21st June, 2024

1. Prime Minister Narendra Modi inaugurated the new campus of Nalanda University near the ancient ruins in Rajgir district of Bihar.
2. The Union Cabinet has given approval for a significant expansion of Lal Bahadur Shastri International Airport in Varanasi, Uttar Pradesh.
3. Aviation safety regulator Directorate General of Civil Aviation (DGCA) has issued an advisory circular on ” Gender Equality in Civil Aviation Sector ” for stakeholders to increase the number of women in various positions to ensure 25 percent representation by 2025.
4. Madhya Pradesh Chief Minister Mohan Yadav launched an intra-state air service to promote tourism.
5. External Affairs Minister Dr. S. Jaishankar has recently met Sri Lankan President Ranil Wickremesinghe and formally commissioned the Maritime Rescue Coordination Centre (MRCC) in Colombo.
6. India Post Payments Bank (IPPB) has partnered with Ria Money Transfer, a global leader in cross-border money transfer and a subsidiary of Euronet Worldwide, Inc.
7. SabPaisa, a payment solutions provider, has received final approval from the Reserve Bank of India (RBI) to function as a Payment Aggregator (PA) under the Payments and Settlement Systems Act, 2007.
8. India is the third-largest domestic airline market in the world, up from number five
   position a decade ago, according to analysis based on OAG data.
9. The Reserve Bank of India (RBI) has canceled the license of the City Co-operative Bank Ltd., Mumbai, Maharashtra.
10. Tata Communications has secured a five-year $250 million sustainability-linked loan (SLL) from DBS Bank (Singapore), Australia and New Zealand (ANZ Bank), and Export Development Canada (EDC).
11. The Financial Intelligence Unit of India (FIU-IND) has imposed a penalty of ₹18.82 crore (approximately $2.25 million) on Binance, the world’s largest cryptocurrency exchange, for alleged violations of India’s anti-money laundering law.
12. A team of scientists from Assam and Odisha in India, China, and the U.K. has developed a water-repellent catalyst that can cut the cost of producing biodiesel substantially from the current levels.
13. Google’s DeepMind and Isomorphic Labs have developed a new AI model, AlphaFold-3, that can predict structure of proteins, DNA, RNA, ligands, etc., and how they interact
14. The United Nations (UN)’s World Refugee Day is annually observed across the globe on 20 June.
15. Rajesh Kumar Dwivedi has recently taken charge as the Director (Finance) of Bharat Heavy Electricals Limited (BHEL).
16. Bharti AXA Life Insurance, wholly owned by the Bharti Group, has recently announced the appointment of Akhil Gupta as its new Chairman.
17. Donald Sutherland, a Hollywood actor, has passed away.
18. Professor CV Chandrasekhar, a renowned Bharatanatyam Dancer and Padma Bhushan Awardee, has passed away.

National News

1. PM inaugurates Nalanda University (NU) in Rajgir (Bihar)
   • What: Prime Minister Narendra Modi inaugurated the new campus of Nalanda University near the ancient ruins in Rajgir district of Bihar.
   • Tell me more:
     • The new Nalanda University, envisaged as a centre of inter-civilisational dialogue, is also a ‘Net Zero Green Campus’
     • It is located near the ancient Nalanda ruins and was established under the Nalanda University Act 2010 of Parliament.
     • The decision at the 2nd East Asia Summit (EAS) in the Philippines (2007) provided the basis to establish NU.
       • Notably, the event was attended by the Head of Missions of 17 countries, marking a significant moment for the university.
         Source: PMO

2. Cabinet approves development of Lal Bahadur Shastri International Airport, Varanasi
   • What: The Union Cabinet has given approval for a significant expansion of Lal Bahadur Shastri International Airport in Varanasi, Uttar Pradesh.
   • The ambitious plan includes doubling the airport’s capacity to accommodate up to 99 lakh (9.9 million) passengers annually from the existing 3.9 MPPA
   • Cost: Rs. 2869.65 Crore, this expansion will be funded by Airport Authority of India
   • Green Airport:
     • The Varanasi airport will be developed as a green airport to ensure environmental sustainability.
     • This will be achieved through energy optimization, waste recycling, carbon footprint reduction, solar energy utilization, and incorporation of natural daylighting and other sustainable measures throughout the planning, development, and operational stages.
       Source: PMO

3. Raise women’s share in the workforce to 25% by ’25: DGCA
   • What: Aviation safety regulator Directorate General of Civil Aviation (DGCA) has issued an advisory circular on ” Gender Equality in Civil Aviation Sector ” for stakeholders to increase the number of women in various positions to ensure 25 percent representation by 2025.
   • Tell me more:
     • To achieve this, the DGCA advises promoting enhanced representation of women in the aviation workforce, introducing leadership and mentorship programs, addressing stereotypes and gender bias, and fostering a better work-life balance for women employees.
       Source: Economic Times

State News

1. Madhya Pradesh CM Inaugurates PM Shri Tourism Air Service From Bhopal
   • What: Madhya Pradesh Chief Minister Mohan Yadav launched an intra-state air service to promote tourism.
   • It was launched from Raja Bhoj International Airport in the state capital Bhopal.
   • It is called ‘PM Shri Paryatan Vayu Seva’ and the first flight was flagged off from the capital Bhopal to Jabalpur.
   • The service operated by the Madhya Pradesh Tourism Board (MPTB) with two aircraft will connect eight cities across the State- Bhopal, Indore, Jabalpur, Gwalior, Khajuraho, Ujjain, Rewa, and Singrauli.
   • Madhya Pradesh Tourism in partnership with M/s Jet Serve Aviation Private Limited under the PPP mode brought the ‘PM Shri Tourism Air Service’ to promote tourism in the state
     Source: Times of India

International News

1. Dr. S. Jaishankar unveils Maritime Rescue Coordination Centre in Sri Lanka
   • What: External Affairs Minister Dr. S. Jaishankar has recently met Sri Lankan President Ranil Wickremesinghe and formally commissioned the Maritime Rescue Coordination Centre (MRCC) in Colombo.
     • This includes a center at Navy Headquarters in Colombo, a sub-center in Hambantota and unmanned installations at Galle, Arugambay, Batticaloa, Trincomalee, Kallarawa, Point Pedro and Mollikulam in Sri Lanka.
   • Why: To enhance maritime security in the region.
   • Cost: USD 6 million grant from India and aims to enhance maritime safety.
   • Also the ceremony to hand over 48 houses, 24 each in Colombo and Trincomalee, built under the Model Village Housing Project and 106 houses in three up-country estates, built under Phase III of the Indian Housing Project, with funding from India was held
     Source: Indian Express

Banking and Economy

1. IPPB partners with Ria Money Transfer to Revolutionize Rural Remittance Services
   • What: India Post Payments Bank (IPPB) has partnered with Ria Money Transfer, a global leader in cross-border money transfer and a subsidiary of Euronet Worldwide, Inc.,
     • Euronet Worldwide, Inc. is an American provider of global electronic payment services headquartered in Leawood, Kansas.
     • They operate in over 200 countries and territories, processing transactions for businesses and consumers worldwide

   • Why: To offer innovative remittance services in rural India. This collaboration aims to provide convenient and affordable financial services directly to the doorsteps of customers in remote areas.
   • Tell me more:
     • With this agreement, access to banking services will be greatly improved, especially because 65% of Indians live in rural areas with inadequate financial infrastructure.
     • Through this collaboration, the International Inward Money Transfer service will initially be offered at over 25,000 Post Office locations, with an expected reach of over 1 Lakh locations through the Post Offices.
     • Additionally, IPPB and Ria Money Transfer are using verified biometric authentication for customers’ Know Your Customer (KYC) without the need of physical ID to collect remittances and digital transaction confirmation with a paperless receipt.
       Source: PIB

2. SabPaisa Gets RBI Nod To Operate As a Payment Aggregator
   • What: SabPaisa, a payment solutions provider, has received final approval from the Reserve Bank of India (RBI) to function as a Payment Aggregator (PA) under the Payments and Settlement Systems Act, 2007.
   • The licence will allow SabPaisa to offer comprehensive payment aggregation services to merchants across India.
   • Note: The RBI’s payment aggregator structure, implemented in March 2020, mandates that only approved entities can provide payment aggregation services to merchants.
     Source: Economic Times
3. India is now third-largest domestic airline market
   • What: India is the third-largest domestic airline market in the world, up from number five
     position a decade ago, according to analysis based on OAG data.
   • Tell me more:
     • India’s domestic airline capacity doubled from 7.9 million in April 2014 to 15.5 million in April 2024.
     • In reaching the third slot, India has replaced Brazil (pushed to fourth place with 9.7 million) and Indonesia (relegated to fifth in the rankings with 9.2 million).
     • India’s transition to low cost carriers (LCCs) has been the sharpest among the top five countries.
     • In April 2024, LCCs accounted for 78.4 per cent of Indian domestic capacity, followed by
       Indonesia at 68.4 per cent, Brazil at 62.4 per cent, the US at 36.7 per cent, and China at
       13.2 per cent).
     • The LCC growth has been fueled by IndiGo; in the last decade, its market share has nearly doubled from 32 percent to 62 per cent.
     • Indigo has projected that domestic passengers are projected to double from 155 million in 2024 to 350 million in 2030.

4. RBI cancels license of the City Co-operative Bank
   • What: The Reserve Bank of India (RBI) has canceled the license of the City Co-operative Bank Ltd., Mumbai, Maharashtra.
   • Why: The reasons for the cancellation include inadequate capital, failure to comply with regulatory norms, and being prejudicial to the interests of depositors.
   • Tell me more:
     • This decision marks the cessation of the bank’s operations.
     • As a result, the bank is prohibited from conducting banking business, including accepting and repaying deposits.
       • The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been asked to issue an order for winding up the bank and appoint a liquidator
     • Depositors are entitled to receive deposit insurance claims up to ₹5,00,000/- from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
     • Approximately 87% of depositors are eligible to receive the full amount of their deposits from DICGC1.
       Source: Money Control

5. Tata Communication raises $250 mn loan from ANZ, EDC and DBS Bank
   • What: Tata Communications has secured a five-year $250 million sustainability-linked loan (SLL) from DBS Bank (Singapore), Australia and New Zealand (ANZ Bank), and Export Development Canada (EDC).
     • A SLL is a financial instrument that encourages borrowers to achieve specific sustainability performance objectives. These objectives might include reducing their carbon footprint, improving energy efficiency, or promoting diversity.
     • Unlike green loans, which exclusively finance eligible “green projects,” SLLs focus on overall sustainability performance and incentivize borrowers to meet ambitious, predetermined targets

   • The loan’s interest rate will adjust based on Tata Communications’ progress in reducing carbon emissions.
   • The company is looking to achieve Net Zero across global operations by 2035.
     Source: Money Control
6. FIU-IND fines Rs.18.82 crores penalty on crypto exchange Binance
   • What: The Financial Intelligence Unit of India (FIU-IND) has imposed a penalty of ₹18.82 crore (approximately $2.25 million) on Binance, the world’s largest cryptocurrency exchange, for alleged violations of India’s anti-money laundering law.
     • Prevention of Money Laundering Act (PMLA), 2002 is the anti-money laundering law of India.

   • Binance was charged with “dereliction of duty” as a reporting entity and for operating as a Virtual Digital Asset Service Provider without registering with the FIU.
     Source: Business Today

Science and Technology

1. Scientists from India, China, U.K. Develop Catalyst to Produce Cheaper Biodiesel
   • What: A team of scientists from Assam and Odisha in India, China, and the U.K. has developed a water-repellent catalyst that can cut the cost of producing biodiesel substantially from the current levels.
     • Biodiesel is a renewable, biodegradable fuel made from vegetable
       oils, animal fats, etc.
   • The “catalyst” reduces biodiesel production costs by increasing reaction efficiency, extending catalyst life, reducing processing steps, lowering energy consumption, and minimizing waste.
   • Currently, biodiesel production costs about ₹100 per liter in India, but the new catalyst could reduce this significantly.
     Source: The Hindu

2. Google’s DeepMind and Isomorphic Labs have developed a new AI model, AlphaFold-3
   • What: Google’s DeepMind and Isomorphic Labs have developed a new AI model, AlphaFold-3, that can predict structure of proteins, DNA, RNA, ligands, etc., and how they interact.
   • Benefits of AlphaFold-3
     • Faster Drug Discovery
     • Better Disease Understanding
     • Personalized Medicine
     • Reduced Research Costs
     • Increased Research Efficiency
       Source: Google

Important Days

1. June 20: United Nations (UN)’s World Refugee Day
   • What: The United Nations (UN)’s World Refugee Day is annually observed across the globe on 20 June.
   • The theme of World Refugee Day 2024 is “For a World Where Refugees Are Welcomed”.
   • Observed by: World Health Organization (WHO), UN High Commissioner for Refugees (UNHCR) (the UN Refugee Agency).
     Source: UNHCR

Appointments

1. Rajesh Dwivedi assumes charge as Director (Finance) BHEL
   • What: Rajesh Kumar Dwivedi has recently taken charge as the Director (Finance) of Bharat Heavy Electricals Limited (BHEL).
   • Prior to this role, Dwivedi served as General Manager & Head of Corporate Finance at BHEL.
     Source: Telangana Today
2. Akhil Gupta Named as the Chairman of Bharti AXA Life Insurance
   • What: Bharti AXA Life Insurance, wholly owned by the Bharti Group, has recently announced the appointment of Akhil Gupta as its new Chairman.
   • Prior to this role, he was serving as the Vice Chairman of Bharti Enterprises.
   • Note: Bharti AXA Life Insurance has appointed two new Board of Directors (BOD) – Dinesh Kumar Mittal and VV Ranganathan.
     Source: Money Control

Miscellaneous

1. Actor Donald Sutherland passes away
   • What: Donald Sutherland, a Hollywood actor, has passed away.
   • His breakthrough performances included the 1967 film The Dirty Dozen and Robert Altman’s M*A*S*H*
     Source: Odisha TV
2. Legendary Bharatanatyam dancer C.V. Chandrasekhar passed away
   • What: Professor CV Chandrasekhar, a renowned Bharatanatyam Dancer and Padma Bhushan Awardee, has passed away.
     • He was born in the year 1935.
   • In 2011, He was awarded the prestigious ‘Padma Bhushan’ (Arts) for his contributions in Bharatanatyam.
   • His notable choreographic productions are Kalidasa’s ‘Ritu Samharam’ and ‘Meghadootham’, ‘Aparajitha’, ‘Pancha Maha Bhootham’, ‘Arohanam’, ‘Bhoomija’ and ‘Bhramarageeth’.
   • He also has his own dance institution ‘Nrityashree’, Chennai, TN.
   • Awards & Honours:
     • He was conferred Natya Kalanidhi award by the Association of Bharatanatyam Artistes of India (ABHAI) in 2013.
     • He also received the UP Sangeet Natak Akademi Award (1978), Gujarat Nrutya Natak Akademi Award (1988) and Kalidas Samman (2008).
       Source: The Hindu

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