Banking Current Affairs : 1st June 2024

Today’s Current Affairs: 1st June 2024 for SSC CGL, State SSC, RRB, Railways, Banking Exam & IBPS, etc

World No-Tobacco Day 2024:

• The World Health Organization’s annual World No Tobacco Day on May 31st spotlights tobacco’s health hazards, aiming to spur momentum toward a smoke-free future.
• The theme of World No Tobacco Day in 2024 centers on “Protecting children from tobacco industry interference.”

Limit of retirement gratuity and death gratuity:

• The maximum limit of retirement gratuity and death gratuity has been revised by the government from 20 lakh to 25 lakh rupees. Ministry of Personnel, Public Grievances and Pensions has issued an official memorandum in this regard.
• It said the revised limit will come into effect from 1st January 2024.

World’s 1st rocket with a fully 3D-printed engine:

• IIT Madras’ startup, Agnikul Cosmos, has launched the world’s first rocket with a single-piece three-dimensional (3D) printed engine.
• The rocket Agnibaan SOrTeD (SubOrbital Technological Demonstrator) is also India’s first semi-cryogenic engine-powered rocket launch that was completely designed and manufactured indigenously.

77th World Health Assembly:

• During the ongoing 77th World Health Assembly, India hosted a side event on Women, Children, and Adolescent Health in collaboration with Norway, the United Nations Children’s Fund (UNICEF), the United Nations Population Fund (UNFPA), and the Partnership for Maternal, Newborn and Child Health (PMNCH).

India’s first EV index:

• Index provider NSE Indices launched a new thematic index called Nifty EV & New Age Automotive index.
• The 33-stock index will track the performance of companies that form a part of the electric vehicle (EV) ecosystem or are involved in the development of new-age automotive vehicles or related technology.

7% GDP growth in the current financial year:

• The Reserve Bank of India has projected a 7% GDP growth in the current financial year.
• In its annual report, it said the real GDP growth for 2024-25 is projected to grow at 7% with risks evenly balanced.
• RBI said the Indian economy expanded at a robust pace in fiscal 2024, with real GDP growth accelerating to 7.6% from 7% in the previous year.

Scripps National Spelling Bee:

• In a remarkable display of spelling prowess, Bruhat Soma, a 12-year-old Indian-American seventh-grader from Florida, has emerged victorious at the prestigious Scripps National Spelling Bee.

India Joins Newly Formed World Boxing Body:

• The Boxing Federation of India (BFI) has taken a significant step by agreeing to join the World Boxing (WB), a newly established governing body formed after the International Olympic Committee (IOC) refused to recognize the International Boxing Association (IBA).

India’s FY24 Fiscal Deficit Improves to 5.63% of GDP:

• India’s fiscal deficit for FY24 improved to 5.6% of GDP, better than the previous estimate of 5.8%, due to higher revenue realization and lower expenditure. In actual terms, the fiscal deficit was ₹16.53 lakh crore, or 5.63% of the GDP, which grew by 8.2% in 2023-24.

Canara Bank to Dilute 14.50% Stake in Canara HSBC Life Insurance via IPO:

• Bengaluru-headquartered Canara Bank has approved initiating the process of diluting a 14.50% stake in its subsidiary, Canara HSBC Life Insurance Company, through an initial public offering (IPO).

UNDP & GEF Launched USD 135M Blue and Green Islands Integrated Programme to support SIDS:

• Tthe United Nations Development Programme (UNDP) and the Global Environment Facility (GEF) jointly launched a new USD 135 million Blue and Green Islands Integrated Program (BGI-IP), a transformative and comprehensive initiative designed to address pressing environmental challenges faced by Small Island Developing States (SIDS).
• The initiative was launched during the 4th International Conference on SIDS (SIDS4) held in Antigua and Barbuda from 27th to 30th May 2024 under the overarching theme of “Charting the course toward resilient prosperity”.

NSE Indices Launched India’s 1st EV Index “Nifty EV and New Age Automotive Index”:

• NSE Indices Limited, a subsidiary of National Stock Exchange of India Limited (NSE India), launched India’s 1st Electric Vehicle (EV) Index named “Nifty EV and New Age Automotive Index”.
• The index aims to track the performance of companies which are part of EV sector or engaged in the development of new-age automotive vehicles and associated technology.

RBI Imposed Immediate Restrictions on Edelweiss Group’s EARCL and ECL Finance:

• The Reserve Bank of India (RBI) in exercise of its powers given under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002) and the Reserve Bank of India Act, 1934, has imposed restrictions on Edelweiss Group entities- Edelweiss Asset Reconstruction Company Limited (EARCL) and ECL Finance Company Limited (ECL) on material supervisory concerns.

CSFB Announces Bancassurance Corporate Agency Partnership:

• Capital Small Finance Bank Limited (CSFB), India’s first Small Finance Bank (SFB) has announced a Bancassurance Corporate Agency Partnership with ICICI Lombard General Insurance Company Limited (ICICI Lombard).

Federal Bank Announces Bancassurance Partnership With Tata AIA Life Insurance:

• Federal Bank Limited, a private sector lender in India, has announced a Bancassurance Partnership with Tata AIA Life Insurance Company Limited.
• This will enable Federal Bank customers to access Tata AIA Life insurance companies’ products including term insurance, savings and wealth creation plans, retirement, and pension solutions etc.

PhonePe Launches Secured Lending Platform With Banks, NBFC and Fintech Firms:

• PhonePe, a leading Fintech firm, has launched secured lending products on its platform by partnering with banks, Non-Banking Financial Company (NBFCs) and other fintech firms.
• Phonepe aims to create a powerful and seamless user experience in the secured loans category.

Reliance, Tata Group & Serum Institute Featured on TIME100 Most Influential Companies 2024:

• Three Indian Companies namely Reliance Industries Limited (RIL), Tata Group and Serum Institute of India (SII) are featured on the “TIME100 Most Influential Companies 2024” published by TIME, the New York based American Magazine.
• This is the 4th edition of TIME’s annual list featuring world’s most Most Influential Companies.

India First Time Takes Over the Chairmanship of the Colombo Process For 2024-2026:

• India has taken over the chairmanship of the Colombo Process for the term (2024 – 2026).
• It is the first time that India has assumed the chairmanship of the Colombo Process since its inception in 2003.
• It marks a significant step in India’s efforts to enhance cooperation and address the challenges faced by migrant workers.

ICICI Prudential Life Chairman :

• The Insurance Regulatory and Development Authority of India (IRDAI) has approved the appointment of Sandeep Batra, as Chairman of the Board of Directors of ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life), effective from 30 June 2024.
• He will replace the incumbent M S Ramachandran, who is set to retire as Chairman of the Board on 30 June 2024, having already completed the maximum age limit of 75 years.

Tadoba-Andhari Tiger Reserve : Woman Was Killed By a Tiger

• A 32-year-old woman was killed by a tiger in the buffer zone of the Tadoba Andhari Tiger Reserve (TATR) in Maharashtra’s Chandrapur district recently.

External Commercial Borrowings : Study

• Registrations by Indian companies for External Commercial Borrowings (ECBs) almost doubled to $49.2 billion in the financial year 2023-24 (FY24) from $26.6 billion in FY23, according to data from the RBI.

Cryonics : Practice Of Freezing An Individual Who Has Died

• A cryonics company has frozen its first client in Australia in the hope of bringing him back to life in the future.
• Cryonics, the practice of freezing an individual who has died, with the object of reviving the individual sometime in the future.

Red Flag 24 Exercise:

• An Indian Air Force (IAF) contingent recently arrived at the Eielson Air Force Base in Alaska to participate in the prestigious multi-national exercise, Red Flag 24
• It is a two-week advanced aerial combat training exercise aimed at integrating aircrew in a multinational environment.

Global Food Policy Report 2024:

• It mentions that at least 38 per cent of the Indian population ate unhealthy foods, while only 28 per cent ate all five recommended food groups, which include at least one starchy staple food, one vegetable, one fruit, one pulse, nut or seed and one animal-source food.

Colombo Process : Regional Consultative Process

• India has assumed the chair of the Colombo Process for 2024-26, the first time since the forum’s inception in 2003.
• The Colombo Process is a Regional Consultative Process focused on managing overseas employment and contractual labour.

Alaska River : Change In Colour

• Rivers and streams in Alaska are changing color from a clean, clear blue to a rusty orange because of the toxic metals released by thawing permafrost.
• The Arctic is warming four times faster than the rest of the world resulting in the thawing of permafrost.