The Reserve Bank of India (RBI) has revoked the licence of Purvanchal Co-operative Bank, located in Ghazipur, Uttar Pradesh, citing inadequate capital and bleak earning prospects. Consequently, the Commissioner for Cooperation and Registrar of Cooperative Societies, Uttar Pradesh, has been instructed to initiate the bank’s winding-up process and appoint a liquidator. Upon liquidation, depositors will be eligible to receive up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC) as per their deposit insurance coverage.
The Indian Air Force (IAF) is set to make history this August by hosting its first-ever multinational air exercise, Tarang Shakti-2024. The exercise is slated to be held in two phases, with the initial phase commencing in the first two weeks of August in southern India, followed by the second phase in the western sector from late August to mid-September.
Shri Pavan Kapoor, Secretary (West) in the Ministry of External Affairs, represented India at the Summit on Peace in Ukraine, hosted by Switzerland at Burgenstock on June 15-16, 2024. India attended the Opening and Closing Plenary Sessions of the Summit but did not align itself with any communique or document that emerged. This highlights India’s consistent and independent approach to achieving a peaceful resolution to the conflict through dialogue and diplomacy.
In Mercer’s 2024 Cost of Living Survey released on June 17, Mumbai solidifies its position as India’s most expensive city for expatriates, climbing to 136th globally and 21st in Asia. New Delhi follows at 30th within Asia, showcasing a notable shift in cost dynamics across Indian cities. Despite economic challenges, India remains resilient, offering affordability advantages for global talent recruitment. The survey highlights varying cost increases in housing and consumer goods across major Indian cities, with Delhi experiencing the highest rise. Mumbai leads in transportation and personal care costs, while Kolkata emerges as the most economical for essentials. Globally, Hong Kong retains its status as the priciest city for expats, underscoring diverse cost-of-living trends worldwide.
India’s Environment Performance in 2024
India’s latest ranking in the Environmental Performance Index (EPI) for 2024 places it at 176th out of 180 countries, reflecting slight improvement from previous years but still positioning it among the world’s lowest performers. The index, prepared by Yale and Columbia universities, highlights India’s struggles in crucial areas like air quality, biodiversity, and greenhouse gas emissions.