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Daily Current Affairs

19th June 2024


Daily Current Affairs
19th June 2024

CURRENT AFFAIRS : BANKING & FINANCE


City Union Bank Launches Digital Lending Platform for Micro, Small and
Medium Enterprises

● The City Union Bank (CUB)


has introduced digital lending
processes tailored for Micro,
Small, and Medium
Enterprises (MSMEs).
● This includes instant loans for
MSMEs and retail secured
loans such as housing loans,
affordable home loans,
loans against property, and
auto loans.
Key Highlights :
● Turnaround Time:Loans
ranging from ₹5 crore to
₹7.50 crore are disbursed to
MSMEs within a turnaround
time of 24-48 hours,
showcasing rapid processing
capabilities.
● Loan Book Composition:As
of March 2024, MSME and
agriculture sectors constitute
56% of CUB's total loan
book, indicating a significant
focus on these segments.
● Recruitment and Capability
Enhancement:To enhance competitiveness, CUB has hired approximately 10
executives at the Assistant General Manager (AGM) level and above.
● These recruitments aim to strengthen capabilities in retail banking, analytics, credit
management, and operations.
● Strategic Goals and Customer Segmentation:
➢ Strategy 1: Targeting existing customers who have loans with other financial
institutions.
➢ Strategy 2: Focusing on existing depositors and customers seeking new
loans.
➢ Strategy 3: Attracting new customers.
● Target Customer Segments:The bank focuses on salaried individuals and self-
employed professionals as primary target customers, varying strategies based on
customer needs and product offerings.

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Daily Current Affairs
19th June 2024

What do you mean by digital lending?


● Digital lending in India refers to the provision of loans facilitated through online
platforms and digital channels, bypassing traditional brick-and-mortar institutions.
● It involves the use of technology such as mobile apps, websites, and data analytics
to streamline the lending process, from application to disbursal.
About CUB :
● Founded : 1904
● Headquarters : Kumbakonam, Tamil Nadu, India
● MD & CEO : Dr. N. Kamakodi
Reserve Bank of India Revokes Purvanchal Co-operative Bank's License
in Ghazipur

● The Reserve Bank of India


(RBI) has cancelled the licence
of Purvanchal Co-operative
Bank, Ghazipur, Uttar Pradesh
as it does not have adequate
capital and earning prospects.
● The Commissioner for
Cooperation and Registrar of
Cooperative Societies, Uttar
Pradesh, has been instructed to
issue an order for winding up the
bank and appoint a liquidator.
Key Highlights :
● Impact on Depositors:Upon
liquidation, depositors will be
entitled to receive deposit
insurance claim amounts up to
Rs 5 lakh from the Deposit
Insurance and Credit
Guarantee Corporation
(DICGC).
● Approximately 99.51% of
depositors are expected to
receive the full amount of their deposits from DICGC.
● Financial Position:The cooperative bank is unable to pay its depositors in full based
on its current financial position.
● Prohibition on Banking Activities : Following the license cancellation, Purvanchal
Co-operative Bank is prohibited from conducting banking activities, including
accepting and repaying deposits.

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● RBI also informed that DICGC (as on May 30, 2024) has already paid Rs 12.63
crore of the total insured deposits based on the willingness received from the
depositors concerned of the bank.
About RBI :
● Established : 1 April 1935
● Headquarters : Mumbai, Maharashtra, India
● Governor : Shaktikanta Das
● Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T.
Rabi Shankar
Public Sector Unit Banks Maintain Dominance in Indian Banking
Landscape: SBI Report

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● The Public Sector Banks (PSBs) in India hold a dominant position in the
banking sector by accounting for more than 50% of the banking business in
terms of market share, branches, and Automated Teller Machines (ATMs),
highlights a report by the State Bank of India.
● The report indicates that public sector banks hold over 63% of the total ATMs in
the country, whereas private banks manage only 35%.
Key Highlights :
● Deposit Share: Public sector banks hold 59% of total deposits in the country,
indicating higher public trust compared to private banks' 32% share.

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● Digital Banking: PSBs are leaders in digital banking with over 54% of credit cards
issued, surpassing private banks' 37.8% share.
● Efficiency: PSBs operate at an efficiency rate of 82.76%, higher than private banks'
79.59%, demonstrating their operational effectiveness.
● State Bank of India (SBI): SBI stands out as the leading PSB, holding the highest
share of deposits, operating the largest ATM network, and issuing the most credit
cards.
● Sector Growth: The banking sector has shown a 6% growth in Total Factor
Productivity (TFP), primarily driven by efficiency improvements rather than
technological advancements.
● Role of Private Banks: While PSBs dominate, private banks contribute significantly
by offering diverse services and competing in the market.
● Diversification: Besides PSBs and private banks, the emergence of payment
banks, small finance banks, and Regional Rural Banks (RRBs) has diversified the
banking sector, enhancing financial inclusion.
Mutual Fund Houses Introduce Thematic Funds Focused on Thriving
Manufacturing Sector

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● The mutual fund industry is all set to ride the manufacturing wave as a theme for
investment.
● The National Democratic Alliance government, under Prime Minister Narendra
Modi, is continuing incentive policies aimed at boosting corporate investments,
particularly in manufacturing.
Key Highlights :
● New Fund Offers (NFOs):Motilal Oswal Asset Management and Invesco India
MF have filed papers with SEBI to launch thematic funds focused on manufacturing.
● Mahindra Manulife AMC and Baroda BNP Paribas are also launching new fund
offers on manufacturing by the end of the month.
● Fund Performance and Assets:HDFC AMC raised ₹9,563 crore through its
manufacturing fund launched last month.
● Canara Robeco Manufacturing Fund, launched in March, already has an AUM
(Assets Under Management) of ₹1,374 crore as of May-end.
● Number of Funds:Currently, there are 8 manufacturing funds, with 3 of them being
passively managed.
● Returns:Over the last six months, manufacturing funds have provided an average
return of 34%, with Quant Manufacturing Fund offering the highest return at 36%.
● Passive funds like Mirae Asset Nifty India Manufacturing ETF FoF and Navi Nifty
India Manufacturing Index Fund delivered returns of 60% over the last year.
● Kotak Manufacture in India Fund recorded a 54% return in the same period.
● Nifty India Manufacturing - TRI saw a 62% increase over the last year and a 45%
increase over three years.
● Government Initiatives:The government aims to increase the manufacturing
sector's contribution to GDP from 17% to 25% through initiatives like 'Make in India'
and 'Atmanirbhar Bharat'.
● These efforts have diversified the global supply chain and positioned India as a key
player in the international market.

CURRENT AFFAIRS: NATIONAL NEWS


Implementation of Three New Criminal Laws Scheduled for July 1
 From July 1,2024, India will
witness the enforcement of three
new criminal laws: Bharatiya
Nyaya Sanhita, Bharatiya
Nagarik Suraksha Sanhita, and
Bharatiya Sakshya Act.
 These laws, replacing the Indian
Penal Code, Code of Criminal
Procedure, and Evidence Act, bring
innovative ideas to address
contemporary challenges.
Key Points:

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 Legislative Background: Passed by Parliament in December and granted presidential


assent the same month, these laws were scheduled for implementation from February
25, following a deferred notification by the Centre.
 Training Initiatives: Preparations for the laws' implementation are underway, focusing
on training stakeholders for effective enforcement.
 Objectives: The new laws aim to modernize criminal justice procedures and
enhance citizen security under the framework of Bharatiya Nyaya Sanhita, Bharatiya
Nagarik Suraksha Sanhita, and Bharatiya Sakshya Act.
 This transition marks a significant reform in India's legal framework, aiming to meet
contemporary legal challenges effectively.

Ministry of Heavy Industries Proposes Ambitious Plans for FAME 3.0


 The Ministry of Heavy Industries (MHI) is gearing up to launch the third iteration of the
flagship government scheme, Faster Adoption and Manufacturing of Hybrid and
Electric Vehicles (FAME) 3.0, expected to be announced in the Union Budget
2024.
 According to sources familiar with the matter, the new phase aims to significantly boost
electric vehicle (EV) adoption with a budget ranging from Rs 12,600 crore to over Rs
30,000 crore.

Key Proposals:
 Inclusion of
Alternative Fuel
Vehicles: One proposal
seeks to incorporate
vehicles powered by
alternative sources
such as hydrogen and
biofuels, expanding the
scope beyond
conventional electric
vehicles.
 Budget Allocation:
The scheme is
anticipated to be
allocated a substantial
budget, reflecting the
government's
commitment to
promoting sustainable
mobility solutions.
 Strategic Objectives:
FAME 3.0 aims to
accelerate the adoption
and manufacturing of

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EVs, fostering innovation and infrastructure development in the sector.


About FAME:
 FAME stands for Faster Adoption and Manufacturing of Hybrid and Electric Vehicles
in India.
 It's a government-backed scheme.
 It seeks to promote the use of electric vehicles in India.
 The scheme was introduced in 2015 and is divided into two phases: FAME India
Phase I and FAME India Phase II.

Government's 100 Days Programme to Launch National Mission on


Oilseeds
 The Union government is set to
announce its 100 days programme,
which is expected to feature the long-
awaited National Mission on Oilseeds.
 This initiative, spearheaded by the
Agriculture Ministry, aims to significantly
increase domestic oilseeds production.
 The target is to raise production by an
additional 2-3 million tonnes by 2025-
26, surpassing the current output of
approximately 40-41 million tonnes.
 This initiative underscores the
government's commitment to enhancing
agricultural productivity and achieving
greater self-reliance in the crucial sector
of edible oils.

Key Objectives:
 Reducing Import Dependency: The primary goal of the National Mission on Oilseeds
is to lower India's dependency on imported edible oils.
 Production Enhancement: By boosting domestic production, the mission aims to
enhance India's self-sufficiency in oilseed cultivation.
 Strategic Timeline: The target timeline for achieving the production increase is set for
2025-26, aligning with broader agricultural objectives.

CURRENT AFFAIRS : STATE NEWS


Jharkhand Government Announces Waiver of Farm Loans Up to ₹2 Lakh

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● The Jharkhand government, led by Chief Minister Champai Soren, plans to waive
farm loans up to ₹2 lakh.
● This is an increase from the previous waiver amount of ₹40,000.
● The free electricity quota for households will be raised from the current 125 units to
200 units.
Other Initiatives :
● Support for Unemployed Youth : Financial Support : The government aims to
support unemployed youth by offering loans of ₹25 lakh with a 40% subsidy to
facilitate the establishment of businesses for sustainable livelihoods.
● Education Sector InitiativesTeacher Recruitment:The recruitment process for
40,000 assistant teachers is underway and expected to be completed by September.
● Recruitment of tribal and regional language teachers is scheduled to begin next
month.
● Development Projects and Housing SchemeDevelopment Projects:Inaugurated
and laid foundation for 182 development projects valued at ₹152.76 crore.
● Housing Scheme:The state government initiated construction and distribution of
houses under the Abua Awas Yojana for tribal communities.

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About Jharkhand :
● Governor : C. P. Radhakrishnan
● Chief Minister : Champai Soren
● Capital : Ranchi
● Tiger Reserve : Palamu Tiger Reserve
● Wildlife Sanctuary : Dalma Wildlife Sanctuary, Gautam Budha Wildlife Sanctuary,
Udhwa Lake Bird Wildlife Sanctuary
Madhya Pradesh Finalizes Preparations for Second Cheetah Habitat at
Gandhi Sagar Sanctuary

● The Madhya Pradesh (MP) government has completed its preparations for the
reintroduction of the cheetahs in the Gandhi Sagar Wildlife Sanctuary, which
will be the second home for cheetahs in India, after the Kuno National Park (KNP).
● Under the ambitious cheetah reintroduction project, 8 Namibian cheetahs were
released into enclosures at KNP in MP’s Sheopur district on September 17, 2022.
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● Later (in February 2023), 12 more cheetahs were brought from South Africa.
Why is Gandhi Sagar an ideal habitat for cheetahs?
● According to MP’s wildlife officials, the sanctuary makes for perfect cheetah habitat,
as it looks like Maasai Mara - a national reserve in Kenya known for its savanna
wilderness and wildlife.
About the Gandhi Sagar Wildlife Sanctuary :
● The sanctuary (notified in 1974) is spread across (an area of 368.62 sq km) the
districts of Mandsaur (187.12 sq km) and Neemuch (181.5 sq km) in western MP,
right on the border with Rajasthan.
● The Chambal River cuts the sanctuary into two almost equal halves and the Gandhi
Sagar dam (constructed on the river in 1960) lies within the area of the sanctuary.
● Preparations for the Introduction of Cheetahs in Gandhi Sagar : A 64 sq km
area has been developed for the cheetahs at a cost of Rs. 17.72 crores.
● A soft release enclosure (boma) of 1 sq km, with four equal partitions, has been
constructed to provide a suitable and secure habitat.
● The Chairperson of the Cheetah Steering Committee was tasked to oversee and
evaluate the overall readiness of the WLS to “ensure that the sanctuary is
adequately equipped and prepared to support the successful integration and
conservation of cheetahs within its natural landscape”.
● Previous Cheetah Releases : On September 17, 2022, 8 Namibian cheetahs – 5
females and 3 males were released into enclosures at Kuno National Park in
Sheopur district.
● In February 2023, 12 more cheetahs were brought from South Africa.
● Now, only 13 of the 20 adult cheetahs survive.
● Another 13 cubs born to these cheetahs put the total population of the animals in
Kuno at 26 currently.
About MP :
● Governor : Mangubhai C. Patel
● Chief Minister : Mohan Yadav
● Capital : Bhopal
● National Park : Satpura National Park, Kanha National Park, Bandhavgarh National
Park
● Wildlife Sanctuary : Nauradehi Wildlife
Sanctuary, Bori Wildlife Sanctuary
CURRENT AFFAIRS: BUSINESS
NEWS
Dassault Systèmes Aims for $1
Billion Revenue from India by 2027
 Dassault Systèmes, the technology arm of
the Paris-based Dassault Group, has set
an ambitious target of achieving $1
billion in revenue from India by 2027.

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 The company, renowned for its virtual twin technology across various industries, sees
India as a rapidly growing market.

Key Points:
 Revenue Projection: Dassault Systèmes anticipates reaching $1 billion in revenue
from India by 2027, leveraging the fast-growing demand for virtual twin solutions.
 Global Perspective: Globally, the company reported revenue close to 7 billion euros in
2023, highlighting its substantial presence and capabilities.
 Virtual Twin Technology: Dassault Systèmes offers virtual twin technology across
industries such as aerospace, healthcare, automotive/EV manufacturing, and consumer
goods.
 This technology enables iterative product development and evaluation in a simulated
environment, minimizing costs and time.
 Post-Pandemic Insights: A joint study by Dassault Systèmes and Nasscom revealed a
significant increase in virtual twin implementations among mid-sized enterprises post-
pandemic, underscoring its growing relevance and adoption.

IFC Partners with Brookfield for 550 MW Solar Power Project in


Rajasthan
 The International
Finance Corporation
(IFC) has committed to
partially finance a 550
MW solar power project
in Bikaner, Rajasthan,
developed by
Brookfield Asset
Management.
 With an investment of
$105 million through
long-term non-convertible
debentures allocated to
the project’s special
purpose vehicles, IFC
aims to support India's
renewable energy goals
and facilitate competitive
tariffs for commercial and industrial (C&I) consumers across the country.

Key Details:
 Project Scope: The solar power project will generate 550 MW and supply electricity to
C&I consumers under long-term power purchase agreements (PPAs) and through the
merchant market via exchanges.
 Green Energy Corridor: The project will be integrated into India's inter-state
transmission system, contributing to the nation's green energy corridor initiative.

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 IFC's First Hybrid Offtake Structure in Asia-Pacific: This investment marks IFC's first
in the region using a hybrid offtake structure, combining corporate PPAs with C&I
consumers and merchant market sales.
 India's Renewable Energy Ambitions: India aims to scale up its non-fossil fuel
capacity to 500 GW by 2030, fostering a conducive environment for significant
investments in renewable energy.

Impact and Outlook:


 With over $10 billion in annual investments attracted between 2017 and 2022, India's
renewable energy sector is poised for continued growth, expecting annual
investments to reach $25 billion by 2030.
 Brookfield's extensive portfolio of renewable power assets, exceeding 25 GW in
operation or development, underscores its commitment to capitalizing on India's
transition towards sustainable energy solutions.
 This partnership between IFC and Brookfield signifies a pivotal step towards advancing
India's renewable energy landscape and achieving its decarbonization objectives.

UK Surpasses China to Become India's 4th Largest Export Market


 In a significant development, the United Kingdom has overtaken China to become
India's fourth-largest export market as of May 2024.
 This shift reflects a notable increase in exports to the UK compared to the previous year.

Key Points:
 Export Growth: India's exports to the
UK surged, reaching $1.37 billion in
May 2024, marking a one-third
increase.
 Comparison with China: While
exports to the UK grew significantly,
exports to China also increased but at
a slower rate of 3%, totaling $1.33
billion.
 Previous Ranking: The UK was
previously ranked sixth in India's export
markets, indicating a substantial rise in
its position.
 Trend Analysis: Although specific
disaggregated data for May wasn't
detailed, recent months have shown a
consistent upward trend in exports to
the UK.
 The United States (US) continued to
remain India's largest export
destination, with 13 per cent growth, followed by the United Arab Emirates (UAE), which
saw 19 per cent jump.

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 Export to the Netherlands, which is also India’s third-largest export market, soared to
$2.19 billion with nearly 44 per cent growth in May 2024.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS


Paytm Names Former-SEBI Whole-Time Member Rajeev Agarwal as
Independent Director

● Rajeev Krishnamuralilal Agarwal has been appointed as Non-Executive


Independent Director at One 97 Communications Limited (OCL), the company
that owns the Paytm brand.
● Neeraj Arora has stepped down as Non-Executive Independent Director of One 97
Communications Limited due to other commitments and personal reasons.
About Rajeev Krishnamuralilal Agarwal :
● Agarwal is an Engineering graduate from IIT-Roorkee and belongs to the 1983 batch
of the Indian Revenue Service (IRS).
● He has over four decades of experience in the stock market, including 28 years with
the Indian Revenue Services.

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● He served as a Whole Time Member of the Securities and Exchange Board of


India (SEBI).
● He played a key role in significant market policy reforms, including the revival
package for the mutual fund industry in 2012 and the merger of the Forward Markets
Commission with SEBI in 2015.
● He initiated IPO reforms to enhance transparency and introduced mechanisms like
the offer for sale for Public Sector Undertaking (PSU) disinvestment and the SME
exchange to support small enterprises and startups.
● Currently, Agarwal serves as Chairman and Independent Director on the board
of Trust Mutual Fund.
● He is also an Independent Director on the boards of ACC Limited., Star Health
Insurance, UGRO Capital Limited., and MK Ventures Capital Limited.
About Paytm :
● Founded : August 2010
● Headquarters : Noida, Uttar Pradesh, India
● Founder & CEO : Vijay Shekhar Sharma
Global Wind Energy Council India Appoints Girish Tanti from Suzlon
Group as New Chairman

● Suzlon Vice Chairman Girish


Tanti has been elected as the
Chair of Global Wind Energy
Council India (GWEC India).
● He was elected Vice-Chair of
GWEC in April, 2024.
● Responsibilities: As Chair of
GWEC India, Tanti will play a
crucial role in collaborating with
national and state governments to
establish policy frameworks and
drive momentum in India's wind
energy sector, encompassing both
onshore and offshore wind
projects.
● India ranks as the world‟s 4th-
largest wind market with
significant onshore wind capacity
(46 GW) and a prominent
manufacturing hub for wind
energy components.
● Note : Global Wind Day or
World Wind Day is a worldwide
event that is held on June 15.
● GWEC India Chair : Girish Tanti

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About GWEC :
● Established : 2005
● Headquarters : Brussels, Belgium
● CEO : Ben Backwell
● Membership: Represents over 1,500 companies, organizations, and institutions in
more than 80 countries, including manufacturers, developers, suppliers, research
institutes, and renewable energy associations.
● GWEC is a member-based organisation that represents the entire wind energy
sector.
CURRENT AFFAIRS : PERSON IN NEWS
Maharashtra Farmer Siddhesh Sakore Honoured as Land Hero by United
Nations Convention to Combat Desertification

● Siddhesh Sakore, a farmer and the founder of AGRO RANGERS, from


Maharashtra, has been named Land Hero by the United Nations Convention to
Combat Desertification (UNCCD).
● On the occasion of World Desertification and Drought Day, June 17, the UNCCD
announced the names of 10 Land Heroes in a programme in Bonn, Germany.
● Apart from Siddhesh Sakore, other Land Heroes are from Brazil, Costa Rica,
Germany, Mali, Moldova, Morocco, the Philippines, the US, and Zimbabwe.
About Siddhesh Sakore :
● Sakore, hailing from a farming family, holds a graduation degree in mechanical
engineering.
● He has developed cost-effective mechanical devices to convert organic waste into
compost.
● Sakore is dedicated to natural farming and waste management, focusing on solving
soil degradation issues and empowering small and marginal farmers through
innovative agroforestry models.

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Key Highlights :
● Global Context: Land degradation affects up to 40% of the world's land and
nearly half the world's population, with the highest costs borne by indigenous
communities, rural households, smallholder farmers, and especially youth and
women.
● Youth Engagement: Engaging youth in land restoration could create an estimated
600 million jobs over the next 15 years, contributing to economic growth and
environmental sustainability.
About UNCCD :
● Establishment: June 17, 1994.
● Headquarters: Bonn, Germany.
● Executive Secretary: Ibrahim Thiaw.
● Membership: Comprises 197 parties, including 196 countries and the European
Union.
● Rio Conventions: The UNCCD is one of the three Rio Conventions, alongside the
United Nations Convention on Biological Diversity (UNCBD) and the United
Nations Framework Convention on Climate Change (UNFCCC).
● Mandate: The UNCCD aims to combat Desertification, Land Degradation, and
Drought (DLDD) by promoting sustainable land management practices, restoring
degraded ecosystems, and supporting communities affected by these issues.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Scientists from Physical Research Laboratory Discover Three New
Craters on Mars

● The scientists of Ahmedabad-based Physical Research Laboratory (PRL) have


discovered three new craters on Mars.
● They have been discovered in the Tharsis volcanic region on Mars.
● On the recommendation of the PRL, the International Astronomical Union (IAU)
Working Group for Planetary System Nomenclature approved naming the three
craters on Mars.
Naming of Craters :

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● One crater has been named “Lal crater” after Prof. Devendra Lal, a renowned Indian
geophysicist and former director of PRL from 1972-1983.
● It is a 65 km wide crater, centred at -20.98° and 209.34°.
● The second crater has been named “Mursan crater” after a town in Uttar Pradesh,
India.
● Mursan crater is a ~10 km wide crater superimposed on the eastern side of the rim
of the Lal crater.
● The third crater is “Hilsa crater”.
● It is a ~10 km wide crater superimposed on the western side of the rim of the Lal
crater.
● It is named after a town in Bihar, India.
What is a Crater?
● A crater is a depression or hole on the surface of a planetary body.
● Craters are typically formed by the impact of objects (such as meteorites) or by
geological processes like volcanic activity or explosions.
About Physical Research Laboratory (PRL) :
● Established : 1947 by Dr. Vikram Sarabhai, who is considered the father of India’s
space program.
● Location : Ahmedabad, Gujarat, India
● Director : Anil Bhardwaj
● The PRL is a National Research Institute for space and allied sciences,
supported mainly by the Department of Space, Government of India.
About International Astronomical Union :
● Established : 28 July 1919
● Headquarters : Paris, France
● President : Debra Meloy Elmegreen
● General Secretary : Piero Benvenuti (interim)
● The IAU is an international non-governmental organization (INGO) with the
objective of advancing astronomy in all aspects, including promoting astronomical
research, outreach, education, and development through global cooperation.
Woman-Led Start-up Develops 'Divya Drishti', a Cutting-Edge AI
Personal Identification Tool Under Technology Development Fund

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● A woman-led start-up, Ingenious Research Solutions Private Limited,


developed 'Divya Drishti', an Artificial Intelligence (AI)-based tool combining
facial recognition with gait analysis.
● This innovative solution marks a “significant advancement” in biometric
authentication technology, offering “enhanced accuracy and reliability” in identifying
individuals.
● The start-up was established by woman entrepreneur Shivani Verma after winning
the prestigious „Dare to Dream 2.0‟, a pan India theme-based contest organised by
the Defence Research and Development Organisation (DRDO).
Key Highlights :

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● Technical Features:'Divya Drishti' integrates face recognition with immutable


physiological parameters like gait and skeleton analysis.
● This dual approach improves identification accuracy, suitable for sectors including
defence, law enforcement, corporate security, and public infrastructure.
● Support and Mentoring : The tool has been developed under the technical
guidance and mentoring of the Centre for Artificial Intelligence & Robotics
(CAIR), a laboratory of the DRDO based in Bengaluru.
● The initiative is supported by the DRDO's Technology Development Fund (TDF),
aimed at promoting start-ups in defence and aerospace sectors for 'Aatmanirbhar
Bharat'.
About DRDO :
● Formed : 1958
● Headquarters : New Delhi,India
● Chairman : Sameer V. Kamat
● The DRDO is an agency under the Department of Defence Research and
Development in the Ministry of Defence of the Government of India.
CURRENT AFFAIRS: SPORTS NEWS
Neeru Pathak Sets New U18 National Record in Women's 400m at
National Youth Athletics Championships
 Neeru Pathak delivered a stunning
performance at the National Youth
Athletics Championships in Bilaspur,
Chhattisgarh, setting a new U18
national record in women's 400m.
 Clocking an impressive 52.85 seconds,
she not only secured the gold medal but
also surpassed the qualification mark for
the World U20 Championships.
 Her time marks the fourth-best U18
performance globally this year,
highlighting her exceptional sprinting
prowess throughout the competition.
Key Highlights:

 Performance Overview: Neeru Pathak


showcased outstanding sprinting skills,
dominating Heat 3 with a timing of
54.93s and continuing her strong form in
subsequent rounds.
 World Championship Qualification:
Her record-breaking performance
ensures her participation in the
upcoming World U20 Championships.

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 Men's 400m Champion: Bapi Handsa set a meet-record of 47.12s to clinch gold in the
men's 400m, demonstrating his impressive form despite missing his personal best.
 Women's 100m Victory: Abhinaya Rajarajan claimed the gold in women's 100m with a
time of 12.09s, adding to her recent achievements in athletics.

Sumit Nagal Achieves Career-High ATP Singles Ranking of 71


 Sumit Nagal, India's rising tennis star, has reached a career-best ATP singles
ranking of 71, marking a significant milestone in his career trajectory.
 This achievement follows closely on the heels of his previous best ranking of 77,
highlighting his rapid ascent in the ATP rankings.
Key Highlights:
 Recent Success: Nagal's impressive performance at the Perugia ATP Challenger
tournament, where he finished as runner-up, propelled him to his career-high ranking.
 Olympic Qualification: With a commendable 777 ATP
points, Nagal has secured his place as India's sole
representative in men's singles at the upcoming Paris
Olympics.
 2024 Highlights: His year began with a notable run at the
Australian Open, reaching the second round, and included
victories at the Heilbronn Neckarcup in Germany and the
Chennai Open.
 Upcoming Events: Nagal is set to compete in the main
draw of Wimbledon followed by the prestigious Paris
Olympics at Roland Garros, highlighting his packed
schedule on the global stage.

Impact and Inspiration:


 Sumit Nagal's consistent success on the ATP Challenger
circuit and his ability to perform at Grand Slam events
underline his potential and determination. As India's top-
ranked singles player, Nagal continues to inspire aspiring
tennis talents nationwide with his achievements and
dedication to the sport.
 Top 5 rank are:
Jannik Sinner- Italy
Carlos Alcaraz- Spain
Novak Djokovic- Serbia
Alexander Zverev- Germany
Daniil Medvedev- Russia

CURRENT AFFAIRS: IMPORTANT DAYS


World Sauntering Day 2024: June 19
 On the 19th of June every year, World Sauntering Day
is observed each year all over the world to encourage
people to slow down and appreciate the world around them and connect with nature.
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 In 1979, W.T. Rabe established World


Sauntering Day.
 He was the one who started this holiday in
the 1970s.
 This day was created in response to
jogging's growing popularity. W.T. Rabe, it
appears, has also devised a few sauntering
norms.
 This act must be performed in comfortable
clothing, and "some people are just born with
it," according to W.T. Rabe.
 The purpose of commemorating this day is to
encourage people to take a break, enjoy life,
and appreciate what they have.

World Sickle Cell Awareness Day 2024: June 19


 Every year on June 19th, World Sickle Cell Day is commemorated to raise awareness
of the human
Sickle Cell
illness.
 The theme of
2024 is “Hope
Through
Progress:
Advancing
Care
Globally.”
 The UN
declared the
day, and it has
served to raise
awareness of the condition, its organization, the care and measures that should be
taken, and the treatment that should be given to someone who is suffering from it.

History
 The United Nations General Assembly declared World Sickle Cell Day in 2008 to
promote awareness of sickle cell illness.
 They also highlighted the agony and emotional devastation that a patient with the
condition must endure.
 As a result, on June 19, 2009, World Sickle Cell Day was commemorated for the first
time. Sickle cell disease has spread throughout the world and has gradually evolved into
a hereditary and genetic illness. Due to the fact that a large population is now infected
with the illness, it is critical that sufferers receive increased knowledge, effective care,
and treatment.

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19th June 2024

 Furthermore, correct diagnosis and early therapy aid in the better management and
treatment of the condition. In addition to the UN, the WHO now offers a number of
options for treating illness patients in a more humane manner.
 According to official data and sources, more than 1000 newborns die of the condition
before they reach the age of five.
 The illness has spread rapidly over Africa and the United States, affecting more than
90,000 to 100,000 people.
 In addition, sickle cell anaemia affects people in India, Saudi Arabia, Turkey, the Arabic
peninsula, Brazil, Surinam, Guiana, Southern Italy, Greece, and other nations.

Daily CA One- Liner: June 19


 From July 1,2024, India will witness the enforcement of three new criminal laws:
Bharatiya Nyaya Sanhita, Bharatiya Nagarik Suraksha Sanhita, and Bharatiya
Sakshya Act
 The Ministry of Heavy Industries (MHI) is gearing up to launch the third iteration of the
flagship government scheme, Faster Adoption and Manufacturing of Hybrid and
Electric Vehicles (FAME) 3.0, expected to be announced in the Union Budget 2024
 The Union government is set to announce its 100 days programme, which is
expected to feature the long-awaited National Mission on Oilseeds
 Dassault Systèmes, the technology arm of the Paris-based Dassault Group, has set
an ambitious target of achieving $1 billion in revenue from India by 2027
 The International Finance Corporation (IFC) has committed to partially finance a 550
MW solar power project in Bikaner, Rajasthan, developed by Brookfield Asset
Management.
 In a significant development, the United Kingdom has overtaken China to become
India's fourth-largest export market as of May 2024.
 Neeru Pathak delivered a stunning performance at the National Youth Athletics
Championships in Bilaspur, Chhattisgarh, setting a new U18 national record in
women's 400m
 Sumit Nagal, India's rising tennis star, has reached a career-best ATP singles
ranking of 71, marking a significant milestone in his career trajectory.

 The City Union Bank (CUB) has introduced digital lending processes tailored for
Micro, Small, and Medium Enterprises (MSMEs).
 The Reserve Bank of India (RBI) has cancelled the licence of Purvanchal Co-
operative Bank, Ghazipur, Uttar Pradesh as it does not have adequate capital and
earning prospects.
 The Public Sector Banks (PSBs) in India hold a dominant position in the banking
sector by accounting for more than 50% of the banking business in terms of
market share, branches, and Automated Teller Machines (ATMs), highlights a report
by the State Bank of India.
 The mutual fund industry is all set to ride the manufacturing wave as a theme for
investment.
 The Jharkhand government, led by Chief Minister Champai Soren, plans to waive
farm loans up to ₹2 lakh.

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 The Madhya Pradesh (MP) government has completed its preparations for the
reintroduction of the cheetahs in the Gandhi Sagar Wildlife Sanctuary, which will
be the second home for cheetahs in India, after the Kuno National Park (KNP).
 Rajeev Krishnamuralilal Agarwal has been appointed as Non-Executive
Independent Director at One 97 Communications Limited (OCL), the company that
owns the Paytm brand.
 Suzlon Vice Chairman Girish Tanti has been elected as the Chair of Global Wind
Energy Council India (GWEC India).
 Siddhesh Sakore, a farmer and the founder of AGRO RANGERS, from Maharashtra,
has been named Land Hero by the United Nations Convention to Combat
Desertification (UNCCD).
 The scientists of Ahmedabad-based Physical Research Laboratory (PRL) have
discovered three new craters on Mars.
 A woman-led start-up, Ingenious Research Solutions Private Limited, developed
'Divya Drishti', an Artificial Intelligence (AI)-based tool combining facial recognition
with gait analysis.
 On the 19th of June every year, World Sauntering Day is observed each year all over
the world to encourage people to slow down and appreciate the world around them and
connect with nature
 Every year on June 19th, World Sickle Cell Day is commemorated to raise awareness
of the human Sickle Cell illness

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visit: Guidely Optimum CA , Smart Quiz GA, Daily CA & CA Quiz, e-Magazine
Daily Current Affairs
19th June 2024

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