1. RBI to infuse Rs.15,000 crore into the financial system through the purchase of government bonds
The Reserve Bank of India is to infuse Rs.15,000 crore into the financial system through bond purchases on June 13.
Why the infusion:
- RBI made the decision after assessing of prevailing liquidity conditions and also of the durable liquidity needs that are going forward.
- RBI uses Open Market Operations (OMO) for injecting liquidity into the system through the purchase of government bonds (G-sec). Therefore, RBI is to conduct the purchase of six G-sec under OMOs through multi-security auction using the multiple price method.
What is G-Sec?
Government security (G-Sec) is a debt obligation of the Indian government to fund their fiscal deficit. The securities are tradable. G-sec is issued either by the central or the state government. They are offered for short term as well as long term.
In a multiple price-auction, each successful bidder should pay the price stated bu the player himself. But, in case of uniform price auctions, all successful bidders should pay the cut-off price, that is, the same price at which the market clears the issue.
Open Market Operations:
Open market operations (OMO) refers to the buying and selling of government securities by the central bank, RBI in case of India, in the open market in order to contract or expand the amount of money in the banking system. The purchase of the securities will inject money into the banking system and stimulate growth, while sales of securities do the opposite and contract the economy.
2. Nripendra Misra re-appointed as Principal Secretary to PM Modi
Nripendra Misra has been re-appointed as Principal Secretary to Prime Minister Narendra Modi.
- PK Mishra has also been re-appointed as Additional Principal Secretary to Mr. Modi.
- The Appointments Committee of the Cabinet approved both the appointments with effect from 31st May.
- The appointments will be co-terminus with the term of the Prime Minister.
- During the term of their office, they will be assigned the rank of Cabinet Minister.
3. Mela Kheer Bhawani festival was celebrated in Jammu & Kashmir
Mela Kheer Bhawani festival was celebrated in Jammu & Kashmir on Zeasht Ashtami. In 2019, the day fell on June 10. The devotees prayed at the famous Ragnya Devi temple in Ganderbal district, J&K.
Zyestha Ashtami is celebrated by Kashmiri Pandits across the country and outside as the day marks commencing of an annual pilgrimage.
Mela Kheer Bhawani:
- Kheer Bhawani is a temple that is dedicated to the Goddess Kheer Bhavani constructed over a sacred spring. Kheer Bhawani Mela is one of the biggest religious functions of the displaced community of Kashmiri Pandits, who were forcefully evicted from Valley in the 1990s by militants.
- The devotees carry rose petals, walk barefoot, and offer tribute to the goddess and offer milk and kheer (pudding) at sacred spring. It is believed that the color of the spring which flows below the temple will indicate the valley’s well-being.
4. China appoints veteran diplomat Sun Weidong as new envoy to India
China has appointed veteran diplomat Sun Weidong as its new envoy to India.
- Sun also served as the ambassador to Pakistan and is currently the Director General of the Policy and Planning Department of the Foreign Ministry.
- He will succeed Luo Zhaohui, who has been appointed as Vice Minister of Foreign Affairs.
5. Bihar approved the proposal to punish children who abandon their elderly parents
The Bihar State Cabinet chaired by Chief Minister Nitish Kumar has approved the proposal to punish sons and daughters, who abandon their elderly parents, with a jail term. The approval was announced on 11 June.
The proposal was moved by the state’s social welfare department. Such cases will be registered under the non-bailable section after receiving complaints from elderly parents. The decision is expected to have a huge impact on society in taking care of the elderly, who are at times neglected or abandoned by their wards.
6. RBI constitutes a committee to review ATM pricing
The Reserve Bank of India has constituted a six-member committee to review the entire gamut of ATM charges and fees.
- Chief Executive of Indian Banks’ Association VG Kannan will chair the committee consisting of senior officers from National Payments Corporation of India, SBI, HDFC Bank, Confederation of ATM Industry and Tata Communications Payment Solutions Limited.
- The committee will review existing patterns of costs, charges and interchange fees for ATM transactions.
- It is to submit its report within two months from the date of its first meeting.
7. Tokayev was sworn in as the President of Kazakhstan
Kassym-Jomart Tokayev has sworn in as the President of Kazakhstan. He was the interim president and hand-picked successor of Nursultan Nazarbayev. He won the election, which was held on 9 June, with 70.96% of the vote which was contested against six government-approved candidates.
- Tokayev presidency aims to continue Nazarbayev’s policies aimed at improving the well-being of the people. He succeeded Nursultan Nazarbayev, who announced his resignation in March after 30 years in power.
- This is the first time Kazakhstan gets its new president since the collapse of the Soviet Union.
8. Thawarchand Gehlot appointed leader of Rajya Sabha
Union Minister of Social Justice and Empowerment Thawarchand Gehlot has been appointed as the leader of Rajya Sabha.
- He will replace senior BJP leader Arun Jaitley who opted out of the government citing health reasons.
- Gehlot is a Rajya Sabha member representing Madhya Pradesh.
9. International Day Against Child Labour observed on June 12
International Labour Organization (ILO) started to celebrate World Day Against Child Labour in 2002
To focus attention on the global extent of child labor and the action and efforts needed to eliminate it.
- The 2019 theme is Children shouldn’t work in fields, but on dreams!
- The day brings government employers and workers organizations, civil society, as well as millions of people from around the world to highlight the plight of child laborers.
- Sustainable Development Goals (SDGs) adopted by world leaders in 2015 to include a renewed global commitment to ending child labor.
- Sustainable Development Goals and effective measures are take-ups in order to eradicate forced labor, end modern slavery and human trafficking and secure the prohibition and elimination of the worst forms of child labor includes use of child labors by the year 2025 and to end child labor in all its forms.
- ILO celebrates 100 years of advancing social justice.
- The protection of children embedded in the ILO’s Constitution (Preamble). One of the first Conventions adopted by the ILO was on Minimum Age in Industry (No. 5, 1919).
- 8.7 target set by the international community calling for an end to child labor in all its forms by 2025.
About World Day Against Child Labour
- Observances: UN, International Labour Organization
- Frequency: annual
- Called as: WDACL
- Observed by: UN Members
10. Max Life Insurance Company launched ‘My Protection Quotient’ Tool
Max Life Insurance company one of the famous insurance companies in India announced the launch of a unique proprietary tool, ‘My Protection Quotient’ (MyPQ) its commitment to ensuring financial protection in the country.
- MyPQ a smart tool designed to gauge the level of an individual’s financial protection and their main aim to promote awareness and importance of term plans in protecting the financial future of families.
- This tool will help consumers gauge their preparedness for their life stage goals and protection against unplanned eventualities of life.
- Max Life insurance to drive the agenda of financial protection in India.
The program’My Protection Quotient encourages all Indians to engage with protection need more closely.
- Its aim to help customers understand various aspects of financial planning, elements that are missing or require an upgrade to ensure that they have the right amount of life cover which helps customers to achieve their life goals with risk protection.
- MyPQ on the first-month anniversary dedicated 6th of every month as ‘Protection Day’.
- The survey conducted in association with Kantar IMRB mainly to understand where India stands with regards to life and term insurance ownership.
- The Company is among the market leaders in online sales of pure protection products and has independent digital protection portfolio to further persevere in this direction.
About Max Life Insurance Company
- Founded: 2000
- Headquarters: New Delhi
- Net income: INR 440 crore
- Total assets: INR 35,825 crore