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DAILY NEWSLETTER 08/06/24

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Important Q&A
MoD Signs MoUs to Expand SPARSH
Service Centers by partnerships with
4 banks, which banks are they?
Who was recently Appointed as
Vice-Chancellor of IIFT
12 Countries have Signed Zero
Debris Charter – Pivot to Space
Sustainability, where was it first
launched?
Which country set to Host 81st IATA
Annual General Meeting in 2025?
India Participated at ITU’s WSIS+20
Forum High-Level Event, where was
it held?
BANKING
PNB & IIFCL Signed MoU to
Finance Infrastructure projects
Punjab National Bank (PNB) and India
Infrastructure Finance Company Ltd
(IIFCL) signed a Memorandum of
Understanding to provide long-term
financial assistance for viable
infrastructure projects.
Punjab National Bank
ESTD 19 May 1894
HQ New Delhi
MD & CEO Atul Kumar Goel
The Name You Can Bank
Tagline
Upon
IIFCL
ESTD 2006
HQ New Delhi
MD & CEO Palash Srivastava
Bombay High Court Rules Against
PSU Banks’ Power to Issue Look-
Out Circulars
CROSSWORD By : Kapil Kathpal
Bombay High Court declared that
public sector banks lack the legal
IRDAI
authority to issue Look Out Circulars
ESTD 1999
(LOCs) against defaulting borrowers.
This verdict, based on a challenge to HQ Hyderabad
a clause in a government
memorandum, invalidates all LOCs Chairman Debasish Panda
issued by such banks.
The court’s decision prohibits the Edelweiss Tokio Life Insurance
Bureau of Immigration from acting on Rebrands to Edelweiss Life
LOCs issued by banks against Insurance
defaulters.
However, it clarifies that orders from
tribunals or criminal courts restraining
defaulters from traveling abroad
remain unaffected.
While the court found the
government’s office memorandum not Edelweiss Tokio Life Insurance
violating the Constitution, it deemed Company Limited has been rebranded
the clause allowing bank chairpersons as Edelweiss Life Insurance. It has
to issue LOCs as “arbitrary and refreshed its logo but retained its
without power in law.” brand positioning of ‘zindagi
The memorandum, amended in 2018, unlimited.’
granted public sector banks authority
to issue LOCs in the “economic Edelweiss Life Insurance
interest of India,” aiming to prevent
ESTD 2011
individuals from traveling abroad if
their departure could harm the
HQ Mumbai
country’s economic interests.
Petitioners argued that the phrase CEO Sumit Rai
“economic interest of India” cannot
be equated with the “financial NPCI International and Reserve
interests” of any bank, highlighting a Bank of Peru Forge Landmark
nuanced distinction between national Partnership for UPI Payments
economic concerns and individual
bank finances.
Arka Fincap Expands Financial
Solutions with IRDAI License
NPCI International and the Central
Reserve Bank of Peru (BCRP) have
announced a groundbreaking
partnership to deploy a UPI-like real-
Arka Fincap Limited, a subsidiary of time payments system in Peru.
Kirloskar Oil Engines Limited, has This strategic collaboration signifies
obtained a Corporate Agency License Peru’s status as the first South
from the IRDAI American country to embrace UPI
This license allows Arka to venture technology
into insurance distribution, enhancing
NPCI
its existing financial solutions portfolio
to meet customer needs ESTD 2020
comprehensively.
Recent: HQ Mumbai
Insurance Regulatory and
CEO Ritesh Shukla
Development Authority of India (IRDAI)
has issued new guidelines that reduce
MoD Signs MoUs to Expand
the engagement period of statutory
auditors with insurance companies SPARSH Service Centers
from 10 years to 4 years.
Hinduja Group’s IndusInd International
Holdings (IIHL) has obtained approval
from the Insurance Regulatory and
Development Authority of India (IRDAI)
for the acquisition of Reliance Capital.
The MOD has taken a significant step
IRDAI released Guidelines to
towards enhancing pensioner services
Insurance Companies on Covering
by forging partnerships with four
AYUSH in Health Insurance policies
prominent banks.

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These Memorandums of Om Birla Becomes First Lok

APPOINTMENT
Understanding aim to establish
Sabha Speaker in 20 Years to be
SPARSH service centers, leveraging ‘Ek Ped Maa Ke Naam’ Campaign
the System for Pension Administration Re-elected as MP
(RAKSHA), across 1,128 branches
nationwide.
SPARSH, a web-based system,
facilitates streamlined pension
processing and direct crediting to
defense pensioners’ bank accounts.
Prime Minister Narendra Modi
The MoUs with Bank of India, Canara Om Birla, Lok Sabha Speaker, has
launched the ‘Ek Ped Maa Ke Naam’
Bank, Central Bank of India, and achieved a remarkable feat by winning
campaign to commemorate the World
Utkarsh Small Finance Bank mark a the Kota parliamentary seat.
Environment Day.
strategic move to extend last-mile Birla has become the first presiding
He planted a Peepal tree sapling at
connectivity to pensioners officer in 20 years to be re-elected to
Buddha Jayanti Park in Delhi.
the Lower House of Parliament.
Signed Between Objective He was accompanied by Union
The last Lok Sabha Speaker to secure
Environment Minister Bhupender
re-election to the Lower House was
ICICI Lombard Yadav and Delhi’s Lieutenant Governor
To leverage its P.A. Sangma, who served as the
General Vinai Kumar Saxena.
network and customer presiding officer during the 11th Lok
Insurance On World Environment Day, P.M
base to distribute ICICI Sabha from 1996 to 1998.
Company started a campaign ‘EK PED MAA KE
Lombard’s Sangma, then a member of the
Limited & NAAM’ and called upon everyone, in
comprehensive suite Congress party, was re-elected from
Capital Small India and around the world, to plant a
of general insurance Tura in Meghalaya in the 1998 Lok
Finance Bank tree in the coming days as a tribute to
products Sabha election.
Limited (CSFB) our mother.
MOU
To access Tata AIA NOTA Creates Record In MP’s
Life insurance Indore Lok Sabha Seat MoHFW Signed MoU with
companies’ products
Tata AIA Life Ministry of Defence
including term
Insurance &
insurance, savings and
Federal Bank
wealth creation plans,
retirement, and
pension solutions etc
NOTA created a record with 2.18 lakh
Axis Bank & To boost insurance voters in Madhya Pradesh’s Indore
Bajaj Allianz penetration and The Ministry of Health and Family
opting for the ‘none of the above’
General financial inclusion in Welfare signed a Memorandum of
option in the Lok Sabha elections
Insurance India Understanding with the Ministry of
Of the total voters, 14.01 per cent
Defence to facilitate collaboration in
opted for ‘None of the Above’,
operating a special Tele Mental Health
MOD introduced in 2013 following a
Assistance and Networking Across
Supreme Court order.
States (Tele-MANAS) Cell.
Union Minister Rajnath Singh Since 2013, the majority of Indian
Tele MANAS Cell, the National
elections have offered voters the
Minister of Telemental Health Helpline of
Ajay Bhatt option to select None of the Above, or
State MoHFW, is a pilot project for a period
NOTA.
of two years at the Armed Forces
CCI Approved Acquisition in IRB A citizen has the option to abstain
Medical College in Pune
from voting for any of the candidates
Infrastructure Trust & MMK Toll Tele MANAS is the digital extension of
running in the elections by indicating
Road Pvt Ltd by Cintra the District Mental Health Programme
that they prefer none of the following.
(DMHP), offering comprehensive,
The Election Commission of India was
integrated, and inclusive 24/7 tele-
ordered by the Supreme Court of India
mental health services.
to incorporate NOTA in elections for
This initiative provides toll-free
the Lok Sabha and state legislative
number, 14416, in each State and
assemblies
Union Territory (UT) for easy access to
The 2013 legislative assembly
mental health support.
Competition Commission of India (CCI) elections that took place in four
Presently, there are 51 operational
approved the proposed combination states-Chhattisgarh, Mizoram,
Tele MANAS cells functioning across
involving the acquisition of IRB Rajasthan, and Madhya Pradesh as
all 36 States and UTs, offering
Infrastructure Trust and MMK Toll well as the union territory of Delhi
services in 20 different languages.
Road Private Limited by Cintra. marked the first usage of the NOTA
option.
MoHFW
CCI
MP
ESTD 14 October 2003 Mansukh L.
Union Minister
Capital Bhopal Mandaviya
HQ New Delhi
CM Mohan Yadav
Bharati Pawar, S. P.
Chairman Mrs. Ravneet Kaur Minister of State
Governor Mangubhai C. Patel Singh Baghel

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AFMS Signed MoU with IIT ---university or IPU), has bagged the As per the data of the Ministry of
prestigious “Rising Star” award from the
Hyderabad For Collaborative Commerce and Industry (MOCI), the
QS World Ranking. Netherlands emerged as the third
Research and Training Recent Rankings: largest export destination in FY24
Report Index India Rank Topped by after the United States of America
(USA) and United Arab Emirates (UAE).
Wall Street
India’s exports to the Netherlands
Journal
increased by 3.5% to USD 22.36
(WSJ)’s list of
billion in FY24 as compared to USD
the highest-
The Armed Forces Medical Services Hock E. Tan 21.61 billion in FY23.
paid Chief
have signed a Memorandum of (161.83 India’s trade surplus with the
Executive
Understanding with the Indian Institute million) Netherlands has increased to USD
Officers
of Technology Hyderabad to 17.4 billion in FY24 from USD 13 billion
(CEOs) in the
collaborate on research and training. in FY23 .
United States
The MoU aims to foster innovation and During FY24, India received about
of America
research in developing novel medical USD 5 billion in Foreign Direct
devices and addressing health issues Investment (FDI) from the Netherlands.
6th Hurun
specific to soldiers serving in varied Anish It was USD 2.6 billion in FY23.
India Art List
terrains. Kapoor
2024
IT Hyderabad, with its departments of Netherlands:
Biotechnology, Biomedical 12th edition
Engineering, and Bioinformatics, will Capital Amsterdam
of Times
provide the necessary technical Indian
Higher Tsinghua Currency Euro
expertise to tackle the diverse Institute of
Education’s University
medical challenges faced by the Science
(THE) Asia (China) PM Mark Rutte
Armed Forces. (Bangalore)
University
The areas of collaboration discussed Rankings VISITS & CONFERENCES
include drone-based patient transport,
telemedicine innovations, the Bloomberg India to Host 81st IATA Annual
Gautam Bernard
application of Artificial Intelligence (AI) Billionaires
in the medical field, and Index
Adani (11th) Arnault General Meeting in 2025
advancements in nanotechnology.
Additionally it also facilitates student Top 5 Universities:
exchange programs, short-term
Name of the
courses for undergraduates, and Rank Location
University
faculty exchange initiatives.

REPORTS Massachusetts India will host the prestigious 81st

Cambridge
1 Institute of International Air Transport Association
(USA)
QS World University Rankings Technology (MIT) (IATA) Annual General Meeting (AGM)
2025: IIT Bombay and IIT Delhi in 2025, marking its return after a 42-
Imperial College
among the Top 150; MIT Topped 2 London years
London
This significant event will convene in
the list
Delhi, the third time the city has
3 University of Oxford Oxford hosted the AGM after 1958 and 1983.
IndiGo, India’s leading airline, will
Cambridge serve as the host airline for the AGM
4 Harvard University
(USA) and the World Air Transport Summit.
The IATA AGM brings together top
Top 5 Indian Institutes: executives from global airlines,
Quacquarelli Symonds World
Indian Name of the aircraft manufacturers, and aviation
University Rankings 2025, the 21st Location
Rank University stakeholders to address critical
edition the annual ranking of
issues in the industry.
universities based on eight key 1 IIT Bombay Mumbai
indicators. This edition features 1500
universities across 105 Higher 2 IIT Delhi New Delhi International Air Transport
education systems. Association
With 197 universities, the USA has the Indian Institute of
3 Bengaluru
most representation on the 2025 Science (IISc)
ESTD 1945
rankings followed by UK with 90
4 IIT Kharagpur Kharagpur
universities and Mainland China with 71
universities. Netherlands Becomes India’s HQ Montreal, Canada
India with 46 universities, is the 7th
most represented country in the list
Third Largest Export Destination
and 3rd in Asia. In FY 24 317 airlines from over 120
Members
Guru Gobind Singh Indraprastha countries and regions
University Bagged the “Rising Star”
Award in QS World Rankings Delhi
based Guru Gobind Singh Indraprastha DG Willie Walsh
University (GGSIPU), formerly known
as Indraprastha University (IP --

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India Participated at ITU’s Countries Include in Zero Debris

Appointed
Charter are Austria, Belgium, Cyprus, Replaced Designation
WSIS+20 Forum High-Level Event Person
Estonia, Germany, Lithuania, Poland,
Held in Geneva Portugal, Romania, Slovakia, Sweden, President
and the United Kingdom. Gitanas
of Republic
King Charles III currency notes Nauseda
of Lithuania
introduced in UK
Claudia Andrés
President
Sheinbau Manuel López
of Mexico
India participated in the World Summit m Obrador
on the Information Society (WSIS +20)
Forum High-Level Event 2024 held in Kuwait
Geneva, Switzerland
The Bank of England is replacing old Capital Kuwait City
International Telecommunication
banknotes featuring Queen Elizabeth
Union (ITU) in partnership with the
with new ones featuring King Charles Currency Kuwaiti Dinar
United Nations Educational, Scientific
III.
and Cultural Organisation (UNESCO), Ahmad Al Abdullah
People can exchange their old notes PM
United Nations Development Al Sabah
for new ones until June 30, with a limit
Programme (UNDP) and United
of £300.
Nations Conference on Trade and
The portrait of the 75-year-old British APPOINTMENT
Development (UNCTAD).
monarch will appear on existing
During the Summit, India officially took
designs of all four banknotes-GBP 5,
Rakesh Mohan Joshi Appointed
over the baton of hosting the World
10, 20 and 50- with no other changes as Vice-Chancellor of IIFT
Telecommunication Standardization
to the existing designs.
Assembly 2024 (WTSA-24) in New
Polymer banknotes that feature the
Delhi, Delhi from 15th to 24th October
portrait of his late mother, Queen
2024.
Elizabeth II, will remain legal tender
It is one of the three conferences
and co-circulate alongside the new
organised by the ITU. The other 2
King Charles III notes.
conferences are the World
Rakesh Mohan Joshi has been
Radiocommunication Conference
UK appointed as the Vice-Chancellor of
(WRC) and the World
the Indian Institute of Foreign Trade
Telecommunication Development Capital London (IIFT)
Conference (WTDC).
Prior to this appointment, he served as
INTERNATIONAL Currency Pound sterling
the Dean of IIFT and was on
deputation to the Indian Institute of
12 Countries Signed Zero Debris PM Rishi Sunak
Plantation Management in Bengaluru
Charter – Pivot to Space
Kuwait’s Emir names Sheikh as its Director.
Sustainability
Sabah as new crown prince
Appointed as Person Replace

Secretary to Pradip
the Lokpal of Kumar
India Tripathi

12 countries signed the Zero Debris Kuwait Emir named the small nation’s
Charter, a landmark initiative led by new crown prince, nearly six months Secretary in the Raj
the European Space Agency (ESA) to after he took the throne. Sheikh Sabah Department of Kumar
address the pressing issue of space Khalid Al Sabah will become next in Justice Goyal
debris. line to the throne.
Unveiled in 2023, the Charter commits Newly Appointed PM & President Secretary in the
signatories to achieving debris-neutral Department of Rajendra
space activities by 2030. Appointed Border Kumar
The Zero Debris Charter is a world- Replaced Designation
Person Management
leading effort to become debris
neutral in space by 2030 that was President
Department of
unveiled at the ESA Space Summit in of the Amit
Luis Social Justice &
Seville meeting in November 2023. Dominican Yadav
Rodolfo Empowerment
Since the launch of the Charter at Republic
Abinader
ESA’s Space Summit in Seville, Spain, for 2nd
Corona
in November 2023, more than 100 four-year Chairman of
organisations from around the world, term Staff Selection Rakesh
including national space agencies, Commission Ranjan
leading satellite manufacturers, space Võ Thị Ánh President (SSC)
To Lam
start-ups and astronomical societies, Xuân of Vietnam
have confirmed their intent to sign. Chairman of Sushil
Prime
In addition to the 12 countries, the Allamaye Deendayal Port Kumar SK Mehta
Succes Masra Minister of
European Space Agency also signed Halina Trust in Kandla Singh
Chad
the Zero Debris Charter as an
International Organisation (IGO).
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IMPORTANT DAYS
ANSWERS
UN Russian Language Day 2024
Bank of India,
Canara Bank,
1 Central Bank of India
Utkarsh Small
Finance Bank
UN Russian Language Day is observed
annually on June 6th and was
established by the United Nations 2 Rakesh Mohan Joshi
Educational, Scientific, and Cultural
Organization (UNESCO) in 2010.
This day is dedicated to promoting the Seville, Spain, in
study and appreciation of the Russian 3
November 2023,
language. It coincides with the
birthday of Aleksandr Pushkin, one of
the most prominent Russian writers 4 INDIA
and creators.
List of Important Days
5 Geneva
The Promise
Global Day of
1st June of Playful
Parents
Parenting

Promoting
Health,
World Bicycle Equity, and
3rd June
Day Sustainability
through
Cycling

International
2nd June Sex Workers’
Day

International
Day of
Innocent
4th June
Children
Victims of
Aggression

Land
restoration,
World
desertificatio
5th June Environment
n, and
Day
drought
resilience

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