Daily Current Affairs 12th June, 2024
Daily Current Affairs 12 June 2024 for Banking | Insurance | SSC and other related exams.
National News
Development of Maharana Pratap Tourist Circuit
~> Rajasthan Chief Minister Bhajan Lal Sharma, announced a Rs100 crore investment to develop the Maharana Pratap Tourist Circuit during the inauguration of Maharana Pratap Jayanti celebrations in Udaipur where the 484th birthday of the legendary Maharana Pratap of Mewar was celebrated on 9 June 2024.
~> He emphasized the global significance of the 16th century king as a source of inspiration for youth worldwide.
~> He said, “It is the aim of our government to spread the message of Maharana Pratap to the whole world, and in this direction Maharana Pratap Tourist Circuit is being developed at a cost of Rs 100 crore.”
~> His valour, bravery and patriotism cannot be bound by time and geographical boundaries, Sharma said and added that Maharana Pratap’s life “inspires us to not step back even in adverse circumstances and to always follow the path of truth, religion and national interest”.
International News
Portugal to use golden visa scheme to help migrants, build affordable homes
~> Portugal plans to adapt its golden visa scheme to help migrants and build affordable homes. Wealthy foreigners seeking residency rights can now invest in affordable housing for locals or accommodation for migrants. Antonio Leitao Amaro, the cabinet affairs minister, revealed this in an interview with Reuters on Tuesday.
~> Portugal plans to adapt its golden visa scheme to allow wealthy foreigners seeking residency rights to invest in affordable housing for locals or accommodation for migrants, the cabinet affairs minister told.
~> The golden visa scheme has attracted more 7.3 billion euros ($7.94 billion) of funds since its launch. But critics say it has also exacerbated a housing crisis and it has undergone several changes in recent years.
~> Around 800,000 migrants live in Portugal, nearly double the number from a decade ago, but even though they make significant contributions to the economy they are more likely to have precarious jobs and lower salaries, according to the Migration Observatory.
Practical information for delegates to the 112th Session of the International Labour Conference
~> The Indian tripartite delegation led by Secretary (Labour & Employment), Ms. Sumita Dawra, participated in the 112th session of the International Labour Conference (ILC) of International Labour Organisation (ILO) being held in Geneva, Switzerland.
~> Head of the Delegation, Ms. Sumita Dawra, Secretary (L&E) addressed the ILC during the Plenary session on “Towards a renewed social contract”, and highlighted the major initiatives of the Government of India towards implementing labour reforms, enhancing social security coverage, providing social security to all, particularly, informal sector workers, promoting female labour force participation and efforts made towards identifying and promoting new employment opportunities.
~> The International Labour Organization will hold its 112th annual International Labour Conference in Geneva from 3–14 June 2024. Worker, employer and government delegates from the ILO’s 187 Member States will tackle a wide range of issues, including: a standard-setting discussion on protection against biological hazards, a recurrent discussion on the strategic objective of fundamental principles and rights at work and a general discussion on decent work and the care economy. The Conference will also elect members of the Governing Body for the 2024-27 term of office
Banking & Finance
Motor insurance rule change: No arbitrary claim rejection, quicker claim settlement, pay as you drive option must, says IRDAI
~> In a bid to help thousands of motor insurance customers, the Insurance Regulatory and Development Authority of India (IRDAI) has released the master circular for general insurance business on June 12, 2024.
~> The Insurance Regulatory and Development Authority of India (IRDAI) has updated the master circular clarifying important rules for motor insurance policyholders. The regulator has proposed the implementation of strict timelines for claim settlements of auto insurance policyholders.
~> The pay as you drive insurance product is also a comprehensive own damage (OD) plus third party (TP) policy where the third party premium will be decided as per the norms while the comprehensive own damage premium will be calculated based on how many kilometers you plan to drive in a given timeframe.
SBI’s co-lending ventures with NBFCs revolutionizing access to credit
~> State Bank of India has so far entered into co-lending tie-ups with 23 non-banking finance companies (NBFCs)/housing finance companies (HFCs) in a bid to enhance its reach to the unserved and under-served populace.
~> A pivotal development in this endeavour is the launch of a comprehensive digital platform facilitating end-to-end processes of credit underwriting, sanction, disbursement, and collections for NBFC co-lending. Leveraging this platform, SBI has sanctioned loans totalling Rs 2,030 crore to over 2.79 lakh borrowers. Impressively, the majority of these accounts, exceeding 2.70 lakh, were sanctioned entirely through digitized channels, particularly for loans up to Rs 3 lakh.
Bank of India Acquires 6.125% Stake in CCIL IFSC
~> The Bank of India has acquired a 6.125% stake in the Clearing Corporation of India Ltd. (IFSC) for Rs. 6.125 crore, aiming to enhance its strategic presence in GIFT City IFSC. This acquisition reflects the bank’s commitment to the growth and development of GIFT City as a global financial hub.
~> At a celebration to commemorate the opening of the bank’s IFSC Banking Unit in GIFT City, Bank of India Executive Director (International Operations) Subrat Kumar made the announcement.
~> CCIL IFSC, promoted by the Clearing Corporation of India Limited (CCIL), is set to develop and manage a real-time foreign currency settlement system within GIFT City, India’s sole operational international financial services centre. This initiative is poised to enhance the GIFT City ecosystem by facilitating a wider range of financial activities and services within the IFSC.
Business & Economy
Visakhapatnam Port breaks into top 20 rankings in World Bank’s Container Port Performance Index
~> The Visakhapatnam Port Authority (VPA) has secured the 18th position in the World Bank’s Container Port Performance Index (CPPI), marking a significant milestone for India’s maritime industry. This achievement underscores the exemplary efforts of Terminal Operator M/s. Visakha Container Terminal Pvt. Ltd.
~> China’s Yangshan Port clinched the top spot for the second consecutive year, while Oman’s Port of Salalah retained the number two position. In the CPPI by region (West, Central and South Asia) from Saudi Arabia to Bangladesh, Visakhapatnam was ranked 18 with Mundra at 22.
~> The fourth edition of CPPI is based on the biggest dataset ever: more than 182,000 vessel calls, 238.2 million moves, and about 381 million twenty-foot equivalents (TEUs) for the full calendar year of 2023.
Appointments
BJP’s Mohan Charan Majhi to be next Odisha chief minister, KV Singh Deo and Pravati Parida deputy CMs
~> BJP’s 4-time MLA Mohan Charan Majhi has been appointed as the new Chief Minister of Odisha. KV Singh Deo and Pravati Parida will be the Deputy Chief Ministers.
~> Majhi, 52, is the MLA-elect from the Keonjhar assembly seat. He defeated ruling BJD’s Meena Majhi by over 10,000 votes. This is the second time he won from Keonjhar. In the 2014 assembly polls, Majhi came second when BJD’s Abhiram Naik bagged the seat.
~> Governor Raghubar Das administered the oath of office to Majhi, a four-time MLA from Keonjhar, in the presence of Prime Minister Narendra Modi, seven Union ministers and nine chief ministers of BJP-ruled states. BJD president and former chief minister Naveen Patnaik was also in attendance.
CFI elects Tata Projects MD & CEO Vinayak Pai as President of national council
~> Tata Projects MD and CEO Vinayak Pai has been elected by the Construction Federation of India (CFI) as the President of its national council.
~> In a statement on Sunday, the CFI announced the formation of the National Council for a two-year term (FY25-FY26). The National Council elected Vinayak Pai, MD & CEO of Tata Projects Ltd, as President.
~> The newly elected National Council also comprises representatives from leading infrastructure construction companies across India, including Ajit Bhate, Managing Director, Precast India Infrastructures and Arjun Dhawan, Vice Chairman, Hindustan Construction Company Ltd.
Science & Technology
Indian Army Launches ‘Vidyut Rakshak’ Monitoring System
