products and solutions.
A hundred winners of the hackathon will share a total prize pool of Rs one crore, and the unique opportunity to scale and implement their 5G products/solutions to make them market ready with the support of mentors from Government, industry, academia, Telcos/OEMs, etc.
The participants can develop 5G & beyond solutions from across multiple categories including Healthcare, Education & Governance, AgriTech & Livestock, Environment, Public Safety & Disaster Management Enterprise, Smart Cities & Infrastructure, Cyber Security, Banking, Finance & Insurance, Logistics & Transportation, Multimedia & Broadcast Satellite, among others.
The 5G & Beyond Hackathon is open to individuals, students, start-ups, and academic institutions in India.
Department of Telecommunications invites applications will be received July 31, 2023.

India plays a key role in shaping ITU 6G Vision Framework

International Telecommunication Union (ITU) has approved the 6G Vision Framework.
India, through the Department of Telecommunications, the Ministry of Communications played a key role in framing the Framework.
Prime Minister Shri Narendra Modi had released India’s 6G Vision “Bharat 6G Vision” document on March 23, 2023 which envisages India to be a front-line contributor in design, development and deployment of 6G technology by 2030.
Bharat 6G Vision is based on principles of Affordability, Sustainability and Ubiquity.
It ensures that India takes its rightful place in the world as a leading supplier of advanced telecom technologies and solutions that are affordable and contribute to the global good.
Thereafter, the efforts of the Department of Telecommunications, Ministry of Communications in prioritising 6G standardisation have successfully resulted in adoption of Ubiquitous Connectivity, Ubiquitous Intelligence and Sustainability as key elements of 6G Technology and has also enhanced India’s position in the International Telecommunication space.
The 6th Generation or 6G Technology has been named ‘IMT 2030’ by ITU, the specialised agency for Information and Communication Technologies of United Nations.
The recommendation of ITU for 6G Framework, approved on June 22, 2023; will serve as a foundation document in 6G research and development and will pave way for the development of 6G Technology worldwide.
The ITU 6G Framework has been formulated with collaborative efforts of member countries of the United Nations in which India has played a front-runner role from the very beginning.

Union Minister Shri Parshottam Rupala Launches “Report Fish Disease” App

Shri Parshottam Rupala, Minister of Fisheries, Animal Husbandry and Dairying, Government of India launched an android-based mobile app as “Report Fish Disease” in the presence of Dr. L. Murugan, Minister of State for Fisheries, Animal Husbandry and Dairying, Shri J.N. Swain, Secretary, Department of Fisheries, MoFAH&D, Dr Abhilaksh Likhi, Officer on Special Duty, MoFAH&D and Dr. Himanshu Pathak, Secretary, DARE & DG, ICAR, New Delhi.
Contributing to the vision of “Digital India”, the ‘Report Fish Disease’ has been developed by ICAR-National Bureau of Fish Genetic Resources (NBFGR), Lucknow and launched under the National Surveillance Programme for Aquatic Animal Diseases.
The Department of Fisheries has allocated ₹78 crores for a period of three years for the implementation of the second phase of the NSPAAD under the PMMSY scheme.
With the launch of this App, NSPAAD was able to meet national and international obligations through transparent reporting.
The app will be a central platform for connecting and will integrate fish farmers, field-level officers and fish health experts seamlessly.
The disease problem faced by the farmers which used to go unnoticed or not reported earlier, will reach the experts and the problem will be addressed in an efficient manner within a short period of time.

India to add 1 mb/d of refining capacity by 2028: IEA

India’s refining capacity will increase from 5.2 million barrels per day (mb/d) in 2022 to 6.2 mb/d in 2028.
This is according to the latest refining capacity numbers by the International Energy Agency (IEA).
It is expected that India will add one mb/d of refining capacity in the next five years.
India is currently the world’s fourth largest crude oil refiner.
According to the Petroleum Planning and Analysis Cell (PPAC), India’s cumulative crude oil processing was 4.85 mb/d in FY22.
This increased to 5.02 mb/d in FY23.
Production from the planned 1.2 mb/d Ratnagiri refinery is not expected to start production during the IEA’s forecast period (2022-2028).
The expansion of Panipat refinery to 25 MTPA is likely to be completed by September 2024.
The expansion of the Gujarat refinery to 18 MTPA is likely to be completed in 2023.
The expansion of Baruni refinery to nine MTPA are likely to be completed in 2023.
Bharat Petroleum Corporation (BPCL) is ex panding capacity at Bina (Madhya Pradesh) from 7.8 MTPA to 11 MTPA.
Hindustan Petroleum Corporation (HPCL) is also expanding its refineries at Bhatinda and Vizag and the Greenfield refinery at Barmer, which are likely to be completed in FY24.
Globally, over 6 mb/d of new crude distillation capacity is likely to be added from 2022 to 2028.
China is likely to be the single largest contributor to the six mb/d of new capacity. India and the Middle East are likely to be in 2nd place.

About IEA:

International Energy Agency was founded in November 1974.
It is headquartered in Paris, France.
It has 31 member countries.

CURRENT AFFAIRS : STATE NEWS

Uttar Pradesh launched ‘Operation Conviction’ for cow slaughter & child abuse cases

The Uttar Pradesh (UP) Police Department launched ‘Operation Conviction’ to combat criminals and mafias in
The initiative will expedite the prosecution of cases registered under the Protection of Children from Sexual Offences (POCSO) Act, as well as those involving cow slaughter, religious conversion, rape, and

About Operation Conviction :

Operation Conviction will ensure the immediate arrest of criminals, the collection of strong evidence against them, quality investigation, and effective representation of cases in courts so that they are punished in the shortest amount of time.
Each commissionerate/district will be required to identify 20 cases in each category under ‘Operation Conviction’ in addition to cases registered under the POCSO Act.
To ensure that victims receive prompt justice, charges will be framed within 3 days of the chargesheet being filed, and the trial will be completed within 30 days.
A monitoring cell will be established in the office of each police commissioner or district police chief to monitor the daily progress of the cases.
This cell will be led by a gazetted officer who will ensure the speedy trial of cases identified under ‘Operation Conviction.’

About POCSO Act :

The Parliament of India passed the ‘Protection of Children Against Sexual Offences Bill (POCSO), 2011′ regarding child sexual abuse on 22 May 2012, making it an Act.
A guideline was passed by the Ministry of Women and Child Development, India.
This act has been mentioned in Article 21 of the Constitution of India.

About UP :

Governor : Anandiben Patel
Chief Minister : Yogi Adityanath
Capital : Lucknow
National Park : Dudhwa National Park
Wildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary

Kharchi Puja commenced in Tripura

In a vibrant display of cultural heritage and religious fervour, the Historical ‘Kharchi Puja’ commenced in
It is one of the main festivals of Tripura.
The auspicious event marked the revival of ancient customs and traditions, drawing enthusiastic devotees from far and wide.
It lasts for 7 days, and it takes place at old Agartala in the Fourteen Gods temple known as the ‘Chaturdasha Devata’ temple premises.

About Historical ‘Kharchi Puja’ :

Kharchi Puja, also called the Festival of 14 Gods, is observed on the 8th day of the new moon in July or August every year.
This year, the auspicious festival will begin on June 26 and will continue till July 2, 2023.
The meaning of Kharchi can be understood by splitting the word into two Tripuri words “Khar” or Kharta meaning sin and “Chi” or si meaning cleaning.
Hence it signifies the cleansing of our sins.
It occurs during the month of ‘Ashad’ on the ‘Shukla Ashtami’ day.
The event holds immense historical and cultural importance, showcasing the rich heritage and traditions of the region

About Tripura :

Governor : Satyadev Narayan Arya
Chief Minister : Manik Saha
Capital : Agartala
National Park : Bison (Rajbari) National Park, Clouded Leopard National Park
Wildlife Sanctuary : Sepahijala Wildlife Sanctuary, Trishna Wildlife Sanctuary
Ramsar Site : Rudrasagar Lake

‘1,000-year-old’ Jaina sculptures found fitted to sluice near Hyderabad

Two 1000-year-old square pillars with sculptures of Jain Tirthankaras (a saviour and spiritual teacher of the dharma) and inscriptions, were found on the outskirts of Hyderabad in Rangareddy district’s Moinabad village.
The information about the pillars was first shared by P Srinath Reddy, a young archaeologist and heritage activist, following which a senior archaeologist E Sivanagireddy inspected the spot.

Key Highlights :

Two pillars, one of granite and another of black basalt, have sculptures of four Jaina Tirthankaras – Adinatha, Neminatha, Parsvanatha and Vardhamana Mahavira in meditation pose.
The pillars are decorated with Keerthimukhas on the top side and have Telugu-Kannada script on both slabs.
The visible part of one inscription is related to a Janina Basadi (monastery) that was a prominent Jaina centre during the Rashtrakuta and Vemulawada Chalukyan near to Chilukuru.

CURRENT AFFAIRS: BUSINESS NEWS

Exporters with credit limit of up to Rs 50 crores to get 90% insurance cover

Government will extend extended cover under ECIB scheme with enhanced cover of 90% to accounts with limits up to Rs. 50 crore
Last year, cover under ECIB scheme was extended by ECGC Ltd. for the accounts with export credit working capital limits up to Rs. 20 crore sanctioned by the banks (excluding Traders and GJD Exporters) with enhanced cover of 90%.
Four banks have so far opted for enhanced cover under Export Credit Insurance for banks (ECIB).
The names of four banks are SBI, Central Bank of India (CBI), Bank of Maharashtra and Saraswat Bank.
The benefit of the enhanced cover will be extended to the accounts with limits up to Rs. 50 crore for above four banks.
This is expected to benefit around 3,000 exporter-borrower accounts.
In July 2022, ECGC has introduced new scheme to provide enhanced export credit risk insurance cover up to 90% for small exporters.

About ECGC:

ECGC Ltd. was set up in 1957 under the Companies Act.
It is headquartered in Mumbai, Maharashtra.
It was set up to promote exports from India through providing export credit insurance services to exporters and banks.
It works under the administrative control of the Ministry of Commerce and Industry.

RBI informs GNPA ratio of Scheduled Commercial Banks fallen to 10 year low of 3.9% in March 2023

The Reserve Bank of India has informed that the Gross Non-Performing Assets (GNPA) ratio of Scheduled Commercial Banks has fallen to 10 year low of 3.9 percent in March 2023 and net non-performing assets (NNPA) ratio declined to 1 percent.
RBI released its Financial Stability report.
As per the report Scheduled commercial banks bolstered their capital base with Capital to risk-weighted assets ratio at a historical high of 1 per cent and common equity tier1 capital ratio at 13.9 percent in March 2023.
The report says, Indian economy presents a picture of resilience, supported by strong macroeconomic fundamentals.
Sustained growth momentum, moderating inflation, narrowing current account deficit and rising foreign exchange reserves, ongoing fiscal consolidation, and robust financial system are setting the economy on a path of sustained growth

CURRENT AFFAIRS: MOUS AND AGREEMENT

Gujarat government sign an MoU with American chipmaker firm Micron Technology for semiconductor assembly and test facility in Ahmedabad

The Gujarat government has signed a Memorandum of Understanding with computer storage chip maker Micron for setting up a USD 2.75 billion semiconductor assembly and test facility at Sanand in Ahmedabad district.
The MoU was signed in the presence of Electronics & Information Technology Minister Ashwini Vaishnaw and Chief Minister Bhupendra Patel
For the last many decades India is dependent upon import of semiconductor chips and the demand for them will increase as the manufacturing sector in the country grows
The plant at Sanand will entail a total investment of USD 2.75 billion (around Rs 22,540 crore).
Micron’s plant has been approved under the Union government’s ‘Modified Assembly, Testing, Marking and Packaging (ATMP) Scheme’.
Under the scheme, Micron will receive 50 per cent fiscal support for the total project cost from the Indian government and incentives representing 20 per cent of the total project cost from the Gujarat government.
Phase 1 of the plant will become operational by the end of 2024.

CURRENT AFFAIRS: RANKING AND INDEX

Vienna is the most livable city in the world: Global livability index 2023

According to the global livability index 2023, Austria’s capital Vienna has been named the world’s “most livable city” for 2023.
The Global livability index 2023 has been released by the Economist Intelligence Unit (EIU).
It has ranked 173 cities around the world on different factors including health care, education, stability, infrastructure and the environment.
In this ranking, Denmark’s Copenhagen is in second place while Australia’s Melbourne and Sydney are in third and fourth positions.
India’s five cities- Bengaluru, Ahmedabad, Chennai, New Delhi and Mumbai – are also on the list of most livable cities.
New Delhi and Mumbai secured141st position. Chennai, Ahmedabad and B Bengaluru are ranked 144th, 147th and 148th, respectively.
The average index score across 172 cities (eliminating Kyiv in Ukraine) has now reached 76.2 out of 100.
It is the highest in the last 15 years.
UK capital London and Sweden’s capital Stockholm have reached 46th and 43rd positions.
As per the report, the health care scores have improved the most.
Canada has the highest number of livable cities in the top 10.
These cities are Calgary (7th), Vancouver (5th) and Toronto (9th).
Damascus is the least livable city in the world.
Kyiv is also in the bottom 10

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

LIC Housing Finance Limited appoints Tribhuwan Adhikari as Chief Operating Officer

LIC Housing Finance Limited (LIC HFL) has appointed Tribhuwan Adhikari as Chief Operating Officer (COO) of the company.

About Tribhuwan Adhikari :

Tribhuwan Adhikari, joined LIC of India in September 1989.
During his career in LIC, spanning more than 3 decades he has worked all over the country and has been posted in West Bengal, Bihar, Uttar Pradesh, Uttarakhand, &.Maharashtra.
He had the privilege of holding independent charge of two Divisions of LICI i.e., Dehradun in Uttarakhand and Kanpur in Uttar Pradesh (UP).
Prior to this assignment, he was posted as Additional Director at Zonal Training Center, Eastern Zone, Kolkata.

About LIC Housing Finance Limited :

Founded : 19 June 1989
Headquarters : Mumbai, Maharashtra, India
MD & CEO : Viswanatha Gowd

RBI approved the appointment of A P Hota as Federal Bank’s Part-Time Chairman

The Reserve Bank of India (RBI) has given its approval to the Federal Bank for the appointment of AP Hota as part-time chairman, with effect from June 29, 2023, till January 14, 2026.

About A P Hota :

AP Hota has banking experience of over 27 years in Reserve Bank, mostly in technology and payment systems, from 1982- 2009.
While at Reserve Bank of India, he served as nominee director to the Board of Vijaya Bank and subsequently Andhra Bank.
He was the architect of NPCI and served as its Managing Director and Chief Executive Officer between 2009- 2017.
He was appointed as Independent Director of Federal Bank Limited with effect from January 15, 2018.
In June 2023, , Federal Bank elevated its wholesale banking head Harsh Dugar as executive director for 3 years.

About Federal Bank :

Headquarters : Aluva, Kochi, Kerala, India
MD & CEO :Shyam Srinivasan
Tagline : your perfect banking partner.

IPS officer Ajay Bhatnagar Appointed As Special Director Of CBI

Senior Indian Police Service (IPS) officer Ajay Bhatnagar has been appointed as Special Director in the Central Bureau of Investigation (CBI).
He has been appointed to the post till the date of his superannuation on November 20, 2024.

About Ajay Bhatnagar :

Ajay Bhatnagar, a senior IPS officer of the 1989 batch from the Jharkhand cadre.
Currently, he is Additional Director in CBI.

Other Appointments :

Anurag, Joint Director in the CBI, will now be Additional Director in the agency.
Manoj Sashidhar, a 1994 batch IPS officer of Gujarat cadre, has also been appointed to the post of Additional Director in the CBI for a period of three years.
He is currently serving as Joint Director in CBI.
Sharad Agarwal, serving as Joint Director in the CBI, has received an extension in his deputation tenure.
Agarwal’s tenure will now continue from June 1, 2023, until May 31, 2024, totalling 8 years.

About CBI :

Headquarters : New Delhi, Delhi, India
Director General : Praveen Sood
The CBI is the domestic crime investigating agency of India.
It operates under the jurisdiction of the Ministry of Personnel, Public Grievances and Pensions.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy Launched Powerful Anti-Submarine Warfare Vessel – INS Anjadip

Indian Naval Ship (INS) Anjadip, the 3rd of the eight Anti-Submarine Warfare Shallow Water Craft (SWC) Project, was launched at the Larsen and Toubro (L&T) Kattupalli Port, Chennai, Tamil Nadu (TN).
It was built by Kolkata-based Garden Reach Shipbuilders and Engineers (GRSE) for the Indian Navy.
It is an anti-submarine warfare shallow watercraft vessel built for the Indian Navy.
The Launch Ceremony was presided over by Vice Admiral R B Pandit, C-in-C (SFC).
In keeping with the naval maritime tradition, Smt Priya Pandit launched the ship to the chanting of invocation from Atharva Veda.

About INS Anjadip :

Anjadip is the 3rd of the eight ships of the contract that was signed between Garden Reach Shipbuilders and Engineers (GRSE), Kolkata and the Ministry of Defence (MoD) in April 2019.
The vessel was named after the island of Anjadip, located off Karwar Port, Karnataka, signifying its strategic maritime importance.
The ship is a 900-ton, 77-metre-long vessel powered by water-jet propulsion.
It can achieve a maximum speed of 25 knots (46 km/h) and has an endurance of 1,800 nautical miles (3,300 km) at 14 knots (26 km/h).
It is designed to undertake anti-submarine operations in coastal waters, low intensity maritime operations (LIMO) and subsurface surveillance among others.
The class of ship has achieved 80% indigenization, highlighting India’s commitment to self-reliant shipbuilding, promoting domestic manufacturing, fostering employment, and enhancing capabilities.
It is equipped with an Anti-submarine Combat Suite, potentially the DRDO-developed IAC MOD’C’, a Hull Mounted Sonar, and a Low-frequency Variable Depth Sonar.
The previous two ships launched were Androth and Arnala on March 21, 2023 and December 2022, respectively.

About Ministry of Defence :

Defence Minister : Rajnath Singh
Minister of State : Ajay Bhatt
Defence Secretary : Giridhar Aramane

Indian Navy launched the 4th ship of Survey Vessels (Large) ( SVL ) Project – Sanshodhak

Indian Naval Ship (INS) Sanshodhak’, the fourth of four ships of Survey Vessels (Large) (SVL) Project, being built by Larsen and Toubro (L&T)/ Garden Reach Shipbuilders & Engineers (GRSE) for the Indian Navy was launched at Kattupalli, Chennai, Tamil Nadu (TN).
The chief guest of the Launch Ceremony was Vice Admiral Adhir Arora, Chief Hydrographer to Government of India (GoI).

About INS Sanshodhak :

The ship named ‘Sanshodhak’, meaning ‘Researcher’, signifies the primary role of the ship as a Survey Vessel.
As per the contract signed between MoD and Garden Reach Shipbuilders & Engineers (GRSE), Kolkata, the first ship was to be built at GRSE, Kolkata and construction of the remaining three ships up to outfitting stage, has been subcontracted to M/s L&T Shipbuilding, Kattupalli.
The first three ships of the project, Sandhayak, Nirdeshak and Ikshak were launched on 05 Dec 21, 26 May 22 and 26 Nov 22
SVL ships will replace the existing Sandhayak Class survey ships, with new-generation hydrographic equipment, to collect oceanographic data.
The hull of these ships is made by Steel Authority of India Limited from indigenously developed DMR 249-A steel.
It can carry four Survey Motor Boats and an integral helicopter.
These ships have a length of 110 metres, a width of 16 meters, and a displacement of 3,400 tons.

About GRSE :

Founded : 1884
Headquarters : Kolkata, West Bengal
Chairman & Managing Director : Commodore (Retd) PR Hari

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

India Launches its 1st ever 100% Dimethyl Ether-Fuelled Tractor for Sustainable On and Off-Road Usage

In a significant advancement towards a sustainable and renewable fuel-based transport system, researchers at Indian Institute of Technology (IIT) Kanpur have successfully developed India’s first 100% Dimethyl Ether (DME)-fuelled tractor/vehicle with a mechanical fuel injection system for both on- and off-road applications.
The DME-fuelled engine emitted extremely low particulate and soot emissions and almost no smoke without using expensive exhaust gas after-treatment devices and advanced engine technologies.
The research is supported by the Science and Engineering Research Board (SERB), an attached institution of the Department of Science and Technology (DST).
The project aligned with the Methanol Economy’ program of NITI Ayog and could reduce India’s oil import bill and greenhouse gas (GHG) emissions by converting vast domestic coal reserves, low-value agricultural biomass waste, and municipal solid waste into methanol and DME for variety of applications including powering the tractors/ vehicles.

What is Dimethyl Ether(DME)?

Dimethyl ether, also known as methoxymethane, wood ether, dimethyl oxide or methyl ether, is the simplest ether.
It is a colourless, slightly narcotic, non-toxic, highly flammable gas at ambient conditions, but can be handled as a liquid when lightly pressurized.
DME is a suitable alternative since it is renewable.
It can be produced indigenously, and several countries, like Japan, USA, China, Sweden, Denmark, and Korea, are already using DME to power their vehicles.
Dimethyl ether was first synthesised by Jean-Baptiste Dumas and Eugene Péligot in 1835 by distillation of methanol and sulfuric acid.

Uses:

It is used extensively in the chemical industry and as solvent, fuel, and refrigerant.
It has already been used as an ozone-friendly aerosol propellant to replace ozone-destroying chlorofluorocarbons (CFCs).

CURRENT AFFAIRS: IMPORTANT DAYS

World Asteroid Day 2023: June 30

On June 30th of this current year World Asteroid Day 2023 is observed as an awareness program among the public all over the world.
In December 2016, the United Nations General Assembly passed resolution A/RES/71/90 proclaiming June 30 as International Asteroid Day to commemorate the Tunguska impact over Siberia, Russian Federation, on June 30, 1908, and to raise awareness about the risks of asteroids on a global scale.
Brian May, astrophysicist and lead guitarist of QUEEN co-founded International Asteroid Day with Danica Remy, President of the B612 Foundation, Rusty Schweickart, Apollo 9 Astronaut, and filmmaker Grig Richters to raise public awareness about the importance of asteroids in the formation of our universe and their current role in our solar system.
Asteroid Day was co-founded by astrophysicist and lead guitarist of QUEEN Dr. Brian May together with Danica Remy, President of B612 Foundation, Rusty Schweickart, Apollo 9 Astronaut, and filmmaker Grig Richters, to promote awareness and provide knowledge to the general public about the benefits of asteroids and measures to save our earth from the impact of asteroids.
B612 strives to defend the Earth against asteroid strikes by informing and advancing global planetary defense decision-making.

Daily CA One- Liner: June 30

The Reserve Bank of India (RBI) has cancelled the banking license of the Karnataka-based Mahalaxmi Cooperative Bank, Dharwad, and allowed it to function only as a Non-Banking Financial Company (NBFC).
The Reserve Bank of India (RBI) imposed monetary penalties on 7 co-operative banks for contravention of/non-adherence with the certain norms issued by the central bank for the co-operative banks.
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹30.00 lakh on Standard Chartered Bank-India for non-compliance with certain provisions of the ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’.
Kotak Mahindra Bank’s subsidiary, Kotak Mahindra General Insurance Company has partnered with ai to offer bite-sized insurance products to new-age Micro, Small and Medium Enterprises (MSME) companies in India.
The Reserve Bank of India (RBI) has imposed a monetary penalty on all 4 credit information companies currently operating in the country for non-compliance with certain provisions of the Credit Information Companies/CICs (Regulation) Act, 2005, read with the CIC Rules, 2006.
Prime Minister Shri Narendra Modi will inaugurate the 17th Indian Cooperative Congress (ICC) on the 1st July at Pragati Maidan in New Delhi
Department of Telecommunications has been conducting Hackathons for the development of 5G products and solutions
International Telecommunication Union (ITU) has approved the 6G Vision Framework
Shri Parshottam Rupala, Minister of Fisheries, Animal Husbandry and Dairying, Government of India launched an android-based mobile app as “Report Fish Disease” in the presence of Dr. L. Murugan, Minister of State for Fisheries, Animal Husbandry and Dairying, Shri J.N. Swain, Secretary, Department of Fisheries, MoFAH&D, Dr Abhilaksh Likhi, Officer on Special Duty, MoFAH&D and Dr. Himanshu Pathak, Secretary, DARE & DG, ICAR, New Delhi
India’s refining capacity will increase from 5.2 million barrels per day (mb/d) in 2022 to 6.2 mb/d in 2028.
Government will extend extended cover under ECIB scheme with enhanced cover of 90% to accounts with limits up to Rs. 50 crore
Reserve Bank of India has informed that the Gross Non-Performing Assets (GNPA) ratio of Scheduled Commercial Banks has fallen to 10 year low of 3.9 percent in March 2023 and net non-performing assets (NNPA) ratio declined to 1 percent
The Gujarat government signed a Memorandum of Understanding with computer storage chip maker Micron for setting up a USD 2.75 billion semiconductor assembly and test facility at Sanand in Ahmedabad district
According to the global livability index 2023, Austria’s capital Vienna has been named the world’s “most livable city” for 2023
The Uttar Pradesh (UP) Police Department launched ‘Operation Conviction’ to combat criminals and mafias in
In a vibrant display of cultural heritage and religious fervour, the Historical ‘Kharchi Puja’ commenced in
Two 1000-year-old square pillars with sculptures of Jain Tirthankaras (a saviour and spiritual teacher of the dharma) and inscriptions, were found on the outskirts of Hyderabad in Rangareddy district’s Moinabad village.
LIC Housing Finance Limited (LIC HFL) has appointed Tribhuwan Adhikari as Chief Operating Officer (COO) of the company.
The Reserve Bank of India (RBI) has given its approval to the Federal Bank for the appointment of AP Hota as part-time chairman, with effect from June 29, 2023, till January 14, 2026.
Senior Indian Police Service (IPS) officer Ajay Bhatnagar has been appointed as Special Director in the Central Bureau of Investigation (CBI).
Indian Naval Ship (INS) Anjadip, the 3rd of the eight Anti-Submarine Warfare Shallow Water Craft (SWC) Project, was launched at the Larsen and Toubro (L&T) Kattupalli Port, Chennai, Tamil Nadu (TN).
Indian Naval Ship (INS) Sanshodhak’, the fourth of four ships of Survey Vessels (Large) (SVL) Project, being built by Larsen and Toubro (L&T)/ Garden Reach Shipbuilders & Engineers (GRSE) for the Indian Navy was launched at Kattupalli, Chennai, Tamil Nadu (TN).
In a significant advancement towards a sustainable and renewable fuel-based transport system, researchers at Indian Institute of Technology (IIT) Kanpur have successfully developed India’s first 100% Dimethyl Ether (DME)-fuelled tractor/vehicle with a mechanical fuel injection system for both on- and off-road applications.
On June 30th of this current year World Asteroid Day 2023 is observed as an awareness program among the public all over the world.

1 year ago