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CURRENT AFFAIRS : BANKING & FINANCE

Lenders Leverage Lower Infrastructure Defaults to Convince Reserve Bank of India    

• Lenders are planning to approach the Reserve Bank of India (RBI) with a proposal to lower provisioning for infrastructure loans.
• They argue that the probability of default (PD) in the infrastructure sector has consistently fallen to 2% or even less over the past 5 years.

Reasons for Lower PD:

• The main reason for the PD decreasing to 2% over the past 5 years is the reduction in disputes related to large infrastructure projects.
• Prior to 2015, many infrastructure project loans turned into NPAs due to court rulings in 2G spectrum cases and disputes in coal, iron ore mining, and thermal power projects.

What is the probability of default?

• PD is a key component in credit risk assessment and is used to calculate expected credit losses.
• It measures the likelihood that a borrower will be unable to meet their debt obligations over a specified period.

Key Highlights :

• Rationale Behind the Proposal:Over a 10-year period, the PD is estimated to be 5%, primarily due to abnormal rises in non-performing assets (NPAs) following the implementation of Asset Quality Review (AQR) guidelines by the RBI.
• Impact of Corporate Debt Restructuring and AQR:Corporate debt restructuring led to the postponement of NPAs during 2011-2014.
• The implementation of AQR in 2015 resulted in a surge in bad loans as banks were mandated to identify and recognize stressed assets.
• RBI's Provisioning Guidelines:Under the RBI’s draft guidelines for project finance, banks are required to set aside 5% of exposure during the construction phase, which decreases as the project becomes operational.
• Provisions can be reduced to 2.5% of funded outstanding once the project reaches the operational phase, and further down to 1% under certain conditions.
• Decrease in Gross NPA:RBI data shows a decrease in gross NPAs from a high of 11.2% in March 2018 to a decadal low of 3.2% in September 2023.

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

Bank of India Introduces 666-Day Fixed Deposit Scheme Offering 7.80% Annual Returns for Senior Citizens     

• Bank of India (BoI) has launched a special fixed deposit plan called '666 Days - Fixed Deposit', offering attractive returns on deposits for a tenure of 666 days.
• The FD scheme offers very attractive returns on deposits as high as 7.95% per annum for super senior citizens for 666 days for a deposit amount of less than Rs 2 crore.
• Super senior citizens are those who are 80 years of age or above.
• Customers and the general public can take advantage of this unique investment opportunity by opening ‘666 Days – Fixed Deposit’ which offers one of the highest returns on fixed deposits, reinforcing the bank’s commitment to deliver superior financial products.

What is the Rate of Return?

• On this 666-day FD, senior citizens will get 7.80% pa.
• Other age customers will get 7.30 per cent pa.
• The revised interest rates are applicable for domestic, NRO and NRE Rupee Term deposits, which are effective from June 1, 2024.

Facilities Available :

• Loan against Fixed Deposit is available.
• Premature Withdrawal facility is available.

Recent News :

• In March 2024, State Bank of India (SBI), the largest lender in India, increased the pricing on short-term retail fixed deposits by 25-75 basis points, with the peak offering reaching 6.25%.
• This move by SBI may prompt other banks to adjust their interest rates amidst rising credit demand and falling liquidity in the market.

About Bank of India :

• Established : 7 September 1906
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Rajneesh Karnatak
• Tagline : Relationship beyond Banking

Jio Financial Services Launches Beta Version of 'JioFinance' App Featuring UPI and Digital Banking Services   

• Jio Financial Services, a Non-Banking Financial Company (NBFC), launched its application – “JioFinance” app (in beta mode), which will offer a range of financial services and will also offer loans against mutual funds among other services in the future.
• Key features of the application include instant digital account opening and streamlined bank management with the "Jio Payments Bank Account" feature.
• The application is being launched in beta version inviting user input, which can be used for the refinement of the app.
• This app seamlessly integrates digital banking, UPI transactions, bill settlements, insurance advisory, and offers a consolidated view of accounts and savings, all in one user-friendly interface.
• At present, Aditya Birla Capital offers an array of its financial services on its application – Aditya Birla Capital Digital (ABCD) which was launched in April 2024.
• Similarly, Bajaj Finserv also has the Bajaj Finserv App, which offers customers services across lending and investing options.

About Jio Financial Services Limited :

• Founded : 22 July 1999
• Headquarters : Mumbai, Maharashtra
• Independent Director and Non-executive chairman : Mr. Kundapur Vaman Kamath
• Jio Financial Services is an Indian financial services company that was originally a subsidiary of Reliance Industries.
• It is carved out from Reliance Industries Ltd, is engaged in the business of investing and financing, insurance broking, payment bank and payment aggregator and payment gateway services.
• The company is in the process of seeking shareholders' nod for raising the foreign direct investment limit in the company up to 49%.
• The company is a systemically important non-deposit-taking Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India (RBI).

L&T Finance Limited Partners with PhonePe to Offer Secured Lending Products             

• L&T Finance Limited. (LTF), one of the leading Non-Banking Financial Companies (NBFCs) of the country, has forged a strategic partnership with PhonePe, India’s leading fintech company offering a wide range of financial services and products.
• The collaboration amongst both the Companies is aimed at broadening the range of financial products and offering secured lending to customers across Housing and Two-wheeler Financing.

Key Highlights :

• Empowering Borrowers:Introduction of housing finance and two-wheeler finance solutions will empower individuals seeking financing for home purchases and mobility needs.
• Financial Flexibility:Borrowers gain access to a variety of offerings from LTF, enabling them to optimize their financial strategies based on their specific needs and preferences.
• Competitive Financing:LTF's Housing Finance and Two-wheeler Finance options offer easy financing with competitive interest rates starting at 65%.
• Repayment tenures extend up to 30 years for housing finance and are flexible for two-wheeler financing.
• Enhanced Access:The collaboration expands access to financial services for a wider customer base, leveraging PhonePe's extensive reach and LTF's expertise in lending.
• CEO of PhonePe Lending : Hemant Gala

About L&T Finance :

• Headquarters : Mumbai, Maharashtra
• MD & CEO : Sudipta Roy

About Phonepe :

• Established : 2015
• Headquarters : Bangalore, Karnataka
• CEO : Sameer Nigam

CURRENT AFFAIRS: NATIONAL NEWS

Centre Launches New Mobile Number Series For Service, Transactional Calls

• The Centre has launched a new numbering series, 160xxxxxxx, specifically for service or transactional calls.
• This initiative aims to help citizens easily identify legitimate calls and curb unsolicited voice calls from telemarketers using 10-digit mobile numbers.

Existing 140xxxxxxx Series and Its Challenges

• Currently, the 140xxxxxxx series is allocated to telemarketers for promotional, service, and transactional calls.
• However, its extensive use for promotional purposes often leads consumers to ignore such calls, resulting in missed important service and transactional communications.

Exclusive Use of 160 Series for Service Calls

• The Department of Telecommunications (DoT) has announced that the new 160xxxxxxx series will be exclusively used for service and transactional calls by Principal Entities.
• This differentiation will help citizens manage their communication more effectively by distinguishing legitimate calls from promotional ones.

Verification and Usage by Telecom Service Providers

• Telecom Service Providers (TSPs) are required to ensure thorough verification of each entity before assigning a number from the 160 series.
• Entities must use these numbers solely for service and transactional calls.
• For instance, calls from financial entities such as RBI, SEBI, PFRDA, and IRDA will start from 1601.

Objective: Preventing Fraud and Ensuring Important Communication

• The introduction of the 160 series aims to prevent fraudsters from deceiving consumers using regular 10-digit numbers and ensure that important calls are not missed.
• This move will enhance the efficiency of communication management for citizens, ensuring they do not miss critical service and transactional calls.

Supreme Court reconstitutes committee on gender sensitisation

• The Supreme Court of India has reconstituted its Gender Sensitisation and Internal Complaints Committee in line with the Gender Sensitisation and Sexual Harassment regulations of 2013.
• Initiated by the Chief Justice of India, the reconstitution aims to strengthen the court's efforts in addressing gender sensitisation and sexual harassment.

Leadership and Membership Changes Chairperson and Key Members Justice Hima Kohli has been appointed as the Chairperson, with Justice BV Nagarathna and Dr. Sukhda Pritam serving as Members. Dr. Pritam also assumes the role of Member Secretary.

Inclusion of Legal Body Representatives The committee includes representatives from various legal bodies, ensuring diverse perspectives. These bodies include:

• Supreme Court Bar Association
• Supreme Court Advocate-on-Record Association
• Supreme Court Bar Clerks’ Association

Chief Justice Nominated Members nominated by the Chief Justice of India bring a blend of legal expertise and academic proficiency. These include:

• Shruti Pandey
• Jaideep Gupta
• Leni Chaudhuri
• Menaka Guruswamy

Continuity in Leadership Justice Hima Kohli, who has previously led the committee, continues in her role as Chairperson. Her ongoing leadership ensures continuity and stability within the Supreme Court's Gender Sensitisation and Internal Complaints Committee.

Conclusion: Strengthening Gender Sensitisation Efforts The reconstitution of the committee underscores the Supreme Court's commitment to promoting gender sensitisation and effectively addressing issues of sexual harassment. Through the inclusion of experienced legal practitioners and academics, the committee is well-equipped to uphold its mandate and foster a safer and more inclusive environment within the judiciary.

CURRENT AFFAIRS: BUSINESS NEWS

UPI Transactions Set New Record, Scale 14.04 Billion Peak In May 2024

• Unified Payments Interface (UPI) achieved a record-breaking 14.04 billion transactions in May, a significant increase from the 13.30 billion transactions recorded in April.
• This remarkable growth reflects a 49% year-on-year increase, highlighting the rapid adoption and expanding usage of UPI.

Transaction Value and Daily Averages Total Transaction Value The total transaction value for May reached an impressive Rs 20.45 lakh crore, showcasing the substantial monetary flow through UPI.

Daily Averages

• Average Daily Transactions: 453 million
• Average Daily Transaction Value: Rs 65,966 crore

Expanding UPI's Reach NPCI and RBI Initiatives The National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI) are actively exploring new use cases for UPI. Their focus is on extending its reach into the rural economy, aiming to make digital payments more accessible across different regions.

International Expansion UPI has already expanded internationally and is operational in countries such as Singapore and the UAE, setting a precedent for global digital payment solutions.

Strategic Discussions for Further Expansion RBI Governor’s Meeting RBI Governor Shaktikanta Das recently met with key stakeholders in the UPI ecosystem to discuss strategies for further expansion. The meeting included representatives from banks, NPCI, third-party application providers, and technology service providers.

Discussion Points

• Scaling Up Infrastructure: Enhancing the UPI infrastructure to handle increasing transaction volumes.
• Expanding Product Portfolio: Introducing new UPI-based products and services.
• Addressing Ecosystem Challenges: Identifying and mitigating challenges within the UPI ecosystem.
• Integrating New Users: Encouraging more users to adopt the digital payments system.

Fluctuations in Monthly Transactions April's Slight Dip: UPI experienced a slight dip with 13.3 billion transactions, a 1% decline from March’s 13.44 billion transactions.

May's Resurgence May saw a resurgence, with UPI transactions reaching 14.04 billion. The transaction value also increased from Rs 19.64 lakh crore in April to Rs 20.45 lakh crore in May, reflecting a robust recovery and growth trajectory.

Conclusion: A Promising Future for UPI The record-breaking transactions in May underscore the growing acceptance and reliance on UPI for digital payments. With ongoing efforts to scale infrastructure, expand its reach, and introduce innovative products, UPI is poised for continued growth and wider adoption both domestically and internationally.

CURRENT AFFAIRS: AWARDS AND HONOURS

NIMHANS Receives WHO Nelson Mandela Award for Health Promotion 2024

• The National Institute of Mental Health and Neuro Sciences (NIMHANS), Bengaluru, India’s premier mental health institution, has been honoured with the prestigious Nelson Mandela Award for Health Promotion for 2024 by the World Health Organization (WHO).
• This accolade acknowledges the remarkable contributions of individuals, institutions, and organizations to health promotion.

Director's Gratitude

• Pratima Murthy, the director of NIMHANS, graciously accepted the award at the 77th World Health Assembly in Geneva.
• This award is not only a recognition of our past and present achievements but also a validation of the enduring legacy and vision that has guided NIMHANS since its inception.
• Murthy emphasized the institute's commitment to promoting mental health and well-being, aiming to make a tangible difference in the lives of those they serve.

National Recognition

• Union Health Minister Mansukh Mandaviya congratulated NIMHANS for this esteemed award, highlighting it as “a recognition of India’s efforts in inclusive healthcare.”
• The Union Health Ministry's statement praised the institute's dedication and outstanding contributions to promoting mental health and well-being.

Leadership in Mental Health

• NIMHANS has been a trailblazer in mental health and neurosciences, pioneering innovative approaches to research, education, and patient care.
• The institute's initiatives range from initiating avant-garde mental health programs catering to diverse populations to integrating mental health care into general health care systems.
• Additionally, NIMHANS has led in developing community-based strategies and spearheading digital health interventions, garnering global recognition for its impactful efforts

Indian-American Bruhat Soma from Florida wins Scripps National Spelling Bee

• Bruhat Soma, a 12-year-old Indian-American seventh-grader from Florida, emerged victorious at the prestigious Scripps National Spelling Bee.
• Continuing the tradition of excellence within the small ethnic community, Bruhat demonstrated exceptional spelling prowess by correctly spelling 29 words in the tiebreaker round, earning him over $50,000 in cash and prizes.

Intense Tiebreaker Round

• The 2024 Scripps National Spelling Bee witnessed a thrilling tiebreaker between Bruhat and Faizan Zaki.
• In a lightning round, Bruhat showcased his remarkable abilities by spelling 29 words correctly in just 90 seconds, outshining Faizan, who managed 20 correct spellings.

Praise for Finalists

• Corrie Loeffler, the Bee’s executive director, commended the final two spellers, acknowledging their exceptional performance.

Persistence Pays Off

• Bruhat's victory comes after participating in the Scripps National Spelling Bee for the third time.
• Despite previous placements in 2023 (tied for 74th) and 2022 (tied for 163rd), his perseverance and dedication ultimately led to success at the young age of 12.

Indian-American Dominance

• Indian-Americans have consistently excelled in the Scripps National Spelling Bee, with 29 champions emerging from the community since 1999.
• This year's competition featured five Indian-American finalists out of the eight, further highlighting their dominance in this esteemed event.

Recognition for Runner-Up and Third-Place Winners

• Faizan Zaki of Allen, Texas, received $25,000 as the runner-up. Shrey Parikh of Rancho Cucamonga, California, and Ananya Prasanna of Apex, North Carolina, tied for third place, each receiving $12,500 in recognition of their impressive performances.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Businesswoman Halla Tomasdottir Elected as New President of Iceland

• Halla Tomasdottir, a businesswoman and Chief Executive Officer (CEO) of B Team, has been elected as the 7th President of Iceland.
• Tomasdottir will assume office on August 1, 2024, replacing the current President Gudni Johannesson, who did not seek re-election after two-four-year terms in office.
• She will be the 2nd woman to hold the office after Vigdis Finnbogadottir, who was the first woman in the world to be democratically elected as president in 1980.
• Halla Tomasdottir received 34.3% of the vote while Iceland's former Prime Minister Katrina Jakobsdottir won 25.2%.
• Director General Halla Hrund Logadottir followed with 15.1% while comedian Jon Gnarr fifth and Professor Baldur Thorhallsson stood at 4th and 5th place respectively.
• The president of Iceland has a primarily ceremonial role in the parliamentary republic, serving as a guardian of the constitution and national unity.
• The B Team, a global non-profit co-founded by UK business tycoon Richard Branson to promote business practices focused on humanity and the climate.

About Halla Tómasdóttir :

• Tomasdottir is also the founder of Audur Capital, an investment firm created in 2007 aimed at promoting feminine values in the financial sector.
• Her campaign focused on issues such as the effects of social media on the mental health of youth, tourism development, and the role of artificial intelligence.

About Iceland :

• Prime Minister : Bjarni Benediktsson
• Capital : Reykjavík
• Currency : Icelandic króna
• According to a World Economic Forum report in 2023, Iceland is the most gender-equal country in the world.

Dr. Helen Mary Roberts Becomes First minority community Woman to Achieve Brigadier Rank in Pakistan Army     

• Dr Helen Mary Roberts, serving in the Pakistan Army Medical Corps, has made history by becoming the first woman from the minority community to achieve the rank of brigadier in the Muslim-majority country.
• Roberts was among Pakistan Army officers promoted as brigadiers and full colonels by the Selection Board.
• Brigadier Dr Helen is a senior pathologist and has been serving in the Pakistan Army for the last 26 years.
• Before Brigadier Roberts, Major General Nigar Johar had broken gender barriers in June 2020 by becoming the country’s first female officer to be promoted to the rank of lieutenant general.
• Pakistan is a Muslim-majority country, with Muslims comprising 96.47% of the population, followed by Hindus (2.14%), Christians (1.27%), Ahmadi Muslims (0.09%), and others (0.02%), according to data from the Pakistan Bureau of Statistics in 2021.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Air Force Contingent Arrives in Alaska for Multinational Exercise Red Flag 24    

• The Indian Air Force (IAF) contingent, comprising eight Rafale fighter jets, one C-17 Globemaster transport aircraft, and one IL-78 air-refueler, has reached Eielson Air Force Base in Alaska, United States of America (USA), to participate in Red Flag 24.
• Red Flag 24 is scheduled from May 30 to June 14, 2024, covering an area of approximately 77,000 square miles.
• This year's exercise involves air forces from four countries, including the United States and India.
• A total of 100 aircraft and 3100 airmen are participating.

About Red Flag 24 :

• Red Flag 24 is a two-week advanced aerial combat training exercise aimed at integrating aircrew in a multinational environment.
• It is designed to replicate a realistic and challenging environment, bringing together aircrew and equipment from different nations and services.
• The IAF deployed Rafale fighter jets for the Red Flag 24 exercise.
• Since its inception in 1975, Red Flag exercises are designed to create a comprehensive learning environment by simulating realistic combat scenarios.
• There are two distinct Red Flag exercise locations: Nellis Air Force Base in Nevada and Eielson Air Force Base in Alaska.
• The Indian Air Force first participated in the Red Flag exercise in the year 2008, marking its involvement in this multinational training event.

About IAF : 

• Established : 1932
• Headquarters : New Delhi, Delhi
• Chief of the Air Staff :  Air Chief Marshal Vivek Ram Chaudhari

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Pakistan Launches Multi-Mission Communication Satellite - PAKSAT MM1 with China's Assistance    

• Pakistan launched a multi-mission communication satellite named PAKSAT MM1 for faster internet connectivity with the help of its all-weather ally China, making it Islamabad’s second satellite to be sent into orbit within a month.
• The Multi-Mission Communication Satellite,, was launched from the Xichang Satellite Launch Center in China’s southwestern province of Sichuan.
• The satellite would “provide the best internet facilities across Pakistan” and help improve television broadcasts, cellular phones and broadband services.
• Pakistan’s Space and Upper Atmosphere Research Commission (Suparco) stated that the satellite’s launch was a part of the National Space Programme 2047.

About PAKSAT MM1 :

• The PakSat-MM1 is a communications satellite, leased to the Space & Upper Atmosphere Research Commission, by the Hong Kong based Asia Satellite Telecommunications Company (AsiaSat).
• Originally known as AsiaSat 4.
• This high power multi-mission satellite will provide services in C, Ku and Ka Bands.
• AsiaSat 4 was built by Hughes Space and Communications, for US$220 million, which by the time of its launch had become part of Boeing Satellite Systems.

Recent News :

• On May 3,2024 Pakistan’s mini satellite ‘iCube-Qamar’ was launched as part of China’s Chang’e-6 lunar mission from the Hainan province.
• Pakistan has sent at least 6 assets in space, such as BADR-A, BADR-B, PAKSAT 1-R, PRSS-1, PakTes 1-A and iCube Qamar.

About Pakistan:

• President: Asif Ali Zardari
• Prime Minister : Shehbaz Sharif
• Capital: Islamabad
• Currency: Pakistani Rupee

Google Terminates More Than 50 Workers Over Protests Against Israel Cloud Deal   

• A significant cloud computing and artificial intelligence initiative undertaken by Google in collaboration with the Israeli government, aimed at enhancing the latter's technological capabilities, particularly amidst the ongoing Gaza conflict.
• Employees at Google's offices in New York and Sunnyvale, California, organized sit-in protests against the company's involvement in Project Nimbus.
• These protests were led by the group No Tech For Apartheid.
• Google terminated the employment of over 50 workers following the protests. Initially, 28 employees were dismissed, with the number later revised to 30.
• Subsequently, an additional 20 staff members were discharged, some of whom were not actively participating in the protests.
• The terminations sparked internal conflict within Google, leading to questions about employee rights, company ethics, and the role of tech companies in geopolitical issues.
• Google's response to the protests involved calling law enforcement, which led to several arrests.
• This raised further questions about the company's approach to handling internal dissent and employee activism.

What is Project Nimbus?

• Project Nimbus is a $1.2 billion cloud computing initiative involving Google and the Israeli government.
• The project aims to provide public cloud services to address challenges in various sectors in Israel, such as healthcare, transportation, and education.
• Contract and Partnership:The project is a joint contract between Google and Amazon, signed in 2021.
• Google will establish a secure instance of Google Cloud within Israel to ensure data sovereignty and security.
• Technical Objectives:The initiative involves large-scale data analysis, AI training, and database hosting using Google’s technology.
• It focuses on cloud migration, integration, and optimization of cloud services within the public sector.
• Training and Best Practices:The project includes training programs for technical government employees and senior leaders to enhance digital skills and cloud computing proficiency.

About Google :

• Founded : September 4, 1998
• Headquarters : Googleplex, Mountain View, California, United States
• CEO : Sundar Pichai

CURRENT AFFAIRS: RANKING AND REPORTS

Gautam Adani reclaims Asia's richest person tag from Mukesh Ambani, net worth surges to $111 billion

• In a significant development, Gautam Adani, chairman of the Adani Group, has regained the title of Asia’s richest person, surpassing Mukesh Ambani, head of Reliance Industries.
• This milestone follows a surge in the stock prices of the listed companies within Adani’s diverse conglomerate.

Wealth Rankings and Market Capitalization

• Adani’s Wealth and Global Ranking According to the Bloomberg Billionaires Index, Adani’s net worth now stands at an impressive $111 billion, making him the 11th richest person in the world.
• In comparison, Ambani’s wealth of $109 billion places him at the 12th position globally.
• Impact of Market Capitalization The Adani Group’s market capitalization surge was pivotal in this shift.
• Shares of all Adani Group companies soared by up to 14%, following a bullish outlook from U.S. brokerage firm Jefferies.
• The firm expressed optimism about the group’s planned $90 billion capital expenditure over the next decade, signaling an ambitious expansion spree.
• Consequently, the combined market capitalization of the 10 Adani Group listed firms increased by a staggering ₹84,064 crore, reaching a remarkable ₹17.51 lakh crore by the close of trading.

Adani’s Journey and Resilience

• Rise to Richest in Asia Gautam Adani, a first-generation entrepreneur, has shown remarkable resilience in his journey.
• In 2022, he briefly claimed the title of Asia’s richest person as his wealth soared despite global economic challenges.
• Setback and Recovery In January 2023, Adani’s conglomerate faced a significant setback after a damning report by the prominent short-seller Hindenburg Research.
• The report alleged fraud within Adani’s business empire, leading to a massive $150 billion crash in the group’s stock prices at their lowest point.
• Strategic Comeback Despite these challenges, the Adani Group denied all allegations and implemented a robust comeback strategy.
• This involved containing debt, reducing founder share pledges, and consolidating business in core competencies, demonstrating the group’s resilience and strategic agility

CURRENT AFFAIRS: SPORTS NEWS

Real Madrid Clinches 15th UEFA Champions League Title at Wembley Stadium

• At Wembley Stadium, Real Madrid added another chapter to their illustrious history by securing a record-extending 15th UEFA Champions League title.
• The Spanish giants displayed their trademark resilience and clinical prowess, clinching a hard-fought 2-0 victory over a determined Borussia Dortmund side.

Early Dominance by Dortmund

• Dortmund dominated proceedings for much of the match, particularly in a one-sided first half, creating numerous scoring opportunities.
• However, their inability to convert chances into goals proved to be their downfall.

Real Madrid's Championship Pedigree

• Just when Dortmund seemed poised to break the deadlock, Real Madrid showcased their championship pedigree.
• Dani Carvajal broke the stalemate with a towering header from a corner in the 74th minute, shifting the momentum in Real's favor.
• Vinicius Jr then sealed the victory with a decisive goal nine minutes later, demonstrating Real's clinical edge in crucial moments.

Continued European Success

• Real Madrid's triumph extends their remarkable run of success in Europe, securing their sixth Champions League title in 11 seasons.
• This achievement mirrors the legendary team that initiated Real's European dominance in the 1950s and 1960s, winning the first five editions of the European Cup.

Unprecedented Streak in European Finals

• Remarkably, Real Madrid have now won their last 10 consecutive European finals, a streak dating back 41 years to their last defeat against Aberdeen in the Cup Winners’ Cup final.
• This remarkable consistency underscores Real's status as one of the most dominant forces in European football history.

Ancelotti's Historic Achievement

• The victory also solidifies Carlo Ancelotti's legacy in Champions League history.
• The Italian tactician secured his fifth title as a coach in the prestigious competition, adding to his two triumphs as a player with AC Milan.
• Ancelotti's remarkable achievement further establishes him as one of the most decorated managers in the Champions League era

Dinesh Karthik officially announces retirement from all forms of cricket

• Veteran wicketkeeper-batter Dinesh Karthik announced his retirement from all forms of cricket.
• The writing was on the wall following his emotional farewell from the Royal Challengers Bengaluru (RCB) franchise in the recently concluded Indian Premier League (IPL) season.
• Impressive International Career Karthik's international journey spanned 180 games across all three formats, where he amassed 3463 runs, including a solitary Test hundred and 17 half-centuries.
• His wicketkeeping skills were equally commendable, with 172 dismissals to his credit, most of them behind the stumps.
• Memorable Moments Karthik first captured the public’s imagination with his spectacular airborne stumping of Michael Vaughan in England under the captaincy of Sourav Ganguly in 2004.
• His last appearance for India was in the 2022 T20 World Cup under Rohit Sharma’s leadership.
• Throughout his career, he played under iconic captains like Rahul Dravid, Anil Kumble, Mahendra Singh Dhoni, and Virat Kohli.
• Quiet Retirement Decision While commentating on the India-England Test series in February-March, Karthik had already made up his mind about retirement.
• However, the world only learned of his decision when Michael Atherton inadvertently revealed it during a podcast with the Tamil Nadu stumper.
• Remarkable IPL Career Karthik's IPL journey spanned 17 years, accumulating 4,842 runs in 257 matches (joint second-most with Rohit Sharma), including 22 fifties.
• He represented six franchises in the league, making his debut in the inaugural season in 2008 with the Delhi Daredevils (now Delhi Capitals).
• Outstanding Performance in Final Season In the current IPL season, Karthik ended with 326 runs in 15 matches, maintaining an impressive average of 36.22 and a strike rate of 187.36, showcasing his enduring talent and contribution to the game

England Fast Bowler Brydon Carse Banned for Betting

• England’s versatile allrounder Brydon Carse has received a three-month suspension from all forms of cricket due to a breach of betting regulations.
• The 28-year-old made a staggering 303 bets on various cricket matches between 2017 and 2019, leading to disciplinary action against him.
• Ban Details and Acceptance of Charges Carse, upon accepting the charges, received an initial 16-month ban, with 13 months suspended.
• It's noteworthy that the Durham cricketer refrained from betting on matches in which he was directly involved.
• International Representation Hailing from South Africa, Carse has represented England in 14 ODIs and three T20Is since his international debut in July 2021.
• He was also called up as an injury replacement in England’s ODI World Cup squad in India last year.
• Investigation Outcome and Cooperation An anti-corruption investigation by the English game’s Cricket Regulator brought the breaches to light.
• The England and Wales Cricket Board (ECB) confirmed that Carse fully cooperated with the investigation and expressed remorse for his actions

CURRENT AFFAIRS: IMPORTANT DAYS

International Day of Innocent Children Victims of Aggression: June 4

• Every year on June 4th, the International Day of Innocent Children Victims of Aggression acknowledges the pain that children around the world suffer.
• In 1982, the International Day of Innocent Children Victims of Aggression was established on August 19.
• In 1997, U.N.O.D.C. was established.
• The United Nations Office on Drugs and Crime, the agency tasked with ending violence against children, was formed.
• In 2018, the Unprecedented Refugee Crisis out broke and this year marks the first time the number of people including children fleeing war, persecution, and conflict exceeds 70 million, according to the U.N. refugee agency.
• In 2019, The Case of Disappearing Human Rights Defenders appeared.
• The United Nations tracked 357 killings and 30 enforced disappearances of human rights defenders, journalists, and trade unionists in 47 countries.

Daily CA One-Liner: June 4

• The Centre has launched a new numbering series, 160xxxxxxx, specifically for service or transactional calls.
• The Supreme Court of India has reconstituted its Gender Sensitisation and Internal Complaints Committee in line with the Gender Sensitisation and Sexual Harassment regulations of 2013
• Unified Payments Interface (UPI) achieved a record-breaking 14.04 billion transactions in May, a significant increase from the 13.30 billion transactions recorded in April
• The National Institute of Mental Health and Neuro Sciences (NIMHANS), Bengaluru, India’s premier mental health institution, has been honoured with the prestigious Nelson Mandela Award for Health Promotion for 2024 by the World Health Organization (WHO).
• Bruhat Soma, a 12-year-old Indian-American seventh-grader from Florida, emerged victorious at the prestigious Scripps National Spelling Bee
• In a significant development, Gautam Adani, chairman of the Adani Group, has regained the title of Asia’s richest person, surpassing Mukesh Ambani, head of Reliance Industries
• At Wembley Stadium, Real Madrid added another chapter to their illustrious history by securing a record-extending 15th UEFA Champions League title
• Veteran wicketkeeper-batter Dinesh Karthik announced his retirement from all forms of cricket
• England’s versatile allrounder Brydon Carse has received a three-month suspension from all forms of cricket due to a breach of betting regulations
• Lenders are planning to approach the Reserve Bank of India (RBI) with a proposal to lower provisioning for infrastructure loans.
• Bank of India (BoI) has launched a special fixed deposit plan called '666 Days - Fixed Deposit', offering attractive returns on deposits for a tenure of 666 days.
• Jio Financial Services, a Non-Banking Financial Company (NBFC),launched its application – “JioFinance” app (in beta mode), which will offer a range of financial services and will also offer loans against mutual funds among other services in the future.
• L&T Finance Limited. (LTF), one of the leading Non-Banking Financial Companies (NBFCs) of the country, has forged a strategic partnership with PhonePe, India’s leading fintech company offering a wide range of financial services and products.
• Halla Tomasdottir, a businesswoman and Chief Executive Officer (CEO) of B Team, has been elected as the 7th President of Iceland.
• Dr Helen Mary Roberts, serving in the Pakistan Army Medical Corps, has made history by becoming the first woman from the Christian and minority community to achieve the rank of brigadier in the Muslim-majority country.
• The Indian Air Force (IAF) contingent, comprising eight Rafale fighter jets, one C-17 Globemaster transport aircraft, and one IL-78 air-refueler, has reached Eielson Air Force Base in Alaska, United States of America (USA), to participate in Red Flag 24.
• Pakistan launched a multi-mission communication satellite named PAKSAT MM1 for faster internet connectivity with the help of its all-weather ally China, making it Islamabad’s second satellite to be sent into orbit within a month.
• A significant cloud computing and artificial intelligence initiative undertaken by Google in collaboration with the Israeli government, aimed at enhancing the latter's technological capabilities, particularly amidst the ongoing Gaza conflict.
• Every year on June 4th, the International Day of Innocent Children Victims of Aggression acknowledges the pain that children around the world suffer