Current Affairs 8th June

National Affairs

1. PM Narendra Modi Launched 2 Schemes Amrit Dharohar and MISHTI Yojana to revive wetlands and mangroves

On World Climate Day 2023 (June 05, 2023), Head of state (PM) Narendra Modi

sent off two plans named Amrit Dharohar Yojana and MISHTI Yojana (Mangrove

Drive for Coastline Living spaces and Substantial Salaries) under the Service of Climate,

Woods and Environmental Change (MoEFCC), to resuscitate wetlands and mangroves across India.

 

According to the assertion of PM, the number of wetlands and Ramsar destinations in India has expanded very nearly multiple times in the beyond nine years.

 

Amrit Dharohar Yojana: The plan was sent off to moderate the current Ramsar destinations

what’s more, accomplish maintainable environment advancement through open interest over the course of the following three years, and make them the focuses of eco-the travel industry and a wellspring of green positions for a large number of individuals.

 

MISHTI Scheme: Over the course of five years, beginning in FY24, the plan intends to thoroughly investigate the potential area for the development of mangroves, which covers nearly 540 square kilometres and includes 11 states and two union territories.

International Affairs

1. Tracking SDG7: 2.3 people use polluting fuel & 675 million have no electricity

As indicated by the report named “Following SDG7: According to the report titled “Energy Progress 2023,” which was released on June 6, 2023, approximately 2.3 billion people worldwide continue to cook with polluting fuels and technologies, and approximately 675 million people did not have access to electricity in 2021.

 

The world is not on track to meet the Sustainable Development Goal (SDG) 7 for energy by 2030, according to the report.

 

The report emphasized that, despite progress on various SDG 7 agenda indicators, current progress rates are insufficient to meet the 2030 goals.

 

2. Sixth edition of India-Maldives Exercise ‘Ekatha’ begin in Maldives

In order to improve interoperability in diving and special operations, the annual Naval Exercise “Ekatha” between India and the Maldives was scheduled to take place in Maldives from June 4 to July 3, 2023.

 

The Maldives hosted the fifth edition from September 5 to October 3, 2022.

 

Key Points:

 

Indian Naval force jumpers and Marine Commandos (MARCOS) went to Maldives to take part in the activity alongside Maldives Public Protection Power (MNDF).

 

The lead report of the activity was checked on by the Lieutenant Commandant of the Indian Naval force preparing group, Mahesh Kumar.

 

Certificates were presented to the Marines of the Special Operations Group (SOG) of the MNDF Marine Corps by Vice Admiral M. A. Hampiholi, Flag Officer Commanding-in-Chief of Southern Naval Command, Indian Navy, and India’s High Commissioner to the Maldives, Munu Mahawar.

 

Vice Admiral M. A. Hampiholi, Flag Officer Commanding-in-Chief of Southern Naval Command, Indian Navy, and Chief of Defence Force Major General Abdullah Shamaal also attended the exercise inauguration ceremony.

 

The Indian Navy sent ten marine commandos to train in combat shoot, VBSS, demolition, CQB, diver diving, rebreather diving, and diving operations.

Banking and Finance

1. JPMorgan Partners with 6 Indian banks to trial blockchain-based USD settlement

The largest bank in the United States by assets under management, JPMorgan Chase & Co., has launched a pilot program with six leading Indian banks to test a blockchain-based platform for interbank US Dollar transactions.

 

The six Indian banks—HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, and IndusInd Bank—as well as JPMorgan’s own banking subsidiary at Gujarat International Finance Tec-City (GIFT City)—will participate in the pilot program to test the new blockchain-based platforms.

Program Pilot:

 

The six Indian banks will open on-chain Nostro accounts at JPMorgan’s Gift City branch as part of the pilot.

 

A nostro account is a bank account held at another bank in a foreign currency. The name comes from the Latin word for “ours.” Commonly, these accounts are used to facilitate trade and foreign exchange transactions.

 

A vostro account is one held at another bank by a foreign bank in the local currency. The term “vostro accounts,” which comes from the Latin word for “yours,”

 

After receiving final approval from the International Financial Services Center Authority, the pilot project would make use of JPMorgan’s Onyx blockchain platform.

 

In 2020, the Onyx blockchain platform, a permissioned version of Ethereum meant to handle wholesale payment transactions, went live. Goldman Sachs, DBS Bank, and BNP Paribas are already using the platform.

 

Using its Onyx platform, JPMorgan has processed nearly USD700 billion in short-term loan transactions as of April 27.

 

Benefits:

 

The Indian government’s goal is to position Gujarat International Finance Tec-City, or GIFT City, to compete with global financial centers like Singapore, Hong Kong, the Abu Dhabi Global Market (ADGM), and the Dubai International Financial Centre (IFC).

 

Blockchain technology is being used to speed up USD transactions between financial institutions.

 

Currently, Indian dollar payments are made through Nostro accounts held at US-based banks using the Swift messaging system.

 

While the blockchain platform will enable banks to process instant transactions 24 hours a day, seven days a week, the current settlement system service is only available during US office hours.

2. SIDBI signs pact with HDFC Bank to offer Financial Solutions to MSMEs

Under the terms of the Memorandum of Understanding (MoU) that the Small Industries Development Bank of India (SIDBI) and HDFC Bank Limited have signed, the two organizations will collaborate to seamlessly provide complete financial products and services to MSMEs (Micro, Small, and Medium Enterprises) customers.

 

Key Points:

 

1. Satya Venkata Rao, Deputy Managing Director of SIDBI, and Akhilesh Kumar Roy, Executive Vice President of HDFC Bank Limited, participated in the Memorandum of Understanding signing.

 

MSMEs will be able to use both banks’ financial products and services as a result of this arrangement, expanding the financial ecosystem.

3. Bajaj Finserv Launches its MF Business, Bajaj Finserv Asset Management Limited

Following approval for its mutual fund (MF) business from the Securities and Exchange Board of India (SEBI) in March 2023, Bajaj Finserv Limited (BFS) launched its “Bajaj Finserv Asset Management Limited” business on June 6, 2023.

 

It will function as an investment manager and BFS’s sole subsidiary.

 

This will be India’s 43rd Resource The board Organization (AMC), and sixth organization to enter the MF business post-2021.

 

Ganesh Mohan is the company’s Chief Executive Officer (CEO), and he is based in Pune, Maharashtra.

 

Key Points:

 

The liquid fund, money market fund, overnight fund, arbitrage fund, large and mid-cap fund, balanced advantage fund, and flexi cap fund were the first seven schemes that this AMC had filed with SEBI.

 

Within the next thirty days, it will begin distributing these products, beginning with Fixed Income products.

 

The extensive collection of products will satisfy the requirements of a variety of investor profiles, including institutions and retail investors as well as HNIs (High Net Worth Individuals).

 

It will convey innovation at scale to enable groups, make stages for wholesalers,

improve on speculations, and fabricate long haul supportable incentive for clients.

 

All sources of alpha, including the Information, Quantitative, and Behavioural edges, will be combined into a framework known as “INQUBE” by the newly established business.

 

The MF industry in India is worth Rs 40.8 lakh crore.

4. HDFC Bank Introduces Millennia Credit Card

The “Millennia Credit card” from HDFC Bank was launched on June 7, 2023, and it comes with a number of benefits, including cashback on e-commerce transactions.

 

Eligibility:

 

Indians who are salaried or self-employed can use the Millennium credit card.

 

Age: The base age limit is 21 and greatest age is 40.

Income: Benefits of the Millennia Credit card: Salaried individuals must have a gross monthly income of more than Rs 35,000, and self-employed individuals must have a gross annual income of Rs 6.0 lakhs.

 

The card accompanies contactless innovation permitting clients to ‘tap and pay’ by means of POS machine.

 

Cashback:

 

The HDFC Centuries Charge card offers cashback and reward focuses on Amazon, Flipkart,

also, other web based business stages.

 

In addition, the card provides, among other benefits, free lounge access, smart EMI, and 1% cashback on offline purchases.

 

A maximum reward of Rs 1,000 would be offered in each billing.

 

The Millennia Credit Card would provide a 50-day interest-free period from the card’s purchase date.

Economy and Business

1. World Bank trims India’s Growth Forecast to 6.3% for 2023

In its Global Economic Prospects Report-June 2023, released on June 6, 2023, the World Bank (WB) revised down India’s 2023 growth outlook by 0.3 percentage points from 6.6% in January 2023.

 

However, among the largest EMDEs (Emerging Market and Developing Economies), India will continue to have the fastest-growing economy, both in terms of GDP per capita and as a whole.

 

WB anticipates a GDP growth rate of 6.4% in 2024. While for 2025 gauge, the development rate is normal at 6.5%.

 

It is anticipated that global growth will slow from 3.1% in 2022 to 2.1% in 2023. By 2025, it will be 3% and 2.4%, respectively.

2. Microsoft, AirJaldi launch connectivity program to offer internet access to 5 lakh underserved people

A three-year Memorandum of Understanding (MoU) was signed by Microsoft India and AirJaldi Network to provide underserved communities in 12 states with internet access.

The program, which is called “Contentful Connectivity,” aims to partner with the private, public, and non-profit sectors to expand access to high-speed internet and meaningful connectivity in rural India.

 

Note: Rural Broadband Private Limited, a Class A Internet Service Provider in India, uses the brand name AirJaldi.

 

AirJaldi Networks will expand into three new states as part of this program: Odisha, Chhattisgarh, and Telangana.

 

AirJaldi Organizations will be fortified in 9 states by expanding the remote and wired

foundation and supporting expansion of reach and network arrangement for

underserved clients.