RBI issued amendment directions on review of methodology for identification of Non-Banking Financial Company - Upper Layer (NBFC-UL).

Key-amendments for NBFC-UL

• Revised criteria for identification: Upper Layer shall consist of NBFCs having asset size of ₹1 lakh crore and above as per the latest audited balance sheet for the financial year.

• In the earlier framework, upper-layer entities were identified using a scoring methodology based on size, interconnectedness and complexity.

• Review of criteria: Asset size threshold for identification of NBFC-UL specified shall be reviewed every three years.

What is NBFC?

• It is a company registered under the Companies Act, 1956 or Companies Act, 2013, and engaged in the business of loans and advances, acquisition of shares, stocks, bonds, debentures, and securities.
• Regulation: Primarily by the Reserve Bank of India (RBI), under RBI Act, 1934.

Union Home Minister paid tribute to Rani Durgavati on her martyrdom day on 24th June.

About Rani Durgavati (1524-1564)

• She was born in the fort of Kalinjar of Banda district (Uttar Pradesh) and was a descendant of Chandela dynasty of Mahoba 
• She was married to Dalpat Shah the son of the Gond King Sangram Shah of Garha-Katanga.
• She died by suicide during invasion led by Mughal Governor of Kara-Manikpur, Asaf Khan in 1564.
• Key-Contributions:
  • Administered the kingdom: After Dalpat Shah's death in 1548, she installed Bir Narayan (their son) on the throne and took on the reins of the government.
  • High levels of prosperity: People paid taxes on gold coins and elephants during her reign.
  • Constructed reservoirs: Such as the Ranital, Cherital, and Adhartal.
  • Patron of learning: Allowed Acharya Bitthalnath to establish a seat of the Pushtimarg cult at Garha.
  • Crushed rebellion: According to Tarikh-i-Firishta, she repulsed an invasion by Baz Bahadur of Malwa between 1555 and 1560.

Western Europe is facing a deadly heatwave, driven by a meteorological phenomenon known as an "Omega Block”.

About Omega Block

• It is a type of weather block that resembles the Greek letter omega, Ω.
  • Blocks are areas of high pressure that remain nearly stationary and distort the usual eastward progression of pressure systems.
• Omega block occurs when a strong area of high pressure builds up between two zones of lower pressure.
  • Because of the high pressure, warm air rising from the ground cannot escape into the atmosphere; instead, it is trapped close to the surface and causes compressional heating.
• It promotes widespread sinking air, which suppresses cloud formation and leads to prolonged, intense sunshine.

APEDA successfully concluded first cohort of BHARATI Programme to accelerate Innovation-Led Growth in Agri-Food Exports.

About BHARATI:

• It stands for Bharat's Hub for Agritech, Resilience, Advancement and Incubation for Export Innovation.
• It is a flagship initiative of the Agricultural and Processed Food Products Export Development Authority (APEDA). 
• Objective: Formulated to spearhead APEDA's strategic goal of achieving $50 billion in agri-food exports for scheduled products by 2030. 
• Strategic Focus Areas:
  • High-Value & Innovative Agri-Food Products 
  • Technology-Led Solutions: Supporting startups integrating advanced technologies like blockchain traceability, IoT-driven cold chains
  • Overcoming Regulatory Barriers: such as Sanitary and Phytosanitary (SPS) and Technical Barriers to Trade (TBT).

The Forest Advisory Committee (FAC) has recommended in-principle approval for diversion of forest land for the Kirthai-II hydroelectric project in Jammu and Kashmir.

• Kirthai-II is the third hydroelectric project planned on the Chenab to receive approvals since the suspension of the Indus Water Treaty. (Other two are Sawalkote and Dulhasti-II projects).

About Kirthai-II hydroelectric project:

• Capacity: 820 MW.
• It is a run-of-the-river project.
  • Project that generates electricity using the natural flow and elevation of a river, rather than holding massive amounts of water in a giant reservoir.
• It will be implemented by the Chenab Valley Power Projects Ltd.

The UN General Assembly adopted a new Political Declaration on HIV/AIDS to end the epidemic as a public health threat by 2030.

• HIV (Human Immunodeficiency Virus) targets the human immune system, eventually leading to AIDS (Acquired Immunodeficiency Syndrome). 

About the Declaration

• 95-95-95 Targets: Aims for 95% of people to know their status, 95% to access treatment, and 95% to achieve viral suppression by 2030.
• System Integration: Mainstreams comprehensive HIV services into Universal Health Coverage (UHC) and primary care systems globally.
• Targeted Elimination: Prioritizes halting vertical (mother-to-child) transmission, ending pediatric AIDS, and dismantling structural stigma, discrimination, and inequalities.

The PM chaired the 52nd PRAGATI meeting, urging states to implement e-Zero FIRs in cybercrime cases.

• PRAGATI (Pro-Active Governance And Timely Implementation) is an ICT-based multi-modal platform that integrates PMO, Union Secretaries, and State Chief Secretaries for public grievance redressal, project monitoring, and fostering cooperative federalism

About e-Zero FIR (or Zero e-FIR)

• It is an I4C (Indian Cybercrime Coordination Centre) digital initiative automatically converting verified cyber financial fraud complaints into Zero FIRs.
  • Zero FIR, under the new Bharatiya Nagarik Suraksha Sanhita, 2023, allows reporting only cognizable offences at any police station, regardless of territorial jurisdiction. 
  • Submitting this information electronically is optional, not mandatory. 
  • Additionally, the officer-in-charge may, with prior permission from an officer not below the rank of Deputy Superintendent of Police, conduct a preliminary enquiry or proceed with an investigation.

India-China border trade via Lipulekh Pass in Uttarakhand to resume after 6 years.

About Lipulekh Pass

• Location: It is a high-altitude mountain pass located in Uttarakhand, near the trijunction of India, Nepal, and China.
• Significance: A vital link between India and Tibet (China) and is a significant part of the trade and pilgrimage route (Kailash Mansarovar Yatra).
• Other trade passes between India and China:  Shipki La Pass (Himachal Pradesh) and Nathu La Pass (Sikkim)

IAEA has said that it will carry out inspections in Iran under the country’s preliminary peace agreement with the US.

About IAEA

• Genesis: Created in 1957.
• Headquarters: Vienna (Austria).
• Overview: It is the world's central intergovernmental forum for scientific and technical cooperation in the nuclear field. 
  • It is an autonomous international organization within the United Nations system.
• Function: It works for the safe, secure and peaceful uses of nuclear science and technology, contributing to international peace and security and the United Nations' Sustainable Development Goals.
• It was awarded the Nobel Peace Prize in 2005.