Gen Awa 5

Daily Current Affairs
18th June 2024

18th June 2024
CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Receives Risk Manager of the Year Award 2024
from London-based Central Banking
● The Reserve Bank of India (RBI) has been awarded the Risk Manager of the Year
Award 2024 by London-based Central Banking.
● RBI was recognized for improving its risk culture and awareness and for
implementing a new enterprise-wide risk management (ERM) framework across
the organisation.
● Executive Director Shri Manoranjan Mishra received the award on behalf of the
RBI.
● Rolling out the new ERM framework was challenging due to RBI’s large size, with
over 12,000 staff members.
● The previous ERM framework dated back to 2012, making the update necessary.
What is ERM?
● Enterprise Risk Management (ERM) is the process of planning, organizing,
directing, and controlling the activities of an organization to minimize the
harmful effects of risk on its capital and earnings.
● ERM includes managing financial, strategic, and operational risks, as well as risks
associated with accidental losses.
● ERM is designed to identify and manage risks across an entire organization and its
extended networks, using a holistic, company-wide approach rather than individual
business units managing risk separately.
About RBI :
● Established : 1 April 1935
● Headquarters : Mumbai, Maharashtra, India
● Governor : Shaktikanta Das
● Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T.
Rabi Shankar
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18th June 2024
Baroda BNP Paribas Mutual Fund Introduces Baroda BNP Paribas

Manufacturing Fund
● Baroda BNP Paribas
Mutual Fund has
launched the Baroda
BNP Paribas
Manufacturing Fund,
which is an open-
ended equity
scheme
predominantly
investing in
manufacturing
themes.
● The NFO of the
scheme is currently
open for subscription
and will close on June
24,2024.
● After the initial offer
period, the scheme
will reopen for
continuous sale and
repurchase within 5 business days from the date of allotment.
● The scheme will be benchmarked against Nifty India Manufacturing TRI.
● It will be managed by Jitendra Sriram.
Key Highlights :
● Investment Options:Minimum investment amount for lumpsum: Rs 1,000, with
subsequent investments in multiples of Re 1.
● Minimum application amount for SIP: Rs 500, with subsequent investments in
multiples of Re 1.
● Plan and Options Offered:The fund offers regular and direct plans with both growth
and IDCW (Income Distribution cum Capital Withdrawal) options.
● Exit Load Structure:Nil exit load for redemption or switching of up to 10% of units
within 1 year from the date of allotment.
● An exit load of 1% will be applicable if units of the scheme are redeemed or switched
out in excess of the limit within 1 year from the date of allotment.
● No exit load if units are redeemed or switched out after 1 year from the date of
allotment.
● Asset Allocation Strategy:The scheme's asset allocation includes:
➢ 80-100% in equity and equity related instruments of companies with a
manufacturing theme.
➢ 0-20% in other equity and equity related instruments.
➢ 0-20% in debt and money market instruments.
➢ 0-10% in units of mutual funds.
18th June 2024
➢ 0-10% in units issued by Real estate investment trusts (REITs) and

Infrastructure Investment Trusts (InvITs).
● Investor Suitability:The fund is suitable for investors seeking growth opportunities
with focused exposure to promising manufacturing companies.
About Baroda BNP Paribas Mutual Fund :
● CEO : Suresh Soni
Reserve Bank of India Broadens Overseas Portfolio Investment
Opportunities
● The Reserve Bank of India (RBI) issued a circular regarding overseas

investments, permitting resident individuals and listed companies to invest in
offshore funds managed by regulated fund managers.
● Purpose of Circular : To align India's overseas investment rules with the diverse
fund structures available abroad, thereby facilitating more diverse and efficient
investment opportunities for Indian investors.
● Previously, Indian regulations allowed investments only in foreign funds that were
regulated.
Key Highlights :
● Amendment Details:The amended paragraph reads as follows: “The investment
(including sponsor contribution) in units or any other instrument (by whatever name
called) issued by an investment fund overseas, duly regulated by the regulator for
the financial sector in the host jurisdiction, shall be treated as OPI [overseas portfolio
investments].
● Accordingly, in jurisdictions other than IFSCs [international financial services
centres], listed Indian companies and resident individuals may make such
investments.
● Whereas in IFSCs, an unlisted Indian entity also may make such OPI in units or any
other instrument (by whatever name called) issued by an investment fund or vehicle,
in terms of schedule V of the OI Rules subject to limits, as applicable.
● Impact of Amendment:Indian residents can now participate in a broader range of
overseas funds, provided the fund manager is regulated, thereby expanding
investment opportunities.
● Flexibility Introduced:The amendment introduces flexibility in the choice of
jurisdiction and the legal structure of the fund. It allows for investments not only in
offshore fund units but also in various fund structures like limited partnerships,
18th June 2024
Limited Liability Company (LLCs), Variable Capital Company (VCCs) and

corporations.
● Expert Insights:Experts from Obhan & Associates highlight that in some countries
such as the US and Singapore, it is the fund manager rather than the fund itself that
is regulated.
● Tax Efficiency and Opportunities:The amendment aims to enhance investment
opportunities for Indian investors, particularly in jurisdictions like Singapore that offer
attractive investment options and potential tax efficiency.
Banks to Urge Reserve Bank of India to Offer Incentives for Green
Financing
● Banks plan to request the Reserve Bank of India (RBI) to incentivise green
financing, including considering this category of lending, irrespective of loan
limit, as priority sector lending (PSL) or excluding infrastructure sector
exposure from overall credit for the purpose of arriving at annual PSL target.
Definition of Green Finance:
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● According to the G20 Green Finance Synthesis Report, Green finance is defined as
financing of investments that deliver environmental benefits in the broader context
of environmentally sustainable development.
Key Highlights :
● Environmental Benefits:Benefits include reduction in air, water, and land pollution,
reductions in greenhouse gas emissions, and improved energy efficiency.
● Current Cap on Renewable Energy Projects:Currently, there is a cap of ₹30 crore
for the inclusion of renewable energy projects under PSL.
● Challenges for Bigger Banks:Smaller banks can achieve PSL targets more easily
as they are less involved in infrastructure financing.
● Bigger banks, which finance large infrastructure projects, face challenges as their
base for the annual PSL target increases each year.
● Priority Sector Lending (PSL) Guidelines : PSL guidelines specify 8 categories of
priority sectors viz., (i) Agriculture; (ii) MSME; (iii) Export Credit; (iv) Education;
(v) Housing; (vi) Social Infrastructure; (vii) Renewable Energy; and (viii)
Others.
● Banks must achieve a PSL target of 40% of the previous year’s Adjusted Net
Bank Credit or the credit equivalent amount of Off-Balance Sheet Exposure,
whichever is higher as of the previous year-end.
● There are sub-targets within this overall PSL target for the aforementioned
categories.
CAMS Insurance Repository Services Introduces insurance portfolio
management platform - Bima Central
18th June 2024
● CAMSRep (CAMS
Insurance Repository
Services), a wholly-
owned subsidiary of the
Company and a leading
Insurance Repository
launches Bima Central,
a revolutionary one-stop
platform for simplifying
insurance portfolio
management.
● Aim of Bima Central :
To simplify insurance
portfolio management by
aggregating policy
benefits, ensuring claim-
readiness, and providing
easy access to policy
servicing.
Key Highlights :
Features of Bima Central :
● Users can manage Life,
Health, and Motor
policies through their
secure eInsurance
Account (eIA) opened
with CAMSRep.
● Features include
simplified policy
information, renewals &
reminders, profile
management (personal
data and nominee
information), policy
calendar, and more.
● Access and
Availability:Policyholders
with an existing
eInsurance Account (eIA)
with CAMSRep can
access Bima Central to
manage their policies across various insurers.
● New users can open an eIA instantly on Bima Central after completing KYC.
18th June 2024
● The platform is available in English and Hindi and accessible via Android, iOS, and
Web portal.
● Insurance Partners:SBI General is the anchor insurer partnering with Bima Central.
● Other insurers like ICICI Prudential Life, Star Union Daichi, TATA AIA, and
Aditya Birla Health are also in the process of integrating their services with the
platform.
● CEO of CAMSRep : Vivek Bengani
Kotak Mahindra Life Insurance and Mahindra Finance Form Partnership
to Provide Life Insurance Products
● Kotak Mahindra Life

Insurance Company
Limited (Kotak Life) has
partnered with Mahindra
& Mahindra Financial
Services Limited
(Mahindra Finance) to
offer life insurance
solutions to customers.
● The agreement was
signed by Mahesh Balasubramanian, MD, Kotak Mahindra Life Insurance
Company, and Raul Rebello, Managing Director & CEO, Mahindra Finance.
● The partnership aims to benefit over 10 million customers of Mahindra Finance by
providing a wide range of tailor-made life insurance solutions from Kotak Life.
● These life insurance offerings will be distributed by Mahindra Finance through its
extensive network of more than 1,400 branches spread across all states and Union
Territories (UTs).
About Kotak Mahindra Life Insurance Company Limited :
● Founded : 2001
● Managing Director : Mahesh Balasubramanian
About Mahindra & Mahindra Financial Services Limited (MMFSL) :
● Founded : 1991
● Vice Chairman & President : Ramesh Iyer
CURRENT AFFAIRS: NATIONAL NEWS

Union Jal Shakti Ministry Unveils Real-Time Ecological Monitoring
System
 The Union Jal Shakti Ministry has introduced an innovative e-flow ecological
monitoring system for real-time river quality monitoring of Ganga.
 This system is expected to significantly enhance the planning and oversight of various
projects, river water quality, and other essential parameters.
18th June 2024
Development and Purpose

 Developed by the National
Mission for Clean Ganga, a
branch of the Jal Shakti
Ministry, the Environmental
Flows (E-Flows) Monitoring
System was inaugurated in the
presence of Jal Shakti Minister
C.R. Patil.
 This advanced system not only
facilitates real-time analysis of
the water quality of the Ganga,
Yamuna, and their tributaries
but also oversees the activities
of the Namami Gange
programme at the central level.
Key Features and Functions
 Key features include monitoring
the performance of Sewage
Treatment Plants (STPs) to
ensure they operate at their
designated capacity.
 The Namami Gange
programme, a flagship initiative
of the Ministry, initially focused
on cleaning the Ganga and now extends to its
tributaries.
Significance of the Launch

 The introduction of the E-flow Monitoring
System represents a major advancement
towards maintaining a continuous and
sustainable flow of the Ganga River.
 By utilizing data from quarterly reports by the
Central Water Commission, the system will
monitor crucial parameters such as in-flow, out-
flow, and mandated E-flow across 11 projects
along the Ganga Main Stream.
47% of urban Indians faced financial

fraud in last 3 years:
 According to the survey, 47% of urban Indians
reported being victims of financial fraud
themselves or within their families over the
past three years.
18th June 2024
 A recent survey by LocalCircles reveals alarming statistics about financial frauds in

urban India.
Credit Card Fraud: A Common Concern

 Among those affected, 43% experienced fraudulent activities involving their credit cards.
 A significant number, 1 in 2 victims, encountered unauthorized charges from both
domestic and international merchants and websites.
Challenges with UPI Transactions

 Meanwhile, 30% of respondents faced fraud through UPI transactions. Shockingly, 4 in
10 victims reported that links or QR codes intended for payment acceptance instead
resulted in unauthorized debits from their accounts.
Calls for Strengthening Safeguards

 The survey underscores the urgent need for stronger safeguards by regulatory bodies
such as RBI, as well as by UPI and credit card issuing banks. With over 23,000
responses across 302 districts, the study highlights the pervasive nature of these threats
in the financial landscape.
 This rephrased version organizes the information into clear sections with informative
headlines to enhance readability and understanding.
PM Modi to release Rs 20,000 crore of PM-Kisan Samman fund into 9.26

crore bank accounts of farmers
 Prime Minister Narendra Modi is set to release the 17th instalment of the Pradhan
Mantri Kisan Samman Nidhi (PM-KISAN) scheme in Uttar Pradesh.
 This instalment, amounting to over Rs 20,000 crores, will be distributed through Direct
Benefit Transfer to approximately 9.26 crore beneficiary farmers.
PM-KISAN: A Game-Changer for Farmer Welfare

 Since its inception, the PM-KISAN scheme has disbursed a staggering Rs 3.04 lakh
crore to more than 11 crore eligible farmer families, demonstrating its significant impact
and extensive reach.
New Initiatives in UP and Bihar

 During his visit to
Uttar Pradesh
and Bihar on
June 18-19,
Prime Minister
Modi will unveil
several key
initiatives.
 Among them, he
will confer
certificates to
over 30,000
women from Self
18th June 2024
Help Groups (SHGs), formally recognizing them as Krishi Sakhis.

 These women will play pivotal roles in the Krishi Sakhi Convergence Program
(KSCP), empowering them as Para-extension Workers and advancing rural
transformation.
Empowering Women through the "Lakhpati Didi" Program

 The certification aligns with the objectives of the "Lakhpati Didi" Program, aimed at
fostering economic self-sufficiency among rural women.
Inauguration of Nalanda University's New Campus
 Additionally, Prime Minister Modi will inaugurate the new campus of Nalanda University
in Rajgir, Bihar.
 The university, a collaborative endeavour involving India and East Asia Summit (EAS)
countries, will feature state-of-the-art facilities and significant capacity.
About The Pradhan Mantri Kisan Samman Nidhi

 The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), a Central Sector Scheme, aims
at providing financial assistance to all cultivable landholding farmer families across the
country, subject to certain exclusion criteria.
 The PM-KISAN Scheme was launched in Feb. 2019.
 Under the Scheme, an amount of Rs. 6000/- is transferred annually in three equal
instalments of Rs.2000/- directly into the Aadhaar Seeded bank accounts of the farmers.
 The Government of India has disbursed over Rs 2.60 Lakhs Crores to more than 11 Cr
farmers.
 The state of West Bengal joined the Scheme from the 8th instalment (April-July, 2021)
as initially, the State desired that the funds under the PM-KISAN Scheme be transferred
to the State Government for onward disbursement to the farmers through the State
Government.
India Aims for 250 Vande Bharat Sleeper Trains by 2029

 Railways Minister Ashwini Vaishnaw announced that trials for Vande Bharat sleeper
trains will commence within the next two months, with operations expected to begin
six months
thereafter.
 These self-propelled
trains are set to
provide enhanced
features surpassing
those of Rajdhani
Express trains.
Expansion Plans
 The minister
outlined plans to
introduce
approximately 250
Vande Bharat
18th June 2024
sleeper trains by 2029, marking a significant expansion in India's rail network.
Government Subsidy and Operational Costs

 Vaishnaw highlighted the financial dynamics of rail ticket pricing, noting that while a
product costing Rs 100 might typically be sold for Rs 105-110, the government
subsidizes Rs 55 per rail ticket.
 This results in an annual subsidy burden of Rs 59,000 crore for the government.
Current Rail Operations
 During his address, Vaishnaw mentioned that Indian Railways operated 19,837 trains
during the recent summer season, transporting nearly 40 million passengers nationwide.
Advancements in Safety Technology

 The minister also reported progress in railway safety technology, noting the installation
of the automatic train protection (ATP) system named Kavach along a 6,000 km route.
 Tenders for Kavach have already been awarded for the Delhi-Mumbai and Delhi-
Howrah corridors, enhancing safety measures across key routes.
Railway officials inspect the world's highest bridge, Chenab Rail Bridge
in J&K
 Indian Railway officials has conducted a comprehensive inspection of the newly
constructed world's highest railway bridge over the Chenab River in Jammu and
Kashmir.
 This engineering marvel, linking Sangaldan in Ramban district to Reasi, is set to
launch train
services soon,
according to
Northern Railway
officials.
Successful Trial
Run
 Engineer Deepak
Kumar from
Konkan Railways
confirmed that the
first trial train
completed its
journey from Sangaldan to Reasi, marking a significant milestone in connecting the
Valley with the rest of the country.
 Railway Minister Ashwini Vaishnaw announced the successful trial, highlighting its
importance for the Udhampur-Srinagar-Baramulla Rail Link (USBRL) project.
Project Overview
 Currently, train services operate from Kanyakumari to Katra and from Baramulla to
Sangaldan in the Kashmir Valley.
18th June 2024
 The USBRL project, including the crucial 48.1 km Banihal-Sangaldan section, is

scheduled for completion by the end of this year.
 Prime Minister Narendra Modi inaugurated the USBRL project on February 20,
2024, underscoring its strategic significance for regional connectivity and development.
About the Chenab rail bridge project

 Phase I of the project, covering the 118 km long Qazigund-Baramulla section, was
inaugurated in October 2009.
 Subsequent phases saw the inauguration of the 18 km long Banihal-Qazigund section in
June 2013 and the 25 km long Udhampur-Katra section in July 2014.
 The Chenab Rail Bridge, constructed 359 metres (around 109 feet) above the Chenab
River in the Jammu and Kashmir region, is some 35 metres taller than the Eiffel Tower.
 The 1,315 metre-long bridge is part of a broader project which aims to make the
Kashmir valley accessible by the Indian Railway network.
Shivraj Singh Chouhan to boost Agri and Rural Development

coordination, eyes 90,000 Krishi Sakhis
 Shivraj Singh Chouhan indicated his plan to build a synergy between the two
ministries, which the previous ministers in the NDA government probably missed.
 The initiative involves creating a
team of 90,000 Krishi Sakhis,
women associates in the
agricultural sector, who will
guide farmers in adopting new
technologies and modern farming
practices.
 Currently, 34,000 Krishi Sakhis
have already received training,
to reach 90,000.
Collaboration with Self-Help

Groups
 Most Krishi Sakhis are recruited
from self-help groups overseen
by the Rural Development
ministry.
 Following a memorandum of
understanding (MoU), the
Agriculture ministry has been
closely coordinating with the
Rural Development ministry.
Financial Empowerment through Training

 Upon completion of their training, Krishi Sakhis are expected to earn an additional
income of Rs 60,000-80,000 annually by assisting farmers with various agricultural
activities.
18th June 2024
Rollout of the Krishi Sakhi Programme

 The Krishi Sakhi programme has been initiated in 12 states: Gujarat, Tamil Nadu,
Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Karnataka, Maharashtra,
Rajasthan, Odisha, Jharkhand, Andhra Pradesh, and Meghalaya.
 This initiative not only aims to empower women in agriculture but also promises to
enhance agricultural productivity through the adoption of modern practices facilitated by
trained Krishi Sakhis.
CURRENT AFFAIRS : INTERNATIONAL NEWS

United Nations Lists Hamas and Israel for Violations of Children's Rights
● The United Nations has added Israel's military, Hamas and Palestinian Islamic
Jihad's armed wing for the first time to its list of offenders for violating children’s
rights.
● These three entities, along with Sudan's warring parties, have been identified for the
killing and maiming of children.
Key Highlights :
● Report on Children in Armed Conflict:The report titled "Children in Armed Conflict"
highlighted that children were killed and maimed in unprecedented numbers.
● UN Secretary-General's Statement:UN Secretary General António Guterres noted
that the conflict between Israel and Palestinian groups has led to grave violations of
children's rights on an unprecedented scale and intensity, especially in Gaza.
● Increase in Violations:The conflict in Gaza has resulted in a 155% increase in
"grave violations" against children.
● Verified Violations:In 2023, the UN verified more than 8,000 grave violations
against 4,247 Palestinian children and 113 Israeli children.
18th June 2024
● Annual Compilation:Each year, the Secretary-General compiles a global list of

countries and militias that threaten and intimidate children.
● This list includes entities from various conflicts, such as Myanmar's Kachin
Independence Army and Russia during its war with Ukraine.
● Submission to the Security Council:António Guterres sends this list to the
Security Council, which then decides whether to take action based on the compiled
information.
About United Nations (UN) :
● Established : 1945
● Headquarters : New York City, USA
● Membership : 193 member states, 2 observer states
CURRENT AFFAIRS: AWARDS AND HONOURS
MIFF 2024 Launches Inaugural Documentary Film Bazaar
 The 18th Mumbai International Film Festival (MIFF) 2024 witnessed the
inauguration of its first-ever Documentary Film Bazaar, marking a significant
milestone for the festival as the leading platform for non-feature films in South Asia.
 The Documentary Film Bazaar, a
pioneering initiative, aims to
elevate the documentary film
industry by providing filmmakers
with a unique platform to connect
with buyers, sponsors, and
collaborators.
 Held from June 16 to 18, 2024, at
the NFDC complex, this
groundbreaking event has
attracted nearly 200 projects
from 10 countries, spanning 27
languages.
Inauguration and Key Figures

 Film Producer Ms. Apoorva Bakshi
inaugurated the Doc Film Bazaar
in the presence of Shri Prithul
Kumar, Festival Director of MIFF
and Managing Director of NFDC,
and Ms. Smita Vats Sharma, ADG
PIB (West Zone) and CEO of
CBFC. Ms. Bakshi encouraged
filmmakers to seize the opportunities of the Bazaar for effective collaboration and
exploration of new ideas.
Curated Verticals
The Bazaar features three main verticals:
18th June 2024
 Co-production Market: Showcasing 16 projects to connect filmmakers with

potential collaborators and financiers globally.
 Work-in-Progress (WIP) Lab: Featuring 6 projects in rough-cut stages, providing

crucial feedback and mentorship.
 Viewing Room: Exhibiting 106 completed documentaries, short films, and

animations to curated delegates for distribution and funding opportunities.
Additional Highlights
 Apart from these segments, the Bazaar includes an 'Open Buyer-Seller Meet' facilitating
collaborations across production, syndication, acquisition, distribution, and sales.
 It also explores the intersection of documentary filmmaking and corporate branding, with
sessions on CSR funding and societal impact.
Global Presence and Engagement
 The Bazaar hosts stalls from diverse organizations such as Maharashtra Film, Stage
and Cultural Development Cooperation Ltd., and features international
representation from countries like Sri Lanka, Belarus, Iran, and Argentina, facilitated
by the Union Ministry of Tourism.
CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Paytm in Discussions with Zomato to Divest its Movie and Ticketing
Business
18th June 2024
● Food delivery major Zomato is in advanced talks to acquire fintech player Paytm’s
movie and event ticketing business, a potential deal that is pegged in the range of
Rs 1,600 crore-2,000 crore.
● The talks are taking place at a time when Paytm is focusing on its payments and
financial services business.
● Paytm is refocusing on its core payments and financial services, consolidating its
movies business and insider vertical into a single team.
Key Highlights :
● Zomato's Investment Strategy:Zomato plans to invest Rs 100 crore in its
entertainment business, particularly in live events and ticketing, signaling its
commitment to expand in this segment.
● Financial Details:Paytm's broader marketing services segment, which includes
ticketing and movies, recorded annual sales of approximately $208 million for the
financial year ending March 2024.
● Strategic Moves by Paytm:Paytm aims to reduce employee costs and anticipates
annualized savings of Rs 400-500 crore, emphasizing profitability and scaling its
larger business units.
● Strategic Alignment for Zomato:The acquisition aligns with Zomato's strategy to
bolster its presence in the entertainment sector and diversify its revenue streams
beyond food delivery.
● Comparative Acquisition:If finalized, this acquisition would be Zomato's second-
largest after acquiring Blinkit in 2022 for $569 million in an all-stock deal.
● Investment Confirmation by Zomato:Zomato reiterated its investment commitment
of Rs 100 crore in Zomato Entertainment, underscoring its growth plans in the live
events and ticketing domain.
About Paytm :
● Founded : August 2010
● Headquarters : Noida, Uttar Pradesh, India
● Founder & CEO : Vijay Shekhar Sharma
About Zomato :
● Founded : July 2008
● Headquarters : Gurgaon, Haryana, India
● MD & CEO : Deepinder Goyal
CURRENT AFFAIRS : DEFENCE NEWS
India to host its 1st multinational air exercise Tarang Shakti in August
2024
18th June 2024
● The Indian Air Force (IAF)

will host its first
multinational air exercise,
Tarang Shakti-2024, in
August 2024.
Participating Countries:
● The exercise will likely see
participation from 10
countries, including
Australia, France, Germany,
Japan, Spain, the United
Arab Emirates, the United
Kingdom, and the United
States.
● Additional countries will
participate as observers.
Purpose and Interoperability:
● To invite friendly foreign
countries with which the IAF
has regular interactions and a
certain degree of
interoperability.
Scheduling and Phases:
● Tarang Shakti-2024 was
initially planned for the end of
2023 but got deferred.
● It will be conducted in two
phases:
1. The first phase will be
in southern India in the
first two weeks of August.
2. The second phase will be in the western sector from the end of August to
mid-September.
Specific Contributions:
● Germany will deploy fighter jets and an A-400M transport aircraft, which is a
contender for the IAF's tender for medium transport aircraft.
About IAF :
● Established : 1932
● Headquarters : New Delhi, Delhi
● Chief of Defence Staff : General Anil Chauhan
● Chief of the Air Staff : Air Chief Marshal Vivek Ram Chaudhari
Indian Air Force Contingent Participates In Exercise Red Flag 2024
18th June 2024
Conducted At Eielson Air Force Base, Alaska
● An Indian Air Force (IAF) contingent participated in the Exercise Red Flag 2024
conducted at Eielson Air Force Base, Alaska of the United States Air Force,
from 04 June to 14 June 2024.
● This was the 2nd edition of Red Flag 2024, an advanced aerial combat training
exercise held 4 times a year by the US Air Force (USAF).
Key Highlights :
● International Participants:Participating forces included the IAF, Republic of
Singapore Air Force (RSAF), Royal Air Force (RAF) of the United Kingdom, Royal
Netherlands Air Force (RNLAF), German Luftwaffe, and the USAF.
● IAF Deployment:The IAF contingent participated with the Rafale aircraft and
personnel comprising aircrew, technicians, engineers, controllers and subject matter
experts.
● The transatlantic ferry of Rafale fighter aircraft was enabled by the IL-78 Air to Air
Refuellers (AAR), while the transportation of personnel and equipment was
undertaken by the C-17 Globemaster aircraft.
● The contingent landed at Eielson, USAF base in Alaska on 29 May 2024.
● Historic Participation:This was the first time IAF Rafale aircraft participated in
Exercise Red Flag, operating alongside RSAF and USAF F-16s, F-15s, and USAF
A-10 aircraft.
● Exercise Missions : The missions included Beyond Visual Range (BVR) combat
exercises as a part of Large Force Engagements (LFE), in Offensive Counter Air
and Air Defence roles.
● The IAF crew were actively involved in mission planning and also assumed the role
of Mission Leaders for designated missions during the exercise.
● Key Takeaways:Insights on interoperability with international partners and
collaborative understanding of employment philosophy in a multinational
environment.
18th June 2024
● Experience in long-distance ferrying with Air to Air refuelling, providing valuable

experience for the younger crew.
● Undertaking their return journey, the contingent is planned to split enroute along with
their mutual support elements and participate in exercise with Air Force elements of
Greece and Egypt, before landing back in India on 24 June 2024.
About Exercise Red Flag :
● Red Flag is an air combat exercise conducted with multiple scenarios designed to
provide realistic combat settings.
● A demarcation of forces is done for simulating the desired environment, with the Red
Force simulating Air Defence elements, and the Blue Force simulating the Offensive
Composite elements.
Note :
● The first Red Flag exercise was conducted in compliance with General Dixon's
schedule on 29 November 1975 and included 37 aircraft, supported by 561
personnel, flying some 552 sorties.
CURRENT AFFAIRS: MOUS AND AGREEMENT
MEA and SBI Join Forces to Enhance Digital Payments for Indian
Migrant Workers
 The Ministry of External Affairs (MEA) and the State Bank of India (SBI) have
formalized a Memorandum of Understanding (MoU) to integrate SBI’s payment
gateway, SBIePay, with the eMigrate portal.
 This collaboration aims to strengthen digital payment services for Indian migrant
workers, recruiting agents, and portal users.
Facilitating Safe and Legal Migration

 Launched in 2014, the eMigrate portal facilitates transparent emigration processes by
connecting foreign employers, registered agents, and insurance providers.
 This integration with SBIePay expands payment options for emigration-related fees,
including UPI, credit/debit cards, and NEFT through net banking, with zero transaction
charges.
Enhanced Efficiency and Compliance

 The initiative aims to simplify financial transactions associated with overseas
employment, promoting efficiency and compliance with emigration regulations.
 Leveraging SBI’s robust payment infrastructure underscores MEA’s commitment to
secure and lawful migration pathways for Indian workers.
Streamlined Financial Transactions
18th June 2024
 Following the integration, the enhanced digital payment

service will streamline critical financial transactions,
benefiting all stakeholders involved in the emigration
process.
 This collaboration marks a significant step towards
enhancing transparency and convenience in emigration-
related financial transactions, aligning with India's efforts to
safeguard the interests of its migrant workforce.
CURRENT AFFAIRS: IMPORTANT DAYS

Autistic Pride Day 2024: June 18
 Every year on June 18th, the globe celebrates Autistic
Pride Day to raise awareness that autism is a condition,
not a disease.
 Aspies for Freedom established Autistic Pride Day in
2005 by Aspies for Freedom to improve public awareness
and celebrate the similarities and differences among persons with autism.
 It swiftly grew into a worldwide phenomenon that is extensively seen both online and
offline.
 Aspies For Freedom (AFF) is a grassroots advocacy and solidarity organisation
dedicated to increasing public awareness of the autism rights movement.
 AFF's mission is to inform the public that autism is not necessarily a handicap and that
there are benefits as well as drawbacks.
Daily CA One-Liner: June 18

 The Union Jal Shakti Ministry has introduced an innovative e-flow ecological
monitoring system for real-time river quality monitoring of Ganga.
 According to the survey, 47% of urban Indians reported being victims of financial
fraud themselves or within their families over the past three years
18th June 2024
 Prime Minister Narendra Modi is set to release the 17th instalment of the Pradhan
Mantri Kisan Samman Nidhi (PM-KISAN) scheme in Uttar Pradesh
 Railways Minister Ashwini Vaishnaw announced that trials for Vande Bharat sleeper
trains will commence within the next two months, with operations expected to begin
six months thereafter
 Indian Railway officials conducted a comprehensive inspection of the newly
constructed world's highest railway bridge over the Chenab River in Jammu and
Kashmir
 Shivraj Singh Chouhan indicated his plan to build a synergy between the two
ministries, which the previous ministers in the NDA government probably missed
 The 18th Mumbai International Film Festival (MIFF) 2024 witnessed the
inauguration of its first-ever Documentary Film Bazaar, marking a significant
milestone for the festival as the leading platform for non-feature films in South Asia
 The Ministry of External Affairs (MEA) and the State Bank of India (SBI) have
formalized a Memorandum of Understanding (MoU) to integrate SBI’s payment
gateway, SBIePay, with the eMigrate portal
 The Reserve Bank of India (RBI) has been awarded the Risk Manager of the Year
Award 2024 by London-based Central Banking.
 Baroda BNP Paribas Mutual Fund has launched the Baroda BNP Paribas
Manufacturing Fund, which is an open-ended equity scheme predominantly investing
in manufacturing themes.
 The Reserve Bank of India (RBI) issued a circular regarding overseas investments,
permitting resident individuals and listed companies to invest in offshore funds
managed by regulated fund managers.
 Banks plan to request the Reserve Bank of India (RBI) to incentivise green
financing, including considering this category of lending, irrespective of loan limit,
as priority sector lending (PSL) or excluding infrastructure sector exposure from
overall credit for the purpose of arriving at annual PSL target.
 CAMSRep (CAMS Insurance Repository Services), a wholly owned subsidiary of the
Company and a leading Insurance Repository launches Bima Central, a revolutionary
one-stop platform for simplifying insurance portfolio management.
 Kotak Mahindra Life Insurance Company Limited (Kotak Life) has partnered with
Mahindra & Mahindra Financial Services Limited (Mahindra Finance) to offer life
insurance solutions to customers.
 The United Nations has added Israel's military, Hamas and Palestinian Islamic
Jihad's armed wing for the first time to its list of offenders for violating children’s
rights.
 Food delivery major Zomato is in advanced talks to acquire fintech player Paytm’s
movie and event ticketing business, a potential deal that is pegged in the range of Rs
1,600 crore-2,000 crore.
 The Indian Air Force (IAF) will host its first multinational air exercise, Tarang
Shakti-2024, in August 2024.
 An Indian Air Force (IAF) contingent participated in Exercise Red Flag 2024
conducted at Eielson Air Force Base, Alaska of the United States Air Force, from
04 June to 14 June 2024.
18th June 2024
 Every year on June 18th, the globe celebrates Autistic Pride Day to raise awareness
that autism is a condition, not a disease.

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Daily Current Affairs

18th June 2024

CURRENT AFFAIRS : BANKING & FINANCE

Baroda BNP Paribas Mutual Fund Introduces Baroda BNP Paribas

➢ 0-10% in units issued by Real estate investment trusts (REITs) and

● The Reserve Bank of India (RBI) issued a circular regarding overseas

Limited Liability Company (LLCs), Variable Capital Company (VCCs) and

● Kotak Mahindra Life

CURRENT AFFAIRS: NATIONAL NEWS

Development and Purpose

Significance of the Launch

47% of urban Indians faced financial

 A recent survey by LocalCircles reveals alarming statistics about financial frauds in

Credit Card Fraud: A Common Concern

Challenges with UPI Transactions

Calls for Strengthening Safeguards

PM Modi to release Rs 20,000 crore of PM-Kisan Samman fund into 9.26

PM-KISAN: A Game-Changer for Farmer Welfare

New Initiatives in UP and Bihar

Help Groups (SHGs), formally recognizing them as Krishi Sakhis.

Empowering Women through the "Lakhpati Didi" Program

About The Pradhan Mantri Kisan Samman Nidhi

India Aims for 250 Vande Bharat Sleeper Trains by 2029

sleeper trains by 2029, marking a significant expansion in India's rail network.

Government Subsidy and Operational Costs

Advancements in Safety Technology

 The USBRL project, including the crucial 48.1 km Banihal-Sangaldan section, is

About the Chenab rail bridge project

Shivraj Singh Chouhan to boost Agri and Rural Development

Collaboration with Self-Help

Financial Empowerment through Training

Rollout of the Krishi Sakhi Programme

CURRENT AFFAIRS : INTERNATIONAL NEWS

● Annual Compilation:Each year, the Secretary-General compiles a global list of

Inauguration and Key Figures

 Co-production Market: Showcasing 16 projects to connect filmmakers with

 Work-in-Progress (WIP) Lab: Featuring 6 projects in rough-cut stages, providing

 Viewing Room: Exhibiting 106 completed documentaries, short films, and

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

● The Indian Air Force (IAF)

Conducted At Eielson Air Force Base, Alaska

● Experience in long-distance ferrying with Air to Air refuelling, providing valuable

Facilitating Safe and Legal Migration

Enhanced Efficiency and Compliance

Streamlined Financial Transactions

 Following the integration, the enhanced digital payment

CURRENT AFFAIRS: IMPORTANT DAYS

Daily CA One-Liner: June 18

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