05th June, 2024

1. Axis Bank & Mastercard Collaborates to Launch NFC Soundbox
2. SEBI imposes a penalty on SAMCO
3. The merger of Tata Motors Finance Limited with Tata Capital Limited announced
4. Volvo Cars to introduce EV ‘passport’ to track manufacturing materials
5. PraVaHa”: ISRO develops CFD software for aerodynamic design and analysis
6. International Symposium on Food Safety and Control was held in Vienna
7. Indian cricketer Kedar Jadhav announces retirement from all forms of Cricket
8. June 5: World Environment Day
9. Organization of the Petroleum Exporting Countries (OPEC)+
10. Greedflation
11. Biopic on India’s first Chief Election Commissioner Sukumar Sen announced

Banking and Economy

1. Axis Bank & Mastercard Collaborates to Launch NFC Soundbox
   • What: Axis Bank, has partnered with American multinational payment card services corporation, Mastercard, to launch the NFC Soundbox solution.
     • This new soundbox is the first of its kind for merchants. as it serves as an all-in-one device, letting users accept payments through Bharat QR, UPI, Tap & Pay, and Tap + Pin methods.
       • Tap & Pay: Customers can pay by tapping their contactless cards or mobile devices on the Soundbox.
         • In the year 2020, RBI has enhanced limits for contactless card payments (Tap and Pay) from ₹2,000 to ₹5,000. This is effective from 1 January 2021.
       • Tap + Pin: For transactions above Rs. 5,000 customers have to tap and then enter their PIN for extra security.
   • Tell me more (Key features):
     • With this launch, Axis Bank will be the first bank in India to introduce a Soundbox that can accept Tap + Pin payments, enabling merchants to accept transactions greater than ₹5000 via card instruments.
     • Dual Confirmation: The Soundbox provides audio cues through its speaker and visual feedback on the screen in over seven languages, ensuring a smooth transaction experience.
       Source: Axis Bank

2. SEBI imposes a penalty on SAMCO
   • What: Recently, the Securities and Exchange Board of India (SEBI) has penalized Samco Securities for Rs 2.5 lakh.
     • Samco Securities Limited is a SEBI-registered stockbroker.
   • Why: The penalty has been imposed for alleged discrepancies found in the customer onboarding process and not submitting data to the SEBI’s inspection team.
   • Tell me more:
     • This for the 3rd time in 3 years that Samco is being found in violation of regulations.
       • Samco was penalized for the first time in May 2022 (Rs 2 lakhs); and for the second time in August 2023 (Rs 7 Lakhs).
     • SEBI allegations:
       • SEBI alleged that Samco used common mobile numbers and email IDs for multiple clients without providing evidence that they were all from the same family or related, as required by regulations.
       • Clients weren’t given the option to nominate someone for their trading and demat accounts, nor could they choose to opt out of this requirement.
     • Background:
       • SEBI has conducted an inspection of documents & records of Samco to ascertain possible violation of provisions of SEBI Act 1992 and SEBI (Stock Brokers) Regulations, 1992. The period under investigation was between April 1, 2022, and May 31, 2023.
         Source: Money Control

3. The merger of Tata Motors Finance Limited with Tata Capital Limited announced
   • What: The Board of Directors of Tata Motors Limited (TML), Tata Capital Limited (TCL), and Tata Motors Finance Ltd (TMFL) have approved the merger of TMFL with TCL.
   • Tata Motors will hold the stake indirectly through its 100 percent subsidiary TMF Holdings Limited an RBI-registered non-banking finance company (core investment company).
     Source: Tata Motors

4. Volvo Cars to introduce EV ‘passport’ to track manufacturing materials
   • What: Volvo Cars is launching the world’s first EV battery passport.
   • Why: It will record the source of components and raw materials and list out the carbon footprint of the company’s flagship EX90 electric SUV car.
   • Tell me more:
     • Developed by: The passport was developed by Volvo, in partnership with British startup Circulor which uses blockchain technology to map supply chains for companies.
       • It took over five years to develop.
     • As per the European Union (EU) Battery passports will be mandatory for electric vehicles (EVs) sold in the EU from February 2027 showing the composition of batteries including the origin of key materials their carbon footprint, and recycled content.
       Source: Hindustan Times

Science and Technology

1. PraVaHa”: ISRO develops CFD software for aerodynamic design and analysis
   • What: The Indian Space Research Organization (ISRO) has indigenously developed Computational Fluid Dynamics (CFD) software named Parallel RANS Solver for Aerospace Vehicle Aero-thermo-dynamic Analysis (PraVaHa).
   • Tell me more:
     • About PraVaHa
       • PraVaHa was developed at ISRO’s Vikram Sarabhai Space Centre (VSSC).
       • It can simulate both external and internal flows on various aerospace vehicles, including launch vehicles, and winged, and non-winged re-entry vehicles.
         • “flows” refers to the movement of fluids (such as air or other gases) around and within aerospace vehicles.
     • Role of Computational Fluid Dynamics (CFD)
       • CFD helps predict how air and heat will affect aircraft.
       • This makes it useful for tackling aerospace problems like dealing with high pressure and extreme heat.
     • Key Applications: PraVaHa plays a pivotal role in the Gaganyaan program.
       • The Gaganyaan project, named after the Sanskrit term for a vehicle to the sky, is India’s first human spaceflight program, launched by ISRO with an investment of $1 billion.
       • Its success would mark India as the fourth nation to achieve human spaceflight capability, following Russia, the US, and China.
         Source: ISRO

Agriculture and Rural Development

1. International Symposium on Food Safety and Control was held in Vienna
   • What: The International Symposium on Food Safety and Control took place in Vienna (the capital of Austria).
   • Tell me more:
     • Hosted by: The International Atomic Energy Agency (IAEA) and the Food and Agriculture Organization (FAO)
     • This symposium served as a pivotal platform for sharing groundbreaking research and advancements in applying nuclear technologies to enhance food safety and control.
     • Role of Nuclear Technologies in the Food System (Important for NABARD aspirants)
       • Animal Health: Polymerase Chain Reaction (PCR) tests, a nuclear technique, quickly detect diseases in animals.
       • Soil and Water Management: After nuclear events, some radioactive materials, like settle on the ground. Scientists use these materials to study how soil moves and changes.
       • Insect Pest Management: The Sterile Insect Technique (SIT) involves raising large numbers of insects, sterilizing them with radiation, and releasing them to control pest populations.
       • Food Safety and Control: Food irradiation uses radiation to kill microorganisms and insects in food, making it safer and extending its shelf life.
         • Food irradiation (using radiation to treat food) is a process that can increase the safety and extend the shelf-life of foods by reducing microorganisms that may be present in the untreated food product.
       • Plant Breeding and Genetics: Irradiation is used to create desired genetic changes in plants.
         Source: IAEA

Sports

1. Indian cricketer Kedar Jadhav announces retirement from all forms of Cricket
   • What: Kedar Jadhav, an Indian cricketer has announced his retirement from all forms of cricket (T20, One day, and Test Cricket)
   • Tell me more:
     • He made his international debut for India in November 2014 during One Day International (ODI) against Sri Lanka at Ranchi (Jharkhand).
     • Total ODIs played: 73 one-day matches, scoring 1,389 runs
     • T20 matches played: 9 T20 internationals.
     • Jadhav was part of the 2019 Cricket World Cup.
       Source: Times of India

Important Days

1. June 5: World Environment Day
   • What: World Environment Day, observed annually on June 5, for raising awareness and taking action to safeguard our environment.
   • Theme: Land restoration, desertification, and drought resilience
     • Land restoration is a key pillar of the UN Decade on Ecosystem Restoration (2021-2030), a rallying call for the protection and revival of ecosystems all around the world, which is critical to achieving the Sustainable Development Goals.
   • Hosted by: Saudi Arabia along with the United Nations Environment Programme
     • Republic of Korea to host World Environment Day 2025 with a focus on ending plastic pollution
       Source: UNEP

Miscellaneous

1. Organization of the Petroleum Exporting Countries (OPEC) +
   • What: OPEC+ has decided to keep its current oil production cuts in place until 2025.
   • About OPEC+
     • OPEC (HQ: Vienna, Austria) was established at the Baghdad Conference (1960), by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
     • Currently, it has 12 members.
       • Other members (including the above 5): Algeria, Equatorial Guinea, Gabon, Libya, Nigeria, Congo, & UAE.
     • Objective: To coordinate and unify petroleum policies among Member Countries to secure fair and stable prices for petroleum producers.
     • In 2016, OPEC signed an agreement with 10 other oil-producing countries and this grouping is known as OPEC+.
     • OPEC+ has total 22 members
       • Members of OPEC+ (Including 12 members of OPEC): Russia, Mexico, Kazakhstan, Oman, Azerbaijan, Malaysia, Bahrain, South Sudan, Brunei, and Sudan.
2. Greedflation
   • What: Greedflation means corporate greed is fuelling inflation.
   • How It Works: Companies take advantage of inflation to raise their prices more than necessary to cover their increased costs. They do this to boost their profit margins, which in turn further drives up inflation.
   • Example: Imagine a bakery sells a loaf of bread for ₹40. Due to inflation, the cost of ingredients goes up, so it now costs the bakery ₹30 to make the bread instead of ₹20 (an increase of ₹10)
   • Instead of raising the price to ₹50 (₹40 +₹10, the increased cost of ingredients) to cover the new cost, the bakery raises the price to ₹60.
   • This extra increase of ₹10 is more than needed to cover the costs and is done to make more profit. This is an example of greedflation, where the bakery uses inflation as an excuse to increase prices and make more money, which then makes inflation worse.
3. Biopic on India’s first Chief Election Commissioner Sukumar Sen announced
   • What: Film producer, Siddharth Roy Kapur’s production banner, Roy Kapur Films, has announced a biopic on Sukumar Sen, India’s first Chief Election Commissioner.
   • The film will depict Sen’s life and his significant contributions to organizing India’s first general elections in 1951-1952.
   • He was born in the year 1898 and passed in the year 1963.
     Source: The Print

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