Daily BeePedia

3rd June 2023

INDEX

RBI, Banking and Economy ___________________________________________ 3

SEBI and Financial Awareness _________________________________________6

NABARD and Agriculture ___________________________________________ 6

National __________________________________________________________ 7

International _____________________________________________________ 7

States____________________________________________________________ 7

Reports and Indexes _______________________________________________ 8

Science and Technology ___________________________________________ 8

Defence __________________________________________________________

Events ___________________________________________________________

Awards & Rewards ___________________________________________________9

Appointments _____________________________________________________

Important Days ___________________________________________________ 9

Obituaries_________________________________________________________ 10

Books ___________________________________________________________

Sports ___________________________________________________________
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Memory check 2nd June 2023

Q.1: What was one of the agreements signed between India and Nepal regarding energy and transport?
A) Export of Nepal's hydropower to China through Indian territory
B) Export of Nepal's hydropower to Bangladesh through Indian territory
C) Import of Indian coal for Nepal's power generation
D) Construction of a high-speed rail link between India and Nepal
E) Joint exploration of oil and gas reserves in the Himalayan region

Q.2: Which ministry is partnering with the French Development Agency (AFD), Kreditanstalt für Wiederaufbau,
European Union, and National Institute of Urban Affairs for the CITIIS 2.0 program?
a) Ministry of Agriculture
b) Ministry of Consumer Affairs, Food and Public Distribution
c) Ministry of Housing and Urban Affairs
d) Ministry of Food Processing Industries
e) Ministry of Environment, Forest and Climate Change

Q.3: What is the objective of the PM SVANidhi scheme launched by Housing and Urban Affairs Minister Hardeep
Singh Puri?
a) To provide only financial assistance to street vendors during the COVID-19 pandemic.
b) To encourage street vendors to become entrepreneurs and start their own businesses.
c) To provide housing and urban facilities to street vendors.
d) To support street vendors in achieving self-employment, self-sustenance, and self-confidence.
e) To educate street vendors about COVID-19 safety measures and protocols.

Q.4) Swiss brokerage UBS has revised upwards its India growth forecast by 70 bps to ________ for the current
fiscal.
A.5.9 percent
B.6.2 percent
C.6.4 percent
D.6.6 percent
E.None of these

Q.5)Goods and services tax (GST) collection in May rose 12 per cent over the same month last year to________ ,
indicating that the economy is holding firm despite external headwinds.
A.Rs.1.44 trillion
B.Rs.1.49 trillion
C.Rs.1.52 trillion
D.Rs.1.57 trillion
E.None of these
Ans.D
Goods and services tax (GST) collection in May rose 12 per cent over the same month last year to Rs 1.57 trillion,
indicating that the economy is holding firm despite external headwinds. Of the gross GST collected in May, central
GST is Rs 28,411 crore, state GST Rs 35,828 crore, integrated GST Rs 81,363 crore (including Rs 41,772 crore on
imports of goods), and the cess is Rs 11,489 crore (including Rs 1,057 crore collected on imports of goods).

Answer key at the

end of the file

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RBI, Banking and Economy

RBI announced draft cyber security norms for payment system operators

 In a move to ensure safety and security of digital payments amid emerging cyber risks, the Reserve
Bank of India (RBI) has announced draft regulations for payment system operators (PSOs).
 It proposed that such norms would be implemented from April 1, 2024, for large non-bank-PSOs.
 For medium-sized non-bank PSOs, the deadline for implementing the regulation will be April 1, 2026,
and for smaller ones, it’s April 1, 2028.
 The draft directions issued by the regulator covers robust governance mechanisms for identification,
assessment, monitoring, and management of cyber security risks.
 The directions will also cover baseline security measures for ensuring system resiliency as well as
safe and secure digital payment transactions
 According to the draft norms, the PSO will define appropriate key risk indicators (KRIs) to identify
potential risk events and key performance indicators (KPIs) to assess the effectiveness of security
controls.
Learn Along:
RBI Headquarters: Mumbai Governor: Shaktikanta Das
Deputy Governors: MK Jain, MD Patra, M
Rajeshwar Rao and T. Rabi Sankar

A payment system operator means a legal entity responsible for operating a payment system. The PSO provides
services by operating on certain models. They largely outsource their payment and settlement-related activities to
various other entities. Examples of PSOs include Google Pay, Amazon Pay, NPCI, Paytm etc.

RBI imposes Rs 2.2-crore penalty on Indian Overseas Bank

 Reserve Bank of India has imposed a penalty of Rs 2.20 crore on the state-owned Indian Overseas
Bank (IOB) for non-compliance of income recognition and other deficiencies in regulatory compliance.
 The fine is imposed for breaking of the provisions of certain directions issued by RBI on ‘Prudential
Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances –
Divergence in NPA Accounts’.
Learn Along:
Indian Overseas Bank Headquarters: Chennai CEO: Ajay Kumar Srivastava

JP Morgan raises India's FY24 GDP forecast to 5.5%

 JP Morgan raised its forecast for India's annual growth by 50 basis points to 5.5% for fiscal 2024 but
warned that a global economic slowdown and tighter financial conditions will still drag the economy.
Learn Along:
JPMorgan Chase Headquarters: New York, New York, United States CEO: Jamie Dimon

Gross domestic product or GDP is a monetary measure of the market value of all the final goods and services
produced in a specific time period.

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3rd June 2023

To Access Online Video on “GDP”

Scan The QR Code or Go through the Link Below:

https://youtu.be/C6yobOawdGI

SBI Life to take over 200,000 policies of Sahara India Life Insurance

 The Insurance Regulatory & Development Authority of India (IRDAI) has identified SBI Life
Insurance to take over the liabilities of about 200,000 policies of Sahara India Life Insurance (SILIC)
as the latter failed to comply with regulatory directions, amid deteriorating financial health after being
put under restrictions in 2017.
Learn Along:
IRDAI Headquarters: Hyderabad Chairperson: Debasish Panda

SBI Life Insurance Headquarters: Mumbai MD & CEO: Mahesh Kumar Sharma

Bank of Baroda board approves raising Rs 5,000 crore by March 2024

 The board of Bank of Baroda has approved its plan to raise Rs 5,000 crore via additional tier-1 (AT-
1) or Tier-2 debt instruments by March 31, 2024.
Learn Along:
Bank of Baroda Headquarters:Vadodara MD & CEO: Debadatta Chand

AT-1, short for Additional Tier-1 bonds, are a type of unsecured, perpetual bonds that banks issue to shore up
their core capital base to meet the Basel-III norms. Tier 1 capital refers to a bank’s core capital. It includes
disclosed reserves that are present on a bank’s financial statements and equity capital.
A lender uses tier I capital to function on a regular basis and it forms the basis of a financial institution’s strength.

Tier 2 bonds are components of tier 2 capital, primarily for banks. These are debt instruments like loans, more than
they are equity features like stocks. As with all bonds and other debt instruments, they do not give ownership or voting
rights, but they do offer interest earnings to bondholders or owners. Tier 2 bonds are typically subordinated debt, behind
tier one debt such as commercial loans.

UP government launches a 15-day MSMEs registration drive across the state

 The UP government has announced the launch of a 15-day registration campaign for unregistered
Micro, Small, and Medium Enterprises (MSMEs) across the state. The campaign will cover all 75
districts of the state till 15th June 2023.
 The campaign aims to register about 14 lakh MSMEs that are currently not registered with the Udyam
platform.
Learn Along:
About Uttar Pradesh
Capital: Lucknow Chief minister: Yogi Adityanath Governor: Anandiben Patel

Micro, Small, Medium Enterprises (MSME’s) are entities that are involved in production, manufacturing and
processing of goods and commodities. The concept of MSME was first introduced by the government of India
through the Micro, Small & Medium Enterprises Development (MSMED) Act, 2006.

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Micro Investment less than Rs. 1 crore or Turnover less than Rs. 5 crore
Small Investment less than Rs. 10 crore or Turnover up to Rs. 50 crore
Medium Investment less than Rs. 50 crore or Turnover up to Rs. 250 crore

GAIL infuses Rs 2,100 crore in JBF Petrochemicals

 GAIL has infused Rs 2,100 crore in insolvent private-sector chemical company JBF Petrochemicals
Ltd that it had acquired in bankruptcy proceedings.
 Accordingly, JBF has become a wholly-owned subsidiary of GAIL with effect from June 1, 2023.
Learn Along:
GAIL Headquarters: New Delhi CMD: Sandeep Kumar Gupta

Recent Developments, MoUs, Acquisitions & Launches

Organization Name News Learn Along

Tata Group EV battery plant deal with Gujarat- The Tata group signed Tata Group
& an outline deal with the Gujarat government for building a
Headquarters: Mumbai
Gujarat government lithium-ion cell factory with an investment of about Rs 13,000
crore ($1.6 billion). Chairman: Natarajan
Chandrasekaran

Kotak Mahindra Bank Launch Co-Branded Credit Card- Kotak Mahindra Bank Kotak Mahindra Bank
& Limited (“KMBL”/Kotak) in partnership with Myntra has
Headquarters: Mumbai
Myntra launched its first-of-its-kind co-branded digital fashion &
lifestyle credit card.Offering loads of benefits, the co-branded CEO: Uday Kotak
Kotak Myntra Credit Card will empower fashion-conscious Myntra
consumers to unlock great value on their savings through
unlimited transactions. Headquarters: Bengaluru

CEO: Nandita Sinha

MOOPAY Heat Index Insurance Plan to Farmers- mooPay, the fintech mooPay Private Limited
arm of Stellapps, has collaborated with IBISA Network,
Headquarters: Bengaluru
HDFC ERGO, and Gramcover to introduce an innovative
insurance plan for farmers based on the Heat Index. This CEO:
insurance plan aims to compensate mooMark dairy farmers
Ranjith Mukundan
for income loss resulting from decreased milk productivity
during summer heat waves. It provides coverage to farmers
if temperatures exceed specified limits for a predetermined
number of days during a 60-day period starting from May
1st, taking into account region-specific parameters. Each
insured cattle is eligible for a maximum coverage of Rs
2000.

Manappuram Finance Digital money lending app- Manappuram Finance Ltd has Manappuram Finance
launched Ma-Money, a new digital lending platform. The Limited
objective of introducing the app is to provide customers all Headquarters: Kerala
the financial products offered by Manappuram Finance
under one umbrella. The app is primarily targeted at customers CEO: V.P. Nandakumar
in tier 2 and tier 3 cities. Ma-Money offers a wide range of loans,

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3rd June 2023

Organization Name News Learn Along

including personal loans, business loans, consumer
durables' loans, loans for the healthcare industry, food
industry, small-scale industries, car loans, home repair loans,
among others.

ICICI Bank Commits ₹1,200 cr to Tata Memorial centre- ICICI Bank has ICICI Bank
made a commitment to contribute ₹1,200 crore towards Tata
Registered Office: Vadodara
Memorial Centre (TMC), to expand infrastructure at three
Corporate Office: Mumbai
cancer treatment hubs.The proposed donation is the largest
made under corporate social responsibility (CSR) by an CEO: Sandeep Bakshi
Indian company towards cancer care.

SEBI releases bond trading guidelines on RFQ platform to increase liquidity

 SEBI has come out with guidelines for transactions in corporate bonds through Request for Quote
(RFQ) platform by stock brokers in order to increase liquidity on the platform.
 For all the trades in proprietary capacity, stock brokers will have to undertake at least 10 per cent
of their total secondary market trades by value in corporate bonds in that month by placing quotes
through one-to-one or one-to-many mode on the RFQ platform of stock exchanges from July 1, and
further, the percentage will increase to 25 per cent from April next year.
 Stock brokers will have to consider the trades executed by value through one-to-one (OTO) or one-to-
many (OTM) mode of RFQ with respect to the total secondary market trades in corporate bonds,
during the current month and immediately preceding two months on a rolling basis.
Learn Along:
SEBI Headquarters: Mumbai Chairman: Madhabi Puri Buch

A request for quote (RFQ), sometimes also known as an invitation for bid (IFB), is a document that asks suppliers to
provide price quotes for the chance to fulfill a task or project. Some companies send RFQs as standalone requests, or
as part of the request for proposal (RFP) process.

Government imposes stock limits on tur, urad dal till October to check hoarding

 The government has imposed stock limits on tur and urad dals held by wholesalers, retailers,
importers and millers till October to prevent hoarding and check price rise.
 According to the order, a stock limit of 200 tonnes each has been imposed on tur and urad for
wholesalers, 5 tonnes each for retailers and retail outlets, and 200 tonnes at the depot for big chain
retailers.
 In the case of millers, the stock limit will be the last three months of production or 25 per cent of
annual installed capacity, whichever is higher. Whereas importers are not allowed to hold stock beyond
30 days from the date of customs clearance.

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3rd June 2023

NATIONAL
Union Minister For Jal Shakti, Shri Gajendra Singh Shekhawat Launched Unified Registration Portal
For GOBARdhan

 The Union Minister for Jal Shakti, Shri Gajendra Singh Shekhawat launched the Unified Registration
Portal for GOBARdhan which will act as a one stop repository to assess investment and participation
in Biogas/CBG sector at pan India level and more importantly streamline the process of setting up
CBG/Biogas plants in India.
 Any government, cooperative or private entity operating or intending to setup a Biogas/CBG/Bio
CNG plant in India can obtain a registration number by enrolling in this unified registration portal
launched.
 The registration number will enable availing of multitude of benefits and support from the
Ministries & Departments of Government of India.
 States have been advised to get their CBG/Biogas plant operators registered on the portal on priority
to avail existing and upcoming support from the Union Government.
Learn Along:
 Galvanizing Organic Bio-Agro Resources Dhan (GOBARdhan) is a vital umbrella initiative of Government
of India, based on the whole of Government approach and aims to convert waste to wealth towards promoting
circular economy.
 The objective of GOBARdhan is to generate wealth and energy by converting cattle dung, agri residue and
other organic waste into Biogas, CBG and bio fertilizers.
 This initiative comprises the entire gamut of schemes, programmes, policies promoting the conversion of
organic waste like cattle dung, agri-residue etc. to biogas/CBG/Bio CNG.
 GOBARdhan initiative is envisioned to contribute significantly towards reaching India’s climate action goals
particularly achieving net-zero emissions by 2070.

INTERNATIONAL
Latvia’s parliament elected popular foreign minister Edgars Rinkevics as the new president

 The Latvian lawmakers elected the popular and long-time foreign minister Edgars Rinkevics as the
Baltic nation’s next president.
 The 49-year-old will also become the first openly gay president in the Baltic nation and will represent
the European Union and NATO member nations at the security alliance’s upcoming summit in Vilnius,
Lithuania.
 Rinkevics will serve a four-year term and is expected to be sworn in on July 8.
Learn Along:
About Latvia
Capital: Riga Currency: Euro

STATES

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3rd June 2023

Bangladesh Liberation War Gallery opened at Indian Cultural Centre

 A special gallery on Bangladesh Liberation War has been launched at Indian Cultural Centre in
New Delhi to provide a glimpse of sacrifices in shared history of two neighbouring countries.
 The gallery will be a testament to the enduring bonds of friendship between India and Bangladesh,
showcasing the heroic stories, photographs and documents from the 1971 War of Liberation of
Bangladesh.
 It will offer visitors an inspiring journey through the history of the two countries and serve as a
symbol of valour, resilience, and the indomitable spirit of the people of Bangladesh.
Learn Along:
About Bangladesh
Capital: Dhaka Currency: Taka

REPORTS AND INDEXES

Reliance, Jio among top 5 best Indian brands 2023 ranking

 According to Interbrand, renowned global brand consultancy Tata Consultancy Services (TCS) and
Reliance Industries have topped the list of most valuable brands in the country.
 According to a report, two brands owned by billionaire Mukesh Ambani – Reliance Industries and
digital unit Jio made it to the list of top five most-valuable brands in India.
 The diversified Reliance Industries with a brand value of ₹65,320 crore became the second most-
valuable brand, while telecom and digital unit Jio with a brand value of ₹49,027 crore became the
fifth most-valuable company in the country.
 The brand value of Reliance Industries grew at 121% in the last ten years.
 Tata Consultancy Services (TCS) retained the top spot as the most valuable brand in the country,
with a value of about ₹1.1 lakh crore.
 IT company Infosys with a brand value of ₹53,323 crore and HDFC with ₹50,291 crore occupied
the third and fourth positions respectively on the list.
 This year's edition showcases remarkable growth, with a total list value of ₹8.3 lakh crore (USD 100
billion), marking a significant 167 per cent increase over the past decade. This is the first time the total
value of the table has surpassed the USD 100 billion mark.

SCIENCE AND TECHNOLOGY

North Korea’s first spy satellite launch ends in failure and promise to send up another

 North Korea’s first spy satellite launch has ended in failure after its second stage malfunctioned,
sending the projectile plunging into the sea, with the regime vowing to conduct another launch soon.
 The new Chollima-1 satellite launch rocket failed due to instability in the engine and fuel system.

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3rd June 2023

 The launch was the nuclear-armed state’s sixth satellite launch attempt, and the first since 2016. It
was supposed to launch North Korea’s first spy satellite into orbit.
Learn Along:
About North Korea
Capital: Pyongyang Currency: Korean People's won

AWARDS AND REWARDS

Shalini Singh became first female NCC cadet to complete mountaineering course in Himalayan region

 Shalini Singh made history as she completed the mountaineering course in the Himalayan area of
Uttarakhand as the country’s first female NCC cadet.
 Shalini was enlisted in the 67 UP battalion after passing the required basic mountaineering course.She
started her one-month course on April 26.
 Shalini was the only female cadet on the 45 NCC cadets who made up the team for the expedition.

IMPORTANT DAYS

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3rd June 2023

OBITUARIES
Name of Person Field Points to Remember
Ama Ata Aidoo Writer Ama Ata Aidoo, the iconic Ghanaian writer whose classics The
Dilemma of a Ghost and Changes were taught to children in West
African schools for decades, has died aged 81.

Her first work, The Dilemma of a Ghost, a play, was published

in 1965, making her the first African woman to publish a play. She
went on to become one of the continent’s best-known writers,
inspiring a generation of younger authors, artists and feminists.

Answer key to Memory check

Q:1- B Q:2- C Q:3- D Q:4- B Q:5- D

Sources of the News:

The Hindu,The Indian Express,Business Standard, The Financial Express ,PIB, etc.

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