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8th June 2022



National News

PM Modi launches new series of coins with Azadi Ka Amrit Mahotsav design 

Prime Minister Narendra Modi has launched a special series of coins that are also 'visually impaired friendly'.  The coins of Re 1, Rs 2, 5, 10 and 20 denominations will have the Azadi Ka Amrit Mahotsav (AKAM) design.  They are not commemorative coins and will be part of circulation. These new series of coins will remind people of the goal of amrit kal and motivate people to work towards the development of the country.

Fliers not wearing masks to be treated as unruly, deboarded: DGCA in new norms

Aviation regulator DGCA has issued new COVID-19 norms for airports and flights, making masks mandatory throughout the journey. Mask removal is permitted only during "exceptional circumstances", while those violating the mask mandate may be treated as "unruly passengers" and deboarded before departure, DGCA said. Violators can even be put on the 'no-fly' list, it added.


'Sital Sasthi' festival being celebrated in Odisha 

Sital Sasthi is a sacred Hindu festival is being celebrated in Odisha. This week-long special festival highlights the marriage of Lord Shiva and Goddess Parvati.  According to the Hindu calendar, Sital Sasthi is observed on the sixth day of the Jyestha month during the Shukla Paksha.

Andhra Pradesh launched ‘14400 app’ to report corrupt officials 

Andhra Pradesh Chief Minister Jagan Mohan Reddy launched the ‘14400’ app. This app has been developed by Anti-Corruption Bureau (ACB).  This app is customized for the people to register corruption-related complaints against the officials in the state.  This app also aims to ensure fool-proof evidence to present before the court. A complaint can be filed through a toll-free number 14400.

Tamil Nadu launched Nalaya Thiran skilling programme for college students 

The Tamil Nadu government recently launched Naan Mudhalvan (I am the first). Under this programme, Tamil Nadu government has now launched Nalaya Thiran (Tomorrow’s ability).  In this programme, 50,000 college students will train with the knowledge in computer science, electronics and IT domains, skilling them on problem solving using technologies.  The Tamil Nadu government has created the Nalaya Thiran program to help the industry get skilled students.

Goa CM Launches ‘Beach Vigil App’ for Holistic Management of beaches 

The chief minister (CM) of Goa, Pramod Sawant has launched a ‘Beach Vigil App’, a collaboration between Information Technology (IT) sector and tourism sector that aims to benefit tourists and the institutions working in the beach tourism sector in a holistic management of beaches.  Through the Beach Vigil App, the Drishti workers, police and other stakeholders can raise issues for safeguarding the interest of the tourist’s. During the launch, Goa IT and Tourism Minister Rohan Khaunte was also present.

Appointments News

Alok Kumar Choudhary takes charge as MD of SBI 

Alok Kumar Choudhary has took charge as the new Managing Director (MD) of State Bank of India (SBI).  His appointment comes in the wake of the superannuation of Ashwani Bhatia as Managing Director on May 31, 2022.  Choudhary was previously Deputy Managing Director (Finance) at the bank. As the new MD, he will be handling retail business and operations.

Satish Pai named as the new chairman of International Aluminium Institute

The International Aluminium Institute (IAI), the only body representing the global primary aluminium industry, has announced the appointment of Satish Pai as its new Chair.  He is the Managing Director of Hindalco Industries, one of the world’s largest integrated producers of aluminium.  Earlier serving as Vice Chairman, he succeeds Ben Kahrs, Chief Innovation Officer, Alcoa Corporation.



World Bank approves $1.49 billion in further aid to Ukraine

The World Bank's executive board has approved an additional fund of $1.49 billion for Ukraine amid its ongoing war with Russia. With this, the total monetary assistance it pledged to aid Ukraine crossed to over $4 billion. The latest funding was backed by countries including Britain, the Netherlands, Lithuania, Latvia and Italy.

Great efforts: China on India helping Sri Lanka amid economic crisis

The Indian government has made "great efforts" to help Sri Lanka during its worst economic crisis, China said on Wednesday. China recognises India's efforts, Chinese Foreign Ministry spokesman Zhao Lijian said. "We also are willing to work with India and other members of the international community to help Sri Lanka and other countries with difficulties," he added.


UN's plan to restart Ukraine grain exports is reasonable: Türkiye

Turkish Foreign Minister Mevlüt Çavuşoğlu on Wednesday said that UN's plan to restart grain exports from Ukraine along a sea corridor was "reasonable". "We're ready to guarantee the safety of vessels leaving Ukrainian ports and heading for (Turkish waters)," Russian Foreign Minister Sergei Lavrov said. Ukrainian grain supplies are stuck for export as Russia has blockaded Ukraine's Black Sea ports.


RBI raises limit for recurring payment e-mandate to ₹15,000

Reserve Bank of India (RBI) on Wednesday raised the limit for e-mandates for recurring payments such as subscriptions, fees and EMIs from ₹5,000 to ₹15,000. RBI Governor Shaktikanta Das, while announcing the decision, said, "This will further leverage the benefits available under the framework and augment customer convenience." RBI also raised the repo rate by 50 basis points on Wednesday.

India could be $20 trillion economy by 2040, says Chief Economic Advisor

If the dollar GDP doubles every seven years, India will be at $20 trillion GDP by 2040 with per capita income close to $15,000, Chief Economic Advisor V Anantha Nageswaran said. "India is forecasted by IMF to cross $5 trillion by 2026-27," he stated. "Indian economy is...[in] much better place than many others in the world to face...challenges," Nageswaran added.


RBI raises inflation projection for FY23 from 5.7% to 6.7%

RBI Governor Shaktikanta Das said the Russia-Ukraine war "has led to globalisation of inflation" and announced RBI's decision to raise FY23 inflation projection from 5.7% to 6.7%. "Inflationary pressures have become broad-based and remain largely driven by adverse supply shocks," Das said. RBI's Monetary Policy Committee said inflation is likely to remain above 6% in FY23's first three quarters.

Andhra Pradesh to provide tractors at subsidised rates to farmers

YS Jagan Mohan Reddy-led Andhra Pradesh government has decided to provide tractors at subsidised rates to farmers at custom hiring centres across the state. He launched the scheme called 'YSR Yantra Seva' at Chuttugunta village in Guntur where he flagged off 3,800 tractors. Reddy also transferred ₹175 crore into the accounts of 5,260 farmers through direct benefit transfer.

Central Bank Digital Currency will be introduced this fiscal: RBI

Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar on Wednesday said the Central Bank Digital Currency (CBDC), also known as digital rupee, will be introduced in fiscal year 2022-23. Process of introduction of CBDC will be gradual to avoid any impact on the financial and banking system, Sankar added. Introduction of CBDC was announced in Union Budget 2022.

Sensex, Nifty fall for fourth straight day as RBI hikes repo rate

Indian stock benchmarks Sensex and Nifty fell for the fourth straight day on Wednesday after RBI raised the repo rate by 50 basis points to 4.90%. While Sensex fell 214.85 points to close at 54,892.49, Nifty fell 60.10 points today to close at 16,356.25. Sensex has fallen 926.28 points while Nifty has fallen 271.25 points in last four trading sessions.

Fintech market likely to reach $150 bn valuation by 2025: MoS Finance

Minister of State (MoS) for Finance Pankaj Chaudhary on Wednesday said the growth in Indian fintech startups has been exponential and the market is expected to reach a valuation of $150 billion by 2025. India's fintech adoption rate is at 87% as against the global average of 64%, Chaudhary noted. Fintech is one of India's immensely growing sectors, he added.


Debt Recovery Tribunal can't restrain person from flying abroad: HC

Debt Recovery Tribunal (DRT) does not have the power to restrain a person from travelling abroad, the Bombay High Court ruled on Tuesday. DRT, however, has the power to prevent abuse of its process or secure ends of its justice, the HC added. The bench was hearing a plea by a 34-year-old businessman restrained by the DRT from flying abroad.


RBI Monetary Policy: RBI raises repo rate by 50 bps to 4.90%

The six-member Monetary Policy Committee (MPC) led by RBI Governor Shaktikanta Das voted unanimously to raise repo rate by 50 basis points to 4.90 percent.  The Monetary Policy Committee has raised the repo rate in order to tackle elevated inflation.  Standing Deposit Facility and Marginal Standing Facility rates also raised by 50 basis points. Standing Deposit Facility rate now 4.65 percent, and Marginal Standing Facility rate now 5.15 percent, Bank Rate 5.15%

World Bank cuts India GDP forecast to 7.5% 

The World Bank has slashed its growth forecast for India for the current financial year to 7.5 percent, a hefty 1.2 percentage points down from its previous forecast of 8.7 percent.  Writing in its latest Global Economic Prospects report released, the World Bank said it cut India’s GDP growth forecast due to headwinds from rising inflation, supply chain disruptions, and geopolitical tensions.

Maruti Suzuki installed Asia's largest 20 MW solar plant at Manesar

Maruti Suzuki India has installed a 20 MW solar carport at its Manesar, Haryana, site. The project is projected to provide the organisation with 28,000 MWh of electricity per year.  According to the firm, the energy generated by this initiative will be similar to the energy required to create nearly 67,000 cars every year. This is Asia's largest solar carport, according to the business.  Suzuki Motor Corporation, the parent firm of Maruti Suzuki India, inked a memorandum of understanding with Gujarat in March this year, agreeing to invest around 150 billion yen ($1.13 billion) in local manufacturing of battery electric vehicles (BEVs) and BEV batteries.

Suryoday SFB and Mobisafar Services partnered to provide banking services across India

Suryoday Small Finance Bank, one of India's premier small finance banks, has established a cooperation with Mobisafar to provide banking services across India through all of Mobisafar's franchises and Business Correspondent network.  The cooperation aims to increase financial inclusion by providing vital banking services to underbanked customers digitally, even in the most distant corners of the country.  Mobisafar's 1.38 lac Banking Mitras will assist Suryoday Small Finance Bank in onboarding new clients digitally using eKYC and enabling banking services like savings account establishment, deposit / withdrawal of money, balance inquiry, and so on.

NBFCUL Releases New Provisioning Norms for Standard Assets, issued by the RBI

The Reserve Bank of India (RBI), in light of the growing involvement of non-banking financial companies (NBFCs) in the financial system, has issued a set of standards for provisioning for standard assets by large NBFCs.  The RBI published a framework for NBFC scale-based regulation in October of last year. NBFCs have a four-layer regulatory structure based on their size, activity, and perceived riskiness.

Schemes and Committees News

SEBI Advisory Committee on Mutual Funds restructured

SEBI, the market regulator, has revamped its mutual fund advisory committee.  According to the latest update with the Securities and Exchange Board of India (Sebi), the 25-member advisory council will be chaired by Usha Thorat, a former Deputy Governor of the Reserve Bank of India (RBI). Previously, the panel consisted of 24 people.  The committee's mission is to advise the Securities and Exchange Board of India (SEBI) on problems relating to mutual fund regulation and development.  It can also advise the regulator on disclosure requirements and steps necessary for a change in the legal framework to bring mutual fund laws closer to simplification and transparency.

Defence News

India successfully tested nuclear- capable Agni-4 ballistic missile in Odisha

India has successfully executed a nuclear- capable Agni-4 ballistic missile from APJ Abdul Kalam Island in Odisha.  The missile has the range of around 4,000 kilometres. Earlier, India successfully test-fired an extended range version of the BrahMos supersonic cruise missile from a Sukhoi fighter jet.  It was the first launch of the extended range version of the BrahMos missile from a Su-30MKI aircraft.

Sports News

KL Rahul, Kuldeep Yadav ruled out of T20I series against SA; Rishabh Pant named captain

KL Rahul and Kuldeep Yadav have been ruled out of India's T20I series against South Africa owing to injury. The BCCI have named wicketkeeper Rishabh Pant as captain of the side in place of Rahul. Meanwhile, all-rounder Hardik Pandya has been appointed vice-captain for the series. The five-match series will begin on Thursday.


Harmanpreet Kaur appointed India Women ODI captain after Mithali Raj's retirement

After Mithali Raj announced her retirement from international cricket, Harmanpreet Kaur was appointed the captain of the India Women ODI team. The BCCI announced India Women squad for the upcoming tour of Sri Lanka, naming Harmanpreet as captain and Smriti Mandhana as vice-captain. Mithali retired from international cricket after a 23-year-long career.


National Air sports Policy 2022 launched by Civil Aviation Minister

The Minister of Civil Aviation Shri Jyotiraditya M. Scindia launched the National Air Sport policy 2022 (NASP 2022).  The vision of NASP 2022 is to make India one of the top sports nations by 2023. The policy ensures to provide safe, affordable, accessible, enjoyable, and sustainable air sports in India.  The Air sports included various sports events which are going to be in air medium. India as a developing country has the potential to become one of the top countries in the world of air sports.

India Beat Poland 6-4 to Clinch Inaugural FIH Hockey 5s Title

India beat Poland 6-4 in final to clinch the inaugural FIH Hockey 5s championship in Lausanne in Switzerland.  Earlier, India first outplayed Malaysia 7-3, pumping in four goals in the second half in a stunning show before beating Poland 6-2 in the second match of the day.  India, who had topped the five-team league standings with three wins and one draw en route final, ended their campaign with an unbeaten record.

Important News

World Oceans Day observed on 8th June

The World Oceans Day is celebrated on June 8 every year across the globe. The day is commemorated to remind people of the importance of the oceans and the major role they play in everyday life.  The day is also observed to make raise public awareness of the ocean and its resources in order to promote global ocean and resource sustainability.  "Revitalization: collective action for the ocean" is the theme for World Oceans Day 2022, a year framed by the UN Decade of Ocean Science and the celebration of the United Nations Ocean Conference, two years after being cancelled because of the pandemic.


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