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Daily Current Affairs 5th June 2024 Daily GK Update
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National News
School Education Department Signs MoU with National Book Trust to Create Institutional Framework for Rashtriya E-Pustakalaya
- The Department of School Education, Ministry of Education, has signed an MoU with the National Book Trust to establish an institutional framework for Rashtriya e-Pustakalaya, a pioneering digital library platform.
- This collaboration aims to enhance the accessibility of non-academic books for children and adolescents across India.
- The digital library aims to resolve the ‘last mile’ accessibility issue for many states by offering over 10,000 books in more than 100 languages within the next 2-3 years. Currently, over 1,000 books in 23 languages are available.
- Rashtriya e-Pustakalaya will feature over 1,000 non-academic titles from more than 40 publishers in 22 languages, besides English.
- The platform will cater to four age groups (3-8, 8-11, 11-14, and 14-18 years) as per NEP 2020 guidelines, and will be accessible on Android and iOS devices. The library will offer books across multiple genres, fostering cultural awareness and empathy.
Tata Motors form subsidiary for Commercial Vehicle
- Tata Motors has announced the formation of a wholly-owned subsidiary for its commercial vehicle business. The owned subsidiary will be called TML Commercial Vehicle Ltd (TMLCVL).
- TMLCVL is proposed to be incorporated with a paid-up capital of ₹10,00,000 comprising of 5,00,000 equity shares of face value of ₹2 each fully paid-up cash.
- Earlier the company had announced the demerger of its passenger and commercial vehicle business into a separate entity. Further Tata Motors Finance Ltd (TMFCL) will be merged with Tata Capital Ltd (TCL).
IndiGo to host IATA annual general meeting in Delhi
- IndiGo will host the 81st annual general meeting of the International Airport Transport Association (IATA) in Delhi in June 2025.
- The meeting will be held in the country after a gap of 42 years.
- The decision to host the 81st IATA Annual General Meeting (AGM) in India was made at the ongoing AGM here.
- India has hosted the AGM twice in the past in Delhi — in 1958 and 1983.
Banking and Financial
SEBI sets up committee to review ownership, economic structure of clearing corporations
- Financial market regulator SEBI has formed a committee to review the ownership and economic structure of clearing corporations and suggest measures to ensure that those entities function as resilient, independent, and neutral risk managers.
- The ad-hoc committee will be chaired by Usha Thorat, who was a former Deputy Governor of the Reserve Bank of India (RBI).
- The market regulator said given the substantial growth of Indian securities markets in recent years, clearing corporations as central risk management institutions are important.
Recent Committees
- Gender Sensitisation and Internal Complaints Committee – Justice Hima Kohli
- Equestrian Federation Of India’s Ad-Hoc Administrative Committee – chaired by Justice Najmi Waziri
- IOA forms three-member ad hoc committee to run affairs of suspended WFI; chaired by – Bhupinder Singh Bajwa
- IRDAI forms panel to simplify insurance policy wordings; chaired by -L Viswanathan
- One Nation, One Election Committee; chaired by – Ram Nath Kovind
Goldman Sachs boosts India GDP forecast to 6.9% for CY24
- Foreign brokerage Goldman Sachs has upped India GDP growth forecast by 20 basis points to 6.9 per cent this calendar year from an earlier projection of 6.7 per cent.
- This follows the stronger-than-expected GDP growth print of 7.8 per cent for the January-March 2024 quarter on the back of strong investment demand and a recovery in consumption growth.
- For the current fiscal (2024-25), Goldman Sachs has projected India’s GDP growth at 6.8 per cent.
- The Central Statistics Office (CSO) announced last week that India’s fourth quarter (January-March 2024) GDP growth came in at 7.8 per cent, driven by a strong show on the manufacturing front.
- India’s GDP grew robust 8.2 per cent in 2023-24.
Updated GDP List
- DBS Bank – 7% (FY25)
- NSO – 8.2% (FY24)
- RBI –7% (FY25)
- UN – 6.9% (FY24), 6.6% (FY25)
- Moody’s – 6.6% (FY25)
- India Ratings – 7.1% (FY25)
- OECD – 6.6%(FY25), 6.6%(FY26)
- Fitch Rating –7% (FY25)
SEBI launches ‘Saarthi 2.0’ mobile app for investors
- The market regulator SEBI has unveiled its latest mobile app, ‘Saa ₹thi 2.0’, designed to help investors manage their personal finances.
- The app is packed with tools to make complex financial concepts easier to understand.
- The ‘Saa ₹thi 2.0’ app comes with a user-friendly interface and includes:
Financial calculators
Educational modules
Investor support
Video content
- This launch comes amid a surge in trading scams in India. About 7,000 cyber-related complaints are registered daily on India’s National Cybercrime Reporting Portal (NCRP).
About Securities and Exchange Board of India (SEBI)
- Founded – 12 April 1988
- Act – 1992
- Headquarters – Mumbai
- Chairman – Madhabi Puri Buch
- Executive Director – G Ram Mohan Rao
- SEBI Set up – Uday Kotak committee
PNB partners with IIFCL to provide financing for infrastructure projects
- Punjab National Bank (PNB), a leading public sector bank, has signed an MoU with India Infrastructure Finance Company Ltd (IIFCL) to collaborate in financing of infrastructure projects.
- Under this collaboration, the parties can mutually participate under consortium/multiple lending arrangement to provide financial support to the prospective borrowers subject to due diligence and on case-to-case basis.
- This MoU is expected to be a milestone in finding new avenues of lending to the infrastructure projects of the country.
Recent MoUs Signed in Banking Sector
- Axis Bank and Mastercard Introduce NFC Soundbox
- Capital Small Finance Bank, ICICI Lombard enter into bancassurance tie-up
- Airbus Helicopters, SIDBI sign MoU for helicopter financing in India
- SBI General Insurance signs bancassurance partnership with Jana SFB to increase insurance penetration
- Tata Motors’ arms partner with Bajaj Finance to provide financing to passenger
Axis Bank partners with Bajaj Allianz for strategic bancassurance
- Axis Bank and Bajaj Allianz General Insurance have entered a strategic bancassurance partnership to boost insurance penetration and financial inclusion in the country.
- Under this Bancassurance tie-up, a comprehensive suite of Bajaj Allianz General Insurance products will be distributed through Axis Bank’s network of 5,250 plus branches.
- The suite of insurance solutions would include personal insurance products such as motor insurance, health insurance, home insurance, travel insurance, and commercial insurance products, including engineering and marine insurance.
What is Bancassurance?
- Bancassurance is an insurance distribution model where companies partner with banks to sell policies.
- This arrangement benefits both the bank and insurance companies get to benefit from this arrangement. While the bank earns a commission from the insurance company, the insurer gains from bank’s distribution network.
Adani One launches two variants of co-branded credit cards with ICICI Bank
- Adani One, the digital platform of the Adani Group, and ICICI Bank has launched two variants of co-branded credit cards in collaboration with card network Visa.
- Available in two variants – Adani One ICICI Bank Signature Credit Card and Adani One ICICI Bank Platinum Credit Card – the credit cards will offer a reward programme to its customers.
- Cardholders can get up to 7 per cent Adani reward points on spends within the Adani Group ecosystem.
- This includes services such as the Adani One app, which can be used for booking flights, hotels, trains, buses, and cabs, along with spends across Adani-managed airports, Adani CNG pumps, Adani Electricity bills, and train bookings.
SBI joins the Rs 8-trillion m-cap league; eyes $100 billion m-cap
- The State Bank of India (SBI) has become the first public sector bank and the seventh Indian company to cross the Rs 8 trillion market capitalisation (m-cap).
- HDFC Bank and ICICI Bank are the only other lenders with m-cap of over Rs 8 trillion.
- At present, six Indian companies are valued over Rs 8 trillion. Apart from SBI, Reliance Industries, TCS, HDFC Bank, Bharti Airtel, and ICICI Bank are in the Rs 8 trillion league.
- Infosys had also crossed the milestone but is now valued at Rs 5.8 trillion.
PNB Board approves 10% stake dilution in Canara HSBC Life Insurance via IPO
- Punjab National Bank’s (PNB) Board has approved the initiation of process for divesting 10 per cent shareholding in its associate company Canara HSBC Life Insurance through an initial public offering (IPO) route.
- Currently, PNB holds 23 per cent stake in Canara HSBC Life Insurance.
- Currently, Canara Bank has a 51 per cent stake in the life insurer, while HSBC has a 26 per cent stake in the joint venture.
- Canara HSBC Oriental Bank of Commerce Life Insurance had in 2022 rebranded and renamed itself to Canara HSBC Life Insurance. Canara Bank is also proposing to divest part of its holding in its mutual fund business Canara Robeco Mutual Fund through IPO route.
Appointment
Businesswoman Halla Tomasdottir elected Iceland’s President
- Businesswoman and investor, Halla Tomasdottir has been elected as Iceland’s seventh President.
- She will be sworn in on 1 August 2024 and replace the incumbent president, Guana Johannesson.
- The President of Iceland has a term of four years.
- The president is elected directly by the people. Iceland is a parliamentary democracy and the post of president is largely ceremonial. The real executive power is exercised by the Prime Minister, who heads the council of ministers.
Newly Appointed Prime Minister & President
- President of Mexico – Claudia Sheinbaum (first female prez of nation)
- President of Lithuania – Gitanas Nauseda
- PM of Chad – Allamaye Halina
- President of Taiwan – Lai Ching-Te
- PM of Singapore – Lawrence Wong
Awards
Siddhalinga Pattanashetti wins Gudleppa Hallikeri Award 2024
- Poet and playwright Siddhalinga Pattanashetti has been chosen for the prestigious Gudleppa Hallikeri Award for 2024 by the Gudleppa Hallikeri Memorial Foundation, Hosaritti (Haveri District).
- Pattanashetti will be the 19th recipient of the award. The award comprises a purse of ₹25,000 and a memento.
- People who have made important contributions to literature, society, or social service are recognized with the Gudleppa Hallikeri Award. It was named for a famous freedom fighter named Gudleppa Hallikeri who believed in the same things that Mahatma Gandhi did.
Important day
5 June – World Environment Day
- World Environment Day is celebrated every year on June 5.
- This day is dedicated to raising awareness and taking action for the protection of our environment.
- Theme 2024 – Land Restoration, Desertification, and Drought Resilience
- 2024 will mark the 30th anniversary of the UN Convention to Combat Desertification.
- The sixteenth session of the Conference of the Parties (COP 16) to the United Nations Convention to Combat Desertification (UNCCD) will be held in Riyadh in December 2024.
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