Daily Current Affairs June 17

Dear Champions, as you all know that a lot of competitive exams have been notified consequently. Candidates have to prepare themselves according to the level of competition and expectation of the Recruitment board. Regarding that one of the most important topic is Daily Current Affairs June 17. Current Affairs in the form of contemporary events of national & international play a crucial role in almost every competitive exams like Banking, Insurance, SSC, UPSC, TNPSC, Railway etc.

Current affairs are the most dynamic yet scoring among all sections and need to be prepared from the right source. Here, we cafunsta team, providing  Daily GK Updates, Current Affairs Questions, and Monthly  current affairs pdf.

TO PURCHASE OUR BANKING AWARENESS (2021 Edition) – CLICK HERE

June 17 | Daily Current Affairs 2024

Banking and Finance – Daily Current Affairs June 17

1. What is the main aim of the partnership between Namdev Finvest and Bajaj Allianz General Insurance?
A) To launch a new insurance product
B) To enhance market penetration of insurance and NBFC services in the underserved segment
C) To provide loans at lower interest rates
D) To offer investment opportunities
E) To expand globally
Answer: B) To enhance market penetration of insurance and NBFC services in the underserved segment

Event and Location:

• Namdev Finvest, a Jaipur-based NBFC, has partnered with Bajaj Allianz General Insurance to offer comprehensive financial solutions.
• The announcement was made on June 17, 2024.

Mandates and Objectives:

• The partnership aims to improve access to insurance and NBFC services in underserved segments of the market.
• Market Penetration: Enhancing the reach of insurance and NBFC services in areas that are currently underserved.
• Financial Inclusion: Providing comprehensive financial solutions to customers, including insurance and NBFC services.
• Strategic Alliance: Leveraging the strengths of both companies to offer better financial products and services.

Important Terms Explained:

• NBFC (Non-Banking Financial Company): A financial institution that offers various banking services but does not have a banking license.
• Insurance: A contract in which an individual or entity receives financial protection or reimbursement against losses from an insurance company.
• Market Penetration: The extent to which a product or service is recognized and bought by customers in a particular market.

Static GK Information:

Tabular Summary:

2. Why did the RBI cancel the licence of Purvanchal Co-operative Bank?
A) Due to a merger with another bank
B) Insufficient capital and unsustainable financial prospects
C) Involvement in financial fraud
D) Failure to expand its branches
E) Low customer base
Answer: B) Insufficient capital and unsustainable financial prospects

Event and Location:

• The Reserve Bank of India (RBI) revoked the licence of Purvanchal Co-operative Bank, located in Ghazipur, Uttar Pradesh.
• The announcement was made on June 17, 2024.

Mandates and Objectives:

• The RBI’s action was taken due to the bank’s inadequate capital and bleak earning prospects.
• Financial Stability: Ensuring that banks have sufficient capital and profitability to meet depositor obligations.
• Regulatory Compliance: Enforcing banking regulations to protect public interest and maintain financial system stability.
• Depositor Protection: Safeguarding depositors’ interests through the Deposit Insurance and Credit Guarantee Corporation (DICGC).

Important Terms Explained:

• RBI (Reserve Bank of India): The central banking institution of India responsible for regulating the Indian banking system.
• Deposit Insurance and Credit Guarantee Corporation (DICGC): A subsidiary of the RBI that provides insurance coverage for bank deposits.
• Capital Adequacy: A measure of a bank’s capital, ensuring it can absorb potential losses and meet its obligations.

Static GK Information:

Tabular Summary:

National Affairs – Daily Current Affairs June 17

3. What is the main objective of IRDAI’s recent mandate regarding health insurance claims?
A) To increase insurance premiums
B) To simplify the claim process
C) To reduce the number of claims
D) To enhance marketing strategies
E) To launch new insurance products
Answer: B) To simplify the claim process

Event and Location:

• The Insurance Regulatory and Development Authority of India (IRDAI) issued a master circular aimed at simplifying the health insurance claim process.
• The update was announced on June 17, 2024.

Mandates and Objectives:

• The IRDAI’s mandate focuses on improving the health insurance claim experience for consumers.
• Simplified Claims: Mandating that necessary documents be sought by the insurer at the time of underwriting to streamline the claim process.
• Consumer-Centric Reforms: Implementing reforms to make health insurance more accessible and user-friendly for policyholders.
• Stakeholder Cooperation: Enhancing cooperation between insurers and regulatory bodies to improve overall service quality.

Important Terms Explained:

• IRDAI (Insurance Regulatory and Development Authority of India): The regulatory body responsible for overseeing and regulating the insurance industry in India.
• Underwriting: The process by which an insurer evaluates the risk of insuring a potential policyholder and decides on the terms of the insurance coverage.
• Claim Process: The procedure that policyholders follow to get reimbursement or compensation from their insurance provider for covered losses.

Static GK Information:

Tabular Summary:

4. How much has IFC committed to Brookfield’s 550 MW solar project in Rajasthan?
A) $100 million
B) $105 million
C) $150 million
D) $200 million
E) $250 million
Answer: B) $105 million

Event and Location:

• The International Finance Corporation (IFC) has committed to part finance a 550 MW solar power project in Bikaner, Rajasthan.
• The announcement was made on June 17, 2024.

Mandates and Objectives:

• The IFC’s investment aims to support renewable energy development in India.
• Financing: Committing $105 million through long-term non-convertible debentures to the project’s special purpose vehicles.
• Renewable Energy: Promoting the development of a 550 MW solar power project in Rajasthan.
• Sustainable Development: Supporting India’s goal of increasing its renewable energy capacity.

Important Terms Explained:

• IFC (International Finance Corporation): A member of the World Bank Group that provides financial and advisory services to stimulate private sector investment in developing countries.
• Non-Convertible Debentures: Long-term financial instruments that are not convertible into equity shares of the issuing company but offer fixed interest payments.
• Special Purpose Vehicle (SPV): A subsidiary created by a parent company to isolate financial risk and manage specific projects or assets.

Static GK Information:

Tabular Summary:

Over All Review

DOWNLOAD TODAY’S CURRENT AFFAIRS PDF – CLICK HERE

You Must Also Read Daily Current Affairs June 15 & 16