30th June, 2024

1. INSTC Sees First Russian Coal Trains Bound for India
2. RIMPAC Exercise
3. RBI imposes ₹29.60 lakh fine on HSBC Bank for card rule violations
4. HDFC Life’s ‘Bridge the Gap’ initiative to enhance life insurance awareness
5. IBBI launches online forms for monitoring liquidation
6. FPIs invested Rs. 26,565 crore in Indian equities in June
7. Highlights of Brand Finance’s India 100 2024
8. Highlights of Commonwealth Short story Prize 2024
9. June 29: National Statistics Day
10. June 29: International Day of Tropics 2024
11. June 23 to 29 2024: World Allergy Week
12. General Upendra Dwivedi takes charge as chief of Indian Army
13. Sujata Saunik becomes Maharashtra’s first woman chief secretary
14. FSIB appoints Challa Sreenivasalu Setty as SBI’s 27th chairman, replaces Dinesh Khara
15. Former Lok Sabha MP Pahal Man Subba from Sikkim passed away
16. Parliamentary committees
17. AI washing
18. BIS sends govt debt warning before key polls
19. PM releases three books on life of former vice president Venkaiah Naidu

International News

1. INSTC Sees First Russian Coal Trains Bound for India
   • What: Russia has sent two trains laden with coal to India via the eastern branch of International North-South Transport Corridor (INSTC) for the first time.
   • The consignment is scheduled to arrive at Mumbai port via the Bandar Abbas port in Iran from Saint Petersburg (Russia)

Source: Swarajya

2. RIMPAC Exercise
   • What: The opening ceremony for the 29th edition of the biennial Rim of the
     Pacific (RIMPAC) exercise
     was held in Hawaii (USA).
   • It is World’s largest international multilateral maritime exercise (India also takes part in it).
     • Total 29 countries participating.
   • Aim: To build relationships, enhance interoperability, contribute to the peace and stability in the Indo-Pacific region.”
     Source: US Pacific

Banking and Economy

1. RBI imposes ₹29.60 lakh fine on HSBC Bank for card rule violations
   • What: The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 29.60 lakh on The Hongkong and Shanghai Banking Corporation Limited (HSBC).
   • Why: The bank failed to ensure that there was no negative amortisation while computing Minimum Payment Due (MPD) in certain credit card accounts.
     • Negative amortization occurs when the payments made by the cardholder are not enough to cover the interest charges, causing the unpaid interest to be added to the principal balance, thus increasing the total debt.
   • The penalty was imposed in the exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
   • Note: The Hongkong and Shanghai Banking Corp Ltd (HSBC), a subsidiary of HSBC Holdings plc, formerly known as Hongkong Bank. It was incorporated in 1866.
     Source: Hindustan Times
2. HDFC Life’s launches ‘Bridge the Gap’ initiative to enhance life insurance awareness
   • What: HDFC Life Insurance Company Limited introduced the ‘Bridge the Gap’ campaign to educate the public about the role of life insurance.
   • Why: This initiative aims to educate people about the need for life insurance and inform the public about its importance.
   • Tell me more:
     • Promotional steps: HDFC Life has partnered with ET NOW, an English-language business and finance news channel in India, to showcase various aspects of financial planning with life insurance.
       Source: The Print

   
   
3. IBBI launches online forms for monitoring liquidation
   • What: The Insolvency and Bankruptcy Board of India (IBBI) has introduced electronic forms to streamline the liquidation process. These forms cover different stages and enhance compliance under the Insolvency and Bankruptcy Code (IBC).
   • Why: The move aims to boost efficiency, reduce errors, and enhance transparency in insolvency procedures. Liquidators can now submit these forms online.
   • Tell me more:
     • Forms LIQ 1 to LIQ 4: These forms correspond to various stages of the liquidation process:
       • LIQ 1: Details from commencement of liquidation to public announcement.
       • LIQ 2: Information from public announcement to progress report (including valuation, sale, and receipts).
       • LIQ 3: Covers the period from the last progress report to the application for dissolution.
       • LIQ 4: Deals with distribution of proceeds and other final details post-dissolution order.
         Source: Economic Times

   
   

4. FPIs invested Rs. 26,565 crore in Indian equities in June
   • What: In June, foreign portfolio investors (FPIs) have infused ₹26,565 crore into the Indian equity market.
     • This happened after investors withdrew Rs 25,586 crore in May due to election worries, and over Rs 8,700 crore in April because of changes in India’s tax treaty with Mauritius and a continuous increase in US bond yields.
   • Why: This inflow was driven by political stability after the 2024 elections, and a sharp recovery in the markets after two months of net outflow.
     • FPI consists of securities and other financial assets held by investors in another country.
       Source: Economic Times

Report and Indices

1. Highlights of Brand Finance’s India 100 2024
   • What: Recently the Brand Finance has released the India 100 2024: The annual report on the most valuable and strongest Indian brands June 2024 was released.
     • Brand Finance is a London (United Kingdom – UK)-based independent brand valuation consultancy that evaluates and ranks brands across sectors and countries.
     • Companies assessed: 250
   • Tell me more (Key Highlights)

   
   

• TATA Group retained the Number 1 position with a 9% growth in brand value to USD 28.6 billion.
  • It became the 1st Indian brand to near a USD 30 million brand value mark.
• Infosys continues to retain its 2nd spot, with a steady 9% growth in brand value (USD 14.2 billion)

• Taj retains its reputation as the strongest Indian brand for the 3rd consecutive year with a AAA+ brand strength rating.

• Brand Value by Sector

• Sector wise most valuable brands

• The fastest-growing Indian brands are, Westside, which saw a 122% increase in brand value, followed by Motherson with 86% growth and Sonata Software with 83% growth.
  Source: Brand Finance

Awards

1. Highlights of Commonwealth Short story Prize 2024
   • What: The Commonwealth Foundation announced Sanjana Thakur, an Indian writer from Mumbai (Maharashtra) as the overall winner of 2024 Commonwealth Short Story Prize for her story ‘Aishwarya Rai’, a reversed adoption story.
   • Thakur is the third Indian writer to win the prize, which was launched in 2012.
     • It was earlier won by Parashar Kulkarni (2016) for his story ‘Cow and Company’
     • Kritika Pandey (2020) for ‘The Great Indian Tee and Snakes’.
   • List of Regional winners

Source: Indian Express

Important Days

1. June 29: National Statistics Day
   • What: National Statistics Day (Statistics Day) is annually observed across India on 29 July
   • This Day is also celebrated to mark the birth anniversary of an eminent statistician (Late) Professor Prasanta Chandra (PC) Mahalanobis, also known as the ‘Father of Modern Statistics in India.’
   • The theme for 2024: “Use of Data for Decision Making.”
   • Initiated in: 2007
     Source: PIB
   
   
   
   
   
   

2. June 29: International Day of Tropics 2024
   • What:  The International Day of the Tropics is observed on June 29.
   • It was designated by the United Nations General Assembly to raise awareness of the specific challenges faced by tropical areas and the need for global awareness and action.
     Source: UN

3. June 23 to 29 2024: World Allergy Week
   • What: World Allergy Week 2024 observed across the globe from 23rd to 29th June 2024.
   • Hosted by: World Allergy Organisation
     Source: WAO

Appointments

1. General Upendra Dwivedi takes charge as chief of Indian Army
   • What: General Upendra Dwivedi, has assumed charge as the 30th Chief of the Indian Army Staff
     • He succeeds Gen Manoj Pande who superannuated after more than four decades of service.

• He was serving as the Vice Chief of the Army since February 2024.
  Source: India Today

2. Sujata Saunik becomes Maharashtra’s first woman chief secretary
   • What: Sujata Saunik has made history by becoming the first woman to hold the position of Chief Secretary in Maharashtra.
   • She has succeeded Nitin Kareer, who retired from the position.

• Maharashtra now has women in both its top two positions, with Senior IPS officer Rashmi Shukla serving as the Director General of Police since January 2024.
  Source: Hindustan Times

3. FSIB appoints Challa Sreenivasalu Setty as SBI’s 27th chairman, replaces Dinesh Khara
   • What: Financial Services Institution Bureau (FSIB) has selected Challa Sreenivasulu Setty as the 27th chairman of State Bank of India (SBI).
   • He will succeed Dinesh Khara as the Chairman, who is set to retire in August 2024.
   • Note: The Upper age limit for SBI Chairman is 63 years of age.
     Source: Live Mint

Miscellaneous

1. Former Lok Sabha MP Pahal Man Subba from Sikkim passed away
   • What: Pahalman Subba, Sikkim’s first Member of Parliament (MP – Lok Sabha) passed away.
   • He was the second MP of Sikkim and the first to win a contested election.
   • Note: Sikkim became a State of the Indian Union in 1975.
   • Chatra Bahadur Chhetri of the Indian National Congress was the first MP from Sikkim. He was elected unopposed during the 1977 election.
     Source: NE Now

   
   
2. Parliamentary committees
   • What: Motions in the Lok Sabha were moved to constitute the Public Accounts Committee (PAC) and Estimate Committee (EC).
     • These committees are part of the financial committees of the Parliament.

   • Public Accounts Committee
     • First set up in 1921 in the wake of the Montague-Chelmsford Reforms.
     • Consists of not more than 22 members (15 members from Lok Sabha and 7 from Rajya Sabha).
     • Function: auditing the revenue and the expenditure of the Government of India.
   • About Estimate committee
     • Constituted for the first time in 1950 and consists of 30 members from Lok Sabha.
     • Functions: to suggest alternative policies to bring about efficiency in administration.
     • To examine whether the money is well laid out within the limits of the policy implied in the estimates, etc.

3. AI washing
   • AI washing is a term derived from greenwashing, where companies exaggerate their environmental friendliness.
   • Tech companies and startups marketing themselves as using AI, but not doing so is known as ‘AI washing’.
   • It can misguided investments in superficial enhancements, slowing real progress in AI technologies.

   
   
4. BIS sends govt debt warning before key polls
   • What: The Bank for International Settlements (BIS) issued a warning recently regarding rising government debt levels in the context of several major elections this year.
     Source: US News

   
   

Start Quiz of 30th June 2024 on Mobile

Start Quiz of 30th June 2024 on Desktop