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Current Affairs by Kush Pandey: June 1 2024
5. 5. According to the Reserve Bank of India's Annual
Report, released in May 2024, the unclaimed deposits
with banks have witnessed a________ jump year on
year to Rs 78,213 crore at the end of March 2024.
A. 21 per cent
B. 22 per cent
C. 24 per cent
D. 25 per cent
E. 26 per cent
Ans: E
Revision Questions Banking & Finance
1. In May 2024, the regulatory body, Securities and 1. RBI Releases Final Guidelines for Fintech SRO
Exchange Board of India (SEBI), has reduced the Context: Final guidelines for recognizing self-
deliverable period for commodity derivatives to regulatory organizations (SRO) in the
___________ , to improve liquidity in the commodity financial technology sector.
derivatives market, which will be effective from July
Released by: The Reserve Bank of India (RBI)
1, 2024.
A. 1 Day Aim: To encourage entities to have a
B. 2 Days representative membership from the fintech
C. 3 Days sector
D. 4 Days The RBI has set out some important duties for
E. 5 Days the SRO.
Ans: C Including:
Representing the fintech sector,
2. According to the Income Tax department, the Cost Keeping data safe,
Inflation Index (CII) for the financial year 2024-25
Following development principles,
has been established at ________.
A. 360 Settling disputes,
B. 361 Making sure members follow the rules, and
C. 362 Staying separate from outside influences.
D. 363 In addition, the SRO is in charge of controlling
E. 364 risks that could hurt users, like fraud, mis-
Ans: D selling, and transactions that aren’t supposed
to happen.
3. In May 2024, the Insurance Regulatory and An SRO is a non-governmental organisation
Development Authority of India (IRDAI) has
that acts as a bridge between industry players
announced that the health insurance companies have
and the regulator.
to do final authorisation for cashless claims within
________ receiving a patient discharge request from the It also sets standards for the conduct of
hospital. entities operating in the country.
A. Three Hours
2. Government Raises Retirement & Death
B. One Hour
Gratuity Limits to Rs 25 Lakh
C. Two Hours
Context: Government has raised the
D. Four Hours
retirement & death gratuity limits to Rs 25
E. Five Hours
Ans: A Lakh
Previous limit: Rs 20 Lakh
4. According to the Reserve Bank of India's Annual Beneficiary: For Central government
Report, the size of the Reserve Bank of India’s (RBI’s) employees
balance sheet increased by ________ year-on-year (Y-o- Effective from: January 1, 2024
Y) to Rs 70.47 trillion as of March 31, 2024 (FY24). According to the rules of the 7th Pay
A. 9.01% Commission, when the Dearness Allowance
B. 13.38% reaches a 50% ceiling, gratuity limits and
C. 10.53%
other allowances are automatically revised.
D. 17.22%
E. 11.08% The recent increase in DA to 50% had led to
Ans: E expectations of automatic gratuity revisions.
Gratuity:
Current Affairs by Kush Pandey: June 1 2024
It is a defined benefit plan provided by (BBPOUs), and 52 banks for
employers to employees who have served providing mobile banking facility to
continuously for five years or more. their customers.
Governed by the Payment of Gratuity Act,
5. Capital Small Finance Bank, ICICI Lombard
1972.
enter into bancassurance tie-up
3. RBI’s greenfield next generation data centre to Tie up between: Capital Small Finance Bank
commence operations in FY25 and ICICI Lombard
Context: Commencement of a project to Agreement type: Bancassurance
construct a new state-of-the-art greenfield Reason: Offering a wide range of insurance
next-generation data centre. products to customers in Northern India
Started by: The Reserve Bank of India (RBI) Bancassurance:
Aim: To address capacity expansion It is an insurance distribution model where
constraints, meet the increasing IT landscape insurance companies partner with banks to
needs, and avoid region-specific risks. sell policies.
It will envisage to cater to the internal needs Both the bank and insurance companies get
of RBI and its subsidiaries. to benefit from this arrangement.
The data centre will commence operations in While the bank earns a commission from the
FY25. insurance company, the insurer gains from
RBI is also working on upgrading the Indian the distribution network of the bank.
Financial Network (INFINET 3.0)
6. Monetary penalties imposed by RBI on
The platform is a closed user group (CUG)
regulated entities was ₹86.11 cr in FY24
network for exclusive use of member banks Data shared by: The Reserve Bank of India
and financial institutions. (RBI)
It runs the critical payment system The monetary penalties imposed on
applications such as RTGS, NEFT and e- regulated entities (REs) more than doubled to
Kuber. ₹86.11 crore in FY24.
It is proposed to be built with the latest Penalty reason: Contraventions/non-
software-defined wide area network (SD- compliance with provisions of statutes and
WAN) technology. certain directions issued by the Reserve Bank
4. RBI, NPCI to start work on expanding UPI to 20 from time to time.
countries by FY29 Monetary penalties aggregating in FY23:
Collab between: The Reserve Bank of India ₹40.39 crore
(RBI) and NPCI International Payments In FY24, the central bank imposed monetary
(NIPL) penalties on 281 REs (public sector banks,
Reason: To expand its Unified Payments pivate sector banks, foreign banks, payments
Interface (UPI) to 20 countries banks, small finance banks, regional rural
Target Year: FY29 banks, co-operative banks, NBFCs, CICs and
Work started in: FY25 HFCs) against 211 in FY23.
The central bank will also explore
7. RBI imposes monetary penalty on SBM Bank
multilateral linkages and opportunities for (India)
collaboration of fast payment system with EU Penalty imposed on: SBM Bank (India)
and SAARC Imposed by: The Reserve Bank of India (RBI)
Note: Amount: Rs 88.70 lakh
o The central bank authorised 22 Reason: For non-compliance with licensing
online payment aggregators (PAs), conditions imposed by the RBI, and specific
two non-bank Prepaid Payment directions to stop undertaking Liberalised
Instrument (PPI) issuers and one Remittance Scheme (LRS) transactions with
Trade Receivables Discounting immediate effect.
System (TReDS) platform operator in
FY24. 8. India's forex reserves drop by $2 bn to $646.67
o It also approved one bank for PPI bn
issuance, two banks for operating as Data shared by: The Reserve Bank of India
Bharat Bill Payment Operating Units (RBI)
Current Affairs by Kush Pandey: June 1 2024
India's Foreign Exchange Reserves (May 24, The rate of unemployment around the world
2024): $646.67 billion will settle at 4.9% in 2024.
India's Foreign Exchange Reserves (May 17, This increase is a big change from earlier
2024): $648.7 billion predictions, which called for a rise to 5.2%
Foreign currency assets (FCAs) decreased by The report highlights that 183 million people
$ 1.51 billion to $567.5 billion. are considered unemployed, while the
Gold reserves contracted by $482 million to number of those without a job but wanting to
$56.71 billion, work stands at 402 million.
SDRs were down by $33 million to $18.12 The ILO sees a slightly better future for jobs
billion. around the world, though rates are still
Reserve in the IMF dipped by $1 million to expected to stay the same at 4.9% until 2025.
$4.33 billion.
12. India's GDP growth rate jumps to 7.8% in Q4;
9. RBI moves 1 lakh kg of gold from UK back to FY24 growth at 8.2%
India Data by: National Statistical Office (NSO) of
Data by: The Reserve Bank of Inda (RBI) Ministry of Statistics and Programme
The RBI has added around 100 tonnes or 1 Implementation (MoSPI)
lakh kilograms of gold from the United India’s Gross Domestic Product (GDP) growth
Kingdom to its vaults in India rate in the quarter ending March 31, 2024
This is the most since early 1991 and the grew by 7.8 per cent.
central bank intends to move more in the GDP growth provisionally stands at 8.2% for
coming months. the full financial year 2023-24 (FY24), as
Domestically, gold is stored in vaults located compared to the growth rate of 7% in FY23.
in the RBI’s old office building on Mumbai’s Earlier, government estimates had placed
Mint Road and in Nagpur. GDP growth for FY24 at 7.6 per cent.
The RBI held 822.1 tonnes of gold, with 413.8 These figures surpass the Reserve Bank of
tonnes stored overseas as of March 2024. India’s (RBI) estimate of 7 per cent.
The RBI is among the central banks that have Real Gross Value Added (GVA) has been
purchased gold in recent years, having added estimated to grow by 6.3 per cent in Q4FY24.
27.5 tonnes in the last financial year.
International
10. India's fiscal deficit improves to 5.6% of GDP 1. Mangroves in South India, Sri Lanka Labeled
in FY24 ‘Critically Endangered
Data shared by: Comptroller General Context: Revised status of Mangroves in
of Accounts South India, Sri Lanka by IUCN
Fiscal deficit (FY24): 5.6% Coastal mangroves in Tamil Nadu, Sri Lanka,
Status: Improved and the Maldives were recently rated as
But, it is below the revised estimate “critically endangered
of 5.8%. Tamil Nadu (India): The area of mangroves
India's fiscal deficit stood at Rs 16.54 has grown from 23 square kilometres in 2001
lakh crore in FY24 as against the to 45 square kilometres in 2021, according to
budgetary target of Rs 17.86 lakh the Indian State of Forest Report.
crore. 2. Russia to Remove Taliban From Terrorist List
The fiscal gap has reached 95.3% of the Russia will remove the Taliban from its list of
budgetary target banned terrorist organizations, following
Net tax receipts: 23.27 lakh crore Kazakhstan's recent decision.
Total expenditure: Rs 44.43 lakh crore This move aims to acknowledge the Taliban's
The government's capital spending on control in Afghanistan.
infrastructure projects was Rs 9.49 lakh The Taliban has been designated a terrorist
crore. organization in Russia since 2003.
11. World Unemployment to Fall Slightly in 2024
National
Data by: International Labour Organization 1. India successfully concludes hosting of ATCM-
(ILO) 46 and CEP-26
Current Affairs by Kush Pandey: June 1 2024
India successfully concluded hosting of the Important Dates
46th Antarctic Treaty Consultative Meeting 1. Hindi Journalism Day 2024 observed on May 30
(ATCM-46) and the 26th Committee on Hindi Journalism Day is celebrated annually
Environmental Protection (CEP-26) on May 30. This year, the occasion falls on
Date: May 20th to May 30th, 2024 Thursday, May 30, 2024.
Location: Kochi, Kerala The roots of Hindi journalism can be traced
The ATCM-46 was held with the overarching back to the publication of Udant Martand, the
theme of Vasudhaiva Kutumbakam, a first Hindi newspaper to be published in
Sanskrit phrase that means one Earth, one India.
family, one future. During the British rule, Udant Martand was
Hosted by the Ministry of Earth Sciences, published in Calcutta on May 30, 1826,
through the National Centre for Polar and marking the beginning of Hindi journalism in
Ocean Research (NCPOR), Goa, with support the country.
from the Antarctic Treaty Secretariat 2. UN's First-Ever International Day of Potato
headquartered in Argentina observed on 30 May 2024
2. SpiceJet launches sign language programme for United Nations (UN)'s first-ever International
cabin crew Day of Potato was observed across the globe
SpiceJet announced launching a customised on 30th May 2024
sign language programme for its cabin crew. Aim: To raise awareness of the various
Aim: To help passengers with hearing nutritional, economic, environmental, and
impairments. cultural values of the Potato (Solanum
The training will enable the airline's crew to tuberosum), the 3rd most consumed food
communicate with passengers with hearing crop globally
loss during their travels The annual observance of the day is
SpiceJet trainers and cabin crew have facilitated by the Food and Agriculture
received basic sign language training with the Organization of the United Nations (FAO).
help of the Noida Deaf Society The theme of the inaugural International Day
May 31 is observed as International Cabin of Potato 2024 is "Harvesting diversity,
Crew Day globally. feeding hope".
Defence 3. Goa Statehood Day 2024 observed on May 30
1. Sweden Boosts Ukraine’s Defenses with Goa Statehood Day is celebrated annually on
Advanced Radar Planes May 30 to commemorate the day when Goa
Sweden has announced the donation of two attained statehood in 1987.
Saab Airborne Surveillance and Control (ASC) The state was a part of the Union Territory of
890 aircraft. Goa, Daman, and Diu until May 30, 1987,
Aim: To fortify Ukraine’s defense capabilities when it was officially granted statehood by
against Russia the Indian government.
Sweden’s contribution forms part of a 4. World No Tobacco Day 2024 observed on May
substantial $1.3 billion aid package aimed at 31
bolstering Ukraine’s defenses in the ongoing “Protecting Children from Tobacco Industry
conflict. Interference” - the theme of the “World No
2. IAF Contingent Joins ‘Red Flag 24’ Exercise in Tobacco Day” 2024
Alaska Note:
The Indian Air Force (IAF) has joined a 16- Indian badminton maestro, Ms PV Sindhu,
day multi-nation mega military exercise in announced as brand ambassador for Tobacco
Alaska, United States Control
It is designed to provide realistic training to Operational guidelines for establishing
participating forces in a simulated combat Tobacco Cessation Centres in medical
environment. institutions unveiled
The exercise, known as ‘Red Flag 24’, India is the first country globally to regulate
commenced on May 30 and will continue anti-tobacco warnings on streaming or OTT
until June 14. media platforms
Current Affairs by Kush Pandey: June 1 2024
The WHO WNTD Award for 2024 was Awards
presented to the State Tobacco Control Cell, 1. NIMHANS bags the Nelson Mandela Award for
Odisha and the Regional Director's Special Health Promotion for 2024 by the World Health
Recognition Award for 2024 was presented Organization
to Dr. Mir Mushtaq Ahmad, Nodal Officer National Institute of Mental Health & Neuro
Kashmir, National Tobacco Control Program Sciences (NIMHANS), Bengaluru, an Institute
and the Generation Saviour Association, of National Importance under the Ministry of
Punjab. Health and Family Welfare, Government of
India has been awarded with the Nelson
Appointments Mandela Award for Health Promotion for
1. Appointment of Rakesh Ranjan as Chairman, 2024 by the World Health Organization
Staff Selection Commission (SSC) (WHO).
Rakesh Ranjan, a 1992 batch IAS officer from
Manipur Cadre, has been appointed as Science & Technology
Chairman of the Staff Selection Commission 1. NASA’s Magellan Mission Discovers Ongoing
(SSC) in the rank and pay of Secretary to the Venus Volcanic Activity
Government of India. NASA's Magellan mission has provided direct
evidence of recent volcanic activity on Venus.
2. Shah Rukh Khan, new brand ambassador of Scientists analyzing archival data identified
Muthoot Pappachan Group new lava flows at two locations.
Muthoot Pappachan Group (MPG), popularly From 1990 to 1992, NASA’s Magellan
known as Muthoot Blue, has roped in Shah mission, managed by the Jet Propulsion
Rukh Khan as its brand ambassador. Laboratory (JPL) in Southern California,
Muthoot Pappachan Group is the mapped 98% of Venus’s surface.
promoter of leading NBFCs including The mission provided the most
Muthoot FinCorp Limited (flagship detailed images of Venus to date, using
Company of the Group), Muthoot synthetic aperture radar to penetrate the
Microfin Limited, Muthoot Capital planet’s thick cloud cover.
Services Limited and Muthoot Housing Led by Davide Sulcanese of
Finance Company Limited. d’Annunzio University in Pescara, Italy, the
3. Govt appoints Saurabh Garg as full-time study analyzed Magellan’s radar data to
MoSPI Secretary uncover new lava flows in two locations: Sif
The government named 1991-batch Odisha Mons in Eistla Regio and the western part of
cadre IAS officer Saurabh Garg to hold Niobe Planitia.
additional charge of Secretary, Ministry of
News Connector
Statistics and Programme Implementation
(MoSPI). RBI = Releases = Final = Guidelines = for =
Garg, who currently holds the charge of Fintech = SRO
Secretary, Department of Social Justice & Government = Raises = Retirement = & =
Empowerment, has also been given charge of Death = Gratuity = Limits = to = Rs = 25 = Lakh
Secretary, National Statistical Commission RBI’s = greenfield = next = generation = data
(NSC). = centre = to = commence = operations = in =
FY25
Obituaries
RBI, = NPCI = to = start = work = on =
1. Oscar Winning Canadian Film Producer Albert
S. Ruddy Passed Away expanding = UPI = to = 20 = countries = by =
Albert Stotland Ruddy, the renowned Oscar FY29
winning Canadian Film Producer has passed Capital = Small = Finance = Bank, = ICICI =
away. Lombard = enter = into = bancassurance = tie-
In 1973, he won the Academy Award (Oscar) up =
for the Best Picture for the film 'The Monetary = penalties = imposed = by = RBI =
Godfather' (1972) at the 45th Academy on = regulated = entities = was = ₹86.11 = cr
Awards. = in = FY24
He also won an Oscar for the Best Picture for RBI = imposes = monetary = penalty = on =
the film 'Million Dollar Baby' (2004) at the SBM = Bank = (India)
77th Annual Academy Awards held in 2005.
Current Affairs by Kush Pandey: June 1 2024
India's = forex = reserves = drop = by = $2 = IAF = Contingent = Joins = ‘Red = Flag = 24’ =
bn = to = $646.67 = bn Exercise = in = Alaska
RBI = moves = 1 = lakh = kg = of = gold = from Hindi = Journalism = Day = 2024 = observed
= UK = back = to = India = on = May = 30
India's = fiscal = deficit = improves = to = Goa = Statehood = Day = 2024 = observed =
5.6% = of = GDP = in = FY24 on = May = 30
World = Unemployment = to = Fall = Slightly World = No = Tobacco = Day = 2024 =
= in = 2024 observed = on = May = 31
India's = GDP = growth = Appointment = of = Rakesh = Ranjan = as =
rate = jumps = to = 7.8% Chairman, = Staff = Selection = Commission =
= in = Q4; = FY24 = (SSC)
growth = at = 8.2% Shah = Rukh = Khan, = new = brand =
Mangroves = in = South = ambassador = of = Muthoot = Pappachan =
India, = Sri = Lanka = Group =
Labeled = ‘Critically = Govt = appoints = Saurabh = Garg = as = full-
Endangered time = MoSPI = Secretary
Russia = to = Remove = Taliban = From = NIMHANS = bags = the = Nelson = Mandela =
Terrorist = List Award = for = Health = Promotion = for =
India = successfully = concludes = hosting = of 2024 = by = the = World = Health =
= ATCM-46 = and = CEP-26 Organization
SpiceJet = launches = sign = language = NASA’s = Magellan = Mission = Discovers =
programme = for = cabin = crew Ongoing = Venus = Volcanic = Activity
Sweden = Boosts = Ukraine’s = Defenses =
with = Advanced = Radar = Planes
NOTES PRO BY KUSH PANDEY
Current Affairs by Kush Pandey: June 1 2024
Current Affairs by Kush Pandey: June 1 2024
Current Affairs by Kush Pandey: June 1 2024
Current Affairs by Kush Pandey: June 1 2024
Current Affairs by Kush Pandey: June 1 2024
Current Affairs by Kush Pandey: June 1 2024
Current Affairs by Kush Pandey: June 1 2024
Current Affairs by Kush Pandey: June 1 2024
Current Affairs by Kush Pandey: June 1 2024
