CURRENT AFFAIRS JULY 2 AND 3 2022
CURRENT AFFAIRS SNIPPETS
2nd and 3rd July 2022
National News
Karnataka's
21-year-old Sini Shetty crowned Miss India 2022
Mumbai-born 21-year-old Sini Shetty, who hails from Karnataka, was named
Miss India 2022 at the 58th Femina Miss India beauty pageant. Miss India 2020
Manasa Varanasi crowned Sini, who will go on to represent India at the next
edition of the Miss World pageant. Meanwhile, 21-year-old Shinata Chauhan was
declared the second runner-up and Rubal Shekhawat was named first runner-up.
Bosch India's "smart" campus is opened by PM Modi in
Bengaluru
The new smart campus of Bosch India, a top provider of technology and services
in Bengaluru, was essentially inaugurated by Prime Minister Narendra Modi. According to a business statement, Modi noted
in his inauguration address that this year is a historic one for both India and
Bosch India as both countries mark their 75th anniversaries of independence. Bosch first arrived in India as a German
corporation a century ago; now, it is equally as Indian as it is German. This
is a fantastic illustration of Indian energy and German engineering.
International News
Ketanji Brown Jackson sworn in, becomes 1st Black woman on US Supreme
Court
The United States made history as Ketanji Brown Jackson was sworn in as the
first Black woman to serve on the Supreme Court. The 51-year-old's appointment
by Democratic President Joe Biden means white men are not in the majority on
the nation's highest court for the first time in 233 years. Four of the justices on the nine-member court
are now women, making it the most diverse bench in history -- although they all
attended the elite law schools of Harvard or Yale.
Banking, Business and Economy News
HDFC-HDFC
Bank merger receives go-ahead from NSE and BSE
HDFC Bank and parent HDFC on Sunday said that they have received
"no adverse observations" from BSE and "no objection" from
the National Stock Exchange (NSE) for their merger. However, in separate
regulatory filings, they noted that the proposed HDFC-HDFC Bank merger still
requires approvals from the RBI, CCI and NCLT. The merger was announced in
April this year.
Banking
frauds of over ₹100 crore decline by over 50% in FY22: Data
The number of banking sector frauds worth over ₹100 crore declined to
118 in FY22 from 265 in FY21, official data showed. As per data, banks reported
cases worth ₹41,000 crore in FY22 compared to ₹1.05 lakh-crore last year. This
comes as RBI carried out a study on the implementation of Early Warning System
framework in select banks in 2021-22.
FPIs withdraw
₹50,203 crore in June, highest net outflow in 2 years
Foreign portfolio investors (FPIs) withdrew a net sum of ₹50,203 crore
from equities in June, data showed. This is the highest net outflow since March
2020, when they pulled out ₹61,973 crore. Overall, in the first six months of
2022, FPIs pulled out around ₹2.2 lakh crore from domestic equities, which is
the highest-ever net withdrawal by them.
State Bank of India (SBI) celebrates 67th Foundation Day
The oldest commercial bank in the country, State Bank of India, is celebrating
its 67th year on 1st July. SBI descends from the Bank of Calcutta founded in
1806 through the Imperial Bank of India.
The Bank of Madras merged into the other two presidency banks, the bank
of Calcutta and the bank of Bombay to form the Imperial Bank of India which in
turn became the SBI in 1955. In the 19th
century, three presidency banks were incorporated. The three presidency banks
were the Bank of Madras (established on 2nd June 1806), the Bank of Bombay
(incorporated on 15 April 1840), and the Bank of Madras (incorporated on 1 July
1843).
RBI: Banks' gross non-performing assets reached six-year low of
5.9%
In March 2022, banks' gross non-performing asset (GNPA) ratio decreased to a
six-year low of 5.9 percent from a high of 7.4 percent in March 2021, according
to the Reserve Bank of India's (RBI) most recent Financial Stability Report
(FSR). According to stress testing, the
GNPA ratio of commercial banks may go from 5.9% in March 2022 to 5.3 percent by
March 2023 due, among other things, to higher-than-anticipated bank loan growth
and a downward trend in the stock of GNPAs, according to the research.
Crisil projects India’s FY23 GDP growth estimate to 7.3%
Domestic rating agency Crisil has cut the real GDP growth forecast for India to
7.3 percent in FY23 (FY 2022-2023). Earlier this was estimated at 7.8 percent. It attributed the downward revision to higher
oil prices, slowing of export demand and high inflation. Crisil said there are
a slew of negatives like high commodity prices, elevated freight prices, drag
on exports as global growth projections get lowered, and the largest demand
side driver of private consumption remaining weak.
Google's
proposed equity acquisition of Bharti Airtel approved by CCI
In an investment agreement (IA) signed by Google and Airtel, the buyer offers
to buy a 1.28 percent minority and non-controlling part in the company's equity
share capital. The roughly $1 billion
for 1.28 percent investment in Bharti Airtel by Google was approved by the
Indian Competition Commission. The proposed merger was accepted by the CCI
based on the Acquirer's amendments (Google International LLC).
Max Life introduces Instant Insurance Confirmation (Insta-COI)+
Max Life Insurance have launched another digital solution Instant Insurance
Confirmation (Insta-COI)+.Through recent digital interventions like chatbot and
WhatsApp servicing, Max Life has provided novel service experiences. The Company also added a financial payout
services function to its website, which made it quick and hassle-free for
clients and improved the whole digital experience, supporting its aim to be
ubiquitous for its customers. The digitization
of onboarding processes for paperwork makes this project viable. This solution, which is supported by
AI-enabled smart underwriting, is currently available for some low-risk
prospects who select an amount insured of up to INR 25 Lakh.
Ranks and Reports News
UN projected India’s urban population to be 675 million in 2035
According to a UN report, India‘s urban population is expected
to reach 675 million in 2035, ranking second only to China‘s
urban population of one billion people. The
report also noted that after the Covid-19 pandemic, the world’s urban
population is once again on track to increase by another 2.2 billion people by
the year 2050. According to the report,
India’s urban population is expected to reach 675,456,000 in 2035, up from
483,099,000 in 2020, 542,743,000 in 2025, and 607,342,000 in 2030. 43.2 percent
of India’s population will be living in urban areas by the middle of the year
in 2035.
Summits and Conferences News
NATO Summit 2022 Concludes in Madrid
The 2022 NATO Madrid Summit was held in Madrid, Spain, from June 28 to 30,
2022. This was the 32nd edition of the summit, since the first summit meeting
held in Paris in 1957. The Summit was chaired by NATO Secretary General Jens
Stoltenberg. The heads of state and
heads of government of NATO member and partner countries participated in the
three-day Summit. NATO summit meetings is a platform for member countries to
evaluate and provide strategic direction for Alliance activities.
Important Days
International Day of Cooperatives observed on 2 July
International Day of Cooperatives is marked annually on the first Saturday of
July. This year, the day will be observed on 2 July to highlight the
contributions of the cooperative movement.
The aim of this celebration is to increase awareness about cooperatives
by highlighting how the United Nations shares similar goals and objectives as
the international cooperative movement. A
decade on from the UN International Year of Cooperatives, which showcased the
unique contribution of cooperatives to making the world a better place, this
year’s #CoopsDay slogan — “Cooperatives Build a Better World”— echoes the theme
of the International Year.
World Sports Journalist Day 2022 observed on 2nd July
World Sports Journalists Day is observed on July 2 every year to celebrate the
services of sports journalists for the promotion of sports. Sports journalism
is a form of reporting that focuses on matters pertaining to any subject or
topic related to sports. It is an essential component of every media
organization. Sports journalists work on
various media platforms including print, broadcast, and the internet. There are
several local and national journalism organisations active in sports reporting.
World UFO Day: 02 July
The World UFO Day (WUD) is held on July 2 every year globally. It is a day
dedicated to the undoubted existence of Unidentified Flying Objects (UFO) by
World UFO Day Organization (WUFODO). WUD
aims to raise awareness about the existence of UFOs and encouraging people to
think about the possibility of us not being alone in the Universe. The World
UFO Day provides an opportunity to these explorers and nthusiasts to discuss,
decode, and deduce multiple theories related to UFOs.
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