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Current Affairs 17 June 2023

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Rajasthan tops in Wind Energy Adoption during FY 2022-23; Gujarat & TN stands 2nd & 3rd Rajasthan, Gujarat and Tamil Nadu emerge Top Achievers in Wind Energy AdoptionOn the event organised as a part of the Global Wind Day 2023 (15th June 2023) in New Delhi, Delhi, Bhupinder Singh Bhalla, Secretary, Ministry of New and Renewable Energy(MoNRE) felicitated Rajasthan, Gujarat, and Tamil Nadu (TN) for being the top achiever during the financial year(FY) 2022-2023.

  • Rajasthan was honoured for achieving the highest wind capacity addition.
  • Gujarat was honoured for achieving the highest wind capacity addition through open access.
  • Tamil Nadu was honoured for initiating the repowering of wind turbines.

About the Global Wind Day event: 
The MoNRE joined the global celebration of Global Wind Day 2023 by organising the 1-day event under the central theme – “Pawan – Urja: Powering the Future of India”. 
The event was organised by the National Institute of Wind Energy, Shakti Sustainable Energy Foundation, Indian Wind Turbine Manufacturers Association, Indian Wind Power Association, and Wind Independent Power Producers Association.
The event witnessed the participation of the central and state government authorities, wind turbine manufacturers and developers, international and domestic financial institutions, Central Public Sector Enterprises(CPSEs), academia, think tanks and other stakeholders.
Highlights of the event: 
The Wind Atlas at 150 meter(m) above ground level, prepared by the National Institute of Wind Energy (NIWE) was also launched during the event.

  • At present, the onshore wind potential of India is at 1,164 giga watt (GW) at 150m above ground level.

Key Points: 
i.According to the data of MoNRE, India ranks 4th in the Wind power capacity in the world.
ii.The government of India is committed to achieving the target of 500 GW of renewable energy capacity by the year 2030.
iii.Wind energy will play a major role in achieving 50% of this target of achieving electric power installed capacity from non-fossil fuel-based energy resources by 2030 and achieving Net Zero by 2070.
iv.Following the efforts of the Indian government, India has developed around 15GW of domestic and manufacturing capacity.

Jettwings Airways, Northeast’s first Airlines gets Approval for Flight operationsJettwings Airways, 1st Ever Airlines From NortheastOn 14th June 2023, Jettwings Airways, a Guwahati (Assam)-based airline received the No objection certificate (NOC) from the Ministry of civil Aviation (MoCA) to operate as ‘Schedule Commuter Air Transport Services‘ in the North eastern regions of India and aims to begin its services from October 2023. With this, Jettwings becomes the first-ever company from the Northeast region to start airline operations in India.

  • Jettwings Airways plans to offer regional connectivity to passengers under the Centre’s Regional Connectivity Scheme (RCS) – Ude Desh Ka Aam Nagrik (UDAN) to several destinations in the Northeast and eastern Indian regions initially.

UDAN Scheme:
i. UDAN Scheme, initiated in October 2016  is a regional airport development program which was launched in April 2017 by the Government of India (GoI), and is basically a part of a regional connectivity scheme for upgrading the under-serviced air routes. Through this scheme, air travel will be made affordable and widespread.
ii. Under Regional Connectivity Scheme (RCS), the central government has made efforts to improve air connectivity by linking regional airports which has significantly improved trade for particular regions. This has also promoted the economic growth and development of the tourism sector.
i. Jettwings Airways plans to introduce a fleet of modern aircraft, including turbofan and turbo-propelled ones, to offer premium economy services for regional travel, after receiving all necessary regulatory approvals and an Air Operator Certificate (AOC) from the Directorate General of Civil Aviation (DGCA).
ii. The fleet will initially have four 80- seater aircraft and the Airways will offer business class along with the premium economy on their planes, where the seats will be the same as economy but better on-board services will be provided.
iii. The Airways is also in a plan to introduce a loyalty programme to reward frequent passengers and to expand its operations beyond North East India and neighbouring countries.

Footwear industry to comply with Quality Control Orders from July 1, 2023Footwear industry to comply with quality control orders from July 1i.On June 14, 2023, the Union Minister Piyush Goyal, Ministry of Commerce and Industry (MoCI) interacted with the representatives from the Indian Footwear Industry in New Delhi, Delhi, where, it was decided to implement ‘Footwear Made from Leather and Other Materials (Quality Control) Order, 2022’ on 24 footwear products from July 1, 2023.
ii.It was also decided not to extend the deadline for complying with the mandatory quality standards and included Micro, Small and Medium Enterprises (MSME) in the ambit of the Quality Control Order (QCO). MSMEs were earlier exempt from QCO.
iii.QCOs will help in increasing the production of quality footwear, exports and establishing Indian brands in the global markets.
About Ministry of Commerce and Industry (MoC&I):
Union Minister– Piyush Goyal (Rajya Sabha- Maharashtra)
Minister of State (MoS)– Som Parkash (Constituency- Hoshiarpur, Punjab) and Anupriya Patel (Constituency-Mirzapur, Uttar Pradesh)
>> Read Full News

TRSL-BHEL inks contract with Indian Railways to Manufacture 80 Vande Bharat Sleeper TrainsTitagarh Rail Systems-BHEL consortium bags contract to manufacture 80 Vande Bharat trainsA consortium of Bharat Heavy Electricals Limited (BHEL), Central Public Sector Undertaking (CPSU) and Titagarh Rail Systems Limited (TRSL), formerly known as Titagarh Wagons Limited (TWL), bagged a contract worth Rs 24,000 crore with the Indian Railways to manufacture 80 fully assembled Vande Bharat Sleeper Train by 2029 and their maintenance for 35 years.

  • The first prototype will be delivered within 2 years.

About the Contract:
i.BHEL will cover supply of propulsion systems such as Insulated-Gate Bipolar Transistor (IGBT)-based traction converter-inverter, auxiliary converter, train control management system, motors, transformers, and mechanical bogies. TRSL will be responsible for the mechanical coach building.
About Bharat Heavy Electricals Limited (BHEL):
Chairman & Managing Director – Dr. Nalin Shinghal
Headquarters – New Delhi, Delhi
Established – 1964
>> Read Full News

VAIBHAV Fellowship Programme announced to connect Indian STEMM diaspora with Indian Higher Educational Institutions

On 15th June 2023, The Government of India has launched VAIBHAV(Vaishvik Bharatiya Vaigyanik), a new fellowship programme to connect the Indian STEMM (Science, Technology, Engineering, Math and Medicine) diaspora with Indian institutions.

  • As a first step the Government is announcing VAIBHAV Fellowship Call-2023.
  • The VAIBHAV programme will be implemented by the Department of Science and Technology (DST), Ministry of Science and Technology.

The VAIBHAV Fellowship scheme:
It will facilitate academic and research collaborations between Indian higher education institutions and leading institutions abroad.
Note: In 2020,the Prime Minister(PM) Narendra Modi inaugurated the VAIBHAV Summit, a global virtual summit of overseas and resident Indian researchers and Academicians on Gandhi Jayanti,(2nd October).


World Bank Report: Subsidies Didn’t address Climate Change Instead Degrading Fossil Fuels, Agriculture, and Fisheries Subsidies don’t help fight climate change, World Bank reportAccording to the report Detox Development Repurposing Environmentally Harmful Subsidies’ , released by the World Bank (WB), subsidies for three assets of fossil fuels, agriculture, and fisheries did not address the climate change instead being the cause for the degradation of these assets and harming people, the planet, and economies.
Key Analysis of the Report:
i.The subsidies for the three assets exceed USD 7 trillion per year or about 8% of global Gross Domestic Product (GDP).
ii.These subsidies include both explicit subsidies,which are direct public expenditures totaling about USD 1.25 trillion and implicit subsidies, which measure the societal impacts of externalities and amount to more than USD 6 trillion.
iii.The report examines how subsidy reform could help safeguard the world’s foundational natural assets of clean air, land, and oceans.
iv.As per the report, subsidy reform could reduce air pollution and save up to 360,000 lives by 2035 in 25 high-pollution, high-subsidy countries.
About World Bank(WB):
World Bank Group President – Ajay Banga
Headquarters – Washington, DC, USA
Establishment – 1944
>> Read Full News

AGEL ranked 1st in Asia and among top 10 Companies Globally in RE Sector by ISS ESG performanceAdani Green Energy ranked first in Asia and among top 10 for renewable energy companies globally for ESG performanceOn 15th June 2023, Adani Green Energy Limited (AGEL), India’s largest renewable power producer and the Renewable Energy (RE) arm of the diversified Adani portfolio, has been ranked 1st in Asia and among the top 10 companies globally in the Renewable Energy sector by the Institutional Shareholder Services (ISS) ESG (Environmental, Social, and Governance) Ratings.

  • AGEL has been placed in the ‘Prime’ (B+) band, recognizing its strong ESG disclosure practices and high level of transparency.
  • By this achievement, AGEL is a step closer to achieving its target of being rated among the top 10 ESG companies in the world in the electric utility sector by the Financial Year 2024-25 (FY25)

Note: AGEL has already been ranked in the world’s top 10 companies in the RE sector by Sustainalytics in FY23.
Operations of AGEL:
i. AGEL has the largest operating renewable portfolio in India with 8,216 Megawatts (MW).
ii. The operations of AGEL provide clear environmental benefits by contributing to fighting climate change and to a more sustainable energy system by enabling transition.
iii. Through its dedicated management systems, the relevant social and environmental risks have been addressed.
iv. Its focus on RE is in line with India’s decarbonisation goals and it is working towards providing an ecologically leading solution to climate change, water scarcity, and the unsustainable growth in consumption of natural resources.
v. The four pillars of the ESG framework of AGEL are: Guiding principles; Policies; Commitment and Assurance.

  • The Framework helps AGEL align with United Nations (UN) Global Compact, UN Sustainable Goals, India Business and Biodiversity Initiatives, Green Bond Principles, and the International Finance Coalition (IFC)s Environmental and Social Performance Standards (E&S).

ISS ESG Rating:
i. ISS ESG is a leading global provider of ESG research and ratings, which are based on a comprehensive assessment of a company’s ESG performance, including its environmental impact, social responsibility, and corporate governance.
ii. The rating is designed to help investors identify companies that are well-positioned to manage ESG risks and opportunities.
iii. The rating is based on a pool of about 700 standard and industry-specific indicators, from which ISS ESG selects approximately 100 environmental, social and governance-related indicators for each of the ratings.

  • AGEL has implemented a group-wide health and safety management system, which is certified in accordance with ISO 45001 standards.

About Adani Green Energy Limited (AGEL):
i. AGEL, which is a subsidiary of the diversified Adani Group, develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind projects.
Established on– 23 January 2015
MD-Vneet S Jaain
Headquarters– Ahmedabad, Gujarat

India has Become a Global Leader in LEED Zero CertificationsIndia tops globally in LEED Zero certifications of green building projects

On 15th June 2023, The US Green Building Council (USGBC) and Green Business Certification Inc. (GBCI) have notified that the India as a global leader with  Leadership in Energy and Environmental Design (LEED) Zero green building projects outperforming both the United States and China.

  • LEED recognises projects that have reached net zero or net positive status in the categories of carbon, energy, water or waste.
  • The United States and China stands 2nd and 3rd in the LEED Zero certifications, with 47 (30%) and 15 (10%) certifications

India’s Performance:
i.India has 73 LEED Zero certified projects, comprising 45% of the more than 150 total LEED Zero certifications with Haryana and Tamil Nadu leading the way in certifications.
ii.Delhi Land & Finance Limited (DLF)-45 and India Tobacco Company Limited (ITC)-15 are leading in the LEED Zero green certification initiative in India.
iii.India’s achievement with the LEED is in line with its ambitious target of achieving net zero Green House Gas (GHG) emissions by 2070.
iv.There are more than 35 million certified square feet of LEED Zero projects.
Note: Net Zero Buildings Week is observed globally from 12th–16th June to promote the advantages of net zero buildings.

FarmersFZ’ chosen by UN for food startup ‘Accelerator Programme

A Kerala-based startup, Farmers Fresh Zone (FarmersFZ), has been selected  for the United Nations (UN) Accelerator Programme hosted by the UN’s Food and Agriculture Organisation (FAO).

  •  FarmersFZ has been included in a list of 12 agri-food startups around the world for the UN to develop business.

About FarmersFZ:
i.FarmersFZ is an e-commerce platform as well as a marketplace, located in Kochi, Kerala which commenced on 19th July 2015 to connect farmers directly with consumers.
ii.It eliminates intermediaries and ensures fair price for vegetables and agri products.
iii.It is under the Kerala Startup Mission (KSUM) and aims to accomplish the United Nations’ Sustainable Development Goals(SDG).
iv.KSUM is the nodal agency of the Kerala government for entrepreneurship development and incubation activities in the state.
Note – ‘UN Food Systems Summit Stocktaking Moment’ will take place in Rome, Italy, from July 24–26, 2023, at the premises of the Food and Agriculture Organization of the United Nations (FAO).


PhonePe launches its Payment Gateway with Limited-Period Free onboarding for MSME Merchants PhonePe launches payment gateway with zero setup, annual maintenance fee for MSME merchantsOn June 14, 2023, PhonePe officially launched the PhonePe Payment Gateway new MSME (Micro, Small & Medium Enterprises) merchants by offering a limited-period deal of free onboarding with no hidden charges, setup fees, or annual maintenance fees. This is in contrast to most payment gateways that typically charge a standard transaction fee of 2%.

  • With this gateway, merchants with a monthly sales volume of Rs 1 crore could potentially save up to Rs 8 lakhs. In addition, they have the opportunity to save around Rs 2 lakhs per month due to zero onboarding costs.

Key Points:
i.PhonePe’s Payment Gateway ensures an exceptional payment experience for both consumers and merchants by providing seamless integration experience across various platforms, including Android, iOS, mobile web, and desktop.
ii.It offers a no-code setup for integration across all platforms and helps merchants accept online payments efficiently.
iii.This gateway is in compliance with the Reserve Bank of India (RBI) regulations to securely store customers’ tokenized cards in the PhonePe Card Vault after taking consumer consent.
iv.According to data platform Statista, the market size of payment gateways in India is expected to nearly triple in the next seven years i.e. by 2030 with a compound annual growth rate of 16.2% from around $4.79 billion in 2023 to $13.68 billion in 2030.
v.Earlier PhonePe had announced the launch of its Account Aggregator (AA) services for customers to give consent to sharing of all their financial data, such as bank statements, insurance policies and tax filings with regulated financial institutions for several use cases such as applying for loans, buying new insurance, getting investment advice, etc.
About PhonePe:
Founder and Chief Executive Officer– Sameer Nigam
Headquarters– Mumbai, Maharashtra
Establishment– 2015

Kotak Mahindra Bank Launched ‘Active Money’ Facility to earn FD like interest up to 7%Kotak Mahindra Bank launches “ActivMoney” feature for savings account holdersKotak Mahindra Bank Ltd (KMBL) has launched a facility named ‘Active Money’ or Flexi Fixed Deposit, which provides Current/Savings Account  holders with fixed deposit (FD)-like interest rates of up to 7% per annum.
Process of Active Money Facility:
i.Under the Active money facility, the surplus funds from the customers’ Current/Savings Account are transferred in multiples of Rs 10,000 to a 180-day FD whenever the balance in Current/Savings Account crosses above a threshold (specified by the account variety).
ii.Then the money is again transferred automatically back to Current/Savings Account whenever there is a short fall in Current/Savings Account balance.
iii.Earning interest: Thus the facility enables the customer to earn Fixed Deposit interest up to 7% per annum for part of the balance lying idle and at the same time enjoy liquidity in Current/Savings Account.
Key Points:
i.The customers have flexibility to access their funds anytime without any penalty on foreclosure.
ii.Criteria: The default minimum threshold over which the surplus funds earn FD-like higher interest rate is Rs 25,000 for Savings/Salary/811 accounts and Rs 50,000 for current accounts.

  • 811 is a savings account offered by Kotak Mahindra Bank which comes along with a number of unique banking features.

iii.Kotak Mahindra Bank offers Fixed Deposit (FD) interest rate between 2.75% to 7.20% for tenure ranging from 7 days to 10 years.
About Kotak Mahindra Bank Ltd (KMBL)
MD&CEO – Uday Kotak
Headquarters – Mumbai, Maharashtra
Establishment – 2003
Tagline – Let’s Make Money Simple

IndusInd Bank partners with Wise to offer Online Inward Remittance Services to NRIsIndusInd Bank partners with Wise to offer online inward remittance to IndiaOn 16th June 2023, IndusInd Bank announced its partnership with Wise, the global technology company which is specialising in moving and managing money around the world, to offer online inward remittance services to Non-Resident Indians (NRIs) residing in the United States of America (USA) and Singapore.

  • Under the collaboration, IndusInd Bank’s multi-partner remittance service platform – Indus Fast Remit (IFR) will be integrated with Wise Platform to offer multi-currency inward remittance service to NRIs.
  • The integration of IFR and Wise’s platform also marks the launch of Wise Platform in India, whose infrastructure offers banks and non-banks in India.

Note: The Partnership was announced on June 16, which coincides with the International Day of Family Remittances.
i. The customers can access Wise’s fast and low cost international money transfers directly through the Bank’s IFR platform or its Internet banking platform.
ii. Through this collaboration, NRIs can book remittance transactions on the IndusInd Bank IFR platform and credit to the beneficiary will be routed under the Rupee Drawing Arrangement (RDA) scheme of Reserve Bank of India (RBI) through Wise’s RDA partners in India.
iii. IFR platform will also facilitate NRI customers to open Non Resident External (NRE)/Non Resident Ordinary (NRO) accounts with IndusInd Bank, apart from using the remittance services.
Process of Remittance:
i. The users of IFR will have the option to choose from multiple Exchange Houses/Money Transfer Companies offering competitive rates with a single sign-on and an end-to-end digital journey.
ii. The remittance service will be offered through the licensed overseas Exchange Houses/Money Transfer Companies and the amount will be transferred to the beneficiary’s account in India under RBI’s Rupee Drawing Arrangement (RDA) Scheme.
i. This partnership will provide transparency by eliminating mark-up fees, so that the NRIs will be able to see the Exchange rate and fee before sending money.

  • The conventional way of cross-border money movement through traditional financial institutions typically involves high charges and hidden fees.

ii. The process to initiate a transfer can be done online without visiting bank branches or going through the hassle of any paperwork.
iii. Customers will have visibility over their transfer status and estimated arrival time, and the transfers are fast, about 55% of transfers sent through Wise are instant, which is less than 20 seconds.
iv. Customers can compareforex rates and determine the exact credit amount, allowing for a more informed decision-making process.
About IndusInd Bank Limited:
Started Operations– 1994
CEO– Sumant Kathpalia
Headquarters– Mumbai, Maharashtra

Motilal Oswal AMC launches India’s first-ever Nifty Microcap 250 Index Fund Motilal Oswal launches first-ever Nifty micro-cap index fundMotilal Oswal Asset Management Company Limited (MOAMC) has launched open ended Motilal Oswal Nifty Microcap 250 Index Fund which is India’s first-ever passively managed micro-cap fund to replicate/track the performance of Nifty Microcap 250 Total Return Index (TRI).

  • It will focus on the first 250 firms beyond the NSE (National Stock Exchange) 500 companies.
  • The New Fund Offer (NFO) period for the same is June 15, 2023 to June 29, 2023.
  • The scheme will be managed by Swapnil Mayekar and Rakesh Shetty (For Debt Component).

i.An open-ended fund or scheme is one that is available for repurchase and subscription continuously.
ii.A passive fund is an investment vehicle that tracks a market index, or a specific market segment, to determine what to invest in.
About Motilal Oswal Nifty Microcap 250 Index Fund:
i.This fund will be beneficial for those who seek returns that correspond to the total returns of Nifty Microcap 250 TRI, subject to tracking error, and who seek long term capital growth.
ii.The minimum subscription amount is Rs 500 and in multiples of Re 1 thereafter. The scheme will offer a regular plan and direct plan – with growth and IDCW (Income Distribution Cum Withdrawal Pan (IDCW) options.
iii.It offer high return potential due to limited analyst coverage
iv.The scheme will invest in the securities comprising the Nifty Microcap 250 TRI in the same proportion as in the index. It may also invest in the money market instruments, in compliance with regulation to meet liquidity requirements.

  • The scheme will invest 95-100% in constituents of Nifty Microcap 250 Index and 0-5% in units of liquid schemes and/or money market instruments.

About Nifty Microcap 250 Index:
It is designed to measure performance of the top 250 companies excluding those already present in the Nifty 500 constituents. The index is well-diversified, with its top 10 holdings accounting for only 11% against 59% in Nifty 50 Index. It also provides diversified exposure to sectors like Industrials, Consumer Discretionary, Commodities and Healthcare.
About Micro-cap Stock:
A micro-cap stock is a publicly traded company that has a market capitalization (m-cap) lower than small, mid, and large-cap stocks. It accounts for just 3% of the total m-cap listed stocks.
i.The MF (Mutual Fund) industry classifies the top 100 stocks by m-cap as large caps. The next 150 are considered as midcaps and the subsequent 250 as small caps. Thus micro-cap mostly comprises the top 500 stocks, and in Nifty Microcap 250 Index, these are generally those that rank between 501 to 750 in the m-cap rankings.
ii.These are firms with a market cap of Rs 100 to 500 Crore.
iii.Albeit at a higher risk, these delivered higher returns compared to its counterparts.
About Motilal Oswal Asset Management Company Limited (MOAMC):
Incorporated on November 14, 2008 under the Companies Act, 1956
MD & CEO– Navin Agarwal
Headquarters– Mumbai, Maharashtra      


RBI Approved Re-appointment of PN Vasudevan as the MD & CEO of Equitas SFB; Equitas Holdings Ltd Submitted its NBFC Licence to RBIRBI approves P N Vasudevan's re-appointment as MD & CEO of Equitas Small Finance BankThe Reserve Bank of India (RBI) has approved the re-appointment of P N Vasudevan as the managing director (MD) and chief executive officer (CEO) of Equitas Small Finance Bank (SFB) for a 3-year term with effect from July 23, 2023.

Equitas Holdings Ltd has surrendered its NBFC licence to RBI
As per the statement of RBI, Non-Banking Financial Company (NBFC) Equitas Holdings Ltd has surrendered its Certificate of Registration (CoR) (i.e. the NBFC Licence) granted to them by RBI.
Following the submission of the licence, RBI has cancelled Equitas Holdings’ CoR (certificate of registration) in the exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.
About Equitas Small Finance Bank Ltd:
Establishment – September 5, 2016
Headquarters – Chennai, Tamil Nadu
>> Read Full News

FSIB selected Ramaswamy Narayanan as CMD, GIC Re and Rajeswari Singh Muni as CMD, NICL

The Financial Services Institution Bureau (FSIB) has selected Ramaswamy Narayanan, General Manager, General Insurance Corporation of India (GIC Re), as the next Chairman and Managing Director (CMD) of GIC Re.

  • He will succeed Devesh Srivastav, the current CMD of GIC Re, who is set to retire in September 2023.
  • N Ramaswamy, who joined GIC Re in 1988, will get a 2 year term and will retire in September 2025.

About Ramaswamy Narayanan:
i. In 1988, he joined GIC as a direct recruit officer and over the past three decades, he has been involved in various functions within GIC.
ii. Earlier he was posted in London, the United Kingdom to head the GIC Re’s UK branch.
iii. As a Chief Executive Officer (CEO) for the UK branch, he was involved in handling the operations of the Branch, the newly setup Lloyds syndicate of GIC (GIC 1947) as well as the Corporate Member of GIC over a period of four and half years.
iv. He also handled the functions of Human Resource (HR), International Operations, Marketing and Broker Relationship Management and Credit Rating at GIC’s Head Office in Mumbai, Maharashtra.
FSIB selected Rajeswari Singh Muni as CMD of NICL
FSIB has also selected Rajeswari Singh Muni, General Manager & Director (GMD), United India Insurance, as the CMD of National Insurance Company Limited (NICL).

  • She will succeed Suchita Gupta, the current CMD of NIC, who  is set to retire in August 2023.

About Rajeswari Singh Muni:
i. She has 35 years of experience and expertise in the Crop Insurance domain.
ii. In 1987, she joined GIC, Crop Insurance Cell Bhopal (Madhya Pradesh) and has worked in various states in various departments.
iii. In 2004, she was given the charge of Regional Manager in Agriculture Insurance Company of India (AIC) in Hyderabad, Telangana.
iv. In 2019, she became the General Manager of AIC and handled various portfolios.
Other Appointments:
FSIB recommended Sat Pal Bhanoo and R. Doraiswamy as new Managing Directors (MD)s of Life Insurance Corporation of India(LIC).

  • After ACC’s approval Sat Pal Bhanoo will fill up the vacancy of Siddarth Mohanty, the current Chairperson of LIC, who will take charge as CEO and MD of LIC, till superannuation on June 7, 2025.
  • Doraiswamy will join in place of Mini Ipe, MD of LIC, who will be retiring at the end of August 2023.

Note: Currently LIC has 4 MDs.
About Financial Services Institution Bureau (FSIB):
It was constituted effective from July 01, 2022, replacing Banks Board Bureau (BBB).
Chairman– Bhanu Pratap Sharma, former Secretary, Department of Personnel and Training (DoPT).
Members: Girija Kumar, former CMD of Oriental Insurance Company (OIC); Sujay Banarji, former Member of Insurance Regulatory and Development Authority of India (IRDAI) and Usha Sangwan, former MD of LIC. Debasish Panda, Chairman, IRDAI, Vivek Joshi, Secretary, Department of Financial services (DFS).
Headquarters– Mumbai, Maharashtra

Kuwait re-elects Ahmad Nawaf al-Sabah as Prime Minister

Sheikh Ahmad Nawaf Al-Ahmad Al-Sabah has been re-elected as Kuwait’s Prime Minister(PM) following a decree (official order) issued by Kuwait’s Crown Prince Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah on 13th June 2023.

  • On 6th June 2023, the election for the 17th National Assembly took place.

He served as the Kuwait National Guard’s deputy commander from November 2020 till March 2022 and was first appointed as the Prime Minister on July 24, 2022.
Note: The prime minister Sheikh Ahmad Nawaf Al Sabah’s previous government resigned following parliamentary elections.

Gopichand Hinduja takes over as Group chairman

The Chairman post of the Hinduja Group has been taken over by Gopichand Hinduja, (83) after his brother Srichand P Hinduja passed away on17th May 2023.

  • Earlier, Gopichand Hinduja was the co-chairman of Hinduja Group Ltd. which is present in 11 sectors such as automotive, IT, media and entertainment, infrastructure, oil and speciality chemicals, power and real estate.
  • Hinduja Group is a London-based conglomerate(combined) organization founded in 1919 by Parmanand Hinduja.The Indian headquarter is Mumbai,Maharashtra.

Note: Gopichand Hinduja obtained British citizenship in 1997.       


China Achieves New Record: Launches 41 Satellites into Space in Single MissionChina Launches 41 Satellites Into Space In Single MissionOn June 15, 2023, China successfully launched 41 satellites into space using the Long March 2D rocket from the Taiyuan Satellite Launch Centre located in Shanxi province, China. This resulted in a new national record for the highest number of satellites deployed in a single mission.

  • This mission marked the 476th flight of the Long March rocket series, and China’s 24th rocket launch in 2023.
  • The satellites launched were built by Changguang Satellite Technology, a State-owned enterprise in Northeast China’s Jilin province.

Key Points:
i.The primary purpose of these satellites is to provide commercial remote sensing services, conduct technology verification, and obtain high-definition images of the Earth.

  • The images and data products generated will be used in a wide range of fields such as industrial analysis, regional survey, land resources mapping, mineral development and urban construction planning.

ii.Among the 41 satellites, 36 belong to the Jilin-1 series, representing China’s first-ever self-developed commercial remote sensing satellite system launched in 2015.

  • Now, the total number of Jilin-1 satellites has now reached 108, forming China’s inaugural commercial constellation consisting of over 100 remote sensing satellites.

iii.China is actively working on developing relay satellites that will serve as communication bridges between missions to the moon, deep space, and ground operations on Earth. By 2030, China aims to establish these relay satellites, and to send astronauts to the moon.
Static Points:
i.Long March 2D is one of the most reliable rockets in China. It is designed and manufactured by the Shanghai Academy of Spaceflight Technology, a subsidiary of China Aerospace Science and Technology Corp (CASC).

  • The 40.6-meter rocket has a diameter of 3.35 meters and a liftoff weight of 251 metric tons. Its typical tasks are to transport satellites to low-Earth or sun-synchronous orbits.

ii.The previous national record was recently by China’s ZK 1A rocket, which sent 26 satellites into orbit. The ZK 1A was developed by CAS Space, headquartered in Beijing.
iii.The world record is held by California (United States)-based SpaceX’s Falcon 9, which lifted 143 satellites in January 2021.


Glenda Jackson: Oscar-Winning Actress and Former Politician dies at 87Two-time Oscar winner Glenda Jackson dies at 87On 15th June 2023, Two-time Oscar-winning actress and UK’s former politician Glenda Jackson passed away in London at the age of 87.
She was born in Birkenhead, England on 9th may 1936.
i.She won 2 academy awards for Women in Love in 1971, A Touch of Class in 1974 performing with the Royal Shakespeare Company.
ii. she won 2 Emmy Awards in 1972 for her performance as Queen Elizabeth I in Elizabeth R under Television category.
Political career:

  • She was elected to the House of Commons, joined the United Kingdom’s Parliament from 1992 to 2015.
  • She also served two years as a junior transport minister in Tony Blair’s New Labour government from 1997.

Additional info:

  • In 2019, her debut movie “Elizabeth Is Missing” won her the British Academy of Film and Television Arts (BAFTA) award.


International Day of Family Remittances 2023 – June 16   International Day of Family Remittances - June 16 2023The United Nations (UN)’s International Day of Family Remittances (IDFR) is annually observed on 16th June across the world to recognise the crucial contribution of over 200 million migrant workers across the world, who send money to over 800 million family members in low- and middle-income countries (LMICs).

  • The day also highlights the resilience of migrant workers in experiencing economic insecurities, global pandemic and natural and climate-related disasters.
  • The theme of the International Day of Family Remittances 2023 is “Digital remittances towards financial inclusion and cost reduction.”

Note: Remittances refers to the money that is transferred by migrant workers to their native countries with the aim to contribute towards economic development.
i. The International Day of Family Remittances (IDFR), a universally-recognized observance adopted by the Governing Council of the International Fund for Agricultural Development (IFAD), on 16 February 2015.
ii. The United Nations General Assembly (UNGA) adopted the resolution A/RES/72/281 on 12th June 2018, and proclaimed 16th June of every year as the International Day of Family Remittances (IDFR).
About International Fund for Agricultural Development (IFAD):
Instituted in- 1977
President- Alvaro Lario
Headquarters- Rome, Italy
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Current Affairs Today (AffairsCloud Today)

S.noCurrent Affairs 17 June 2023
1Rajasthan tops in Wind Energy Adoption during FY 2022-23; Gujarat & TN stands 2nd & 3rd
2Jettwings Airways, Northeast’s first Airlines gets Approval for Flight operations
3Footwear industry to comply with Quality Control Orders from July 1, 2023
4TRSL-BHEL inks contract with Indian Railways to Manufacture 80 Vande Bharat Sleeper Trains
5VAIBHAV Fellowship Progrsamme announced to connect Indian STEMM diaspora with Indian Higher Educational Institutions
6World Bank Report: Subsidies didn’t address Climate Change instead Degrading Fossil Fuels, Agriculture, and Fisheries
7AGEL ranked 1st in Asia and among top 10 Companies Globally in RE Sector by ISS ESG performance
8India has Become a Global Leader in LEED Zero Certifications
9‘FarmersFZ’ chosen by UN for food startup ‘Accelerator Programme’
10PhonePe launches its Payment Gateway with Limited-Period Free onboarding for MSME Merchants
11Kotak Mahindra Bank Launched ‘Active Money’ Facility to earn FD like interest up to 7%
12IndusInd Bank partners with Wise to offer Online Inward Remittance Services to NRIs
13Motilal Oswal AMC launches India’s first-ever Nifty Microcap 250 Index Fund
14RBI Approved Re-appointment of PN Vasudevan as the MD & CEO of Equitas SFB; Equitas Holdings Ltd Submitted its NBFC Licence to RBI
15FSIB selected Ramaswamy Narayanan as CMD, GIC Re and Rajeswari Singh Muni as CMD, NICL
16Kuwait re-elects Ahmad Nawaf al-Sabah as Prime Minister
17Gopichand Hinduja takes over as Group chairman
18China Achieves New Record: Launches 41 Satellites into Space in Single Mission
19Glenda Jackson: Oscar-Winning Actress and Former Politician dies at 87
20International Day of Family Remittances 2023 – June 16