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 Current Affairs by Kush Pandey: July 2nd 2024
2024 C. Rs 170.02 trillion
D. Rs 165.81 trillion
E. Rs 168.32 trillion
Ans: A

5. In June 2024, the government has revised small

savings schemes' interest rates for Q2FY25. In this
context, which of the following is the correct one?
A. Interest rate of the Sukanya Samriddhi scheme
revised at 8.2%.
B. Interest rate for PPF retained at 7.1%.
C. Interest rate for post office savings deposits
scheme retained at 4%.
D. Interest rate of the Kisan Vikas Patra revised at 7.5
per cent.
E. All of the above
Ans: E
Banking & Finance
1. ICICI Lombard launches surety insurance for
infra sector
Revision Questions  Launch of: Surety Insurance
1. In June 2024, the Reserve Bank of India (RBI) has  Launched by: ICICI Lombard
imposed a fine of Rs 29.6 lakh on ________ (Bank), due
 Reason: To provide risk mitigation solutions
to violation of Credit Card rule.
for India’s burgeoning infrastructure sector.
A. HDFC Bank
B. Standard Chartered Bank  What is Surety insurance?
C. HSBC Bank  It acts as a guarantee to a beneficiary
D. Bank of India (typically an authority or client) that a
E. Kotak Mahindra Bank principal debtor (usually a contractor) will
Ans: C fulfil their contractual obligations.
 If the contractor fails to honour the terms or
2. The Reserve Bank of India (RBI) has revised contractual commitments, the surety
aggregate Ways and Means Advances (WMA) limit for insurance provider will provide financial
states and UTs at ___________, compared with the compensation to the beneficiary.
current limit of Rs 470.10 billion.
A. Rs 701.78 billion 2. SBI launches web-based digital business loans
B. Rs 631.80 billion solution for MSMEs’ invoice financing
C. Rs 600.10 billion  Launch of: MSME -Sahaj
D. Rs 501.88 billion  Launched by: State Bank of India (SBI)
E. Rs 601.18 billion  MSME -Sahaj:
Ans: E
 A web-based digital business loans solution
3. In June 2024, India's foreign exchange reserves for MSMEs’ (micro, small and medium
rose by $810 million and stood at __________ as of June enterprises) invoice financing.
21.  The Bank’s customers can avail finance
A. $603.94 billion against their Goods and Service Tax (GST)
B. $693.26 billion registered sales invoices of up to ₹1 lakh in
C. $613.45 billion less than 15 minutes
D. $653.71 billion  Aim: To provide “on tap” short-term credit for
E. $643.31 billion working capital needs to MSME units who are
Ans: D part of the GST regime.
4. As per the public debt management quarterly 3. Bank of Baroda receives ₹1,068 crore demand
report (January-March, 2024), published by the order from IT Dept
Ministry of Finance, total gross liabilities of the  Bank: Bank of Baroda
government increased to _________ at the end of March  Notice received: ₹1,068 crore demand order
2024 from Rs 166.14 trillion at December-end. from IT Dept
A. Rs 171.78 trillion  Year: Assessment Year (AY) 2017-18
B. Rs 169.71 trillion
 Current Affairs by Kush Pandey: July 2nd 2024
 2024
Received a demand order under section 156  Growth rate of personal loans: Decreased to
of the Income Tax Act, 1961. 17.8% year-on-year in May 2024, down from
19.1% compared to the previous year.
4. RBI joins ‘Project Nexus’ to enable instant
 Credit card outstanding in May this year
cross-border retail payments
increased by 26.2% to about Rs 55,000 crore,
 Name of Project: Project Nexus
reaching Rs 2.67 lakh crore.
 Joined by: The Reserve Bank of India (RBI)
 On a year-on-year basis, non-food bank credit
 Aim: To enable instant cross-border retail
rose by 16.2% to Rs 162.30 lakh crore in May
payments by interlinking domestic Fast
2024, compared to a growth of 15.5% in the
Payments Systems (FPSs)
previous year.
 What is Project Nexus?
 It was conceptualized by the Innovation Hub 7. Union Bank of India Introduces “Union
of the Bank for International Settlements Premier” Branches
(BIS)  Launch of: “Union Premier” Branches
 Aim: To connect the FPSs of four ASEAN  Launched by: Union Bank
countries (Malaysia, Philippines, Singapore,  Target area: Rural and Semi-Urban Markets
and Thailand); and India  Offer: Personalized banking with dedicated
 An agreement to this effect was signed by the Relationship Managers, advanced digital
BIS and the Central Banks of the founding solutions
countries -- Bank Negara Malaysia (BNM),  MD and CEO of Union Bank of India: A.
Bank of Thailand (BOT), Bangko Sentral ng Manimekhalai
Pilipinas (BSP), Monetary Authority of
8. Bank of Maharashtra launches VKYC for remote
Singapore (MAS), and RBI on June 30, 2024,
account opening
in Basel, Switzerland.
 Launch of: Video Based Customer
 The platform is expected to go live by 2026.
Identification Process (V-KYC)
5. ADB & Aadhar housing partners to give housing  Launched by: Bank of Maharashtra
loans to low-income women  Target area: For remote account opening
 Signed between: Asian Development Bank  Aim: To allow customers to open savings
(ADB) and Aadhar Housing Finance Limited account from any remote place, eliminating
(AHFL) the need for branch visits and paperwork
 Amount: USD 60 million nonconvertible
debentures financing agreement 9. GST collection at Rs 1.74 trillion in June 2024
 GST collection June 2024: Rs 1.74 trillion
 Reason: To provide housing loans to women
 7.7 per cent year-on-year (YoY) growth
and address the shortage of financing in the
low-income and affordable housing segment  Notably less than the 12.4% and 10%
in India. increases recorded in April and May,
respectively.
 Half of the funds will be deployed in Bihar,
Chhattisgarh, Jharkhand, Madhya Pradesh,  April 2024 witnessed a record-high GST
Odisha, Rajasthan, Uttar Pradesh, and West collection of Rs 2.1 trillion.
Bengal.  The GST taxpayer base increased to 14.6
 AHFL is a housing finance company in India million in April 2024
focused on the low-income housing segment,  Note: The finance ministry has now decided
with loan sizes under 1.5 million Indian to discontinue the publication of detailed tax
rupees (around USD 17,976). collection numbers.

6. Home loan outstanding grew by 3.4 lakh crore 10. World Bank Approves 1.5 Billion Dollars To
in last one year: RBI Accelerate Development Of Low-Carbon Energy
 Report by: The Reserva Bank of India (RBI)  Amount of loan: 1.5 Billion Dollars
 Credit growth for housing loans: Accelerated  Receiver: India
by 16.9% to reach Rs 23.49 lakh crore, up  Approved by: World Bank
from Rs 20.09 lakh crore a year earlier,  Reason: To accelerate the development of
marking a 13.8% growth low-carbon energy
 The growth in home loan was up by 13.8%  Phase: Second phase
with a total of Rs 20.09 lakh crore in May
2024 as compared to last year.
 Current Affairs by Kush Pandey: July 2nd 2024
 The 2024
financing is extended to promote a  Members: 26-member Advisory Committee
market for green hydrogen, electrolysers, and  Recommendation on: National Accounts
increased renewable energy penetration. Statistics (ACNAS) to decide the base year for
 The development comes in the backdrop of gross domestic product (GDP) data.
India’s ambitious National Green Hydrogen  Chairman: Biswanath Goldar, former
Mission and energy transition targets. professor of the Institute of Economic Growth
 The Centre has set a target of achieving 500  Other members of the committee include GC
GW of installed renewable energy capacity by Manna, former director general, central
2030 and reaching net zero by 2070. statistics office (CSO), professor Mausami
Das, Delhi School of Economics, and Chetan
11. CBIC initiates electronic disbursal of duty
Ghate, director, Institute of Economic
drawback amount
Growth.
 Launched of: Electronically disburse duty
drawback amount  The committee will have a tenure of five years
or till the completion of next base year,
 Launched by: Central Board of Indirect Taxes
whichever is later.
and Customs (CBIC)
 The payment of duty drawback amounts into Defence
the exporters' accounts will be facilitated 1. Indian Navy Joins World’s Largest Naval
through the Public Finance Management Exercise RIMPAC
System (PFMS) automatically.  Exercise Name: Rim of the Pacific Exercise
 This is another initiative of the CBIC towards (RIMPAC) 2024
paperless Customs and enhanced trade  This exercise is the world’s biggest
facilitation. international maritime warfare exercise
 This new functionality is expected to reduce  Location: Hawaii
time taken for payment of drawback amount  Total nation: 29
by eliminating manual intervention in the  Indian Navy participation: The Indian Navy
drawback disbursal mechanism and increase has deployed frontline warship INS Shivalik
transparency. for the RIMPAC.
 The harbour phase of the exercise is taking
National
1. GAIL fast-tracks net zero carbon goal to 2035 place from June 27 to July 7.
from 2040  The RIMPAC exercise will run till August 1.
 GAIL (India) Ltd has revised its target to  The theme of RIMPAC 2024 is "Partners:
achieve net zero carbon emissions to 2035 Integrated and Prepared."
from 2040.
2. SEBEX 2, India’s New Explosive Revolutionizing
 GAIL Board accorded approval to advance its Military Firepower
net zero target for Scope-I and 2 emissions by  India has introduced SEBEX 2, a high-
five years. performance explosive with a TNT
 Scope 1: equivalence of 2.01.
 Emissions from sources that an organisation  Developed under the Make in India initiative
owns or controls directly. by Economic Explosives Limited
 For example, from burning fuel in factories or  SEBEX 2 enhances the effectiveness of
even in its fleet of vehicles. various munitions without increasing weight.
 Scope 2:  Certified by the Indian Navy, SEBEX 2, SITBEX
 Emissions that a company causes indirectly 1 and SIMEX 4 demonstrate India's growing
and that come from the energy it purchases capabilities in military technology.
and uses.  This offers significant export potential and
 For example, the emissions caused by enhances global security efforts.
generating electricity.
 GAIL chairman and managing director 3. Bangladesh Navy Signs Contract For ‘Made In
Sandeep Kumar Gupta India’ 800 Tons Ocean Going Tug With India’s
GRSE
2. Mospi sets up 26-member committee to decide  Bangladesh Navy signed a contract for ‘Made
new base year for GDP in India’ 800 tons Ocean Going Tug with
 Ministry: Ministry of Statistics and India’s Garden Reach Shipbuilding and
Programme Implementation (Mospi) Engineers.
 Current Affairs by Kush Pandey: July 2nd 2024
 The 2024
signing coincides with the visit of India’s  The Government of India officially recognized
Chief of Naval Staff Admiral Dinesh K Tripathi this day in 1991.
to Bangladesh.
2. National Chartered Accountant (CA) Day 2024
States  CA Day is observed on July 1st every year.
1. Itanagar Woman Police Station Awarded With  In 2024, it is marking the 76th anniversary of
ISO 9001:2015 Certification the founding of the Institute of Chartered
 The Woman Police Station, Itanagar, has been Accountants of India (ICAI).
awarded with ISO 9001:2015 certification
 This was informed by the Superintendent of Appointments
Police, Itanagar, Rohit Rajbir Singh. 1. Ravi Agrawal Appointed CBDT Chief, Succeeds
 This recognition highlights the station’s Nitin Gupta
 Ravi Agrawal, a 1988-batch IRS officer, has
commitment to dealing humanely and
been appointed as the new chairman of the
effectively with crimes against women and
Central Board of Direct Taxes (CBDT).
children.
 He succeeds Nitin Gupta, whose tenure ended
 The ISO 9001:2015 certification is an
on June 30, 2024.
international standard that signifies the
implementation of a comprehensive quality  Agrawal’s appointment extends till June
management system. 2025, with a reappointment on a contract
basis to ensure continuity in CBDT’s policy
2. TN to promote Madurai, Thoothukudi, framework.
Tirunelveli, Virudhunagar as ‘Space Bay'
 The Tamil Nadu government is promoting the 2. LIC Chairman Siddhartha Mohanty re-
nearby districts of Madurai, Thoothukudi, designated managing director & CEO
Tirunelveli, and Virudhunagar as “Space Bay.”  Life Insurance Corporation of India (LIC) has
re-designated its chairman Siddhartha
 It plans to offer additional incentives to
Mohanty as managing director (MD) and chief
companies to accelerate development,
executive officer (CEO), with effect from June
according to Tamil Nadu Industrial
30, 2024.
Development Corporation (TIDCO).
 Note: 3. RBI appoints Arnab Kumar Chowdhury,
 The Kulasekarapattinam spaceport will be Charulatha S Kar as executive directors
ready in two years to launch small satellites  The Reserve Bank of India (RBI) announced
the appointment of Arnab Kumar Chowdhury
3. Jharkhand Cabinet approves financial and Charulatha S Kar as executive directors.
assistance scheme for 45 lakh women
 Chowdhury and Kar will look after three
 Name of Scheme: Mukhya Mantri Bahan Beti
departments each.
Maiqui Swabalamban Protsahan Yojana
 Kar has been appointed as Executive Director
 Launched by: Jharkhand government
(ED) with effect from July 1 while Chowdhury
 Beneficiary: 45 lakh women
has been appointed ED with effect from June
 Aim: To empower and make them self-reliant
3, 2024.
 Each woman will receive Rs 1,000 per month
 The state government will bear Rs 5,500 Obituaries
crore annually for this initiative 1. Veteran Sri Lankan Tamil leader Sampanthan
 The scheme is applicable to women between passes away
21 and 50 years of age.  R Sampanthan, a veteran Sri Lankan
 Income tax payees, government employees, politician and a moderate Tamil leader, who
EPF holders, and a few other categories are relentlessly pursued a life of peace, justice
and dignity for Tamil nationals in the island
excluded from the scheme’s benefits
nation, passed away
Important Dates
1. National Doctor’s Day 2024 Science & Technology
 Date: July 1 1. Japan's H3 Rocket Launches ALOS-4 Satellite
 The day was established to commemorate the  The Japan Aerospace Exploration Agency
birth and death anniversary of Dr. Bidhan (JAXA) launched the ALOS-4 Earth
Chandra Roy, a renowned physician and the observation satellite aboard the H3 rocket.
second Chief Minister of West Bengal.
 Current Affairs by Kush Pandey: July 2nd 2024
 JAXA2024
confirmed post-launch that the mission  CBIC = initiates = electronic = disbursal = of =
was successful. duty = drawback = amount
 The H3 mission took off from the  GAIL = fast-tracks = net = zero = carbon = goal
Tanegashima Space Center. = to = 2035 = from = 2040
 The satellite separated from the launch  Mospi = sets = up = 26-member = committee
vehicle approximately 16 minutes and 34 = to = decide = new = base = year = for = GDP
seconds into the mission.  Indian = Navy = Joins = World’s = Largest =
 This was the second successful mission for Naval = Exercise = RIMPAC
the H3 rocket.  SEBEX = 2, = India’s = New = Explosive =
Sports Revolutionizing = Military = Firepower
1. George Wins the Austrian Grand Prix  Bangladesh = Navy = Signs = Contract = For =
 Mercedes’ George Russell won the Austrian ‘Made = In = India’ = 800 = Tons = Ocean =
Grand Prix, the 11th round of the 2024 Going = Tug = With = India’s = GRSE
Formula 1 world championship, after Max
 Itanagar = Woman = Police = Station =
Verstappen and Lando Norris collided.
News Connector Awarded = With = ISO = 9001:2015 =
Certification
 ICICI = Lombard = launches = surety =  TN = to = promote = Madurai, = Thoothukudi,
insurance = for = infra = sector = Tirunelveli, = Virudhunagar = as = ‘Space =
 SBI = launches = web-based = digital = Bay'
business = loans = solution = for = MSMEs’ =  Jharkhand = Cabinet = approves = financial =
invoice = financing assistance = scheme = for = 45 = lakh =
 Bank = of = Baroda = receives = ₹1,068 = women
crore = demand = order = from = IT = Dept  National = Doctor’s = Day = 2024
 RBI = joins = ‘Project = Nexus’ = to = enable =  National = Chartered = Accountant = (CA) =
instant = cross-border = retail = payments Day = 2024
 ADB = & = Aadhar = housing = partners = to =  Ravi = Agrawal = Appointed = CBDT = Chief, =
give = housing = loans = to = low-income = Succeeds = Nitin = Gupta
women  LIC = Chairman = Siddhartha = Mohanty = re-
 Home = loan = outstanding = grew = by = 3.4 designated = managing = director = & = CEO
= lakh = crore = in = last = one = year: = RBI =  RBI = appoints = Arnab = Kumar =
 Union = Bank = of = India = Introduces = Chowdhury, = Charulatha = S = Kar = as =
“Union = Premier” = Branches executive = directors
 Bank = of = Maharashtra = launches = VKYC =  Veteran = Sri = Lankan = Tamil = leader =
for = remote = account = opening Sampanthan = passes = away
 GST = collection = at = Rs = 1.74 = trillion = in  Japan's = H3 = Rocket = Launches = ALOS-4 =
= June = 2024 Satellite
 World = Bank = Approves = 1.5 = Billion =  George = Wins = the = Austrian = Grand = Prix
Dollars = To = Accelerate = Development = Of
= Low-Carbon = Energy