National NEWS
IRDAI’s Sixth Bima Manthan in Hyderabad Focuses on Insurance Sector Reforms:
- The sixth edition of Bima Manthan, organized by IRDAI (The Insurance Regulatory and Development Authority) , took place in Hyderabad, with top insurance company leaders discussing sectoral issues.
- Attended by IRDAI chairman Debasish Panda and CEOs of general insurance, life insurance, and standalone health insurance companies.
- Discussions centered on recent IRDAI reforms and its insurance trinity—Bima Sugam, Bima Vistaar, and Bima Vahak—aimed at enhancing insurance accessibility and penetration.
- In the silver jubilee year of IRDAI, achieving insurance for all by 2047 is a key target alongside promoting ease of doing business and policyholder welfare.
IRDAI:
- Chairperson: Debasish Panda
- Founded: 1999
- Headquarters: Hyderabad
IREDA and HUDCO Granted Navratna Status by Department of Public Enterprises:
- The Department of Public Enterprises (DPE) confers Navratna status upon Indian Renewable Energy Development Agency Ltd (IREDA) and Housing and Urban Development Corporation Limited (HUDCO).
- IREDA witnesses a 32% year-on-year increase in net profit, reaching Rs 337 crore, and a 26.8% growth in assets under management (AUM) to Rs 59,698 crore.
- IREDA Established in March 1987, IREDA operates as a government-owned ‘miniratna’ public limited company under the Ministry of New and Renewable Energy, offering financial support for renewable energy and energy efficiency projects.
- HUDCO, under the Ministry of Housing and Urban Affairs (MoHUA), is a Public Sector Company serving the housing and urban development needs of India.
What is a Navratna Status?
- Navratna status is a prestigious designation granted by the Indian government to top-tier Public Sector Undertakings (PSUs).
- Companies with Navratna status can make investments up to Rs 1,000 crore without requiring prior approval from the government.
- They are allowed to invest up to 30% of their net worth annually, provided it remains below Rs 1,000 crore.
- Navratna PSUs are permitted to engage in joint ventures, alliances, and establish foreign subsidiaries to expand their operations.
- To qualify for Navratna status, a PSU must already hold Miniratna Category I status and be listed under Schedule A of Central Public Sector Enterprises (CPSEs).
List of Navratna Companies in India:
| Slno | Companies |
| 1 | Engineers India Ltd (EIL) |
| 2 | Container Corporation of India Ltd (CONCOR) |
| 3 | Bharat Electronics Ltd (BEL) |
| 4 | Hindustan Aeronautics Ltd (HAL) |
| 5 | Neyveli Lignite Corporation Ltd (NLC India) |
| 6 | Rashtriya Ispat Nigam Ltd (RINL) |
| 7 | Rashtriya Chemicals & Fertilisers Ltd (RCF) |
| 8 | Mahanagar Telephone Nigam Ltd (MTNL) |
| 9 | National Buildings Construction Corporation Ltd (NBCC) |
| 10 | National Aluminium Company Ltd (NALCO) |
| 11 | National Mineral Development Corporation Ltd (NMDC) |
| 12 | Rail Vikas Nigam Ltd (RVNL) |
| 13 | Shipping Corporation of India Ltd (SCI) |
| 14 | ONGC Videsh Ltd (OVL) |
| 15 | RITES Ltd |
| 16 | IRCON International Ltd |
| 17 | Indian Renewable Energy Development Agency Ltd (IREDA) |
| 18 | National Fertilizers Limited (NFL) |
| 19 | Housing and Urban Development Corporation Limited (HUDCO)Top of Form |
International NEWS
Italian PM Meloni Invites India to G7 Summit Outreach Session:
- Italian Prime Minister Georgia Meloni invites Indian PM Narendra Modi to the G7 Outreach session in Borgo Egnazia, Apulia, Italy, from June 13 to 15, 2024.
- India’s participation in the G7 Outreach session occurs after the general election results, with the newly elected Prime Minister representing the country.
- The G7 comprises the most industrialized democratic countries initially formed as G6 in 1973, later becoming G7 in 1976 with Canada’s inclusion and G8 in 1997 with Russia’s inclusion, which was later expelled in 2014, reverting to G7.
- The European Union, represented jointly by the President of the European Council and the President of the European Commission, has participated in G7 meetings since 1977.
Italy:
- Capital: Rome
- Prime minister: Giorgia Meloni
- President: Sergio Mattarella
Banking NEWS
RBI Opens Door for SFBs to Apply for Universal Bank Licenses:
- The Reserve Bank of India (RBI) permits Small Finance Banks (SFBs) to seek Universal Bank licenses under on tap licensing norms.
- Criteria for SFBs transitioning into Universal Banks include a five-year satisfactory performance track record, listed shares, minimum net worth of Rs 1,000 crore, prescribed CRAR, profitability in the last two years, and low non-performing assets.
- On tap licensing enables eligible entities to apply for banking licenses outside of specific time frames, departing from the previous Stop and Go model where applications were only accepted within designated periods.
Small Finance Bank
- Raghuram Rajan led the “High-Level Committee on Financial Sector Reforms” in 2008, proposing the establishment of Small Finance Banks for promoting financial inclusion.
- The first Small Finance Bank in India was Capital Small Finance Bank (formerly Capital Local Area Bank), which commenced operations in April 2016.
- The primary objective of Small Finance Banks is to enhance financial inclusion by offering savings facilities and extending credit to small business units, small/marginal farmers, micro and small industries, and other unorganized sector entities through high technology and low-cost operations.
At present, there are 12 Small Finance Banks operating in the country.
| Serial No. | Small Finance Bank | Headquarters |
| 1 | Capital Small Finance Bank | Jalandhar |
| 2 | AU Small Finance Bank | Jaipur |
| 3 | Equitas Small Finance Bank | Chennai |
| 4 | SuryodaySmall Finance Bank | Mumbai |
| 5 | Ujjivan Small Finance Bank | Bengaluru |
| 6 | Utkarsh Small Finance Bank | Varanasi |
| 7 | ESAF Small Finance Bank | Thrissur |
| 8 | Fincare Small Finance Bank | Bengaluru |
| 9 | Jana Small Finance Bank | Bengaluru |
| 10 | North East Small Finance Bank | Guwahati |
| 11 | Shivalik Small Finance Bank | Noida |
| 12 | Unity Small Finance Bank | New Delhi |
RBI:
- Governor: Shaktikanta Das
- Founded: 1 April 1935
- Headquarters: Mumbai, Maharashtra
SEBI Introduces Framework for Infrastructure AIFs and Amends Regulations for BSE Regulatory Fees:
- SEBI introduces a framework allowing Category I and Category II Alternative Investment Funds (AIFs) in the infrastructure sector to raise debt by pledging equity of investee companies.
- Amendments to SEBI (AIF) Regulations, 2012 are notified as SEBI (AIF) (second amendment) Regulations, 2024, under Section 11(1) of the SEBI Act 1992.
- Additionally, SEBI notifies BSE to pay regulatory fees based on notional value rather than premium value for options contracts, with instructions to pay any differential fee for past periods with applicable interest of 15% per annum for delays.
SEBI:
- Headquarters: Mumbai, Maharashtra
- Head: Madhabi Puri Buch
ADB Pledges USD 23.6 Billion for Sustainable Development, Including USD 9.8 Billion for Climate Action:
- Asian Development Bank (ADB) commits USD 23.6 billion in 2023, including USD 9.8 billion for climate action, to support sustainable development in Asia and the Pacific.
- Funding is raised through various instruments like loans, grants, equity investments, guarantees, and technical support to governments and the private sector.
- Additionally, ADB secures an extra USD 16.4 billion in co-financing through robust partnerships, enhancing the impact of its initiatives.
Asian development bank:
- Headquarters: Mandaluyong, Philippines
- Founded: 19 December 1966
- Head: Masatsugu Asakawa
Sports NEWS
Maheshwari Chauhan Clinches Olympic Quota for India with Silver in Shotgun Qualification Championship:
- Maheshwari Chauhan secured an Olympic quota for India with a Silver medal in Women’s skeet at the shotgun Olympic qualification championship in Doha, Qatar.
- With only four out of six shooters eligible for quotas, Chauhan’s performance earned her a spot alongside Sweden’s Victoria Larsson.
- This marks India’s 21st Olympic quota in shooting and the fifth in shotgun events.
Nethra Kumanan Clinches Paris Olympics Quota in Sailing:
- Nethra Kumanan secured India’s Paris Olympics quota in sailing at the Last Chance Regatta in Hyeres, France, competing in the women’s dinghy, ILCA 6.
- With 67 net points, she finished fifth overall but topped the Emerging Nations Program (ENP) sailors, earning her the quota.
- The ENP aims to support athletes from lesser-known sailing countries to excel at the highest level.
- Kumanan becomes the second Indian sailor to secure a spot at the Paris Olympics, following Vishnu Saravanan’s qualification in January at the ILCA 7 Men’s World Championship 2024 in Australia.
- This victory enhances India’s chances of qualifying for the Paris Olympics.
Harshit Kumar Clinches Gold as Indian Athletes Shine in U-20 Asian Athletics Championship:
- Harshit Kumar secures gold in the Hammer throw event at the 21st U-20 Asian Athletics Championship 2024, leading India’s medal tally.
- Indian athletes accumulate a total of five medals on the third day, including one gold, two silver, and two bronze medals.
- Ritik claims India’s first medal with silver in the men’s discus throw, while Prateek adds a bronze in the same event.
- Laxita Sandilea settles for silver in the 800-meter race after winning gold in the previous year’s event.
Asian Athletics Association:
Asian Athletics Association is the apex body of men’s and women’s athletics in Asia. It is affiliated with World Athletics, the world governing body of Athletics.
- Headquarters: Pathum Thani, Thailand
- President: Dahlan Jumaan al Hamad
Science and Tech NEWS
ISRO Study Reveals Significant Expansion of Glacial Lakes in Indian Himalayas:
- ISRO’s long-term satellite imagery spanning from 1984 to 2023 indicates over 27% expansion of identified glacial lakes in the Indian Himalayan river basins.
- Among 2,431 lakes larger than 10 hectares identified during 2016-17, approximately 676 glacial lakes have notably expanded since 1984.
- Out of these, 601 lakes have expanded more than twice, 10 lakes between 1.5 to 2 times, and 65 lakes 1.5 times.
- Of the 130 lakes located within India, 65 are in the Indus river basins, 7 in the Ganga river basin, and 58 in the Brahmaputra river basin.
ISRO:
- Headquarters: Bengaluru
- Founded: 15 August 1969
- ISRO chief: S Somanath
Defence NEWS
INS Sahyadri Participates in Maritime Partnership Exercise with UK’s LRGS:
- Indian Navy’s indigenous stealth frigate, INS Sahyadri, engages in a Maritime Partnership Exercise with UK’s Littoral Response Group South (LRGS) comprising RFA Argus and RFA Lyme Bay.
- Aimed at enhancing interoperability and maritime cooperation between India and the UK, the exercise includes tactical manoeuvres, boarding operations, and surface engagements against simulated threats.
- Opportunities for sharing best practices between the navies, benefiting from each other’s experience and expertise, underscores the commitment of the Indian Navy to strengthen maritime partnerships and regional stability.
- INS Sahyadri, the third ship of the indigenously designed Project-17 class multirole stealth frigates, was built at Mazagon Dock Limited in Mumbai, Maharashtra.
United Kingdom:
- Capital: London
- Monarch: Charles III
- Prime minister: Rishi Sunak
Books and Author:
Shane Watson’s ‘The Winner’s Mindset’ Book Launch Highlights:
- Former Australian cricketer Shane Robert Watson introduces his latest book ‘The Winner’s Mindset’, published by HarperCollins Publishers, offering insights into his mental journey and career lessons.
- The self-help book delves into Watson’s experiences, sharing valuable lessons he learned throughout his illustrious cricketing career.
- Watson, who retired from all forms of cricket in 2020, now imparts his wisdom as a highly sought-after coach, passing on his knowledge to the next generation.
- With 10,950 runs and 291 wickets for Australia across formats, Watson played a pivotal role in the team’s triumphs, including the ICC Men’s ODI Cricket World Cup victories in 2007 and 2015
Australia:
- Capital: Canberra
- President: Hon Anthony Albanese
