Daily Current Affairs- 1 July 2024

Daily Current Affairs- 1st July 2024

INTERNATIONAL

MMRDA Secures ₹850 Cr Deal with German Bank KfW for Urban Development

• The Mumbai Metropolitan Region Development Authority (MMRDA) has signed a major agreement with the German state-owned development bank KfW, securing over ₹850 crore to enhance urban infrastructure development in the Mumbai Metropolitan Region (MMR). In addition to the significant loan from KfW, MMRDA will contribute approximately ₹365 crore from its own resources, bringing the total funding for these sustainability projects to around ₹1,215 crore. 

JSW Steel and JFE collaborate to introduce CPS technologies for blast furnace operations

• JSW Steel and JFE Steel Corporation (JFE) have commenced pilot demonstration of cloud-based Cyber-Physical System (CPS) technologies for blast furnace operations at JSW Steel Vijayanagar Works.
• Through this revolutionary digital project, JSW Steel will leverage data science technologies in a cloud environment to enhance efficiency of its blast furnace operations in the manufacturing of steel. This is the first project wherein JFE provides its proprietary CPS capability to JSW Steel through a cloud-based environment. 

SPORTS

GM Anand wins Leon Masters for the 10th time

• Five-time world champion Viswanathan Anand proved his mettle once again and defeated Spaniard Jaime Santos Latasa 3-1 in the finals to win the Leon Masters for a 10th time.
• The format featured four players with his compatriot Arjun Erigaise, the world number four, as the fourth seed and Bulgarian Veselin Topalov being the other two players in the tournament. 

APPOINTMENS & RESIGNATIONS

FSIB appoints Challa Sreenivasalu Setty as SBI’s 27th chairman, replaces Dinesh Khara

• Financial Services Institution Bureau (FSIB) has selected Challa Sreenivasulu Setty as the next chairman of State Bank of India (SBI). Ashwini Tiwari and Vinay Tonse were two other contenders to the post.
• Setty will succeed the current chairman, Dinesh Khara, when he turns 63, the upper age limit for the position of SBI Chairman. His term is scheduled to end in August 2024. 

LIC re-designates Siddhartha Mohanty as CEO and MD

• Life Insurance Corporation of India (LIC) has re-designated Chairman Siddhartha Mohanty as the Chief Executive Officer and Managing Director.
• Mohanty had joined the insurance giant as an apprentice officer in 1985. He holds a Bachelor's degree in law and a Master’s degree in arts (Political Science) from Utkal University, Bhubaneswar. Mohanty also has a post-graduate certification in business management from the Xavier Institute of Management, Bhubaneshwar. 

IMPORTANT DAYS

National Doctor's Day (India)

• Every year, National Doctor’s Day: India, is observed on July 1. This year, 2024 the special day will be celebrated on Monday.
• July 1 was announced as National Doctor’s Day in 1991 by the Government of India to commemorate the birth anniversary of the celebrated doctor – Dr Bidhan Chandra Roy.
• Born on July 1, 1882, Dr Bidhan Chandra Roy was a renowned physician and served as the second Chief Minister of the state of West Bengal. His contributions to healthcare and the public health are celebrated till date. 

Chartered Accountants Day (India)

• In India, National Chartered Accountants Day is marked every July 1st, and in 2024 it will be observed on a Monday. It is one of the most important days for the accounting and finance communities across the nation, as it honours the founding of the Institute of Chartered Accountants of India (ICAI) back in 1949. 

GST Day

• GST Day is observed on July 1 each year. The celebration in 2024 marks the seventh anniversary of the GST system in India. This comprehensive indirect tax was introduced to simplify the complex web of taxes previously levied by central and state governments.
• Goods and Services Tax (GST) introduced on July 1, 2017, was a 360-degree tax reform that transformed India’s taxation landscape from a regime which had multiple taxes to a single indirect tax structure which subsumed these multiple taxes and removed the cascading effect. 

BANKING AND ECONOMY

World Bank Approves 1.5 billion Dollars Loan to Support India’s Low-Carbon Energy Sector

• The World Bank has approved a second round of 1.5 billion dollars in financing to help India accelerate the development of low-carbon energy. The financing is extended to promote a market for green hydrogen, electrolysers, and increased renewable energy penetration.
• Earlier, in June 2023, the World Bank approved the 1.5 billion dollars for the First Low-Carbon Energy Programmatic Development Policy Operation. The fresh funding is expected to help India expand its green hydrogen production and boost the mobilization of finance for low-carbon investments. 

Union Bank of India Introduces “Union Premier” Branches for Rural & Semi-Urban Markets

• Union Bank of India has launched “Union Premier” branches tailored for high-value customers in rural and semi-urban (RUSU) markets. These branches are designed to offer personalized banking services and a comprehensive range of products under one roof.
• Each Union Premier branch features a dedicated Relationship Manager to cater to the specific banking needs of every high-value customer, ensuring personalized attention and service excellence.