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07th June, 2022

Topics Covered:

“Ghar Ke Upar Solar Is Super”, Aadhar services , “Out of the Box Thinking” through mathematics, artificial peptides or mini-proteins , Blue Duke as the state butterfly , ACME Cleantech Solutions , ‘SAMPRITI’ , military procurement worth more than Rs 76,000 crores, nuclear-capable long-range ballistic missile Agni-IV, Ex Khaan Quest 2022, MOU for enhancing co-operation , BALTOPS (Baltic Operations) naval exercise, co-lending partnership, ‘Har Time EMI On Time’, , special series of coins , recycling of post-consumer packaging, ‘World Without Waste’ initiative, an innovation and technology development centre, MG Verse , 10-year sovereign bond , upper layer non-banking financial companies , advisory committee on mutual funds, SBI Cards and Payment Services , RBI’s Annual Report 2021-22, National Asset Reconstruction Company Ltd. , Chennai-based Garuda Aerospace, International Indian Film Academy Awards

  1. Minister of State for New and Renewable Energy has launched the Pan-India Rooftop Solar Awareness Campaign titled as “Ghar Ke Upar Solar Is Super” at Bidar, Karnataka.
  2. Unique Identification Authority of India (UIDAI) is training 48,000 postmen of India Post Payment Bank to provide Aadhar services at the doorstep of people.
  3. In a first, the IIT-Madras has announced a course on “Out of the Box Thinking” through mathematics.
  4. Indian Institute of Science (IISc) Bangalore has designed a new class of artificial peptides or mini-proteins that they say can render viruses like SARS-CoV-2 inactive.
  5. Sikkim Chief Minister Prem Singh Tamang has declared Blue Duke as the state butterfly on the occasion of World Environment Day.
  6. Gurugram-based ACME Cleantech Solutions has signed an MOU with the Karnataka government to invest ₹52,000 crore for setting up a hydrogen and ammonia plant with an associated solar power unit in Mangalore.
  7. India and Bangladesh have conducted the 10th edition of their army exercise ‘SAMPRITI’ at Jashore Military Station in Bangladesh.
  8. Ministry of Defence has approved military procurement worth more than Rs 76,000 crores.
  9. India has successfully test-fired its nuclear-capable long-range ballistic missile Agni-IV, with a strike range of 4,000 km, from APJ Abdul Kalam Island, Odisha.
  10. A multinational peacekeeping exercise- Ex Khaan Quest 2022- featuring participation from military contingents from 16 countries (including India) was conducted in Mongolia.
  11. India and Canada have signed an MOU for enhancing co-operation to increase cooperation on climate action, environmental protection and conservation through a range of initiatives in areas such as renewable energy and plastic pollution.
  12. North Atlantic Treaty Organization (NATO) has organized the BALTOPS (Baltic Operations) naval exercise in the Baltic Sea.
  13. ICICI Home Finance Company Limited has entered into a co-lending partnership with Easy Home Finance Ltd (EASY), a leading mortgage tech company, for home loans.
  14. According to an analysis done by the Banks Unions, public sector banks (PSBs) have doubled their net profit during financial year 2021-22.
  15. Bajaj Finance Limited has launched ‘Har Time EMI On Time’, it’s digital its public awareness campaign, to create awareness about the benefits of paying their monthly loan EMIs on time and the negative side effects of missing their loan payments on their overall financial health in the long run.
  16. Tata Consultancy Services has retained its 10th position among the top global BPM (business process management) providers in 2021, as per estimates by outsourcing consultancy Everest Group.
  17. Prime Minister Narendra Modi has launched a special series of coins (for Re 1, Rs 2, 5, 10 and 20 denominations) that are also ‘visually impaired friendly’.
  18. Coca-Cola Company has announced to achieve 100% recovery and recycling of post-consumer packaging, mainly bottles and cans, in the next 2-3 years as part of its ‘World Without Waste’ initiative.
  19. Pune-based IT services major Tech Mahindra Ltd has inaugurated an innovation and technology development centre, in Muscat, Sultanate of Oman.
  20. MG Motor India Pvt Ltd has launched its metaverse platform called MG Verse to provide a virtual car buying experience with assistance from a 3D avatar.
  21. Hyderabad-based technology solutions firm, Cyient Ltd, has signed agreements to acquire Celfinet, a Portugal-based wireless engineering service provider, for around ₹340 crore (€41 million).
  22. Yield on the 10-year sovereign bond has breached the 7.5% mark for the first time in more than three years as traders priced in a more aggressive pace of interest rate hikes.
  23. Reserve Bank of India (RBI) has mandated large or upper layer non-banking financial companies (NBFCs) to set aside 0.25-2% of the loan amount for standard assets as provisions.
  24. SEBI has restructured its advisory committee on mutual funds, chaired by former deputy governor of the Reserve Bank of India (RBI) Usha Thorat.
  25. SBI Cards and Payment Services (SBI Card) has approved a proposal to raise ₹2,500 crores by issuing non-convertible debentures (NCDs) to fund business growth.
  26. According to RBI’s Annual Report 2021-22, credit by scheduled commercial banks grew at 9.6% in FY22, against 5.6% in FY21.
  27. National Asset Reconstruction Company Ltd. (NARCL), announced in the Budget for 2021-22, is intended to resolve stressed loans of ₹2 lakh crores, of which fully provisioned assets of about ₹90,000 crore are expected to be transferred to it in the first phase.
  28. Mahendra Singh Dhoni has become the brand ambassador of the Chennai-based Garuda Aerospace, an Indian drone startup.
  29. Albania has elected Maj. Bajram Begaj as its new President.
  30. Xiaomi’s spin-off brand Poco has appointed Himanshu Tandon as the new head of India operations.
  31. UN Russian Language Day
  32. World Food Safety Day
  33. ‘Shershaah’ has won the ‘Best Picture’ award at the International Indian Film Academy Awards in Abu Dhabi, UAE.

Table of Content 

National News

  1. Minister of State for New and Renewable Energy has launched the Pan-India Rooftop Solar Awareness Campaign titled as “Ghar Ke Upar Solar Is Super” at Bidar, Karnataka.
      • The campaign will be run by the National Solar Energy Federation of India, in collaboration with the German Solar Association and the German Federal Ministry of Economic Cooperation and Development under the Sequa KVP Programme.
      • It is a 3 year long program aimed at increasing awareness of Solar Rooftops among 100 Indian towns and cities, especially tier 2 and tier 3 towns/cities.
      • The Ministry is providing 40% of subsidy for households to install solar panels.
      • In this scheme, farmers will be given 30% subsidy each by centre and state to install solar pumps.
  2. Unique Identification Authority of India (UIDAI) is training 48,000 postmen of India Post Payment Bank to provide Aadhar services at the doorstep of people.
      • The postmen will go door to door in the remotest parts of the country and link Aadhaar number with mobile numbers, update details, and conduct enrolment of children at the doorstep.
  3. In a first, the IIT-Madras has announced a course on “Out of the Box Thinking” through mathematics.
      • Purpose – to encourage innovative thinking and targeted at one million schoolchildren and college students, besides working professionals and researchers, the three-month course will be available in online mode, free of cost, to people in India and abroad.
      • The course will be offered through IIT Madras Pravartak Technologies Foundation, a Section 8 company of IIT Madras.
      • IIT Madras Director – V Kamakoti
  4. Indian Institute of Science (IISc) Bangalore has designed a new class of artificial peptides or mini-proteins that they say can render viruses like SARS-CoV-2 inactive.
      • The mini-proteins can not only block virus entry into our cells but also clump virus particles together, reducing their ability to infect.

State News

  1. Sikkim Chief Minister Prem Singh Tamang has declared Blue Duke as the state butterfly on the occasion of World Environment Day.
      • A total of 720 species of butterflies are found in Sikkim.
      • Scientific name of the Blue Duke is Bassarona durga durga.
      • Krishna Peacock (Papilio Krishna) is another very famous butterfly of Sikkim.
  2. Gurugram-based ACME Cleantech Solutions has signed an MOU with the Karnataka government to invest ₹52,000 crore for setting up a hydrogen and ammonia plant with an associated solar power unit in Mangalore.

Defence News

  1. India and Bangladesh have conducted the 10th edition of their army exercise ‘SAMPRITI’ at Jashore Military Station in Bangladesh.
  2. Ministry of Defence has approved military procurement worth more than Rs 76,000 crores.
      • Out of this, Rs 36,000 crore would be spent to buy eight next-generation corvettes for the Indian Navy.
  3. India has successfully test-fired its nuclear-capable long-range ballistic missile Agni-IV, with a strike range of 4,000 km, from APJ Abdul Kalam Island, Odisha.
  4. A multinational peacekeeping exercise- Ex Khaan Quest 2022- featuring participation from military contingents from 16 countries (including India) was conducted in Mongolia.
      • President of Mongolia – Ukhnaagiin Khurelsukh

Memorandum of Understanding

  1. India and Canada have signed an MOU for enhancing co-operation to increase cooperation on climate action, environmental protection and conservation through a range of initiatives in areas such as renewable energy and plastic pollution.
      • By 2030, India will be the world’s third largest economy and it is currently the world’s third largest emitter of greenhouse gases, after China and the US.
      • Targets of India – Reducing the emissions intensity of its GDP from 35% to 45% and generating half of its electricity from renewables by 2030, up from 40%.

International News

  1. North Atlantic Treaty Organization (NATO) has organized the BALTOPS (Baltic Operations) naval exercise in the Baltic Sea.
      • BALTOPS was initiated in 1972.
      • Participants – NATO members and two aspiring members (Finland and Sweden)
      • BALTOPS 22 is scheduled to end in the German port of Kiel on June 17.

Banking and Economy

  1. ICICI Home Finance Company Limited has entered into a co-lending partnership with Easy Home Finance Ltd (EASY), a leading mortgage tech company, for home loans.
  2. According to an analysis done by the Banks Unions, public sector banks (PSBs) have doubled their net profit during financial year 2021-22.
      • The collective profit of 12 state-owned banks during 2021-22 stood at Rs 66,539 crore, an increase of 110% over Rs 31,816 crore in FY21.
      • SBI witnessed the highest net profits at Rs 31,675 crore – an increase of 55% over the previous year.
      • HDFC Bank witnessed the highest net profits at Rs 36,961 crores.
      • Bank of Maharashtra has shown the highest improvement in deposits & advances and is the only PSB to have net non-performing assets (NPAs) below 1%.
  3. Bajaj Finance Limited has launched ‘Har Time EMI On Time’, it’s digital its public awareness campaign, to create awareness about the benefits of paying their monthly loan EMIs on time and the negative side effects of missing their loan payments on their overall financial health in the long run.
  4. Tata Consultancy Services has retained its 10th position among the top global BPM (business process management) providers in 2021, as per estimates by outsourcing consultancy Everest Group.
      • The top 5 BPM players in terms of revenue were ADP, Teleperformance, Accenture, Concentrix and Sitel Group. ADP had revenue of $10.5 billion.
      • The BPM businesses of Infosys, Wipro and Tech Mahindra were ranked at 20th, 21st and 22nd positions respectively.
  5. Prime Minister Narendra Modi has launched a special series of coins (for Re 1, Rs 2, 5, 10 and 20 denominations) that are also ‘visually impaired friendly’.
      • The coins will have the Azadi Ka Amrit Mahotsav (AKAM) design. They are not commemorative coins and will be part of circulation.
      • As per the Coinage Act of 2011, coins of all denominations are minted by the Govt of India. RBI is responsible for bringing the coins into circulation under the RBI Act, 1934.
      • There are only four Government Mints in India, which are located at Mumbai, Alipore (Kolkata), Saifabad (Hyderabad), Cherlapally (Hyderabad) and NOIDA (UP).
special series of coins
  1. Coca-Cola Company has announced to achieve 100% recovery and recycling of post-consumer packaging, mainly bottles and cans, in the next 2-3 years as part of its ‘World Without Waste’ initiative.
      • The ‘World Without Waste’ is a global initiative under which the company aims to collect and recycle every bottle or can that it sells globally by 2030.
      • Recycling postconsumer packaging is one of the three focus areas of Coca-Cola Company’s ESG (environment, sustainability and governance) priorities. The other two are related to water and sustainable agriculture.
  2. Pune-based IT services major Tech Mahindra Ltd has inaugurated an innovation and technology development centre, in Muscat, Sultanate of Oman.
      • The centre will cater to the telecom, oil and gas, banking, financial services, and insurance (BFSI), energy & utilities and public sector by leveraging artificial intelligence (AI), big data & analytics, cloud, and 5G technologies.
  3. MG Motor India Pvt Ltd has launched its metaverse platform called MG Verse to provide a virtual car buying experience with assistance from a 3D avatar.
      • The platform also allows buying non-fungible tokens (NFT) and play racing games in separate zones within the MG Verse.
      • Prior to MG Motors, Nissan and Toyota have also launched their metaverse platforms.
  4. Hyderabad-based technology solutions firm, Cyient Ltd, has signed agreements to acquire Celfinet, a Portugal-based wireless engineering service provider, for around ₹340 crore (€41 million).
  5. Yield on the 10-year sovereign bond has breached the 7.5% mark for the first time in more than three years as traders priced in a more aggressive pace of interest rate hikes.
10-year sovereign bond
  1. Reserve Bank of India (RBI) has mandated large or upper layer non-banking financial companies (NBFCs) to set aside 0.25-2% of the loan amount for standard assets as provisions.
      • Upper layer non-bank lenders will have to set aside 0.25% of the amount for individual home loan customers and small and micro enterprises (SMEs).
      • For teaser rate home loans, NBFCs must keep 2% of the amount initially, and 0.4% a year after the rate is reset.
        • A teaser loan is any loan that offers a lower interest rate for a fixed amount of time as a purchase incentive.
      • Besides, 0.4% will have to kept for all other standard loans, including to medium enterprises.
      • The new guidelines on provisioning for standard assets will come into effect on 1 October 2022.
      • The new guidelines aim to streamline the regulations for Banks and NBFCs.
  2. SEBI has restructured its advisory committee on mutual funds, chaired by former deputy governor of the Reserve Bank of India (RBI) Usha Thorat.
      • The number of members in the panel has been increased to 25 members, with addition of chairman of NJ India Invest Neeraj Choksi.
  3. SBI Cards and Payment Services (SBI Card) has approved a proposal to raise ₹2,500 crores by issuing non-convertible debentures (NCDs) to fund business growth.
  4. According to RBI’s Annual Report 2021-22, credit by scheduled commercial banks grew at 6% in FY22, against 5.6% in FY21.
      • With CRR at 4% (which recently was raised to 4.5%) and SLR at 18%, banks were capable of lending 78% of their net time and demand deposits.
      • The credit deposit ratio for FY22 was 72.2%. Aggregate deposit growth for FY22 stands lower at 8.9% as against 11.4% in FY21.
  5. National Asset Reconstruction Company Ltd. (NARCL), announced in the Budget for 2021-22, is intended to resolve stressed loans of ₹2 lakh crores, of which fully provisioned assets of about ₹90,000 crore are expected to be transferred to it in the first phase.

Appointments

  1. Mahendra Singh Dhoni has become the brand ambassador of the Chennai-based Garuda Aerospace, an Indian drone startup.
      • Dhoni has also invested an undisclosed amount in the startup.
      • Founder CEO of Garuda Aerospace – Agnishwar Jayaprakash
  2. Albania has elected Maj. Bajram Begaj as its new President.
  3. Xiaomi’s spin-off brand Poco has appointed Himanshu Tandon as the new head of India operations.

Important Days

  1. June 6
      • UN Russian Language Day
      • World Pest Day
  2. June 7 – World Food Safety Day; Theme – ‘Safer food, better health’

Awards

  1. ‘Shershaah’ has won the ‘Best Picture’ award at the International Indian Film Academy Awards in Abu Dhabi, UAE.
      • Director of the movie – VishnuVardhan
CEO of Anujjindal.in

About Anuj Jindal

━━━━━ Anuj Jindal, the founder, is an ex-manager from SBI, with an M.Com from Delhi School of Economics. He also has a JRF in Commerce & Management and NET in HRM, along with more than 5 years of experience in the field of Education.
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