Daily current affairs 19th June 2024
Daily Current Affairs 19 June 2024 for Banking | Insurance | SSC and other related exams.
National News
Tarang Shakti-2024: Indian Air Force’s First Multinational Air Exercise
~> The Indian Air Force (IAF) will host its first multinational air exercise, Tarang Shakti-2024, in August, featuring participants from ten countries and several observers.
~> Initially scheduled for late 2023, Tarang Shakti-2024 will now occur in two phases: the first in southern India in early August, and the second in the western sector from late August to mid-September.
~> The roots of India-Germany defence cooperation date back to 2006, with the signing of the Bilateral Defence Cooperation Agreement. In 2007, an Agreement on Mutual Protection of Classified Information was established, providing a framework for bilateral defence ties.
~> It is a first multinational air exercise to be hosted by the Indian Air force. Tarang Shakti 2024 will feature air assets from 12 countries, with six nations actively participating with their frontline fighter aircraft, transport aircraft, and mid-air refuellers. The remaining six will join as observers.
Railways’ successful trial run on world’s highest Chenab rail bridge
~> Indian Railways achieved a historic milestone on Thursday with the successful trial run of an eight-coach Mainline Electric Multiple Unit (MEMU) train on the famed Chenab Bridge, the world’s highest railway bridge, in Jammu and Kashmir. This trial run marks a significant step towards commencing rail operations on the Reasi-Baramulla route in Kashmir.
~> The trial, starting at 12.35 pm from Sangaldan and reaching Reasi at 2.05 pm, traversed nine tunnels spanning 40.787 km, including the longest tunnel T-44 stretching 11.13 km.
~> “The electrification work on this section has been executed with state-of-the-art technology, ROCS (Rigid Overhead Conductor System) at 25 kV, for the first time on railways,” the ministry said.
~> The Chenab Bridge in Jammu and Kashmir stands taller than the Eiffel Tower in Paris, marking a significant engineering feat under the Udhampur Srinagar Baramulla Rail Link (USBRL) Project. Indian Railways nears completion of this project, which will connect the Kashmir Valley to the national railway network. The Chenab Bridge reaches a height of 359 meters (approximately 1,178 feet), surpassing the Eiffel Tower by 35 meters.
International News
Mumbai maintains top spot as India’s most expensive city
~>Mumbai has retained the spot as India’s most expensive city for expatriates to live in, finds the 2024 Cost of Living survey by HR consultancy Mercer.
~> According to the Mercer’s 2024 Cost Of Living Survey, Mumbai remains the most expensive city in India for expatriates, maintaining this position since 2013. Globally, Mumbai has risen by 11 places to rank 136th out of 226 cities surveyed. Hong Kong tops the global list as the most expensive city for international assignees, with Southeast Asian cities dominating the upper echelons of costliness.
~> Mumbai’s rise as Asia’s billionaire capital, with 92 billionaires amassing a collective wealth of $445 billion, underscores its pivotal role in India’s economic landscape. This significant growth, reflecting a 47% increase in billionaire wealth amidst global economic fluctuations, highlights Mumbai’s resilience and attractiveness for business and investment. Factors such as robust stock markets, strong investor confidence, and abundant opportunities across sectors like pharmaceuticals, automobiles, and emerging technologies.
Oxford University to return stolen 500-year-old bronze idol to India
~> Oxford University has agreed to return a 500-year-old bronze idol of the Hindu saint and poet Tirumankai Alvar to India. The 60 cm tall statue was displayed at the university’s Ashmolean Museum. The Indian High Commission had claimed the 16th-century sculpture was looted from a temple and made a claim for its return four years ago.
~> The 60cm-tall statue of Saint Tirumankai Alvar was acquired by the Ashmolean Museum at the University of Oxford from Sotheby’s auction house in 1967 from the collection of a collector named Dr J.R. Belmont (1886-1981).
Banking & Finance
RBI cancels licence of Purvanchal Co-op Bank, Ghazipur
~> The Reserve Bank of India (RBI) has revoked the licence of Purvanchal Co-operative Bank, located in Ghazipur, Uttar Pradesh, citing inadequate capital and bleak earning prospects. Consequently, the Commissioner for Cooperation and Registrar of Cooperative Societies, Uttar Pradesh, has been instructed to initiate the bank’s winding-up process and appoint a liquidator. Upon liquidation, depositors will be eligible to receive up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC) as per their deposit insurance coverage.
~> Purvanchal Co-operative Bank failed to demonstrate sufficient capital adequacy and sustainable profitability, prompting the RBI’s decision to cancel its banking licence. The bank’s financial position was deemed untenable to meet depositor obligations, necessitating regulatory intervention to safeguard public interest. DICGC has already disbursed Rs 12.63 crore to insured depositors, reflecting a partial coverage of liabilities and efforts to mitigate financial losses.
RBI Penalized Central Bank Of India And Sonali Bank PLC For Violations
~> The Reserve Bank of India (RBI) issued fines on Central Bank of India and Sonali Bank PLC for violating customer protection and KYC regulations. The Central Bank of India is facing a Rupees1.45 million penalty for infractions such as faulty loan authorization and delayed reversal of unlawful transactions. Sonali Bank PLC has been fined Rupees 96.4 lakh for not complying with KYC Directions, 2016. These penalties demonstrate the RBI’s commitment to enforcing regulatory and statutory compliance in the banking sector.
~> The RBI underlined that these penalties are not a judgment on the propriety of specific transactions, but are required to maintain regulatory standards. The issuance of fines does not preclude the RBI from taking additional action against the participating banks.
~> The Central Bank of India was fined ₹1.45 crore for sanctioning a working capital demand loan to a corporation against amounts receivable from the government by way of subsidies.
Business & Economy
Fitch raises India’s growth forecast for FY25 to 7.2% from 7%
~> India’s Growth Forecast: Fitch Ratings on June 18 increased India’s growth forecast for the current fiscal year to 7.2 per cent, up from 7 per cent projected in March. This revision is due to a recovery in consumer spending and increased investment, according to PTI.
~> It also expect headline inflation to continue declining to 4.5 per cent by calendar year-end, and average 4.3 per cent in 2025 and 2026, staying slightly above the mid-point of its target range. Fitch said it expects the RBI to cut its policy rate this year, but only once, to 6.25 per cent.
~> Fitch’s estimates aligns with those of the Reserve Bank of India (RBI), which earlier this month projected a 7.2 per cent growth for the current fiscal year, supported by improving rural demand and moderating inflation.
GAIL to set up India’s largest ethane cracker project at investment of Rs 60,000 cr in MP
~> GAIL (India) has announced its intention to set up 1500 kilotons per annum (KTA) Ethane Cracker Project at Ashta, Distt. Sehore in Madhya Pradesh, having product slate of various ethylene derivatives.
~> The projected investment for the project is Rs. 60,000 crore and the mode of financing is yet to be decided.
~> “GAIL has submitted its request to the Madhya Pradesh State Government for providing suitable enable… Read More: https://www.indianchemicalnews.com/petro-chemical/gail-to-set-up-rs-60000-crore-ethane-cracker-project-in-madhya-pradesh-22093
~> Ethane crackers play a vital role in the petrochemical industry by converting ethane, a natural gas component, into ethylene. This Ethylene then serves as a fundamental raw material in the production of a wide range of petrochemical products, including plastics, adhesives, synthetic rubber, and various other industrial chemicals. This process is essential for creating the basic building blocks that are needed for numerous everyday materials and products.
Sports
Malaysia’s Lee Zii Jia crowned Australian Open badminton champion
~> With many of the top-ranked players giving the tournament a miss, World No. 8 Lee took advantage to upset his sixth-ranked opponent, Kodai Naraoka, 21-19, 11-21, 21-18 in Sydney.
~> Despite Naraoka starting strong, he lost the first game. He bounced back to dominate the second game 21-11. In the decider, Lee managed to edge out Naraoka 21-18, securing the Super 500 title.
Appointments
Abhijit Kishore and Rahul Vatts Appointed as New Leadership of COAI
