We are here for you to provide the important Recent and Latest Current Affairs 11 June 2024, which have unique updates of Latest Current Affairs 2024 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.
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INTERNATIONAL AFFAIRS
VCTPL Featured into Top 20 Rankings in World Bank’s CPPI 2023
According to the World Bank’s Container Port Performance Index (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.
i.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.
ii.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.
About World Bank:
President- Ajay Banga
Headquarters- Washington, DC, the United States of America (USA)
Established- 1944
>> Read Full News
BANKING & FINANCE
Highlights of RBI’s 2nd Bi-Monthly MPC Meeting 2024 – RBI Keeps Repo Rate Unchanged at 6.5%; Forecasts 7.2% GDP Growth for FY25
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) met on June 5 -7, 2024 and released its second Bi-Monthly Monetary Policy of Financial Year 2024-25 (FY25) which raised India’s real Gross Domestic Product growth forecast from 7% to 7.2% for FY25.
i.The repo rate under the Liquidity Adjustment Facility (LAF) was kept unchanged at 6.50% for the 8th consecutive time. However, the two external members of RBI — Ashima Goyal and Jayanth R Varma showed their disapproval and voted to reduce the policy repo rate by 25 basis points.
ii.RBI has hiked the threshold for bulk fixed deposits to Rs 3 crore from Rs 2 crore with an aim to improve asset liability management of banks.
iii.RBI has announced the inclusion of auto replenishment facility of FASTag, National Common Mobility Card (NCMC) and United Payments Interface (UPI) Lite wallet balances under the e-mandate facility.
iv.RBI has decided to rationalise existing guidelines on export and import of goods and services under Foreign Exchange Management Act (FEMA), 1999 to align it with the changes in the global cross-border trade transactions.
v. The Reserve Bank of India (RBI) has announced the 3rd edition of its hackathon called ‘HaRBInger 2024 – Innovation for Transformation’.
About Reserve Bank of India (RBI)
The Reserve Bank of India (RBI) is responsible for monetary stability, currency management, targeting inflation, regulating the banking system, and setting interest rates. It was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
Headquarters: Mumbai, Maharashtra
Governor: Shaktikanta Das
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SEBI Mandates KRAs to Update KYC Information on Central KYC Records Registry
On 6th June 2024, The Securities and Exchange Board of India (SEBI) issued a circular which has mandated Know Your Client (KYC) Registration Agencies (KRAs) to update their customers KYC information on Central KYC Records Registry (CKYCRR) and the uploading of KYC data will commence from 1st August, 2024. These new guidelines aim to simplify customer onboarding process by reducing the turnaround time to register new clients.
- SEBI has amended the “Master Circular on KYC Norms” issued originally on 12th October 2023.
- SEBI issued this circular in exercise of powers given to it under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Regulation 17 of the Securities and Exchange Board of India { KYC(Know Your Client) Registration Agency} Regulations, 2011.
Point to Note: At present, market intermediaries such as: stock brokers and Alternative Investment Funds (AIFs), who deal with account-opening processes for clients, are responsible for uploading the KYC information to CKYCRR.
Key Changes:
i.KRAs shall upload the verified or validated KYC information on to the system of CKYCRR within 7 days from intermediaries or any other timeline as notified under Prevention of Money Laundering (PML) Rules.
- Earlier, registered intermediaries were required to furnish electronic copy of KYC information of their clients within 10 days after the commencement of an account-based relationship.
ii.Now, it will be mandatory for KRAs to ensure that existing KYC information of legal entities and of individual clients are uploaded on to CKYCRR within a period of 6 months from 1st August, 2024.
iii.SEBI has directed the registered intermediaries to continue to upload the KYC information with proper authentication on the systems of KRA.
About Central KYC Records Registry (CKYCRR):
It acts as a centralised repository of KYC information managed by the Central Registry of Securitisation and Asset Reconstruction and Security Interest of India (CERSAI). It can be used across various financial institutions including: Banks, Mutual Funds, Stocks and National Pension System (NPS).
About Securities and Exchange Board of India(SEBI):
SEBI is the apex regulatory body for securities and commodity market in India. It was originally established as non-statutory body in April 1988. Later, SEBI was accorded the status of statutory body through SEBI Act, 1992 on 30th January, 1992.
Chairman- Madhabi Puri Buch
Headquarter- Mumbai, Maharashtra
Muthoot Microfin & SBI Announces Co-Lending Partnership To Empower Women Entrepreneurs
Muthoot Microfin Limited has announced a strategic co-lending partnership with the State Bank of India (SBI) to extend its financial services to women entrepreneurs in rural and semi-urban regions across India.
- Under this partnership, Muthoot Microfin and SBI will jointly lend to members of Joint Liability Groups (JLGs) who are engaged in agricultural and allied activities as well as other income-generating enterprises.
- The loan amounts will range from a minimum of Rs 10,000 to a maximum of Rs 3,00,000, providing a substantial boost to women entrepreneurs from rural regions.
- This is designed to offer a substantial boost to women entrepreneurs, enabling them to expand their businesses and improve their livelihoods.
Note: Muthoot Microfin Limited is the fifth largest NBFC-microfinance company in terms of gross loan portfolio and has headquarters in Kochi, Kerala.
Ashv Finance Ltd Signed a Co-lending Pact with HDFC Bank to Offer Unsecured Business Loans to MSMEs
Ashv Finance Limited (Erstwhile Jain Sons Finlease Ltd) part of the impact investor Aavishkaar Group, has signed a co-lending agreement with the HDFC Bank, one of India’s leading private banks to provide unsecured business loans to Micro, Small & Medium Enterprises (MSMEs).
Objective: This co-lending deal aims to enhance Ashv Finance’s partnerships for lending to Micro, Small & Medium Enterprises (MSMEs).
Benefits of the Partnership:
i.Unsecured business loans range from Rs 20 lakh to Rs 50 lakh for 12 to 36 months. Repeat customers can avail of loans up to Rs 75 lakh.
ii.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.
Note: Ashv Finance Limited is an MSME-focused Non-Banking Financial Company (NBFC) that empowers MSMEs and Small Businesses in India with loans.
ECONOMY & BUSINESS
Andhra Chamber of Commerce Signed MoU With AIC-Anna University Incubation Foundation to Enhance Startup Ecosystem
The Andhra Chamber of Commerce has signed a Memorandum of Understanding (MoU) with the Atal Incubation Center (AIC) at the Anna University Incubation Foundation in Chennai, Tamil Nadu to boost the startup ecosystem and support aspiring entrepreneurs.
- As per the joint initiative, the strategic tie-up would help both partners to utilise their strengths to reach a wider audience with the AIC, Anna University Incubation Foundation.
- The AIC will incubate start-ups with the Andhra Chamber of Commerce, promoting their events and outreach programs, focusing initially on social sectors.
Key People:
Dr VL Indira Dutt, President of the Andhra Chamber of Commerce exchanged documents with Dr P. Uma Maheswari, Director and Chief Executive Officer (CEO) of AIC– Anna University Incubation Foundation.
Note:
i.AIC-Anna University Incubation Foundation is a section 8 Company founded by Anna University with a grant from Atal Innovation Mission, the National Institution for Transforming India (Niti Aayog), Government of India (GoI).
ii.Andhra Chamber of Commerce was started in 1928 to promote and provide service to India’s trade, commerce, and industry, particularly in South India.
Garden Reach Shipbuilders To Build Research Vessel for DRDO in Rs 500 Crore Deal
Garden Reach Shipbuilders and Engineers (GRSE), a leading Indian shipyard has set to build a new research vessel for the Defence Research and Development Organisation (DRDO) with a deal of approximately Rs 500 Crore.
- After submitting the Lowest Proposal (L1), GRSE was chosen to build the DRDO research vessel. It highlights GRSE’s competitiveness in the shipbuilding industry and its ability to deliver cost-effective solutions.
- The contract is currently in the negotiation phase and has not been finalized yet. If the negotiations proceed successfully and the contract is signed, it will further bolster the company’s position in the defense sector and contribute to its ongoing growth trajectory.
APPOINTMENTS & RESIGNATIONS
UNGA Elected Former Cameroonian PM Philemon Yang as President of its 79th Session
The United Nations General Assembly (UNGA) elected Ambassador Philemon Yang, former Prime Minister (PM) of Cameroon by acclamation, as President for its 79th session starting on 10 September 2024.
The UNGA elected Denmark, Greece, Pakistan, Panama, and Somalia as non-permanent members of the UN Security Council (UNSC) for 2-year terms starting on 1 January 2025 and serving till 31 December 2026.
About the United Nations General Assembly (UNGA):
Established in 1945 under the UN Charter, the UNGA is the main policy-making organ of the UN.
Headquarters– New York, the United States of America(USA)
>> Read Full News
Kamal Kishore Soan Assumed Additional Charge as DG of ESIC
On 31st May 2024, 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).
- He is also serving as an Additional Secretary and Director General (DG), Labour Welfare in the Ministry of Labour and Employment.
- Kishore soan will succeed Rajendra Kumar, who was the Director General of ESIC since 2022. In May 2024 Kumar was appointed as Secretary of the Department of Border Management, Ministry of Home Affairs.
About Kamal Kishore Soan:
i.He is a 1998 batch IAS officer from Jharkhand cadre.
ii.He has extensive experience of governance and management and has worked in various capacities across different departments in the state of Jharkhand such as: Land Revenue Management and District Administration, Agriculture & Cooperation, Health, Building Construction, Transport, Finance, among others.
About Employees’ State Insurance Corporation (ESIC):
It is a statutory body established under the Employees’ State Insurance Act (ESIC Act), 1948, was the 1st major law on social security for workers in independent India.
Director General (DG)- Kamal Kishore Soan
Headquarters- New Delhi, Delhi
Established in – 1952
SPORTS
Norway Chess 2024: Magnus Carlsen, Ju Wenjun Emerge as Champions, Praggnanandhaa Finishes 3rd
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 Armageddon tie-breaker. This marks Carlsen’s 6th Norway Chess Title.
- Hikaru Nakamura (USA) secured the 2nd spot with 15.5 points despite losing to Indian GM R.Praggnanandhaa, who concluded third with 14.5 points.
- Women’s World Champion Ju Wenjun (China) won the Women’s Norway Chess title defeating Lei Tingjie (China).
- The 12th edition of the Norway Chess super-tournament was held from May 27 to June 7 2024 in Stavanger, Norway.
Prize Money: Magnus Carlsen and Ju Wenjun were awarded prize money of around USD 65,000.
Key Highlights:
i.Alireza Firouzja (France) won the 4th spot after defeating World champion Ding Liren (China) who clinched the 6th spot behind Fabiano Caruana (USA) who gained the 5th
ii.In the women’s category, Anna Muzychuk (Ukraine) gained the 2nd spot while Lei Tingjie (China) finished at the 3rd position.
iii.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
| Rank | Men’s Category | Women’s Category |
|---|---|---|
| 1 | Magnus Carlsen (Norway) | Ju Wenjun (China) |
| 2 | Hikaru Nakamura (USA) | Anna Muzychuk (Ukraine) |
| 3 | Rameshbabu Praggnanandhaa (India) | Lei Tingjie (China) |
About Magnus Carlsen:
i.Magnus Carlsen won the world title in 2013 and has successfully defended it four times (2014, 2016, 2018, and 2021).
ii.He has lately won the Superbet Rapid and Blitz Tournament 2024 in May (Warsaw, Poland) and the GRENKE Chess Classic 2024(Karlsruhe, Germany) in March and April for the third time after winning it in 2015 and 2019.
iii.Besides, he has also claimed the 2024 Champions Chess Tour Chessable Masters title in February 2024.
About Ju Wenjun:
i.Ju Wenjun became the women’s world chess champion in 2018 having retained the title for four times- 2018,2020 and in 2023.
ii.Ju Wenjun won the FIDE Women’s Grand Prix 2015–16.
iii.She has also won the blitz title of the Tata Steel Chess India tournament in 2023.
About Norway Chess 2024
i.Norway Chess is an annual closed chess tournament that takes place in the May to June time period every year. The first edition took place in the Stavanger area, Norway in 2012.
ii.The Norway Chess introduced the inaugural Norway Chess Women’s Tournament in collaboration with Ernst and Young (EY), the Sparebank-1 SR-bank foundation, Sparebank-1 SR-bank, and Stavanger municipality.
Formula 1: Max Verstappen Wins Canadian Grand Prix for Third Straight Year
Dutch-Belgian racing driver Max Verstappen of Red Bull won the Formula 1 (F1) Canadian Grand Prix 2024 (AWS GRAND PRIX DU CANADA 2024) title, the 9th round of the 2024 F1 championships at Circuit Gilles-Villeneuve in Montreal, Quebec, Canada.
i.McLaren’s Lando Norris finished second, and Mercedes’s George Russell finished third in the Canadian Grand Prix 2024.
ii.The victory marks Verstappen’s 60th Formula 1 win and his sixth in nine races this season
iii.George Russell achieved Mercedes’s first Grand Prix podium finish for the Formula 1 season 2024.
iv.It marks Verstappen’s third consecutive Canadian GP title; previously, he won it in 2022 and 2023.
Canadian Grand Prix Podium 2024
| Position | Driver | Team |
|---|---|---|
| 1 | Max Verstappen | Red Bull |
| 2 | Lando Norris | McLaren |
| 3 | George Russell | Mercedes |
About Max Verstappen :
i.Max Verstappen won 6 out of 9 races of the F1 events in 2024, including:
- Bahrain Grand Prix
- Saudi Arabian Grand Prix
- Japanese Grand Prix
- Chinese Grand Prix
- Emilia Romagna Grand Prix
- Canadian Grand Prix
ii.He retired in the fourth lap and finished 19th in the Australian Grand Prix, came 2nd in the Miami Grand Prix, and finished 6th in the Monaco Grand Prix.
iii.He has won three Formula One World Drivers’ Championship titles consecutively from 2021 to 2023.
Canadian Grand Prix :
i.The Canadian Grand Prix is an annual auto race held in Canada since 1961 and has been part of the Formula 1 World Championship since 1967.
- Number of laps: 70
- Circuit length: 4.361 km
- Race distance: 305.27 km
OBITUARY
Cherukuri Ramoji Rao, Padma Vibhushan Awardee and Ramoji Group Chairman, Passed away at 87
Cherukuri Ramoji Rao, Padma Vibhushan awardee and Chairman of Ramoji Group, passed away at 87 due to prolonged illness.
- He was born on November 16, 1936, in Pedaparupudi, Madras presidency (Present day Andhra Pradesh).
- He produced about 50 films and telefilms in his lifetime.
About Cherukuri Ramoji Rao:
i.He headed the Ramoji Group, which includes:
- Ramoji Film City(RFC): World’s largest film production facility.
- Eenadu Telugu daily, the largest circulating Telugu newspaper
- ETV network of TV channels(First satellite entertainment channels in Telugu).
- Usha Kiran movies: A film production company.
- Margadarsi Chit Funds
ii.He also owned Dolphin group of hotels, Kalanjali Saree Showrooms, Priya Foods and Mayuri Film Distributors
Awards and honours :
i.Rao was honoured with Padma Vibhushan, the 2nd highest civilian honour of India, in 2016 for his contributions to journalism, literature, and education.
ii.He had received National Film Award for Best Feature Film in Telugu(Producer) for ‘Nuvve Kavali’.
iii.He also, earned four Filmfare Awards South and five Nandi Awards.
About Ramoji Group:
i.It was founded by Ramoji Rao and its headquarter is in Hyderabad, India.
ii.It has diverse businesses including television and newspaper media, film production, financial services, retail, education, and hospitality.
iii.In 1996, RFC, a subsidiary of Ramoji group, was recognized by Guinness World Records as the world’s largest film studio complex.
IMPORTANT DAYS
World Oceans Day 2024 – June 8
The United Nations (UN) World Oceans Day is annually observed across the globe on 8 June to raise awareness about the impact of human actions on the ocean, develop a global movement for ocean conservation, and unite the world’s population for sustainable ocean management.
World 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 organisation Oceanic Global.
- World Oceans Day 2024 was celebrated under the theme “Awaken New Depths.”
- India’s Radhanagar Beach on the Havelock Island (officially known as Swaraj Dweep), was ranked 2nd in Tripadvisor’s Top 10 Sustainable Beaches in the World.
Background:
i.Oceans Day was 1st proposed by the Government of Canada on 8 June 1992, at the Earth Summit in Rio de Janeiro, Brazil, a parallel event during the United Nations Conference on Environment and Development (UNCED).
ii.On 5 December 2008, the UN General Assembly (UNGA) adopted the resolution A/RES/63/111, proclaiming 8 June as World Oceans Day.
iii.The 1st ever World Oceans Day was observed on 8 June 2009.
>> Read Full News
World Brain Tumor Day 2024 – June 8
World Brain Tumor Day is annually observed across the globe on 8 June to raise awareness about brain tumours and their impact on patients and families, the significance of early detection and timely treatment, and to advocate for improved patient care.
A brain tumour is an abnormal growth of cells in the brain or around it. These growths can be benign (non-cancerous) or malignant (cancerous).
- 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.
Background:
i.The “Deutsche Hirntumorhilfe e.V.” (German Brain Tumour Association), a non-profit organisation based in Leipzig, Germany started commemorating World Brain Tumour Day in 2000.
ii.Since 2000, World Brain Tumor Day has been celebrated annually on 8 June as a tribute to all brain tumour patients and their families.
>> Read Full News
World Accreditation Day 2024 – June 9
World Accreditation Day (WAD) is annually observed across the globe on 9 June to highlight the role of accreditation and conformity assessment in improving various aspects of life such as consumer safety, societal trust, business reliability, and governmental effectiveness.
- The theme for World Accreditation Day 2024 is ‘Accreditation: Empowering Tomorrow and Shaping the Future.’
Background:
i.WAD is a global initiative established by the International Accreditation Forum (IAF) and the International Laboratory Accreditation Cooperation (ILAC) to highlight the value of accreditation in 2007.
ii.The 1st ever WAD was observed on 9 June 2008.
About International Laboratory Accreditation Cooperation (ILAC):
i.ILAC first started as a conference held on 24-28 October 1977 in Copenhagen, Denmark, to develop international cooperation for facilitating trade.
Chair– Ms Etty Feller
Headquarters– Silverwater, New South Wales, Australia
>> Read Full News
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