Daily Current Affairs June 03

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June 03 | Daily Current Affairs 2025

Important Days – Daily Current Affairs June 03

1. Which date is globally observed as World Bicycle Day as per the UN resolution?
A) May 1
B) June 3
C) April 22
D) July 11
E) October 2
Answer: B) June 3

Event and Location:

• Event: Global observance of World Bicycle Day 2025
• Location: Worldwide
• Date: June 3, 2025

Mandates and Objectives:

• Mandates: The United Nations commemorates World Bicycle Day every year on June 3 to honor the role of bicycles in health, affordability, and environmental sustainability.
• Objectives: To promote cycling as a sustainable and inclusive transport option, support the Sustainable Development Goals (SDGs), advocate for cycling infrastructure in urban planning, and raise awareness of health and environmental benefits.

Important Terms Explained:

• World Bicycle Day: An annual UN-observed day celebrated on June 3 to highlight the bicycle’s utility in promoting sustainability, mobility, and public health.
• Sustainable Development Goals (SDGs): A global set of 17 goals adopted by the UN in 2015 to address global challenges, including climate change, health, poverty, and education.
• Leszek Sibilski: A Polish-American sociologist and cyclist who initiated the global campaign that led to the UN declaring June 3 as World Bicycle Day in 2018.

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Ranking – Daily Current Affairs June 03

2. Which country became the world’s top creditor in 2024, overtaking Japan after 34 years?
A) China
B) South Korea
C) Germany
D) United Kingdom
E) Switzerland
Answer: C) Germany

Event and Location:

• Event: Germany overtakes Japan to become the world’s largest creditor nation
• Location: Global (led by Germany and Japan)
• Date: 2024 (Reported on June 3, 2025)

Mandates and Objectives:

• Mandates: Germany surpassed Japan in net external assets for 2024, ending Japan’s uninterrupted 34-year streak as the world’s top creditor nation.
• Objectives: To highlight shifts in global financial dominance, analyze trade surpluses and currency trends, and evaluate the impact of economic policies and structural strategies on external asset positions.

Important Terms Explained:

• Net External Assets: The difference between what a country owns abroad (investments, bonds, equity, property) and what foreigners own in that country.
• Current Account Surplus: The excess of a country’s exports and income receipts over its imports and income payments, boosting national financial strength.
• NISA Scheme (Japan): A tax-exempt investment scheme aimed at encouraging Japanese households to invest in securities, including foreign equities.

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Banking and Finance – Daily Current Affairs June 03

3. What is the projected value of household net financial savings in India for FY2024–25 according to SBI?
A) ₹18 lakh crore
B) ₹20 lakh crore
C) ₹22 lakh crore
D) ₹24 lakh crore
E) ₹26 lakh crore
Answer: C) ₹22 lakh crore

Event and Location:

• Event: SBI projects household financial savings to increase significantly in FY25
• Location: India
• Date: June 3, 2025

Mandates and Objectives:

• Mandates: The State Bank of India (SBI) has released its latest economic research report projecting that household net financial savings will rise to ₹22 lakh crore in FY25, amounting to 6.5% of Gross National Disposable Income (GNDI).
• Objectives: To provide insights on macroeconomic trends, analyze financial system health, and inform public and policy stakeholders about savings behavior, fiscal resilience, and fraud patterns.

Important Terms Explained:

• Household Net Financial Savings: The portion of disposable income that households save in financial assets like bank deposits, mutual funds, and insurance after meeting their expenditure.
• Gross National Disposable Income (GNDI): The total income available to the nation for spending or saving, including income from abroad and transfers.
• RBI Surplus Transfer: The annual transfer of the Reserve Bank of India’s excess income (after provisioning) to the central government, which in FY25 reached a record ₹2.69 lakh crore.

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4. What is the key new feature in RBI’s enhanced liquidity stress testing framework for Scheduled Commercial Banks?
A) Interest rate caps
B) Climate bonds only
C) Cash flow analysis model
D) Bank merger guidelines
E) Digital lending code
Answer: C) Cash flow analysis model

Event and Location:

• Event: RBI introduces a cash flow-based liquidity stress testing framework
• Location: India
• Date: June 3, 2025 (as per RBI Annual Report 2024–25)

Mandates and Objectives:

• Mandates: The Reserve Bank of India (RBI) will implement a new cash flow analysis approach in liquidity stress testing for Scheduled Commercial Banks (SCBs). It will also extend stress testing coverage to NBFCs, Urban Cooperative Banks (UCBs), and its own portfolio.
• Objectives: To enhance the financial system’s resilience against liquidity shocks, incorporate climate-related risks, and safeguard depositor interests through more forward-looking, systemic risk evaluation models.

Important Terms Explained:

• Liquidity Stress Testing: A simulation technique used by regulators to evaluate whether banks have adequate liquidity to survive a financial or funding crisis.
• Cash Flow Analysis Framework: A model that evaluates expected inflows and outflows of cash to assess a bank’s ability to meet obligations under stressed conditions.
• Growth-at-Risk Model: A forecasting tool to evaluate how financial sector vulnerabilities may affect potential downside risks to GDP growth.
• Climate Risk: Financial risk stemming from climate-related events or policies, increasingly integrated into global regulatory frameworks.

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5. Which two companies recently received RBI’s in-principle approval to operate as cross-border payment aggregators in India?
A) Google Pay and Razorpay
B) Paytm and Stripe
C) PayPal and Worldline
D) PhonePe and PayU
E) BharatPe and Square
Answer: C) PayPal and Worldline

Event and Location:

• Event: RBI grants in-principle approval to PayPal and Worldline for cross-border payment aggregation
• Location: India
• Date: June 3, 2025

Mandates and Objectives:

• Mandates: The Reserve Bank of India (RBI) has granted in-principle authorization to PayPal Payments Pvt Ltd and Worldline ePayments India to function as cross-border payment aggregators (PAs) under the Payment and Settlement Systems Act, 2007.
• Objectives: To regulate and secure international digital payment services, ensure transparency in cross-border financial flows, and support India’s expanding digital export ecosystem.

Important Terms Explained:

• Payment Aggregator (PA): A service provider that facilitates online payments between buyers and merchants without requiring merchants to set up their own payment gateways.
• Payment and Settlement Systems Act, 2007: The legal framework that governs the authorization and regulation of payment systems in India.
• OPGSP (Online Payment Gateway Service Provider): The earlier framework under which firms like PayPal operated cross-border services in India before RBI’s October 2024 directive.
• In-Principle Approval: A provisional regulatory nod allowing firms to begin compliance procedures before receiving final authorization.

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6. What is the last date for retired NPS subscribers to apply for Unified Pension Scheme (UPS) benefits?
A) May 31, 2025
B) June 15, 2025
C) June 30, 2025
D) July 1, 2025
E) July 31, 2025
Answer: C) June 30, 2025

Event and Location:

• Event: Retired Central Government NPS subscribers eligible for Unified Pension Scheme benefits
• Location: India
• Date: June 3, 2025 (Deadline: June 30, 2025)

Mandates and Objectives:

• Mandates: The Ministry of Finance has allowed retired Central Government employees under NPS with at least 10 years of service (as of March 31, 2025) to apply for benefits under the Unified Pension Scheme (UPS) by June 30, 2025.
• Objectives: To offer financial parity, improve income security for NPS retirees, provide a monthly top-up pension, and address the disparity between market-linked NPS and assured pension systems.

Important Terms Explained:

• Unified Pension Scheme (UPS): Introduced in January 2025, UPS assures a minimum pension of 50% of the last 12 months’ average basic pay, designed as an optional top-up to NPS.
• National Pension System (NPS): A market-linked pension scheme introduced in 2004 for government employees, offering annuity-based retirement income without guaranteed returns.
• PPF Rate (Public Provident Fund Rate): The rate of interest used for calculating simple interest on arrears under this scheme, revised quarterly by the Ministry of Finance.

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7. Which public sector bank recently removed the minimum balance requirement for all savings bank accounts?
A) Punjab National Bank
B) Bank of Baroda
C) State Bank of India
D) Canara Bank
E) Union Bank of India
Answer: D) Canara Bank

Event and Location:

• Event: Canara Bank waives minimum balance requirement for all SB accounts
• Location: India
• Date: June 3, 2025

Mandates and Objectives:

• Mandates: Canara Bank has implemented a complete waiver of the Average Monthly Balance (AMB) requirement for all types of savings bank (SB) accounts, including regular, salary, and NRI accounts.
• Objectives: To promote financial inclusion, simplify banking for underserved and low-income populations, eliminate penalty-based charges, and align with the government’s Digital India and Jan Dhan Yojana missions.

Important Terms Explained:

• Average Monthly Balance (AMB): The average amount a customer is required to maintain in their savings account over a month. Failure to maintain AMB previously resulted in penalty charges.
• Savings Bank (SB) Account: A basic deposit account for individuals allowing easy deposit, withdrawal, and interest earnings on idle balances.
• Financial Inclusion: A policy initiative aimed at making financial services accessible to weaker sections and low-income groups at affordable costs.

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Business and Economy – Daily Current Affairs June 03

8. What was India’s real GDP growth rate for FY2024–25 according to MoSPI data?
A) 9.2%
B) 8.6%
C) 6.5%
D) 4.7%
E) 3.8%
Answer: C) 6.5%

Event and Location:

• Event: Release of India’s FY25 GDP and GVA Estimates
• Location: Nationwide (Published by Ministry of Statistics and Programme Implementation)
• Date: June 2, 2025

Mandates and Objectives:

• Mandates:
  • MoSPI released provisional GDP and GVA estimates for FY2024–25, including sector-wise analysis.
  • Data also includes Q4 economic performance and currency conversion into USD terms.
• Objectives:
  • To provide clarity on national income performance using GDP and GVA indicators.
  • To assess sector-wise contributions and inflation-adjusted growth.
  • To guide policy through transparent and timely economic data dissemination.

Important Terms Explained:

• GDP (Gross Domestic Product):
  • Measures total expenditure in the economy by households, businesses, and the government.
  • Reflects overall economic size and performance.
• GVA (Gross Value Added):
  • Measures sector-specific contribution to the economy by subtracting input costs from output value.
  • Used to understand productivity across agriculture, industry, and services.
• Real vs Nominal GDP:
  • Real GDP is adjusted for inflation, showing actual growth in output.
  • Nominal GDP is measured at current market prices, reflecting inflationary impacts.
• Provisional Estimates (PEs):
  • Preliminary figures subject to revision; part of the annual estimation cycle which also includes First and Second Advance Estimates.

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9. What is the current inflation target under the RBI’s monetary policy framework, valid until March 31, 2026?
A) 2% ±1%
B) 3% ±1%
C) 4% ±2%
D) 5% ±1%
E) 6% ±3%
Answer: C) 4% ±2%

Event and Location:

• Event: RBI to review the monetary policy framework amid changing inflation dynamics
• Location: India
• Date: June 3, 2025 (from Annual Report 2024–25)

Mandates and Objectives:

• Mandates: The Reserve Bank of India (RBI) has announced that it will review its monetary policy framework and systemic liquidity requirements in FY2025–26 to enhance policy transmission and adapt to changing inflation trends.
• Objectives: To assess the effectiveness of the current CPI-based inflation targeting, evaluate a possible shift to core inflation, and ensure optimal liquidity levels for smoother monetary transmission and economic support.

Important Terms Explained:

• Flexible Inflation Targeting (FIT): A monetary policy strategy where the central bank aims to maintain inflation within a predefined range (currently 4% ±2% for CPI) to ensure price stability.
• Core Inflation: A measure of inflation that excludes food and fuel prices, considered more stable and reflective of long-term trends.
• External Benchmark Linked Rate (EBLR): A mechanism that links lending rates to external benchmarks like the repo rate, enabling faster transmission of policy changes to borrowers.
• Monetary Transmission: The process by which changes in the central bank’s policy rate affect broader economic variables like interest rates, credit flow, and consumption.

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10. By what percentage did the RBI’s balance sheet grow in FY2024–25?
A) 6.3%
B) 7.5%
C) 8.2%
D) 9.1%
E) 10.4%
Answer: C) 8.2%

Event and Location:

• Event: RBI’s balance sheet grew 8.2% in FY25, reaching ₹76.25 lakh crore
• Location: India
• Date: May 29, 2025 (from RBI Annual Report 2024–25)

Mandates and Objectives:

• Mandates: The Reserve Bank of India (RBI) released its Annual Report 2024–25, highlighting significant growth in balance sheet size, forex income, gold reserves, and domestic investments.
• Objectives: To enhance monetary system stability, boost fiscal support through surplus transfer, improve currency and reserve management, and ensure secure and efficient currency operations.

Important Terms Explained:

• Balance Sheet (RBI): A comprehensive financial statement showing the central bank’s assets (investments, reserves) and liabilities (currency in circulation, revaluation accounts).
• Foreign Exchange Transaction Gain: Profits earned from buying/selling foreign currencies amid favorable exchange rate movements.
• e-Rupee: India’s official Central Bank Digital Currency (CBDC) issued by the RBI, offering a digital alternative to physical cash.
• FICNs (Fake Indian Currency Notes): Counterfeit currency detected and reported through banking and law enforcement systems.

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Appointments – Daily Current Affairs June 03

11. Who was recently appointed as CEO of Deutsche Bank’s India Global Capability Centre?
A) Christian Sewing
B) Stefan Schaffer
C) Satish Ranjan
D) Sanjay Sharma
E) Martin Zielke
Answer: B) Stefan Schaffer

Event and Location:

• Event: Deutsche Bank appoints Stefan Schaffer as CEO of its India Global Capability Centre
• Location: India (Mumbai, Pune, Bengaluru, Jaipur)
• Date: June 2, 2025

Mandates and Objectives:

• Mandates: Stefan Schaffer has been appointed CEO of Deutsche Bank India GCC, and will also serve as Global CIO for Corporate Functions and Head of Global Technology Centres.
• Objectives: To strengthen Deutsche Bank’s global technology, engineering, and operations by enhancing the role of its India-based Global Capability Centre in innovation and standardisation.

Important Terms Explained:

• Global Capability Centre (GCC): A strategic offshore unit established by multinational firms to deliver business processes, IT, and operational services. Deutsche Bank India GCC supports global operations in finance, risk, tech, and operations.
• Global CIO (Corporate Functions): Chief Information Officer responsible for IT strategy and execution for non-client-facing corporate departments such as HR, Legal, and Finance.
• Clean Architecture: A software design principle aimed at building flexible, scalable, and maintainable systems through separation of concerns.

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12. Who has been elected President of the 80th session of the United Nations General Assembly in 2025?
A) António Guterres
B) Ursula von der Leyen
C) Helga Schmid
D) Annalena Baerbock
E) Olaf Scholz
Answer: D) Annalena Baerbock

Event and Location:

• Event: Annalena Baerbock elected President of the 80th UN General Assembly session
• Location: United Nations Headquarters, New York, USA
• Date: June 2, 2025

Mandates and Objectives:

• Mandates: Annalena Baerbock, former German Foreign Minister, has been elected to lead the 80th United Nations General Assembly (UNGA) with 167 votes, becoming the first woman from the Western European and Others Group (WEOG) and the fifth woman overall to hold the post.
• Objectives: To promote multilateralism, strengthen the UN’s effectiveness, advance the 2030 Sustainable Development Agenda, and foster inclusivity, gender equality, and youth participation in UN governance.

Important Terms Explained:

• UN General Assembly (UNGA): The main deliberative body of the United Nations comprising all 193 member states; it elects a president annually from rotating regional groups.
• Veto Initiative (2022): A UN resolution requiring the General Assembly to debate any Security Council veto, increasing accountability and Assembly relevance.
• WEOG (Western European and Others Group): One of the five regional groups at the UN used for electing leadership and organizing representation in bodies like the UNGA.

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National Affairs – Daily Current Affairs June 03

13. Which newly notified scheme aims to boost domestic electric passenger vehicle manufacturing in India?
A) FAME India Phase III
B) Auto Mission Plan 2026
C) SPMEPCI
D) PM-MITRA
E) EV-Energy Connect
Answer: C) SPMEPCI

Event and Location:

• Event: Government notified guidelines under SPMEPCI scheme for electric vehicle manufacturing
• Location: India
• Date: June 3, 2025

Mandates and Objectives:

• Mandates: The Ministry of Heavy Industries has issued operational guidelines for the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) to offer concessional customs duty benefits and support both greenfield and brownfield investments.
• Objectives: The goal is to attract global electric vehicle manufacturers to set up domestic manufacturing units, reduce carbon emissions, promote clean mobility, and position India as a global EV hub.

Important Terms Explained:

• SPMEPCI (Scheme to Promote Manufacturing of Electric Passenger Cars in India): A central government initiative providing concessional import duties and incentives for electric vehicle manufacturers investing in India.
• CBU (Completely Built Unit): A fully assembled vehicle imported into India without any local manufacturing or assembly.
• CIF (Cost, Insurance, and Freight): The total cost of goods including insurance and shipping charges until arrival at the Indian port.

Tabular Summary:

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14. What is the full form of the recently launched DHRUVA policy related to digital address infrastructure?
A) Digital Highway for Regional Urban Virtual Access
B) Digital Hub for Reference and Unified Virtual Address
C) Data Hosting for Rural and Urban Verified Address
D) Digital Hosting for Remote Unique Verified Addresses
E) Digital Hub for Rural Urban Verified Applications
Answer: B) Digital Hub for Reference and Unified Virtual Address

Event and Location:

• Event: India launches DHRUVA policy for building digital address infrastructure
• Location: India
• Date: June 3, 2025

Mandates and Objectives:

• Mandates: The Department of Posts under the Government of India has released the DHRUVA policy to create a national-level, geo-coded digital address system.
• Objectives: To ensure standardised address management across sectors, enable consent-based data sharing, and enhance precision in service delivery while prioritizing user privacy and public-private interoperability.

Important Terms Explained:

• DHRUVA (Digital Hub for Reference and Unified Virtual Address): A national digital address infrastructure initiative that assigns unique, geo-coded digital addresses for use across governance and commerce.
• DIGIPIN (Digital Postal Index Number): A geospatial digital code representing precise address locations, developed earlier to complement India’s postal system.
• Address-as-a-Service (AaaS): A model where address information is offered through secure, API-based, interoperable platforms for digital access and integration.

Tabular Summary:

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15. Which tiger corridor was recently declared as the Kumram Bheem Conservation Reserve by the Telangana government?
A) Nagarhole-Bandipur Corridor
B) Kanha-Pench Corridor
C) Kawal-Tadoba Corridor
D) Kaziranga-Manas Corridor
E) Satpura-Melghat Corridor
Answer: C) Kawal-Tadoba Corridor

Event and Location:

• Event: Telangana notifies Kumram Bheem Conservation Reserve to enhance tiger connectivity
• Location: Kumram Bheem Asifabad district, Telangana
• Date: May 30, 2025

Mandates and Objectives:

• Mandates: The Government of Telangana has designated the Kawal-Tadoba inter-state tiger corridor as the Kumram Bheem Conservation Reserve under Section 36(A) of the Wildlife Protection Act, 1972.
• Objectives: To strengthen tiger movement between protected areas, conserve biodiversity, ensure legal protection of key forest tracts, and support long-term ecological resilience in the central Indian landscape.

Important Terms Explained:

• Conservation Reserve: A protected area created under Section 36(A) of the Wildlife Protection Act, 1972, meant to conserve landscapes that link core protected areas but lie on government land.
• Wildlife Protection Act, 1972: The primary legislation for wildlife conservation in India, under which national parks, sanctuaries, conservation and community reserves are notified.
• Tiger Corridor: A natural habitat passage that allows the free movement of tigers between different protected areas to maintain genetic diversity and population stability.

Tabular Summary:

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16. What is the main purpose of the newly launched Krishi Nivesh Portal?
A) To manage crop insurance claims
B) To provide weather forecasting for farmers
C) To unify agricultural investment schemes
D) To monitor pesticide usage
E) To track farm subsidies only
Answer: C) To unify agricultural investment schemes

Event and Location:

• Event: Launch of the Krishi Nivesh Portal to streamline agricultural investments
• Location: India
• Date: June 3, 2025

Mandates and Objectives:

• Mandates: The Government of India has launched the Krishi Nivesh Portal, a centralised platform aggregating agricultural investment schemes from 14 central ministries and 9 state departments.
• Objectives: To provide a one-stop digital interface for investors and stakeholders in agriculture, simplify access to information, expedite loan disbursals, promote public-private partnerships, and boost private sector participation in agricultural infrastructure and innovation.

Important Terms Explained:

• Krishi Nivesh Portal: A government digital platform launched to unify and streamline various agricultural investment-related schemes for improved access and transparency.
• Agriculture Infrastructure Fund (AIF): A flagship scheme aimed at building post-harvest infrastructure and community farming assets.
• PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan): A central scheme to promote solar energy use among farmers, including solar pump installations and grid-connected power generation.
• Credit-Linked Schemes: Schemes where financial assistance or subsidies are linked to the loan component offered by banks or financial institutions.

Tabular Summary:

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17. What is the primary aim of India’s NAKSHA programme?
A) To regulate rural agricultural land ownership
B) To reform urban land records using geospatial technology
C) To provide housing loans to urban poor
D) To digitize Gram Panchayat records
E) To conduct village-based population census
Answer: B) To reform urban land records using geospatial technology

Event and Location:

• Event: Launch of Phase 2 of the NAKSHA urban land survey reform programme
• Location: Across 157 Urban Local Bodies (ULBs) in India
• Date: June 2, 2025 (Phase 2 training begins)

Mandates and Objectives:

• Mandates:
  • The NAKSHA programme modernizes urban land surveys using drone and GIS-based technologies, conducted by the Department of Land Resources with Survey of India and NICSI.
• Objectives:
  • Ensure accurate and accessible urban land records
  • Improve planning and infrastructure development in urban areas
  • Reduce land-related disputes and enhance governance transparency
  • Build capacity in geospatial surveying among ULB officials

Important Terms Explained:

• NAKSHA: National Geospatial Knowledge-based Land Survey of Urban Habitations, a central government initiative to modernize urban land records using advanced technologies.
• Web-GIS Platform: A digital system to manage, update, and access land records in real-time through geographical information systems.
• GNSS & ETS: Global Navigation Satellite System and Electronic Total Station—technologies used in high-accuracy geospatial surveying.

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Over All Review

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