1.President, Ram Nath Kovind launched the Solar Charkha Mission which will cover 50 clusters and employ 400 to 2000 artisans.A portal of the Ministry of MSME called “Sampark” was also unveiled by the President.“Udyam Sangam” is a step forward towards consolidating synergy of all the govt initiatives relating to MSME Sector.
2.India has pledged USD 5 million in assistance to UN agency working for welfare of Palestinian refugees to help bolster its severe funding crisis.A total of 20 countries, including India, announced contributions to the 2018 budget of the United Nations Relief and Works Agency for Palestine Refugees.UNRWA relies entirely on voluntary contributions from states & US is the largest contributor.
3.Lawrence Haddad and David Nabarro win 2018 World Food Prize.The World Food Prize was created by Nobel Peace Prize laureate Norman Borlaug in 1986 to recognize scientists and others who have improved the quality and availability of food.The two men who have worked to provide availability of nutritious food for pregnant women and children to reduce malnutrition in developing countries.
4.Public Sector Banks accounted for a staggering 85% of nearly 6,500 fraud cases, amounting to more than Rs 30,000 Cr.Top 10 banking frauds in 2018 alone lead to a financial loss of Rs 10,000 Cr. Banks had reported nearly 5,000 frauds amounting to Rs 20,000 Cr in the fiscal year 2017.The PSB’s have a disproportionate share of over 85%, exceeding their business share of about 65% to 75%.
5.S Ramesh has been appointed as Chairman of the Central Board of Indirect Taxes and Customs (CBIC), the apex policy-making body for indirect taxes.Ramesh, an officer of the Indian Revenue Service had mandated with the responsibility of implementing the Goods and Services Tax (GST).The CBIC, which works under the Finance Ministry, is headed by a Chairman and can has 6 members.
6.DBS Bank of Singapore will launch its subsidiary in India in Oct 2018, the 2nd foreign bank in the country to convert its local operations.The bank has invested another Rs 500 Cr in March 2018 to take the total capital in India to Rs 5000 Cr and plans to expand to 50 branches.State Bank of Mauritius was the 1st to open a local subsidiary after RBI came out with the regulations in 2013.
7.The Reserve Bank of India’s Financial Stability Report (FSR) has warned that gross Non-Performing Assets (NPA) of troubled banks are likely to rise from 11.6% in March 2018 to 12.2% by March 2019.Gross NPAs of banks have already crossed the Rs 10,00,000 crore mark in the fiscal ended March 2018.The system-level capital to risk-weighted assets ratio (CRAR) may come down from 13.5% to 12.8%.
8.The world’s largest biennial multilateral naval exercise Rim of the Pacific (RIMPAC) will begin on 27th June off cost Hawaii in the Western Pacific Ocean.Indian Naval Ship Sahyadri will participate in the 26th edition of RIMPAC exercise.India’s participation in the exercise provides a platform for increased interoperability and understanding of maritime security operations.
9.External Affairs Minister Sushma Swaraj launched Mobile Passport Application on the occasion of 6th Passport Seva Divas on 26 June 2018 in New Delhi.Through mPassportSeva app, people can apply for a passport from any part of the country.Police verification will be done on the address, provided by the applicant on the app, another step towards simplification of passport service to people.
10.US Ambassador to the UN, Nikki Haley is on a 2-day visit to India.Haley will meet with senior Indian government officials, NGO leaders, and the interfaith community to underscore the United States’ shared values and a strong alliance with the people of India.She is the first Indian-American to serve in a Cabinet-level position in any US presidential administration.
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