12th bilateral Joint Military Exercise “Ex Ekuverin” started between India and Maldives at UttarakhandThe 12th edition of “Ex Ekuverin”, a bilateral joint military exercise between the Indian Army and the Maldives National Defence Force commenced at Chaubatia, Uttarakhand on 11th June 2023. The exercise will continue till 24th June 2023.

• Ekuverin is a bilateral exercise conducted alternatively in India and Maldives.
• The focus of the exercise Ekuverin is to share best practices, increase coordination and cooperation between both the forces at tactical level.

Note:

• The meaning of Ekuverin in the Maldivian language is ‘Friend’.
• 11th Edition of Exercise Ekuverin between India & Maldives was conducted at Kadhdhoo Island, Maldives from 06 to 19 December 2021.

Objective:
The primary objective of the exercise is to enhance interoperability in Counter Insurgency/ Counter Terrorism (CI/CT) Operations in accordance with the United Nations (UN) mandate focusing on joint Humanitarian Assistance and Disaster Relief operations (HADR).
Participants:
The two-week long exercise will see participation of a platoon strength contingent from both the Indian Army and Maldivian National Defence Force.
Highlights:
i. The defence cooperation between India and Maldives extends from joint exercises to assisting Maldives with defence training and equipment requirements.
ii. The two nations have very close and friendly relations in economic, cultural and military co-operation and this bilateral exercise will help strengthen the ties between India and Maldives.

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1st Meeting of the Joint Committee of the India-UAE CEPA, concluded successfully On 12th June 2023, India and the United Arab Emirates (UAE) successfully held the 1st Meeting of the Joint Committee (JC) of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) in New Delhi, Delhi.

• The meeting was co-chaired by Union Minister Piyush Goyal, Ministry of Commerce & Industry (MoCI)and Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade.

Outcome of the meeting:
i.India-UAE have agreed to set a target of USD 100 billion for trade in non-petroleum products by 2030. Presently, the trade of non-petroleum products stands at USD 48 billion.
ii.They have also agreed to exchange services trade data, for  both preferential and on most favoured nation(MFN), on a quarterly basis.
About UAE:
President-Sheikh Mohamed bin Zayed Al Nahyan
Prime Minister-H. H. Sheikh Mohammed bin Rashid Al Maktoum
Currency-Dirham
Capital-Abu Dhabi

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Kotak Life & DGR signed MoU to Provide Employment Opportunities for Ex-Servicemen

On 12th June,2023, Kotak Mahindra Life Insurance Company Limited (Kotak Life) signed a Memorandum of Understanding (MoU) with the Directorate General Resettlement (DGR), an Inter Service organization under the Department of Ex-Servicemen Welfare, Ministry of Defence, to offer employment opportunities to Ex-Servicemen of the Defence Services,

• Under this MoU, Ex-Servicemen will be offered various roles in Kotak Life across multiple distribution channels.

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Around 90% of people have at least one bias against Women: UNDP Reporti.According to the United Nations Development Programme’s (UNDP)  report  ‘2023 Gender Social Norms Index (GSNI)- Breaking down gender biases: Shifting social norms towards gender equality‘, released on June 12, 2023, 90% of both men and women or almost 9 out of 10 men and women worldwide hold “at least one” fundamental bias against women.
ii.It shows that despite the rise in women’s rights groups and social movements over the past decade or so, progress towards gender equality has stagnated.
iii.The publication of the 2023 GSNI was supported by financial contributions by the Republic of Korea.
About United Nations Development Programme (UNDP):
Administrator– Achim Steiner
Headquarters– New York, United States (US)

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Global Slavery Index 2023: With 11 Million Forced Labourers India tops among the G20 NationsAccording to the Global Slavery Index 2023, an assessment of modern slavery conditions in 160 countries, released by Australia-based Rights group Walk Free Foundation in May 2023, 50 million people are globally living in conditions of modern slavery in 2021, a 25% rise over the last five years.

• Among the G20 nations, India tops the list with 11 million people working as forced labourers, followed by China, Russia, Indonesia, Turkey and the U.S.
• ⅔ of people in India were under modern slavery. Asia and Pacific has the largest number of moder slavery with 29.3 million people.
• Around 46.9 million people are living in modern slavery globally.
• The 2023 Global Slavery Index provides an assessment of the extent to which a country’s population is vulnerable to modern slavery for 160 countries.
• G20 nations account for more than half of all people living in modern slavery.

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In a first, IOB launches ‘My Account My Name’ for SB Account Holders On June 12, 2023, the Indian Overseas Bank (IOB) has launched first-of-its-kind in the banking sector ‘My Account My Name’ feature enabling its Savings Bank (SB) account customers to choose any easy to remember 7 Digit/Character Account Name as their account number with IOB.

• The schemes were launched from Bank’s Central Office, Chennai in Tamil Nadu (TN) virtually by IOB Managing Director (MD) and Chief Executive Officer (CEO) Ajay Kumar Srivastava with all the 49 Regional Offices spread over India.

About My Account My Name:
i.Under this feature, The account name can be a combination of seven letters only or seven numbers only or seven alphanumeric — like AJIT007, PRADHAN or 2424707 and others.
ii.This means bank’s saving account customers can select his/her/any name as his/her account number and the same can be used for all transaction purposes.
iii. Initially, this facility is available for IOB SB HNI (High Net Worth Individuals) and IOB SB salary account customers.
Key Points:
i. IOB has recently revamped its savings account schemes to cater to diverse segments of society, encompassing the salaried class, HNIs, students, pensioners, and senior citizens, aligning with the current scenario.
ii.On February 10, 2023, IOB celebrated its 87th Foundation Day by revamping all its current account schemes.
iii.It should be noted that on June 2, 2023, the Reserve Bank of India (RBI) has penalized IOB with Rs 2.20 crore for contravention of the provisions of certain directions issued by RBI on ‘Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances – Divergence in NPA Accounts’, ‘RBI (Interest Rate on Deposits) Directions, 2016’ and Advisory on ‘Man in the Middle (MiTM) Attacks in ATMs’.
About Indian Overseas Bank (IOB):
MD & CEO– Ajay Kumar Srivastava
Headquarters– Chennai, Tamil Nadu
Tagline– Good people to grow with (आपकी प्रगति का सच्चा साथी)
Establishment– 1937 (Nationalized- 1969)

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SEBI Allows MFs to Participate in Repo Transactions and Issues Framework for Upstreaming of clients’ funds by SBs & CMs to CCsIn June 2023, the Securities and Exchange Board of India (SEBI) allowed Mutual Funds (MFs) to invest/participate in repo transactions in securities such as Commercial Papers and Certificate of Deposits (CDs) to improve the growth of the corporate bond market.

• SEBI issued a circular over modification of the previous guidelines and introduces new provisions for MFs and asset management companies to participate in repo transactions.
• As per the new guidelines, the MFs are now allowed to participate in repo transactions only on corporate debt securities rated ‘AA’ and above and Commercial Papers (CPs) and CDs.

SEBI has issued a framework for upstreaming clients’ funds received by Stock Brokers (SBs) and Clearing Members (CMs) to Clearing Corporations (CCs), for safeguarding the investors’ funds and improving their confidence.

• As per the framework, SBs and CMs should not retain the client’s funds and must be upstreamed to CCs every day on End of Day (EOD) basis.

About Securities Exchange Board of India(SEBI):

Chairperson -Madhabi Puri Buch

Headquarters – Mumbai, Maharastra

Establishment – 12 April 1992

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Karnataka Vikas Grameena Bank Launched new Deposit Scheme ‘Vikas Ashadeep 400 days’Karnataka Vikas Grameena Bank (KVGB) has introduced a new deposit scheme named ‘Vikas Ashadeep 400 days’. The scheme was launched by Shreekant M Bhandiwad, Chairman of KVGB.
Key Points:
i.The scheme is of a tenor of 400 days with an interest rate of 7.50% for senior citizens and 7% for the general public. Customers of the scheme could earn higher interest for a shorter period i.e. almost 13 months.
ii.A minimum of Rs 10,000 and a maximum of Rs 2 crore can be deposited under the scheme.
iii.The scheme is applicable to all segments of depositors, including senior citizens, and institutions.
iv.The KVGB bank has a network of 639 branches with total business of Rs 33350 crore. This included Rs 18710 crore of deposits and Rs 14640 crore of advances.
About Karnataka Vikas Grameena Bank (KVGB):
Establishment – 1972
Chairman – Shreekant M Bhandiwad
Headquarters – Dharwad, Karnataka

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SIB launches Digital Account Opening Platform ‘SIB SWIFTe‘; Wins 6th DCX Awards 2023 under SME Loans category 

South Indian Bank (SIB) introduces SIB SWIFTe, a customer-centric digital account opening platform that eliminates paper-based documentation and on-boards customers in five minutes for opening Savings Accounts, resulting in a hassle-free process.

• It targets new-to-bank users above 18 years with valid Aadhaar and/or PAN (Permanent Account Number).

Key Points:
i.It provides a branch-like experience to customers’ homes by eliminating the need to visit a physical branch by offering a user-friendly interface, clear instructions, and enabling convenient interactions with bankers.
ii.SIB SWIFTe allows customers to open accounts directly from Android-enabled mobile devices, and a biometric device.
iii.This paperless KYC (Know Your Customer) process offers competitive interest rates on savings balances.
SIB wins ‘Outstanding Digital CX – SME Loans’
SIB has been recognized with the Outstanding Digital CX award at the 6th Digital CX (DCX) Awards 2023 (held in Singapore) under the SME (Small Medium Enterprise) Loans category, in recognition of its innovative GST-based instant business loan digital platform that has revolutionized the banking experience.

• DCX is an annual award instituted by Singapore-based ‘The Digital Banker’ to recognize excellence in providing exceptional digital experiences to customers.
• It should be noted that SIB partners with actyv.ai to implement its Digital GST Business Loan Platform. actyv.ai is a leading AI-powered enterprise SaaS (Software as a Service) platform with embedded B2B (Business to Business) BNPL (Buy Now Pay Later) and insurance offerings.

SIB has also been recognized at the 13th edition of the Finnoviti Awards 2023 for launching Micro LOS (loan origination system) Platform which caters specifically to agricultural customers.

• Finnoviti Awards recognizes the innovations in Banking, financial services and insurance (BFSI) and honour the innovators. This is the fourth time in a row that SIB has bagged the Finnoviti Awards.

About South Indian Bank (SIB):
CEO and Managing Director– Murali Ramakrishnan
Headquarters– Thrissur, Kerala
Tagline– Experience Next-Gen Banking

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Amp Energy India secures ~USD250mn funding from SMBC Bank of Japan, ICG, AIIBOn June 12, 2023, Amp Energy India has secured up to USD250 million (about Rs 2,061 crore) funding from SMBC Bank of Japan (Sumitomo Mitsui Banking Corporation), ICG Intermediate Capital Group (ICG), and Asian Infrastructure Investment Bank (AIIB).

• Amp Energy India will utilize this amount to expand its operations and strengthen its position as the leading energy transition platform in India.

Key Points:
i.Amp Energy India is a renewable energy Independent Power Producer (IPP) with a total portfolio of more than 2.7 Gigawatts (GW) spread across 17 states. It provides renewable energy transition solutions to marquee customers across 10 diverse sectors viz. pharmaceutical, automobiles, cement, steel, heavy engineering infrastructure, FMCG, educational institutions, IT & data centres, utilities, and government bodies.

• Marquee customers are high-profile clients like well-known individuals, influential companies who hold significant importance for a business. Due to their brand recognition and revenue potential, they receive specialized services and solutions from businesses.

ii.SMBC is a Japanese multinational banking and financial services institution headquartered in Tokyo, Japan.
iii.ICG is a LSE (London Stock Exchange)-listed global alternative asset manager headquartered in London, United Kingdom (UK).

• This is the first investment of ICG’s Asia-Pacific Infrastructure with Amp India.

iv.AIIB, headquartered in Beijing, China, is a multilateral development finance institution that provides capital for infrastructure development projects.

• For AIIB also, it is the first direct equity investment into a renewable IPP.

About Amp Energy India:
Co-Founder, MD and CEO– Pinaki Bhattacharyya
Headquarters– New Delhi, Delhi

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RING partners with NPCI to integrate UPI Plug-in

RING(Onemi Technology Solutions Private Limited), India’s leading digital credit platform, has partnered with the National Payments Corporation of India (NPCI) to integrate Unified Payments Interface (UPI) Plug-in capabilities into RING’s existing digital services.

• This collaboration will enable RING to provide ‘Scan & Pay’ choices to its existing clients and new customers who choose UPI as a payment method.
• The RING app will become a one-stop integrated payment and credit solution, which allows customers to obtain credit and pay businesses.
• Users can scan any merchant’s QR code to make UPI payments from their bank accounts linked to the RING app.

UPI Plug-in offers a faster approach to provide inline consumer experience to Merchants and Fintechs.

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PNB launches IVR-based UPI 123PAY, for customers without internet facility

Punjab National Bank (PNB), has become the first public sector bank to launch an Interactive Voice Response (IVR)-based Unified Payments Interface (UPI) solution, UPI 123PAY, in accordance with the Digital Payment Vision 2025 of a cashless and cardless society.

Note – The Reserve Bank of India (RBI) in collaboration with the National Payment Corporation of India (NPCI) launched UPI123Pay in March 2022.

• So far the UPI facility was accessible only through smartphones or through Unstructured Supplementary Service Data (USSD) service and was dependent on good internet connectivity.
• Now the launch of offline IVR-based facility UPI 123PAY would enable the customers to make UPI-based transactions, at any time with any phone from anywhere in India i.e. even if they do not have access to smartphones or internet connectivity.
• This function is also available for non-PNB customers. The UPI 123PAY will be multilingual and be available in the customer’s preferred language.

The UPI 123PAY Process: The customer needs to dial the bank’s IVR number “9188-123-123” and choose the beneficiary to authenticate the UPI transaction.

Note: Infrastructure Development Finance Company(IDFC) First Bank, City Union Bank(CUB) & National Securities Depository Limited (NSDL) Payments Bank have gone live on IVR payments.

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Reliance climbed 8 spots and ranked 45 on Forbes 2023 The Global 2000 listOn 13th June, Indian billionaire Mukesh Ambani’s Reliance Industries Ltd (RIL) climbed eight spots to the 45th rank, the highest for an Indian company in the 2023 edition of the Global 2000 list of public companies published by Forbes’.

• RIL ranked 45 ahead of well-known names like Germany’s BMW Group, Switzerland’s Nestle, China’s Alibaba Group, the United State of America’s (USA) Procter & Gamble and Japan’s Sony.
• JPMorgan, America’s biggest bank is at the top of the list for the first time since 2011; Saudi Aramco, Saudi Arabian Oil Company in the 2nd followed by 3 state-owned banks of China (ICBC, China Construction Bank and Agricultural Bank of China).

Note:

• Reliance held the 53rd position in the 2022 edition of the Global 2000 published by Forbes.
• 2022 editions topper Berkshire Hathaway of the USA, fell to 338 due to unrealized losses in its investment portfolio.

Metrics:
i. The Global 2000 ranks the largest companies in the world using four metrics: Sales; Profits;Assets and Market value.
ii. As a group, the companies on the 2023 list account for USD 50.8 trillion in sales, USD 4.4 trillion in profits, USD 231 trillion in assets and USD 74 trillion in market value.
Note: Reliance with sales of USD 109.43 billion and profit of USD 8.3 billion
Highlights:
i. There are 58 countries represented by the publicly traded companies on the list.
ii. The US leads with 611 companies on the ranking, followed by China with 346 Global 2000 companies.
iii. Forbes used the latest 12 months of financial data available as of May 5, 2023 to calculate the factors used for this ranking.
The Complete list of Forbes 2023 The Global 2000
India in the Global 2000:
i. Totally 55 Indian companies figured in the list with State Bank of India (SBI) climbed to 77th spot (105 in the 2022); HDFC Bank is at 128th position (153 in 2022); ICICI Bank is at 163 (204 in 2022); State-owned Oil and Natural Gas Corporation (ONGC) at 226 and HDFC at 232.
ii. Life Insurance Corporation (LIC) made its maiden entry and ranked 363; Tata Consultancy Services (TCS) slipped to 387th rank from 384 last year.
iii. Other notable Indian firms on the list are:
Axis Bank (423); National Thermal Power Corporation Limited (NTPC) (433); Larsen & Toubro (L&T) (449); Bharti Airtel (478); Kotak Mahindra Bank (502); Indian Oil Corporation (IOC) (540); Infosys (554); Bank of Baroda (586); Coal India (591); Tata Steel (592); Hindalco (660) and Vedanta (687).

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Anantharaman has been appointed as the new TransUnion Cibil chairman.On 8th June 2023, TransUnion CIBIL Limited(formerly Credit Information Bureau (India) Limited), India’s first credit information bureau, announced the appointment of V Anantharaman as its non-executive chairman.

• He takes over from M V Nair, who stepped down from the post after 11 years of chairmanship.

About Anantharaman:
i.Anantharaman has worked in the banking industry with international firms including Standard Chartered Bank, Credit Suisse, Deutsche Bank and Bank of America.
ii.He has also served as a senior advisor to British International Investment (formerly Colonial Development Corporation-CDC), Development Finance Institution of the government of the United Kingdom(UK)
iii.He serves on the boards of the Indian Hotels Company Limited, Axis Asset Management Company, IIFL Home Finance Ltd and Ecom Express Ltd., advisor to Lighthouse Funds, a consumer and healthcare-focused mid-market private equity firm.
About TransUnion CIBIL Limited:
It is a subsidiary of TransUnion, an American multinational conglomerate.
Managing Director and CEO – Rajesh Kumar
Establishment – 2000
Headquarters – Mumbai, Maharashtra

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Amitava Mukherjee gets 3 months extension as CMD (additional charge) of NMDC and NMDC Steel

The Ministry of Steel has given 3 months extension to Amitava Mukherjee, Director (Finance) of National Mineral Development Corporation (NMDC) Ltd to hold the additional charge of Chairman & Managing Director (CMD) NMDC and NMDC steel Ltd from 1.6.2023 to 31.8.2023 or till a regular office-holder joins the post, or until further orders, whichever is the earlier.

• He has been holding the additional charge as CMD of NMDC since March 31, 2023 and was given the additional charge until May 31 2023.
• The Public Enterprises Selection Board (PESB) had recommended N. Sridhar, CMD of Singareni Collieries Company as NMDC CMD in March 2023.

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Hyundai Signs Indian Cricketer Hardik Pandya as Brand Ambassador for Exter

Hyundai Motor India Limited (HMIL) has signed Indian cricketer Hardik Pandya as the brand ambassador for Exter, its sub 4metre sports utility vehicle (SUV),  which was launched on July 10,2023.
Exter is expected to come up with safety features including the six airbags and electronic stability control.

• Hardik Pandya, hailing from Gujarat, made his international debut for India against Australia in 2016.
• In March 2023, He became India’s 27th One Day Internationals (ODI) captain and made his made his captaincy debut in the first game against Australia in the India-Australia series.
• He played for Mumbai Indians (MI) in Indian Premier League(IPL) from 2015 to 2021 and since 2022 he has been player for Gujarat Titans as its Captain.

Pandya worked with over 12 brands including Monster Energy drink, Gulf Oil, William Lawson scotch, boAt, and Britannia.
Note:According to brand valuation agency Kroll, in 2022, Hardik Pandya was worth $34.8 in terms of brand value.

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India’s Azista BST Aerospace launched its 1st satellite “AFR” on SpaceX Transporter-8 mission On 13th June 2023, Azista BST Aerospace(ABA), a Ahmedabad (Gujarat)-based aerospace firm, launched its 1st satellite “ABA First Runner (AFR)” onboard the SpaceX (Space Exploration Technologies Corporation)’s Falcon 9 rocket as part of the Transporter-8 Mission from Space Launch Complex 4E at Vandenberg Space Force Base in California, the United States of America (USA).
About ABA First Runner (AFR):
i. The 80-kilogram (Kg) AFR satellite was built on a modular bus platform and accommodates a wide-swath optical remote sensing payload with both panchromatic & multispectral imaging capabilities.
ii. AFR will provide a panchromatic image with five metre resolution with a Swath of 70 Kilometre (km).
iii. AFR represents the first Satellite of its size and capabilities, built in India (Atmanirbhar Bharat), which possesses the ability to facilitate diverse crucial applications for both civilian and defence applications.
About Transporter-8 Mission:
Transporter 8 mission is a dedicated rideshare flight to a Sun-Synchronous Orbit (SSO) with 72 small microsatellites and nanosatellites for commercial and government customers.
About Azista BST Aerospace (ABA):
i. Azista BST Aerospace is a joint venture (JV) between Azista Industries Ltd, Hyderabad, Telangana and Berlin Space Technologies (BST) GmbH, Berlin, Germany.
ii. ABA Company claims to have a production capacity of at least two satellites per week at its 50,000-square-foot facility.
Founded in– 2019
Headquarters– Ahmedabad, Gujarat

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Naval Airfield Integrated Security Systems and Naval Anti-Drone System upgraded at INS Dega, Andhra Pradesh

On June 12 2023, Vice Admiral Biswajit Dasgupta, flag officer Commanding-in-Chief Eastern Naval Command, inaugurated the indigenously designed and developed state-of-the-art Naval Airfield Integrated Security System (NAISS) and the Naval Anti-Drone System (NADS) at Indian Navy Ship (INS) Dega in Visakhapatnam, Andhra Pradesh.

• NAISS, an AI-enabled multi-layered area security system and NADS, an anti-drone system with the capability to detect, track, and destroy hostile drones in the locality of the airfield were developed by Bharat Electronics Limited, (BEL).
• NAISS and NADS highlight the Indian Navy’s focus towards innovative solutions and manufacturing that are aligned with the Make-in- India (Atmanirbhar Bharat) initiatives.

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Hockey: 2023 Women’s Junior Asia Cup: India beats S.Korea to win maiden titleIndian Women’s Junior Hockey Team won the Women’s Junior Asia Cup 2023 title by defeating four-time champions Republic of Korea (South Korea) in the finals held in Kakamigahara, Japan.

• This mark’s India’s first ever Women’s Junior Asia Cup title.
• Women’s Junior Asia Cup 2023, the 8th edition of the women’s international under-21(U-21) field hockey championship of Asia, was held in Kakamigahara, Japan from 2nd to 11th June 2023.
• South Korea and Japan also qualified for FIH Hockey Women’s Junior World Cup 2023 by winning Silver and Bronze Medal.

Key Points: 
With this victory, India qualified for FIH Hockey Women’s Junior World Cup 2023 to be held in Santiago, Chile from 29 November to 10th December 2023.
Awards:
Best Goalkeeper – Lee Seoyeon (South Korea)
Rising Star Player – Anjali Barwa (India)
Best Player of the Tournament- Ueno Maho (Japan)
Most Promising Goalkeeper – Cen Hailin (China)
Player-of-the-Match (Finals)– Indian captain Preeti
Top Goal Scorers:

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International Albinism Awareness Day 2023 – June 13The United Nations (UN) International Albinism Awareness Day is annually observed on 13th June across the world to raise awareness about Albinism and to highlight the importance of the human rights of the people with albinism worldwide.
The theme of International Albinism Awareness Day 2023 is “Inclusion is Strength“, which builds on the theme of 2022 “United in making our voice heard.”
Background:
On 18th December 2014, the United Nations General Assembly (UNGA) adopted the resolution A/RES/69/170 and proclaimed the 13th June of every year as the International Albinism Awareness Day.

• This follows the recommendations by the Human Rights Council Resolution A/HRC/RES/26/10 in July 2014 to proclaim 13th June of every year as International Albinism Awareness Day.
• The first-ever International Albinism Awareness Day was observed on 13th June 2015