Daily Current Affairs and GK | 28 June 2024

Topic: Banking System

1. SEBI eased delisting norms and tightened influencer’s rules.

• Market regulator SEBI eased norms for companies to delist and raise debt capital.
• SEBI has introduced a fixed price process for delisting frequently traded shares and also introduced a delisting framework for Investment and Holding Companies (IHC).
• SEBI has approved norms to regulate unregistered financial influencers, also referred to as influencers.
• The SEBI Board has approved a proposal to regulate influencers to address the risks associated with influencers.
• The number of influencers giving financial advice on social media platforms has also increased due to increased retail investors’ participation in equity markets.
• SEBI has proposed that brokers and mutual funds should not associate with unregistered influencers.
• India had 154 million trading accounts as of April 2024.

Topic: State News/Uttar Pradesh

2. Uttar Pradesh cabinet approved a proposal to build a 'museum of temples’ in Ayodhya.

• The Uttar Pradesh government approved a proposal from Tata Sons to build a 'museum of temples’ in Ayodhya at a cost of ₹650 crore.
• The tourism department would provide land for the international-level museum on a 90-year lease for a token amount of ₹1.
• This museum will showcase the history and architecture of famous temples in India.
• The Uttar Pradesh cabinet has cleared a proposal to develop dormant heritage buildings into tourist spots.
• Kothi Roshan Dulha in Lucknow, Barsana Jal Mahal in Mathura, and Shukla Talab (pond) in Kanpur have been selected for this proposal.
• Researchers would be selected under the Mukhya Mantri tourism fellowship programme for this purpose.
• Tata Sons is the principal investment holding company and promoter of Tata Companies.

Topic: Sports

3. Kapil Dev is appointed as President of the Professional Golf Tour of India.

• Indian cricketer Kapil Dev has been appointed as the new president of the Professional Golf Tour of India. He was serving as the vice president.
• He will take the place of H R Srinivasan as President of the PGTI.
• Golf has been a significant part of Kapil Dev's life for over three decades.
• He even aspired to represent India in golf at the Asian Games.
• Kapil Dev has played 131 Test matches and 225 ODIs for India. He has led the team that won the World Cup in 1983.

Topic: Corporates/Companies

4. Department of Public Enterprises has awarded "Navratna" status to Mazagon Dock Shipbuilders.

• Mazagon Dock Shipbuilders has become the 18th public sector undertaking of the country to get this status.
• With this, Mazagon Dock Engineers India has joined the companies like CONCOR, Bharat Electronics, Hindustan Aeronautics, RCF, NALCO, NMDC, RVNL, IRCON and IREDA.
• As a Navratna company, Mazagon Dock does not require central government approval for investments up to ₹1,000 crore.
• These companies also have the freedom to invest up to 30% of their net worth within a year, provided it remains within Rs 1,000 crore.
• Navaratna companies are also permitted to form joint ventures, alliances and set up subsidiaries abroad.
• To become a Navaratna company, the PSU must first be a Miniratna company.
• Additionally, the company must report a net profit of Rs 5,000 crore for three consecutive years and maintain an average annual turnover of over Rs 25,000 crore for three years.
• Also, its average annual net worth must be over Rs 15,000 crore for three years.
• Mazagon Dock reported an annual turnover of ₹9,466 crore for financial year 2024.
• In 2024 April, IREDA was granted Navaratna status by the Department of Public Enterprises.

Topic: Banking System

5. The gross NPA ratio of banks moderated in March 2024, reaching a 12-year low of 2.8%.

• On June 27, the June Financial Stability Report released by the Reserve Bank of India (RBI).
• The report said the gross non-performing asset (GNPA) ratio of scheduled commercial banks, which fell to a 12-year low of 2.8% in March 2024, may further improve to 2.5% by March 2025.
• The GNPA ratio estimate for March 2025 is based on the macro stress test, which is conducted to assess the resilience of banks' balance sheets to unexpected shocks arising from the macroeconomic environment.
• Their net NPA (NNPA) ratio also improved to a record low of 0.6%.
• In the severe stress scenario, the GNPA ratio of public sector banks (PSBs) may increase from 3.7% in March 2024 to 4.1% in March 2025, while it may rise from 1.8% to 2.8% for private sector banks (PVBs) and from 1.2% to 1.3% for foreign banks (FBs).
• Under the baseline scenario, the aggregate capital-to-risk-weighted assets ratio (CRAR) of the 46 major banks is projected to decline from 16.7% in March 2024 to 16.1% by March 2025.
• Under the baseline scenario, the common equity tier 1 (CET1) capital ratio of the select 46 banks could decline from 13.8% in March 2024 to 13.4% in March 2025.

Topic: Important Days

6. International Pineapple Day 2024: 27 June

• Every year on 27 June, International Pineapple Day is observed.
• In India, Pineapple is mainly produced in the Tripura.
• Queen Pineapple is one of the finest varieties of pineapple. Queen Pineapple is the state fruit of Tripura.
• Tripura is the largest producer of Queen Pineapple in India.
• In the last five years, the government has provided financial assistance under the horticulture mission scheme to promote the production of pineapple.
• Costa Rica is the largest pineapple producer in the world. Indonesia and the Philippines are the other top Pineapple producers in the world.

Topic: Awards and Prizes

7. PEN Pinter Prize given to Arundhati Roy for her 'unflinching' writing.

• On June 27, the prestigious Pen Pinter Prize 2024 awarded to Booker Prize-winning author Arundhati Roy for her “unflinching and unswerving” writings.
• Founded in 2009 by the charity English PEN, the award defends freedom of expression, honours literature in memory of Nobel Prize-winning playwright Harold Pinter.
• She won the Booker Prize for his debut novel, The God of Small Things.
• The judges this year, which included writer and musician Roger Robinson, actor and activist Khalid Abdalla, and president of English PEN Ruth Borthwick, chosen her.
• On October 10, she will receive the award at a ceremony co-hosted by the British Library.
• It is an annual award given for outstanding literary work written in English.
• This award is given to a writer from the UK, Ireland, and the Commonwealth whose work shows a fearless exposition of truth about contemporary life.

Topic: Defence

8. Developmental trials successfully completed by High Speed ​​Expendable Aerial Target ‘Abhyas’.

• Six consecutive developmental trials of High Speed Expendable Aerial Target (HEAT) ‘Abhyas’ with advanced booster configuration successfully completed by DRDO from Integrated Test Range (ITR) at Chandipur, Odisha.
• With this, ‘Abhyas’ has successfully completed 10 developmental trials demonstrating the reliability of the system.
• The tests were carried out with advanced radar cross section, visual and infrared enhancement systems.
• During the tests, various mission objectives covering safe discharge of booster, launcher clearance and endurance performance were successfully accomplished.
• ‘Abhyas’ has been designed by DRDO's Aeronautical Development Establishment, Bengaluru and developed through production agencies – Hindustan Aeronautics Limited and Larsen & Toubro.
• It provides a realistic risk combat scenario for weapon systems.
• This indigenous system is designed for autonomous flight with the help of an auto pilot, aircraft integration, pre-flight checks and a laptop-based ground control system for autonomous flight.

Topic: Government Schemes and Initiatives

9. Union Minister Jitan Ram Manjhi launched two new initiatives on World MSME Day.

• Union Minister Jitan Ram Manjhi launched two new initiatives to boost micro and small businesses' trade using e-commerce.
• MSME Trade Enablement and Marketing (TEAM)' initiative has been launched to promote small businesses to participate in online trade using the Open Network for Digital Commerce (ONDC) platform.
• It will help more than 5 lakh micro and small businesses and half of the beneficiaries of this initiative will be women-led businesses.
• The 'Yashaswini' initiative is a mass awareness campaign to support informal women-led businesses by providing them with capital and more trade opportunities.
• The government is focused on access to credit, increased access to markets and e-commerce, enhanced digitization, and the empowerment of women and artisans.  

(Source: News on AIR)

Topic: State News/ Uttar Pradesh

10. YEIDA and Bebu project LLP signed agreement to develop a film city in Greater Noida.

• The Yamuna Expressway Industrial Development Authority (YEIDA) and Bebu Project LLP signed an agreement to develop a film city in Greater Noida.
• Bebu Project LLP is a company owned by film producers Bonnie Kapoor and Ashish Bhootani.
• This film city will be developed with an estimated cost of 1,510 crore rupees. It will be built in the next 8 years.
• The initial phase of the film city will be focused on establishing essential film-related facilities and a film institute.
• It has been designed to offer world-class film production amenities, including studios, open sets, hospitality services, and office spaces.
• The initial phase of the film city will be completed in three years.

(Source: News on AIR)

Topic: Defence

11. US emerged as India's top defence export partner.

• A significant progress in the India-US defence alliance has been reported by the American Chamber of Commerce in India (AMCHAM), the premier chamber of US industry in India.
• The US-India defence alliance highlight the importance of joint efforts in shaping global security and advancing prosperity for both countries.
• With exports to the U.S. making up more than 50% of total exports and surpassing $2.8 billion in the last five years, the U.S. has emerged as India's top destination for defence exports.
• India's defence exports are growing rapidly, reaching $1.6 billion in the financial year 2022-23, a remarkable ten-fold increase compared to the last five years.
• Tech transfer, innovation, and skill development are being promoted via joint ventures and collaborations between American firms and Indian entities, like Lockheed Martin-Tata Advanced Systems, Boeing-HAL, BAE Systems-HAL, and GE-HAL.
• The US defence industry in India has created over 28,000 direct jobs and gainful employment for an additional 20,000 individuals.

Topic: Infrastructure and Energy

12. First international solar festival will be held in New Delhi in India by the International Solar Alliance (ISA).

• It aims to provide favourable circumstances for significant international collaborations that will accelerate the change to solar-powered energy transition.
• The festival is scheduled to take place from September 5–6, 2024.
• Businesses, academia, young people, and community leaders will come together during the festival to exchange knowledge, foster innovation, and build global collaboration towards creating a future powered by solar energy.
• The four core themes at the International Solar Festival will be role of youth, communities, women and private sector.
• These themes will bring together stakeholders from around the globe.

Topic: Corporates/Companies

13. Union Minister Dr Jitendra Singh announced 'Mini Ratna' status (Category-1) for Central Electronics Limited (CEL).

• Union Minister Dr. Jitendra Singh attended the Golden Jubilee celebration of Central Electronics Limited (CEL) at the Ghaziabad campus.
• He said that CEL has transformed from a loss-making PSU to a dividend-paying PSU. CEL has paid dividends for the third consecutive year.
• The net profit of Central Electronics Limited (CEL) has reached around Rs 58 crores.
• Central Electronics Limited has achieved all performance parameters for the status of Mini RATNA (Category-1).
• Central Electronics Limited:
  • It is an enterprise under the Department of Scientific and Industrial Research (DSIR).
  • It was established in 1974 to commercially use indigenous technologies developed by national laboratories and R&D institutions in the country.
  • It is a pioneer in the country in the field of solar photovoltaic (SPV).
  • CEL has developed a number of critical components for strategic applications and is supplying these items to Defence.

(Source: PIB)

Topic: Banking System

14. Securities and Exchange Board of India (SEBI) has amended its insider trading norms.

• With this, SEBI has allowed more flexibility for executing trading plans. The new norms will become applicable after three months.
• The amendments include a reduction of the cool-off period for trading plans from six months to 120 days.
• SEBI has provided for a 20 per cent price range for buying or selling shares.
• If the compliance officer approves the insider's trading plan, they are permitted to trade in the company's securities under the Prohibition of Insider Trading (PIT) regulations.
• A six-month cooling-off period is allowed for trading plans starting from the time of public notice. This time has been shortened to 120 days.
• Insiders are typically senior management and key personnel who possess access to undisclosed price-sensitive information.
• Insiders are required to provide a "trading plan" in advance that includes the share price, amount, and transaction date.
• Insiders now have the option to not execute trades if the execution price exceeds the trading plan's upper limit.
• On non-implementation, they must notify the company's compliance officer within two trading days of the trading plan's end, along with reasons and any necessary documentation.