Current Affairs 6 & 7 June 2021

We are here for you to provide the important Recent and Latest Current Affairs 6 & 7 June 2021, which have unique updates of Latest Current Affairs 2021 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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NATIONAL AFFAIRS

 DAC approves – Rs 43000 Crore RFP for Constructing 6 Submarines & Rs 6,000 Crore for Air Defence Guns
On 4th June 2021, the Defence Acquisition Council (DAC) chaired by Defence Minister Rajnath Singh approves Request For Proposal (RFP) for the construction of 6 Conventional Submarines under Strategic Partnership (SP) Model at a cost of Rs. 43,000 crores and allocated Rs. 6,000 crores for modernisation of Indian Army’s Air Defence Guns and Ammunition.
i.Submarine Construction:
6 Conventional Submarines with state-of-art Air Independent Propulsion System will be indigenously developed under Project P75(I) through SP Model.
Note – INS Kalvari, was the 1st submarine to be inducted in the Indian Navy in 1967. It was built by Soviet Union
ii.Modernising Air Defence Guns:
DAC gave approval for modernising Air Defence Guns and Ammunition of Indian army at a cost of Rs. 6,000 crores under Buy & Make (India) category.
>>Read Full News

MoSJ&E Minister Thaawarchand Gehlot Virtually Launched SAGE Initiative & Portal to Support Elderly People

On June 4, 2021, Ministry of Social Justice and Empowerment (MoSJ&E) Minister, Thaawarchand Gehlot virtually launched Seniorcare Aging Growth Engine (SAGE) initiative & portal to help old aged people.These benefits to the elderly people will be given by the Startups.
Fund- Rs.25 crores has been given for the FY 2021-22.
Objective – To Provide all the products and services need for the elderly people at one stop.
Responsible Ministry – Ministry of Social Justice and Empowerment (MoSJ&E).
About SAGE Initiative:
i.SAGE (Seniorcare Aging Growth Engine) Initiative was launched to provide products and services to support elderly people across sectors such as health, housing, care centres, apart from technological access linked to finances, food and wealth management and legal guidance.
ii.SAGE Portal – This is the one stop access where elderly people can access all their essential needs.
About Ministry of Social Justice and Empowerment (MoSJ&E):
Union Minister – Thaawarchand Gehlot (Constituency – Madhya Pradesh)
Minister of State – Shri Krishan Pal Gurjar(Constituency –  Faridabad, Haryana); Shri Ramdas Athawale (Constituency –  Maharashtra); Shri Rattan Lal Kataria (Constituency –  Ambala, Haryana).
>>Read Full News

EESL Partnered with ISHRAE for Efficient and Clean Energy Solution in HVAC&R IndustryEnergy Efficiency Services Ltd (EESL), a joint venture under the Ministry of Power has signed a Memorandum of Understanding (MoU) with the Indian Society of Heating, Refrigerating and Air Conditioning Engineers (ISHRAE) for a strategic partnership to implement energy-efficient and clean energy solution in the Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC&R) industry.

• Rajat Sud, Managing Director of EESL and Amitabha Sur, National President of ISHRAE signed the MoU in August 2020 in the presence of the officials of EESL and ISHRAE.

About Energy Efficiency Services Ltd (EESL):
Energy Efficiency Services Limited (EESL) is a Super Energy Service Company (ESCO) under the Ministry of Power.
Managing Director– Rajat Kumar Sud
Headquarters– Delhi
About Indian Society of Heating, Refrigerating and Air Conditioning Engineers (ISHRAE):
National President– Amitabha Sur
Headquarters– New Delhi
Founded in 1981
>>Read Full News

INTERNATIONAL AFFAIRS

40% of Global Crops lost to Pests Annually – FAO ReportAccording to the “Scientific review of the impact of climate change on plant pests” report of the Food and Agriculture Organisation (FAO), globally around 40% of agricultural produce is damaged due to invasive pests every year.
i.The report was prepared by Maria Lodovica from the University of Turin in Italy alongside 10 co-authors.
ii.Annually countries spent USD 70 billion to eliminate invasive pests like Fall Armyworm, Desert Locusts (World’s most destructive migratory pests)
About Food and Agriculture Organization (FAO): 
FAO was established by the United Nations in October, 1945 to eliminate hunger and improve nutrition and food security.
Director General– Qu Dongyu
Headquarters– Rome, Italy
>>Read Full News

Land Equivalent to Size of China to be Restored by 2030 to Prevent Biodiversity Loss:FAO & UNEP Report

On 3^rd June, 2021, Food and Agriculture Organization (FAO) and UN Environment Programme’s (UNEP) has released a report titled, “Becoming #GenerationRestoration Ecosystem Restoration for People, Nature & Climate”. The report states, to avoid biodiversity loss, land equivalent to size of china or one billion hectares of degraded land should be restored by 2030.

Currently, the world is using 1.6 times the amount of services that nature could provide.

Note – UN General Assembly had declared 2021–2030 as “UN Decade on Ecosystem Restoration”.

Funds Required:

To achieve land restoration targets by 2030, investment of at least $200 billion per year by 2030 will be needed.
About Food and Agriculture Organization (FAO):
Director General – Qu Dongyu
Headquarter – Rome, Italy
About UN Environment Programme (UNEP):
Executive Director – Inger Andersen
Headquarter – Nairobi, Kenya
>>Read Full News

THE Asia University Ranking 2021:IISc, IIT Ropar, IIT Indore In Top 100; Tsinghua University TopsIn the 2021 Times Higher Education(THE) Asia university rankings , IISc Bangalore, IIT Ropar and IIT Indore have secured ranks among the top 100 universities in Asia.18 Indian universities have made it to the top 200 Rankings.

The Ranking is based on 13 carefully calibrated performance indicators that measure an institution’s performance across four areas: teaching, research, knowledge transfer and international outlook.

63 Indian universities participated in this year’s rankings, which includes 14 institutions debuting in the table. With this, India is at third place overall in terms of university representation behind Japan (116 universities) and China (91 universities).
Overall, 551 universities appeared in rankings this year from 30 countries in Asia.

Apart from these, Institute of Chemical Technology, IIT Gandhinagar, King George Medical college, IISER Kolkata, Indraprastha Institute of Information Technology Delhi, IIT Hyderabad, Thapar university, Savitribai Phule University, Banaras Hindu university, Amrita Vishwa Vidyapeeth are some of the other Indian universities in the list.

BANKING & FINANCE

SEBI Enhanced Overseas Investment Limit for a Mutual Fund to USD 1 billionSecurities and Exchange Board of India (SEBI) enhanced the overseas investment limit for a mutual fund(MF) house to USD 1 billion from the existing USD 600 million. The overall MF industry limit for investing overseas remained unchanged at USD 7 billion.

• This will allow MFs to allocate a far higher share of their corpus in foreign securities.
• SEBI has also increased the overseas investments limit per MF in Exchange Traded Fund (ETFs) to a maximum of USD 300 million from USD 200 million. The overall industry limit was unchanged to USD 1 billion.

Earlier Enhancements:
In November 2020, SEBI had enhanced the foreign investment limit per MF house from $300 million to $600 million, and for ETFs it was increased from $50 million to $200 million.
About Securities and Exchange Board of India (SEBI):
Establishment – On April 12, 1992, in accordance with the SEBI Act, 1992. (Replaced Controller of Capital Issues (CCI))
Headquarters – Mumbai, Maharashtra
Chairman – Ajay Tyagi
>>Read Full News

Highlights of the Second Bi-Monthly Monetary Policy of FY22The Reserve Bank of India’s (RBI) 6-members Monetary Policy Committee (MPC) had met on 2nd, 3rd and 4th June 2021 and released its second bi-monthly monetary policy statement for FY22 (April 2021 – March 2022).
Policy Rates:
The Policy rates were kept unchanged, which are as follows:

i.MPC’s Assessments on growth and inflation:
i.Growth: The MPC has projected India’s real gross domestic product (GDP) growth for FY22 at 9.5 percent with 18.5 percent in Q1; 7.9 percent in Q2; 7.2 percent in Q3; and 6.6 percent in Q4.
ii.Inflation: Cost Price Index (CPI) inflation/Retail inflation for FY22 was projected at 5.1 percent with 5.2 percent in Q1; 5.4 percent in Q2; 4.7 percent in Q3; and 5.3 percent in Q4.
iii.Members of MPC: The MPC meeting was headed by RBI Governor Shaktikanta Das the other 5 members of the committee include, Shashanka Bhide,  Ashima Goyal, Prof. Jayanth R. Varma, Mridul K. Saggar, and Michael Debabrata Patra
ii.MPC’s Statement on Developmental and Regulatory Policies:
i.RBI opened a separate liquidity window of Rs 15,000 crore with tenors of up to 3 years at the repo rate till March 31, 2022 – for certain contact-intensive sectors.
ii.RBI set to provide additional special liquidity facility(SLF) of Rs 16,000 crore to Small Industries Development Bank of India (SIDBI) at repo rate for 1 year to on-lend/refinance micro, small and medium enterprises (MSMEs).
iii.RBI has enhanced the exposure threshold under Resolution Framework 2.0 to Rs 50 crore from Rs 25 crore.
iv.RBI decided to undertake G-SAP 2.0(G-sec Acquisition Programme) in Q2 FY22 and conduct secondary market purchase operations of Rs 1.20 lakh crore to support the market.
v.RBI issued The Master Direction on RBI (Certificate of Deposit(CD)) Directions, 2021 to all persons and agencies eligible to deal in CD.
vi.RBI to permit Authorised Dealer banks for Placement of Margins for G-Secs Transactions on behalf of FPIs
vii.RBI made the NPCI’s bulk payment system to be available 24X7 from 1 August, 2021.
About Reserve Bank of India(RBI):
Establishment – 1st April 1935
Headquarters – Mumbai, Maharashtra
Governor – Shaktikanta Das
Deputy Governors – Mahesh Kumar Jain, Michael Debabrata Patra, and M Rajeshwar Rao, T. Rabi Sankar
>>Read Full News

ADB Provides $2.5 Million Loan To Sikkim For Road Upgradation ProjectThe Asian Development Bank (ADB) and the Government of India has signed a $2.5 million(~Rs 18.28 crore) project readiness financing (PRF) loan to support preparation and design activities to upgrade major district roads in Sikkim.
Objective:

• To help improve connectivity to important towns, rural areas, and pilgrimage and tourist destinations in the northeastern state.
• To upgrade to all-weather roads as frequent landslides and erosion damage the roads and disrupt intra-state connectivity.

Project Readiness Financing(PRF) Agreement:
PRF will help to boost the state’s economy and improve accessibility for people in remote villages.The PRF project also aims in,

• Ensuring implementation readiness through feasibility studies and
• Preparing detailed engineering designs of selected subprojects and
• Building capacity of state agencies so that the ensuing project gets completed in a timely manner.

About Asian Development Bank (ADB):
President– Masatsugu Asakawa
Established in– 1966
Headquarters– Manila, Philippines
Members– 68 members(49 – Asia & Pacific & 19 – outside)
>>Read Full News

HDFC Bank To Become Carbon Neutral By 2031-32

India’s largest private lender, HDFC Bank has planned to become carbon neutral by 2031-32. Bank is now looking to reduce its emissions, energy, and water consumption.The bank is  working on a framework of issuing green bonds.
HDFC has planned to,

• Decrease absolute emissions and energy consumed from current level of 315,583 MT CO2 emissions.
• Increase rooftop solar capacity in large offices.
• Convert 50% of the total sourced electricity to renewable energy.
• Create single-use plastic free corporate offices.
• Plant 2.5 million trees.
• Reduce water consumption by 30%.
• Incorporate environmental, social, and corporate governance (ESG) scores in its credit decisions
• Offer loans for green products such as electric vehicles at lower interest rates.

HSBC to Exit Retail & Small Business Banking Market in the US

HSBC has announced that it is withdrawing from the retail and small business banking market in the United States (US) as a part of its strategy to refocus on corporate and investment banking in Asia. HSBC is set to sell 90 out of 140 US branches to Citizens Bank and Cathay General Bancorp.
The bank also plans to make around 20 locations as international centres dedicated to high net worth individuals.

Central Bank of India Allotted 280 crore Preferential Shares to Govt for Rs 4,800 crore Capital Infusion

Central Bank of India’s (CBI) board has allotted over 280,53,76,972 equity shares at the issue price of Rs 17.11 per share to the government(govt) on preferential basis for Rs 4,800 crore capital infusion in the bank.

• After this allotment, the govt’s shareholding has increased from 89.78 percent to 93.08 percent.

About Preferential Shares(PS):
i.PS are one of the special types of share capital having a fixed rate of dividend (Dividend – It is a share of profits and retained earnings that a company pays out to its shareholders).
ii.PS provides the shareholders with the special right to claim dividends during the company lifetime, and also with the option to claim repayment of capital, in case of the winding up of the company.
About Central Bank of India(CBI):
It is the 1st Indian commercial bank which was wholly owned and managed by Indians.
Established– 1911
Headquarters– Mumbai, Maharashtra
MD & CEO –  Matam Venkata Rao
Tagline–  Central to You Since 1911

Paytm Payments Bank to Issue Physical Visa Debit Cards

After successfully providing VISA Virtual Debit Cards to more than 4.5 million customers, Paytm Payments Bank Ltd (PPBL) has announced issuing of physical debit cards by Visa.

• It is now targeting to issue over 1 million physical debit cards by end of FY21. These physical debit cards will allow customers to use over 5 million Visa acceptance points with features such as international payments and ‘tap-and-pay transaction.
• Earlier PPBL had integrated the Aadhaar enabled Payment System (AePS) and it also launched the Direct Benefits Transfer (DBT) facility for its customers to receive the benefits of over 400 government subsidies directly into their PPBL Savings Account.

ECONOMY & BUSINESS

US Became the 2nd Largest Source of FDI to India in 2020-21;Singapore Tops – DPIITAs per the data of the Department for Promotion of Industry and Internal Trade (DPIIT), the United States(US) became the 2nd largest source of foreign direct investment(FDI) into India during FY21 by replacing Mauritius.

• Singapore remained the top largest source of FDI into India for the 3rd consecutive fiscal year.

FDI’s growth in FY21:
i.In FY21, FDIs into the country grew 19 percent to USD 59.64 billion amidst measures taken by the government for policy reforms, investment facilitation and ease of doing business.
ii.The total FDI (including equity, reinvested earnings, and capital) in FY21 rose by 10 percent to the highest-ever USD 81.72 billion, as against USD 74.39 billion in FY20.
Country-wise Ranking over FDI inflow in FY21:

Sectors wise Ranking:

Note – FDI – It is an investment made by a firm or individual in one country into business interests located in another country.
About Department for Promotion of Industry and Internal Trade (DPIIT):
It was established in the year 1995 and was reconstituted in the year 2000 with the merger of the Department of Industrial Development. The department was earlier called Department of Industrial Policy & Promotion and was renamed as DPIIT in January, 2019.

AWARDS & RECOGNITIONS        

Cognizant Ranked 185^th  On “2021 Fortune 500 List”;Walmart TopsIn the 67th edition of Fortune Magazine’s annual ranking of America’s largest companies, Cognizant is ranked at 185th position on the 2021 Fortune 500 list.

• Companies in the Fortune 500 are ranked by total revenues for their respective fiscal years.
• Cognizant’s 2020 revenue of $16.7 billion moved the company up to its current rank from 194 on the 2020 Fortune 500.

The top three 2021 Fortune 500 companies are,

• 1st – Walmart
• 2nd – Amazon
• 3rd – Apple

About Cognizant:
i.Cognizant is an American multinational technology company that provides IT and consulting expertise in IoT, artificial intelligence, digital engineering, cloud and other key digital technologies.
ii.Cognizant debuted on the Fortune 500 list in 2011 at 484. The company moved into the top 200 in 2018, and advanced nine places on this year’s list.
Headquarters:Teaneck, New Jersey, United States
Chief Executive Officer(CEO):Brian Humphries

APPOINTMENTS & RESIGNATIONS          

RBI Re-Appoints Vishwavir Ahuja As RBL Bank’s MD & CEO For One YearOn June 4,2021,the Reserve Bank of India (RBI) approved the re-appointment of Vishwavir Ahuja as Managing Director(MD) and Chief Executive Director(CEO) of RBLbank for a period of one year with effect from June 30, 2021.

• The re-appointment is subject to the approval of shareholders at the ensuing Annual General Meeting of the Bank.
• RBL Bank Board had sought Vishwavir Ahuja’s re-appointment for a period of three years. But, the RBI has permitted only one year.

About Vishwavir Ahuja:
i.Vishwavir Ahuja has been the MD & CEO of RBL Bank since June 30, 2010.
ii.He also served as the MD & CEO of Bank of America, India from 2001 to 2009.
Note:
In April, RBI announced capping the tenure of managing directors, chief executives and whole-time directors of private banks at 15 years from the date of appointment.

• The age cap for CEOs who are part of the promoter group or large shareholder has been set at 12 years.
• The age cap for chairman and independent directors has been set at 75 years.

Amul’s RS Sodhi elected to the board of the International Dairy Federation

Dr. R S Sodhi, Managing Director, Gujarat Cooperative Milk Marketing Federation Ltd (GCMMF) popularly known as ‘Amul’ was selected to the Board of International Dairy Federation (IDF).The decision has been taken in IDF General meeting on June 1,2021 i.e. World Milk Day.
About International Dairy Federation (IDF) :-
i. IDF is an international authority established in 1903 in the development of science-based standards for dairy sector to provide high quality dairy products.
ii. IDF has an important role to play in ensuring the right policies, standards, practices, and regulations are in place to ensure the world’s dairy products are safe and sustainable.
iii. It has over 1,200 qualified dairy experts in 43 member countries.
iv. IDF members are National Committees generally constituted by dairy organizations in each country.
v. India is represented by the National Committee (INC) of the IDF. The Secretary (ADF), Ministry of Fisheries, Animal Husbandry and Dairying, Government of India is the President of the INC-IDF and National Dairy Development Board (NDDB).

Omnivore Appointed Harsh Kumar Bhanwala, former chairman of NABARD, as Senior Advisor

Omnivore, an Agritech venture capital firm, has appointed Harsh Kumar Bhanwala the former chairman of the National Bank for Agriculture and Rural Development (NABARD) as its Senior Advisor.

• He will be offering advice on new investments, and support to develop the fund’s rural fintech investment strategy.

ACQUISITIONS & MERGERS        

CCI Approved Acquisition Of Avana, TFPL And Transworld Feeders FZCO By UnifeederThe Competition Commission of India (CCI) has approved the acquisition of Avana Logistek Limited, Transworld Feeders Private Limited and Transworld Feeders FZCO by Unifeeder ISC FZCO.
About Unifeeder:
i.In India, Unifeeder is present through its subsidiaries, Feedertech Pte. Limited (Feedertech) and Perma Shipping Line Pte. Limited.
ii.Unifeeder is indirectly held by DPW, forming part of DPW Group.
About Transworld Feeders and Avana Global:
i.Transworld Feeders and Avana Global are independent feeder and NVOCC (Non-Vessel Operating Common Carriers) operators.
ii.They offer container feedering services and regional trade solutions connecting a wide range of ports in the Middle East, Indian Subcontinent and Far East.
Advantages:

• Through Transworld Feeders and Avana Global, Unifeeder now has a strong presence towards the west of the Indian Subcontinent.
• Through Shreyas Shipping and Avana Logistek, Unifeeder now has the ability to offer a broader range of Indian based door-to-door solutions.

Manipal Hospitals Acquires Vikram Hospital for ₹350 Crore

Manipal Hospitals, the second largest hospital chain in India, entered into a definitive agreement with private equity firm Multiples to acquire 100% stake in Bengaluru-based multi-specialty hospital Vikram Hospital for a consideration of ₹350 crore.

• Set up in 2009, Vikram Hospital is a 200-bed tertiary care facility located in the central business district and is best known for its clinical expertise in the fields of cardiac and neuro sciences.

SCIENCE & TECHNOLOGY

Indian Navy decommissions Oldest Hydrographic Survey Ship – INS Sandhayak in VisakhapatnamOn 4th June 2021, Indian Navy decommissioned its Oldest Hydrographic Survey Vessel, “INS Sandhayak” at Naval Dockyard in Visakhapatnam. The ship served the Indian Navy for 40 years, conducting over 200 Hydrographic surveys and as a part of other important missions of Indian Navy.
Key Missions of INS Sandhayak:

• Operation Pawan – 1987 – Sri Lankan Civil War
• Operation Rainbow – 2004 – Humanitarian assistance to Tsunami affected region

About Indian Navy:
Motto – “Sam no Varunah” or “Be auspicious unto us Oh Varuna”
Chief of Naval Staff – Karambir Singh
Headquarters – New Delhi
>>Read Full News

ENVIRONMENT

Black Carbon Deposits Speed Up Glaciers & Snow Melt in Himalayan Ranges: World Bank StudyThe World Bank Study “Glaciers of the Himalayas : Climate Change, Black Carbon, and Regional Resilience”, informs that the black carbon deposits generated by human activities from inside and outside South Asia have accelerated the glaciers and snow melt in the Himalayan range.
Purpose:
To identify the causes of potential changes to the glacier and snow dynamics in the Himalaya, Karakoram, and Hindu Kush mountain ranges.
About World Bank:
President– David Malpass
Managing Director and  Chief Administrative Officer- Shaolin Yang
Headquarters– Washington, DC, United States
>>Read Full News

SPORTS

Oman preferred over India to host the first FIH Hockey5s World Cup 2024

Hockey5s World Cup is a brand-new International Hockey Federation (FIH) competition set to be host by the country Oman in January 2024 and all matches will be held in its capital Muscat. Oman had won the bid against India, Pakistan, and Singapore to host the first edition of the FIH Hockey5s World Cups for men and women.

• Sixteen teams for both men and women (3teams per continent + Oman as hosts) will take part in the first edition. Continental Hockey5s qualifiers for the World Cup will be organized in 2022.

Hockey5s – It is a short format of the sport which is designed to enhance the global reach of Hockey via a game that is fast, skillful, and adaptable with a set of simplified rules. A maximum of five players such as 4 field players and one goalkeeper from each team must be played on a field at any particular time during the match.

IMPORTANT DAYS

International Day for the Fight against Illegal, Unreported and Unregulated Fishing 2021 – June 5The United Nations(UN)’s International Day for the Fight against Illegal, Unreported and Unregulated (IUU) Fishing is annually observed across the globe on 5th June to promote sustainability to ensure the sustainability of fisheries are being seriously compromised by illegal, unreported and unregulated fishing activities.
Background:
i.The General Fisheries Commission for the Mediterranean of the Food and Agriculture Organization (FAO) to launch an initiative to declare an international day for the Fight against IUU Fishing.
ii.The United Nations General Assembly (UNGA) adopted the resolution A/RES/72/72 in December 2017 and proclaimed the June 5th of every year as the International Day for the Fight against Illegal, Unreported and Unregulated Fishing.
iii.The first International Day for the Fight against IUU Fishing was observed on 5th June 2018.
About Food and Agriculture Organization (FAO):
Director-General– QU Dongyu
Headquarters– Rome, Italy
>>Read Full News

World Day Against Speciesism 2021 – 5th June The World Day Against Speciesism is annually observed across the globe on June 5th to create awareness among people that speciesism has no place in a civilized society. speciesism is like racism or sexism.
The World Day Against Speciesism is observed by the People for the Ethical Treatment of Animals (PETA), Farm Animal Rights Movement (FARM), and other animal rights groups across the globe.
Speciesism: 
Speciesism refers to the assignment of different inherent moral status based solely on an individual’s species membership.

World Environment Day 2021 – 5 JuneUnited Nations(UN)’s World Environment Day is annually observed across the globe on 5th June to promote and encourage the involvement of the government, businesses, celebrities and citizens to focus on environmental issues.
Theme:

• World Environment Day 2021 is focused on ecosystem restoration and its theme is “Reimagine. Recreate.Restore.”
• Pakistan is the host of 2021 World Environment Day, they host the day with the theme “Ecosystem restoration”.

Background:
i.The United Nations General Assembly(UNGA) adopted the resolution A/RES/2994 (XXVII) on 15th December 1972 and proclaimed the 5th June of every year as World Environment Day.
2021 Events in India:
i.The Ministry of Petroleum & Natural Gas and the Ministry of Environment, Forest and Climate Change has jointly organised an event on World Environment Day.
ii.The theme of the 2021 World Environment Day event is “Promotion of biofuels for better environment”.
About United Nations Environment Programme (UNEP):
Executive Director– Inger Andersen
Headquarters– Nairobi, Kenya
>>Read Full News

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