Daily Current Affairs 7 June 2024 for Banking | Insurance | SSC and other related exams.
National News
Solar Energy Corporation of India issues RfS for selection of Green Ammonia Producers under SIGHT Programme of the National Green Hydrogen Mission (NGHM)
-> Competitive Bidding initiated for total available capacity of 5.39 Lakh MT/annum of Green Ammonia intended for production and supply
-> India has taken a crucial step towards demand creation of Green Hydrogen and its derivatives in the country. Solar Energy Corporation of India (SECI) has issued Request for Selection (RfS) for Selection of Green Ammonia Producers for the production of Green Ammonia in India through cost based competitive bidding under Mode 2A of Strategic Interventions for Green Hydrogen Transition (SIGHT) Programme of the National Green Hydrogen Mission being implemented by the Ministry of New & Renewable Energy (MNRE).
-> The bidding for a total available capacity of 5.39 lakh Metric Tonnes (MT)/annum of Green Ammonia intended for production and supply will be carried out through e-bidding followed by e-Reverse Auction process. Green Ammonia produced will be supplied to the fertilizer companies.
Uttarakhand Tourism launches ‘Nakshatra Sabha’
-> A prominent astro-tourism company, Starscapes, and the Uttarakhand Tourism Development Board (UTDB) are teaming up to launch Nakshatra Sabha, an astro-tourism campaign. Set to commence in early June 2024, at George Everest, Mussoorie, the campaign will go on until mid-2025, featuring immersive events across the state.
-> The Uttarakhand government organised a first-of-its-kind Astro-tourism named ‘ Nakshatra Sabha’ in Mussoorie at Mussoorie City, also famous as the Queen of the Hills. The event was held at the George Everest Peak, which is popular amongst tourists as it offers spectacular views of the Doon Valley and the snow-clad Himalayan mountains.
-> The Uttarakhand government organised a first-of-its-kind Astro-tourism named ‘ Nakshatra Sabha’ in Mussoorie at Mussoorie City, also famous as the Queen of the Hills. The event was held at the George Everest Peak, which is popular amongst tourists as it offers spectacular views of the Doon Valley and the snow-clad Himalayan mountains.
3rd Indian Analytical Congress Inaugurated in Dehradun
-> The 3rd Indian Analytical Congress (IAC) was inaugurated today at the Council of Scientific and Industrial Research-Indian Institute of Petroleum (CSIR-IIP) in Dehradun. It is a three-day International Conference cum Exhibition IAC-2024 being jointly organized by CSIR-IIP and the Indian Society of Analytical Scientists (ISAS-Delhi Chapter). “Role of Science and Technology in Green Transitions” is the theme of conference.
Prof. S.K.Mehta, Vice-Chancellor, Ladakh University addressing the inaugural session presented an overview of the role of newly developed educational infrastructure in Ladakh. He also showcased the advanced research facilities recently developed at Ladakh University through the research funds obtained from DST, DBT, and other funding agencies.
International News
80th Anniversary of D-Day
-> On 6th June, 2024 world leaders and veterans attended a series of events to mark the 80th anniversary of the D-Day landings in Normandy, France.
-> The ‘D’ in D-Day stands simply for “the first day” of any large military operation.
-> Individuals wishing to view the replay of the 80th anniversary of D-Day livestream may do so by clicking on ABMC’s
UNSC Permanent and Current Non Permanent Members:
-> A total of 15 members are there in the Council, out of which 5 are permanent and 10 are not permanent. The five permanent members include China, France, the Russia, the United Kingdom, and the United States.
The 10 non-permanent members are:
- Algeria (2025)
- Ecuador (2024)
- Guyana (2025)
- Japan (2024)
- Malta (2024)
- Mozambique (2024)
- Republic of Korea (2025)
- Sierra Leone (2025)
- Slovenia (2025)
- Switzerland (2024)
Banking & Finance
RBI absorbs surplus liquidity aggregating ₹44,430 crore through two VRRR auctions
-> The RBI absorbed ₹44,430 crore surplus liquidity via VRRR auctions, despite readiness to absorb ₹1-lakh crore, signaling ongoing surplus liquidity in the banking system.
-> At the first three-day VRRR auction for a notified amount of ₹50,000 crore, banks deployed funds aggregating ₹41,730 crore. The central bank accepted these funds at a weighted average rate (WAR) of 6.48 per cent.
-> The liquidity surplus in the banking system reached ₹98,920 crore, leading to a decline in overnight money market rates. With the call rate dropping below the repo rate, the RBI intervened to maintain stability by conducting the VRRR auction.
RBI to set up digital payments intel platform after cyber frauds spike over 700%
-> Taking a proactive stance against the escalating threat of digital payment fraud, the Reserve Bank of India (RBI) has unveiled plans for a dedicated platform.
-> In a significant move announced by the RBI Governor Shaktikanta Das, the central bank is set to establish a digital payments intelligence platform aimed at combating the surging challenges of cybercrime in India’s digital payment ecosystem.
-> For this purpose, the central bank has constituted a committee under A P Hota, former MD and CEO of NPCI, to examine various aspects of setting up a digital public infrastructure for digital payments intelligence platform.
FPIs dump ₹10,355 crore in Indian markets as selling streak extends to June; choose THIS market on cheap valuations
-> Foreign portfolio investors (FPIs) have been expanding their sales in the Indian markets since scaling back their buying momentum with the start of the new fiscal year 2024-25 (FY25). Volatility arising from the 2024 Lok Sabha elections and its results, outperformance in Chinese markets, hawkish central bank stance and other global signals have weighed on foreign investor sentiment.
-> FPIs discharged ₹14,794 crore worth of Indian equities and the total outflow is ₹10,355 crore as on June 7, taking into account debt, hybrid debt, debt-VRR and equity, according to data from National Securities Depository Ltd (NSDL). The total debt inflow amounts to ₹4,008 crore in the first week of June.
SBI and Muthoot Microfin join forces to support women entrepreneurs
-> The agreement entails both Muthoot Microfin and SBI co-lending to members of Joint Liability Groups (JLGs) involved in agricultural and allied activities, as well as other income-generating enterprises. Through this partnership, Muthoot Microfin seeks to broaden its reach and cater to the diverse financial needs of rural women.
-> Under the terms of this agreement, both corporations will co-lend to Joint Liability Groups (JLGs) that participate in agricultural, related, and other income-generating activities. The loan amounts, which range from Rs 10,000 to Rs 3,00,000, are designed to provide significant assistance to female entrepreneurs in rural areas.
-> Providing these women entrepreneurs with access to credit and supporting them in their entrepreneurial journey is our aspiration with this partnership. We are committed to making a positive and lasting impact on the lives of millions of rural women in India,” said Mr Thomas Muthoot, Managing Director, Muthoot Microfin Ltd.
SBI MF assets top Rs 10 trn; becomes first fund house to achieve milestone
-> SBI Mutual Fund (SBI MF) made history on Monday by becoming the first fund house in the country to achieve the 10 trillion milestone in assets under management (AUM). The industry leader has adeptly navigated the post-pandemic equity boom and capitalised on the increasing awareness of MF investing.
`-> The increase in SBI MF’s AUM follows a broader industry trend, fueled by an equities market rally and an expanding number of mutual fund investors. Growth is driven by both asset appreciation within schemes and new inflows.
-> The growth in MF AUM hinges on both the appreciation in assets held by schemes and fresh inflows. As of April 2024, SBI accounted for Rs 2 trillion of SBI MF’s AUM. Over Rs 5 trillion of the AUM was in direct plans, with the remaining Rs 2.2 trillion linked to other distributors.
RBI MPC: India’s forex reserves rise by $4.8 bn to record high of $651.5 bn as of May 31
-> As of May 24, the RBI had reported a dip of $2 billion to $646.67 billion to come off the previous all-time high of $648.7 billion.
-> “India’s external sector remains resilient and the key external vulnerability indicators continue to improve,” Das said.
-> According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) increased by$ 5.065 billion to $572.56 billion. Expressed in dollar terms, the FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Business & Economy
NCLT approves Vistara, Air India merger
-> The National Company Law Tribunal (NCLT) granted approval to Vistara’s merger with Air India. The merger will make Air India group India’s largest international carrier, connecting five of the seven continents, operating more flights on international routes than any other airline.
-> The Air India group, which also includes low-cost carrier Air India Express and Air Asia India, has ordered a staggering 470 jets from Airbus and Boeing, aiming to take on local rivals such as IndiGo and Middle Eastern carriers that dominate outbound traffic from India.
-> Following the merger, announced in November 2022, Singapore Airlines will hold a 25.1 percent stake in Air India. Vistara is a joint venture between Singapore Airlines and Tata Group.
-> Both India’s and Singapore’s antitrust regulators have cleared the deal. The merger is expected to be completed by the end of the year, Air India CEO Campbell Wilson said earlier this week.
Russia has no extra oil to sign deals with two Indian buyers
-> Russia’s Rosneft is holding back on signing new crude oil deals with two Indian state refiners, three sources with knowledge of the matter said, as it has committed sales to other customers.
-> Indian refiners have been snapping up cheap Russian oil, shunned by western companies and countries since sanctions were imposed against Moscow for its invasion of Ukraine on Feb. 24, which Russia calls a “special military operation”.
RIL to build global economic hub in Navi Mumbai
-> Reliance Industries Limited (RIL) is set to develop a global economic hub in Navi Mumbai, having secured sub-leases on approximately 3,750 acres of land for Rs 13,400 crore. The lease spans 43 years and stems from a memorandum of understanding signed with the Maharashtra government in 2018.
-> RIL aims to establish a world-class integrated digital services industrial area with global partnerships. The company highlighted its successful track record in developing large integrated industrial complexes in Hazira, Jamnagar, and Dahej, an integrated smart city in Haryana’s Jhajjar district, a state-of-the-art convention center, and modern office spaces at Mumbai’s Bandra-Kurla Complex.
-> In an exchange filing, RIL announced that its subsidiaries have completed the registration of the sub-lease deeds for the land, including development rights from Navi Mumbai IIA Pvt Ltd (formerly Navi Mumbai SEZ), where planning agency CIDCO holds a 26% stake.
Sports
Sarabjot Singh shoots gold at Munich World Cup
-> Sarabjot Singh won India’s first medal at the International Shooting Sports Federation (ISSF) World Cup, which was held in Munich, Germany. The ISSF World Cup will be held from May 31 to June 8, 2024.
-> Sarabjot had on Wednesday shot a top score of 588 to qualify for the decider. The final had in its line-up the reigning world champion Bowen Zhang of China and four-time Olympian Yusuf Dikec of Turkey, besides Bu and Walter.
-> This was Sarabjot Singh’s second individual gold medal in the ISSF World Cup. Last Year, he won the gold in the men’s 10-meter air rifle event at the ISSF World Cup held in Bhopal, Madhya Pradesh.
Awards
Rohit Sharma becomes first batter ever in international cricket to smas 600 sixes
