1 June 2024 Current Affairs

1 June 2024 Current Affairs

DAILY-CURRENT-AFFAIRS-BY-EDUSPRINT

National news

IAF contingent arrives in US to participate in Red Flag 24 exercise

  • The Indian Air Force (IAF) has landed its most advanced fighter aircraft, Rafale, at the Eielson Air Force Base, Alaska, United States, to participate in the multinational Red Flag 24-2 exercise. The Red Flag-Alaska 24-2 will be a two-week military exercise starting on 30 May 2024 and ending on 14 June 2024. 
  • According to the United States Air Force, around 3100 personnel will be deployed to support over 100 aircraft from four nations participating in Red Flag-Alaska 24-2.
  • The Indian Air Force has sent eight Rafale fighter planes, Il-78 mid-air refuelling aircraft, and C-17 Globemaster transport aircraft to Eielson Air Force Base. The IAF will participate in aerial combat against some of the most advanced US fighter jets

About the Red Flag Military Exercise 

  • The Red Flag exercise was started by the United States Air Force after the Vietnam War in 1975. The Red Flag Alaska was initially known as Cope Thunder and was based in the Clark Air Base Philippines. It was later renamed Red Flag Alaska in 2006 and moved to the Eielson Air Force Base of the United States
  • The Red Flag Alaska is conducted by the Pacific Air Forces (PACAF), the air component command of the United States Indo-Pacific Command (USINDOPACOM).
  • The United States Air Force conducts several military exercises code named Red Flag in a year. The first Red Flag exercise in 2024 is called 24-1, and so on. The Red Flag 24-1 exercise was exclusively for the United States Air Force. In the second exercise of the year, it invites friendly countries and its allies.
  • Each Red Flag -Alaska exercise is a multi-platform coordinated combat operations exercise designed to test the operational capability of participating units in a combat situation.

Indian air force:

  • Headquarters: New Delhi
  • Founded: 8 October 1932, India
  • Head: Air Chief Marshal Vivek Ram Chaudhari

Government Raises Gratuity Limits; EPFO Puts Hike on Hold

  • The Indian government has raised the maximum limit of retirement and death gratuity from Rs 20 lakh to Rs 25 lakh, effective January 1, 2024, for Central government employees.
  • EPFO Suspension of Gratuity Hike: The Employees’ Provident Fund Organisation (EPFO) has postponed a previously announced 25% increase in gratuity, citing reasons related to the recent Dearness Allowance (DA) hike.
  • Impact of DA Hike: Under the 7th Pay Commission rules, when DA reaches 50%, gratuity limits and other allowances are supposed to be revised. Despite the DA increase to 50%, the EPFO has not implemented the anticipated gratuity revision.

EPFO:

  • Headquarters: New Delhi
  • Founded: 4 March 1952
  • CEO: . Ms. Neelam Shami Rao

International news

India hosts side event on Women, Children and Adolescent Health at the 77th World Health Assembly at Geneva

  • During the ongoing 77th World Health Assembly, India hosted a side event on Women, Children and Adolescent Health in collaboration with Norway, United Nations Children’s Fund (UNICEF), United Nations Population Fund (UNFPA) and Partnership for Maternal, New-born and Child Health (PMNCH).
  • The purpose of the event was to share emerging evidence and discoveries, fostering dialogue on pivotal opportunities for investment in maternal, new-born, child, and adolescent health and well-being.
  • It aimed to advocate for continued and augmented investment, prompting policy adjustments and their ramifications across diverse stakeholders and sectors, while prioritizing the needs of various population groups.
  • The focus of the event was on adolescent health and various speakers spoke for various aspects of adolescent health including the need to invest more on this issue.

United Nations International Children’s Emergency Fund (UNICEF)

  • Founded in 1946
  • Headquarters: New York
  • Executive director: Catherine M. Russell

United Nations Population Fund (UNFPA)

  • Founded: 1969
  • Headquarters: new York
  • Executive director: Natalia kanem

Economy news

CRISIL Forecasts 14% Bank Credit Growth for FY25

  • CRISIL forecasts a 14% credit growth for banks in FY25, down 200 basis points from the 16% growth estimated for FY24.
  • High Base Effect: The strong economic activity and retail credit demand from FY24 create a high base, moderating growth expectations for FY25.
  • Revised Risk Weights: Adjustments in risk weights are contributing to the anticipated slowdown in credit expansion.
  • GDP Growth Impact: Slightly slower GDP growth projections for FY25 are also expected to temper the pace of credit growth.

Morgan Stanley’s 2024 Global Economic Midyear Outlook: Broad-Based Growth in India

  • Growth Projections: Morgan Stanley forecasts India’s GDP growth at 6.8% for 2024, slightly below the Reserve Bank of India’s (RBI) projection of 7%, and 6.5% for 2025.
  • Inflation Expectations: Inflation is predicted to remain within the RBI’s comfort zone of 2-6%.
  • Key Growth Drivers: India’s firm growth is propelled by three major trends:
    • Global Offshoring: Increased offshoring activities boosting the economy.
    • Digitalization: Rapid adoption and integration of digital technologies across various sectors.
    • Energy Transition: Shift towards sustainable and renewable energy sources.

About Morgan Stanley:

  • Chief Executive Officer (CEO)- Edward (Ted) Pick
  • Headquarters– New York, US
  • Founded in 1935

Banking news

Capital Small Finance Bank Partners with ICICI Lombard for Bancassurance

  • Capital Small Finance Bank Limited (CSFB) has entered a Bancassurance Corporate Agency Partnership with ICICI Lombard General Insurance Company Limited.
  • Product Distribution: This collaboration enables CSFB to distribute ICICI Lombard’s range of general insurance products, including health, motor, home, travel, and rural insurance, to its extensive customer base.
  • Enhanced Insurance Options: Adding ICICI Lombard as an insurance partner expands the insurance options available to CSFB customers, promoting better financial security and convenience.
  • Strategic Reach: The partnership is strategic for ICICI Lombard to enhance its market reach, particularly in Northern India where CSFB has a strong presence.
  • Customer Benefits: CSFB customers will have access to ICICI Lombard’s innovative and technology-driven insurance solutions, ensuring comprehensive risk coverage.

What is Bancassurance?

  • Definition: Bancassurance is an arrangement where a bank and an insurance company collaborate, allowing the insurance company to sell its products to the bank’s clients.
  • Mutual Benefits: This partnership model can be profitable for both the bank and the insurance company.

About Capital Small Finance Bank Limited

  • Managing Director and Chief Executive Officer (MD & CEO) – Sarvjit Singh Samra
  • Headquarters – Jalandhar, Punjab
  • Established – April 24, 2016

About ICICI Lombard General Insurance Company Limited

  • It is one of the largest private sector General Insurance Company in India.
  • Managing Director and Chief Executive Officer (MD & CEO) – Sanjeev Mantri
  • Headquarters – Mumbai, Maharashtra
  • Established – 2001

RBI Imposes Restrictions on Edelweiss Group Entities Due to Supervisory Concerns

  • On May 2024, the Reserve Bank of India (RBI) imposed restrictions on Edelweiss Asset Reconstruction Company Limited (EARCL) and ECL Finance Company Limited (ECL) due to material supervisory concerns.
  • ECL Finance Limited Restrictions: ECL Finance Limited is prohibited from undertaking any structured transactions regarding its entire exposures, except for repayment or closure of accounts in the regular course of business.
  • EARCL Restrictions: Edelweiss Asset Reconstruction Company Limited is barred from acquiring financial assets, including Security Receipts (SRs), and from reorganizing existing SRs into senior and subordinate tranches.
  • Regulatory Basis: These measures were enforced 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 (RBI Act, 1934).

About Edelweiss Group (Edelweiss Financial Services Limited):

It is one of the leading financial services conglomerates in India which offers wide range of financial products and services.

Key lines of business are: Retail Credit, Asset Management, and Asset Reconstruction.

  • Chairman- Rashesh Shah
  • Headquarters- Mumbai, Maharashtra

About Reserve Bank of India(RBI):

  • Governor: Shaktikanta Das (25th Governor of RBI)
  • Headquarter: Mumbai, Maharashtra
  • Established: 1 April, 1935

Award news

Indian Companies in TIME100 Most Influential Companies 2024

  • Reliance Industries Limited (RIL), Tata Group, and Serum Institute of India (SII) have been named in the “TIME100 Most Influential Companies 2024” list.
  • Categories:
    • Titans: RIL and Tata Group
    • Pioneers: Serum Institute of India (SII)
  • Annual List: This marks the 4th edition of TIME’s annual list recognizing the world’s most influential companies.
  • Other Notable Companies:
    • Leaders: Rare Beauty, founded by American singer and actor Selena Gomez
    • Titans: Microsoft, TikTok, Disney, Pfizer, Bank of America
    • Innovators: Google, Huawei

About TIME Magazine:

  • CEO Jessica Sibley
  • Headquarters– New York, The United States of America (USA)
  • Created in 1923

Appointment news

Rakesh Ranjan Appointed as SSC Chairman

  • Rakesh Ranjan, a 1992 batch IAS officer from the Manipur Cadre, has been appointed as the Chairman of the Staff Selection Commission (SSC).
  • Appointment Details: The appointment was announced via a notification by the Appointment Committee of the Cabinet.
  • Position Upgrade: Ranjan will hold the rank and pay of Secretary to the Government of India, with the SSC Chairman post temporarily upgraded.

Important days

World No Tobacco Day 2024: Theme and Background

The world observes World No Tobacco day on 31 May every year. It is observed every year to draw the attention of the public and the policy makers to the global tobacco epidemic, and the preventable death and disease it causes.

Background to the World No Tobacco Day 

  • The World Health Assembly of the World Health Organisation (WHO) passed a resolution in 1988 to observe 31 May as World No Tobacco Day. 
  • 31 May 1988, was observed as the first World No Tobacco Day.
  • The World Health Assembly is the supreme decision making body of the WHO which meets annually at the WHO headquarters in Geneva, Switzerland. All the member countries of the WHO participate in the meeting. Currently WHO has 194 member states and two associate states as members.

World health organisation:

  • Headquarters: Geneva, Switzerland
  • Founded: 7 April 1948
  • Head: Tedros Adhanom Ghebreyesus

Goa Statehood Day 2024: Celebrating Goa’s Distinct Identity

  • Goa Statehood Day is celebrated every year on May 30 to mark the day Goa became a state in 1987.
  • Historical Significance: This day commemorates Goa’s recognition as a separate state, distinct from the Union Territory of Goa, Daman, and Diu.
  • Colonial History: Goa’s rich history includes over four centuries of Portuguese colonization.
  • Path to Statehood: The journey to statehood involved persistent efforts by the Goan people to secure their unique identity and autonomy.

Goa:

  • Capital: Panaji 
  • Chief minister: Pramod Pandurang Sawant
  • Governor: P. S. Sreedharan Pillai

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