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Banking Current Affairs : 12th June 2024


World Accreditation Day 2024:

  • World Accreditation Day is an initiative established by the International Accreditation Forum and the International Laboratory Accreditation Cooperation is celebrated each year on 9 June.
  • Quality Council of India celebrated the day across more than 20 cities in India in New Delhi with the theme “Accreditation: Empowering Tomorrow and Shaping the Future”.

PM Modi allocates portfolios; Rajnath, Shah, Sitharaman, Jaishankar retain ministries:

  • Prime Minister Narendra Modi, who was sworn in as prime minister for the third consecutive term along with his 71 ministers, allocated portfolios to the newly elected ministers in his cabinet on June 10.
  • The first cabinet meeting took place in the national capital, Delhi.

French Open Tennis: Spain’s Carlos Alcaraz Garfia grabbed the Men’s singles title at Roland Garros in Paris

  • In Tennis, Spain’s Carlos Alcaraz Garfia grabbed his first-ever French Open Men’s singles title at the Roland Garros in Paris.
  • Alcaraz triumphed over Alexander Zverev of Germany in the final, 6-3, 2-6, 5-7, 6-1, and 6-2. Alcaraz has now won more Grand Slams at the age of just 21, than every man born in the 1990s combined.

Nokia CEO Pekka Lundmark makes world’s first ‘immersive’ phone call:

  • Nokia CEO Pekka Lundmark made a phone call using a new technology called “immersive audio and video” that improves the quality of a call with three-dimensional sound, making interactions more lifelike.
  • The call was held with Stefan Lindstrom, Finland’s Ambassador of Digitalisation and New Technologies.

Prem Singh Tamang takes oath as Sikkim Chief Minister for second term:

  • Sikkim Krantikari Morcha (SKM) convener Prem Singh Tamang Monday was sworn in as the chief minister of the Himalayan state for the second consecutive term.
  • The ruling SKM secured a resounding victory in the state, clinching a landslide win by capturing 31 out of 32 seats in the assembly elections.

Cognizant Technology to acquire Belcan for $1.3 bn in cash and stock:

  • Nasdaq-listed Cognizant Technology Solutions has signed a definitive agreement to acquire global engineering company Belcan for about $1.3 billion (Rs 10,853.7 crore) in cash and stock.
  • The transaction is expected to close in the September quarter. India is the largest base for Cognizant, with about 250,000 of its total 344,400 employees located here

PNB Expanding Global Presence with Dubai Representative Office:

  • Punjab National Bank (PNB) is set to open a representative office in Dubai, as approved by its board of directors.
  • PNB Managing Director Atul Kumar Goel confirmed the move, indicating that regulatory clearance is being sought and the office is expected to materialize

6th ATP Challenger Tennis Title:

  • Indian tennis sensation Sumit Nagpal has etched his name in history by winning the prestigious Heilbronn Neckarcup 2024 ATP Challenger Tennis tournament in Germany.
  • This remarkable achievement marks Nagpal’s sixth ATP Challenger title, a feat that solidifies his position as India’s top-ranked men’s singles player.

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), 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.

Bi-Monthly Monetary Policy of Financial Year 2024-25 (FY25) :

  • The repo rate under the Liquidity Adjustment Facility (LAF) was kept unchanged at 6.50% for the 8th consecutive time.
  • 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.
  • 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.
  • 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.
  • The Reserve Bank of India (RBI) has announced the 3rd edition of its hackathon called ‘HaRBInger 2024 – Innovation for Transformation’

SEBI Mandates KRAs to Update KYC Information on Central KYC Records Registry:

  • 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.

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.

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.

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.

Kamal Kishore Soan Assumed Additional Charge as DG of ESIC:

  • 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.

Norway Chess 2024:

  • 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.

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.

AIM – ICDK Water Challenge 4.0:

  • Atal Innovation Mission, NITI Aayog (AIM) announced the launch of two groundbreaking initiatives aimed at fostering innovation and sustainability in India: the ‘AIM – ICDK Water Challenge 4.0’ and the fifth edition of ‘Innovations for You’ handbook, spotlighting SDG entrepreneurs of India.

Four-Horned Antelope:

  • A rare four-horned antelope has been sighted for the first time in Veerangana Durgavati Tiger Reserve (Sagar district), which was earlier known as Nauradehi Sanctuary.

Birsa Munda : Death Anniversary

  • The Jharkhand Governor and Chief Minister recently paid tribute to tribal icon Birsa Munda on his death anniversary.
  • Birsa Munda was a folk hero and a tribal freedom fighter who played a pivotal role in the Indian independence movement, particularly in the tribal regions of British India.