National News

Jyotiraditya Scindia Launches NE-RACE Portal and Mobile App for Northeast Farmers.

• Union Minister for the Development of the North East Region, Jyotiraditya Scindia, has launched the North East Region Agri Commodity E-Connect (NERACE) portal and mobile app.
• This initiative aims to benefit farmers in the northeast by positioning the region as a hub for high-value horticultural products in the international market.
• The NERACE app supports various agricultural and horticultural products such as spices, fruits, vegetables, pulses, cereals, and minor forest products, promoting the Northeast as a reliable partner in the global agricultural value chain.
• With the introduction of the NERACE portal and mobile app, farmers in the northeast can now connect more effectively with markets, enhancing their productivity and profitability.
• This digital platform is expected to revolutionize the agricultural landscape in the region by providing better market access and support for high-value crops.

Maharashtra Government Launches Scheme to Boost Youth Employability.

• The Maharashtra government has introduced the Mukhyamantri Yuva Karya Prashikshan Yojana (Chief Minister Youth Work Training Scheme).
• This scheme provides valuable internship opportunities to young individuals, equipping them with essential skills and enhancing their employability in a competitive job market.
• With a provision of ?5,500 crore, the scheme targets candidates aged 18 to 35 residing in Maharashtra, offering internships with stipends based on educational qualifications.
• The scheme aims to empower youth with practical skills and foster entrepreneurship and innovation.

    About Maharashtra

• Capital: Mumbai
• Chief Minister: Eknath Shinde
• Deputy Chief Ministers: Devendra Fadnavis and Ajit Pawar
• Governor: Ramesh Bais

                     Banking and Financial

NABARD Announces ‘Agri SURE’ Fund of Rs 750 Crore Under NABVENTURES.

• The National Bank for Agriculture and Rural Development (NABARD) has introduced the 'Agri SURE' fund, targeting start-ups and rural enterprises with an initial corpus of ?750 crore.
• This fund, managed by NABARD's subsidiary Nabventures, includes ?250 crore each from NABARD and the Ministry of Agriculture, with the remaining ?250 crore from other institutions.
• Designed to support approximately 85 agri start-ups with investments up to ?25 crore each, the fund aims to foster innovative, technology-driven initiatives, enhance the farm produce value chain, create new rural ecosystem linkages, generate employment, and support Farmers Producer Organisations (FPOs).

SBI Launches Amrit Vrishti 444-Days Term Deposit with 7.25% Interest Rate

• State Bank of India (SBI) has launched a 444-day term deposit scheme called "Amrit Vrishti," offering an interest rate of 7.25% for domestic and non-resident Indian customers, effective from July 15, 2024.
• Senior citizens will receive an additional 0.50% interest on this scheme.
• The scheme is available for investment until March 31, 2025, providing an opportunity for retail investors to benefit from higher interest rates.

   Recent Facilities Launched in the Banking & Insurance Sector

• Bajaj Finserv AMC: Launched Savings+ product for retail investors.
• SBI: Introduced an online loan facility against mutual fund units via internet banking and the YONO app.
• PNB: Launched ‘Safety Ring’ to enhance security for internet and mobile banking.
• Shriram Life Insurance Company: Launched a Deferred Annuity Plan for steady retirement income.
• LIC: Launched ‘Jeevan Samarth’ to transform the agency ecosystem.
• Paytm: Launched ‘Health Saathi’ plan for its merchant partners.

ADB Approves USD 240.5 Million Loan for Rooftop Solar Systems in India.

• The Asian Development Bank (ADB) has sanctioned a $240.5 million loan to support India's rooftop solar systems.
• This funding is part of the second and third tranches of the Multitranche Financing Facility (MFF) Solar Rooftop Investment Program, initially approved in 2016.
• The program focuses on deploying residential solar rooftop systems, aligning with India's goal to achieve about 50% of cumulative electric power installed capacity from non-fossil fuel sources by 2030.

   Recent ADB Loans Approved for India

• Pandemic Preparedness: $170 million to strengthen pandemic preparedness and response.
• Ahmedabad Livability and Mobility: $181 million to improve livability and mobility.
• Brahmaputra Flood and Erosion Risk: $200 million to tackle flood and erosion risks.
• Delhi-Meerut RRTS: $250 million for the development of the Delhi-Meerut Regional Rapid Transit System.
• Industrial Corridor Development: $250 million for industrial corridor development.
• Uttarakhand Power System: $200 million for the power system project.

LIC Partners with IDFC First Bank to Boost Bancassurance.

• The Life Insurance Corporation of India (LIC) has entered into a Corporate Agency Arrangement with IDFC First Bank Ltd.
• This collaboration aims to enhance bancassurance, enabling over 1 crore customers of IDFC First Bank to purchase LIC policies through the bank.
• The initiative facilitates digital onboarding, allowing customers to buy LIC policies online via the bank's website, aligning with the goal of providing life insurance coverage to all by 2047.

  About Life Insurance Corporation of India (LIC)

• Founded: September 1, 1956
• Headquarters: Mumbai, Maharashtra
• Chairperson: Siddharth Mohanty

ADB Maintains India’s GDP Growth Forecast at 7% for FY25.

• The Asian Development Bank (ADB) has retained India’s GDP forecast at 7% for FY2024-25, matching the International Monetary Fund’s (IMF) projection.
• ADB also maintains a 7.2% growth forecast for FY2025-26.
• India's industrial sector is expected to grow robustly, driven by manufacturing and construction demand.
• Agriculture is anticipated to rebound with an above-normal monsoon forecast, while strong public investment is likely to sustain high investment demand.

   Updated GDP Growth Estimates from Various Institutions

• IMF: 7% (FY25), 6.5% (FY26)
• NCAER: 7.5% (FY25)
• S&P: 6.8% (FY25), 6.9% (FY26), 7% (FY27)
• Fitch Rating: 7.2% (FY25)
• CII: 8% (FY25)
• World Bank: 6.6% (FY25), 6.7% (FY26), 6.8% (FY27)
• RBI: 7.2% (FY25)
• Goldman Sachs: 6.8% (FY25), 6.9% (CY24)

                    Appointments

Sumant Sinha Named Co-Chair of Global CEO Climate Leaders Alliance.

• As Chairman and CEO of ReNew Energy Global PLC, Sumant Sinha has been named co-chair of the worldwide Alliance of CEO Climate Leaders.
• He has held the role of Co-Chair for the Alliance's India chapter since 2022.

  About Climate Leaders Alliance

• Established by the World Economic Forum (WEF): Introduced in 2014, the Alliance of CEO Climate Leaders is the largest CEO-led climate alliance on a global scale.
• Objective: To establish a robust network of business leaders dedicated to climate action.
• Comprised of 130 CEOs spanning 12 industries across 26 countries.
• Represents USD 4 trillion in revenues and 5.2 Gigatonnes (GT) of carbon emissions, approximately 10% of global emissions.

Asian Paralympic Committee appoints Deepa Malik as representative for South Asia.

• Deepa Malik, India’s inaugural female Paralympic medalist, has been appointed as the sub-regional representative for South Asia by the Asian Paralympic Committee (APC).
• This significant appointment was confirmed during the APC's 34th Executive Board meeting, marking a notable advancement for gender diversity and athlete-centered leadership in para-sports.
• Formerly the chief of the Paralympic Committee of India, Deepa Malik's selection increases the number of female representatives on the APC Executive Board to five, achieving the highest female representation in the organization's history.

  About the Asian Paralympic Committee:

• Established: October 30, 2002
• Headquarters: Dubai, UAE
• Members: 45
• President: Majid Rashad

South Indian Bank appoints Dolphy Jose as Whole-time Director .

• South Indian Bank Limited has appointed Dolphy Jose as the Whole-time Director (Executive Director) of the Bank.
• Jose brings extensive experience, having served as Executive Vice President of Institutional Business (Retail Liabilities) at Kotak Mahindra Bank Ltd. for nearly two decades.
• Prior to this, he held key roles at The Karur Vysya Bank, including CGM and Group Head.

  Recent Appointments in Banking & Insurance Sector

• Arun Kumar Bansal named MD & CEO of - Paytm Payments Bank
• Shashi Kataria appointed CFO of - Quant Mutual Fund, succeeding Harshal Patel
• Rashmi Bajpai and Amit Mishra appointed Executive Directors of - Oriental Insurance Company Ltd
• Hitesh Ramesh Chandra Joshi and Radhika C.S - appointed Executive Directors at GIC Re
• Prasad C.G and T. Babu Paul appointed Executive - Directors at National Insurance Company Ltd

ESAF Small Finance Bank Receives RBI Approval for K Paul Thomas's Re-appointment as MD & CEO .

• ESAF Small Finance Bank has obtained the Reserve Bank of India’s (RBI’s) approval to re-appoint K Paul Thomas as its Managing Director & CEO for another three-year term.
• The RBI conveyed this decision through a letter dated May 16, 2024, issued under the Banking Regulation Act, 1949.
• Additionally, Paul Thomas serves as the Chairman of Sa-Dhan, the leading association representing microfinance and impact finance institutions in India.

  About ESAF Small Finance Bank

• Founded on March 10, 2017
• Founders include Paul Thomas, Mereena Paul, and Jacob Samuel
• Headquartered in Thrissur, Kerala
• MD & CEO: Paul Thomas
• Chairperson: P R Ravi Mohan

                    Books and Author

PM Signs Dr R Balasubramaniam’s Book ‘Power Within: The Leadership Legacy of Narendra Modi’

• Prime Minister Narendra Modi met with Dr R Balasubramaniam and autographed a copy of his book ‘Power Within: The Leadership Legacy of Narendra Modi’.
• The book delves into Prime Minister Modi’s leadership journey, offering insights through both Western and Indic perspectives, aimed at guiding those interested in public service.
• “Power Within” stands out as a distinctive analysis of Prime Minister Modi’s leadership, employing a dual analytical approach.

  Recent Books

• "I have the Streets" by R Ashwin & Sidharth Monga
• "Gateways to the Sea" launched by Maharashtra Governor Ramesh Bais
• "The Adventures of Ed-a-Mamma: Ed Finds A Home" launched by Alia Bhatt
• "India’s Trade Policy: The 1990s and Beyond" by Arvind Panagariya
• "An Anchored Vision" by Karumuttu T Kanan
• "India and The Indian Ocean: World Trade and Politics" by Ashin Das Gupta

                     Sports News

Shaurya Bawa Wins Bronze at World Junior Squash Championship.

• Shaurya Bawa of India clinched the bronze medal at the World Junior Squash Championships in Houston.
• In a competitive semifinal match, Bawa faced Egyptian top seed Mohamed Zakaria, losing 0-3 with scores of 5-11, 5-11, 9-11 in a thrilling contest that lasted 41 minutes.
• This achievement makes Bawa only the second Indian male, following Kush Kumar in 2014, to reach the semifinals of the World Junior Squash Championships.

India Excels at 35th International Biology Olympiad 2024 in Kazakhstan.

• The Indian team achieved remarkable success at the 35th International Biology Olympiad (IBO) 2024 in Astana, Kazakhstan.
• Vedant Sakre from Mumbai won a gold medal, while Ishan Pednekar from Ratnagiri, Shrijith Sivakumar from Chennai, and Yashashwi Kumar from Bareilly secured silver medals.
• The team was led by Prof. Sasikumar Menon and Dr. Mayuri Rege, with Dr. Rajesh Patkar and Dr. Devesh Suthar as scientific observers.