11th June, 2024

1. To further ease the process, the Ministry of Electronics and Information Technology (MeitY) and the Unique Identification Authority of India (UIDAI) developed Face Authentication Technology.
2. Panama becomes first nation to evacuate island community from Gardi Sugdub Island over climate change impact.
3. Ashv Finance Limited (Erstwhile Jain Sons Finlease Ltd) has signed a co-lending agreement with the HDFC Bank, one of India’s leading private banks.
4. Muthoot Microfin Ltd has entered into a partnership with State Bank of India (SBI) for co-lending.
5. Recently the World Bank has released the 4th edition of Container Port Performance Index (CPPI) 2023.
6. According to UBS securities, India is expected to sustain a potential growth rate of 6.5 per cent -7 per cent year-on-year (Y-o-Y) between 2025-26 and 2029-30.
7. Researchers at Columbia University College of Dental Medicine have developed an exosome-based platform, named “safeEXO-Cas.
8. Nokia CEO Pekka Lundmark made a phone call using a new technology called 3GPP Immersive Voice and Audio Services (IVAS) codec“ that improves the quality of a call with three-dimensional (3D) sound, making interactions more lifelike.
9. Each year, Tripadvisor (an American online travel company) releases a ranking of the world’s best beaches and for the first time, this year’s ranking also includes a category for the most sustainable beaches.
10. World Brain Tumor Day is annually observed across the globe on 8 June
11. The United Nations (UN)’s World Oceans Day is annually observed on 8th June.
12. The 2024 Canadian Grand Prix (officially known as the Formula 1 AWS Grand Prix du Canada 2024) took place at the Circuit Gilles Villeneuve in Montreal, Quebec, Canada.
13. Norwegian Grandmaster (GM) Magnus Carlsen (World No.1) won the 2024 Norway Chess Title beating Fabiano Caruana of the United States of America (USA) in the final round.
14. The Andhra Chamber of Commerce has signed a MoU with the Atal Incubation Center (AIC) at the Anna University Incubation Foundation in Chennai, Tamil Nadu.
15. Recently the Department of Fisheries (Government of Assam) and National Hydroelectric Power Corporation (NHPC) signed an agreement for Fisheries Management Plan at the 2000 MW Subansiri Lower Hydro Electric Project (SLHEP) located in Assam.
16. Kamal Kishore Soan, a senior Indian Administrative Service (IAS) officer assumed the additional charge of Director General (DG) of Employees’ State Insurance Corporation (ESIC) under Ministry of Labour and Employment, Government of India (GoI).
17. The United Nations General Assembly (UNGA) elected Ambassador Philemon Yang, former Prime Minister (PM) of Cameroon (2009 to 2019) as President for its 79th session starting on 10 September 2024.
18. Large Action Models (LAMs)

National News

1. Use of Facial Authentication Technology by the EPS pensioners for Digital Life Certificate
   • What: The Employees’ Provident Fund Organisation (EPFO) manages pensions for over 78 lakh pensioners, who must submit a Life Certificate annually to continue receiving their pension. Traditionally, this required a physical visit to banks, which posed challenges and led to grievances.
   • Need for Digital Life Certificate (DLC):
     • Introduction: To improve convenience, EPFO adopted Digital Life Certificate (DLC) technology in 2015. This system uses biometric authentication, requiring pensioners to visit banks, post offices, Common Service Centres, or EPFO offices where fingerprint or iris capture devices are available
     • Face Authentication Technology (FAT):
       • Development: To further ease the process, the Ministry of Electronics and Information Technology (MeitY) and the Unique Identification Authority of India (UIDAI) developed Face Authentication Technology (FAT).
       • Adoption by EPFO: EPFO adopted this technology in July 2022, allowing pensioners to submit their DLCs from home using facial recognition technology.
       • Process: Pensioners can now use any Android smartphone to scan their face for authentication. The facial scan is verified against UIDAI’s Aadhaar database using UIDAI’s Face Recognition App.
       • In the year 2023-24, More than 6.6 lakh pensioners made use of the ‘FAT’, a rise of over 200 percent from 2.1 lakh in 2022-23, as per the data released by Ministry of Labour and Employment.
       • It is noteworthy that the 6.6 lakh FAT-based DLCs in 2023-24 make up almost 10% of the total DLCs received during the year. In total, around 60 lakh DLCs were received from pensioners during the last financial year.
         Source: PIB

International News

1. Panama becomes first nation to evacuate island community over climate impact
   • What: Panama becomes first nation to evacuate island community from Gardi Sugdub Island over climate
     change impact.
     • About 300 families (1,000 people) have been safely evacuated to Nuevo Cartí, on the mainland Panama in the Guna Yala region
   • Why: The rising sea levels, caused by the melting of glaciers globally, are leading to the sinking of the island.
   • Source: Down To Earth

Banking and Economy

1. MSME lender Ashv Finance partners with HDFC Bank for co-lending MSME loans
   • What: Ashv Finance Limited (Erstwhile Jain Sons Finlease Ltd) has signed a co-lending agreement with the HDFC Bank, one of India’s leading private banks.
     • Ashv Finance Limited is an MSME-focused Non-Banking Financial Company (NBFC) that empowers MSMEs and Small Businesses in India with loans.
   • Why: To provide unsecured business loans to Micro and Small Enterprises (MSES).
   • Tell me more:
     • Unsecured business loans range from Rs 20 lakh to Rs 50 lakh for 12 to 36 months will be provided.
     • Repeat customers can avail of loans up to Rs 75 lakh.
     • Funds can be used for infrastructure investment, working capital needs, buying new machinery and plant, technology adoption, or overhead costs.
     • Eligibility Criteria:
       • MSMEs must be at least 3 years old, with an annual turnover between Rs 3 crore and Rs 100 crore.
       • Goods and Service Tax (GST) and Income Tax Return (ITR) for the past 3 years are required.

2. Muthoot Microfin, SBI form co-lending partnership
   • What: Muthoot Microfin Ltd has entered into a partnership with State Bank of India (SBI) for co-lending.
   • Why: This collaboration aims to extend financial services to women entrepreneurs, particularly in rural and semi-urban areas of India.
     • The partnership will focus on co-lending to members of Joint Liability Groups (JLGs) engaged in agricultural, allied activities, and other income-generating enterprises.
       • JLGs consist of 5 to 10 members from similar socio-economic backgrounds who come together to borrow from microfinance institutions (MFIs)
   • Tell me more:
     • The loan amounts under this agreement will range from a minimum of Rs 10,000 to a maximum of Rs 3,00,000.
     • This initiative is expected to provide a substantial boost to women entrepreneurs from rural regions, empowering them to grow their businesses and contribute to economic growth.

Report and Indices

1. The 4th edition of Container Port Performance Index 2023 released by World Bank
   • What: Recently the World Bank has released the 4th edition of Container Port Performance Index (CPPI) 2023.
   • Primary aim of the index: Its primary aim is to identify areas for enhancement for the benefit of stakeholders in the global trading system and supply chains, from ports to shipping lines, national governments, and consumers.
   • Tell me more:
     • Developed by: World Bank in partnership with Global Intelligence and Analytics division of S&P Global Market Intelligence.
     • The index is based on the largest-ever dataset comprising over 182,000 vessel calls, around 238.2 million moves, and approximately 381 million twenty-foot equivalents (TEUs) for the full 2023 calendar year.
     • The Index covered 405 global container ports across the world based on their efficiency, the duration of port stay for container vessels.
       • Container ports are facilities where cargo containers are loaded onto and unloaded from ships.
     • It covered ports that had at least 24 valid ports call within the 12-month period of the study.
       • A port of call means an intermediate stop for a ship on its scheduled journey for cargo operation or transporting supplies or fuel. It is a port where a ship stops except its home port.
   • Rankings:
     • India specific:
       • A Total 12 Indian ports were featured in the CPPI 2023.
       • Visakhapatnam Container Terminal Private Limited (VCTPL), a wholly owned subsidiary of JM Baxi Ports & Logistics, in Visakhapatnam, Andhra Pradesh (AP), is the only Indian Port to be featured into the Top 20 rankings.
         • VCTPL has overall secured 19th position in the CPPI rankings.
       • While, Mundra Port, India’s largest Private Port (in Gujarat) was ranked at 27th position, owned by Adani Ports and Special Economic Zone Limited (APSEZ).
       • Only 4 Indian Ports made it into the Top 50: VCPTL, Mundra Port, Pipavav Port in Gujarat (ranked at 41st position), Kamarajar Port in Chennai (ranked at 47th position).
       • Other Indian Ports featured in the index:

• Global rankings:
  • As per the CPPI 2023, Yangchan Port (China) and Port of Salaah (Oman) ranked at 1st and 2nd position respectively. Both ports retained their previous rankings of 2022.
  • Port of Cartagena in Columbia has improved its rank from 5th position (in the CPPI 2022) to 3rd position (in the CPPI 2023).
  • As per CPPI 2023, out of top 20 ports featured in the index, 13 are from East and South Asia region.
    Source: World Bank

GDP Forecasts

1. India may sustain 6.5-7% GDP growth between FY26 & FY30: UBS
   • What: According to UBS securities, India is expected to sustain a potential growth rate of 6.5 per cent -7 per cent year-on-year (Y-o-Y) between 2025-26 and 2029-30.
   • During FY25, India is expected to grow at 7 per cent as post-pandemic recovery in the capital expenditure (capex) cycle, driven by government spending and strong residential real estate demand is likely to continue.
     Source: Business Standard

Science and Technology

1. Scientists develop new CRISPR gene editing platform for cancer treatment
   • What: Researchers at Columbia University College of Dental Medicine have developed an exosome-based platform, named “safeEXO-Cas.
     • Exosomes are natural tiny bubbles in the body that can be altered to become effective carriers for delivering drugs and gene editing treatments
   • Why: It significantly enhances the delivery of CRISPR/Cas9 genome editing components to specific cells and tissues.
     • CRISPR/Cas9 is a special tool that lets scientists change DNA. They can use it to cut out, add, or change pieces of the DNA.
   • This platform can be used to treat disease like Cancer.
   • Head of the research team: Dr. Fatemeh Momen-Heravi,
     Source: Medical Express
2. Nokia CEO makes 1st ‘immersive’ call
   • What: Nokia CEO Pekka Lundmark made a phone call using a new technology called 3GPP Immersive Voice and Audio Services (IVAS) codec“ that improves the quality of a call with three-dimensional (3D) sound, making interactions more lifelike.
   • At present smartphone calls are monophonic which compresses audio elements together and sound flatter and less detailed, but the new technology will bring 3D audio where a caller will hear everything as if they were there with the other person.
   • Note: first 2G call was made in 1991.
     Source: India Today

Awards

1. Tripadvisor’s Top 10 Sustainable Beaches, India’s Radhanagar Beach also included
   • What: Each year, Tripadvisor (an American online travel company) releases a ranking of the world’s best beaches and for the first time, this year’s ranking also includes a category for the most sustainable beaches.
     • sustainable beaches are those which are able to meet the current needs of beachgoers without compromising the ability of future generations to enjoy the beach.
   • Tell me more:
     • Radhanagar Beach (in Andaman & Nicobar Islands), also known as Beach No. 7, has earned recognition as the second most sustainable beach in the world.
       • Rank one: Sandbanks Beach (Poole, United Kingdom)
       • Rank three: Saundersfoot Beach (Saundersfoot, United Kingdom)
       • Notably, 7 of the top 10 spots are held by European beaches.
     • Notably, back in 2004, Time magazine even crowned Radhanagar Beach as the Best Beach in Asia
       Source: Hindustan Times

Important Days

1. June 8: World Brain Tumor Day
   • What: World Brain Tumor Day is annually observed across the globe on 8 June
   • The theme for World Brain Tumor Day 2024 is “Brain Health and Prevention”.
   • Symbol: The Grey Ribbon is the official symbol for Brain Tumours and Brain Cancers.
     Source: Times Now
2. June 8: World Oceans Day
   • What: The United Nations (UN)’s World Oceans Day is annually observed on 8th June.
   • Organized by: Oceans Day 2024 was hosted by the Division for Ocean Affairs and the Law of the Sea of the Office of Legal Affairs (DOALOS) of the UN, in partnership with the non-profit organization Oceanic Global.
   • The theme of World Oceans Day 2024 is “Awaken New Depths.”
     Source: UN

   
   
   
   

Sports

1. F1 Canadian Grand Prix 2024
   • What: The 2024 Canadian Grand Prix (officially known as the Formula 1 AWS Grand Prix du Canada 2024) took place at the Circuit Gilles Villeneuve in Montreal, Quebec, Canada.
   • Results:
     • Rank 1: Max Verstappen
     • Rank 2: Lando Norris
     • Rank 3: George Russell
       Source: Outlook
2. Norway Chess 2024: R Paggnanandhaa finishes third, Magnus Carlsen wins title at home
   • What: Norwegian Grandmaster (GM) Magnus Carlsen (World No.1) won the 2024 Norway Chess Title beating Fabiano Caruana of the United States of America (USA) in the final round.
   • India related facts:
     • The Indian women player Vaishali Rameshbabu stood 4th after the defeat from Pia Cramling (Sweden) while Koneru Humpy finished 5th after losing to Anna Muzychuk (Ukraine).
     • Note: R.Praggnanandhaa has become the first ever player to have defeated the top three- Magnus Carlsen, Fabiano Caruana and Hikaru Nakamura in the Norway Chess 2024.
     • Results of the Norway Chess 2024:

Source: India Today

Memorandum of Understanding

1. Andhra Chamber of Commerce inks pact with Atal Incubation Centre, Anna University
   • What: The Andhra Chamber of Commerce has signed a MoU with the Atal Incubation Center (AIC) at the Anna University Incubation Foundation in Chennai, Tamil Nadu.
   • Why: To boost the startup ecosystem and support aspiring entrepreneurs.
     Source: The Hindu

2. Department of Fisheries and NHPC Sign Agreement for Fisheries Management Plan
   • What: Recently the Department of Fisheries (Government of Assam) and National Hydroelectric Power Corporation (NHPC) signed an agreement for Fisheries Management Plan at the 2000 MW Subansiri Lower Hydro Electric Project (SLHEP) located in Assam.
   • Why: The plan aims to create hatcheries to raise fish seeds for Golden Mahseer, Snow Trout, and Indian Major and Minor Carps.
     • It also includes releasing young fish into the Subansiri river upstream of the SLP dam to help sustain the river’s ecosystem.
   • Tell me more:
     • Initial Steps: To mark the commencement of the activity, about 6,000 fingerlings of Indian Major Carps were released in the Subansiri river.

Appointments

1. Kamal Kishore Soan Takes Over the Charge of Director General, ESIC
   • What: Kamal Kishore Soan, a senior Indian Administrative Service (IAS) officer assumed the additional charge of Director General (DG) of Employees’ State Insurance Corporation (ESIC) under Ministry of Labour and Employment, Government of India (GoI).
     Source: The Print

   
   

2. Philemon Yang of Cameroon elected the President of 79th UN General Assembly session
   • What: The United Nations General Assembly (UNGA) elected Ambassador Philemon Yang, former Prime Minister (PM) of Cameroon (2009 to 2019) as President for its 79th session starting on 10 September 2024.
   • He will succeed Ambassador Dennis Francis of Trinidad and Tobago (TT), the President of the 78th Session of the UNGA.
   • The theme for the 79th session of the UNGA is “Unity in diversity, for the advancement of peace, sustainable development, and human dignity for everyone everywhere”.
   • Note: By the established regional rotation, the President of the 79th session of the UNGA was elected from the Group of African States.
     Source: UN

Miscellaneous

1. Large Action Models (LAMs)
   • What: Large Action Models (LAMs) are an advanced development in the field of artificial intelligence.
   • They are designed to understand and execute complex tasks based on human intentions, expressed in natural language.
   • Unlike Large Language Models (LLMs) that primarily generate text, LAMs can act as ‘agents’ capable of performing tasks autonomously.
   • Example: By using the LAM, your house has been converted from a simple home to a smart home.
     • Suppose by using LAM you said “I’m coming home in 30 minutes. Make the house comfortable and have a fresh pot of coffee ready.”
     • What the LAM does:
       • Understands the Request:
         • Adjusts the thermostat to a comfortable temperature.
         • Turns on the lights.
         • Starts the coffee maker.
     • Result: When you arrive home, the house is at a comfortable temperature, the lights are on, and there’s a fresh pot of coffee ready—all done automatically by the LAM.
   • Applications of LAM: Job application automation, investment portfolio optimisation, personalised social media content creation, etc.
   • Note: Just you need to remember the simple definition, no need to go in much detail, example has been provided just to help you understand the concept.

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