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CURRENT AFFAIRS : BANKING & FINANCE

Credit card platform Kiwi launches 'credit on UPI' service

• Kiwi, a ground-breaking credit card platform, has launched its all-inclusive "Credit on Unified Payments Interface (UPI)" customer solution.

• The solution has been certified by the National Payments Corporation of India (NPCI), making Kiwi the first app in India to provide "Credit on UPI" by issuing Rupay Cards in collaboration with banks.

• The launch of this solution is a significant move by Kiwi towards creating one of the most comprehensive direct-to-consumer (D2C) models in the credit market.

• The company's mobile application will allow users to make payments securely using either a credit card or bank account, directly from their phones.

• Kiwi has successfully raised $6 million in pre-seed funding from a group of renowned investors, including Nexus Venture Partners, Stellaris Venture Partners, and several angel investors.

SBI raises USD 750 million via bonds on India INX under its 10 billion MTN programme

• The country's largest public sector lender State Bank of India (SBI), raised USD 750 million under its USD 10 billion Global Medium Note programme to fund its overseas business growth.

• The fund was raised at INX's Global Securities Market (GSM), GIFT International Financial Services Centre (IFSC) at Gandhinagar from global investors.

• The bonds were issued through SBI's London Branch to fund offshore business growth and were priced competitively.

• This demonstrates strong investor confidence in the country's largest bank and paves the way for a strong pipeline of foreign currency bond issuances this year.

• The listing of the bond issue on INX Gift City emphasises the vision to make Gift City a hub for all international business opportunities including foreign currency fund-raising programs.

About SBI :

• Founded : 1 July 1955

• Headquarters : Mumbai, Maharashtra, India

• Chairman : Dinesh Kumar Khara

About India Inx :

• Founded : 2017

• CEO & MD : V. Balasubramaniam

• India International Exchange Limited (India Inx) is the country's first international stock exchange backed by the Finance Ministry and government.

• It is also situated at the International Financial Services Centre, GIFT City.

India's GDP grows 6.1% in Q4, FY23 growth pegged at 7.2% 

• The National Statistical Office (NSO), under the Ministry of Statistics and Programme Implementation (MoSPI), released the Provisional Estimates (PE) of National Income for the fiscal year 2022-23, along with the Quarterly Estimates of Gross Domestic Product (GDP) for the period of January to March 2022-23 (Q4 2022-23).

Key Highlights :

• Nominal GDP or GDP at Current Prices in the year 2022-23 is estimated to attain a level of ₹272.41 lakh crore, as against ₹234.71 lakh crore in 2021-22, showing a growth rate of 16.1%.

• According to the data, the Real GDP, or GDP at Constant (2011-12) Prices, for the year 2022-23, is projected to reach ₹160.06 lakh crore.

• The growth rate for real GDP during 2022-23 is estimated at 7.2%, marking a decrease from the 9.1% growth observed in 2021-22.

• In terms of Nominal GDP, or GDP at Current Prices, the projections indicate a value of ₹272.41 lakh crore for the fiscal year 2022-23.

• AS per the data, India’s GDP grew at 6.1% in the last quarter of the previous fiscal, means, in Q4 of FY22 (2022-2023).

• Growth in the services sector was led by the construction, trade, hotels, transport sectors.

• Exports of goods and services accounted for 23.5% of GDP, the highest since 2014-15.

• Gross value added (GVA) from the employment-intensive construction sector grew 10% in 2022-23, from 14.8% in 2021-22.

• Inflation has shown a downward trend and CPI inflation will return to the Reserve Bank of India’s (RBI) target of around 4% in 2023-24.

Equitas Small Finance Bank collaborates with IBM to build digital banking platform

• Equitas Small Finance Bank Limited (SFB) has signed an agreement with IBM Consulting to design and build a digital banking platform that delivers a modern and highly secure experience to the bank’s customers and partners.

Aim :

• To boost Equitas’ digital products and services offerings as it evolves its business for a digital-first generation.

Key Highlights :

• Equitas is working together with IBM Consulting to adopt a cloud native architecture so that digital channels and applications can securely run across any technology environment.

• This will help boost operational efficiency for the bank and enhance adherence to industry regulatory compliance requirements, while enforcing higher levels of security.

• IBM Consulting will develop and deploy modern web and admin portals for Retail Banking and Corporate Banking as well as multi-device banking apps for Retail Banking.

About Equitas Small Finance Bank :

• Founded : 2016

• Headquarters : Chennai, Tamil Nadu

• MD & CEO : Vasudevan P N

• Tagline : Here, your money works towards better society

About IBM :

• Founded : June 16, 1911

• Headquarters : Armonk, New York, United States

• Chairman & CEO : Arvind Krishna

• The International Business Machines Corporation, nicknamed Big Blue, is an American multinational technology corporation and present in over 175 countries.

SEBI Cancels Registration Of Karvy Stock Broking For Misappropriation Of Clients' Funds

• The market regulator Securities and Exchange Board of India (SEBI) has cancelled the registration of brokerage firm Karvy Stock Broking Ltd (KSBL) for mis-utilising clients' funds and securities.

• SEBI has banned the company and its promoters from the market for 7 years through its order issued on April 28, 2023.

• This move has been taken following various violations by the stock broking company, including misappropriation of clients’ securities and diverting the proceeds from pledging them to the stock broker’s associate companies.

• Meanwhile, it had also been investigating if the violations by Karvy Stock Broking warranted a suspension or cancellation of the Certification of Registration.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992.

• Headquarters : Mumbai, Maharashtra.

• Chairman : Madhabi Puri Buch (first woman to lead the SEBI).

• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF).

CURRENT AFFAIRS: NATIONAL NEWS

India approves world's largest food storage scheme in co-operative sector at the cost of Rs 1 lakh crore

• Government approved one lakh crore rupees for the world's largest grain storage scheme in the cooperative sector.

• Cabinet meeting has been given the approval to set up an inter-ministerial committee for the “world's largest grain storage scheme in the cooperative sector.”

• It will be implemented in convergence with the Ministry of Agriculture, Ministry of Consumer Affairs, Ministry of Food grains and Public Distribution and Ministry of Food Processing Industries.

• To ensure that the scheme will be implemented in a professional and time-bound manner, the Ministry of Cooperation will implement the project on a pilot basis in at least ten districts of different States and Union Territories.

• This will give an idea about the various regional requirements of the project so that it can be implemented in a proper manner across the country.

• The cabinet also approved the second phase of City Investments to Innovate, Integrate and Sustain for Integrated Urban Management.

• The program of the Ministry of Housing and Urban Development is being implemented in partnership with the Kreditanstalt für Wiederaufbau, a French development agency, the European Union and the National Institute of Urban Affairs.

• Government will create 700 lakh tonnes of grain storage capacity in the cooperative in four years from 2023 to 2027.

• To ensure timely and uniform implementation of the plan in a professional manner, the Ministry of Cooperation would implement a pilot project in at least 10 selected districts of different States.

• The committee will be chaired by the Union Cooperation Minister.

• It focuses on integrated waste management at the urban level, climate-oriented remediation actions at the state level and institutional strengthening and knowledge dissemination at the national level.

MeitY launches pilot program for Electronics Repair Services Outsourcing (ERSO) industry

• Electronics Repair Services Outsourcing (ERSO) Pilot initiative has been launched by the government.

• The ERSO Pilot initiative has been launched to validate certain policy and process changes to make India the Repair Capital of the World.

• Ministry of Electronics and Information Technology, Central Board of Indirect Taxes and Customs, Directorate General of Foreign Trade, and Ministry of Environment, Forest and Climate Change c ollaborated with industry to implement transformational policy and process changes.

• These changes would make India the most attractive repair destination for ICT products globally.

• The pilot initiative is being held in Beng aluru.

• It will be run for a period of three months starting from 31st May 2023.

• Five companies have volunteered for the pilot initiative.

• Their names are Flex, Lenovo, CTDI, R-Logic & Aforeserve.

• After the pilot, a detailed assessment will be conducted and changes will be made in the process and policy as necessary.

India-EU Connectivity Conference to be organized in Meghalaya

• India-EU Connectivity Conference is being organized by the Ministry of External Affairs, EU Delegation to India and the Asian Confluence on June 1 and 2.

• The two-day conclave is aimed at promoting investments in the Northeastern states of India and expanding connectivity to neighbouring countries like Nepal, Bhutan and Bangladesh.

• The conference will focus on connectivity through three pillars: Digital, Energy and Transport.

• The India-EU Connectivity Partnership was launched during the meeting of the leaders of India and the European Union in May 2021.

• Meghalaya Chief Minister Conrad San gma and Union Minister of State for External Affairs Rajkumar Ranjan Singh will inaugurate the Conference.

• Senior officials from the Government, European Union Commission, North Eastern States, Nepal, Bhutan and Bangladesh and the private sector are expected to participate in the conference.

Tele-Law Programme achieves new milestone: 40 Lakh beneficiaries empowered with pre-litigation advice

• The Tele-Law program under the Department of Justice, Ministry of Law and Justice has achieved a new milestone as it has empowered 40 lakh beneficiaries across the country with pre-litigation advice.

• This program is a kind of e-interface mechanism through which pre-litigation legal advice and consultation can be obtained.

• Under this, needy and poor people can get legal help from lawyers through video conferencing and telephone facilities available in Common Service Centers located at Panchayat level.

• This service was launched by the Union Ministry of Law and Justice in 2017.

• Now it can be availed directly through Tele Law Mobile App.

Purana Qila excavations in Delhi reveal pre-Mauryan era settlement

• A fresh round of excavations has discovered shards of Painted Gray Ware pottery from 1200 BC to 600 BC.

• The newly discovered items show the continuous history of Delhi since the pre-Mauryan era.

• The new excavation found remains of a 900-year-old Vaikuntha Vishnu from the Rajput period, a terracotta plaque of Goddess Gaja Lakshmi from the Gupta period, the structural remains of a 2,500-year-old terracotta ring well from the Mauryan period.

• A four-room complex from the Sunga-Kushan period and 136 coins and 35 seals and sealings have been discovered.

• The excavations at the site show nine cultural levels, representing different historical periods.

• The excavated remains will also be showcased to the delegates of this year’s G-20 summit.

• The Purana Qila was built by Sher Shah Suri and the Mughal emperor Humayun.

• It is believed to be the site of Indraprastha mentioned in Mahabharata.

• Purana Qila is one of the oldest forts in India.

• The fort was the inner citadel of the city of Din Panah during Humayun’s rule.

MoHUA celebrates 3 successful years of PM SVANidhi Scheme

• Shri Hardeep S. Puri, Minister for Housing and Urban Affairs and Petroleum and Natural Gas complimented the Prime Minster Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme on its successful completion of 3 momentous years.

• PM SVANidhi Scheme launched on 01 June, 2020, aiming to restore Swarozgar, Svavlamban, and Swabhimaan (Self Employment, Self-Sustenance, and Self-Confidence) within street vendors has become one of the fastest growing micro-credit schemes of the Government of India and has provided its citizens access to credit and linkages to social security schemes.

• During the event, a booklet highlighting the noteworthy achievements and initiatives implemented under the PM SVANidhi scheme was released.

• The booklet provides insights into the various initiatives and reforms undertaken by the scheme to transform the lives of street vendors and their families throughout the country.

• Hardeep S. Puri launched a PM SVANidhi mobile app for street vendors, to ease the loan application process and provide various information to Street Vendors regarding the Scheme.

• Moreover, a facility for ‘Udyam’ registration and obtaining ‘Udyam Assist’ certificate for Street Vendors on PM SVANidhi portal was also launched with the help of Ministry of Small and Medium enterprises, MSME, to provide easy access to vendors for obtaining Udyam Registration Certificate for promotion of their business.

• Amongst the banks, State Bank of India, Bank of Baroda, and Union Bank of India were felicitated for offering large number of loans to street vendors.

• Amongst RRBs Andhra Pradesh Grameen Vikas Bank, and State Cooperative banks Stree Nidhi Credit Cooperative Federation Ltd. were felicitated.

• PM SVANidhi scheme has achieved significant milestones over the past three years.

• The scheme facilitates working capital loans in three tranches to the Street Vendors.

• It has been providing microcredits to more than 36 lakh Street Vendors across India.

• As on June, 2023, 48.5 lakh loan applications have been sanctioned, with over 46.4 lakh loans disbursed to street vendors, amounting to a total of Rs. 5,795 crore.

• PM SVANiDHI is a special micro-credit facility planto provide affordable loan of up to Rs. 10,000 to more than 50 lakh street vendors.

• The scheme is a Central Sector Scheme fully funded by the Ministry of Housing and Urban Affairs.

• The Scheme is available to all street vendors engaged in vending in urban areas as on or before March 24, 2020.

• It was announced aims to enable street vendors to resume their livelihoods, which have been hit hard due to the national lockdown.

• Implementing agency: Small Industries Development Bank of India is the technical partner for implementation of this scheme.

• It manages the credit guarantee to the lending institutions through Credit Guarantee Fund Trust for Micro and Small Enterprises.

• The Ministry has initiated ‘SVANidhi se Samriddhi’ in 125 Urban Local Bodies, selected for saturation in the first phase.

• In Phase 1, approximately 35 Lakh Street vendors and their families were covered.

Nagpur AIIMS becomes the country's first hospital to get NABH accreditation

• All India Institute of Medical Sciences (AIIMS) Nagpur has become the first of all AIIMS to receive National Accreditation Board for Hospitals(NABH) accreditation.

• The NABH accreditation is a globally recognized standard for healthcare quality.

• It assesses the performance of hospitals in various areas including patient care, safety, and organizational efficiency.

• IIMS Nagpur achieved this accreditation by demonstrating its commitment to excellence in all areas.

India to train ASEAN women in United Nations Peacekeeping operations

• In order to strengthen defence cooperation between India and ASEAN (Association of South East Asian Nations), India would launch an initiative on "women in United Nations Peacekeeping (UNPK) operations."

• On the occasion of the 75th United Nations Peacekeepers Day, India, one of the top troop contributors to UNPK, currently has roughly 5,900 troops deployed in 12 U.N. Missions.

• On this day in 1948, the first United Nations peacekeeping miss ion, the "UN Truce Supervision Organisation," commenced operations in Palestine.

• One of the efforts under the 'India-ASEAN Initiative for Women in UNPK Operations is the conduct of tailor-made training at the Centre for United Nations Peacekeeping (CUNPK) in India for women peacekeepers from ASEAN member states.

• In total, 20 peacekeepers would be trained, two from each country.

• The other is a 'Table Top Exercise' for ASEAN women officers combining aspects of UNPK issues, which will be held in December.

• India has contributed approximately 2,75,000 troops to peacekeeping missions so far and 159 Indian Army soldiers have lost their lives across the globe.

• Indian Army has established a CUNPK in New Delhi to impart training in peacekeeping operations and the Centre trains more than 12,000 troops every year.

• India has deployed Female Engagement Teams in United Nations Organization Stabilization Mission in the Democratic Republic of the Congo and United Nations Interim Security Force for Abyei, which is the second largest women contingent after Liberia.

• India has also deployed Women Military Police in United Nations Disengagement Observer Force and women staff officers and military observers in various missions.

About ASEAN

• The Association of Southeast Asian Nations, or ASEAN, was established on 8 August 1967 in Bangkok, Thailand.

• Headquarters: Jakarta, Indonesia.

Govt to sell up to 3% stake in Coal India via Offer for Sale (OFS)

• The Union government proposes to sell up to 3% stake in state-owned coal India through an offer for sale (OFS).

• OFS is a simpler method of share sale through the exchange platform for listed companies.

• The OFS method was brought in by the Securities and Ex change Board of India (SEBI) in 2012 as a simpler one to aid promoters of listed forms to dilute their stake and comply with the minimum public shareholding norms by June 2013.

• The method was largely adopted by listed companies, both state-run and private, to adhere to the SEBI order.

• The government will offload about 9.24 crore shares, which represents about 1.5% stake through the OFS, and in the case of oversubscription, an additional 1.5% stake will be under sale.

• The floor price of the offer is fixed at Rs 225, which is nearly 7% discount to the last traded price.

• Currently, the Government of India owns about 66% in the company, while the rest of the stake lies with public shareholders.

• Coal India Limited is an Indian central public sector undertaking under the ownership of the Ministry of Coal, Government of India. It is headquartered at Kolkata. Pramod Agrawal, CMD, Coal India Limited.

Cabinet approves  City Investments to Innovate, Integrate and Sustain 2.0 (CITIIS 2.0) from 2023 to 2027

• The Union Cabinet authorised the City Investments to Innovate, Integrate, and Sustain (CITIIS) 2.0 programme, which would encourage circular economy in 18 smart cities chosen through a competition.

• The total funding for the scheme Rs 1,760 crore will come from loans from French Development Agency (AFD) and Kreditanstalt für Wie deraufbau (KfW), a German development bank; and a grant of Rs 106 crore from the European Union.

• The programme starts this year and will run until 2027, with the support of the National Institute of Urban Affairs.

• The programme envisages to support competitively selected projects promoting circular economy with focus on integrated waste management at the city level, climate-oriented reform actions at the state level, and institutional strengthening and knowledge dissemination at the National level.

About CITIIS:

• CITIIS was launched in 2018 by the Ministry of Housing and Urban Affairs (MoHUA), AFD, the EU and the NIUA with a total outlay of Rs 933 crore.

• Twelve cities out of the 100 smart cities were selected for this program.

• CITIIS 2.0 will include financial and technical support for 18 cities to develop projects on climate resilience, with a focus on integrated waste management. In the second component, all states and UTs will be eligible for support to set up climate centres, creating state- and city-level climate data observatories and capacity-building for municipal staff.

CITIIS 2.0 has three major components:

• Component 1: Financial and technical support for developing projects focused on building climate resilience, adaptation and mitigation in up to 18 smart cities through selection of competitively selected projects promoting circular economy with focus on integrated waste management.

• Component 2: All States and UTs will be eligible for support on demand basis. The States will be provided support to (a) set-up/strengthen their existing State climate centres/ Climate cells/ equivalents (b) create State and city level Climate Data Observatories (c) facilitate climate-data driven planning, develop climate action plans and (d) build capacities of municipal functionaries. To achieve these objectives, the PMU at NIUA will coordinate provision of technical assistance and strategic support to State Governments.

• Component 3: Interventions at all three levels; Centre, State and City to further climate governance in urban India through institutional strengthening, knowledge dissemination, partnerships, building capacity, research and development to support scale up across all States and Cities.

• A circular economy entails markets that give incentives to reusing products, rather than scrapping them and then extracting new resources.

• In such an economy, all forms of waste, such as clothes, scrap metal and obsolete electronics, are returned to the economy or used more efficiently, according to the UN Conference on Trade and Development (UNCTAD).

CURRENT AFFAIRS : STATE NEWS

Maharashtra's Ahmednagar to be renamed as Ahilya Nagar

• The Maharashtra Chief Minister Shri Eknath Shinde announced that the Ahmednagar district in the state will be renamed as ‘Ahilya Nagar’.

• The decision has been taken on the occasion of the birth anniversary of Ahilya Bai Holkar, the hereditary noble queen of the Maratha Empire, in early-modern India.

• The event was attended by Maharashtra deputy chief minister Devendra Fadnavis, Maharashtra minister Radhakrishna Vikhe Patil and BJP MLA Gopichand Padalkar among others.

Key Highlights :

• Renaming of the district will reflect the admiration and respect for Ahilyadevi Holkar’s contributions to Maharashtra.

• Ahilyabai Holkar was born in Chaundi village of Ahmedanagar district on 31st May 1725.

• The Union Ministry of Home Affairs in February, 2023 approved a proposal by the Maharashtra government to change the names of Aurangabad and Osmanabad cities to Chhatrapati Sambhajinagar and Dharashiv respectively.

About Maharashtra :

• Governor: Ramesh Bais

• Chief minister: Eknath Shinde

• Capital: Mumbai

• National Park : Tadoba National Park, Navegaon National Park

• Wildlife Sanctuaries : Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife Sanctuary

• UNESCO Heritage Sites : Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco Ensemble of Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves

Maharashtra Cabinet approves implementation of Gender Inclusive Tourism Policy

• In order to empower women in the tourism sector, the Maharashtra Cabinet approved the implementation of the Gender Inclusive Tourism Policy called 'Aai'under the 'Ajadi Ka Amrit Mahotsav'.

• Similarly, approval was also given to start women's bike-taxi services at some tourist spots in Maharashtra.

• The policy will be implemented through the Directorate of Tourism and Maharashtra Tourism Development Corporation in association with the various schemes of all concerned departments.

Key Highlights :   

• Under this policy, a five-point program will be implemented.

• The promotion of women’s entrepreneurship, the creation of infrastructure for women, prioritising the safety of women tourists, customising products for women tourists, and providing discounts to women travellers will be part of this five-point program.

• For the effective implementation of the policy, a task force will also be formed under the chairmanship of the tourism minister.

• In this policy, 10 women-owned tourism businesses like homestays, hotels, restaurants, and tour and travel agencies will be registered with the Directorate of Tourism (DoT) in each taluka.

• For the first 5 years, the Maharashtra government will also pay the annual insurance premiums of women travel operators registered with the DoT.

• On the occasion of International Women's Day from March 1 to 8, all the resorts/units of Maharashtra Tourism Development Corporation will provide a 50% discount on online booking to all women tourists.

CURRENT AFFAIRS: MOUS AND AGREEMENT

NGEL and UPRVUNL to collaborate for the development of Renewable Energy Power Parks and Projects

• NTPC Green Energy Limited (NGEL) and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) signed a memorandum of Understanding (MoU) in Lucknow with an aim to collaborate in the development of Renewable Energy Parks and Projects and to facilitate in Government of India’s efforts towards energy transition.

• The MoU envisages the two organizations to collaborate through setting up of floating and ground mounted Solar Projects in the Rihand reservoir, other water bodies and any available vacant land, development of solar PV Project dedicated for solarization of Ayodhya city and setting up of Renewable energy Parks and Projects wherever land is made available.

• NTPC is India’s largest Power Utility, with a total installed capacity of about 72 GW (including JVs and subsidiaries).

• As part of increasing its renewable energy portfolio, a fully owned subsidiary “NTPC Green Energy Limited” (NGEL) has been carved out which shall take up Renewable Energy Parks and Projects including development in the areas of Green Hydrogen, Energy Storage Technologies and Round the Clock RE Power.

• UPRVUNL was constituted to set up and operate Power-generating stations in the state of Uttar Pradesh.

• At present UPRVUNL is having four Thermal Power Stations within Uttar Pradesh with an installed capacity of 5820 MW and one Thermal Power Station with installed capacity of 1320 MW under JV with NTPC.

NHPC and VUCL, Nepal sign MoU for the development of Phukot Karnali Hydro Electric Project in Nepal

• NHPC Limited (A Govt. of India Enterprise) and Vidhyut Utpadan Company Limited (VUCL), Nepal signed an MoU (Memorandum of Understanding) in New Delhi for the development of Phukot Karnali Hydro Electric Project (480MW) in Nepal.

• The MoU was signed in the presence of Prime Minister of India Shri Narendra Modi and Prime Minister of Nepal Shri Pushpa Kamal Dahal ‘Prachanda’ at Hyderabad House in New Delhi.

• NHPC Limited, a Schedule ‘A’ Enterprise of the Government of India with ‘MINI RATNA’ status, is a premier PSU in India for the development of hydropower and Vidhyut Utpadan Company Limited (VUCL), Nepal is responsible to develop, build, own and operate large-scale hydropower projects in public-private partnership model in Nepal.

• The project will use the flow from the Karnali River for power generation and the generated power will be fed into the integrated power system of Nepal.

• The installed capacity of the project shall be 480 MW with average annual generation of about 2448 GWh.

Uber partners with GeM portal to offer taxi services to govt offices, agencies, PSUs at fixed price

• Soon personnel from the government ministries, departments, agencies and public sector units will be able to book taxis for official purposes from cab aggregator Uber as the company has partnered with public procurement portal GeM to provide the service.

• It will be a kind of corporate service.

• At present, they have started the service on a pilot basis and gradually it will be available for all the government ministers, departments, agencies and public sector units (PSUs).

• The company would provide the service at a fixed price with z ero cancellation charges and no surge pricing.

• The company has registered at the portal of the government e-marketplace (GeM), which was launched in 2016 by the commerce ministry for buying goods and services by central ministries and departments with a view to bringing transparency in government procurement.

• Cab and taxi services are the second highest category of services at the GeM portal, which are in demand by the government department and ministries.

• Among central government ministries, the power ministry was the top buyer in 2022-23 from the platform.

• The ministry procured goods and services worth INR 30,572.9 crore.

• It was followed by the defence ministry (INR 28,741.2 crore), Ministry of Petroleum and Natural Gas (INR 28,157.2 crore), steel ministry (INR 12,527.3 crore), and Ministry of Health and Family Welfare (INR 7,158.3 crore).

• South Korea's KONEPS is the largest such platform in the world.

• Currently, GeM stands at the third position after Singapore's GeBIZ.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Ajay Yadav appointed as new Managing Director of Solar Energy Corporation of India Limited

• The government has appointed Ajay Yadav, a 2005 batch Indian Administrative Service (IAS) officer of the Bihar cadre as the Managing Director (MD) of Solar Energy Corporation of India Ltd. (SECI).

• Ajay Yadav succeeded Suman Sharma.

• Prior to this appointment Ajay Yadav served as the Joint Secretary, Ministry of New Renewable Energy, Government of India (GoI).

About SECI :

• Founded : 9 September 2011

• Headquarters : New Delhi, Delhi, India

• The SECI is a company of the Ministry of New and Renewable Energy (MNRE), Government of India (GoI), established to facilitate the implementation of the National Solar Mission (NSM).

• It is the only Central Public Sector Undertaking (PSU) dedicated to the solar energy sector.

About MNRE :

• Cabinet Minister : Raj Kumar Singh

• Minister of State : Bhagwanth Khuba

K.Krithivasan to take charge as MD & CEO of TCS

• Krithivasan, took charge as the new Managing Director (MD) & Chief Executive Officer (CEO) of Indian Information Technology (IT) services company, Tata Consultancy Services (TCS).

• He Succeeded Rajesh Gopinathan stepped down from the position he assumed in 2017.

• The term of his appointment as CEO is for 5 years till February 2027.

• Krithivasan is only the fifth CEO of the company in its 55-year history, reflecting the stable management and strong leadership.

About K. Krithivasan :

• He has been part of the global technology sector for over 34 years, after joining TCS in 1989.

• He has held various leadership roles in delivery, customer relationship management, large program management, and sales at the IT firm.

• Presently, he is the CEO-designate and global head of the banking, financial services, and insurance business group at TCS.

About TCS :

• Founded : 1968

• Headquarters : Mumbai, Maharashtra, India

• Chairman : Natarajan Chandrasekaran

ICICI Bank’s board approves reappointment of Sandeep Batra as Executive Director for 2 more years

• The board of directors of ICICI Bank have approved the reappointment of Sandeep Batra as Executive Director (ED) of the Bank for a period of 2 years with effect from Dec 23, 2023 to Dec 22, 2025.

• The current tenure of Batra as ED of the Bank is set to end on December 22, 2023.

• The Board noted that this renewed term of two years is within the five years term as previously approved by the shareholders.

• Also, the board of directors of ICICI Bank have approved the reappointment of Hari Mundra, B. Sriram and Madhavan as Independent Directors for a second term, subject to the approval of the shareholders.

About ICICI Bank :

• Founded : 5 January 1994

• Headquarters : Mumbai, Maharashtra, India

• MD & CEO : Sandeep Bakhshi

Competition Commission of India Director Atul Verma gets 3-month extension

• The government has extended the tenure of Atul Verma as the Director General of the Competition Commission of India (CCI) for 3 months.

• The Director General (DG) office is the investigation arm of the fair trade regulator.

About CCI :

• Established : 14 October 2003

• Headquarters : New Delhi, Delhi, India

• Chairman : Ravneet Kaur

• The CCI is the chief national competition regulator in India.

• It is a statutory body within the Ministry of Corporate Affairs.

• CCI is probing various anti-competitive cases, including those relating to technology companies.

About Ministry of Corporate Affairs :

• Cabinet Minister : Smt. Nirmala Sitharaman

• Minister of State : Rao Inderjit Singh

CURRENT AFFAIRS : OBITUARIES

Industrialist & philanthropist Karumuttu T Kannan passed away

• The renowned industrialist and philanthropist Karumuttu T Kannan has passed away at the age of 70.

About Karumuttu T Kannan :

• Kannan is the son of the late industrialist and philanthropist Karumuttu Thiagarajan Chettiar, who founded the Thiagarajar Mills in 1936.

• He held the positions as Chairman of Confederation of Indian Industry (CII), Southern Region, Textiles Committee, Mumbai, The Cotton Textile Export Promotion Council, Mumbai, and The South India Mills’ Association.

• He was the Chairman & Managing Director (CMD) of Madurai-based Thiagarajar Mills Ltd.

• He was a member of Syndicate Anna University, Chennai, the Board of Governors of IIM, Indore, and the Board of Governors of the National Institute of Technology, Trichy.

• He was also a leading Educationalist, presently serving as the President of Thiagarajar College, Madurai, and Chairman & Correspondent of Thiagarajar College of Engineering, Madurai

• He was presented with the Perunthalivar Kamarajar award instituted by the Tamil Nadu government for promoting education and social service.

Congress only MP from Maharashtra Balubhau Dhanorkar Passed Away

• The Congress’ lone Lok Sabha member from Maharashtra, Suresh alias Balubhau Dhanorkar passed away at the age of 47 in New Delhi, Delhi.

About Suresh alias Balubhau Dhanorkar :

• Dhanorkar began his political career in the Shiv Sena led by Balasaheb Thackeray and rose through the party ranks to become a Member of the Legislative Assembly in 2014.

• He was the only Lok Sabha member of the Congress from Maharashtra.

• Dhanorkar’s wife Pratibha is a Member of Legislative Assembly (MLA) from Warora-Bhadrawati assembly seat in Maharashtra.

CURRENT AFFAIRS: IMPORTANT DAYS

World Bicycle Day 2023: 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

• 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 publishes 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 argues 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 3

• The country's largest public sector lender State Bank of India (SBI), raised USD 750 million under its USD 10 billion Global Medium Note programme to fund its overseas business growth.

• The National Statistical Office (NSO), under the Ministry of Statistics and Programme Implementation (MoSPI), released the Provisional Estimates (PE) of National Income for the fiscal year 2022-23, along with the Quarterly Estimates of Gross Domestic Product (GDP) for the period of January to March 2022-23 (Q4 2022-23), as per the data the growth rate for real GDP during 2022-23 is estimated at 7.2%, marking a decrease from the 9.1% growth observed in 2021-22.

• Equitas Small Finance Bank Limited (SFB) has signed an agreement with IBM Consulting to design and build a digital banking platform that delivers a modern and highly secure experience to the bank’s customers and partners.

• The market regulator Securities and Exchange Board of India (SEBI) has cancelled the registration of brokerage firm Karvy Stock Broking Ltd (KSBL) for mis-utilising clients' funds and securities.

• The Union Government approved one lakh crore rupees for the world's largest grain storage scheme in the cooperative sector

• Electronics Repair Services Outsourcing (ERSO) Pilot initiative has been launched by the government.

• India-EU Connectivity Conference is being organized by the Ministry of External Affairs, EU Delegation to India and the Asian Confluence on June 1 and 2.

• The Tele-Law program under the Department of Justice, Ministry of Law and Justice has achieved a new milestone as it has empowered 40 lakh beneficiaries across the country with pre-litigation advice.

• A fresh round of excavations has discovered shards of Painted Gray Ware pottery from 1200 BC to 600 BC.

• Shri Hardeep S. Puri, Minister for Housing and Urban Affairs and Petroleum and Natural Gas complimented the Prime Minster Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme on its successful completion of 3 momentous years.

• All India Institute of Medical Sciences (AIIMS) Nagpur has become the first of all AIIMS to receive National Accreditation Board for Hospitals(NABH) accreditation.

• In order to strengthen defence cooperation between India and ASEAN (Association of South East Asian Nations), India would launch an initiative on "women in United Nations Peacekeeping (UNPK) operations.

• The Union government proposes to sell up to 3% stake in state-owned coal India through an offer for sale.

• The Union Cabinet authorised the City Investments to Innovate, Integrate, and Sustain (CITIIS) 2.0 programme, which would encourage circular economy in 18 smart cities chosen through a competition.

• NTPC Green Energy Limited (NGEL) and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) signed a memorandum of Understanding (MoU) in Lucknow with an aim to collaborate in the development of Renewable Energy Parks and Projects and to facilitate in Government of India’s efforts towards energy transition.

• NHPC Limited (A Govt. of India Enterprise) and Vidhyut Utpadan Company Limited (VUCL), Nepal signed an MoU (Memorandum of Understanding) in New Delhi for the development of Phukot Karnali Hydro Electric Project (480MW) in Nepal.

• Soon personnel from the government ministries, departments, agencies and public sector units will be able to book taxis for official purposes from cab aggregator Uber as the company has partnered with public procurement portal GeM to provide the service.

• Kiwi, a ground-breaking credit card platform, has launched its all-inclusive "Credit on Unified Payments Interface (UPI)" customer solution.

• In order to empower women in the tourism sector, the Maharashtra Cabinet approved the implementation of the Gender Inclusive Tourism Policy called 'Aai'under the 'Ajadi Ka Amrit Mahotsav'.

• The government has appointed Ajay Yadav, a 2005 batch Indian Administrative Service (IAS) officer of the Bihar cadre as the Managing Director (MD) of Solar Energy Corporation of India Ltd. (SECI).

• Krithivasan, took charge as the new Managing Director (MD) & Chief Executive Officer (CEO) of Indian Information Technology (IT) services company, Tata Consultancy Services (TCS).

• The board of directors of ICICI Bank have approved the reappointment of Sandeep Batra as Executive Director (ED) of the Bank for a period of 2 years with effect from Dec 23, 2023 to Dec 22, 2025.

• The government has extended the tenure of Atul Verma as the Director General of the Competition Commission of India (CCI) for 3 months.

• The renowned industrialist and philanthropist Karumuttu T Kannan has passed away at the age of 70.

• The Congress’ lone Lok Sabha member from Maharashtra, Suresh alias Balubhau Dhanorkar passed away at the age of 47 in New Delhi, Delhi.

• 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.