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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Cancels 1^st-Ever 10-Year Green Bond Auction            

• In a first, the Reserve Bank of India (RBI) cancelled the auction of 10-year green bonds as traders refused to pay greenium.
• This decision highlights the challenges in pricing and trading green bonds in the market.

What is a Greenium?

• Greenium signifies the premium investors are willing to pay for green bonds because of their sustainability impact.
• It signifies the lower yield investors accept for these securities, which are aimed at financing environmentally sustainable projects.

Key Highlights :

• Government's Green Bond Plans: Diverging from the pattern of issuing green bonds in the latter half, the government plans to issue green bonds worth Rs 12,000 crore in the first half of the current financial year.
• Bond Issuance Details: The green bonds were intended to be issued in two tranches of Rs 6,000 crore each, with a tenure of 10 years.
• Bid Yield: During the auction, bids were placed with yields ranging between 7% and 7.06%.
• However, the RBI was not prepared to pay this yield, leading to the cancellation of the auction.
• At the time of the auction, the benchmark bond yield was trading at 6.99%.
• The yield on the benchmark 10-year government bond settled at 6.98% on, against 7%.
• Utilization of Funds:Funds generated via the sale of green bonds will be allocated to public-sector projects aimed at decreasing the carbon footprint of the economy.
• RBI Intervention in Foreign Exchange Market:The RBI intervened through dollar sales in the foreign exchange market to protect the rupee from further depreciation
• The rupee declined to a two-week low of 8347 against the dollar due to month-end dollar demand from oil companies and caution ahead of general election results.

What are Green Bonds?

• Green bonds are financial instruments used by the government to raise funds from potential investors for programmes/schemes that promote environmental sustainability and climate adaptation.
• The framework for sovereign green bonds was issued by the government on November 9, 2022.

Unified Payment Interface Network Sets New Record with 14.04 Billion Transactions Processed in May2024 Up from 13.3 Billion in April     

• The Unified Payments Interface (UPI) network operated by the National Payments Corporation of India (NPCI) has set a new record by processing 14.04 billion transactions in May,2024 compared to 13.3 billion in April, 2024.
• By value, UPI transactions totalled ₹20.45 lakh crore in May, compared to ₹19.64 lakh crore in April.
• These figures represent a 49% increase in volume and a 39% increase in value compared to May 2023.
• May's numbers are the highest in terms of both value and volume since UPI's inception in April 2016.

Key Highlights :

• Monthly Comparisons : April saw a slight dip in transaction volumes to 13.3 billion from 13.44 billion in March, a 1% decrease.
• The average daily transaction amount in May was ₹65,966 crore, with an average daily transaction count of 453 million.
• IMPS Transactions : Immediate Payment Service (IMPS) transactions increased by 1.45% in volume to 558 million in May from 550 million in April.
• The value of IMPS transactions rose by 2.36% to ₹6.06 trillion in May from ₹5.92 trillion in April.
• The May numbers saw a 12% rise in volume and 15% rise in value versus the same month last year.
• FASTag Transactions: FASTag transactions rose by 6% to 347 million in May from 328 million in April.
• The value of FASTag transactions increased to ₹5,908 crore in May from ₹5,592 crore in April, a 4% rise in volume and a 9% rise in value compared to May 2023.
• AePS Transactions : Aadhaar Enabled Payment System (AePS) transactions decreased by 4% to 90 million in May from 95 million in April.
• In value terms, AePS transactions fell by 7% to ₹23,417 crore in May 2024 from ₹25,172 crore in April 2024.

About UPI :

• Unified Payments Interface (UPI) is an Indian instant payment that powers multiple bank accounts into a single mobile application.
• It was introduced in April 2016.

Reserve Bank of India Reports 15.3% Growth in Bank Credit for April 2024

• The banking sector observed a notable increase in credit growth during the first month of fiscal 2024, primarily driven by advancements in the agriculture sector, as per the Reserve Bank of India (RBI).

Key Highlights :

• Non-Food Bank Credit: On a year-on-year (y-o-y) basis, non-food bank credit expanded by 15.3% in April 2024, slightly lower than the growth rate of 16.2% recorded a year earlier.
• Absolute non-food credit stood at Rs 159.55 lakh crore in April 2024, up from Rs 138.38 lakh crore in April 2023.
• Agriculture Sector:Loans to agriculture and allied activities exhibited robust growth, accelerating to 19.7% in April 2024 from 16.8% a year ago, according to the RBI’s Sectoral Deployment of Bank Credit report for April 2024.
• Personal Loans Segment:The growth rate in the personal loans segment moderated to 17.4% from 19.4% a year ago, primarily due to subdued growth in vehicle loans.
• However, credit to housing experienced accelerated growth at 17.7%, compared to 13.9% previously.
• Credit to Industry:Bank credit to the industry sector increased by 6.9% in April 2024, compared to 7.2% in the corresponding period last year.
• Credit to Services Sector:Credit to the services sector expanded by 19.2% in April 2024, down from 21.3% a year ago.
• Improved credit growth was noted in commercial real estate and professional services.
• Credit to NBFCs and Trade:However, credit growth to non-banking financial companies (NBFCs) and trade decelerated significantly in April 2024, registering a growth rate of 14.6% compared to 29.2% in April 2023, according to RBI data.

Recent News :

• In April 2024, bank credit growth to non-banking financial companies (NBFCs) slowed to 15.3% year-on-year, down from 29.9% a year ago, based on data released by the Reserve Bank of India (RBI).

Canara Bank to Divest 14.50% Stake in Canara HSBC Life Insurance Through Initial Public Offering         

• Canara Bank has approved the initiation of the process to dilute its 14.50% stake in its subsidiary, Canara HSBC Life Insurance Company Limited., through an initial public offering (IPO).

Key Highlights :

• IPO Details:The bank intends to list Canara HSBC Life Insurance on stock exchanges (BSE/NSE) via an IPO.
• The exact size of the issue, timing, and other modalities will be determined later.
• Capital Raising Approval:Canara Bank's Board has also approved raising Rs 8,500 crore through debt instruments (Additional Tier I / Tier II Bonds) for the financial year 2024-25.
• Debt Instruments Plan:The bank plans to raise Rs 4,000 crore through Basel III Compliant Additional Tier I bonds and Rs 4,500 crore through Basel III Compliant Tier II bonds during FY 2024-25.

What is meant by the initial public offer?

• An Initial Public Offer (IPO) is the selling of securities to the public in the primary market.
• It is the largest source of funds with long or indefinite maturity for the company.
• An IPO is an important step in the growth of a business.

Recent News :

• In December 2023, Canara Bank had given in-principle approval to initiate the process of listing its mutual fund subsidiary through an initial share sale.

About Canara Bank : 

• Established : 1906
• Headquarters : Bengaluru, Karnataka, India
• MD & CEO : K. Satyanarayana Raju
• Tagline : Together We Can

About Canara HSBC Life Insurance :

• Founded : 2008
• Headquarters : Gurgaon, Haryana, India
• MD & CEO : Anuj Mathur
• It was a joint venture between Canara Bank (51%), HSBC Insurance (Asia Pacific) Holdings Limited (26%) and Punjab National Bank (23%).

Reserve Bank of India Transfers 100 Tonnes of Gold from United Kingdom to Indian Vaults, 1st Time Since 1991     

• The Reserve Bank of India (RBI) has transferred around 100 tonnes or 1 lakh kilograms of gold from the United Kingdom to its vaults in India.
• This is the largest gold transfer since early 1991, and the central bank plans to move more gold in the coming months.

Key Highlights :

• Domestic Vault Locations:Domestically, gold is stored in vaults located in the RBI’s old office building on Mumbai’s Mint Road and in
• Cost Savings and Repository Change:This move will help the RBI save on storage costs previously paid to the Bank of England.
• Traditionally, the Bank of England has served as a repository for many central banks, including India, with some gold reserves stored in London since before Independence.
• RBI's Gold Reserves:As of March end, the RBI held 1 tonnes of gold, with 413.8 tonnes stored overseas.
• The RBI has been among the central banks purchasing gold in recent years and added 5 tonnes in the last financial year.
• Historical Context:In the 1990s, India faced a critical situation where its foreign exchange reserves were depleted, covering only a few weeks’ worth of imports.
• In August 1990, the then RBI Governor proposed keeping 15% of gold reserves abroad for emergency use.
• India's foreign debt was approximately USD 72 billion in March 1990.
• Government approval was obtained to ship 20 tonnes of gold worth USD 234 million abroad.
• Following economic liberalisation that same year, when India opened its economy to global markets, it successfully repaid the loans for which the gold had been pledged.

Reserve Bank of India Establishes Framework for Self-Regulatory Organizations in Fintech Sector       

• The Reserve Bank of India (RBI) released the final framework for recognising self-regulatory organisations (SROs) in the financial technology sector (SRO-FT), encouraging entities to have a representative membership from the fintech sector.

Key Highlights :

• Membership:SRO-FTs can include membership from fintech entities currently regulated by the RBI, such as non-banking financial companies-account aggregators (NBFC-AA) and NBFC-peer-to-peer (P2P) lending platforms, excluding banks.
• After feedback received from stakeholders on the draft norms dated January 15,2024 the RBI has finalised the framework for recognising SROs for the fintech sector.

What is the meaning of SRO?

• An SRO is a non-governmental organisation that acts as a bridge between industry players and the regulator.
• It also sets standards for the conduct of entities operating in the country.
• The SRO will be industry-driven, and will be responsible for setting and enforcing regulatory standards, promoting ethical conduct, ensuring market integrity, and resolving disputes.
• It will also be responsible for promoting transparency and accountability among its members.
• This SRO has been mandated by RBI to be built on a ‘representative’ structure, which will enable it to leverage the collective expertise and experience of its members.
• These guidelines come at a time when India's fintech industry is growing rapidly, driven by rising demand for digital payments and lending, raising concerns about customer protection, data privacy, cybersecurity and internal governance.
• The applicant should have a minimum net worth of Rs 2 crore within a period of one year after being recognised as SRO-FT by RBI or before the commencement of such operations.
• As per the final framework, the shareholding of the SRO should be sufficiently diversified, and no entity should hold 10% or more of its paid-up share capital, either singly or acting in concert.
• At least one-third of members in the board, including the chairperson, should be independent, and without any active association with a fintech entity.
• Organisations such as the Payments Council of India (PCI), Fintech Association for Consumer Empowerment, DLAI, are some of the leading bodies in the race to apply for an SRO-FT.
• Further, the majority of non-independent directors are to be representative of fintechs that are currently not directly regulated.
• While the SRO can’t open branches or offices outside India, fintechs domiciled outside India can become members of an SRO.
• A fintech SRO should operate objectively under the oversight of RBI, should strive towards healthy and sustainable development of the sector, and identify a glide path to a phased regulatory and supervisory compliance.

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

Reserve Bank of India Annual Report Reveals 166% Surge in Bank Frauds to Over 36,000 Cases in FY24       

• In the financial year 2023-24 (FY24), there were 36,075 reported bank frauds, marking a significant increase of nearly 166% from the 13,564 cases reported in FY23.
• Despite the increase in the number of fraud cases, the amount involved decreased by 46.7% year-on-year (Y-o-Y) in FY24 to Rs 13,930 crore, compared to Rs 26,127 crore in FY23.

Key Highlights :

• Fraud Trends:Private sector banks reported more fraud cases overall, but public sector banks consistently accounted for the highest total fraud amount.
• The majority of fraud cases have occurred within the realm of digital payments (specifically involving cards and internet transactions) both in terms of frequency and monetary value.
• Impact on Loan Portfolio:The report states that fraud cases reported in the loan portfolio (under the advances category) have constituted the primary source of financial loss.
• Fraud Trends in Private and Public Sector Banks:Private sector banks reported a higher number of frauds in small-value card and internet transactions.
• Public sector banks experienced frauds primarily concentrated within their loan portfolios.
• Delay in Fraud Detection:An analysis of reported frauds between 2022-23 and 2023-24 indicates a substantial delay between the occurrence and detection of fraud cases.
• Financial Impact of Reported Frauds:In the financial aspect, the RBI's annual report disclosed that:
• 94% of the value of frauds reported in 2022-23 originated from incidents in previous financial years.
• Similarly, 89.2% of the value of frauds reported in 2023-24 were attributable to occurrences in previous financial years.

Insurance Regulatory and Development Authority of India Supports 100% Cashless Claim Settlement in Health Insurance   

• The Insurance Regulatory and Development Authority of India (IRDAI) has issued a new health insurance circular that seeks to improve services for policyholders by reducing settlement times and ensuring cashless claim processes.
• The regulator wants insurers to achieve 100% cashless claim settlement in a time-bound manner, minimising the need for reimbursement claims to exceptional circumstances.

Key Highlights :

• Master Circular on Health Insurance:IRDAI issued a comprehensive Master Circular on Health Insurance Products, consolidating 55 previous circulars.
• All entitlements available to policyholders in health insurance policies are now consolidated in one document for easy reference.
• The repeal of previous circulars has been done to provide for new norms and also to make a single point reference on the total norms for policyholders as well as the insurers.
• Policyholder Benefits : A policyholder with multiple health insurance policies gets to choose the policy under which he/she can get the admissible claim amount.
• In the event of no claims during the policy period, the insurers may reward the policyholders by providing an option to choose a No Claim Bonus, either by increasing the sum insured or discounting the premium amount.
• Insurance Document and Renewal : Every insurance document must be provided by the insurers with a Customer Information Sheet (CIS).

What is a health insurance policy?

• A health insurance policy is renewable and cannot be refused based only on claims filed in years prior to the policy's expiration.
• If the policyholder decides to cancel their insurance at any point throughout the policy term, they will receive a refund of the premium or the proportionate premium for the remaining policy duration.
• The insurer must grant final authorisation within three hours of receiving the discharge request from the hospital.
• If there is any delay beyond three hours, the additional amount if any charged by the hospital shall be borne by the insurer from shareholder’s fund.
• In emergency cases, the insurer should decide on the request for cashless authorisation immediately, within one hour of receiving the request.
• An insurer is liable to pay Rs 5,000 per day to the policyholder in case ombudsman awards are not implemented within 30 days.

About IRDAI :

• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairperson : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.

CURRENT AFFAIRS: NATIONAL NEWS

BIMSTEC-India Marine Research Network BIMReN Launched

• The Government of India has launched BIMReN (BIMSTEC-India Marine Research Network), a joint initiative of the Ministry of External Affairs (MEA) and the Bay of Bengal Programme-Inter Governmental Organization (BOBP-IGO).
• The aim is to foster sustainable development of the blue economy by connecting researchers and research institutions in BIMSTEC countries.

Objectives of BIMReN

• BIMReN seeks to promote collaborative research and development in the blue economy sector through the following initiatives:

1. BIMReN Split-Site Doctoral Fellowships

• This program offers doctoral candidates from BIMSTEC member countries a Research Grant of up to INR 1 million.
• It also provides the opportunity to pursue studies at Indian research labs for 6-12 months.

2. Twinning Research Projects

• These projects aim to facilitate collaborations between institutions and individuals from BIMSTEC member countries.
• They focus on working together on research programs of regional interest, with an associated grant of up to INR 5 million per project for a tenure of 24 months.

About BIMSTEC

• The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is an international organization consisting of Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.
• Formed on 6 June 1997 through the Bangkok Declaration,
• its headquarters is located in Dhaka, Bangladesh.

After Dearness Allowance, the government hikes the gratuity limit for central govt employees by 25%

• The government has decided to raise the gratuity limit for central government employees by 25%, effective January 1, 2024.
• The new limit has increased from ₹20 lakhs to ₹25 lakhs.

Understanding Gratuity

• Gratuity refers to the amount paid by an employer to an employee in recognition of their long and meritorious service.
• It is provided under the Payment of Gratuity Act, 1972, and is granted to employees who have completed at least five years of continuous service with the employer.

Components of Remuneration

• Gratuity is an additional component of remuneration provided by the employer, along with salary, pension, and Provident Fund (PF).

Increase in Dearness Allowance and Relief

• In March 2024, the Modi government approved an additional instalment of Dearness Allowance (DA) for Central Government employees and Dearness Relief (DR) for pensioners.
• The new rate, effective from January 1, 2024, represents a 4% increase over the existing rate of 46% of Basic Pay/Pension.
• This hike aims to compensate for the rising cost of living.

Summary

• The recent increase in gratuity limit and Dearness Allowance/Relief reflects the government's efforts to enhance the financial well-being of Central Government employees and pensioners, aligning with the evolving economic landscape.

CURRENT AFFAIRS : INTERNATIONAL NEWS

India's 1st Woman United Nations Representative Ruchira Kamboj Retires After 35 Years of Service      

• India's first woman Permanent Representative to the United Nations, Ruchira Kamboj, retired after 35 years of service.
• She served as an Indian envoy in Bhutan, South Africa, and the United Nations Educational, Scientific and Cultural Organization (UNESCO).

About Ruchira Kamboj :

• Kamboj was the All India women’s topper of the 1987 Civil Services batch and the topper of the 1987 Foreign Service batch.
• Began her diplomatic journey in Paris as the Third Secretary in the Indian Embassy to France from 1989 to 1991.
• She first came here as Counsellor at India’s Permanent Mission to the United Nations in New York from 2002-2005, where she dealt with a wide range of political issues, including UN Peacekeeping, UN Security Council Reform, the Middle East crisis etc,.
• Kamboj also served as the Deputy Head of the Office of the Secretary-General at the Commonwealth Secretariat in London.
• From 2011-2014, she held the position of India’s Chief of Protocol, the first and only woman to do so in the government.
• She served as High Commissioner of India to South Africa with concurrent accreditation to the Kingdom of Lesotho from July 2017 through early 2019.
• She became the Indian Ambassador to Bhutan in February 2019, where she undertook significant initiatives during her tenure.
• Kamboj became the Permanent Representative/Ambassador of India to New York on August 2, 2022.

About United Nations :

• Headquarters : New York City, United States
• Membership : 193 member states, 2 observer states
• Secretary General : António Guterres
• The United Nations (UN) is a diplomatic and political international organization whose stated purposes are to maintain international peace and security, develop friendly relations among nations, achieve international cooperation, and serve as a centre for harmonizing the actions of nations.

CURRENT AFFAIRS: BUSINESS NEWS

India’s GDP Exceeds Estimates, Grows At 8.2% In FY24 And 7.8% In Q4

• India's real GDP grew by 7.8% in the fourth quarter (January-March) of FY 2023-24, propelling the full-year growth to an impressive 8.2%.

Economists' Surprise: Higher-than-Expected Growth

• The Q4 growth rate of 7.8% surpassed economists' highest estimates of 7.3-7.4%, indicating a stronger-than-anticipated economic performance.

Sectoral Contributions to Growth

Manufacturing and Construction: The secondary sector led the way with an 8.8% growth rate, driven by manufacturing at 8.9% and construction at 8.7%.

Service Sector: The tertiary sector grew by 6.7%, bolstered by public administration, defence, and other services at 7.8%, and financial, real estate, and professional services at 7.6%.

Primary Sector: Agriculture grew by 0.6%, while mining recorded a 4.3% growth in Q4.

GVA and Overall Economic Health

• GVA Growth: The Gross Value Added (GVA) growth was lower than GDP at 6.3% in Q4, with full-year GVA growth at 7.2%, up from 6.7% in FY23.
• Understanding GDP and GVA: GDP equals GVA plus net product taxes (taxes minus subsidies).

Annual Sectoral Performance

• Manufacturing and Construction: Both sectors achieved a robust 9.9% growth for the full year.
• Agriculture: Registered a modest growth of 1.4% over the year.

Future Projections

• The next set of quarterly GDP estimates for Q1 2024-25 (April-June) is scheduled to be released on August 30.

India's fiscal deficit improves to 5.6% of GDP in FY24, lower than target of 5.8%

• India's fiscal deficit stood at Rs 16.54 lakh crore in FY24, below the budgetary target of Rs 17.86 lakh crore, achieving 95.3% of the target.

Fiscal Deficit as Percentage of GDP

• The central government's fiscal deficit was 5.6% of GDP in FY24, lower than the revised estimate of 5.8%.

Tax Receipts and Expenditure

• Net Tax Receipts: The centre's net tax receipts for FY24 exceeded projections, reaching Rs 23.27 lakh crore, which is 100.1% of the target.
• Total Expenditure: Total expenditure was Rs 44.43 lakh crore, or 99% of the targeted amount for the year.
• Capital Spending: Government's capital spending on infrastructure projects amounted to Rs 9.49 lakh crore.

April Fiscal Deficit

• The fiscal deficit for April 2024 stood at Rs 2.1 lakh crore, or 12.5% of the full-year target.

GDP Growth Estimates

• Real GDP: Estimated to grow by 8.2% in FY 2023-24, compared to 7.0% in FY 2022-23.
• Nominal GDP: Witnessed a growth rate of 9.6% in FY 2023-24, down from 14.2% in FY 2022-23.

REC board approves raising borrowing limit in foreign currency to $24 bn

• State-owned REC Ltd has approved an increase in its foreign currencyborrowing limit to $24 billion from $20 billion.

Retained Rupee Borrowing Limit

• Despite the increase in foreign currency borrowing, the overall borrowing limit in Indian rupees remains at Rs 6 lakh crore.

Fundraising Approval

• The board has also approved raising up to Rs 1,45,000 crore through the private placement of unsecured/secured non-convertible bonds/debentures.

Fundraising Details

• These funds will be raised in one or more tranches over the course of a year, starting from the date of the resolution's approval by shareholders at the upcoming annual general meeting.

About REC Ltd

• REC Ltd, operating under the Ministry of Power, is a non-banking finance company, public financial institution, and infrastructure financing company.

CURRENT AFFAIRS: MOUS AND AGREEMENT

L&T Finance partners with PhonePe to offer home & mobility financing solutions

• Leading NBFC L&T Finance has forged a strategic partnership with FinTech major PhonePe to expand the range of financial products and offer secured lending options to customers.

New Financial Solutions

• The partnership will introduce housing finance and two-wheeler finance solutions, empowering individuals seeking home and mobility financing options.

Enhanced Borrower Options

• Borrowers will now have the opportunity to explore and choose from a variety of offerings from L&T Finance, allowing them to optimize their financial strategies.

Armed Forces Medical Services & IIT Hyderabad ink MoU for Collaborative Research and Training

• The Armed Forces Medical Services (AFMS) has signed a memorandum of understanding (MoU) with the Indian Institute of Technology (IIT) Hyderabad to collaborate on research and training.

Objectives of the MoU

• The MoU aims to foster innovation and research in developing novel medical devices and addressing health issues specific to soldiers serving in varied terrains.

Significance of Collaboration

• This collaboration marks a significant milestone in leveraging advanced technology and research to enhance the health and well-being of military personnel.

Focus Areas of Collaboration

The main areas of collaboration include:

• Drone-based Patient Transport: Exploring innovative methods for patient transport using drones.
• Telemedicine Innovations: Developing telemedicine solutions to provide healthcare services remotely.
• Application of Artificial Intelligence: Harnessing AI technology to enhance medical diagnostics and treatment.
• Advancements in Nanotechnology: Exploring the use of nanotechnology for medical applications and treatments.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

IIT Madras Startup Agnikul Cosmos Launches World's First Rocket Featuring Fully 3D-Printed Engine    

• In a remarkable achievement, IIT Madras’ startup, Agnikul Cosmos, has launched the world’s first rocket with a single-piece three-dimensional (3D) printed engine.
• The rocket Agnibaan SOrTeD (SubOrbital Technological Demonstrator) is also India’s first semi-cryogenic engine-powered rocket launch that was completely designed and manufactured indigenously.
• It was launched from India’s first privately developed launchpad called ‘Dhanush’ established by Agnikul at Sriharikota in Andhra Pradesh.
• Aim : To demonstrate in-house and homegrown technologies, gather crucial flight data, and ensure the optimal functioning of systems for Agnikul’s orbital launch vehicle, the ‘Agnibaan’.
• With this, AgniKul becomes the second private company to launch a rocket after India's first privately developed rocket, from the company Skyroot, flew in 2022.

About Agnibaan :

• Agnibaan is a two-stage rocket with a capacity to carry up to 300 kg to a height of 700 km.
• The rocket engines are powered by liquid oxygen or kerosene.
• The rocket will be 18 meters long with a diameter of 1.3 meters.
• It can access both low- and high-inclination orbits and is completely mobile, designed for accessing more than 10 launch ports.
• The first stage is powered by 7 Agnilet engines.
• This was the 5th attempt by Agnikul to launch the Agnibaan SOrTeD since March 22.

About 3D printing :      

• 3D printing, also known as additive manufacturing, is a process of creating three-dimensional objects from digital models by adding material layer by layer.
• It is an additive process, in which layers of a material like plastic, composites or bio-materials are built up to construct objects that range in shape, size, rigidity and colour.
• This process allows for more efficient and customized production compared to traditional subtractive manufacturing methods.
• The most common 3D printing raw materials are the commodity thermoplastic polymers: Acrylonitrile butadiene styrene (ABS), Polylactic acid (PLA), Polyethylene terephthalate glycol-modified (PETG).

Application of 3D Printing:

• 3D printing finds applications in various industries like healthcare, automobile, and
• During the Covid-19 pandemic, 3D printers were used to manufacture essential medical equipment, such as swabs, face shields, masks, and ventilator parts.

About Agnikul Cosmos Private Limited :

• Established : 2017
• Headquarters : Chennai, Tamil Nadu
• CEO : Srinath Ravichandran
• It is an Indian aerospace manufacturer based in National Centre for Combustion R&D (NCCRD) of IIT Madras, Chennai

European Space Agency Launches EarthCARE Mission to Study Clouds and Aerosols in Earth's Climate    

• Earth Cloud Aerosol and Radiation Explorer (EarthCARE) satellite, a joint mission of ESA (European Space Agency) and JAXA (Japan Aerospace Exploration Agency), has been successfully launched.
• It aims to examine the role clouds and aerosols play in reflecting incident solar radiation back to space while trapping the infrared radiation emitted from Earth’s surface.
• The satellite was launched aboard a SpaceX Falcon 9 rocket from the Vandenberg Space Force Base in California, United States of America (USA) on May 29, 2024.

Key Highlights :

• EarthCARE has been designed to examine the role clouds and aerosols play in reflecting incident solar radiation back out to space and trapping infrared radiation emitted from Earth’s surface.
• Equipped with instruments such as Atmospheric Lidar, cloud profiling radar, multispectral imager (MSI), and broad-band radiometer, it is a Sun-synchronous satellite.
• The EarthCARE satellite is now being controlled from ESA’s European Space Operations Centre in Darmstadt, Germany.
• Controllers will spend the next few months carefully checking and calibrating the mission as part of the commissioning phase.
• The satellite was designed and built by a consortium of more than 75 companies under Airbus as the prime contractor.

About ESA :

• Established : 30 May 1975
• Headquarters : Paris, France
• Director General : Josef Aschbacher
• The ESA is a 22-member intergovernmental body devoted to space exploration.

About JAXA :

• Established : 1 October 2003
• Headquarters : Chōfu, Tokyo, Japan
• Administrator : Hiroshi Yamakawa

CURRENT AFFAIRS: SPORTS NEWS

BFI joins World Boxing but claims it also remains affiliated to IBA

• The Boxing Federation of India (BFI) has agreed to join World Boxing, the International Federation dedicated to safeguarding boxing within the Olympic Movement.

Membership Approval Process

• The BFI's General Assembly has approved the membership application, which World Boxing's Executive Board will subsequently ratify.

About World Boxing

• World Boxing, led by President Boris van der Vorst, was launched in April 2023 to preserve boxing's place within the Olympic movement.

Expansion Efforts

• Currently comprising 30 members including USA, Great Britain, Netherlands, and others, World Boxing seeks additional federations' support to meet recognition criteria.

Olympic Concerns

• The International Olympic Committee has warned of excluding boxing from the 2028 Los Angeles Olympics if national federations align with the suspended International Boxing Association (IBA).

About the Boxing Federation of India

• The Boxing Federation of India serves as the Indian national governing body for amateur boxing for Olympic purposes and is affiliated with the International Amateur Boxing Association (AIBA).
• Headquartered in New Delhi.
• President Ajay Singh leads it.

CURRENT AFFAIRS: IMPORTANT DAYS

Telangana Formation Day 2024: June 2

• On June 2^nd, Telangana Formation Day 2024 is observed by the Telangana people.
• It is a national event celebrated annually on June 2nd to celebrate the day when Telangana was formed from the state of Andhra Pradesh.

History

• On 1 November 1956, Telangana merged with Andhra Pradesh to form a unified state specifically for the Telugu-speaking people by sculpting that state from erstwhile Madras.
• In 1969, the Telangana regionwitnessed a protest for a new state, and in 1972, a distinct Andhra Pradesh was formed.
• In February 2014, The Telangana Bill was enacted by the Congress Working Committee and the Bharatiya Janata Party (BJP) in the Lok Sabha after nearly 40 years of agitation.
• In 2014, the bill was introduced in the Indian Parliament, and the same year, the Andhra Pradesh Reorganisation Act was passed.
• According to the bill, Telangana would be formed by 10 districts in northwestern Andhra Pradesh.

World Bicycle Day 2024: June 3

• World Bicycle Day is celebrated all over the globe every year on the 3rd of June to recognize the versatility and uniqueness of the bicycle, as well as its reliability and sustainability as a mode of transportation.
• The celebration of World Bicycle Day honours the bicycle for providing people with a distinctive, durable, and sustainable mode of transportation.
• The theme of World Bicycle Day 2024 is “Encouraging good health, fairness, and sustainability through cycling.

History

• In February 2015, The Movement Begun Leszek Sibilski, a sociology professor and cycling and physical education activist, writes a blog post for the World Bank titled, 'Cycling Is Everyone’s Business.'
• In February 2016, World Bicycle Day Gains Momentum.
• Professor Sibilski published another blog post for the World Bank titled, 'Why is there no World Day for the bicycle?'
• In March 2016, Sibilski appeared at Scientists for Cycling and Sibilski spoke at the Scientists for Cycling colloquium in Taipei, Taiwan, and argued for a World Bicycle Day.
• On April 12, 2018, Stamp of Approval happened and The United Nations officially designated June 3 as World Bicycle Day.

Daily CA One- Liner: June 2 & 3

• In a first, the Reserve Bank of India (RBI) cancelled the auction of 10-year green bonds as traders refused to pay greenium.
• The Unified Payments Interface (UPI) network operated by the National Payments Corporation of India (NPCI) has set a new record by processing 04 billion transactions in May2024 compared to 13.3 billion in April 2024.
• The banking sector observed a notable increase in credit growth during the first month of fiscal 2024, primarily driven by advancements in the agriculture sector, as per the Reserve Bank of India (RBI).
• Canara Bank has approved the initiation of the process to dilute its 50% stake in its subsidiary, Canara HSBC Life Insurance Company Limited., through an initial public offering (IPO).
• The Reserve Bank of India (RBI) has transferred around 100 tonnes or 1 lakh kilograms of gold from the United Kingdom to its vaults in India.
• The Reserve Bank of India (RBI) released the final framework for recognising self-regulatory organisations (SROs) in the financial technology sector (SRO-FT), encouraging entities to have a representative membership from the fintech sector.
• In the financial year 2023-24 (FY24), there were 36,075 reported bank frauds, marking a significant increase of nearly 166% from the 13,564 cases reported in FY23.
• The Insurance Regulatory and Development Authority of India (IRDAI) has issued a new health insurance circular that seeks to improve services for policyholders by reducing settlement times and ensuring cashless claim processes.
• India's first woman Permanent Representative to the United Nations, Ruchira Kamboj, retired after 35 years of service.
• In a remarkable achievement, IIT Madras’ startup, Agnikul Cosmos, has launched the world’s first rocket with a single-piece three-dimensional (3D) printed engine.
• Earth Cloud Aerosol and Radiation Explorer (EarthCARE) satellite, a joint mission of ESA (European Space Agency) and JAXA (Japan Aerospace Exploration Agency), has been successfully launched.
• The Government of India has launched BIMReN (BIMSTEC-India Marine Research Network), a joint initiative of the Ministry of External Affairs (MEA) and the Bay of Bengal Programme-Inter Governmental Organization (BOBP-IGO).
• The government has decided to raise the gratuity limit for central government employees by 25%, effective January 1, 2024.
• India's real GDP grew by 7.8% in the fourth quarter (January-March) of FY 2023-24, propelling the full-year growth to an impressive 8.2%.
• India's fiscal deficit stood at Rs 16.54 lakh crore in FY24, below the budgetary target of Rs 17.86 lakh crore, achieving 95.3% of the target.
• State-owned REC Ltd has approved an increase in its foreign currency borrowing limit to $24 billion from $20 billion
• Leading NBFC L&T Finance has forged a strategic partnership with FinTech major PhonePe to expand the range of financial products and offer secured lending options to customers.
• The Armed Forces Medical Services (AFMS) has signed a memorandum of understanding (MoU) with the Indian Institute of Technology (IIT) Hyderabad to collaborate on research and training.
• The Boxing Federation of India (BFI) has agreed to join World Boxing, the International Federation dedicated to safeguarding boxing within the Olympic Movement.
• On June 2^nd, Telangana Formation Day 2024 is observed by the Telangana people.
• World Bicycle Day is celebrated all over the globe every year on the 3rd of June to recognize the versatility and uniqueness of the bicycle, as well as its reliability and sustainability as a mode of transportation.