16th-17th June, 2024

1. Karnataka has become the first state in the country to announce Rs 1 crore in insurance compensation for it’s employees who died in road accident.
2. Karnataka Bank has launched the KBL WISE Senior Citizen Savings Bank Account.
3. Kotak Mahindra Life Insurance Company Limited (Kotak Life) announced that it has collaborated with Mahindra & Mahindra Financial Services Limited (Mahindra Finance), to offer customized life insurance products to customers.
4. Neo banking firm, Jupiter Money has received authorization from the Reserve Bank of India (RBI) to start issuing prepaid payment instruments.
5. Recently the Tracking Sustainable Development Goals (SDG) 7: The Energy Progress Report 2024 was released.
6. Recently the 2024 Environment Performance Index (EPI), was released by the Yale Center
7. Posidex Technologies, a Hyderabad-based information insights and data analytics company, has come up with zero knowledge proof (ZKP) blockchain technology in the country for the first time.
8. The Association of Southeast Asian Nations (ASEAN) annually celebrates ASEAN Dengue Day (ADD) on 15 June.
9. The United Nations declared 2024 the International Year of Camelids (IYC 2024).
10. The International Chess Federation (FIDE) World Junior Chess Championships 2024 (Open and Girls Under-20) took place at GIFT City in Gandhinagar, Gujarat.
11. India Meteorological Department (IMD), under the Ministry of Earth Sciences (MOES), Government of India(GoI), signed an MoU with the National Meteorological Office (Oficina Nacional de Meteorología – ONAMET) of a country named, Dominican Republic.
12. The South African Parliament has re-elected Matamela Cyril Ramaphosa as the President of the Republic of South Africa for 2nd term.

State News

1. Karnataka Becomes First State to Give Rs 1 Crore Insurance Compensation for Employees
   • What: Karnataka has become the first state in the country to announce Rs 1 crore in insurance compensation for it’s employees who died in road accident.
   • This will provide much-needed financial help to the family members of the deceased employees.
     Source: ANI

Banking and Economy

1. Karnataka Bank launches WISE Senior Citizen SB account
   • What: Karnataka Bank has launched the KBL WISE Senior Citizen Savings Bank Account.
   • Why: This account is designed to cater to the Wellness, Investments, and Savings for Elderly (WISE) needs of senior citizens.
   • The product is available in two variants — KBL Wise Signature, a regular variant, and KBL Wise Advantage, a premium variant.
     Source: Karnataka Bank
2. Kotak Mahindra partners with, Mahindra Finance to offer life insurance products
   • What: Kotak Mahindra Life Insurance Company Limited (Kotak Life) announced that it has collaborated with Mahindra & Mahindra Financial Services Limited (Mahindra Finance), to offer customized life insurance products to customers.
     Source: Money Control

   
   
   
   
3. Fintech company Jupiter Money gets RBI nod for issuing PPI
   • What: Neo banking firm, Jupiter Money has received authorization from the Reserve Bank of India (RBI) to start issuing prepaid payment instruments.
     • Neobanks are digital-only banking platforms that operate solely online. Simply put, they do not have a physical presence.
     • Neobank examples: Fi Money, Jupiter, Fampay, Mahila Money, RazorpayX, Niyo
   • Tell me more:
     • Investors of Jupiter money: Tiger Global and Peak XV
     • At present, Jupiter offers digital savings accounts in partnership with Federal Bank and CSB Bank.
     • Prepaid Payment Instruments (PPIs) are digital payment solutions that facilitate the purchase of goods and services against the value stored on them.
     • Ex: Delhi Metro Smart Card, Sodexo Meal Pass, Amazon Gift Card
       Source: Hindu Business Line

Report and Indices

1. Tracking SDG 7: The Energy Progress Report 2024 released
   • What: Recently the Tracking Sustainable Development Goals (SDG) 7: The Energy Progress Report 2024 was released.
     • The SDGs are a set of 17 global goals established by the United Nations in 2015 as part of the 2030 Agenda for Sustainable Development.
     • These goals aim to address a wide range of global challenges, including poverty, inequality, climate change, environmental degradation, peace, and justice.
     • Each goal has specific targets to be achieved by 2030.
     • List of 17 SDGs

• Tell me more:
  • Released by: Five custodian agencies responsible for tracking progress toward SDG 7.
    • The custodian agencies are the International Energy Agency (IEA), the International Renewable Energy Agency (IRENA), the United Nations Statistics Division (UNSD), the World Bank, and the World Health Organization (WHO).

  • Report First released in 2018
  • What it tracks: It summarizes global progress on energy access, energy efficiency, renewable energy, clean cooking, and international cooperation to advance SDG 7.
    • The aim of SDG 7 is to “ensure access to affordable, reliable, sustainable, and modern energy for all.”
  • Highlights of 2024 Report:
    • Electricity Access: 91 percent of the global population had access to electricity in 2022, also the number of people without electricity increased for the first time in over a decade, with 685 million people lacking access in 2022, up by 10 million from 2021, primarily due to rapid population growth in Sub-Saharan Africa.
    • Clean Cooking: The world is off track to achieve universal access to clean cooking by 2030. Approximately 2.1 billion people still lack access to clean cooking fuels and technologies, mainly in Sub-Saharan Africa and Asia.
    • Renewable Electricity: Renewable electricity consumption grew by more than 6% year-on-year in 2021, raising the share of renewables in global electricity consumption to 28.2%.
    • Installed Capacity: The installed renewable energy-generating capacity per capita reached a new record in 2022 at 424 watts per capita globally.

  • Disparities and Challenges:
    • Capacity Disparities: Developed countries have 3.7 times more installed capacity (1,073 watts per capita) compared to developing countries (293 watts per capita).
    • Insufficient Efforts: Current efforts are insufficient to achieve SDG 7 on time.
  • India’s Progress:
    • Advancements: Between 2010 and 2021, India, along with China and Indonesia, made significant advancements in modern renewable energy use.
    • Renewable Energy Growth: India recorded one of the highest increases in the use of modern renewable energy, with the share of renewables in total final energy consumption (TFEC) rising by nearly 7 percentage points.
    • International Support: India’s transition to renewable energy has been significantly supported by international financial assistance.
    • Funding: In 2022, India received USD 627 million for 47 renewable energy projects, many of which were valued at less than USD 1 million. A substantial portion of this funding came from Germany and the International Bank for Reconstruction and Development (IBRD).
    • Transportation Sector: India’s role in renewable energy extends to the transportation sector, where it, along with the United States, Brazil, Europe, and China, accounts for 85% of renewable energy use.

• International financial flows refers to funds needed by developing countries in support of clean and renewable energy
  Source: IEA

2. Environmental Performance Index 2024 released by Yale University
   • What: Recently the 2024 Environment Performance Index (EPI), was released by the Yale Center for Environmental Law & Policy and the Center for International Earth Science Information Network Earth Institute, Columbia University with support from The McCall MacBain Foundation.
     • It evaluates countries’ environmental performance based on their environmental health, ecosystem vitality, and climate change mitigation efforts.

   • Tell me more:
     • The index is released in every two years.
     • First published: In the year 2002
     • The 2024 Environmental Performance Index (EPI) compares and analyzes how 180 countries are performing environmentally. It focuses on three main areas:
       • Ecosystem Vitality
       • Environmental Health
       • Climate Change
         • These three main areas are broken down into 11 categories, which are further divided into 58 detailed indicators to provide a comprehensive assessment of each country’s environmental performance.
     • Top five countries:

• Points to note:
  • Estonia’s rise to the top ranking is attributed to a 59% reduction in greenhouse gas emissions since 1990 and its extensive network of protected areas for nature conservation, covering 20% of its lands and seas.
  • Denmark, which topped the 2022 EPI, is ranked 10th in EPI 2024 with an EPI score of 67.9.
  • Significant Progress: Only five countries — Estonia, Finland, Greece, Timor-Leste, and the UK — have cut GHG emissions at the rate needed to achieve net zero by 2050.
• Bottom five countries

• Note: Previously, India was ranked 180th in the EPI 2022 and 168th in the EPI 2020.
• India related findings (Rankings in various categories):
  • India’s performance lags in several indicators mainly because of its heavy dependence on coal, which contributes to not only greenhouse gas (GHG) emissions but also high air pollution levels.
  • The report estimates that India will need an additional USD 160 billion per year in climate change mitigation investments to meet its goals.

Source: EPI

Science and Technology

1. In a first, Hyderabad-based firm enters into zero-knowledge proof blockchain technology
   • What: Posidex Technologies, a Hyderabad-based information insights and data analytics company, has come up with zero knowledge proof (ZKP) blockchain technology in the country for the first time.
     • ZKP is a method that allows one party to prove to another that a statement is true, without revealing any information beyond the validity of the statement itself.
     • This enhances privacy and security, as it enables the verification of transactions without disclosing their contents.
     • It’s particularly useful in scenarios where sensitive data needs to be confirmed without being shared, such as in certain blockchain and cryptocurrency applications.
   • Tell me more:
     • Only a few countries like the United States and Israel are currently developing this technology.
       Source: Times of India

Important Days

1. June 15: ASEAN Dengue Day
   • What: The Association of Southeast Asian Nations (ASEAN) annually celebrates ASEAN Dengue Day (ADD) on 15 June.
     • World Dengue Day is also observed on June 15.

   • Why: To raise awareness of Dengue and mobilize resources for its prevention and control at the regional and national levels.
   • Note: The WHO has set a goal of eliminating all deaths from dengue by 2030 as part of its 2021-2030 Sustainable Development Goals (SDGs).

2. The United Nations declared 2024 the International Year of Camelids (IYC 2024)
   • What: The United Nations declared 2024 the International Year of Camelids (IYC 2024).
   • The Year will highlight how camelids are key to the livelihoods of millions of households in hostile environments across over 90 countries, particularly Indigenous Peoples and local communities.
   • Theme: Heroes of deserts and highlands: Nourishing people and culture
     Source: FAO

Sports

1. Highlights of World Junior Girls Chess Championship 2024
   • What: The International Chess Federation (FIDE) World Junior Chess Championships 2024 (Open and Girls Under-20) took place at GIFT City in Gandhinagar, Gujarat.
     • In the Open category, players of any gender can compete against each other.

   • Tell me more:
     • List of Open category winners

• List of Girls category winners

• This marks India’s first World Junior title after a gap of 15 years. Divya, from Nagpur (Maharashtra), becomes the 4th Indian girl to win the Junior title after Koneru Humpy (2001), Dronavalli Harik (2008) and Soumya Swaminathan (2009).
  Source: Sportstar

Memorandum of Understanding

1. India and Dominican Republic strengthen meteorological capabilities with new agreement
   • What: India Meteorological Department (IMD), under the Ministry of Earth Sciences (MOES), Government of India(GoI), signed an MoU with the National Meteorological Office (Oficina Nacional de Meteorología – ONAMET) of a country named, Dominican Republic.
   • Why: The MoU aims to enhance technical capacities at ONAMET for better forecasting and monitoring of meteorological phenomena in the Dominican Republic.
   • Tell me more (About the MoU):
     • Under the MOU, both parties agreed on a cooperation roadmap that includes:
     • Training ONAMET personnel, a curriculum designed by the IMD
     • Exchange experiences on early warning mechanisms
     • Satellite data access for developing meteorological models
       Source: Dominican Today

Appointments

1. Cyril Ramaphosa re-elected South African president
   • What: The South African Parliament has re-elected Matamela Cyril Ramaphosa as the President of the Republic of South Africa for 2nd term.
   • He became the President of South Africa for the 1st time in 2018, by replacing Jacob Zuma as President.
     Source: BBC

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