DAILY GK 8-9 JULY 2024
1. KERALA SET TO BECOME THE FIRST STATE IN INDIA TO
PUBLISH PBR
·
Kerala is set to become the first
State in India to publish the People’s Biodiversity Register (PBR) across all local bodies.
·
This document is dynamic, requiring periodic updates on ecosystem details,
landscapes, species, and traditional knowledge.
·
The Kerala
state biodiversity board (KSBB) complete the updation of the PBR in 50% of
local bodies in the State before the end of 2024.
·
Thazhakara (Alappuzha) has become
the 1st Gram panchayat (GP) in Kerala, and one of the 1st in Kerala to update and publish
the 2nd volume of the
comprehensive PBR, a document
on local biological resources and traditional knowledge, involving the local
communities.
·
People’s Biodiversity Register serves as a comprehensive record of various
aspects of biodiversity, including the conservation of habitats, preservation
of land races, folk varieties and cultivars, domesticated stocks and breeds of
animals, micro-organisms, and the accumulation of knowledge related to the
area’s biological diversity.
2. INDIA AND RUSSIA AIM FOR $100
BILLION BILATERAL TRADE BY 2030
·
India and Russia target increasing bilateral
trade to $100 billion by 2030.
·
Efforts will focus on balancing the currently uneven trade
relationship and removing non-tariff trade barriers.
·
Both nations are exploring the establishment of a Eurasian
Economic Union (EAEU)-India Free Trade Area to enhance economic
cooperation.
·
The announcement followed extensive discussions
between Prime Minister Narendra Modi and Russian President Vladimir
Putin.
3. 16th FINANCE
COMMISSION CONSTITUTES 5-MEMBER ADVISORY COUNCIL
·
16th Finance
Commission (FC) headed
by Arvind Panagariya established
an advisory council comprising
five eminent members.
·
This council
is tasked with advising the Commission on various Terms of Reference (ToR) and related subjects, enhancing its
understanding and broadening its scope.
·
The Director
General (DG) of the National Council of Applied Economic Research (NCAER), Dr. Poonam Gupta appointed as the convenor of the Advisory
Council.
·
The other 4
members of the council are D.K.
Srivastava, Neelkanth Mishra, Pranjul Bhandari, Rahul Bajoria.
·
The advisory
council is responsible for Assisting the
Commission in preparing papers and
research studies, Monitoring and
assessing studies commissioned by the FC, Enhancing the Commission’s understanding of the ToR issues, Advising on the distribution of tax
proceeds, principles governing
grants-in-aid of state revenues, and measures
to augment state funds to support panchayats and municipalities.
·
Currently,
India shares 41% of federal taxes with
states as recommended by the 15th panel, which was headed by Nand Kishore
Singh.
·
The Finance Commission
(FC) is constituted by the President of India under Article 280 of the
Constitution.The 1st FC was appointed in 1951, for the period 1952-57 by the President of India, and was
chaired by K. C. Niyogi.
·
The 16th Finance Commission (FC) was
constituted on 31.12.2023 with
Arvind Panagariya, former
Vice-Chairman, NITI Aayog as chairman and Ritvik
Ranjanam Pandey as the secretary.
·
The
commission has 3 full time members and 1
part time member.
4.
RBI
PENALIZES 5 BANKS FOR REGULATORY NON-COMPLIANCE
·
Reserve Bank
of India (RBI) announced
that it has penalized 5 banks,
including Punjab National Bank (PNB),
in the circular issued in the 1st week of July for non-compliance with various RBI directions.
·
Before PNB,
4 other banks which were penalized by RBI: Gujarat Rajya Karmachari Co-operative Bank, Ahmedabad (Gujarat), Rohika Central Co-operative Bank, Madhubani (Bihar); National Co-operative Bank, Mumbai
(Maharashtra); and Bank Employees’
Co-operative Bank, Kolkata (West Bengal).
·
RBI in
exercise of powers given under the provisions of section 47 A (1) (c) read with
sections 46 (4) (i) and section 51 (1) of the Banking Regulation Act, 1949 has
imposed a monetary penalty of Rs 1.31 crore on
PNB.
·
The RBI
imposed a monetary penalty of Rs
10,000 on YES Bank for
not exchanging mutilated notes.
5.
RBI
CANCELS LICENSE OF BANARAS MERCHANTILE CO-OPERATIVE BANK
·
The Reserve
Bank of India (RBI) cancelled the licence of Banaras Merchantile Co-operative
Bank Limited, Varanasi,
Uttar Pradesh (UP) over inadequate capital and earnings
prospects.
·
The bank
ceases to carry on banking business which includes, among other things,
accepting deposits and repaying deposits, with effect from July 04, 2024.
6. INDIA GENERATED 125 MILLION JOBS BETWEEN FY14
AND FY23: SBI REPORT
·
According to
the State Bank of India (SBI)’s Economic Research Department (ERD) based on the Reserve Bank of
India(RBI) data, India generated 125
million jobs between FY14
(2013-14) and FY23 (2022-23) against
29 million jobs generated between FY04
and FY14.
·
Jobs created
during FY14-23 are 4.3 times more
than the preceding decadal period of FY04-FY14.
·
Excluding
agriculture, the total jobs generated in manufacturing
and services sector increased by 33%, from
66 million jobs during FY04-FY14 to 89
million during FY14-23.
·
The report
noted that the total employment recorded
by Micro, Small and Medium Enterprises (MSMEs) registered with the Ministry of MSME, Government of
India (GoI) has breached the mark of 200
million which indicates towards a robust growth in the MSME sector.
·
The report
compared the Employees’ Provident Fund Organisation (EPFO)data with Reserve Bank of India (RBI)’s) KLEMS (Capital K,
Labour L, Energy E, Material M, and Services S) data which revealed that share
of EPFO jobs, which primarily covers low-income jobs, has declined from an
average of 51% in the 5 years of the FY19-FY23 to 28% in FY24.
·
SBI Chairman- Dinesh Kumar Khara
·
Tag line-The Banker to Every Indian
·
Founded in- 1st July 1955
7. RBI’S FINANCIAL INCLUSION INDEX INCREASES TO
64.2 IN FY24
·
Reserve Bank
of India (RBI) released
its Financial Inclusion Index (FI-Index) which
increased to 64.2 in FY24
(in March 2024) from 60.1 in FY23
(in March 2023).
·
Financial Inclusion: is the process of ensuring access to financial
services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low-income groups at
an affordable cost.
·
FI – Index: is a comprehensive index which contains
details of banking, investments, insurance, postal and the pension
sector in consultation with the government and respective sector-wise
regulators.
·
It has no base year.
8. SEBI ISSUES NEW GUIDELINES TO
ENHANCE CREDIT RATING AGENCY OPERATIONS
·
The Markets regulator Securities and Exchange Board
of India (SEBI) has issued new guidelines to streamline
operations and enhance the ease of doing business for credit rating agencies
(CRAs).
·
The guidelines aim to promote ease of doing
business, bring about uniformity in handling appeals, protect investors, and
foster the development and regulation of the securities market.
·
These modifications will be applicable, with effect
from August 01, 2024.
·
Credit rating agencies (CRAs) evaluate and assess an
individual's or a company's creditworthiness by considering factors
such as income, credit lines, and ability to repay debt, thereby analyzing any
associated credit risks.
·
CRAs in India are regulated by SEBI (Credit Rating
Agencies) Regulations, 1999, under the Securities and Exchange Board of India
Act, 1992.
9.
RBI
REVOKES LICENCE OF SHIMSHA SAHAKARA BANK NIYAMITHA
·
The Reserve
Bank of India (RBI) cancelled the licence of ShimshaSahakara
Bank Niyamitha, Maddur, Mandya District, Karnataka, due to its worsening
financial position.
·
The
Registrar of Cooperative Societies, Karnataka, has been requested to issue an
order for winding up the bank and to appoint a liquidator.
·
Upon
liquidation, each depositor is entitled to receive a deposit insurance claim
amount of up to ₹5,00,000 (5 Lakhs) from the Deposit
Insurance and Credit Guarantee Corporation (DICGC), subject to the provisions
of the DICGC Act, 1961.
10. RBI KLEMS DATA SHOWS EMPLOYMENT
GROWTH RATE RISING TO 6% IN FY24
·
According to the Reserve Bank of India’s (RBI’s)
KLEMS [Capital (K), Labour (L), Energy (E), Material (M) and Services (S)]
database, Employment growth rate rose to 6% in FY24
against 3.2% in FY23.
·
This increase coincided with India's real Gross
domestic product (GDP) growth rate rising to 8.2% in FY24, compared to
7% in the previous fiscal year.
·
RBI released an update on "Measuring Productivity at
the Industry Level - The India KLEMS Database," including a Data
Manual 2024 and time-series data on productivity for 27 industries from 1980-81
to 2022-23.
11. RBI CANCELS REGISTRATION OF 2 NON
BANKING FINANCE COMPANIES
·
The Reserve Bank of India (RBI) has cancelled
the certificates of registration (CoR) of 2 Non Banking Finance Companies
(NBFCs), Star Finserv India and Polytex India, due to
irregular lending practices.
·
Star Finserv licence cancelled for Violating RBI guidelines on
outsourcing core decision-making functions in digital lending operations.
·
Polytex India licence cancelled for Violating norms on outsourcing core
functions related to client sourcing, Know Your Customer (KYC) verification,
credit appraisal, loan disbursal, loan recovery, and customer complaint
resolution.
12. SEBI RAISES INVESTMENT CAP TO 25%
·
Market regulator Securities and Exchange Board of
India (SEBI) has streamlined norms for passive funds,
including index funds and Exchange Traded Funds (ETFs).
·
Aim is to To create a level playing field for mutual funds
concerning their exposure to securities of group companies of the sponsor.
·
SEBI has amended mutual fund rules to allow
equity-oriented ETFs and index funds to invest in the listed securities of
group companies of the sponsor beyond 25% of the net assets.
·
Previously, mutual fund schemes were restricted from
investing more than 25% of their net asset value (NAV) in group companies of
the sponsor.
13. 4 PUBLIC SECTOR BANKS PRESENT
DIVIDEND CHEQUES TOTALLING RS 6,481 CRORE
·
4 public sector banks (PSBs) presented dividend cheques
worth Rs 6,481 crore to Finance Minister Nirmala Sitharaman for the
financial year 2023-24.
·
Bank
of Baroda (BoB) Rs 2,514.22 crore
·
Bank
of India Rs
935.44 crore
·
Indian
Bank Rs 1,193.45 crore
·
Canara
Bank Rs 1,838.15 crore
14. ADB AND ENGIE SA COLLABORATE TO
CONSTRUCT 400 MW SOLAR POWER PLANT IN GUJARAT
·
The Asian Development Bank (ADB) and
the ENGIE group have signed a long-term local currency loan
agreement to construct and operate a 400-megawatt solar photovoltaic
power plant in Surendranagar District, Gujarat, India.
·
The plant aims to generate an average of 805
gigawatt-hours annually over the next 25 years, contributing
significantly to India's renewable energy goals.
15. IBIZA WALL LIZARD RECLASSIFIED AS ENDANGERED ON
THE IUCN RED LIST
·
The Ibiza wall lizard (Podarcis pityusensis)
has transitioned to “Endangered” from
“Near Threatened” on the International Union for Conservation of Nature (IUCN) Red List of Threatened Species due to 50% population decline since
2010.
·
The Ibiza
wall lizard is native to the islands of Ibiza and Formentera in the Balearic
Islands and the neighbouring rocky islets in Spain.
·
The Gran Canaria giant lizard (Gallotia stehlini)
has shifted to Critically
Endangered from Least Concern.
·
The Gran Canaria skink (Chalcides sexlineatus)
has moved to Endangered from
Least Concern.
·
The La Gomera giant lizard (Gallotia bravoana)
has improved from Critically Endangered to Endangered in the Canary Islands.
·
According to
the IUCN, 82% of Ornamental Cact (Copiapoa
Cacti, endemic to Chile’s Atacama coastal desert) are critically endangered due to
illegal trade, up from 55% in 2013.
16.
ASELSAN
LAUNCHES TURKIYE’S 1ST COMMUNICATION SATELLITE
·
ASELSAN, a company of the Turkish Armed Forces Foundation(TAFF) launched
Turkiye’s 1st indigenously developed
communication satellite, TURKSAT-6A,
into orbit aboard a Space Exploration Technologies Corporation’s (SpaceX) Falcon 9 rocket, from Space Launch Complex 40 (SLC-40) at Cape Canaveral Space Force Station (CCSFS),
the United States of America (USA).
·
TURKSAT-6A
satellite is equipped with Ku-Band and X-Band communication payloads
developed by ASELSAN engineers.
·
This launch
has made Turkiye as one of
the 11 countries in the
world capable of producing their own communication satellites.
·
ASELSAN is the largest defense electronics company in Türkiye.
·
The
satellite will expand Turksat’s coverage area to South Asian countries -India,
Thailand, Malaysia, and Indonesia, boosting the served population from 3.5
billion to over 5 billion.
·
Turkiye Capital– Ankara
·
President– Recep Tayyip Erdogan
·
Currency– Turkish lira
