13th June, 2024

1. The central government has approved the Uttarakhand government’s proposal to rename Joshimath tehsil in Chamoli district as Jyotirmath, and Kosiyakutoli tehsil in Nainital district as Pargana Shri Kainchi Dham
2. India’s largest Public Sector Bank (PSB), The State Bank of India (SBI) has launched a new “SME Digital Business Loans” product.
3. In a strategic move to broaden its lending outreach, the State Bank of India (SBI) has teamed up with 23 non-banking finance companies (NBFCs)/housing finance companies (HFCs).
4. In a bid to enable state governments to accelerate development and capital spending, the government released one additional instalment of devolution of taxes, cumulatively amounting to Rs 1,39,750 crore in June 2024.
5. India’s retail inflation has moderated to a 12-month low of 4.75% in May, down slightly from 4.83% in April.
6. The Department of Financial Services (DFS), under the aegis of the Ministry of Finance has organized a workshop with Google on challenges related to financial frauds, emerging trends, and mitigation strategies.
7. The financial intelligence unit, of India (FIU-IND) has slapped a penalty of over Rs. 1.66 crore.
8. Kantar BrandZ’s most valuable Global BrandZ Report was released.
9. The Indian Army received an indigenously developed first-of-its-kind Man Portable Counter Drone System (MPCDS).
10. The 8th edition of the Japan-India Maritime Exercise (JIMEX-24) has begun in Yokosuka, Japan, emphasizing naval cooperation and interoperability between the two countries.
11. A High-Resolution Imaging Science Experiment camera onboard NASA’s Mars Reconnaissance Orbiter (MRO) captured images of a mysterious pit on the side of an ancient volcano on Mars
12. Researchers of the Indian Institute of Technology Madras and NASA’s Jet Propulsion Laboratory are studying multi-drug resistant pathogens on the International Space Station (ISS)
13. The All-India Tennis Association (AITA) has announced the Dilip Bose Award for lifetime achievement to Indian Tennis coaches Nar Singh and Rohini Lokhande.
14. International Day of Play (IDOP) was observed on 11 June 2024
15. The United Nations (UN) World Day Against Child Labour is annually observed across the globe on 12th June.
16. The United Nations (UN) has officially declared 2025 as the International Year of Quantum Science and Technology (IYQ)
17. The Quality Council of India (QCI) celebrated World Accreditation Day on June 10
18. India won 2 medals (1 gold and 1 bronze) and finished 3rd on the medal tally of the International Shooting Sport Federation (ISSF) World Cup 2024 (Rifle/Pistol)
19. Spanish tennis player Carlos Alcaraz won the Men’s singles title at the French Open 2024 (also known as Roland-Garros) by defeating Alexander Zverev of Germany in the finals held at Paris, France.
20. The Indian Institute of Technology, Hyderabad (IIT-H), Telangana, and Renesas Electronics Corporation, Japan’s leading supplier of advanced semiconductor solutions, have signed a 3-year MoU for research and collaboration in Very-Large-Scale-Integration (VLSI) and embedded semiconductor systems.
21. The Ministry of Home Affairs has appointed Vijaya Bharathi Sayani as the Acting Chairperson of the National Human Rights Commission (NHRC) of India, effective June 2024. She will serve in this role until a new Chairperson is appointed.
22. Harsh Pati Singhania, Chairman and Managing Director (CMD) of JK Paper Ltd and Director of JK Organisation, has been elected as the First Vice-Chair of the International Chamber of Commerce (ICC) headquartered in Paris, France
23. The founder of Microsoft, Bill Gates has announced a memoir called “Source Code, My Beginnings” which will focus on his formative years, from childhood through his decision to leave college and start Microsoft.
24. Asir Jawahar Thomas Johnsingh also known as A JT Johnsingh, a renowned Indian Biologist and Wildlife Conservation activist passed away at in Bengaluru, Karnataka.
25. In a recent joint statement, BRICS Ministers for Foreign Affairs emphasized the need to discuss a legal multilateral instrument on PAROS.
26. Malawi Vice President Dr. Saulos Chilima killed in plane crash along with 9 others

State News

1. Joshimath renamed as Jyotirmath, Kosiyakutoli is now Kainchi Dham
   • What: The central government has approved the Uttarakhand government’s proposal to rename Joshimath tehsil in Chamoli district as Jyotirmath, and Kosiyakutoli tehsil in Nainital district as Pargana Shri Kainchi Dham.
   • Background:
     • It is believed that the area was originally called Jyotirmath after Adi Guru Shankaracharya visited it in the 8th century to perform penance under the Joshimath, now Jyotirmath, is considered the gateway to Badrinath Dham.
     • Kosiyakutoli in Nainital will now be known as Pargana Shri Kainchi Dham tehsil, after Baba Neem Karoli Maharaj’s ashram.
       Source: Business Standard

Banking and Economy

1. SBI launches ‘SME Digital Business Loans’, to sanction loans in 45 minutes
   • What: India’s largest Public Sector Bank (PSB), The State Bank of India (SBI) has launched a new “SME Digital Business Loans” product.
   • Why: To cater for the credit requirements of Micro, Small and Medium Enterprise (MSME) sector
   • Tell me more:
     • SBI’s new product will sanction MSME loan requests within 45 minutes, eliminating conventional credit underwriting and lengthy appraisals.
     • SBI has identified the MSMEs profits as the focal point for the bank’s growth and profitability over next 5 years
     • Key Features:
       • SBI will use data from Income Tax Return (ITR) and Goods and Services Tax (GST) returns and bank statements for credit assessment of MSMEs which will enable loan sanction decision within 10 seconds after submitting the required details, without any human intervention.
       • SBI has waived the requirement for financial statements for loans up to Rs 50 lakh. It will rely on transaction history and GST returns for appraisal.
       • The new loan offering will be accessible to customers through all the Bank’s channels, including its website, branches, SME Centres, as well as internet platforms. Going ahead, SBI will make this product available across all its CSP (customer service point) partner touchpoints and via QR codes at outdoor touchpoints in the coming months.
         Source: Business Standard

2. SBI sanctioned ₹2,030 crores under co-lending tie-up with NBFCs
   • What: In a strategic move to broaden its lending outreach, the State Bank of India (SBI) has teamed up with 23 non-banking finance companies (NBFCs)/housing finance companies (HFCs). Through this collaboration, SBI has sanctioned loans totaling ₹2,030 crore to over 2.79 lakh borrowers, as outlined in the Bank’s latest annual report.
   • Tell me more:
     • Stabilizing Operations in Rural/Semi-Urban Areas through SBOSS Subsidiary: SBI’s outsourcing services subsidiary, State Bank Operation Support Services (SBOSS), has played a pivotal role in stabilizing operations in Rural/Semi-Urban (RUSU) areas.
       • Through its “High Tech, High Touch, and Low Cost” approach, SBOSS has facilitated the sourcing of over 6.70 lakh new Kisan Credit Card (KCC) loans amounting to more than ₹13,500 crore, furthering financial inclusion in rural India.
         Source: The Hindu Business Line

3. Centre releases Rs 1.39 trillion instalment of tax devolution to states
   • What: In a bid to enable state governments to accelerate development and capital spending, the government released one additional instalment of devolution of taxes, cumulatively amounting to Rs 1,39,750 crore in June 2024.
     • Interim Budget 2024-25 has a provision of Rs. 12,19,783 crore towards devolution of taxes to States.
       Source: Live Mint

     
     

4. Retail inflation cools to 12-month low of 4.75%
   • What: India’s retail inflation has moderated to a 12-month low of 4.75% in May, down slightly from 4.83% in April.
   • The government has set a target for the Reserve Bank of India (RBI) to maintain CPI inflation at 4% with a margin of 2% on either side.
     Source: New Indian Express

5. DFS conducts a workshop with Google on financial fraud
   • What: The Department of Financial Services (DFS), under the aegis of the Ministry of Finance has organized a workshop with Google on challenges related to financial frauds, emerging trends, and mitigation strategies.
   • The workshop was attended by DFS Secretary Vivek Joshi, senior officials of public sector banks, DFS, and the National Payments Corporation of India.
     Source: Business Standard
6. Axis Bank was fined Rs 1.6 crore by FIU, failing to detect fake account opened in name of NSG
   • What: The financial intelligence unit, of India (FIU-IND) has slapped a penalty of over Rs. 1.66 crore.
   • Why: Axis Bank has failed to detect a fraud account in the name of the National Security Guard (NSG), the country’s counter-terrorist commando force.
     Source: Economic Times

Report and Indices

1. Highlights of Kantar BrandZ Most Valuable Global Brands Report 2024 released
   • What: Recently Kantar BrandZ’s most valuable Global BrandZ Report was released.
   • Tell me more:
     • India-specific details:
       • Tata Consultancy Services (TCS), HDFC Bank, Airtel, and Infosys are the four Indian companies that have secured top positions in the top 100 most valuable brands globally.
         • Additionally, TCS is among the top 20 in the Business Technology and Services Platforms category.
         • The cumulative brand value of all Indian brands in the top 100 exceeds $130 billion.
         • Top Indian brands in the list

• Top ten Global Brands:

• Apple also became the world’s first brand to surpass a brand value of $1 trillion.
  • And for the third year running, Apple topped the list as the world’s most valuable brand
• Other important data:
  • The report indicates a 45% growth in the business technology and services platforms category, driven by the excitement around advanced artificial intelligence (AI). This sector’s remarkable expansion has significantly contributed to the overall increase in brand values.
  • Overall, the total value of the Kantar BrandZ Top 100 Most Valuable Global Brands has increased by 20%.
  • This time, there are five newcomers among the Top 100, including Lululemon at 92nd position and Corona at 100.
  • Total brands assessed: 21,000
    Source: NDTV

Defence News

1. India Received Indigenous Man-Portable Counter Drone System
   • What: The Indian Army received an indigenously developed first-of-its-kind Man Portable Counter Drone System (MPCDS).
   • About MPCDS:
     • Design and manufacturing- AXISCADES Tech
     • Agreement– 100 crore between AXISCADES and the Indian Army
     • Uniqueness: Can operate on both battery and mains power.
     • The Ministry of Defense (MoD) and Defense Forces aim to improve their Counter-unmanned Aerial Vehicle (C-UAV) capabilities including emergency procurements, with an estimated investment of Rs 3000 crore within India in the next 5 years.

2. JAPAN INDIA MARITIME EXERCISE – 24 (JIMEX – 24) COMMENCED AT YOKOSUKA JAPAN
   • What: The 8th edition of the Japan-India Maritime Exercise (JIMEX-24) has begun in Yokosuka, Japan, emphasizing naval cooperation and interoperability between the two countries.
   • Tell me more:
     • Indian Navy’s INS Shivalik and Japan’s JS Yugiri are participating.
       Source: PIB

Science and Technology

1. NASA’s MRO captures images of a mysterious pit on the side of an ancient volcano on Mars
   • What: A High-Resolution Imaging Science Experiment camera onboard NASA’s Mars Reconnaissance Orbiter (MRO) captured images of a mysterious pit on the side of an ancient volcano on Mars.
     Source: Indian Express

2. IIT Madras, NASA researchers study multidrug-resistant pathogens on ISS
   • What: Researchers of the Indian Institute of Technology Madras and NASA’s Jet Propulsion Laboratory are studying multi-drug resistant pathogens on the International Space Station (ISS).
   • Tell me more:
     • The study focused particularly on Enterobacter bugandensis, a pathogen commonly associated with hospital-acquired infections and found on surfaces within the ISS.
     • Enterobacter species are on the WHO priority list for developing new antimicrobials.
       Source: The Hindu

   
   

Awards

1. Nar Singh, Rohini Lokhande win Dilip Bose Lifetime Achievement Award
   • What: The All-India Tennis Association (AITA) has announced the Dilip Bose Award for lifetime achievement to Indian Tennis coaches Nar Singh and Rohini Lokhande.
   • About this award
     • The All-India Tennis Association instituted a lifetime achievement award in the name of Dilip Bose in 2002. The award will be presented during the 11th National Coaches Workshop to be held at the PYC Hindu Gymkhana in Pune.
       • Dilip Bose was a professional tennis player from India. He played for the Indian Davis Cup squad and was the Asian championship winner. He worked as an administrator and coach after retiring.
   • About the winners:
     • Rohini Lokhande became the first woman tennis coach to qualify from the National Institute of Sports, Patiala in Punjab.
       • She is the first woman to receive Dilip Bose Lifetime Achievement Award
     • The 65-year-old Nar Singh, who has served as a coach and educator for several years, will be the 11th recipient of the Dilip Bose Award.
       Source: Sport star

Important Days

1. June 11: First Ever International Day of Play
   • What: The first-ever United Nations (UN) International Day of Play (IDOP) was observed on 11 June 2024.
   • Why: The day aims to preserve, promote, and prioritize the essential role of play in human development and well-being, especially for children.
   • Theme: The right to play, for every child.
   • Tell me more:
     • Note: Play is recognized as a fundamental right of every child under Article 31 of the UN Convention on the Rights of the Child 1989.
     • Background: On 25th March 2024, the United Nations General Assembly (UNGA) adopted the resolution proclaiming 11th June as the International Day of Play.
     • India-specific event: United Nations Children’s Fund (UNICEF), in collaboration with Bachpan Manao, Bhadte Jao (BMBJ) initiative by EkStep Foundation, announced the first-ever ‘Hour of Play’ in India to be observed on June 11, marking the International Day of Play.
       Source: UNICEF

2. June 12: World Day against Child Labour
   • What: The United Nations (UN) World Day Against Child Labour is annually observed across the globe on 12th June.
   • Why: To increase awareness about the need to focus on the global extent of child labour and the efforts needed to eliminate it.
   • Tell me more:
     • The 2024 theme: “Let’s act on our commitments: End Child Labour!”
     • In India, the Constitution explicitly prohibits children under the age of 14 from working in mines, factories, or hazardous occupations.
     • Similarly, the International Labour Organisation (ILO) defines a child as anyone below the age of 18 who should not be involved in hazardous work.
       Source: UNICEF

3. United Nations declared 2025 as the International Year of Quantum Science and Technology
   • What: The United Nations (UN) has officially declared 2025 as the International Year of Quantum Science and Technology (IYQ)
   • Why: To increase public awareness globally about the significance of quantum science and its applications.
     • The year 2025 was chosen as it recognises 100 years since the initial development of quantum mechanics.
   • In May 2024, the nation of Ghana formally submitted a draft resolution to the UNGA for the official proclamation of the International Year.
     • It garnered co-sponsorship from 6 countries (Finland, Ghana, India, Peru, South Africa, and Turkmenistan).
       Source: The Hindu

4. June 10: World Accreditation Day
   • What: The Quality Council of India (QCI) celebrated World Accreditation Day on June 10.
   • The theme of the event: “Accreditation: Empowering Tomorrow and Shaping the Future,”
     Source: PIB

Sports

1. Highlights of ISSF World Cup 2024 
   • What: India won 2 medals (1 gold and 1 bronze) and finished 3rd on the medal tally of the International Shooting Sport Federation (ISSF) World Cup 2024 (Rifle/Pistol).
   • Tell me more:
     • Venue: Munich, Germany.
     • Indian shooter Sarabjot Singh won the gold medal in the men’s 10m air pistol category and Indian shooter Sift Kaur Samra won a bronze medal in the women’s 50m rifle.
     • China topped the medal tally with 11 medals (4 gold, 4 Silver and 3 Bronze) followed by Norway at 2nd place with 3 medals (1 gold, 1 silver and 1 Bronze) and India and France at 3rd place with 2 medals each.

• Other important facts:
  • Sift Kaur Samra’s has secured a Paris 2024 Olympics quota for India after finishing 5th in women’s 50m rifle 3 positions at the ISSF World Championship 2023 held in Baku, Azerbaijan.
  • It was India’s sixth quota in shooting About Sarabjot Singh:
    Source: ISSF

2. Highlights of French Open 2024
   • What: Spanish tennis player Carlos Alcaraz won the Men’s singles title at the French Open 2024 (also known as Roland-Garros) by defeating Alexander Zverev of Germany in the finals held at Paris, France.
   • Tell me more:
     • This marks Alcaraz’s first French Open title and 3rd Grand Slam trophy overall.
     • With this victory, Carlos Alcaraz broke Rafael Nadal’s (Spain) record as the youngest man to win Grand Slam titles on all three surfaces (clay, grass and hard courts). Rafael achieved the feat at the age of 22.
     • Winners of French Open 2024

Source: Sportstar

Memorandum of Understanding

1. IITH & Renesas Signed 3-Year MoU to Enhance Semiconductor Innovation in India
   • What: The Indian Institute of Technology, Hyderabad (IIT-H), Telangana, and Renesas Electronics Corporation, Japan’s leading supplier of advanced semiconductor solutions, have signed a 3-year MoU for research and collaboration in Very-Large-Scale-Integration (VLSI) and embedded semiconductor systems.
   • Tell me more:
     • This partnership aims to strengthen India’s semiconductor ecosystem and support the “Make in India” objective.
     • The MoU aims to foster talent development to build a self-reliant semiconductor industry in India and enable Renesas to recruit talented employees from India.
     • Under this MoU, Renesas will start supporting university curriculum development and hands-on learning.
     • IITH engineering students can apply for 6-month Renesas internships and pursue full-time employment with the company.
       Source: Renesas

Appointments

1. Vijaya Bharathi Sayani appointed as Acting Chairperson of the NHRC
   • What: The Ministry of Home Affairs has appointed Vijaya Bharathi Sayani as the Acting Chairperson of the National Human Rights Commission (NHRC) of India, effective June 2024. She will serve in this role until a new Chairperson is appointed.
   • She took over from Justice Arun Kumar Mishra, Former Supreme Court judge, whose term as Chairperson of NHRC ended on 1st June 2024.
   • Sayani is currently serving as a Member of NHRC since December 2023.
     Source: Indian Express

2. Philippe Varin and Harsh Singhania were appointed as Chair and First-Vice Chair of the ICC
   • What: Harsh Pati Singhania, Chairman and Managing Director (CMD) of JK Paper Ltd and Director of JK Organisation, has been elected as the First Vice-Chair of the International Chamber of Commerce (ICC) headquartered in Paris, France
     • Philippe Varin, a global industry leader, has been elected as Chair of the ICC.
     • Philippe Varin succeeded Maria Fernanda Garza, who becomes the Honorary Chair of ICC.
       • In 2022, Maria Fernanda Garza became the first woman to hold the position of ICC’s Chair.
     • Shinta Kamdani and Patrick Obath have been elected as Vice-Chairs of the ICC.
   • Tell me more:
     • Harsh has also served as the President of ICC-India, the Federation of Indian Chambers of Commerce and Industry (FICCI), and the All India Management Association (AIMA).
       • He is Director of J.K. Organization and Chairman & Managing Director of JK Paper Ltd.
     • ICC, known as the voice of world business, represents over 45 million businesses globally.
       Source: ICC

Miscellaneous

1. Bill Gates’s memoir ‘Source Code: My Beginnings’ to be published in 2025
   • What: The founder of Microsoft, Bill Gates has announced a memoir called “Source Code, My Beginnings” which will focus on his formative years, from childhood through his decision to leave college and start Microsoft.
   • The book will be published in the year 2025.
     Source: Gatesnotes
2. India’s foremost wildlife biologist and conservation activist, A J T Johnsingh passed away
   • What: Asir Jawahar Thomas Johnsingh also known as A JT Johnsingh, a renowned Indian Biologist and Wildlife Conservation activist passed away at in Bengaluru, Karnataka.
   • He played a vital role in the establishment of Kalakkad-Mundanthurai Tiger Reserves (Tamil Nadu) located in the Western Ghats.
   • Awards:
     • He was awarded India’s fourth highest civilian award Padma Shri.
     • He received the 2004 Distinguished Service Award for Government from the Society for Conservation Biology (SCB), the ABN AMRO Sanctuary Lifetime Wildlife Service Award in 2005.
     • He also received the Carl Zeiss Wildlife Conservation Award 2004 for lifetime service to Indian wildlife.

3. Prevention of Arms Race in Outer Space (PAROS)
   • What: In a recent joint statement, BRICS Ministers for Foreign Affairs emphasized the need to discuss a legal multilateral instrument on PAROS.
   • About PAROS Treaty
     • In 2008, draft treaty submitted to the Conference on Disarmament aims to refrain State Parties from placing objects carrying any type of weapon into orbit, installing weapons on celestial bodies, and threatening to use force against objects in outer space.
     • It would complement and reaffirm the importance of the 1967 Outer Space Treaty.

   
   
4. Malawi Vice President was killed in a plane crash in the Chikangawa mountain range
   • What: Malawi Vice President Dr. Saulos Chilima killed in plane crash along with 9 others
   • Source: CBS News

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