State in News
Uttarakhand Unveils India’s First Astro-Tourism Initiative
The Uttarakhand government organized India’s first-ever astro-tourism event called ‘Nakshatra Sabha’ in Mussoorie, the ‘Queen of Hills’, on June 1 and 2, 2024. The inaugural event was held at the George Everest Peak, famous for its breathtaking views of the Doon Valley and the snow-capped Himalayas.
Banking News
SBI Mutual Fund Becomes First to Top Rs 10 Trillion in Assets Under Management
SBI Mutual Fund (SBI MF) achieved a historic milestone on Monday by becoming the first fund house in India to surpass Rs 10 trillion in assets under management (AUM). This significant accomplishment is attributed to the post-pandemic equity boom and a growing awareness of mutual fund investing.
RBI Absorbs ₹44,430 Crore Through VRRR Auctions
The Reserve Bank of India (RBI) conducted two variable rate reverse repo (VRRR) auctions totaling ₹44,430 crore, aiming to absorb surplus liquidity from the banking system. Despite the central bank’s readiness to absorb up to ₹1-lakh crore, banks utilized only a portion of the available amount.
RBI Monetary Policy June 2024, Repo Rate Unchanged at 6.5%
RBI Governor Shaktikanta Das announced that the Monetary Policy Committee has chosen to maintain the policy repo rate at 6.5%, with a 4:2 majority decision. Consequently, the standing deposit facility (SDF) rate remains unchanged at 6.25%, while both the marginal standing facility (MSF) rate and the bank rate stand firm at 6.75%.
RBI Repo Rate are as under
- Policy Repo Rate: 6.50% (Unchanged)
- Standing Deposit Facility (SDF): 6.25% (Unchanged)
- Marginal Standing Facility Rate: 6.75% (Unchanged)
- Bank Rate: 6.75% (Unchanged)
- Fixed Reverse Repo Rate: 3.35% (Unchanged)
- CRR: 4.50% (Unchanged)
- SLR: 18.00% (Unchanged)
Agreements News
MeitY and UNESCO Host National Workshop on Safe, Trusted, Ethical AI
The United Nations Educational, Scientific and Cultural Organization (UNESCO) South Asia Regional Office, in collaboration with the Ministry of Electronics and Information Technology (MeitY), Government of India, organized the National Stakeholder Workshop on Safe, Trusted, and Ethical AI at the Taj Palace Hotel, New Delhi. This event, following the approval of the IndiaAI Mission by the Government of India, marks a significant step towards enhancing India’s AI ecosystem, with a substantial allocation exceeding Rs 10,000 crore.
Muthoot Microfin and SBI Join Forces to Empower Rural Women Entrepreneurs
In a significant move towards bolstering financial inclusion, Muthoot Microfin Limited has entered into a strategic co-lending partnership with the State Bank of India (SBI). This collaboration aims to extend financial services to women entrepreneurs in rural and semi-urban areas across India. Under this agreement, both entities will co-lend to Joint Liability Groups (JLGs) engaged in agricultural, allied activities, and other income-generating enterprises. The loan amounts, ranging from Rs 10,000 to Rs 3,00,000, are tail
Business News
RIL to Build Global Economic Hub in Navi Mumbai
Reliance Industries Limited (RIL) is set to develop a global economic hub in Navi Mumbai, having secured sub-leases on approximately 3,750 acres of land for Rs 13,400 crore. The lease spans 43 years and stems from a memorandum of understanding signed with the Maharashtra government in 2018.
Summits and Conferences News
3rd Indian Analytical Congress Explores ‘Green Transitions’
Analytical science refers to the art of measurement and its interpretation. It involves improving the means of measuring the chemical composition, structure, and morphology of natural and man-made substances or entities and interpreting the data obtained.
Schemes News
Over 1 lakh farmers voluntarily gave up their PM-Kisan benefits last year(2023)
Bihar, Uttar Pradesh and Rajasthan lead the chart of 1.16 lakh farmers who have voluntarily given up the benefits of the annual Rs 6,000 Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) scheme across the country from June 2023 to May 2024. The Ministry of Agriculture & Farmers Welfare had introduced a module in the PM-Kisan mobile app and website last year which enables farmers to voluntarily exit the scheme.
Awards News
C-DOT Wins UN WSIS Award for Disaster Resilience Technology
The Centre for Development of Telematics (C-DOT), established on August 24, 1984, by the Government of India, is a premier telecom research and development centre. Its mission is to revolutionize the telecom sector in India by developing cutting-edge technologies and products tailored to Indian conditions.
Nar Singh, Rohini Lokhande win Dilip Bose Lifetime Achievement Award
The All India Tennis Association (AITA) has announced the Dilip Bose award for lifetime achievement to coach Nar Singh. The first award would be presented to the 69-year-old Rohini Lokhande who was a member of the national team along with Kiran Bedi, Nirupama Mankad, Susan Das and Udaya Kumar, before she took to coaching at a young age.
Science and Technology News
Nvidia Surpasses Apple to Become Second Most Valuable Company
Nvidia’s remarkable rally to record highs on Wednesday saw the artificial intelligence chipmaker’s valuation soar past the $3 trillion mark, eclipsing Apple and securing its position as the world’s second most valuable company. This significant shift marks a departure from Silicon Valley’s traditional dominance by Apple, particularly since the launch of the iPhone in 2007.
Sports News
Rohit Sharma Rewrites Cricket Records at 9th ICC T20 World Cup
The Indian cricket team, led by captain Rohit Sharma, kicked off their campaign at the 9th ICC T20 World Cup with a resounding 8-wicket victory over Ireland. The match, played at the Nassau County International Cricket Stadium in New York, USA, saw Jasprit Bumrah’s magnificent bowling performance of 2 for 6 runs earn him the ‘Man of the Match’ award.
Important Days
World Food Safety Day 2024: Date, History and Theme
World Food Safety Day is an annual event celebrated on June 7th. It aims to raise awareness about the importance of food safety and promote actions to prevent, detect, and manage foodborne risks. This day highlights the critical role that food safety plays in ensuring everyone has access to safe, nutritious, and sufficient food. The theme for World Food Safety Day 2024 is “Food Safety: Prepare for the Unexpected.”
